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- The
antiat
0-1 ommercial
rontrie
.Bank & Quotation Section
ailwav Earnings Section
VOL. 119.
INCLUDING
• Railway & Industrial Section
Bankers' Convention Section
SATURDAY, JULY 5 1924
4
Electric Railway Sectic,,
State and City Sectie
NO. 3080.
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carry out such mandate."
WILLIAM B. DANA COMPANY, Publishers,
Mr. Baker opposed a referendum and made a most
Front, Pine and Depeyster Streets, New York.
impassioned and fervid appeal to the 'delegates in
Published every Saturday morning by WILLIAM B. DANA COMPANY.
endorsement for the
President and Editor. Jacob Seibert:Business Manager, William D.Riggs. Treasurer. the endeavor to get direct
William Dana Seibert: Secretary. Herbert D.Seibert. Addresses of all. Office of Co.
League. He resorted to every trick of the orator to
arouse the emotions of his auditors. If newspaper
The Financial Situation.
accounts are correct, by his words he moved himself
This week's National Democratic Convention at to tears and sought to move his hearers to tears. As
Madison Square Garden must be considered as hav- a sample of the nature of his appeal and of his uttering rendered one inestimable service, whatever one ances we quote the following from the Brooklyn
may think of the bitterness and acrimony provoked "Eagle's" account of the speech as printed in its
by the controversy over the Ku Klux Klan. The issue of last Sunday:
Convention by its action on the League of Nations
"As Baker sweeps into his peroration, the atmosplank in the platform has definitely and decisively phere is of extreme tensity.
invoke the spirit of
settled the position of the whole American people Woodrow Wilson. He is here looking over my shoulwith reference to the League. The Republican Party der, palpably present, not in the poor broken body in
from the first has been opposed to the League and which he left us, but in the full vigor of his great perwon its overwhelming victory of four years ago sonality. I can see the stern line of his jaw as he
mainly on that issue. Now the Democratic Party covers this threatened desertion with contempt.
also has taken notice of public sentiment and makes Through my poor voice and my insignificant frame
adherence to the League entirely dependent upon a he is speaking to you to-night. I feel, I know it.
referendum of the question to the people. And this
"'Woodrow Wilson is calling to you not to desert
position represents the deliberate and matured opin- him with this miserable League compromise, but to
ion of the members of the party, reached after one fight on for that splendid cause for which he died.'
of the most notable political debates in the annals
"Baker finishes. He is totally exhausted.
of American history. An active minority, led by
"Joseph P. Tulnulty, the late President's Secreno one less than Newton D. Baker, former Secretary tary, is the first to reach him. Tumulty is weeping.
of War in the Woodrow Wilson Administration, op- He catches Baker in his arms and half carries him
posed this plank in the platform, and sought to have to a chair.
it changed, and suffered a crushing defeat in the
"The Garden is roaring itself hoarse. Now the
attempt. The plank as reported by the majority of band is playing 'The Battle Hymn of the Republic'
the Resolutions Committee and now, by the vote of and 'Onward Christian Soldiers.' The audience
the Convention itself, incorporated as part of the sings."
platform reads:
And what was the effect, as far as the votes of the
"There is no substitute for the League of Nations delegates were concerned? The Convention, after it
as an agency working for peace; therefore, we believe had been moved to sobs, rejected the Baker substithat, in the 'interest of permanent peace, and in the tute by a vote of 74212 to 353 —that is the vote was
2
1
/
/
lifting of the great burdens of war from the backs of two to one against him. And what was the substithe people, and in order to establish a permanent tute the Convention voted down? We have stated
foreign policy on these supreme questions, not sub- that it provided for direct endorsement of the
ject to change with change of party Administrations, League. But, after all, it was only an emasculated
it is desirable, wise and necessary to lift this question League that the tearful Baker offered. "The Demoout of party politics, and to that end to take the cratic Party favors membership in that co-operative
The Thronich
2
THE CHRONICLE
agency(the League) upon conditions which will make
it clear that we are not committed to use force, and
such further conditions as the President with the
approval of the Senate may deem appropriate to
make our co-operation effective in fact and consistent with our constitutional practice." Yet even
such an innocuous League the party of Woodrow
Wilson would not endorse. Therefore, we say the
question has been settled, once and for all, for the
whole American people. The Republicans were
never in favor of the League. The Democrats wisely
say they will not act without instructions. European
statesmen who still invite the United States to participation, ought to take notice.
[VoL. 119.
in clothing manufacturing and leather goods. Among
trading classes, defaults last month were more numerous among grocers, dealers in clothing and dry
goods, furniture and similar lines. As was the case
during May, the larger mercantile defaults were
somewhat less numerous in June, which in part accounts for the smaller volume of indebtedness shown
in the last mentioned month. There were in June 46
of the larger failures reported that month, with total
liabilities of $14,127,971, whereas in April the number was 71 and the indebtedness $29,060,961. In this
respect the improvement is most notable in the
manufacturing division. As to the mercantile defaults in the different sections of the country, all
sections show an increase in number for the second
quarter this year as contrasted with the second
quarter of 1923, but relatively the larger increases
were in the Central States, including Illinois, Minnesota, Missouri, Kentucky, Tenessee and Oklahoma.
Some large failures swelled the liabilities in Ohio,
Illinois, Minnesota, Missouri and in some of the
South Atlantic States. For the three Middle Atlantic States an increase in number is reported by each,
but the indebtedness is somewhat less than for the
corresponding time last year.
Insolvencies in the United States continue to be
somewhat more numerous than they were last year,
but show a reduction both in number and in the
amount of indebtedness, as compared with two years
ago. The records of R. G. Dun & Co. disclose 1,607
commercial defaults for June this year, as contrasted with 1,358 a year ago, and 1,740 for June
1922. The liabilities in June this year amount to
$34,099,031, against $28,678,276 in June last
year, and $38,242,450 for the corresponding
month of 1922. Each month this year since January has shown a larger number of business defaults
The June crop report on cotton, issued by the Dethan in 1923, the increase in May and June being partment of Agriculture at Washington on Wednessomewhat greater than for the preceding months. day, is very encouraging. It shows a substantial inFor the second quarter of the current year there crease in acreage planted this year—in fact, the
were 5,130 insolvencies, an increase of 722 over last largest acreage ever planted to cotton in the United
year, whereas for the first quarter of this year the States—and an improvement in condition during the
number was 5,655, and the increase only 339. For past month of 5.6 points. This is very gratifying.
the six months 10,785 defaults this year contrast The area is placed at 40,403,000 acres, which conwith 9,724 during the first half of 1923 and 13,384 trasts with 38,701,000 acres, the revised estimate of
for the corresponding time two years ago; likewise, acreage in cultivation last year, an increase of 1,702,as to the indebtedness, $304,459,959 for the past six 000 acres, or 4.4%. Most of the cotton States, parmonths, contrasting with $259,424,068 a year ago ticularly those where production is large, show an
and $373,716,338 two years ago.
increase in area this year over last year. Texas is
The above figures relate only to the defaults of included for 15,595,000 acres, an increase of 8%.
Aercantile concerns. In addition there were a num- For Oklahoma there is also an increase of 8%. Alaoer of banking failures, especially in some of the bama is given the same area as a year ago, but for
states west of the Mississippi River. For the second Georgia and Arkansas a loss of 2% is indicated, and
quarter of the year there were 163 banking defaults for Mississippi 4%. Over 80% of the total area is in
in the United States, with total liabilities of $52,- these six States. The cotton acreage of South Caro953,120. These figures contrast with 265 similar de- lina shows an increase this year of 9%; of North
faults in the first three months of 1924, for which Carolina 8%; Louisiana 5%, but Tennessee is given
there were $100,275,600 of indebtedness and 64 bank- a reduction of 3%. In some of the States of small
ing insolvencies with $36,699,644 during the second yield the increase in area is much greater than in any
quarter of 1923. As during the first three months of of the above figures, among them Virginia, 25%;
this year, more than 50% of the banking defaults in Missouri, 15%; Arizona, 38%; double in New Mexthe second quarter (for the latter nearly 60%),were ico, and 13% in California. Florida reports a loss
in the seven States west of the Mississippi River, of 35% in area this year. The Government's estiembracing Minnesota, the Dakotas, Iowa and Kan- mate for all the cotton growing States is 615,000
sas, and for these seven States, about 60% of the lia- acres smaller than that printed in the "Chronicle"
bilities were reported. Likewise, in some of the two weeks ago, but for Texas the estimate included
States west of those above referred to, a number of in both reports is exactly the same, while for some of
banking suspensions are reported. A number of the other larger cotton producing States the figures
bank failures occurred also in Oklahoma and some are in substantial agreement.
of the South Atlantic States.
The improvement in condition during the past
Of the business failures in June,439 were of manu- month is the noteworthy feature of the report. A
facturing concerns with liabilities of $16,645,661; condition of 71.2% of normal on June 25 last is
1,084 trading concerns with $14,809,593 of indebted- given and this contrasts with 65.6% a month earlier,
ness, and 84 of agents and brokers owing $2,643,777. 69.9% on June 25 1923, and a ten-year average for
The number and liabilities of both manufacturing that date of 74.8%. Not since 1918 has the June 25
and trading defaults were heavier this year than condition been higher than is shown for this year.
they were in June 1923. In the manufacturing divi- The improvement during the past month was notable
sion, insolvencies were more numerous in many of in Oklahoma, 14 points, from 58% to 72%; in Tenthe leading lines, notably in machinery and tools, nessee, 13 points, from 54% to 67%; Georgia, 7
cotton goods and lumber, but a decrease is reported points, from 68% to 75%. The Atlantic Coast
JULY 5 1924.1
THE CHRONICLE
.
3
States all show betterment last month; also, in addi- because their families were sent out
with all Gertion to those above mentioned, Texas is up 4 points, mans against whom expulsio
n orders were issued, it
from 66% to 70%; Arkansas, 10 points,from 58% to is understood the new order
will permit the return
68%; Louisiana and Missouri, 8 points each, and to their homes of about
210,000 persons. The only
Mississippi 5 points. Alabama shows no change. exceptions are those expelled for
serious non-politEight of the twelve leading cotton producing States ical crimes, whose number is
small. M. Herriot had
report a condition on June 25 this year of 70%, or previously authorized the return
of 60,000 Germans
better, up to 79%, whereas a year ago only two of expelled from Rhineland territor
y exclusive of the
these same States reported better than 70% at the Ruhr." In a cablegram on June
27 he stated that "it
corresponding date. On the basis of the June 25 con- is further announced that
the sentences on all Gerdition this year, the Government estimates a yield mans condemned to prison
for taking part in the
per acre of 143.8 pounds, which would make the passive resistance program
without criminal viototal production this year 12,144,000 bales. The pro- lence will be suspended and
that persons convicted
duction last year was 10,128,478 bales, two years ago for crimes of violence will have
their cases reviewed
9,761,817 bales, for 1921 only $7,953,641 bale, but for the purpose of exercising
the largest measure of
for 1920, 13,439,603 bales, the latter on 37,043,000 clemency." The "Times"
representative observed
acres planted. The acreage planted last year was that "this measure is quite in accord
with M. Herthe second largest in the history of the cotton grow- riot's position that exploitation
of the Ruhr should
ing interest in the United States—second only to now be given up in favor of
putting into operation
this year—but the yield per acre last year was only the Dawes plan, and that regardle
ss of the merits
130.6 pounds. Last year, in a number of the impor- of the expulsion of those who
interfered with this
tant cotton growing States, was considered a disas- exploitation there is no use prolongi
ng their deportrous season. Further improvement has occurred tation. There is some criticism of
the Premier's
this year in the past ten days since the date of the measure before putting into
operation the experts'
June report, and it may be that the progress of the plan, on the ground that he could
have used permiscrop, particularly in certain of the larger States, sion to the expelled Germans to return
as a card in
will be satisfactory during the remainder of this sea- the coming negotiations with the
Germans." Conson. With a larger acreage this year and no better tinuing his account of the most
recent events with
conditions than existed in July and August 1923, respect to relations between France
and Germany,
the production this year should show a substantial the correspondent said in part:
"Coincident with
increase.
the announcement of this move, it has been made
known that M. Herriot sent a note to Berlin rejectthis has been an off-week for important European ing the German proposals in
regard to the Ruhr
news. Quite likely there would have been more Eu- Micum accords. 'These proposal
s were made two
ropean cable dispatches in the American newspapers days before M. Herriot became
Premier, and stated
it the Democratic Convention had not been given so that the Germans could not
renew the agreements
much space. The fact that there were not more hap- for deliveries by the Ruhr
industrialists unless the
penings in Europe ofinternational interest and impor• French agreed that the
200,000,000 gold marks railtance was undoubtedly due, first of all, to a general road tax planned by the Dawes report
should be used
disposition to await the outcome of the Allied Confer- to repay the industrialists.
Inasmuch as the Dawes
ence in London on July 16. Apparently little with plan intended the railroad tax
to meet the interest
respect to international problems can be determined charges on an issue of bonds to
be delivered to the
in the meantime. It may be noted, however, that Allies, it was perfectl
y apparent that the German
Premier Herriot directed the return of most Ger- demand amounted to an effort
to reduce the amount
mans who had been expelled from the industrial re- Germany would have to
pay under the experts' sysgions since January of last year. The French Pre- tem. The Micum
accords expired April 15 and were
mier was reported to have informed the German Am- renewed by M.Poincar
e for two months. When they
bassador to France that Germany must do all in her again expired on June
15 the Germans agreed to a
power to make the Dawes plan effective. Germany 15-day extension, because
of the French political
has sent her reply to the Allies with respect to "the crisis. Therefore
on Monday the Ruhr agreements
resumption of inter-Allied military control of Ger- technically expire again. On June
30 also the Germany's armaments." Paris dispatches differed some- man reply to the Allied
demand for the resumption
what as to the reception given the reply by the of military control
of the Reich is due." It was
French, but apparently it was more favorable than sent forward, as
outlined in a subsequent paragraph.
otherwise. On Thursday there were rumors from
Paris that Premier Herriot may not last long. The
In giving what purported to be the substance
German industrialists in the Ruhr have renewed of a conversa
tion between Premier Herriot
their tax agreements with the French. Premier Mus- and German Ambassa
dor von Hoesch in Paris
solini of Italy has made several changes in his Cabi- on June 27, the
representative in that city
net that seem to have been well received.
of the New York "Herald-Tribune" asserted
that, "speaking in a manner in which probably
The most interesting and striking news from Paris no French Premier has ever before
addressed a forearly in the week was the announcement that "Pre- eign diplomat, M. Herriot
gave Ambassador von
mier Herriot has instructed General Degoutte, com- Hoesch to understand that now,
if ever, is the time
manding the Franco-Belgian forces occupying the when the Reich must show evidence
that she really
Ruhr,to permit with few exceptions the return to the wishes to regain the confidence
of the world." Conindustrial region of all Germans expelled since the tinuing, the correspondent said
that, "with the rebeginning of the occupation in January of last year." patriation to-day of more than 50,000
inhabitants of
The New York "Times" representative in Paris said the Ruhr basin, Premier Herriot
declared France
that, "while the exact number affected is not known has proved her generosity. Now,
he emphasized, the
4
THE CHRONICLE
burden of proof rests with Berlin. And he insisted
that before the opening of the forthcoming general
Allied reparations _conference at London on July 16
the Reich must have voted all the laws necessary to
give effect to the Dawes plan, and that Chancellor
Marx must have formulated the decrees necessary
to form a basis for the settlement—which, the
French Premier asserted, lie hopes is near." With
respect to the attitude of the German Ambassador,
the correspondent said that "Ambassador von
Hoesch was apparently much impressed by the earnest manner of the Premier. He promised to wire
at once an exact report of the conversation to Berlin,
accompanied by the strongest affirmation of which
he was capable as to the sincerity of M. Herriot's desire that the muddle of European affairs be straightened out at last."
The French Premier displayed courage not only
in the way he was reported to have stated his position to the German Ambassador, but also in placing
before the Chamber of Deputies a proposal for an
appropriation "for the occupation of the Ruhr." The
Associated Press correspondent in Paris, in reporting the latter incident, said that, "staking the life of
.his Cabinet on a vote for 205,000,000 francs appropriation for the occupation of the Ruhr, Premier
Herriot in the Chamber to-day brought about a split
in his majority which would have been overthrown
but for the fact that his opponents decided to let
him remain in power rather than vote against the
policy of occupation which they had supported all
through Premier Poincare's Administration." Continuing his account, the correspondent said that "the
Right and Centre could have overthrown the Government by a majority of at least 20 had they taken
advantage of the opportunity and voted against M.
Herriot. Premier Herriot threw down the gauntlet
to the Chamber when he put a question of confidence
on the Ruhr occupation appropriations after the Socialists had announced through Leon Blinn that they
would abstain from voting. The vote on the question
of confidence was 456 to 26, Communists only voting against, and 94 Socialists not casting a vote.
Premier Herriot declared that the Government. could
not evacuate the Ruhr immediately without abandoning the rights of France, despite the fact that the
Socialists were consistent in opposing appropriations they had always fought. He added that in insisting upon the continued occupation he was following the lines of his Ministerial declaration."
Premier Herriot on Wednesday described his
its to Chequers Court and Brussels,"to a joint meeting of the Finance and Foreign Relations Committee
of the Senate, with particulars about the inter-Allied
conference to be held July 16." According to a Paris
dispatch Thursday morning, "the Allied Conference
will discuss only the execution of the experts' report. The questions of security and Allied debts are
not on the agenda. The conference is expected to
last a week and Germany will probably not be called
in until the end,.when all the signatories of the Versailles'Treaty will sign a protocol unreservedly accepting the experts' plan." It was said also that "a
date will be fixed for Germany to apply the measure
provided for in the Dawes report and for withdrawal
by the Allies of all financial and economic penalties
now in force within •a month from Germany's coinrilete execution of the experts' suggestions. Time Al-
[VOL. 119.
lies will thereafter refrain from inflicting any further penalties unless Germany fails seriously to
carry out her engagements."
Already reports are coming from Paris that Premier Herriot may be defeated in the near future. In
a cablegram on Thursday morning the Paris correspondent of the New York "Times" claimed that "the
Parliamentary position of Premier Herriot, never
strong, appears to be weakening rapidlyand a decision made to-day [july-2] tO keep Parliament in session until his return from the-London conference
instead of adjourning July 15 opens the possibility
of his defeat. His tenure of office depends, perhaps,
on what he accomplishes in. London. However, if he
were itefeated it would almost certainly be on an
•
issue of domestic politics so far as the technical vote
would go." Further outlining M. Herriot's position
as he understood it, the "Times" representative said:
"Political experts here consider that M. Herriot's
dependence on the 100 Socialist votes for his majority constitutes his greatest weakness. If M. Herriot
goes to London and prepares the putting of the
.Dawes plan into effect with continuance of Ruhr
occupation for some time, he will face a tough situation should he make the expected concession of receding from the position hitherto maintained by the
French that if France accepts the Dawes plan, England should consent to an inter-Allied debt arrangement. He would then on the one hand have the opposition of the Socialists to any continuation of
Ruhr occupation and on the other the resentment of
the Nationalists at any sacrifice of the Poincare pdsition." As to the effect of the Premier's possible defeat on the political situation in France, the "Times"
representative said: "The defeat of M. Herriot in
Parliament would not mean reversal of French Governmental policy in favor of a return to Poincarism.
It would mean a displacement toward the right formation of the Centre bloc, which would include the
Radical Socialists,. and the dropping of the Unified
Socialists. At least. this is what most observers
think would happen."
Chancellor Marx and his supporters apparently
see the necessity of granting the demand of the Entente "for a final survey of German disarmament."
In a cablegram dated June 28 the Berlin correspondent of the New York "Evening Post" said that a
delegation of reactionary members of the Reichstag,
headed by Admiral von Tirpitz, endeavored to force
the Cabinet to defy this demand. The correspondent
declared that Cbancellor Marx took the wind out of
Von Tirpitz's sails by declaring that all the Government departments concerned, including the Ministry
of Defense and the army command, had agreed on
the necessity of accepting the Entente proposals.
The Minister of Defense, who was present at the interview, confirmed this. The deputation left unsatisfied, breathing warnings of the dire consequences
of compliance." Continuing his account of this feature of the situation, the correspondent said Oa t,
"thanks to the latest note from Premier MacDonald
and Premier Herriot on disarmament, and the warnings against playing with fire by haggling on the
military control issue, German acceptance will be
full and.unconditional. It will, however, be accompanied by a long exposition of German views on the
thoroughness of - disarmament and the disastrous
consequences'to industry of any further interference
JULY 5 1921.
THE CIIRON ICLE
5
with establishments formerly producing war mate- which Bismarck declared to be the most important
factor in politics might upset the most optimistic
rial."
Two days later, according to a Paris cable dis- calculations." The New York "Times" correspondpatch, "Germany's reply to the Allied note relative ent, who was present at the interview, said that the
to the resumption of inter-Allied .military control of Minister "expressed doubts, however, as to the .posGermany's armaments was presented to Premier sibility of putting the Dawes report into operation
Herriot by Herr von Hoesch, the German Ambassa- by Aug. 1, as desired by the Allies, since he declared
dor." It was explained that "the note was, handed that certain ambiguities in the report's wording
to M. Herriot in his capacity as President of the must first be cleared up, and this could hardly be
Council of Ambassadors, which has the question in done so promptly." The correspondent added that,
band and to whose note on the subject Germany now "in conclusion he reiterated his assurance that the
is replying." In a cablegram from Berlin the same German Government would do all possible to proday it was stated that "Germany, in her note to the mote a spirit of international understanding."
inter-Allied Council of Ambassadors on the resumption of Allied .military control of German armaCommenting upon the interpretation placed in
ments, accepts the Allied demand for a general in- Paris on the reply, the correspondent at that centre
spection on condition that it be final and is con- of the New York "Herald-Tribune" said in a dispatch
cluded by Sept. 30." Additional features of the note on June 30 that "it has created a favorable impreswere outlined as follows in the dispatch, which was sion in Government circles. A spokesman for the
to the Associated Press: "Germany's reply to the Ministry to-night hailed the acceptance as.one of the
Allied note on the resumption declares that the Ger- first results of the pacific policy of the Herriot reman people repudiate even the mere idea of war. All gime. It would never have been forthcoming, this
shades of opinion are unanimous in repudiating se- speaker declared, had Poincare remained as Precret arming as impossible, useless and dangerous, it mier." The correspondent added that "Premier Herasserts. The German Government, the note adds, has riot said to-night that France is not seeking to enter
proceeded in a thorough manner for the disarma- into polemics with the Reich and that the essential
ment of certain political organizations, and there is fact was simply that the demand, in presentation of
no longer any question that they are armed to any which France and Britain acted jointly, had been acserious extent. The note declares the athletic and cepted." Continuing the correspondent said that
physical exercises of German youths are not co'n- "there is only one point where M. Herriot is not
nected with military preparations. It asserts fur- ready to proceed in accordance with Berlin. The
ther that no experienced military authority in the German note specifies Sept. 30 as the time limit
world could .hold the opinion that Germany was in a within which the proposed military inventory must
position to initiate an armed conflict in Europe for be taken. This, the Premier said, is not acceptable.
the reason that her strength in arms was less than IC the Allies need a longer time, they will take it, he
that of the small States. Furthermore,-it is declared, declared."
she is in a Position of helplessness without a parallel
in the history of nations. The German people, there- • The German Government not only has sent a refore, are unable to understand how Germany can ply to the Allies on military control, but the industhreaten the peace of Europe, the note adds. The trialists in the Ruhr have renewed again their tax
people, the note says, cannot understand why fears agreement with the French. In a cablegram dated
of future wars are not created ,by the fact that the July 1 the Berlin correspondent of "The Sun" stated
idea of general disarmament has not made note- that, "threatened with French seizure of their propworthy progress among the other nations."
erty unless they signed forthwith, the Ruhr industrialists just after midnight this morning once more
In an earlier wireless message from the Berlin cor- renewed the agreement with General Degoutte by
respondent of the New York "Times" it was reported which they pay over a certain percentage of their
definitely that "the Nationalist Party has decided profits to the occupation authorities in Dusseldorf
to bow to the inevitable and no longer obstruct ac- on the reparations account. The renewal holds unceptance and the carrying out by the German Gov- til the Dawes plan goes into effect, but the coal and
ernment of the Dawes report." According to this steel introits have the right to reopen negotiations
message also, "this change in the Nationalist atti- between Aug. 1 and 10 if they see fit." The corretude was induced by a flood of letters and telegrams spondent also said that, "although they claim their
Pouring in from Nationalists throughout Germany signatures virtually were forced from them at the
imploring the party leaders to give up opposition point of French bayonets, the Germans gained a conagainst three bills without which the Dawes report siderable reduction in the sums they
are obliged to
cannot become operative—the bill transferring the pay in lieu of taxes and also on the amount of
coal
German railways to international administration, deliveries for the period covered by
the miners' strike
the bill creating the new German gold note bank and last May. With this. transient settlement the
last
the bill mortgaging a certain percentage of German bone of contention immediately imperiling Francoindustry as partial reparations guarantee." In an German relations was buried and the Marx Cabinet
interview ill Berlin on -Tune 30 Foreign Minister can devote its energies single-mindedly to the ParliaStresemann explained the position of the German mentary enactment of the Dawes report."
Government with respect to the reply. He "declared
that the next few weeks would show whether a new
Premier Mussolini apparently has been devoting
spirit of understanding or the old policy of violence considerable time and thought to changes in his
would prevail in Europe. The German Government Cabinet in accordance with plans that were outlined
would do all in its power to further an international in Rome cable dispatches last week. In an Associunderstanding, said Dr. Stresemann. But he added ated Press message dated June 30 it was stated that
one must not. forget that those 'imponderabilia' "four portfolios in the Mussolini Cabinet have
been
6
THE CHRONICLE
turned over by the Premier to new Ministers, it was
announced to-day." After giving the changes in detail, the correspondent stated that "none of the new
Ministers is a member of the Fascist militia, although all of them are strongly pro-Fascista. All of
them belong to the Liberal Constitutional Party except Senator Nava, who is a member of the Catholic
Party and a personal friend of Pope Pius. A few
days ago he went with Monsignor Charles A. O'Hern,
rector of the American College in Rome, to visit the
Villa Garrielli in order to report to the Pope on the
advisability of purchasing it for the use of the college."
According to a cable dispatch from London on
July 3 the discount rate of the Imperial Bank of India has been reduced from 6 to 5%. The former rate
had been in effect since June 19. No change has
been made in official discount rates at leading European centres from 10% in Berlin; 7% in Norway and
Denmark; 6% in Paris; 51 2 in Belgium and Swe/%
den;
in Holland and Madrid, and 4% in London
and Switzerland. Open market discounts in London
were a trifle easier and short bills were reduced to
2 8@3-4%, against 33-16%, and 35-16@3%% for
7
/ 1
three months, against 33-16@31 1% last week. Call
/
money closed at 1/%, against 13
12
4% last week. At
Paris the open market discount rate is now quoted
at 43 %,against 41 2@431 and in Switzerland 3/%,
/
4
/ /,
14
comparing with 31 4@3/% a week earlier.
/ 12
—
The Bank of England again added to its gold
holdings, viz., £4,374,000 although reserve sustained
a further reduction of £1,287,000 in consequence of
another increase in note circulation amounting to
£1,291,000. Heavy increases were also noted in
the deposit items as a result of July 1 interest and
dividend payments. Public deposits decreased £7,:851,000, but "other" deposits decreased £27,433,000.
Loans on Government securities expanded £6,626,000 and loans on other securities £14,263,000. The
Bank's stock of gold aggregates £128,265,538, which
compares with £127,624,465 last year and £128,458,962 in 1922. Reserve totals £20,221,000, against
£20,397,735 and £22,385,822 one and two years ago,
respectively. Loans amount to £95,356,000, against
£96,425,366 a year ago and £75,819,578 the year
before that, while note circulation is now £127,800,000, in comparison with £126,976,730 in 1923
and £124,523,140 a year earlier. Contrary to general expectations, no advance was made in the Bank's
official discount rate, which remains for the present
at least at 4%, unchanged. Clearings through the
London banks for the week were £907,587,000,
against £718,650,000 a week ago. We append
herewith comparisons of the principal items of the
Bank of England return for a series of years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1924.
1922.
1921.
1923.
1920.
July 2.
July 5.
July 6. July 7.
July 4.
Circulation
127,800,000 126,976,730 124,523,140 129,108,285 122,743,815
Public deposits
11,742,000 19.457,755 14,922,857 19,720,551 17,886,048
Other deposits
140336.000 123,784,779 133,393,567 129,041,060 117.035,455
Governm't securities 54,213,000 44,333.731 67,987.920 63,798,078 52,424,853
Other securities._ 95,356,000 96,425,366 75,819,578 85,102,305 83,894,614
Reserve notes& coin 20,221,000 20,397,735 22,385,822 17,710,798 16.443,887
Coln and bullion
128,265,538 127,624,465 128,458,962 128,369.083 120,737.702
Proportion of reserve
to liabilities
15%
11.90%
144%
12.18%
13.31%
Bank rate
6%
4%
3%
4%
7%
[VOL. 119.
that item shown in the three weeks immediately
preceding by three successive reductions aggregating
301,159,000 francs, is thus wiped out and the total
of notes outstanding is again brought very close to
the peak figure of 40,265,994,000 francs touched on
March 7 of this year. The actual amount of notes
in circulation is now 40,115,648,000 francs, contrasting with 37,661,950,940 francs at the corresponding
date last year and with 36,798,717,320 francs the
year previous. In 1914, just prior to the outbreak of
war, the amount was only 6,683,184,785 francs.
The gold item showed a further sma I increase of
84,000 francs for the week. This brings the Bank's
aggregate gold holdings up to 5,543,217,725 francs
as compared with 5,537,743,836 francs at this time
last year and with 5,529,200,064 francs the year
before; of these amounts 1,864,320,900 francs were
held abroad in 1924, 1,864,344,927 francs in 1923
and 1,948,367,056 francs in 1922. During the week
silver gained 81,000 francs, Treasury deposits rose
1,407,000 francs, general deposits were augmented
by 68,421,600 francs, and bills discounted recorded
an expansion of over 1,000 million (1,029,690,000)
francs. On the other hand, advances fell off 38,508,000 francs. Comparisons of the various items in
this week's return with the statement of last week
and corresponding dates in both 1923 and 1922 are as
follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
Status as of
for Week.
July 3 1924.
July 5 1923.
July 6 1922.
Cold Holdings—
Francs. •
Francs.
Francs.
Francs.
In France
Inc.
84,000 3.678,896.825 3,673,398,909 3,580,833,008
Abroad
No change 1,864,320,900 1,864,344,927 1,948,367,058
Total
Inc.
84,000 5,543,217,725 5,537,743,836 5,529,200.064
Silver
Inc.
81,000
299,803,000
293,427,703
284,942,240
Dills discounted__Inc.1,029,690,000 4,726,673,000 3,006,250,265 2.105,263,857
Advances
Dec.38,508,000 2,242,553,000 2,061,196,496 2,257,821,382
Note eirculatIon_Inc.450,986,000 40.115,648,000 37,661,950,940 36,798,717,320
Treasury deposits_ _Inc. 1,407,000
14,793,000
18,641,887
22,758,201
General depotrits Ine. 68,421,000 2,205,677,000 2.553,715,320 2,344.127.125
The Imperial Bank of Germany's statement, issued as of June 23, was featured by another reduction in note circulation, thus bringing the total outstanding to almost 34 quintillion marks under the
total of two weeks ago. Other decreases were 6,170,000,000,000,000,000 marks in notes of other banks,
18,565,357,000,000,000,000 marks in bills of exchange
and checks 67,530,356,000,000,000,000 marks in Rentenmark bills and checks, 5,272,520,000,000,000,000
marks in advances, and 57,758,000,000,000,000 marks
in investments. Rentenbank notes increased 60,967,570,000,000,000,000 marks, other assets 86,164,184,000,000,000,000 marks, deposits 69,078,674,000,000,000,000 marks, and other liabilities 24,182,416,000,000,000,000 marks. In liabilities resulting from disc.,unted bills payable in Berlin there was an expan•
sion of 25,000,000.000,000,000,000 marks. Rentenbank loans remain unchanged. An increase of 14,184,000 marks in gold holdings is shown, while silver
coin reserve gained 10,562,517 marks. Total outstanding note circulation aggregates 920,347,753,000,000,000,000 marks, as compared with 13,091,705;900,000 marks a year ago and 167,830,000,000 marks
in 1922.
The outstanding feature of the Federal Reserve
Bank statements, issued at the close of business on
Thursday, was a heavy decline in gold reserve both
locally and nationally, at the same time that redisAccording to the weekly statement of the Bank of counting operations were materially increased. The
France an expansion of 450,986,000 francs occurred system's report indicated a loss in gold of $35,000,000.
in note circulation this week. The improvement in Rediscounts of Government secured paper increased
JULY 51924.]
THE CHRONICLE
that "loans made largely for commercial purposes
were smaller." This naturally indicated that a general expansion in business had not taken place. Re- .
ports from various other sources show that such a
change has not come. It may be noted, however, that
there was a slight increase in the car loadings on the
railroads of the United States in the third week of
June compared with the second. While the figures
for the third week disclosed a decrease of more than
100,000 cars compared with the corresponding week
or 1923, they showed a large increase over that week
in 1922. Local bankers have disposed of the American portion of $7,500,000 of the Hungarian Reconstruction Loan for about $50,000,000; Finland is
said to be in the American market for a loan. After
the Allied conference on July 16 there may be renewed talk in definite form of a large international
loan to Germany. Bankers would not be surprised
to see somewhat higher rates for money at this centre during the coming weeks. Coupled with the upturn in call money quotations was an advance of 14
/
of 1% in time money on Wednesday. The crops are
beginning to move in the West and South. As the
financial demands for this purpose increase, and if
pneral business expands, rates above the recent extremely low levels would be perfectly natural. As
Saturday's statement of the New York Clearing yet the aggregate amount of loanable funds in the
House banks and trust companies reflected the usual country appears to be large.
'rain of preparing for month-end payments, and
showed a decrease in surplus reserve of more than
Referring to specific rates for money, loans on
*39,000,000. The statement was featured by heavy call ranged between 2(4)3%, as against a flat rate
Lcreases in loans and deposits. The loan item ex- of 2% last week. On Monday and Tuesday the
panded *121,967,000, while net demand deposita only quotation named was 2%, this being the high,
showed an increase of $67,937,000, to $4,354,994,000, the low and ruling figure on both days. Wednesday
which is exclusive of Government deposits amount a slightly firmer tendency developed and there was
ing to $21,203,000. Time deposits also increased, an advance to 3%; the low was 23/2% and also the
gaining $9,209,000, to $507,145,000. Cash in own basis for renewals. All loans on call were negotiated
vaults increased $1,269,000, to $46,905,000. This at 23/2% on Thursday, which was the maximum,
latter, however, is not counted as reserve. Reserves minimum and renewal basis for the day. Friday was
of State banks and trust companies in own vaults a holiday (Independence Day). In time money the
increased $12,000, while raer yes held by these insti minimum and renewal basis for the day. Friday was
tutions in other depositories increased $102,000. A market was dull and narrow, with funds still in
decline of $30,577,000 was shown in the reserves of ample supply,and the range of quotations at the levels
member banks at the Reserve bank, and this, com- prevailing a week ago, namely, 27@23 % for sixty
4
bined with the additions to deposits, served to bring days, 2%@3% for ninety days, 3% for four months,
about the loss in surplus reserve above mentioned, 3@33'% for five months and 31
4% for six months.
namely $39,557,300, to $13,416,120, as compared with The increased demand for funds incidental to July
$52,973,420 the previous week. The above figures 1 disbursements apparently had very little effect upon
for,surplus reserves are on the basis of reserves of the available supply. After the turn of the month
13% for member banks of the Federal Reserve Sys- the market relapsed into dulness. So far as could
tem, but do not include cash in own vaults amount- be ascertained no large loans were put through in
ing to $46,905,000 held by these member banks on any maturity. The figures here given are for both
Saturday last.
regular mixed collateral and all-industrials alike.
Mercantile paper rates have not been changed
While the 2% call money rate of last week pre- from 31
/@33i% for four to six months' names of
/
vailed again on Monday of this week, there was an choice character, with names not so well known still
advance the next day to 3%. The same maximum requiring 4%. New England mill paper and the
was reached on Wednesday. This change did not shorter choice names are being dealt in at
332%cause surprise, and certainly not apprehension, even Prime names had a ready market with country banks
speculative circles. It had been expected'sooner, usually the principal buyers.
as a matter of fact. On Thursday, however 2 % was
/
1
2
Banks' and bankers' acceptances were in good
the only quotation. The statement in the July issue demand at the levels current the preceding week.
of the Monthly Review of the Federal Reserve Bank Offerings, however, continue light, so that the
of New York that "during the five weeks' period aggregate turnover was only moderate. For call
ended June 18 the total loans and investments of re- loans against bankers' acceptances the posted rate
porting member banks in this district advanced to a of the American Acceptance Council is now 2
new high point since 1920," attracted considerable against 13/2% a week earlier. The Acceptance
attention and may have had something to do with Council makes the discount rate on prime bankers'
the reported calling of loans and higher call rates acceptances eligible for purchase by the Federal
that day and the next. It was explained by the bank Reserve banks 23/% bid and 2% asked for bills
$24,200,000. "Other" bills were reduced $5,400,000,
but bill buying in the open market increased $7,700,000. Total bills discounted increased $18,800,000,
to $369,001,000, which, however, compares with
$929,839,000 at this time last year. Earning assets
mounted $32,300,000, although deposits decreased
$34,000,000. At New York like conditions prevailed. An even larger reduction in gold was shown,
namely, $79,800,000, lost mainly through the institution's operations in the Gold Settlement Fund.
Rediscounts of all classes of paper were higher,
approximately $31,400,000, while open market purchases went up $11,500,000. Total earning assets increased $47,700,000. Here, also, however, deposits
declined, viz., $31,000,000. Member bank reserve
accounts were reduced $19,000,000 for the combined
statement and $33,000,000 at New York. For the
first time in a number of weeks,the amount of Federal
Reserve notes in actual circulation was substantially
increased—$5,800,000 locally and 00,900,000 for
the twelve reporting banks. Notwithstanding the
decline in deposits, reserve ratios were lowered,
mainly because of losses in the gold reserve. The
local institution's reserve ratio declined 5.1%, to
81.0%, and that of the system 1.3%, to 81.5%.
8
THE CHRONT CI,E
[Vox,. 119.
A
Bankers and others N rho have consistently predicted
.
running 30, 60 and 90 days, 234% bid and 21 %
/
1
2
asked for bills running 120 days and 2 % bid and materially lower levels for sterling, evidently ex2%% asked for bills running 150 and 180 days. perienced a change of heart and when rumors were
placed in circulation that the Bank of England was to
Open market quotations follow:
raise its discount rate, began to talk of an advance in
SPOT DELIVERY.
60 Days.
30 Data.
90 Days.
exchange rates. The opinion seems to be that such
23402
23402
Prime eligible bills
23402
a move on the part of the British authorities will
FOR DELIVERY WITHIN THIRTY DAYS.
234 bid portend a definite policy of deflation with a view of
Eligible member banks
234 bid
Eligible non-member banks
bringing sterling to parity. Banks would then, it is
claimed, add to their London balances, at the same
On June 30 it was announced by the Federal Reserve Board that the Federal Reserve Bank of Kan- time that dealers would be forced into the market
/
1
2
sas City had reduced its rediscount rate from 4 % for the purpose of covering future commitments, all
to 4% on all classes of paper of all rnaturitios, ef- of which would make for a substantial gain in sterling
fective July 1 1924. Inasmuch as in our table of values. The movement is likely to be more of a sendiscount rates last week, the rate of the Federal Re- timental rather than actual character, however, so
serve Bank of Philadelphia on agricultural and live- that few if any could be found who were willing to
stock paper maturing after six months and within venture upon any forecasts as to the duration of the
nine months was inadvertently given as 5%, we take higher levels; especially in the face of the onrush of
occasion here to explain that last week's reduction to commercial bills which is expected to develop shortly
3 % by that bank applied both to agricultural incidental to‘seasonal shipments of cotton and grain.
/
1
2
paper after 90 days and within six months, and the As it turned out, the Bank of England did not raise
same paper with maturities of between six and nine its discount rate. Nevertheless exchange rates were
months. The following is the schedule of rates now strong at the close, and the general feeling seemed to
in effect for the various classes of paper at the dif- be that the change was bound to come in the near future.
ferent Reserve banks:
Referring to the day-to-day rates, sterling exchange
FEDERAL RESERVE RANKS IN EFFECT
DISCOUNT RATES OF
JULY 3 1924.
on Saturday was easy and demand bills declined to
A
4 31%@4 325 8, cable transfers to 4 32%@4 325
/
Paper maturity—
and sixty days to 4 295 s@4 30%; trading, however,
/
After 90 After 6
Days, but
but
was inactive. On Monday the market was dull and
Within 6 Within 9
Within 90 Days.
Months. Months. practically unchanged
FEDERAL RESERVE
with the range 4 31%@
BANK.
Aricul.* A plot' 4 32 7-16 for demand, 4 323@4 32 11-16 for cable
Com'rciat Scent. by
and
and
Apricut. U. S. Bankers' Trade
Accep- Livestock Livestock
AccepALivesek Govt.
transfers and 4 29%@4 30 3-16 for sixty days.
Paper. Obliga- tances. tances. Paper. Paper.
tions.
n.e.s.
Irregular movements marked Tuesday's dealings and
334
354
334
Boston
334
334
334
after a decline at the opening, prices moved up to
3.34
314
314
334
334
334
New York
334
334
334
334
334
3,34
Philadelphia
/
2
,
4 32 13-16 for demand; the low was 4 311 while
4
4
4
4
4
Cleveland
4
4
4
4
4
4
Richmond
cable transfers moved between 4 314@4 33 1-16 and
4
4
4
4
4
434
Atlanta
4
4
4
4
4
434
Chicago
4
4
sixty days between 4 2934@4 30 9-16; no increase in
4
4
4
4
St. Louis
434
434
434
434
4;4
4
Minneapolis
4
4
4
4
4
4
Kansas City
activity was noted. Wednesday fractional advances
414
434
434
434
434
Dallas
434
4
4
4
4
4
4
San Francisco
occurred on quiet, narrow trading; demand bills sold
up to 4 3.2 9-16@4 333-16, cable transfers to 432 13-16
•Including bankers' acceptances drawn for an agricultural purpose and secured
by warehouse receipts. arc.
@4 33 3-16 and sixty days to 4 30 5-16@4 30 15-16.
Pre-holiday dulness prevailed on Thursday, although
Dulness at times to the point of complete stagna- quotations ruled firm and a trifle higher; the day's
3
/
tion prevailed in the sterling exchange market and range was 4 32%@4 33/i for demand, 4 325 s@
/i for cable transfers and 4 303'@4 313/ for
5
g
trading was light in volume and featureless. Prices 4 33
holiday (Independence
moved within narrow limits. Demand bills opened sixty days. Friday was a
at 4 31%,gradually advanced to 4 33%,then relaxed, Day). Closing quotations on Thursday were 4 30%
/
2
but rallied and closed at the top. A few desultory at- for sixty days, 4 331 for demand and 4 33% for
tempts at selling were noted on the part of London cable transfers. Commercial sight bills finished at
8
4
banks in the early part of the week, while offerings 4 33, sixty days at 4 303/, ninety days at 4 291 ,
4
(for foreign account) were freer than for some time. documents for payment (sixty days) at 4 303 ,
/
1
.
Buyers continued to be few and far between and trad- and seven-day grain bills at 4 322 Cotton and
ing lagged perceptibly. Of speculative interest there grain for payment closed at 4 33.
The week's gold arrivals were light, being again
was practically none, large operators in this market
showing no inclination whatever to enter into new com- restricted to a single shipment, viz., £203,400, on
mitments at present. News from abroad was regarded the Olympic from England.
as favorable to exchange, especially that from GerThe Continental exchanges shared in the general
many, indicating that the Nationalist Party had at
length withdrawn its opposition to certain terms of inactivity and trading was described as listless with
the Dawes reparation plan and finally decided to the volume of business unusually small. As a matter
accept Allied military control. Two new factors of fact, the whole market seems for the moment to
operated to restrict activity this week, namely the be at a practical standstill. Even francs attracted
presence of the Democratic Convention in this city, less attention and the quotation covered a comparawhich is of course interfering to a very considerable tively narrow range. While much of this was the
extent with the transaction of regular business; also result of continued unsettlement in European aftoward the close, intervention of the Independence fairs, presence of the great Democratic Convention
Holidays. As a result trading on Thursday was in New York, with its many hundreds of delegates,
reduced to a minimum with quotations, though firm, operated to disturb the regular routine of business
and accentuated the dulness. Dealers were more
little better than nominal.
JULY 51924.]
THE CHRONICLE
9
than ever disinclined to take a position in the market opening, turned weak and closed at a net loss for the
so that during most of the time price levels moved week.
aimlessly and without definite trend in either direcBankers' sight on Amsterdam finished at 37.61,
tion. Abroad, announcement of Germany's decision against 37.57; cable transfers at 37.65, against
to accept the terms laid down by the Allies for placing 37.61; commercial sight bills at 37.55, against 37.51,
the Dawes Plan into immediate operation, was well and commercial sixty days at 37.19, against 37.15 a
received and resulted in advancing francs a point or week ago. Swiss francs closed at 17.82 for bankers'
two. Later in the week advices suggesting expansion sight bills and at 17.83 for cable transfers,in compariin French financing in direct opposition to the previ- son with 17.743/ and 17.753/ the week before.
2
2
ous attempts at reform and retrenchment under the Copenhagen checks finished at 15.7' and cable
Poincare regime, had a depressing effect, and led to a. transfers at 15.81, against 16.61 and 16.65. Checks
decline of 17 points to 5.08 for checks. The high for on Sweden closed at 26.503/ and cable transfers at
the week was 5.293/2. Antwerp currency followed suit. 26.543/, against 26.54 and 26.58, while checks on
2
Lire exchange moved within narrow limits with the Norway finished at 13.37 and cable transfers at 13.41
undertone generally steady. Reichsmarks ruled at against 13.50 and 13.54 last week. Spanish pesetas
0.000000000024 up to Tuesday when there was a closed at 13.143/ for checks and 13.163/ for cable
2
2
nominal decline to 0.0000000000233/ Greek and the transfers, against 13.421 and 13.443/ the previous
.
A
2
2
minor central European currencies were all firmly week.
held without important alteration. Trading in all of FOREIGN EXCHANGE RATES CERTIFIED
BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
these displayed little real activity. According to
JUNE 28 1924 TO .TUPY 3 1924, INCLUSIVE.
despatches from Berlin, foreign exchange conditions
Noon Buytno Rate for Cable Tranzlers in New York.
have improved of late. It is reported that all dealings Country
and Monetary
Wane In United Stales Money.
Unit.
are controlled by the Reichsbank, which apportions
June 28. June 30. July 1. July 2.
July 3. July 4
out its exchange holdings to meet requirements. A EUROPES
$
3
5
$
$
Austria,
000014 .000014 .000014 .000014 .000014
few weeks ago these allotments seldom amounted to Belgium.krone
franc
.0461
.0460
.0453
.0455
.0450
Bulgaria, ley
.007250 .007217 .007225 .007211 .007220
more than 2% of the amount asked, but now demand Czechoslovakia. kron .029511 .029349 .029333 .029387 .029383
Denmark, krone
for many currencies are being filled. Applications for England, pound ster- 1643 .1599 .1576 .1592 .1563
ling
4.3245
4.3209
.3221
.3305
4.3263
dollars and guilders are usually supplied, it is stated, Finland, markka
025043 .025031 .025022 .025053 .025040
France,franc
0529
.0516
.0528
.0518
.0511
to about 50% of the original amounts asked. Ger- Germany, reichsmark a
aa
Greece, drachma
.017255 .017105 .01;242 .01;220 .017013
many's foreign balance is still unfavorable, although Holland, guilder
3758
.3759
.3757
.3766
.3762
Hungary,
000012 .000012 .000012 .000012 .000012
German foreign credits secured by the Gold Exchange Italy, lira krone
0432
.0431
.0430
.0430
.0429
Norway, krone
.1342
1346
.1336
.1345
.1341
Bank have helped materially, and credit scarcity Poland, zloty
1927
.1927
.1928
.1928
.1923
Portugal, escudo
0279
.0282
.0280 . .0283
.0281
Rumania,leu
004295 .004238 .004193 .004121 .004054
has called out hoarded holdings.
Spain, peseta
1343
.1342
.1333
.1321
.1312
.
Sweden,krona
2656
.2654
The London check rate on Paris closed at 83.85, Switzerland, franc .1775 .1776 .2654 .2656 .2653
.1776
.1780
.1780
.011419 .011425 .011531 .011775 .011827
against 81.90 last week. In New York sight bills on Yugoslavia, dinar
ASIAHOLIChinaDAY
the French centre finished at 5.103/,against 5.28; ca- Cliefoo, tael
2
7258
.7233
.7242
.7225
.6225
Hankow tael
2775
.7238
.7263
.7250
.7258
ble transfers at 5.113/,against 5.29; commercial sight Shanghaitael
2
7102
.7104
.7105
.7096
.7093
7350
.7325
.7333
.7325
.7308
bills at 5.093/2, against 5.27, and commercial sixty Tientsin tadl
Hongkong dollar.._ .5188
.5176
.5177
.5180
.5184
Mexican dollar_ . .5117
.5083
.5088
.5106
.5115
days at 5.043., against 5.213 a week ago. Antwerp Tientsin or PelYang
4
dollar
.5188
.5121
.5125
.5171
.5113
francs closed at 4.49 for checks and 4.50 for cable Yuan dollar
.5238
.5138
.5133
.5200
.5113
India,
.3064
.3063
.3058
.3064
.3059
transfers, in comparison with 4.60 and 4.61 a week Japan,rupee
yen
.4178
.4184
.4183
.4194
.4186
Singapore (3.£1.) do
earlier. Final quotations on Berlin marks were NORTH AMER. .5019 .5013 .5022 .5017 .5021
Canada. dollar
.989198 .990125 .988482 .989031 .989092
999805 .999922 .999531 .999438 .309625
0.0000000000233/, against 0.000000000024 the previ- Cuba, peso
2
Mexico. peso
483292 .483333 .483500 .483333 .482938
ous week. Austrian kronen were not changed from Newfoundland, dol .986313 .987813 .985625 .987063 .986500
SOUTH AMER.Argentina. peso
.7385
.7395
0.00143/ Italian lire closed the week at 4.283/ for Brazil, milreis (gold) .7396 .7397 .1084 .1083 .7396
.
8
1093
.1095
.1079
Chile, peso (paper)... .1038
.1037
.1033
.1023
.1007
bankers' sight bills and 4.293/ for cable transfers. Eno..., neRn
2
.7761
.7709
.7700
.7698
.7715
This compares with 4.313 and 4.32% at the close of a Quotations for German marks were: June 28 .000000000000238: June 30,
.000000000000239:
last week. Exchange on Czechoslovakia finished at .000000000000239. July 1. .000000000000239: July 2, .000000000000239. itilY 3.
2.943, against 2.953/2; on Bucharest at 0. 03/2,
4
As to South American quotations the situation
against 0.433 ; on Poland at 193/2, against 19 5-16, was quiet and not essentially changed. Argentine
%
and on Finland at 2.51 (unchanged). Greek ex- checks were a shade firmer, closing at 32.62 and cable
change finished at 1.69% for checks and 1.703 for transfers at 32.67, against 32.57 and 32.62.
Bracable transfers, which compares with 1.73 and 1.733/2 zilian milreis were weak, and finished
at 10.75
the week preceding.
for checks and 10.88 for cable transfers comparing
with 11.06 and 11.1 a week ago. Chilian exchange
Dealings in the neutral exchanges formerly so- continues to
move downward and closed at 10.04,
called were featured by the sensational drop in Dan- against 10.35, while Peru
declined to 4.12, against
ish exchange, due to failure of the Government's 4.14 last week.
stabilization plan. Following a flood of contradictory
Far Eastern exchange was under some pressure
rumors last week, it finally developed that the meas- owing to the movements in the
price of silver, but
ures for stabilizing foreign exchange which had suc- rallied to normal and Hong Kong
closed at 52@523
cessfully passed the Lower House some time ago had against 52Q52h; Shanghai, 713/
2@71%, against
gone down to'defeat before the upper branch of the 713/2@713/; Yokohama,41%@42, against 419@42;
2
legislature. The result was a wave of alarm which Manila,491 2@493 (unchanged);
/
%
Singapore, 503/2@brought about a slump of more than 60 points to 50% (unchanged); Bombay,307
A@31% (unchanged)
15.64. Before the close some of this was regained and and Calcutta 313/@3138, against 313/@313 a
s
/
8
/ week
the final range was 15.77. Aside from this, trading ago.
was quiet and changes narrow. Guilders were firmly
held, as also were Swiss francs and the other ScanThe New York Clearing House banks in their
dinavian currencies. Spanish pesetas, after a firm operations with interior banking institutions have
THE CHRONICLE
10
gained $1,744,743 net in cash as a result of the currency movements for the week ended July 2.
Their receipts from the interior have aggregated
$2,763,443, while the shipments have reached $1,018,700, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
Banks'interior movement
I
Gain or Loss
to Banks.
Into
Banks.
Out of
Banks.
$3,763,443
11-eek ending July 3.
$1,118,700 Gain 51,744,743
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.
Tuesday, Wednesd'y. Thursday. Friday,
July 4.
July 3.
July 1.
July 2.
Saturday, Monday.
June 28. June 30.
Aggregate
for Week.
$
65.000.000 77,000.000 75,000,000 88.000,000 84.000.000 Holiday. Cr.389,000,000
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.ith the Federal Reserve
Bank for collection for the account of the local Clearing House banks.
The following table indicates the amount of bullion in the principal European banks:
July 5 1923.
July 3 1924.
Banks of
Gold.
England __
France a
Germany _
Aus.-Hun_
Spain
Italy
Netherrds.
Nat. Delft_
SwitzerVd_
Sweden
Denmark _
Norway __
Silver.
I
I
28,285,538
47,154,732
23,109,3201
b2,000,000
01,359,000
35,413,0001
44,292,000
10,819,000
20,539,000
13,742 000
,
11,842,000,
8.182,000,
Total.
Gold.
Silver.
Total.
E
I
E
E
E
£
1128,265,538,127,624,465
127,624,465
1l,963,240159,117,972 146,935,956 11,720,000158,655,956
643,5001 23,752,8501 41,595,200 3,475,400 45,070,600
b
1 b2,000,000 62,000,000
b
' b2,000,000
26,334,000127,693,000101,032,000 26,666,000127,898,000
3,412,0001 38,825,0001 35,498,000 3,023,000 38,521,000
858,000 45,150,000 48,483,000
878,000 49,361,000
2,683,0001 13.502,000 10,757,000 2,490,000 13,247,000
4,019,000. 24,558.000 20,971.000 4,093,000 25,064,000
13.742.000 15,170,000
15,170,000
898,000 12,540.0001 12,678,000
194,000 12,872,000
8,182,0001 8,115,000
' 8.115,000
Total week 546,517,6201 50,810,740597,328,380 570,859,621 52,539,400823,399,021
P1ey. week 545,796,688' 50,813,350596,610,036 571,365,191 52,360,400623,725,591
a Gold holdings of the Bank of France this year are exclusive of £74,573,977
held abroad. b No recent figures.
Party Prospects—The Democratic Convention
and Its Platform.
The Democratic National Convention at New York
mill doubtless be long remembered for the bitter controversy which developed over the Ku Klux Klan
and for the protracted balloting for candidates for
the Presidency and Vice-Presidency. The emergence
of such a question as that of the Klan, involving as
it does religious and racial prejudices and animosities which easily stir passion to a fervid heat, is to
be deplored in any democracy, and it is peculiarly
regrettable in a country which, like our own, is dedicated to religious and political liberty and numbers
among its people representatives of most of the races
and creeds under the sun. It would have been a
happy thing if the issue'could have been kept out of
the convention altogether, and left to be disposed of
by the voters during the campaign and at the November election. Once it had forced itself to the front,
however, it of course had to be faced, but the division of sentiment in the convention was too close to
admit of condemning the Klan by name, and a resolution of general disapproval of "any effort to arouse
religious or racial dissension" was all that could be
inserted in the platform.
The echoes of this unhappy controversy will undoubtedly reverberate throughout the campaign.
Whales-cc the personal opinions of the candidates
[VoL. 119.
for President and Vice-President or the strength of
their personal followings, they will have to exert
themselves to heal a serious breach within the party
which they have been chosen to lead, and the time
and effort which this will cost will be just so much
time and effort taken from the exposition of the political or economic principles for which the party
stands, and which, in so far as they commend themselves to any considerable number of people, ought
in fairness to be fully discussed. In this respect the
Democrats will enter the campaign under a disadvantage, for whatever differences of opinion the Republicans may have about their own platform or
their candidates, they at least have none which rivals
in gravity and heat the issue which has divided their
opponents.
There is little in the Democratic platform that
calls for extended comment. The criticisms of the
party in power have a familiar ring, and the attack
upon the Mellon income tax proposals as favoring
the rich at the expense of the masses is not likely to
prove very good campaign material, especially now
that Mr. Coolidge has come out with an emphatic
demand for still further economy. If Mr. Coolidge
really proposes a return to the state of mind when
the saving of a million dollars here and another million there seemed worth while, he will have presented an issue to which Democrats as well as Republicans will have to subscribe. The platform demands for the Federal operation of Muscle Shoals
and the immediate grant of independence to the Philippines raise large questions of national policy upon
which public opinion has not yet divided clearly upon
party lines, and the same may be said of the rather
far-fetched condemnation of the Lausanne Treaty
with Turkey. It would have been better, too, since
presumably something had to be said in the platform about American relations with Europe, to have
approved or condemned the Dawes plan in terms,
rather than to pass it over without mention while
pointing to the Republican policy of "isolation" as
one of the primary causes of the distresses of the
American farmer.
On the other hand, the proposal of a national referendum on the question of joining the League of
Nations, "upon such reservations or amendments to
the Covenant of the League as the President and the
Senate" may agree upon, while obviously indicating
a party break with the Wilson tradition, has under
the circumstances something to commend it. For
such a procedure in general as a national referendum there is no clear place in our constitutional
system, and the platform itself recognizes that the
referendum in this case would be purely advisory,
but where a great issue of national policy has been
long before the country, as the League issue has been,
and sharp party division continues, neither the novelty of a proposal for "taking the sense of the country" nor the expense involved in carrying it out are
weighty arguments against it We are very much of
the opinion that if a referendum on the League were
held under the conditions which the Democratic platform prescribes, namely "free from all other questions and candidacies, after ample time for full consideration and discussion throughout the country,"
the verdict would be adverse, but whether that be so
or not, it is time that the question of the League were
disposed of once and for all.
It is bard to Pee in the work of the convention
anything likely to afford much aid or comfort to a
JULY 5 1924.]
THE CHRONICLE
third party movement. Concessions to radical political sentiment, rigorously excluded from the Republican platform, are too few and too general in the
Democratic statement of principles to satisfy those
who desire a program with a socialistic squint; and
the Klan controversy, while it opens a rift in the
Democratic Party which is certain to prove embarrassing, does not necessarily presage the alienation
of large numbers of Democratic voters. There are
Republican dissenters as well as Democratic dissenters, as there have always been, but dissent alone has
rarely proved sufficient to rupture widely the bonds
of party allegiance; there is need of a policy to expound and a leader to follow before the allegiance
of tradition or interest or conviction will be abandoned. At these points the third party movement
appears to be still as inchoate as it has been ever
since Roosevelt led his Progressive followers out of
the Republican fold and gave the election of 1912 to
the Democrats. There is as yet no clear body of doctrine, political or economic, upon which those in this
country who call themselves liberals or radicals are
agreed, and no leader who, speaking with the unmistakable accent of authority, directs the march of his
followers to the Promised Land. The party dissent
that seems likely to count most heavily in the present
campaign aside from that caused by the Klan issue,
is rather to be looked for in the ranks of organized
labor, where some of theleaders appear to have found
neither the Republican nor the Democratic platforms
wholly to their minds; but even this element of opposition may be offset by the tendency of women voters.
who this year will swell the vote to unprecedented
proportions, to stick to party lines.
All things considered, the position taken by the
Democratic convention does not promise a campaign
of intense or dramatic interest. The question of the
Klan, which came near to disrupting the convention
at New York, will not be allowed to disrupt either
the Republican or Democratic parties if the leaders
can prevent it. The other principles which separate
the two great parties have long been indistinct when
compared with the situation a generation and more
ago, and formal programs have lent themselves readily to modification, sometimes to radical modification, when the reins of power have been grasped. In
this respect American politics, notwithstanding the
dominance of two parties and the relative unimportance of minor groups, shows the same tendency
which is to be observed everywhere in Europe. The
rise in every country of new economic interests, or of
old interests in new forms, has weakened the hold
of the political issues around which the older parties historically formed, and the revolt against political interference with economic operations has accelerated the process. A new American party, accordingly, when it comes, may be expected to concern itself very little with patching or mending a system
that has been outgrown. Its task, rather, will be
that of recovering for the people and the States the
large area of independence which the Constitution
clearly intended should be left to them, and at the
same time freeing the normal economic activities of
the common life from the shackles and hindranceswhich an over-developed politics has imposed. There
is a hint of this, although a distorted one, in the pro
test of the Democratic platform against "the cen
tralizing and destructive tendencies of the Republi
can Party," in the demand "that the States of tlu
Union shall be preserved in all their vigor and
11
power," and in the declared opposition to "the extension of bureaucracy, the creation of unnecessary bureaus and Federal agencies, and the multiplication
of offices and office-holders." Substitute politics
for the Republican Party, which has been no sinner
above all others and whose leader in the Presidential
chair is now urging drastic economy in public expenditure, and the declarations just quoted would serve
as well for one party as for another.
Evolution as a Practical Conception in
Business.
What ought to be an important fact in the business world is the rapid increase in the number of
schools of advanced Business Training and the
throng of students attending them; that department
of the University of New York, for example, its
School of Commerce, Accounts and Finance, reporting an attendance of 6,000.
In this Commencement season our universities and
colleges are sending forth thousands of young people prepared in various degrees to make themselves
felt in every department of the nation's life. The
ideas planted in the minds of these young people
cannot fail to be influential, especially those which
at the hour are to the front. Among these the theory
of evolution, though in its origin and immediate application strictly scientific, and to-day accepted
as the best, if not the only working hypothesis by
practically all scientific men, is most hotly contested. It carries in its train a host of questions and
.!.hallenges thought in all directions. However extensive may be its application, or whatever its final
form, it cannot be ignored and is a definite contribution to modern thought.
A distinguished scientist, lately visiting here,
Prof. J. Arthur Thomson of Aberdeen, said: "It
would be a terrible contradiction in terms if an evolution theory did not evolve itself."
This gives a range to the doctrine which leaves no
room for shutting it out of any department of daily
life. It is therefore not only proper but highly important to apply it to business, that form of activity
which engrosses so large a proportion of the community. It is a strictly scientific teaching in that
it deals with facts and can be submitted to practical
tests, which cannot be ignored, and which every business man must require.
"Whence," "How" and "Whither," are the three
question covering the conception of any process. In
what does it begin; what is its method; in what
does it result? In the process of evolution in the
natural world as now accepted the question of its
origin and the question of its ultimate goal are unsolved and perhaps unsolvable. At least as a practical question the doctrine is limited to the method
of its operation; that can be studied and widely applied. It is here that it has its immediate application.
It is the best working hypothesis, if not the only satisfying explanation of the phenomena of the existing
universe. One form and event follows another in
unbroken order of antecedent and consequent, if not
of cause and effect; and there is a progress, which,
whatever the goal, can be counted upon as real and
sure.
It would be foolish, therefore, and certain in the
end to be destructive, for men engaged in any occupation whatever to think that it is exempt from the
universal truth. The law of an evolutionary progress applies to all. The only question is bow it is to
12
THE CHRONICLE
[VoL. 119.
be applied and what it requires. Obviously the first have embraced new facts and assumed new signifistep is, for any man who would be intelligent, to rid cance with the increase of man's knowledge and the
himself of the prevalent antagonism to "evolution" extension of his ability to make use of the forces of
as a purely theoretical modern doctrine, unproved, nature and of his wider opportunities of contact.
illogical and irreligious, all of which is loudly Every new raw material or source of its supply,
charged. In the physical sciences at least, and so every new machine, every new agency, every new apfar in daily affairs, it has immediate worth. Whether proach of other people, gives rise to new methods,as
it is or is not soon to be accepted in the philosophical surely as it calls for new products, and at every step
and spiritual world does not immediately concern a new or an enlarged meaning is given to some faus. That may be left to the philosophers and theo- miliar term. Even words held as sharply antagonlogians. Our immediate task is to understand its istic, such as strong and weak, fast and slow, hard
hearing on our affairs.
and soft, light and darkness, love and hatred, happiIt will be recognized at once that a long estab- ness and misery, have already been pointed out as
no
lished business has certain advantages over a new longer antithetic opposites; they are rather polar
one. When a European banker intimated to our extremes between which lies a long series of
gradaAmerican banks proposing to establish branches, for tions leading from one to the other. Daily experiinstance, in South America and the Orient, that they ence enforces this, and we have continually to modify
would find something more than erecting a hand- our understanding and our words accordingly, and
some building and sending out a staff of clerks would this because of our progressive relationship with the
be necessary, he only asserted the importance of local world outside oneself. In short, evolution is going
experience; in other .words, of the evolutionary proc- on in every department of human existence, in man's
ess, which -could not be disregarded. That requisite affairs no less than in his understanding.
experience means something more than the possesHere, then, is the true measure of the evolution
Sion of knowledge which may be gained from books— ary process and the necessity of its confident acceptknowledge of certain more or less important facts. ance. The world is at once its arena, and its instruIt.means linking up with existing vital forces which ment. All visible existence contributes to it and will
are at work in all lands and in all conditions, and mark its final achievement. It may be accepted
as
which are only available for men who can take ad- being truly the thought of God as are the laws of
vantage of them, move in their line, and secure their the planetary world which Keppler discovered. Not
co-operation even though the coming of these men altogether in the same class of definite apprehension,
may in itself contribute a new impulse and lead to perhaps, both having possibility of modification
with
infinite enlargement in what may seem new direc- our advance of knowledge, as is to-day disclosed
in
tions.
regard to the heavenly bodies, but both marking au
Recognition of Evolution, which may be loosely advance in reading the mind of God and helpdefined as "Growth writ large," as the best working ing us to the spiritual approach which all
would
theory of the universe, involves to-day for the man have.
of affairs three things. First is the adoption of the
The whole creation, in a new sense, works to this
scientific method. This is very simple and intelli- end. The universe may be accepted
as friendly and
gible. It is to take special and endless pains to get not hostile to man. He has to contribute
his part,
at facts; then to make their proper appraisal and and so does all nature: the stars in their courses,
adjustment to each other and to the business; to de- and the flowers in the field.
Every man must, if
termine their value as interpreting the past and in- true to himself, recognize the men of
every other race
dicating the lines of advance; with courage in the as equally with himself a link in the
chain, a parent,
use of them and confidence in the sure result if they a transmitter of such heritage of truth,
of experiare adhered to. ' His 'optimism has this best of all ence, of knowledge, as has reached or is made
known
foundations.
to him. It is to take its place and be set at work in
Second, is recognition of his place in the scheme the great scheme of existence, and is an expression
of
of things, which is like that of the parents in the God who clothes the lilies of the field and
whose
human family. He is to. preserve and pass on the children we all are.
heredity' which has come down to him,,and which he
In practical application of this great doctrine,
now is to preserve, and transmit, if possible, three things follow. Improvement in one's
own
strengthened and re-enforced by what he adds to it ways of business and life leadg more or less directly
for those who are to come after him. He may esteem to improvement in the class, the group, the
commuhimself and his business of small importance, but if nity of which one is a part.
there is a break in the progress the line is broken.
Development of oneself or one's business leads
No one can take his place. The general stream may naturally and surely to growth in
oneself and in
not be turned back. It flows in many channels; but one's lines and ways of work. "Love," it
has been
that particular branch which runs to and in him is said, "if it enrich not the heart of another
returns to
blocked, destroyed, dissolved. The process that was enrich the heart of the lover." Not
less surely is
working toward a certain goal, however originated, Evolution a personal enrichment.
so far as it reached him is ended.
And, thirdly, development of oneself and one's
His third duty is to recognize how in the evolu- business fits one better to help the
community and
tionary process he and his work are related to the the State; it makes a better citizen as
well as a better
world at large. Evolution applies everywhere, in all business man and a better man; that is he
if
recoglands and in all human affairs. As an illustration nizes the Alpha and the Omega, the beginning and
the evolution of language is one of its aspects. Every the end of all. He learns that about him are men,
one recognizes the way in which the meaning of children of the same Father--of all who, like himwords enlarges and changes in the course of human self, are capable of growth, are under the same law
affairs. Such basic terms in business as wealth, of progress, and who need the same incentive and
credit, money, capital, exchange, are evidence. They help. He attains thus his full vision of life.
JULY 5 1924.]
THE CHRONICLE
An "International Conscience."
Josephus Daniels, in his recently published biography of Woodrow Wilson, is credited with coining
a phrase descriptive of the highest achievement of
Mr. Wilson by saying that he "created for the first
time an 'international conscience.'" If he did so, it
is a supreme accomplishment. But an "international conscience" is as hard to understand as it is
to find. There has always been a broad field of psychological speculation as to the nature of conscience
when applied merely to the individual. Mr. Wilson's ideal was a democratized world in which peoples would possess self-determination as to governmental control—a world in which peace and the
brotherhood of man would be triumphant. The instrumentality by which this was to be brought about
was the League of Nations. But it is impossible to
discover in the League, or in the collective peoples or
nations, any unity of belief as to what constitutes
right and wrong in human or governmental relations
while the threat of war still frowns upon the earth.
And in the consciences of individuals there is no harmony of opinion as to right and wrong.
Some psychologists contend that the conscience
can be educated; others believe that this silent monitor is implanted in man by the Divine and that as
to the personal act of the individual it is to him an
infallible guide. Perhaps we apply the latter definition to mankind when we say man does not in his
acts live up to his knowledge and beliefs. But in this
vast inchoate mass of humanity, savage or civilized,
gathered together into races, peoples, or States,
where do we find even a collective opinion as to the
right or wrong of social, political, economic or commercial relations? An international conscience, if
such there were, or could be, would instantly outlaw
war; would raze down custom houses erected for a
selfish national protection of trade; would open the
doors of every country to unlimited immigration and
emigration; would, place sacrifice and service in the
interest of all before even the duty of self-defense
that duty might persist; would substitute good-will
and tolerance for hate, envy, and pride of power.
We may go a step further and say that we cannot
find a common consciousness to exist in the peoples
of the world as to the colossal evil of war and the
supreme beatitude of peace. If there is a directing
conscience without this consciousness it would be
difficult to discover it The vague, undefined sentiment that it would be a beautiful thing to have the
lion and lamb lie down together is not quite a directing international conscience. There is room still,
everywhere, for education. Like many other fine
phrases, this one is but sounding brass and tinkling
cymbal. We have not progressed far enough in conscience making to assert that we have a national conscience, the final arbiter of right and wrong. If we
have one, it changes with the advent of each political party into power. The "Third Internationale"
may have an international conscience, but heaven
help the world guided by such an one.
Perhaps this is trifling over a few words. But it
suggests consideration of the thought recently attracting attention as to the proper use of science in
the affairs of men. We are told that scientific progress has far outdistanced ethics in the control of
national and international relations. It is said that
science is to become the deliverer or the destroyer of
mankind. Two books of recent date discuss the fu
13
ture influence of science. That by Haldane contends
that science will ultimately so energize war as to
threaten the continuance of civilization, but at the
same time will so uplift man as to cause him to turn
against the monster in time to save himself; that by
Russell draws a darker picture and foresees science
ministering to the power of dominant groups that
are not concerned with making men happy.
We have not unity of resolve among peoples, let
alone a collective conscience. Nor have we unity of
purpose, more than we have group or State unselfishness. As to our own course, some believe we are
hesitating at the door of the League. Some talk of
entering by a side door or a back door. The disposition is not overwhelming to go or to stay. And our
institution of Government coddles itself with elevating guns upon ships and maintaining the ratio of
naval strength in the interest of a preparedness warranted to produce peace. Meanwhile our own scientists, in an effort similar to that of other nations,
are engaged in laboratories seeking new ways by gas
or bomb or electrical ray for wholesale murder. Conscience national or individual is never apathetic. It
is always at work. Our petty politics absorb us to
the exclusion of this master-question of banishing
war. And the all-powerful League has yet the power
of Force.
As a people we are not devoid of sympathy. We
have shown that in recent years abundantly. Though
we are somewhat selfish in our unselfishness we wish
the whole world well. But while we are absorbed in
trade and politics the national conscience does not
spring up out of the natural union of individual.consciences. And, in the confusion of terms, it would
seem impossible to have an international conscience
without a national. This inward, ever-acting, neversleeping individual conscience does not compel us to
elevate ethics to the high plane of the golden rule
where we will turn science to the building of peace.
Men talk of the biological possibility of eliminating
savage propensities from men and races. We toy
with these fascinating ideas when common sense is
enough to point the way to personal dedication to the
individual duty of forcing representative government
to champion the cause of disarmament.
Men have died for their convictions, heroes, martyrs, patriots. It is a much easier, sweeter thing to
live for them. And is it not in the individual conscience that these wonderful things we talk about,
international conscience and world-opinion, are to
be born, if born at all. An ideal is an idea; but an
idea is not always an ideal. The far-off light that
shall lead the world to justice and peace comes not
out of tenaciously held ideas as to manner and
means. In politics, economics, society and government we wreck ourselves upon the rocks of selfishness—the will to impose our own will upon others.
We affirm—and having affirmed, we fight to establish. Conscience without humility is a tyrant. The
Nazarene who died because of intolerance himself
preached tolerance. Even conscience must deny unbridled power to the egotist. Our governments and
laws too much grow out of the tyranny of the selfflattering ideas of men, groups and parties.
We are only dallying with the devil when we try
to make the world over upon some egoistic plan.
There is a higher power; there is a natural law. If
we try to come in touch with these we shall be able
to fashion peace and much-loved and ever-lauded
prosperity. We do not lack, as men and women,
14
THE CHRONICLE
[Vol,. 119.
resources upon trade be denied. And it is not in our
general trade chivalry to try to diminish their importance. To the fortunate ones must accrue the
benefits. On the other hand, the natural increase is
the permanent one and in the end must outstrip the
accidental and temporary. Again, that community
which seizes good fortune to hold its products fast
and capitalizes it to its own good cannot be denied
the just rewards. A city builded on the shores of a
great harbor, and fronting an ocean, who or what
can take away the trade that must pass through its
gates? So many influences go into the building of
great cities, naturally, that analysis despairs of
pointing out how they should grow. There are teeming populations in the Far East, and who would dare
City-Building and City-Booming.
place a limit on the growth of Pacific Coast cities?
Community pride is worthy—but it is worth while
Discussing the trend of trade, F. T. Letchfield,
Director of the Industrial Department of the Cham- to consider the waste there is in what we term
ber of Commerce of San Francisco, points out, in an "booms." A city, led by adventurous men of busiinterview in the New York "Times" that "Decentral- ness, may be made to outstrip a competitor, for a
ization of production is the order of the day through time;indeed, with the influx of capital, it may do so
the United States. The accumulated increase in rail for all time. But it is a costly process and one that
freight rates, the Panama Canal, the Westward is accompanied with danger. And while the freeshifting of population and the equalization of labor dom of financial endeavor will not allow any chains
rates that was brought about by the war have all to be put upon this form of enterprise, and there is
resulted in dividing the country into three main no preconceived power of control, yet much money,
zones of manufacture, namely the Atlantic seaboard, time and talent could be saved (for "time evens all
the Mississippi Valley and the Pacific Coast." Nat- things" though the time be long), if men would study
urally, Mr. Letchfield is interested in showing the the local situation in connection with the larger and
advantageous situation of San Francisco and the decide whether the city can become great. And we
Bay cities as centres of production and distribution must make a sharp distinction here between the pubnot only for the Pacific Coast but for trade with lic-spirited citizens who are enthused by community
South America and the Orient. Those who have fol- welfare and business pride, and that class, now comlowed the growth of populous centres on our West- mon, of professional boomers who consider only the
ern coast will probably surmise that there is an echo money to be made. The professional boomer is not
of rivalry in his thought when he says: "All of the perforce loyal to any community. He goes to new
larger cities of the Pacific Coast are several hundred fields with the collapse of every boom. The really
miles from their nearest competitor, all of them have public-spirited citizen is sometimes the mere tool of
rich and extensive back country, and all are destined the professional boomer. And especially in small
to be great, thriving communities. The average per- towns scattered over the country thousands of good
son, however, is prone to give too much weight to the men are now "holding the bag." The whole philosspectacular, to overlook fundamental considerations ophy of the matter lies in consideration of the quesand be unduly impressed with the unusual. The city tion of whether or not the city is so placed, stratthat can maintain an even, sustained growth of 3, 4 egically, in trade as to command endeavor on the
or 5% annually over a period of years will prosper. part of its population to make it "big." And perhaps we might here dismiss the subject by saying
Her prosperity will be stable and permanent."
"When any community has an increase in popula- that if it is so placed it will grow despite an apation of 20 to 50% in a year it should feel alarmed, thetic community.
There is another side or phase. We need in Amerifor such a condition can invariably be traced, in the
last analysis, to but one thing, quick, easy money, can life more rest—a repose, which is another name
such as mining deposits or oil fields so often produce. for quiet confidence. These cities, large and small,
Easy money brings a big and rapid influx of people, are inter-related. They are the ganglionic centres of
which in turn begets speculation, particularly in real an activity, that, fostered by steady toil, leads to cerestate and promotion fields of all sorts. Speculation tain prosperity, but that fevered by mere wealth.
almost always causes inflation, and inflation is dan- getting leads often to depression and disaster. Booms
gerous to the real prosperity and welfare of any com- are the worst sort of inflation. The bubble is certain
to burst. We do not believe a community can bemunity."
There is a philosophy in the statement in this last come a permanent large city the dependence of which
paragraph that cannot be doubted. But the reader is upon any two or three large industries. Sooner or
will probably say: "True, but what can be done later these industries will be superseded. If not
about it?" We would not like to undertake the quite this, then the elements of manufacture will
answer. Still, while it is true that all growth is change, either the raw materials, the markets, the
slow, especially substantial growth, even and tem- processes, or the trend of populations. Perhaps we
pered growth of the individuals in any species does do not need in our great domestic interior as many
not seem to be nature's plan. And our cities are not prospective metropolitan centres as we now have.
an exception to the general rule. We may consider, Again, speculating merely, perhaps the increase in
perhaps, the forcing processes which communities population in a hundred, years will justify more.
often put forth to increase growth in population and But the thought is that the present generation will
trade. Discovery of hidden resources cannot be pred- be bettered by a more steady development than apicated in advance. Nor can the influence of the new parently we now possess.
consciences; we will not heed the inner voice. Our
knowledge crushes out love. Reason overrides sacrifice. We will to have our own way. Nothing can
be clearer that the unselfishness we preach we
will not practice save upon our own terms. We
would have peace but woe to that nation which
thinks we are not prepared to fight. Comity and
amity of nations we believe in with mind and heart,
but to give way in trade to others, that would be
suicide. As citizens we will vote for conscience
sake, but how make it clear save through fidelity to
the principles of party? And an "international conscience" is, as yet, an "iridescent dream"!
JULY 5 1924.1
THE CHRONICLE
Economic and social aspects of city growth and
building are of general interest. It is too early to
estimate the final effect of motor transportation
upon the populations of city and country. Undoubtedly changes in social life of each are taking place.
But the attractive features of city life through libraries, museums, universities, foundations of various
kinds, public service benefits, cannot be duplicated
in small towns or in country districts. With the
wider diffusion of manufactures throughout our
great national domain there will ensue closer connection and more harmony between country and city.
Jefferson had forebodings concerning the growth
and increase of large cities. They cost much, but
they contribute much to the general welfare. Our
States would be poor indeed without the revenues
their cities pay into the common treasury. And we
must first establish an ideal mode of existence for
men and women before we can even attempt to establish an equilibrium between these two factors of common life, which we name country and city. Their
economic relations are reciprocal; neither can exist
without the other. Homes naturally flourish in one;
quietude and calm flourish there; the influence on
character must be sobering and elevating. In the
other, ambition is excited to business ventures of
15
magnitude and importance; but social life is fevered
by show and pleasure; the great benefactions of
wealth are shadowed by the contrasting lives of rich
and poor.
It would be idle to talk of control—that seems impossible. But so far-reaching are the problems presented to the philosophic thought of the national citizenry that merely to emphasize the study of citybuilding vs. city-booming must result in some good.
We are proud of our great cities. They star a domain magnificent and unapproachable. Their politic-al power is great and growing. They have become
railroad terminals that direct the course of trade.
Waterway improvements and water-power developments will give to the leading cities of to-day a new
alignment in the future. It becomes important,
therefore, in thought on public questions to remember that one generation and one century Corrects the
unintentional errors of another. If the question
were initial to-day the capital of the country would
not be located on the eastern fringe of the continent.
Development that is steady, both from within and
without, will set the pace in growth, and will finally
demonstrate proper location; any other influences,
through commercial acceleration not properly
placed, cause costly waste.
Indications of Business Activity
Coffee has risen no less than 1% cents, with the statistics
THE STATE OF TRADE—COMMERCIAL EPITOME.
strong. Brazilian markets rapidly rising, offerings here
Friday Night, July 4 1924.
There has been some increase in retail and jobbing trade strong and the excited market giving plain enough evidence
In summer goods. It is true that wholesale business is still of having been oversold. Of course, any scarcity, or seemsmall. Buyers are as cautious as ever. But there is a rather ing scarcity, of coffee is largely artificial. It is due to the
more cheerful feeling. It seems to be in the air. Some in- arbitrary restriction of receipts to a certain limited quantity
sist that there was an improvement in the steel trade during per day at Rio and Santos. There is said to be u scarcity of
make
June. In recent weeks reduced production has about kept the more desirable grades of Brazilian coffee. To
be matters worse, the Brazilian Government insists upon old
pace with a light consumption. The logical result must
improvement in the statistical and general trade position coffee being exported before the new and possibly better
natsooner or later of the great industries which have pursued coffee to foreign countries. Such interference with the
time
this course. Most of them have. Meanwhile cotton has ural laws of trade may work well enough for a
declined something over $5 a bale during the week, owing but in the end, like disobedience to natural law in general,
to better weather and a much more favorable Government the result cannot be otherwise than detrimental to the best
report on the condition of the crop than had been at all ex- Interests of this branch of business. Sugar has declined
pected. It indicates at the present time a yield tentatively of somewhat, trade being dull after the recent notable activity.
12,144,000 bales, or an increase over the crop of last year of Hardware has been in better demand. Lumber, on the other
about 2,000,000 bales, and an acreage of some 40,400,000 hand, has declined. The output at Southern and north Pacific
acres. Not only this, but since the Government report was centres has been reduced. Still, business is fairly good.
enough,
compiled, on data coming down no later than June 25, it is Other building materials sell well. Significantly
be
very generally believed that the condition of the crop has the jewelry business is rather slow. This would seem to
and of
Improved. This is all to the good. For three years past the the natural reflection of dulness in the big industries
trades and
cotton crops have been inadequate, to the manifest loss and unemployment in many big centres of the textile
demand for
dislocation of the cotton trade both at home and abroad. others. The coal trade is slow. There is little
the
The world's stocks of cotton are down to a low stage and coke. Leather is dull in this part of the country, but at
There is
badly need replenishing. A yield of fully 12,500,000 to 13,- West it is said to be in somewhat better demand.
The silk trade is wak000,000 bales is ranch needed. It is to be hoped that the no great change anywhere, however.
the
weather in July and August will make It possible to raise it. ing up. Mail order business in June was larger than in
The outlook for the wheat crop has improved and this fact same month last year. Bank clearings show an increase over
is reflected in some decline in the later deliveries, although those of 1923. There is a bountiful hay crop. The weather
July is somewhat higher than a week ago. Prices for corn on the Pacific Coast unfortunately continues dry. It needs
have risen sharply for the reason, unfortunately, that the a period of good rains for the crop. Chicago reports an inweather has been cold, wet and unseasonable and that crop creased amount of building. In parts of the West business
estimates have been considerably reduced in contrast with has improved. Some Chicago reports say that steel business
an increase in the estimates of the wheat yield. Of course, Is better and that it may be necessary to increase the output
it is rather too early to dogmatize about the size of the corn before very long. Lumber prices there are falling, but other
crop. It is not getting the best start imaginable, but it is building materials are advancing. Hides have been dull,
conceivable that better weather conditions later on may eas- with prices apparently rather Weak. It is pointed out that
of
ily insure a satisfactory crop. In fact, yesterday the failures and liabilities are noticeably larger than those
weather was the best seen at the West for some weeks past last year. At the same time it is satisfactory to notice that
is
aside from rather low temperatures. Other grain has ad- liquidation is dying down. To all appearances the worst
has been a somewhat better export demand over in that respect. But taking wholesale trade in the
vanced. There
midfor wheat, including American, to be shipped from ports in main, as already intimated, it has a touch of the usual
Mexico. The inquiry has been from England. summer slowness. The country is still disposed to keep
the Gulf of
that
Germany, Italy and Holland. A moderate export demand close to shore and await events. This does not mean
done in rye. Norway, It seems, Is buying it to there is anywhere a dominant note of pessimism; quite the
has been
contrary. In New England there is cheerful talk. There
some extent.
16
THE CHRONICLE
[VOL. 119.
is a growing hope amounting almost to a belief in some parts ized workmen in this country are 9% higher than in 1923,
of the country that next fall will see some improvement in 84% higher than in 1917 and 111% higher than in 1913.
trade. Of course, the wrangling here at one of the national Wages are high, yet wage values, or buying buyer, are
conventions is not altogether edifying and merchants view higher than a year ago, since retail price levels are to-day
with a certain apprehension the movements for the conven- much lower than then.
tion of a third party. What the country needs is tranquil
At Fall River, Mass., heavy curtailment movement is still
politics, a safe and sane program in public affairs, reduced in effect, the only recent change being the .opening of the
taxation, larger production and consumption, and in other American Printing Co.'s mills, but
they are to close again on
words a return as near as may be to normal conditions of Saturday for two weeks. At
North Andover, Mass., night
pre-war times if not to something better.
work has been resumed at the Sutton's mill. Operations are
It is a hopeful circumstance in the estimation of the com- limited to the carding and spinning
departments, but inmercial community that on the Stock Exchange stocks have creased operations have been
started in practically all derecently been active and rising, together with bonds, for partments of the mill on the day
shift. At North Andover,
which there is still a very satisfactory demand. Gains in Mass., the Davis & Furber Co.,
manufacturers of textile
the price of commodities as a rule exceed declines. Money machinery, suspended operations June
27 to reopen July 7.
is somewhat firmer, as usual at this time of the year, but At the Pacific mills operations were
suspended last week in
funds are still obtainable at low rates and call money is no the worsted and print works departments
and during the
higher than 2%% and 60
-day loans 3%. In London on shut-down the annual taking of stock was held. This week
Thursday business was slow and of late foreign exchange the departments reopened on a three-da
y-a-week schedule.
has declined, especially French francs. Silver currencies in The Everett mill was closed June
25 to reopen July 14. The
general have latterly advanced. The trend of sentiment in shut-down was because of the continued unsatisfactory
conEurope is plainly in favor of an acceptance of the Dawes ditions of the colored cotton goods
business. At Lawrence,
plan, and it is hoped that definite steps for its adoption will Mass., the loom fixers are considering
the calling of a strike
be taken in the very near future. The world, of course, vote, it is understood, which action
was postponed six
wants to leave the war behind and all its controversies and months ago. Within six weeks there will
be a marked inresume the ways of peace and normal conditions of life. crease in the operations in the Lawrence mills is the preMeanwhile, so far as this country is concerned, one of the diction of a prominent mill man. A number of local mill
gratifying features of the times is the improvement in the officials are optimistic, but could name no time for the fulposition of the farmer. It is true that the recent great ad- fillment of this prediction. At Salem, Mass., the Naumkeag
vance in prices of wheat, corn and other grain, coming at the mills closed for two weeks' vacation on
June 28 to reopen
close of the season, does a certain large proportion of the July 14, when the mills will resume full
time in all departfarming population no good. But it does affect a certain ments. The mill and the bleachery
at Danvers, Mass., which
percentage favorably. This fact Is apt to be forgotten. is owned by the Naumkeag, and which together employ some
Many always carry, over a certain percentage of their crops 2,300 operatives, are now running at capacity. At Proviin the hope of better prices. In any case, looking ahead the dence, R. I., operations will be resumed at the Hope and
trend of things is in the farmer's favor. His buying power, Phoenix mills of the Hope Co. July 7 on a three-day-a-week
actual and potential, is increasing. This must sooner or basis. These mills have been shut down for several weeks.
later have its beneficial effect on the trade of the country. The yarn departments of the National, Providence and RivGlancing backward, a report just made by farmers to the erside mills in Rhode Island will close as soon as the present
Department of Agriculture at Washington states that they stock is used up. It will affect 2,000 workers. At Springmade money in 1923 on corn, cotton and potatoes above the field, Mass., the William Carter mills will be closed for
two
cost of production, including wages and interest on invest- weeks. At Lewiston, Me., the Androscoggin mill
and the
ment, but lost on wheat and oats. Losses indicate that farm- Hill mill are running practically full capacity
and the Coners did not receive a sufficient income from their products tinental mill four to five days a week
and the Lewiston
to pay all cash expenses of production and allow them going bleachery 35‘ days a week. At Charlotte,
2
N. C., the Armwages for their time and the cash rental value of their land. strong group of combed yarn mills
in Gaston County, emFor example, wheat on 7,852 farms cost on the average $124 bracing 12 plants, which have been curtailing production
a bushel and had a sales value of 99 cents. Oats on 8,481 for many weeks, resumed full time
on Monday. A report
farms cost 52 cents a bushel, with a sales value of 49 cents. that a general wage reduction had
been made of 10% was
On the other hand, corn on 11,238 farms cost 68 cents a erroneous, though two mills did
reduce wages that much.
bushel, with a sales value of 81 cents. Potatoes in different Charlotte, N. C., wired that New
England textile workers
sections of the country showed an average profit of $142 to have begun to come into the Carolinas.
The New England
$8623 an acre. And cotton on 407 farms, with yields be- workers have heard so much
about the wonderful opportween 101 and 140 pounds of lint an acre, had an average tunities in the Carolinas that they are seeing for themcost of 22 cents a pound and an average sales price of 30 selves. They have gone to work.
They are members of the
cents. On the whole things might have been far worse in the union. While not expressing an qpinion
at this time, the
agricultural community of this country. The cotton crop is general attitude of the local union leaders has been that
likely to be larger this year, and this will in all likelihood foreign workers would not be welcomed by the union. At
offset some possible decline in the price.
Gaffney, S. C., on July 1 the Gaffney mills closed for the
Retailers are carrying relatively small stocks. One draw- remainder of the week to give operatives a Fourth of July
back is that manufacturers are not. They are carrying un- vacation. The plant will resume operations Monday.
At
duly large inventories. In April, it is recalled, an index of Blowing Rock, N. C., leading textile manufacturers of North
the stock of 45.commodities compiled by the Department of and South Carolina at a meeting took an optimistic view
of
Commerce stood at 136, as compared with 117 in April last the textile situation and look for a decided quickening
of
year. A hopeful factor concededly, however, is that curtail- business within the next few months. They find that
curment has In recent months brought output down to a point tailment Is 'spreading in the South, many mills having
gone
nearer to consumption. This is bound to tell favorably in on short time in the last few weeks. This policy
is expected
time. The tide sooner or later must turn. The decided de- to continue for a few weeks, but the turn is looked
for about
crease in the output of pig iron is a case in point. At times Sept. 1.
recent sales have been large. It is true that the increase in
At Paterson, N. J., June 30 several inquiries were made
trade was largely due to reduced prices. But all the time at employment agencies for winders and
warpers in prepthe furnaces, are getting into better shape through a reduc- aration for starting up several new looms
as quickly as the
tion of stocks. The same thing is bound to happen in the silk can be prepared. Warpers and
winders have been idle
steel trade.
for several weeks and it was difficult to interest any manuSome Southern cotton mills have recently reduced wages, facturers until last week, when a
number of new orders were
although they were already lower than the New England put through necessitating extra
looms and increased proscale. In New England curtailment of time of the mills is duction. Curtailment had been
reported In all of the mills,
still very.marked. At Fall River the mills are running at an but each day there are reports of
increased activity in all
average of only 20 to 25% of capacity. Labor works less of the weaves. A few of the plants
closed for all this week,
efficiently and charges more. Lessened productivity is one while others closed on Thursday
night and until Monday
of the serious evils of the times. Production and consump- morning; In one or two mills two weeks' vacation, it is untion are still badly hampered by high costs, a large item in derstood will not be taken, but only a few days. At Passaic,
which is high wages. The United States Department of N. J., on June 30, the plant of the Forstman & Huffman Co.,
Labor recently showed that average hourly wages of organ- manufacturers of fine dress goods and coatings, which had
RILT 5.1924.
.
THE CHRONICLE
been running on part time of late owing to the depression in
the piece goods market, resumed full operations.
The chain of newsprint and specialty mills of the International Paper Co., except that at Niagara Falls, N. Y., have
closed down for one week and will resume operations July 7.
Recently the company announced a closing down at Wilder,
Glen, Glens Falls and Fort Edward mills, which cut off some
300 tons of newsprint production. Production of newsprint
is now estimated to be slightly below 1,000 tons daily, compared with in excess of 1,300 tons when normal capacity
operations are conducted.
At Detroit industrial employment last week declined 5,207,
compared with 452 in the preceding week. Closing of a number of plants for inventory, including several departments of
one of the larger companies account for a big part of this
week's decline. The natural decrease would have been
practically the same as the week before. Total employment
index is now 196,494, against 222,045 a year ago.
Most of the workers involved in the garment strike here
have returned to work. It is said, however, that employees
in the needle trades threaten to quit again and a walkout
of 75,000 garment workers seems certain, as employers reject
an arbitration offer. It is reported that 300,000 would be
affected by such a strike.
The silk trade is reported better and double extra crack
was quoted at $5 60, compared with $5 recently. Sears,
Roebuck & Co. sales in June represented an increase of
4.54% over the same month a year ago. Business for the
six months showed a decrease of 1.74% compared with last
year. Montgomery, Ward & Co.'s sales during June showed
an increase of 12.2% over June last year. For the six
months ended June 30, sales showed an increase of 17.52%
over a year ago.
The world moves. Airplane letter boxes have been installed on the streets in this city for San Francisco and intermediate points. Westbound planes are scheduled to
make the trip in 64 hours, 45 minutes, while eastbound time
will be 2 hours 40 minutes faster.
In the great wind, rain and electrical storm in Ohio on
June 28 which swept the coast of Lake Erie from Sandusky
to Loraine, wrecking a large portion of these cities, 94 persons were killed, including 70 in Lorain alone, where 125
blocks were destroyed and damage done, it is estimated, to
the amount of $30,000,000.
The weather has been fair and cool here this week. It
was 75 at 2 p. m. Thursday. At the West it has been cool;
Chicago has been as low of late as 56, Cleveland, Milwaukee
and St. Paul 54, Cincinnati 50, and the nights over much of
the cotton belt have had temperatures in the 50's and lower
60's. At Oklahoma City it was 58 and at Abilene, Texas, 62.
It has been too cool and wet in corn States, but generally
favorable in the wheat sections.
Business Conditions in Federal Reserve District of
Chicago.
Stating that "May returns now available from wholesalers
In the Chicago Federal Reserve District reflect the general
caution in buying that characterized the month," the Federal Reserve Bank of Chicago, in its Monthly Business Conditions report July 1 says:
For the second time this year, sales by the maojr1ty of dealers in each of
the five reporting groups were smaller than during the corresponding month
of 1923. These comparisons, however, based as they are on dollar amounts
without allowance for price changes, indicate somewhat larger percentage
decreases than would be shown by analysis at this time of volume figures.
With the exception of grocery sales, May comparisons with April also are
unfavorable. In hardware, the decline is in contrast to the gain noted in
1923, when May was the peak sales month for the year. Similarly, the dry
goods decline from April is sharper than a year ago, and marks the fourth
successive month to follow a downward trend.
As during April, stock comparisons varied, grocery, shoe and drug inventories on May 31 continuing below the corresponding 1923 level, but dry
goods and hardware stocks maintaining increases of 2 and 11%, respectively.
Compared with the preceding month, stocks on hand at the end of May were
heavier for the majority of dry goods and drug dealers, but lower for most
of the grocery firms and for over half the hardware firms.
In collections some improvement was noted during May, the hardware
group averaging an increase of 11% over April, and the drug group 6%.
For the other commodities, with decreases and increases about equal in
number, net changes were slight. Accounts receivable May 31 were smaller
in amount than a year ago for 42 firms out of 72, and for 49 were less than
at the beginning of the month. Delinquent accounts in May numbering 957
and representing $110,184 35 were reported by member manufacturers and
jobbers to the Electrical Credit Association, Central Division. The aggregate for April was 871 accounts, involving $110,326 40. The figures for
both months exceeded considerably the corresponding reports of 1923 in
number of accounts, but the total amount in April 1923 was greater than in
either April or May of this year.
Regarding department store trade, the report says:
For nearly two-thirds of the department stores reporting to this bank, a
decline in salts was apparent during May, both as compared with the previous month and with the corresponding month a year ago. The falling off
17
from April, in contrast to moderate increases in the three preceding years,
results in part from inclusion in the April figures this year of most of the
Easter trade. Weather conditions and the general lull in business contribute
to the unfavorable comparison with May 1923. Cumulative sales for the five
months of 1924, however, maintain an excess of 6% over 1923.
As usual during May, stocks were lowered, only eight out of 44 stores
being inventoried as high on May 31 as at the beginning of the month. The
gain of 8% over the previous year, slightly less than that noted in March
and April, reflects individual increases by the majority of firms. Over
half the returns showed a reduction during May in outstanding orders, the
percentage ratio for the district dropping to 6.9% of total 1923 purchases.
Of 42 firms reporting collection figures, all but eight made gains over
April and all but 14 over a year ago. Their ratio of 45.3% to accounts
outstanding on April 30 compares with 44.3% the previous month and 46.7
in May 1923.
Business Indexes of the Federal Reserve Board.
The Division of Research and Statistics of the Federal
Reserve Board in accordance with its purpose to issue about
the first of each month a statement giving current figures of
Its various business indexes has just made public the following:
INDEX OF PRODUCTION IN BASIC
(Corrected for seasonal variations. Monthly
---I923--April. May.
Pig iron
139
149
Steel ingots
141
147
Cotton
117
120
Wool
118
117
Wheat flour
99
97
Sugar meltings
118
122
Animals slaughtered—
Cattle
99
105
Calves
100
110
Sheets
113
111
Hogs
140
125
Lumber
119
122
Bituminous coal
132
129
Anthracite coal
114
III
Copper
114
120
Zinc
119
121
Sole leather
88
84
Newsprint
101
120
Cement
164
161
Petroleum
186
193
Cigars
95
98
Cigarettes
139
150
Manufactured tobacco
95
100
Total
124
127
INDUSTRIES.
average 1019=100.
1924
Feb. Mar. April. May.
101
132
127
131
145
121
145
92
102
92
80
97
93
100
101
97
100
107
105
1
127
115
115
139
94
137
93
116
130
123
118
132
112
71
107
192
189
94
140
98
90
112
90
132
124
101
111
123
122
06
103
187
186
90
143
91
98
116
102
136
127
92
97
127
114
a62
111
169
al89
88
151
,
91
107
111
109
124
117
87
101
125
121
57
116
172
192
95
173
96
120
116
114
103
a Revised.
INDEX OF EMPLOYMENT IN MANUFACTURING INDUSTRIES
(Not corrected for seasonal variations. Monthly average 1919=100.)
---1923
1921
April. May.
Feb. Mar. April. May.
Metals and products—
Group Index
96
96
91
92
91
85
Iron and steel
95
96
90
91
90
85
Textiles and products—
Group index
106
105
97
98
a92
87
Fabrics
107
107
97
94
86
83
Products
102
105
100
100
94
89
Lumber and products
122
120
119
123
123 a123
Motor vehicles
...
103
104
105
101
107
90
Paper and printing
106
105
106
106
105
104
Foods and products
96
97
97
102
98
101
Leather and products
94
92
87
87
82
79
Stone, clay and glass
110
115
117
106
115
110
Tobacco and products
91
89
87
83
86
82
Chemicals and products
73
78
78
78
77
74
Total
103
103
99
a Revised.
INDEXES OF WHOLESALE AND RETAIL
---1923--April. May.
Feb.
Wholesale trade—
Groceries
81
80
76
Meat
63
64
62
Dry goods
99
83
86
Shoes
42
88
62
Hardware
118
112
90
Drugs
110
107
106
— —
—
Total
78
80
79
Retall trade—
*102
Departmea store sales
•119 *128
:115 x125 :127
Department store stocks
•132 *129 *126
:129 :130 :135
Mall order sales
*103
*98
*96
x100 1110 1101
99
97
93
TRADE.
1924
-Mar, April. May.
78
ti81
81
85
106
115
—
a77
80
84
72
52
102
111
—
76
*115 *132
:115 :127
*138 •140
x137 :136
a•105 *114
cri91 ax111
*126
x123
*134
1135
*90
1100
99
62
90
82
101
118
—
79
a Revised. • Without seasonal correction. a Corrected for seasonal variation.
Earnings of
Factory Workers in New York State
10% Less than a Year Ago.
Payrolls in the manufacturing industries of New York
State in May were nearly 10% less than they had been two
months before and a little more than 10% below those of
May a year ago. This March, it is estimated, the purchasing power put into the hands of the workers in the manufacturing industries amounted to about $37,500,000 weekly. By
May the figure had been reduced to about $34,000,000, that
is the loss was about three and one-half million dollars. This
statement was made by Industrial Commissioner Bernard L.
Shientag of the State Department of Labor on June 30. The
Commissioner says:
It is evident that the trading activities of the State may still depend upon
large sums of money to be put into circulation as factory workers'earnings.
Even at the low point of
factory payrolls reached a weekly total of
about
However, ten million dollars represents the difference between prosperity and depression. The total volume of factory wage
payments was smaller in May this year than it has been at any time since
$27,500,000.
1922.
1921-22
October,
Yet it must be remembered that this volume and the purchasing power It represents is still 16% higher than was the average in
1921.
[VOL. 119.
THE CHRONICLE
18
COLTRSE OF EMPLOYMENT IN REPRESENTATIVE FACTORIES,
MAY 1924.
-Percentage of Change From-April, 1924- -May. 1923PayErnPayEmthernumber of factory employees reached its
In the recent expansion
'lovas. roll. ploy:es. roll.
Industrymaximum in March 1923. Despite a slight decline in employment in the Stone, clay and glass products
1.1
3.1
next two months,increases in basic wage rates carried payrolls upward until
-3.7 -3.9 -6.9 -0.7
Miscellaneous stone and mineral products
8.1
9.5
0.9
1.6
Lime, cement and plaster
May. A yearly comparison in March this year showed payrolls quite as
16.9
19.8
13.3
16.7
Brick,tile and pottery
before. Since then, however, trade reaction
large as they had been a year
-8.9 -10.1 -26.7 -27.9
Glass
has carried payrolls down sharply.
-5.0 -5.3 -12.2 -12.7
Metals, machinery and conveyances
-3.3 -7.0 -4.0 -4.9
The average weekly pay of factory employees in this State in May was
Gold, silver and precious stones
in March.
-5.7 -6.1 -12.0 -12.4
Brass, copper, aluminum, exe
$27 54. This represents a drop of 62 cents from the average
-19.4 -21.0 -23.6 -29.9
Pig iron and rolling mill products
Because employers in cutting form;usually retain a relatively large propor1.4 -0.8
-2.8 -3.0
Structural and architectural iron work
tion of office help, foremen and higher priced employees generally, the loss
-7.4 -7.7 -14.5 -13.3
Sheet metal work and hardware
1.2
-3.9 -3.6 -0.1
Firearms tools and cutlery
to the individual worker because of reduced working time has no doubt
-1.6 -1.2 -11.9 -9.7
Cooking, heating and ventilating appliances_
been larger than appears in these figures. Wage rate changes continue very
-3.3 -2.6 -6.4 -4.1
Machinery (including electrical appliances)
few and the increases slightly outnumber the reductions.
-14.2 -12.1 -22.3 -21.0
Automobiles, carriages and aeroplanes
2.7
2.2 -19.0 -21.5.
The decline since March has been more severe in Syracuse than in any of
Cars, locomotives and railroad repair shops
-10.7 -23.4 -23.9 -32.6
Boat and ship building
the larger cities of the State. The prospects for the merchants in this dis3.1
-2.4 -2.5 -0.3
and appliances
Instruments
trict have been affected by a drop in factory payrolls amounting to 17%
-4.1 -4.2
-4.0
Wood manufactures
in two months and to 12% as compared with May 1923.
-3.7 -2.1 -5.6 -1.6
Saw mill and planing mill products
-3.8 -4.9 -5.0 -4.3
Furniture and cabinet work
New York City payrolls are in about the same position as those for the
-7.8
Pianos, organs and other musical instruments.... -5.7 -10.0
total State. Their total is nearly 10% less than that for March or that for
-0.4 -3.0
-2.7
Miscellaneous wood and allied products
May a year ago.
-5.0 -4.9
goods
a Furs, leathers and rubber
The decline in orders for railroad equipment had previously brought
-7.8 -10.3
Leather
-6.3 -3.6 -15.4 -16.6
Fur and fur goods
reduction in earnings in the industrial area which has Buffalo for its center.
-3.9 -3.3 -9.6 -14.9
Boots and shoes
With the curtailment in other metal plants since March. the aggregate of
-4.9 -8.3 -8.0 -13.0
Miscellaneous leather and canvas goods
wage payments here in May was 16% less than in May last year.
-7.2 -7.4 -4.1 -2.0
Rubber and gutta percha goods
-9.3 -6.6 -20.3 -19.8
The reaction in Binghamton has not been so severe in the last two months.
Pearl, horn, bone, celluloid, hair, arc
0.8
-0.4 -0.6 -2.7
as they were in 1923. Chemicals, oil, paints, &c
But for some time factories here have not been so busy
4.0
1.4
-1.6 -1.8
Drugs and chemicals
In May a comparison showed a loss of 12% from the high level of May 1923.
2.0
-6.0
z
1.1
Paints, dyes and colors
On the whole, the amount of money paid to garment workers in Rochester
0.9 -7.4 -4.8
0.6
Animal and mineral oil products
8.0
2.0
-1.1 -1.6
Miscellaneous chemical products
In May was only three-quarters of what it was at this time last year. Wage
-1.0 -2.6 -10.3 -12.0
totals in the instrument and optical goods factories, however, were higher Paper
-2.2 -1.7 -6.9 -2.6
Printing and paper goods
than those of last year. In the total the decline from last year was only
0.4
-3.2 -4.2 -3.3
Paper boxes and tubes
1.6
the most favorable ratio reported from any large manufacturing centre
-5.8 -1.9 -5.7
paper goods
5%,
Miscellaneous
-1.3
Printing and book making
in the State.
J-191
-4.8 -5.4
the level of Textiles
The Capitol district ranked next to Rochester in maintaining
-5.7 -3.8 -18.9 -23.0
Silk and silk goods
1923. But the situation among the different communities here varies a
-4.6 -4.9 -11.2 -14.6
Wool manufactures
5.8 -33.6 -38.6
0.6
because of the wide difference in the industries centring in the
great deal
Cotton goods
-6.3 -9.4 -11.9 -20.5
Cotton and woolen hosiery and knit goods
Various cities ofthe district. Payrolls in the textile plants in May amounted
-4.7 -6.6 -8.7 -12.1
Other textiles and allied products
colonly about two-thirds of the total in May last year, and the shirt and
-7.8 -12.6 -15.9 -17.9
Clothing, millinery, laundering, &c
lar industry and the railroad equipment and repair shops show a loss cf
-10.1 -12.2 -20.9 -26.1
Men's clothing
-5.4 -7.3 -20.2 -20.6
Men's shirts and furnishings
hand, more money was paid out this year than
about 25%. On the other
-13.5 -21.2 -15.7 -15.6
Women's clothing
last by the manufacturers:of machinery and electrical apparatus, and in the
-0.5 -2.4 -7.3 -6.6
Women's...underwear and furnishings
printing establishments.
-9.7 -19.5 -4.8 -2.1
Women's headwcar
-5.2 -7.1 -10.1 -13.1
As in the Capitol district, thelfortunes of merchants in the cities of the
Mb3cellaneons sewing
2.0
0.2
0.5
0.9
Laundering, cleaning, dyeing, &c
Utica area vary a great deal with the course of earnings in the larger indus1.2 -2.8 -0.8
-0.2
tobacco
tries. In the total, payrolls here in May were 13% below those of May. Food, beverages and
7.0
5.3
-0.4 -0.7
Flour, feed and other cereal products
1923. In the textile plants, the loss amounted to 20% of last year's total,
-3.0 -0.1 -25.6 -10.2
Fruit and vegetable canning and preserving
5.0 -8.4 -5.6
2.4
but was only 4% in theimetal industries. In the latter group the firearms,
Groceries not elsewhere classified
7.1
7.7
0.1
0.3
Meet and dairy products
were still paying out more money in May
tool and cutlery establishments
4.7
3.2
-1.1 -0.6
Bread and other bakery products
than they did last year.
2.8 •
-1.4 -0.3 -4.4
Confectionery and ice cream
3.7 -15.8 -13.8
1.9
Beverages
The following tables are furnished by Commissioner Men2.3 -5.6 -8.8
-0.9
Cigars and other tobacco products
1.6
-7.1 -6.6 -0.9
Water,light and power
In the further advices from the Commissioner in the matter it is stated:
-.3
1.13.7 -11::
tag:
-MAY,1924.
AVERAGE WEEKLY EARNINGS
-All Employees- Shop Employees
Total New York Men (Total
Men. Women.
City.
State.
Industry
$28 48 $35 75 $30 10 $15 30
Stone, clay and glass products
31 91 44 55 38 28
Miscellaneous stone and mineral products
32 36 33 79 32 14 22 18
Lime, cement and plaster
24 73 29 73 25 22 15 00
Brick, tile and pottery
29 80 12 59
26 90 31 41
Glass
30 38 29 29 31 42 17 06
Metals, machinery and conveyances
28 95 30 04 31 90 18 16
Gold. silver and precious stones
27 15 26 85 28 50 16 24
Brass, copper, aluminum, &c
20 52
33 11
____
32 57
Pig iron and rolling mill products
33 53 36 87 31 40
Structural and architectural iron work
27 40 26 45 29 42 15 07
Sheet metal work and hardware
•
26 73 14 38
25 67
Firearms, tools and cutlery
z
33 24 30 84 33 27
Cooking, heating and ventilating apparatus
04 30 30 31 59 17 47
31
Machinery (Including electrical apparatus)
31 77 35 06 31 49 16 65
Automobiles, carriages and aeroplanes
Cars, locomotives and railroad repair shops_ ___ 32 49 32 96 32 44 23 69
31 52 31 69 31 15
Boat and ship building
-14
26 02 30 17 17
26 91
Instruments and appliances
27 14 28 43 28 98 51 04
Wood manufactures
3007 29 48 12 88
28 81
Saw mill and planing mill products
28 47 15 00
27 63 33 31
Furniture and cabinet work
Pianos, organs and other musical instruments.-- 28 05 30 94 30 17 15 60
23 87 22 62 25 73 15 16
and allied products
Miscellaneous wood
27 36 27 10 16 12
24 41
Furs, leathers and rubber goods
24 58
14 29
2346- _ _
Leather
34 10 3410 3869 20 14
Fur and fur goods
24 08 27 44 26 27 16 98
Boots and shoes
22 94 25 74 27 82 13 73
Miscellaneous leather and canvas goods
26 89 26 40 30 03 16 97
Rubber and gutta percha goods
22 36 24 02 24 73 15 57
Pearl, horn, bone, celluloid, hair, ate
28 27 27 65 31 32 17 11
Chemicals, oil, paints. are
27 45 21 94 29 67 15 31
Drugs and chemicals
27 60 27 40 28 75 1500
Paints, dyes and colors
16 11
28 08 29 87 31.16
Animal and mineral oil products
g 26 18 20
.
29 30 2815
Miscellaneous chemical products
07 13 74
28 35
Paper
33 55 35 73 38 95 18 22
Printing and paper goods
16 65
24 36 26 03 26 86
Paper boxes and tubes
26 34 27 77 28 89 15 83
Miscellaneous paper goods
36 36 38 44 41 03 19 30
Printing and book making
21 58 22 04 25 75 15 02
Textiles
13 02
19 62 28 16
18 98
Silk and silk goods
26 17 15 38
•
24 99
Wool manufactures
22 93 13 77
21 94
Cotton goods
25 38 15 52
18 09
Cotton and woolen hosiery and knit goods
22 65 2394 25 74 15 75
Other textiles and allied products
16 86
23 00 26 68 30 25
Clothing, millinery, laundering, &c
25 19 31 02 29 17 15 02
Men's clothing
14 16
17 78 25 05 27 21
Men's shirts and furnishings
29 07 30 58 36 70 2350
Women's clothing
20 64 21 20 30 18 18 09
Women's underwear and furnishings
25 72 25 72 32 15 19 70
Women's headwear
18 98 26 12 13 71
17 91
Miscellaneous sewing
15 07
29 36
19 11 20 21
Laundering, cleaning, dyeing. &a
16 08
2567 25 47 30 10
Food, beverages and tobacco
29 01 29 30 28 52 12 11
Flour, feed and other cereal products
14 07
Fruit and vegetable canning and preserving_ _ __ 25 73 24 04 29 18
29 34 29 56 32 20 15 68
Groceries not elsewhere classified
29 30 31 33 29 15 14 08
Meat and dairy products
25 37 25 60 30 59 13 48
Bread and other bakers products
22 19 22 78 25 68 14 47
Confectionery and Ice cream
34 38 38 16 33 70 10 72
Beverages
25 87 18 24
19 61
18 58
Cigars and other tobacco products
z
33 96 33 76 33 32
Water, light and power
Total
$27 54 $28 62 $31 04 $16 56
(')(z) Not enough employees to be reported separately.
Total
-4.2
-4.7 -10.3 -10.6
• Increases of less than 0.05. x Decreases of less than 0.05.
Minus sign denotes reduction; all others are gains.
Industrial Employment Conditions in Federal Reserve
District of Chicago.
Reserve Bank of Chicago in its July report
The Federal
of Monthly Business Conditions in the Federal Reserve District of Chicago says:
Employment reports for May confirm indications of a slackening in industrial operations. Or May 15 wage earners in the Seventh Federal Reserve
district numbering 387,000 represented a decline from April 15 of 3.5%
in number and 4.1% in earnings. This is the heaviest reduction in employment reported in this district for any month since 1921. Curtailment of
industrial activity is also evidenced by many reports of reductions in working time ranging from one hour a day to almost half the normal working
period.
Of the industrial groups represented in the total returns, the only one
that showed increased activity for the month -was the stone, clay and glass
products group. Even in this group, however, conditions were varied, several brick yards closing down during the month, although the industry in
the aggregate changed little. Stone crushing and quarrying as well as glass
factories added a considerable number to their forces. Under "food and related products," a seasonal increase WU apparent in the canning and preserving industry and also in the manufacture of ice cream; meat packing,
however, declined further with the total group, showing a shrinkage in employment. With the exception of panel and veneer mills and the factories
for making sash, door and interior finish, practically all lumber industries
show lower employment. Furniture factories laid off about 3% of their men
and in many cases also reduced the number of working hours. Logging is
off about 50% and Wisconsin reports a cut of 15% in employment in the
box factories. All leather products show a heavy decline, especially boots
and shoes. Hosiery, knit goods, clothing and other textile products show
a heavy decline, especially boots and shoes. Hosiery, knit goods, clothing,
and other textile products show reduced operations. Among metals and
metal products, the declines were general, total returns for about 163,000
men showing curtailment of 3.3% in men and 5.3% in earnings.
In comparison with the volume of industrial employment of a year 889,
decreases of approximately 8% for Illinois, of 5% for Wisconsin, and of 4%
for Iowa were noted in the respective State reports,
Federal Reserve Board's Summary of the Trade of the
United States with Foreign Countries.
The following is from the June number of the Federal Reserve Bulletin:
American foreign trade statistics for the first quarter of 1924, as contrasted with similar figures for 1923, show changes which correspond to
the changes in business conditions between the two periods. In consequence of the increased purchasing power arising out of the gradual improvement in production and trade and the generally greater stability of
economic conditions that has characterized the past year, foreign countries
have increased their purchases from the United States to the extent of
$114,000,000, bringing our total exports for the first quarter of 1924 to
JULY 5 1924.]
THE CHRONICLE
$1,080,000,000. More than 50% of the increase, or $60,000,000, represents a growth of cotton exports at higher prices, and nearly one-half, or
$51,000,000, represents increased exports to Germany. Imports into the
United States, on the other hand, decreased by $80,000,000 to $950,000,000,
reflecting the replenishment of stocks and the falling off of business activity
in the United States from the exceptionally high level of the first quarter
of 1923. Over 90% of this decrease occurred in the raw and manufactured
textile group, and of the $42,000,000 decrease of imports from Europe,
more than half, or $23,000,000, was due to a falling off of merchandise
Imports from Great Britain, a decline that was balanced by increased shipments of gold from that country. As a result of increased exports and reduced imports,the balance oftrade in favor of this country was $130,000,000
for the first quarter of the present year, as against an adverse balance of
$74,000,000 during the first quarter of 1923.
Both total exports and total imports during the year 1923 were greater
than in 1922, when the post-war low in exports was registered, exports
increasing from $3,832,000,000 in 1922 to 54,168.000,000 in 1923, and
Imports from $3,113,000,000 to $3,792,000,000, with a balance in favor of
exports of $719,000,000 in 1922 and $376,000,000 in 1923.'
The table below shows the percentage distribution of our foreign trade,
by geographical areas, during the years 1921, 1922 and 1923, and indicates
a surprising degree of stability after the abnormal war and post-war period
In the relative volume of purchases in the United States by the different
parts of the world and in our purchases in the various foreign markets.
19
Balances in the foreign trade of the United States with most South American countries are unfavorable for the United States, the excess of imports
over exports during the past year amounting to $198,000,000. Brazil and
Argentina are the most important countries of origin and destination. Imports from the two countries were $143,000,000 for Brazil and $115,000,000
for Argentina. Exports to Brazil amounted to 346,800,000, leaving an
unfavorable balance of about $97,000,000. and exports to Argentina'_were
$113,000,000, leaving an excess of only about $2,000,000.
The largest excess of imports, however, is in our trade with Asia, where
for the past year imports amounting to $1,020,000,000 exceeded exports by
$509,000,000. Japan, China, Straits Settlements and British India are the
largest shippers of goods to the United States, and, with the exception of
Straits Settlements, also the largest consumers of American goods. The
last mentioned country exported during 1923 goods representing a value of
$154.000,000, while her imports from the United States amounted to only
about $7,000,000, leaving an excess of imports of $147,000.000. This is the
largest trade deficit of the United States with any one country in the world.
Japan's imports from the United States during the past year amounted to
$264,000,000, and her exports to $347,000,000. leaving a balance against
the United States of $83,000,000. United States trade with British India
and China is also unfavorable to the United States. the excess of imports
over exports during the past year amounting to $98,000,000 in the case of
India and to $77,000,000 in the case of China.
American exports in 1923 were almost equally divided between foodstuffs
and crude materials for use in manufacturing,on the one hand,and manufactures fcr immediate consumption or for further use in manufacturing, on
the other. In 1922 foodstuffs and crude materials for use in manufacturing
were somewhat in excess of manufactured and consumption goods. The
change may be attributed both to the decided falling off in the export of
foodstuffs, both crude and manufactured, and to an actual as well as relative increase in total exports in all other groups. The most striking decrease
was that in grains and their preparations, which decreased 40% as compared
with 1922. The most noteworthy increases were 20% in raw cotton, 21%
in machinery, 26% in ores, metals and their manufactures, excluding machinery and vehicles, 49% in wood and wood products, 53% in vehicles and
63% in coal and coke. Of our imports in 1923, over one-fourth consisted
of raw silk, sugar and crude rubber. The most striking increases in imports
over 1922 were 49% in wool. 51% in sugar, 57% in oil and flax seeds and
81% in rubber.
Distribution of American Foreign Trade, by Geographical Areas.
Per Cent of Total Exports. Per Centof TotalImports.
1923.
1922.
1921.
1922.
1923. 1921.
31.8
30.5
30.5
50.2
52.7
54.4
Europe
26.4
26.4
30.1
23.9
26.1
North America
25.2
11.5
12.3
11.8
5.9
6.5
6.1
South America
26.9
24.6
26.6
12.3
Asia
11.9
11.7
1.6
1.6
3.5
1.4
2.7
2.5
Oceania
2.1
2.3
1.6
1.5
1.6
1.5
Africa
The fact that our sales abroad have maintained a relative stability
between different markets during the three years and have shown an actual
increase in value during the past two years, in the face of keen foreign competition, would seem to indicate that our export commodities as a whole
are for the present in a relatively strong competitive position and that
future changes would be more likely to reflect changes in the purchasing
power of foreign countries rather than a diversion of trade to other exporting nations. Similarly, the volume of our imports from different
countries appears to be determined chiefly by the degree of activity in this Advance Report of Philadelphia Federal Reserve Bank
country in the lines of business which require the particular raw materials
on Steel and Iron Foundry Operations in
exported by these countrits.
District During May.
of ill.= • untries clearly reflect the greater imForeign trade statistics
portance of the United Stet: in foreign markets at the present time as
On June 25 the Department of Statistics and Research of
compared with the pre-wzr pa loci. The table below, showing the propor- the Federal Reserve Bank of Philadelphia made public the
tion of trade of the leading countries in each geographical group with the
United States in 1913 and 1922, indicates the relative increase of world following advance report on steel and iron foundry operatrade that is conducted wit' the ...tilted States. Although the total inter- tions in the Philadelphia Federal Reserve District for the
national exchange of goods was smaller in 1922than in 1913.if price changes
month of May:
are taken into consideration,this contraction was offset, so far as the United
In our second month's survey of the steel foundry industry in this district
States was concerned, by the greater proportion of purchases made by other
items of five
countries in our markets and the greater part of their total production we publish comparative figures for the principal operating
which was sold to the United States. In constructing this table, North identical establishments with a monthly steel-making capacity of 4,150
tons. Production increased less than 1% while tonnage shipments were
American countries which furnish about one-fourth of both our import
and export trade were excluded on the grounds that their location naturally 7% larger than in April. The value of castings shipped, however, showed
and value,
results in a larger volume of trade with the United States. In the other a reduction of more than 20%. Unfilled orders, both in tonnage
geographical areas, Europe, South America, Asia. Oceania and South were larger in May than in April. Stocks of both pig iron and scrap were
considerably reduced in May.
Africa. where our commerce is, if anything, at a competitive disadvantage
so far as location, trade routes, accustomed commercial and financial con- STEEL FOUNDRY OPERATIONS,THIRD FEDERAL RESERVE DISTRICT.
nections, &c., are concerned, the most important countries in each group,
Change.
April.
May.
comprising altogether 70% of our foreign trade with these areas and more
than 50% of our total foreign trade, were selected as representative. The
Capacity of furnaces
4,150 tons 4,150 tons
large increase in the importance of our trade to these countries may be seen Production of steel castings
2,356 tons 2,373 tons +0.7%
from the table.
Shipments
2,189 tons 2,347 tons +7.2%
Value of shipments
$473,855 $378,742 -20.1%
Proportion that Trade with the United States Constitutes of the Total Foreign Unfilled orders
4,118 tons 4,310 tons +4.7%
Trade of Leading Countries in Each Geographical Group in 1913 and 1922.
+16.0%
Value of unfilled orders
$680,125
Exports to U. S. Raw stock-Pig iron
Importsfrom U.S.
2,108 tons 1,148 ions-45.5%
1922.
1913.
1922.
Europe1913.
Scrap
6,372 tons 3,966 tons-37.8%
6%
22%
8%
Great Britain
18%
Coke
712 tons +19.5%
596 tons
6
10
10
16
France
a9
7
16
a18
Germany
Reports received from 45 iron foundries in the Third Federal Reserve
28
10
11
14
Italy
District show that production in May was 10% less than in April, the
Asia-largest falling off being reported by gray iron foundries. Shipments and
8
11
3
8
India.b
6
17
9
15
China
unfilled orders also declined, both in value and tonnage. Stocks cf pig iron
29
45
32
Japan
17
and scrap were slightly heavier in May than in April. Shipments of gray
South America
iron castings by 26 identical firms manufacturing this product exclusively
22
5
15
12
Argentina
33
amounted to 3,431 tons valued at $472,007 in April,and to 3,349 tons valued
23
39
19
Brazil
4
18
5
Oceania-Australia _c
12
at $462,194 in May. Calculated on this basis the average value per ton
12
1
7
Africa-Union of South Africa.- - 10
was $137 50 in April and $138 in May. The accompanying table shows the
a Estimate based on pre-war values.
totals for April and May in the principal operating items for the 45 reporting
b Year ending March 31.
c Year ending June 30.
foundries with a monthly capacity of 14,604 tons.
The countries of Europe which received the largest part of American IRON FOUNDRY OPERATIONS, THIRD FEDERAL RESERVE DISTRICT.
goods exported during the past year are the United Kingdom (including
April.
May.
Change.
Scotland and Ireland), with $882,000,000; Germany, with $317,000,000;
Prance, with $272,000,000: Italy, with $168,000,000; Holland, with
14,804 tons 14,804 tons
Capacity of furnaces
$109.000,000, and Belgium, with $101,000,000. These six countries im- Production of castings
7,612 tons 6,851 tons -10.0%
ported from the United States during 1923 goods representing a value of
1,002 tons 982 tons -2.0%
Malleable iron
$1,849,000,000, or 88% of our total exports to Europe. Imports into the
Gray iron
6,610 tons 5,869 tons -11.2%
4,409 tons 3,989 tons -9.5%
Jobbing
United States during the past year were more widely distributed, although
For further manufacture
2,201 tons 1,880 tons -14.6%
the above-mentioned countries supply most of the commodities exported
5,142 tons 4,638 tons -9.8%
Shipments of castings
from Europe to the United States, as appears from the following figures:
Value of shipments
$807.755 5749,543 -7.2%
United Kingdom. $404,000,000; Germany, $161,000,000; France, $150,- Unfilled orders
6,602 tons 6,001 tons -9.1%
Value of unfilled orders
$1,127,877 $1,078,351 -4.4%
000,000; Italy, $92,000,000: Holland, $78,000,000. and Belgium, $68,000.9,048 tons 9,122 tons +0.8%
000. Total imports from the above countries thus aggregate a total of Raw stock-Pig iron
Scrap
3,624 tons 3,777 tons +4.2%
$953,000,000, or 82% of our total imports from Europe for the year. Thus
Coke
2,366 tons 2,361 tons -0.2%
all important countries of Europe have an unfavorable balance of trade
with the United States. It Is, however, of interest to note that a number
of smaller European countries have a favorable balance of direct trade
June Iron Output Shows Large Loss.
with the United States, which in the case of Switzerland amounts to
A still further large loss was recorded in June in the blast
$32,000,000, and in the case of Czechoslovakia to about $16,000,000. It
should be noted, however,that these countries receive a considerable volume furnace output of the country: While not as large as the
of imports from the United States indirectly through neighboring countries.
Since total exports to Europe are almost twice as large as imparts from decline in May, the June loss per day was over four times
European countries, it is evident that these countries pay for almost one- that in April when the present severe recession started,
half their imoprts from the United States by other means than merchan- declares the "Iron Age" on July 3. The June loss was
dise exports.
The trade of the United States with other North American countries 16,817 gross tons per day and compares with 23,423 tons
for the past year shows exports of $1,087,000,000 and imports of $1.002.- per day in May and 4,028 tons per day in April. The net
000,000, leaving an excess of exports of $85,000,000. The movement loss of furnaces in June was 20, compared with 46 in May
of goods from and to Canada are by far the most important, amounting to
$652,000,000 exprots and $416,000.000 imports. The trade with the and 40 in April, says the "Age," adding:
The production of coke and anthracite pig iron for the 30 days of June
West Indies shows a great deficit for the United States, imports aggregating
$406,000,000 and exports $249,000,000, leaving an excess of imports of amounted to 2,026,221 gross tons, or 67,541 tons per day, as compared
with 2,615,110 tons, or 84,358 tons per day,for the 31 days in May. This
$157.000.000.
20
THE CHRONICLE
is a loss of 16,817 tons per day, or 20% from the loss in May. The June
rate is the lowest since August 1922, when it was 58,586 tons per day at
the time of the coal and railroad strikes. There were 25 furnaces blown
out or banked and 5 blown in during June, or a net loss of 20. Of the 25
furnaces shut down 18 were steel making and 7 were merchant.
The oapacity of the 164 furnaces in blast on July 1 is estimated at 65,200
tons per day as compared with 77,300 tons per day for the 184 furnaces
in blast June 1.
The ferromanganese production in June was 20,049 tons as compared
with 14,993 tons in May. The spiegeleisen output of 9,405 tons in June
contrasts with 9,336 tons in May.
DAILY RATE OF PIG IRON PRODUCTION BY MONTHS
-GROSS TONS.
Steel Works.
Merchant.
Total.
-June
1923
90,901
31,841
122,548
July
88,798
29,858
118,656
August
86,479
24,795
111,274
September
78,799
25,385
104,184
October
77,255
24,331
101,586
N,ovember
72,352
24,124
96,476
December
69,921
24.304
94,225
-January
1924
73,368
24.016
97.384
February
83,126
22,000
106,026
March
86,276
25.533
111,809
April
82.101
25,680
107,781
May
62,176
22.182
84,358
June
50,237
17,304
67,541
PRODUCTION OF STEEL COMPANIES
-GROSS TONS.
-Spiegeleisen and Ferromanganese-TotalProduction- Ferrom. Spiegel. Ferrom. Spiegel.
1973.
1924.
1923.
1923.
January
2,479,127 2,274,005 19,358 12,056 20,7i5
7.948
February
2,259,154 2,410,658 21.282
3,657 22,405
9.870
March
2,724,305 2,674,565 20,730 13,832 22.351 13.796
April
2,704,360 2,463,027 20,808
7,440 23,580
4.240
May
2.976,892 1,927.461 19,568
9,533
9.338
June
2,727,208 1,507.110 19,717 18,289 20,049
9,405
_
----Halt ycar
15,871,646 13,256,826 121,564 64,807 124,113 54,595
July
2.752,738
26,493 12,876
August
2,680,851
22,045
5,586
September
2.363.967
23,206
4,478
October
2,394,922
20,015 15,931
Nuvember
2,170,567
14,839 16,783
December
2.167.563
18,069 10.124
Year
30,402,254
248,231 130,585
TOTAL PIG IRON PRODUCTION BY MONTHS
-GROSS TONS.
1120.
1921.
1922.
1923.
1924.
January
3,015.181 2,416,292 1,644.951 3,229,604 3,018.890
February
2,978,879 1,937,257 1,629,991 2,994,187 3,074.757
March
3.375,907 1,595.522 2,035.920 3,523,888 3,466.086
April
2,739.797 1,193,041 2,072.114 3,549,736 3,233.428
May
2,985.682 1.221,221 2,306,679 3.867.694 2,615.110
June
3,043,540 1,064.833 2,361,028 3,676,445 2,026,221
Half year
18.138,956 9,428.168 12,050.683 20,841,531 17,434,492
July '
3,087,043
864,555 2,405.365 3,678,334
August
3,147.402
954,193 1,816.170 3,449,493
September
3,129.323
985.529 2,033.720 3,125,512
October
3,292.597 1,246.676 2,637,844 3,149,158
November
2,934,908 1,415,481 2,849.703 2.894.295
December
2,703,855 1.649,086 3,086,898 2.920,982
Year
36.414,114 16.543,686 26,880,383 40,059,308
*These totals do not include charcoal pig iron. The 1923 production of this Iron
was 251,177 tons.
Steel and Iron Operations Restricted-Prices
Uncertain.
Reports of somewhat better buying of steel and of quieter
mill conditions, together with fresh evidences of weakness
in bar, plate and shape prices, indicate a mixed situation
on the eve of general mid-summer shutdowns, states the
"Iron Age" in its weekly review issued July 3.
Most of the larger producers will close their mills from
Thursday night to Monday morning. In some cases the
shutdown has already begun, and here and there are plants
that will remain down most of next week. Thus the indications are that July production will fall below that of
June, which represented a decline from May. This week
Chicago district mills, which have been sustained by railroad
and structural work, went to their low point for the year,
and Pittsburgh and Youngstown have averaged less than
40%, according to the "Age" report, which adds:
August is still looked to by leaders in the trade to bring a definite turn
in operations and in demand, though it is evident that uncertainty as to
prices is doing much to cut down current buying and is likely to be a
large factor for some weeks.
Pig iron output declined 20% in June. At 2,026,221 tons for the 30
days,last month's daily rate was 67,541 tons. The May total was 2,615.110
tons, or 84,358 tons a day. Of the decline of 16,817 tons in the daily
rate, steel company furnaces contributed 12,000 tons and merchant furnaces about 4,800 tons.
Not since August 1922 when the daily rate fell to 58,586 tons under the
double influence of the coal and railroad strikes, has pig-iron output been
so low as In June. Since March the decline has been 40%.
The net loss in active furnaces last month was 20. against 46 in May
and 40 in April. The 164 furnaces in blast July I had a daily capacity
of 65,200 tons. against 77.300 tons a day for 184 furnaces one montn
previous.
A further decline in foundry activity is indicated, and the average
operation for the country is put at about 50%. Reports in the past
week from the metal-working industries show some increase in unemployment.
The recent heavy buying of pig iron has put some furnaces in a more
comfortable position and in eastern Pennsylvania prices are slightly steadier.
but in other sections they are still yielding. At Chicago buying has subsided and prices are off 50c. At Cleveland, where 325,000 tons was sold
during June, the sales of the past week amounted to 45,000 tons. In
the South the price has receded 50c. on Birmingham iron, which is now
518 50. A sanitary company which recently bought 27,000 tons has
taken 12,000 tons of Southern iron in addition.
An order for 3.000 cars for Mexico taken by the Baldwin Locomotive
Works, and not yet re-let, the contracting for repairs to 1,000 cars and
laumberous inquiries for passenger equipment and freight car repair parts
live increased interest in the railroad equipment field.
vskings of structural steel, exceeding 31,500 tons in the past week,
(largest since the middle of April and compare with a weekly average
[VoL. 119.
of 21,500 tons in the ten weeks intervening. Conditions
point to a steady
volume of bridge and building work for two or three months.
Lower
prices have figured in recent negotiations.
As between Pittsburgh district and Eastern mills, the price
spread on
plates and shapes is widening, Eastern plate mills selling at the
equivalent
of 1.90c. Pittsburgh, whereas on structural shapes they have
gone to
1.95c. to 2c. Pittsburgh, or about $4 a ton below Pittsburgh prices.
On
the Pacific Coast plates have declined to 2.35c., equivlaent
to 1.95c.
Atlantic port.
Cotton tie manufacturers have opened their books for the 1924 season
and'there is the innovation of quoting f.o.b. domestic ports
plus freight
to interior instead of f.o.b. Pittsburgh. There are the
usual reports of
offers of European cotton ties, but no transactions are known.
The
domestic market is considered to be around 31 40 per bundle of
45 pounds,
f.o.b. port.
Wire manufacturers look for better buying as a result
of higher prices
for grain.
At Chicago oil tank awards are still a feature in
the plate market. At
Philadelphia the Cramp shipyards will neet 6.500 tons of plates and shapes
for a Matson Line passenger boat.
May iron and steel exports were 154,136 tons, compared
with 131.276
tons in April. Imports. at 66,801 tons (April, 50.969
tons), were the
largest since June of last year. In May no less than 25,220
tons of pig
iron came in, despite the steady decline in domestic prices.
Lake ore shipments made a good showing for June, the total
being
about 7,400,000 tons, but boats are now being laid up and the
movement
for July is expected to be less than that for the same month last
year.
The usual comparative price table is as follows:
Composite Price, July 1 1924, Finished Steel, 2.589c. Per Pound.
Based on prices of steel bars, beams, tank
June 24 1924. 2.603c.
plates, plain wire, open hearth rails,
June 3 1924. 2.624c.
black pipe and black sheets, constitutJuly 3 1923. 2.798c.
ing 88% of the U.S. output
10
-year pre-war average, 1.689c.
Composite Price, July 1 1924, Pig Iron, $19 38 per Gross Ton.
Based on average of basic and foundry
June 24 1924, $1054
irons, the basic being Valley quotation,
June 3 1924,
20 88
the foundry an average of Chicago,i
July 31923.
26.79
Philadelphia and Birmingham
(10
-year pre-war average,
15 72
Improvement in the breadth and volume of new business
in steel is of a minor character, but the situation has a more
settled and less dubious tone, according to the "Iron Trade
Review" of July 3. Opinion inclines to the belief that better
things are in sight, which accounts for the more cheerful
feeling prevalent. Buyers do not seem so confident they
can break prices below present levels, but they have only a
limited amount of tonnage to bid for concessions. That the
stern way in which production and prices have been pinched
down, and the low state of stocks in buyers' hands, apparently puts the situation in good position to await favorable
development, is the opinion of this journal, which is further
quoted as follows:
A move in the direction of stiffening steel prices and driving in sluggish
tonnage is seen in the action of some large producers in fixing their dead
level on plates, shapes and bars at 2.15c., base Pittsburgh.
Production at the beginning of this week showed no appreciable variation
over a week ago, but a wide suspension of steel works and mills is scheduled
for Thursday night, to continue to July 7.
Demand for ship steel has reappeared in considerable volume, due to
the number of suspended projects and the issuance of inquiries for several
new undertakings. Pour ore freighters are being bid on by Lake yards, requiring 20,000 tons of steel. The Steel Corporation will furnish 11,000 tons
of material for two vessels just awarded. Cable adrices state the Standard
Oil Co. placed two tankers with British yards.
Building steel maintains activity, with new awards this week of 25,425
tons distributed over 49 different jobs. New inquiry calls for 20.565 tons.
Bids go in July 16 on 25,000 tons for the approaches of the Delaware River
bridge at Philadelphia. American fabricators are bidding on 57,000 tons
of bridge work for the East Indian Railway.
The reported award of 3,000 freight cars for a Mexican Railway to a locomotive builder has aroused interest. The Missouri Pacific is declared to
have deferred action on an inquiry for 3.000 freight cars.
Buying of pig iron has sinunered down somewhat this week but further
developments show recent sales were even in excess of the previous estimate
of600,000 tons.
The composite this week on 14 representative iron and steel products
is $40 13. This compares with $40 37 last week and 340 55 the preceding
week.
Automobile Price Changes and New Models.
A report from Detroit states that the prices of Paige.
Detroit cars will be increased on July 1. It is understood
that the touring car will be increased $70 and other models
$110 to $125.
The H. C. S. Motor Car Co. of Indianapolis this week
announced its entry into the taxicab manufacturing field.
This company formerly specialized in the building of highgrade passenger automobiles. Demonstrating models will
be ready within 60 days. The new cab will be known as
the "H. C. S. Taxicab."
New prices announced July 1 on Hudson and Essex cars
are as follows:
Essex touring, $900; Essex Coach, $1,000; Hudson Speedster,
$1,400;
Hudson Phaeton, $1,500; Hudson Coach, $1,500; Hudson 5
-passenger
Sedan, $2,150; Hudson 7
-passenger Sedan, $2.250.
The Buick Motor Co. on July 1 announced a new 6-cylinder model to be known as the "Standard Six."
The body models will consist of a 5
-passenger double-service sedan,
-passenger roadster, a 2
a 2
-passenger enclosed roadster with heater, a
-passenger touring, a 5
5
-passenger enclosed touring with heater. a 2
passenger double-service coupe, a 5
-passenger sedan, and a 4-passenger
coupe; low-pressure tires on all models. The cars with the enclosed tops
will carry heaters. The engine is a valve-in-head type with automatic
lubrication throughout and with the cylinder head removable.
The
chassis is entirely new and all models are equipped with 4-wheel brakes.
JULY 5 1024.]
THE CHRONICLE
21
Continental Motors Corp. is bringing out a new engine of proration is expected to be brief in view
of the declining
for passenger bus service which will be a six-cylinder and is production.
developed for inter-city express work.
According to a statement issued yesterday by the Standaird
Oil Co. of California, the period of overproduction in oil is
National Industrial Conference Board on Changes in passing and the industry seems "to be on the threshold of
the Cost of Living Between July 1914 and May 1924.
another phase." The statement says:
Production is
The cost of living in the United States on May 15 1924 half what they falling. Shipments to the Atlantic and elsewhere are about
were last
The demand for
had decreased three-tenths of one per cent from the level sumption great, the large July. surplus production petroleum is good, COD'
daily
of crude oil that existed
less than a year ago has disappeared. Supply and demand are approximately
of April 15 1924, as shown by a survey just completed by
in balance. Barring the discovery of prolific new fields, therefore, the Inthe National Industrial Conference Board, made public dustry in California
must again draw on its reserve stooks.
June 21, and which says:
It was reported from Dallas, Tex., en July 2 that the
The most important change within the month from April to May was a
decrease of approximately 2% in fuel prices. This decrease in fuel prices Magnolia Petroleum Co. has advanced the price of Luling
was occasioned mostly by decreases for bituminous coal in regions where crude oil 25c. per barrel to $1.
bituminous coal is an important domestic fuel. In the East, where anthraA dispatch from Manila, on July 2, stated that the Richcite is used almost exclusively for domestic purposes,there were no decreases
reported for anthracite, and decreases for anthracite in other parts of the mond Petroleum Co., a subsidiary of the Standard Oil Co. of
country were not important. Between July 1920, when the peak of the California, has decided to discontinue drilling
for oil, no
rise In the cost of living since 1914 was reached. and May 1924, the cost of
commercial quantities of oil having been disclosed up to the
living decreased 21.1%. The increase in the cost of living since July 1914
present time.
was 61.4%.
lie following table shows in detail the changes in the cost of living
With the Standard Oil Co. of New York leading the movenoted above:
ment, gasoline dealers in Schenectady reduced the tankRelative
Percentage of decrease wagon price of gasoline 3c. to 19c. a gallon on June 28.
imperPercentage of increase in the in the cost of living
Another gasoline "war" has broken out in South Dakota,
lance
cost of living above average on May15 1924from
Item.
in
prices in July 1914 to
arerage prices in
- this time among the dealers themselves, according to a disfamily
patch from Mitchell, S. D. on July 2,resulting in a cut of
budget
July
April
May
April
July
1920.
1924.
1924.
1920.
1924.
Sc. per gallon. The new price, including the 2 cents state
Foods
43.1
119
41
41
35.6 no change
Shelter
17.7
58
85
85
z17.1 no change tax, is now 19 cents. The cut is said to have been caused by
Clothing
13.2
166
77
76
34.0
0.4
Fuel and light
5.6
an independent dealer selling 500 gallons of gasoline two
66
68
65
0.6
1.8
Fuel
3.7
92
81
77
7.8
2.2
Light
1.0
15
42
42
z23.4 no change weeks ago at a price 2 cents below the then current market.
Sundries
20.4
85
74
74
5.9 no change
Weighted average of
all Items
100.0
104.5
61.8
61.4
21.1
0.3
*Food price changes ars from the United States Bureau of Labor Statistics.
z Increase.
The purchasing value of the dollar, based on the cost of living in May
1924, was 62 cents as contrasted with one dollar in July 1914.
Crude Oil Production Shows Only Slight Change.
The weekly estimate published by the American Petroleum Institute, July 2 1924,shows a decline of 2,700 barrels
per day in the production of crude oil during the week
ended June 28.
The daily average gross crude oil production in the United
States for the week ended June 28 was 1,975,850 barrels,
as compared with 1,978,550 barrels for the preceding week.
The current figure, however, is 234,500 barrels per day
lower than in the corresponding week of 1923. The present
daily average production east of the Rocky Mountains was
1,349,150 barrels, as compared with 1,351,800 barrels the
previous week, a decrease of 2,650 barrels. California production was 626,700 barrels, as compared with 626,750
baiTels, a decrease of 50 barrels; Santa Fe Springs is reported
at 59,000 barrels, no change; Long Beach, 163,000 barrels,
against 163,500 barrels; Huntington Beach, 45,000 barrels,
against 45,500 barrels; Torrance, 58,000 barrels; against
58,500 barrels, and Dominguez, 11,000 barrels, against
9,500 barrels. The following are estimates of daily averaga
gross production for the weeks ended as indicated:
DAILY AVERAGE PRODUCTION.
In Barrels
June 28'24. June 21 '24. June 14'24. June 30'23.
Oklahoma
472.750
471,950
469,300
506,550
Kansas
76,200
76,100
74,000
84,700
North Texas
78,050
80,800
80,200
77,700
Central Texas
171,450
173,450
176.650
145,450
North Louisiana
56,700
55,750
55,200
64,100
Arkansas
152,800
155,100
156.500
153,8.50
Gulf Coast
106,550
109.450
112,250
100,850
Eastern
107,000
106,500
106,000
112,000
Wyoming and Montana _
127,650
122,700
126.650
135,150
California
626,700
626.750
631,450
830,000
Total
1,975,850
1,978,550
1,988,200 2.210,350
Reductions Continue in Prices of Crude Oil and
Gasoline.
Few price changes were announced during the week just
closed but those which took place were in the nature of reductions, both in the crude oil and gasoline markets. Some
pro-rating also went into effect, started by the Sinclair
Crude Oil Purchasing Co. which, on June 30, announced
that beginning July 1 it will purchase only 50% of the pro-.
duction of wells to which it has connections and will store the
remaining 50% at a small charge. The cOmpany decided on
this action following a meeting last week of the large crude
oil purchasing companies in the midcontinent field when the
question of curtailment of production was discussed.
On July 1 a similar step was taken by the Prairie Oil & Gas
Co. which issued an announcement stating that the company
would buy only such oil as it could currently market and
would not run oil from new properties or increase its runs
from properties to which it is now connected. The period
Slight Change in Bituminous Coal Production
Anthracite Remains Practically the Same.
The weekly report on the production of bituminous coal,
anthracite coal and beehive coke issued by the Department
of the Interior, through the Geological Survey on June 28
for the week ending June 21 declares that little change has
taken place in the production. as compared with the preceding week. The production of soft coal in the week ended
June 21 gained slightly over the production of the preceding
week but failed to equal the output of the week before that,
which marked the high point in production sinee April 1. In
the week under review the total output, including mine fuel,
local sales and coal coked at the mines, is estimated at
7,218.000 net tons, an increase of 66,000 tons over the revised
figures for the preceding week. The average daily rate of
production of soft coal during the recent weeks has been
maintained at a level of approximately 1,200,000 tons per
day, which is less by about 100,000 tons than the average
rate of production during the corresponding part of the year
1921, which was marked by industrial depression. The
present rate of soft coal production should not, however, be
Interpreted as indicating a similar depression, because consumption of coal at present is doubtless greater than it was
In 1921, the supply being obtained from the large stocks
which had accumulated during the preceding period of heavy
production.
Estimated U. S. Production of Bituminous Coal (Net Tons), incl. Coal Coked.
1924
1923
Cal. Year
Cal. Year
Week.
to Date.
Week.
to Date.
June 7
7 373,000 204.491.000 10.676,000 239.358.00
Daily average
1,229,000
1,516.000
1,779,000
1,773
June 14_a
7,152,000 211.643,000 10,573,000 249,931,t I I
Daily average
1,192,000
1,502,000
1,762,000
1,773,000
June 21..b
7,218.000 218.861,000 10.422.000 260,353,000
Daily average
1,203,000
1.490.000
1,737.000
1,771,000
a Revised since last report. b Subject to revision.
production to equalize number of days covered by the c Minus one day's
two years.
Production of soft coal during the first 147 working days of the calendar
year 1924 was 218,861,000 net tons. In the six preceding years
it was
as follows:
Years of Activity.
Years of Depression.
1918
269,061.000 net tons
1919
207,528,000 net tons
1920
251.286,000 "
1921
191,235,000 "
1923
260,353,000 "
1922
187,489,000 "
ANTHRACITE.
The production of anthracite in the week ended June 21
was 1,823.000.
net tons, which was the same as in the preceding week. The
present rate
of production, although lower than that of June 1923,is close to
the average
for normal summer seasons.
The cumulative production during the present calendar year
is 43,707,000,
net tons, as compared with 49,287,000 a year ago.
Estimated United States Production of Anthracite (Net Tons).
1924
1923
Cal. Year
Cal. Year
Week.
to Date.
Week.
to Date.
June 7
1,846,000 40,061,000 2,046.000 45.192,000.
June 14
1,823.000 41,884,000 2,053,000 47,245,000.
June 21
1,823.000 43,707,000 2,042,000 49,287,000.
BEEHIVE COKE.
Beehive coke production, which for several months has steadily
declined'
except for the halt in the first week of June, fell to
128,000
week ended June 21. This amount. which Is estimated net tons in the
from reports of
cars loaded for shipment by the principal carriers,
is less than one-third
of the amount produced in the corresponding week
of 1923.
22
THE CHRONICLE
Estimated Production of Beehive Coke (Net Tons).
1923
1924
weee n e
to
to
June 21 June 14 June 23
Date.c
Date.
1923.
1924.b
1924a
4,708,000 7,721,000
Pennsylvania and Ohio.. 93,000 93.000 324.000
566,000
311,000
24,000
6,000
3,000
West Virginia
577.000
499,000
20,000
17,000
Ala., Ky., Tenn. & Ga.. 16,000
402,000
204,000
14,000
6,000
6,000
Virginia
202,000
132,000
9.000
5,000
Colorado & New Mexico 5,000
135,000
101.000
7,000
4,000
5,000
Washington & Utah__
United States total_ _128,000
21,000
Daily average
131,000 398,000 5,955,000 9,603,000
64,000
40.000
22,000 66,000
a Subject to revision. b Revised from last report. c Less production
in New Year's week to equalize the number ofdays covered for the two years.
Cumulative production of beehive coke during 1924 to June 21 stood at
5,955,000 net tons. Figures for similar periods in earlier years are as follows
,
3,088,000 net tons
1922
10,264,000 net tons
1920
'
9.603,000
1923
3,528.000 "
1921
NEW DATA ON BY-PRODUCT COKE.
The following segregation of retort-oven coke production as between
plants operated in connection with iron furnaces and plants independent
of furnaces shows that the growth of production from both types of plants
has been in the same direction. The furnace plants increased in number
and output more rapidly, however, than the others from 1914 to 1920.
and during the decline on account of industrial depression in 1921 and the
coal strike in 1922 the output of furnace plants continued to gain relatively
over other plants.
, -Product Coke Plants Connected with Iron
Number and Production o‘ Ott
urnaces. 1913-1922.
Percentage of
Coke Produced
Number of
Production.
(Net Tons).
Plants.
Other. Furnace. Other.
Other. Furnace.
Furnace.
Year26.5
9,346,855 3.367,845 73.5
21
15
1913
28.4
8,029,727 3,190,216 71.6
14
23
1914
10.448,0153,624,88025.8
16
24
1915
24.2
14,446,576 4,622.785 75.8
17
29
1916
22.8
17,321.145 5,118.135 77.2
19
t
33
1917
22.6
20,124.218 5.873,362 77.4
21
39
1918
20.4
20,019,097 5,118,524 79.6
22
43
1919
18.2
23 25,212,745 5,621,206 81.8
45
1920
17.8
16,231,374 3,518.206 82.2
22
45
1921
16.3
23.889.702 4,660,843 83.7
21
43
1922
Bituminous and Anthracite Coal Markets Show No
Apparent Change.
Little, if any, change marks the bituminous and anthracite markets for the fourth week in June, declares the "Coal
Trade Journal" in its market review issued July 2. Prices
have remained stationary and there is little doubt that they
are rock bottom prices. Yet, despite the fact that there
has been no tangible evidence of expanding business, there
is a feeling of optimism reflected in almost all the reports,
says the "Journal," adding:
This feeling comes from the fact that there are more inquiries floating
around, that industrial plants and public utilities cannot hold off buying
for a great period, and that the coming week will see both Presidential
candidates nominated, and a less restless business feeling.
The production of bituminous coal for the week ended June 21 is esti-a gain of 66.000 tons over the preceding week,
mated at 7,218,000 tons
and the production of anthracite for the same period was 1.823,000 tons,
about the same as for the preceding waek and close to the average for normal
summer seasons.
Lake cargo dumpings for the week ending June 22 showed a continued
increase in both bituminous and anthracite, the former amounting to
760.096 tons and the latter 120.998 tons.
While the bituminous coal market exhibits no haste in
getting "around the corner" from the depression that has
held the business in its grip for so long, a fair degree of
optimism prevails, born of quiet confidence that awaited
developments for the better are about to materialize, states
the "Coal Age" on July 3 in its weekly market summary,
which is appended hereto:
Already foreign charters for July at Baltimore are reported at a rate
that augurs well for late summer and autumn export business. In most
other aspects, however, there is little evidence of actual improvement,
additional financial reports by coal-carrying railroads reflecting the adverse
effect of the decrease in shipments of soft coal. This is especially marked
in the case of the Virginian.
The Navy Department has awarded contracts for 110,000 tons of minerun bituminous coal for navy yards and naval stations on the basis of bids
opened May 21. Twenty thousand tons will be delivered at New York
at $5 37 per ton under chutes, $5 37 alongside vessels and $6 37 delivered
in the harbor and unloaded; 30,000 tons will be delivered at Boston at $5 85
per ton. 20,000 tons at Philadelphia at $4 90 per ton and 35.100 tons at
Annapolis at $5 19 per ton.
As in recent weeks, "Coal Age" index of spot prices of bituminous coal
shows no variation, standing at 166 on June 30, the corresponding price
being $2 01. This is the third successive week that it has remained at that
level, which would seem to bear out the theory that the bottom has about
been reached.
Activity at Hampton Roads has slumped to a marked degree, dumpings
of coal for all accounts during the week ended June 28 totaling 287,870
net tons, a falling off of more than 60.000 tons from the week ended June 21,
when 350,821 tons were handled.
The slowing-down tendency in anthracite business is still in evidence,
the market apparently having fallen into the throes of a summer lull that
Is likely to last until late-summer or early-autumn ordering sets in. Although July price advances were looked for, independent quotations show
a weakening, due to the scarcity of orders. Stove continues to lead in
demand, with no close competitor among the other sizes. Pea is lagging
to such an extent that it is being stored. The demand for the buckwheat
is fading fast.
Increase in Postal Savings Deposits in April.
, An increase of $525,000 in postal savings deposits during
the month of April is indicated in the following statement
reeently made public by the Postmaster-General.
[Vol.. 119.
STATEMENT OF POSTAL SAVINGS BUSINESS FOR THE MONTH
OF MAY 1924, COMPARED WITH THE MONTH OF APRIL 1924.
8132,564,851
Balance on deposit April 30
525,000
Increase during May
Balance on deposit May 31
Post OfficeNew York, N. Y
Brooklyn, N. Y
Boston, Mass
Chicago, III
Seattle, Wash
Philadelphia. Pa
Pittsburgh. Pa
Detroit, Mich
Kansas City, Mo
Tacoma. Wash
Portland, Ore
Newark, N.J
Uniontown, Pa
St. Paul. Minn
St. Louis, Mo
Los Angeles, Calif
Butte, Mont
San Francisco, Calif
Milwaukee, Wis
Jersey City, N J
Great Falls, Mont
Cincinnati, Ohio
Providence, R. I
Denver. Colo
Buffalo, N.Y
Columbus, Ohio
Cleveland, Ohio
Minneapolis, Minn
Ironwood, Mich
Powaic, N. J
McKees Rocks, Pa
Bridgeport, Conn........
Aberdeen, Wash
Washington, D.0
McKeesport. Pa
Sioux City, Iowa
Lsadville, Colo
Toledo, Ohio
Lowell, Mass
Roslyn, Wash
Roundup, Mont
Pocatello. Idaho
Astoria, Ore
Hartford, Conn
New Haven,Conn
Pawtucket,R.I
Mount Pleasant, Pa
Omaha, Nebr
Erie, Pa
Kansas City, Kan
Pueblo. Colo
Staten Island. N.Y
Pensacola, Fla
Oakland, Calif
Altoona. Pa
Jacksonville. Fla
Louisville, Ky
Atlantic City, N. J
Long Island City, N. Y
Flushing, N. Y
Norwood. Mass
Bellingham, Wash
Fairbanks, Alaska
Red Lodge, Mont
Birmingham. Ala
Duluth, Minn
Bingham Canyon, Utah
Baltimore, Md
New Orleans, La
Wilmington, Del
Camden, N. J
Jamaica, N. Y
Paterson, N. J
Billings, Mont
Gary, Ind
Bayonne, N. J
Dallas. Texas
Memphis, Tenn
Akron, Ohio
Hurley, Wig
Anchorage. Alaska
Miami, Fla
Phoenix, Ariz
Elizabeth, N. .1
Havre, Mont
Masontown, Pa
Brownsville, Pa
Salt Lake City, Utah
Centralia. Wash
Everett, Wash
Boise, Idaho
Tampa, Fla
Missoula, Mont
Export, Pa
Manchester, N. H
Dayton, Ohio
San Antonio, Texas
Christopher, Ill
Indianapolis,Ind
Raymond. Wash
Breckenridge, Tex
Windber,Pa
Fairmont, W. Va
Rochester, N. Y
New Kensington, Pa
East Pittsburgh, Pa
Monongahela. Pa
Oklahoma City, Okla
Norwich. Conn
Greensburg, Pa
Des Moines, Iowa
San Diego, Calif
Maynard, Mass
Chester, Pa
Willimantic, Conn
Youngstown. Ohio
Ansonia, Conn
Waterbury, Conn
$133.089.851
Rank---Last
This
Depositors' Inc.(+) or
Dec.(-), Month. Month.
Balance.
1
1
$42,210,931 -$212,728
2
2
-85.965
11,738,438
3
3
+3.500
7.212,154
4
4
-50.619
6.139,357
5
5
-4,957
3.033,939
6
6
-20,404
2.553,383
7
7
-34,728
2,267,600
8
8
-17,050
1,727.660
9
9
-68
1,547,020
10
10
+3,360
1,502.385
11
11
-3,443
1,347,467
12
12
1.319.226
+15
13
13
-28,308
1,061.034
27
14
+624,085
1,043,358
14
15
985.445
-11,139
15
16
776,968
-2,380
16
17
-1,820
732.092
17
IS
702.691
-11,247
18
19
661,733-3,871
19
20
617.783
-10,452
20
21
533,462
+3,080
22
21
-9,763
514,314
23
23
+3,928
499.627
22
24
-3,840
499.386
24
25
+4.504
486,212
25
26
-1,150
446,037
26
27
426,051
-12,539
31
28
+45,192
418,561
28
29
-4.363
402,658
29
30
-5,719
393.705
31
30
-13,682
380.029
32
32
-9,173
350,564
34
33
-1,806
347.064
35
34
+4,277
343,913
33
35
343,085
-13,100
39
36
313,872
+24.939
37
37
-1,814
295,731
38
36
-8,364
295,016
38
39
-2,560
294,359
40
40
-3,949
283,795
42
41
+4.823
276.190
41
42
-4,287
273.951
43
43
-9,567
257,904
45
44
-2,808
253,075
46
45
-1.955
252,641
44
46
-6.673
252.164
47
47
-3.150
242.037
48
48
-5,361
238,924
49
49
-2,825
237,861
50
50
+4,672
236,432
51
53
+5,329
214,642
51
52
-5,915
209,700
53
52
-2,784
208.466
54
54
-5.943
198,897
55
55
-6,323
196.779
56
56
-869
196,058
57
57
-1,470
193.470
60
58
+3,030
192,040
59
59
+533
190.765
58
60
-512
190,337
63
61
+780
181.536
64
62
+660
181,339
65
63
+1.587
*180,946
61
64
-6,989
180,521
68
65
+3,880
178,005
66
66
-1,962
177,244
67
67
-1.260
176,361
62
68
-9.653
175.672
70
69
-1,866
169,316
71
70
-2,532
168.152
69
71
-5,707
165,792
72
72
-3,996
162.189
73
73
-5,258
159.250
74
74
-3.465
158.315
75
75
-3,103
157.486
78
77
+4,302
155.717
76
77
-4,128
151,438
7Ft
79
-1,153
147,594
79
80
-350
147,026
80
84
+3.506
145,306
82
81
-2.201
*144.202
78
82
-5,823
143,294
88
83
+13.552
143,247
84
81
-2,534
142,388
86
85
+3,599
141,884
86
83
-3,710
139,684
87
85
--3,780
137,180
88
87
-874
129.968
89
94
+2,046
123,591
90
89
-3,848
122,320
91
98
+1.788
121,496
92
91
-2,889
121,297
93
+28.781
120,892
94
-1,720
iii
120,586
95
92
-2.855
120,509
96
-5,445
90
119,911
-3.200
97
95
117,859
98
+2,800
105
116,810
+281
99
116,091
102
100
-2,141
114,764
100
101
-2.369
114,317
101
-6,320
102
114,288
97
96
-8,070
112,692
103
-2.826
112,478
103
104
-5,431
112.437
105
99
111,295
-2,435
106
106
111.147
+1,760
107
107
110,868
+3,747
111
108
110,491
104
-3,977
109
110,332
109
+1,518
110
109,836
+11,230
111
107.164
Die
112
-1,670
112
105,252
113
-1,057
110
104,229
114
-3,501
113
104,182
-1,100
115
116
116
103,951
+2,551
114
103,281
117
-3,424
117
118
-795
100,244
* April balances.
Preliminary Statistics of Coal Production for May.
The production of bituminous coal in May, according to
the U. S. Geological Survey, is estimated at 31,236,000 net
tons; the production of anthracite, at 7,745,000 net tons.
The following explanatory remarks are made:
Except for the strike year 1,922, the output of bituminous coal was the
smallest in any May for eight years. In comparison with May 1921, a
period of prostration of general business, the month showed a decrease of
8%. To find its equal it is necessary to go back to 1915, when the May
output was 30,938,000 tons. This does not mean, however, that the pres.
1915,
of Imports and Exports of the United States
20,000,000 Analysis
for May.
for in the meantime
eat depression is less serious than was that of early
the capacity of the industry to produce has increased by perhaps
capacity of the developed mines and exthe
tons a month. In May
we know that
tons a month; by
isting labor force was about
tons a month.
it had grown to
The May output of Pennsylvania anthracite, on the other hand, was not
greatly different from other recent years. Omitting the war years
when the mines were called upon to make up for
and the year
production of anthracite in
the deficit caused by the great strike of
net tons, and in the meanto
May has ranged from
time there has been no increase in producing capacity.
PRODUCTION OF COAL IN MAY AND DURING THE FIRST FIVE
MONTHS OF THE LAST 12 YEARS.
—Bituminous(Net Tons)— —Anthracite (Net Tons)—
May. Tot.to May 31.
Total to May 31.
May.
Year.
38,271, 00
7.945.000
37.205,000 188,241,000
1913
35,635.000
8,348,000
28.551.000 173,278,000
1914
35,226,000
7,807,000
30,938.000 159.222.000
1915
36,116.000
7,212,000
38.804,000 208,040,000
1916
39.541,000
8.933,000
47.086.000 226.131,000
1917
41.237,000
8,880.000
50,443.000 230.601.000
1918
32.520,000
7,525.000
38,186.000 179,487,000
1919
36,131.000
8,037,000
39,841,000 217,258,000
1920
39.078.000
7,752.000
165.937,000
34.057.000
1921
22,906.000
36,000
21.005,000 170,631.000
1922
42,504.000
8,573,000
46,076.000 227,780.000
1923 a
38.215,000
7.745,000
31,236,000 197,118,000
1924 a
a Subject to revision.
1915
56,000,000
76,000,000
1922
1917.
1918
1923,
7.200,000
1922,
8,000,000
The Department of Commerce at Washington on June 27
issued its analysis of the foreign trade of the United States
for the month of May and the eleven months ending with
May. This statement enables qne to see how much of the
merchandise imports and exports for 1924 and 1923 consisted
of crude materials, and how much of manufactures and in
what state, and how much of foodstuffs and whether crude
or partly or wholly manufactured. The following is the
report in full:
Total Values of Imports and Exports of Merchandise
by Grand Divisions and Principal Countires.
The Bureau of Foreign and Domestic Commerce of the
Department of Commerce at Washington on June 30 issued
its report showing the merchandise imports and exports by
grand divisions and principal countries for the month of
May and the eleven months ending with May for the years
1923 and 1924. The following is the table complete:
Importsfrom—
Grand divisions:
Europe
North America
South Amezica
Asia
Oceania
Africa
23
THE CHRONICLE
'JULY 5 1924.]
Month of May-- —11 Months Ended May—
1924.
1923.
1924.
1923.
102,216,746
104,820,090
49,400,716
99.984,947
7,106,823
9,015,256
84,269,847 1,071,867,465
898,370,021
93,054,236
434,399,793
38.882,819
904.761,982
77,850,576
65.098,358
5,686,298
86,227,547
3,202,645
085,470,656
916.787,321
390,818,941
876,489,695
44,959,484
65,595,854
372,544,578 302.946.421 3,460,725,166 3,280,121,951
Ekven Month.? Ended Mal.
Month of May.
(P-oups.
Value.
Pd
Cl.Value.
1924.
1923.
1924.
1923.
Per
Cl.
3
Imports.
$
Crude material 1
for use in mfg 144,924,000 39104,120,000
F'dstuffs,crude
& f'd animals 28,839,000 8 37,484,000
F'datuffs ram
or wholly mid 59.893,000 16 50,581,000
Mfrs.for furthe
use In mfg._ 73,074,000 20 48,650,000
Mfrs. ready fo •
consumption 65,320,000 17 61,679.000
495,000 . . 432,000
Miscellaneous..
Value.
s
Per
Ct
Value.
Per
:.'t .
$
351,357,882.000 391,111.649,000 34
12 327,684,000 9 351,313,000 11
17 453,394,000 13 488.456,000 15
16 649,070,000 19 609.857.000 18
20 655,325.000 19 695.694,000 21
26,143,000 1
17,370,000 1
__
Totalimpor 1372,545,000.100302,946,0001003,460,725,000 1003,280,122.000100
Exports.
Crude materia[
for use in mfg 53,300,000
F'datuffs,crude
& f'd animals 25,997,000
F'dstufts partl •
or wholly mid 49,132,000
Mfrs.for furth
50.006.000
use in mfg_
Mfrs. ready In
consumption 130,653,000
302,000
Miscellaneous-
17 76,855,000 24 949,356,000 271,239.701,000 32
9 10,638,000
3 373,018,000 10 188,329.000' 5
16 37,480,000 12 542,998,000 15 527,754,000 13
16 53,078,000 16 437.635,000 12 545.170.000 14
42147.456.000 451.264,919,000 361,418.250.000 36
5,655.000 -6,578,000 __
251.000 —
--
Total domestic
309.390,000100325,758,000l100 3,574.504,0001003,924,859.000100
exports
79.802.
0 11
:
62,272,0 0 __
__
6,989,000 -- 9,192,0
Foreign export
--
Principal countries:
Belgium
Denmark
France
Germany
Greece in Europe
Italy
Netherlands
Norway
Russia in Europe
Spain
Sweden
Switzerland
United Kingdom
Canada
Central America
Mexico
Cuba
Dominican Republic
Argentina
Brazil
Chile
Colombia
Ecuador
Peru
Uruguay
Venezuela
British India
Straits Settlements
China
Dutch East Indies
Japan
Philippine Islands
Australia
New Zealand
British South Africa
Egret
Exports to—
Grand divisions:
Europe
North America
South America
Asia
Oceania
Africa
Total
63,591,090
57,532,300
6,184,927
5,226,884
6,876,346
5,598,305
373,283
160.457
134,841,249
140,828,506
12,300,058 11,283,118
136.305,142
130.794,100
12,761,910
9,830,727
12,489,024
18,749,250
5,354,816
656,838
75,022,823
76,027,080
5,769,499
4,924,335
64,474,636
71,006,544
7.591,104
5,311,226
19,176,127
17,095,030
1,662,601
1,177,007
4,681,240
887,539
602,004
135.671
29,101,886
30,544,680
2,965,240
3,330,201
32,621.498
35,754,781
1,641,810
1,653,580
34,539,438
32,133,434
2,253,334
2,533,006
317,305,257
405,212,635
44,038,831 26,127,681
384.198,934
375,923,441
35,637.788 33.343.181
31,014,568
34,504,585
4,829,540
4,732,249
139,930,560
123,638,731
11,887,193 15,04E1,159
332,256,725
337,568,173
49,952,725 37,129,393
8,064,206
4,655,945
390,179
480,770
70,315,255
7,510,595
119,012,685
16,874,598
134,693,924
129,807,985
9,209,588 12,781,609
85,218.167
84,304,380
8.121,451
13,902,956
46,718,465
35,852,208
5,935,685
3,762,223
5,259.578
6,802,566
557,251
379,799
26,048,509
14,591,031
2,164,449
1,358.622
6,395,739
25,477,541
2,019,382
503,301
13,093,711
1,311,195
12,946,889
986,731
100,680,138
110,117,289
9,244,984
14,430.096
133,303,820
119,819,075
11,987,539
18,358,876
147,958,167
155,545,305
8,169,563
14,564,672
51,091,570
42,316,746
5,490,389
4,651,073
303,533.811
348,353.287
33,112.624 27,183,966
78,676,884
64,119,182
10,806,551
6,654,146
49,048,989„
4,362.249
4,693.856
11,702,379
1.242,365
13,794,251
2,191,503
7,080,036
14,031,463
357,136
2,820,408
26,711,680
45,135,598
1,309,217
2,701,459
—Month of May— —11 Months Ended May—
1924.
1924.
1923.
1923.
0
$
138,344,050 162,086.187 1,895,174,342 2,060,036,931
958,019.500
103,968.155 88,371,228
945,983,030
255,597,544
234,011,515
22,447,356 24,763,747
528,236,224
36,949,247 41,466,733
400,299,355
143,371,202
9,812,750 12.623,894
107,770,820
53,537,358
59.400,253
4,837,912
5,638.112
0
316,359,470 334,949,901 3,636,776,420 4,004.661,654
Principal countries:
8,045,419
Belgium
3,673,743
Denmark
20,524.422
France
22,969,364
Germany
719,187
Greece in Europe
Italy
9,913,955
7,552,990
Netherlands
,668,475
Norway3
Russia in Europe
366,135
Spain
3,408,652
Sweden
4,031,538
Switzerland
526,781
United Kingdom
U
48,400,240
Canada
66,083,544
Central America
5.159.505
Mexico
10,489,598
Cuba
17,439,878
D0111111kan IiieVeL"...-- 1.327.247
ArgenUna
10,275,308
Brazil
3,606,353
Chile
2,331,629
Colombia
1,780,,241
Ecuador
432
Peru
1.231,011
Uruguay
1.437.078
Venezuela
866,942
British India
1,894,704
563.395
Straits Settlements
8,064,256
China
8
95,358
Dutch East Indies
19,889.509
Japan
3,404.726
PhlUppine Islands
7.525,776
Australia
2,117,163
New Zealand
2,137,788
British South Africa
Egypt610.671
8
7,952.317
2,891,241
22,067,148
28,301,607
913,956
11,202,917
8,682,267
938,695
1,920,083
5,942,280
4,651,263
1,185,241
62,409.054
48.162,396
5,550,326
11,865.013
17,647.038
1,402.1.56
8,840,971
5,363,206
2,625,920
,058,986
268 532.933
1,829.201
1,273,619
1,687,433
3,114,538
1.072,557
11,144,452
1,502,551
15,971,229
5.366,311
10.774,849
1.645,254
2,905,932
462,272
95,899,463
34,841,348
249,314,449
274,149,884
11,709,417
160,373,641
105,943,561
30,187,114
10,235,257
57,277,184
34,359,411
4,709,306
768,229,725
595,650.844
45,897.954
103,680,355
146,190,252
10,844,499
98,333,750
42,771,286
24,802,151
22,152,293
4,296,656
14.244,440
12,272,779
9,228,957
25,777.143
5.870,799
88.104.284
9,052,651
195,981,410
40,290.641
84,534,298
21,729,099
22,652,761
6,299,098
95,726.037
36,400,358
258,981,966
360,317,245
8,793,140
163,271,183
109,076.187
19,047,897
12.925,245
64,840,829
42,438.287
7.665,699
845,871,028
553.930,319
53,237,497
112,679.601
177,435,265
13,045,711
97.704,149
48,206,886
28,191,818
20,403,690
4.225,243
20,687.227
15,770,850
13.845,608
31,305,037
6,782,296
111,970,508
12,431,714
273.728,486
50,726.458
118,161.043
23,473,983
29,887,115
5,635,517
421R RA9 WW1 •
2:14 MO
_ R fIRR 776
4 004 661.
--
Edward T. Bartlett of New York Cotton Exchange on
Government Crop Report.
Edward T. Bartlett, Jr., President of the New York
Cotton Exchange, issued the following statement on July 2,
commenting upon the Government crop report:
Although an improvement in the condition of the crop was generally
was a surprise to the trade. •
expected, the Government's estimate of
The fact that the weather in the cotton belt has been very favorable since
the report was compiled doubtless was also a factor in the action of the
market.
The only way by which America's cotton problem can be solved, however.
is through a big crop, and the Government report is encouraging in that
it gives hope of a yield which will get the crop back to somewhere near
normal.
If we should have a big crop, as the estimate gives reason to hope for.
and prices for raw cotton should go to lower levels, it would be the best
thing which could happen to the cotton trade.
It would be well, however, not to lose sight of the fact that the season
Is not yet advanced to a point where we can look with certainty for a normal
crop. The trade probably will continue to be nervous until we have gone
through the boll weevil period.
Everyone interested in the industrial welfare of America knows that we
need a banner crop of cotton to enable the world to again build up a reserve
and to insure a continuance of our prestige as the leading cotton producing
country.
71.3
American Woolen Company to Close Two Yarn Mills.
The yarn departments of the National Providence and
the Riverside mills at Providence, R. I., will close as soon
as the present stock has been used, according to an order
posted on July 1 from the American Woolen Co.'s headquarters at Shawsheen, Mass. This will throw about 2,000
employees out of work, leaving employed about the same
number in the weaving and finishing departments. These
two mills are the largest owned by the company in that State.
Curtailments in New England Textile Mills.
The plant of the William Carter Co., underwear manufacturers of Springfield, Mass., on July 2 closed for two weeks.
Between 300 and 400 persons were employed. The Torrington Co. of Chicopee, needle manufacturers, employing about
200, also has closed for a fortnight.
The mills of the Dwight Manufacturing Co., cotton goods
manufacturers, employing between 700 and 800 workers,
closed also on July 2 for two weeks. The announcement
-down was due to poor business conditions.
states that the shut
Operations will be resumed at the Hope and Phoenix
mills of Hope Co. of Pawtucket, R. I., July 7 on a threeday-a-week basis. The mills have been shut down several
weeks.
24
THE CHRONICLE
Domestic Exports of Canned and Dried Foods.
The Department of Commerce at Washington on June 20
issued its monthly report showing the domestic exports of
canned and dried foods for May and the eleven months ending
with May 31. The value of canned meats exported in May
1924 was $452,191, compared with $526,798 in the corresponding month in 1923. For the eleven months ending with
May 31 1924 the canned meat exports were $4,672,033, as
against 11,756,584 for the corresponding eleven months in
1922-23. The exports of dairy products were valued at
only $2,080,425 in May 1924, against $2,214,374 in May
1923, but for the eleven months foot up $26,538,405, against
$21,612,223. Dried fruits exported in May 1924 were valued
at $1,243,506, compared with but $737,462 in May 1923.
Canned fruits exported in May were valued at $602,409,
as against $632,418 in May 1923. The following is the
report in full:
Bxports of dried and evaporated fruits for the eleven-month period ending
May 1924 registered an increase of more than 100,000,900 pounds over the
same period of 1923. Experts of canned vegetables ales increased during
this period.
Shipments of prunes, dried apricots and sardines for May increased over
May last year while exports of evaporated unsweetened milk declined.
A detailed statement of the exports of canned and dried fOods for May
1924. compared with May 1923, together with the eleven-month period
ending May, follows:
Month of May'.
1923.
Total canned meats, lbs
Value
Total dairy products, lbs
Value
Total canned vegetables, lbs
Value
Total dried and evap. fruits, lbs.__
Value
Total canned fruits, lbs
Value
Beef, canned, lbs
Value
Sausage, canned, lbs
Value
Milk, condensed, sweetened, lbs._
Value
Milk,evaporated,unsweetened,lbs_
Value
Salmon, canned, lbs
Value
Sardines, canned, lbs
Value
Raisins, lbs
Value
Apples, dried, lbs
Value
Apricots, dried, lbs
Value
Peaches, dried, lbs
Value
Prunes, dried, lbs
Value
Apricots, canned, lbs
Value
Peaches, canned, lbs
Value
Pears, canned, lbs
Value
Pineapples, canned, lbs
Value
1924.
11 Months Ended May.
1923.
1924.
1,817,690 1,487,098 13,799,883 16,139,300
$526,798 $452,191 $4,756,584 $4,672,033
17,252,211 15,231,195 165.662,060 213,184,779
$2,214,374 $2,080,425 $21,612,223 526,538,4(15
3,773,257 5,858,855 39,602,569 45,927,343
$461,752 $789,871 54,000,591 $4,918,669
7,326,795 16,663,727 204,863,281 308,121,011
$737,462 $1,243,506 523,151,680 $25,656,536
6,316,328 6,328,770 199,340,716 161,671,735
1632.418 $602,409 $21,721,087 $15,850,799
238,516
$72,310
232,770
$61,508
5,741,117
$829,225
10,401,683
$1,030,166
2,917,138
$432,003
2331,776
$181,429
4,628,657
1466,148
258,247
122,405
277,016
$44,320
206,706
121,489
1,714,891
$155,808
1,749,975
1138,909
1,944,460
5183,692
1,410,608
$161,095
276,535
$32,766
150,931 2,141,847 1,517,280
$43,061
$592,659
$363,166
313,815 2,500,236 2,882,246
$88,447
$662,761
$814,191
6,985,602 43,473,775 62,421,751
5979,571 $6,053,845 $9,160,473
6,935,305 102,375,859 139,732.068
5687,426 59,436,341 513,456,817
2.624,868 53,748,624 56,268,296
$357,801 57,300.847 $8,009,191
4,963,800 28,796.732 42,404,314
$414,574 $2,529,352 $3,601,069
5.805,052 90,897,380 80,814,716
5455,902 59,970,384 $7,344,568
510,597 12,321,165 30,211,795
$62,006 51,406,429 $3,313,111
1,199,329 10,737,201 37,954,409
$155,874 $2,563,309 84,322,631
415,547 5,303,767 12,858,310
$37,641
5685,495
1985,729
8,552,902 76.550,541132,474,373
$508,154 $7,337,284 $8,357,297
687,046
25,025,100
160,799
11,965,252
1.852,961 52,173,165 49,171,446
1165.424 15,191,772 $44,321,646
531,975 47,378,426 38,233.327
$56,419 $5,866,693 $4,119,480
1,256,516 21,664,038 24,573,868
5153,059 12.324,409 $2,977,426
Curtailment in Plant of Boston Rubber Shoe Company.
The Boston Rubber Shoe Co., of Malden, Mass., owned
by the United States Rubber Co.,has announced,it is stated,
a long period of idleness for the summer. The plant which
employs 1,700 workers will be closed for five weeks, reopening on Aug. 4.
1
[vol.. lit
Coke Workers Strike Against Wage Cut.
One thousand coke workers, employed at Alison plants
of the W. J. Rainey Co. at Uniontown, Pa., on July 1
refused to go to work when the company announced a wage
reduction of 3332%. The Ra'ney Co. was the last of the
independents in the Uniontown region to announce the cat.
Domestic Exports of Meats and Fats.
On June 20 the Department of Commerce at Washington
gave out its report for the month of May and the eleven
months ending with May of the domestic experts of meats
and fats. This report shows that although there is a substantial increase in the quantity of meats and meat products
exported for the eleven months ending with May this year
as compared with the corresponding period last year, there is
a small decrease in the value of the products exported. In
quantity the shipments were 951,460,171.lbs. for the eleven
months of 1923-24, against 'M4,703,880 lbs. for the eleven
months of 1922-23, and in value, $131,347,346, against
$132,953,186. In addition, the exports of animal oils and
fats are running much heavier than a year ago, having been
1,207,276,405 lbs. for the eleven months of 1923-24, against
1,129,170,597 lbs. in 1922-23, with the values $148,843,071,
against $134,182,513. Below is the report in full.
Average export value of meat products for the eleven
months ending May 1923, amounting to 15.73 cents per
pound, declined for the period ending May 1924, to 13.81
cents per pound. On the other hand, export value of animal
oils and fats which for the ten months' period ending May
1923, amounted to 11.88 cents per pound increased for the
period ending May 1924, to 12.33 cents per pound. Folloiving the usual trend at this season of the year, May exports
of both meats and fats have declined from those of April.
The May exports follow:
Month of May.
1923.
11 Months Ended May.
1924.
1923.
1924.
Total meats & meat prod_lbs_ 79,370,797 57,934,932 844.703,880
951,460,171
Value
111,201,907 17,662,851 $132,953,188 $131,347,346
Total animal oils and fats_ lbs. 113,525,751 85,724,082 1.129.170.597 1,207,276,405
Value
$13,614,058 $9,899,592 $134,182,513 $148,843,071
Beef, fresh
lbs_
388,029
173,375
3,804,394
2,693,453
Value
$59,846
$31,869
$576,864
1460,043
Beef, pickled, dm
lbs_
1,612,194 1,724,568
22,078,380
19,948,550
Value
$165,100
$174,887
$2,096304
51,983,886
Pork, fresh
lbs. 2,601,173 1,522,340
40.678.346
47,858,302
Value
1376,027
5200,191
$6,344,637
$6,720,720
Wiltshire sides*
lbs1,262,344
Value
$142,771
Cumberland sides••
lbs.
2,002.629
Value
5225,684
Hams and shoulders
lbs. 30,031,731 27,379,746 288,437,579 341,123,456
Value
14,607,177 53.763,307 550,533,538 $52,213,527
Bacon
lbs. 34,576.766 14,939.578 379,693,172 395,086,305
Value
$4,359,641 51.700.609 $55,538,327 $49,376,816
Pickled port
lbs_ 2.442,929 1,951.927
37,956,633
35,463,488
Value
$264,776
$213,063
$4,074,623
$4,615,245
Oleo oil
lbs_ 8,917,924 8,805,589
85,269,156
96,937,745
Value
51.125.533 51,075,483 111.122,928 110,462,617
Lard
lbs. 93,198,992 62,647,748 888.036,468 955,423,280
Value
111,279,153 17,437,567 5108,778,020 5122,135,063
Neutral lard
lbs_ 2,143,748 2,831,900
21,854.337
25.311,584
Value
$277,407
1357,366
12,947,049
/3,273,431
Lard com'ds, animal fats_lbs_
425,537
444,053
6,318,407
10,583,934
Value
$59,835
$58,084
$857,955
$1,318,847
Margarine, animal fats...lbs.
80,940
61,548
1,057,405
1,927,220
Value
113,559
19.866
5189,473
5312.582
cottonseed oil
lbs
2,612,190 2,435,298
38,023,401
62,596,204
Value
$305,710
$254,218
$3,931,336
/6,276,122
Lam comp'ds, vegle fats_lbs_
526.231
911,435
6.737,545
17,432,933
Value
$77821
$122458
$2141 05R
$1182677
•Included in "tans and shoulders" prior to Jan. 11924.
Included in "bacon" prior to Jan. 1 1924.
5*
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on July 2 1924, made public by the Federal
Reserve Board, and which deals with the results for the
twelve banks combined, shows increases of $32,300,000 in
earning assets and of $30,300,000 in Federal Reserve note
circulation and decreases of $34,900,000 in gold reserves and
of $34,000,000 in deposit liabilities.
An increase of $31,400,000 in holdings of discounted bills
is reported by the New York Reserve Bank and of $2,200,000
and $300,000, respectively, for the San Francisco and Philadelphia banks. The Federal Reserve Bank of Cleveland
reports a decline of $4,000,000 in its holdings of discounted
bills, Kansas City a decline of $2,300,000, Atlanta a decline
of $2,000,000, and the six remaining banks a total decrease
of $6,600,000. Holdings of paper secured by U. S. Government obligations increased by $24,200,000 to $142,300,000.
Of this amount, $95,200,000 was secured by Liberty and
other United States bonds, $46,200,000 by Treasury notes,
and $1,000,000 by certificates of indebtedness. After noting
these facts the Federal Reserve Board proceeds as follows:
The New York Bank reports an increase of 311.600,000 and Boston
an
Increase of 31,700,000 in holdings of acceptances purchased in open
market.
while the ten remaining banks show reductions aggregating $5,500,000,
Holdings of Treasury notes were 312,200,000 larger than a week
ago, while
those of certificates of indebtedness and of bonds were lower by
$5,100,000
and $1.400,000, respectively. The New York Reserve Bank
shows an
increase of $4.800.000 in its holdings of Government securities.
Federal Reserve note circulation increased by $30,300,000 during
the
week, larger figures being shown for all Federal Reserve
banks except Cleve
land, which reports a decline of $1,200,000, and Chicago,
which reports a
decline of 51.300,000. The San Francisco Bank shows the largest increase
$8,600,000, while Boston, New York. Philadelphia and
Richmond report
increases ranging from $2,100,000 to $5,900,000. Gold
reserves declined
by 334,900.000 during the week. Reserves other than
gold by $16,900,000
and non-reserve cash by 1.5,200,000.
The statement in full, in comparison with the preceding
week and with the corresponding date last year, will be found
on subsequent pages, namely pages 53 and 54. A summary of changes in the principal assets and liabilities of the
;Nix 51924.]
25
THE CHRONICLE
July 2 on Saturday last, June 28. Following Mr. Cochran's
Reserve banks during the week and the:year ending
announcement a message by President Obregon making
1924 follows:
agreement entered
Increase(+)or Decrease (—) known the temporary suspension of the
During
the International Committee was made public,
into with
Year.
Week.
suspension, it was indicated, being due to the failure
—$51,800,000 +352.700,000 the
Total reserves
+33,000,000 to secure for American bankers a new loan, responsibility
—34,900.000
Gold reserves
+32,300,000 —364,900.000 therefore being placed by President Obregon with the AmeriTotal earning assets
+18.900.000 —560.800.000
discounted. total
Bills
Oil Producers in Mexico, who, it was
+24.200.000 —334,700.000 can Association of
Secured by U.S. Govt. obligations
—5.300,000 —226,100,000 alleged, failed to accord its co-operation in the matter.
Other bills discounted
+7.800.000 —146.100,000 Mr. Cochran's statement follows:
Bills bought in open market
U. S. Government securities, total
Bonds
Treasury notes
Certificates of indebtedness
Federal Reserve notes in circulation
Total deposits
Members' reserve deposits
Government deposits
Other deposits
+5.700.000 +340,800,000
—4,500,000
—1.400.000
+12,200,000 +256,700,000
+88.600.000
—5.100.000
+30,300.000 —407,800.000
—34.000.000 +100.200,000
+84,400,000
—19.200.000
+17,500.000
—19,900,000
—1.700,000
+5.100.000
The International Committee of Bankers on Mexico regrets to be obliged
to state that it has not yet received remittances from the Mexican Government sufficient to meet the cash warrants maturing during the first six
month period of 1924. This being the case, no disbursement will be
made on such warrants until further notice.
Regarding the above announcement the New York
"Journal of Commerce" on July 1 said:
• •No further disbursements on warrants of the various bond issues involved
in the debt agreement therefore will be made until further notice. Unofficially bankers interested in Mexico's finances expressed the opinion
that the suspension of payments made necessary by the recent revolution
would be only temporary. The committee, they said, would not declare
Mexico in default at this time.
The formation of a new joint commission for the settlement of the debt
question, which was reported to be probable yesterday, is not under consideration. it was said unofficially. Inasmuch as the Mexican Government
has made every effort to fulfill the agreement,a spokesman for the bankers'
international committee said that it is only fair to show some indulgence
The Week with the Member Banks of the Federal
Reserve System.
increases of $98,000,000 in loans and investments
Further
and of $35,000,000 in time deposits, together with reductions
of $46,000,000 in net demand deposits and of $52,000,000 in
reserve balances with the Federal Reserve banks, are shown
at this time.
in the Federal Reserve Board's weekly consolidated stateAs to President Obregon's message we quote the followon June 25 of 748 member banks in leading
ment of condition
member ing from the New York "Times" of July 2:
it ies. It should be noted that the figures for these
President Obregon yesterday announced the temporary suspension of
banks are always a week behind those for the Reserve banks Mexico's debt agreement with the International Committee of Bankers.
themselves.
-word message sent here, entitled "Bulletin for the Press,"
In an 1,800
reasons
the
Loans on U. S. Government securities show an increase of he told of his decree and gave in detailJuneMexican Government's debt of
30 on its reorganized
loans on corporate securities an increase of for failing to pay the interest due on firsttime that American bankers
83,000,000 and
$700,000,000. He also revealed for the
$29,000,000, while "all other," largely commercial, loans had refused a new loan to Mexico.
Mascarenas, Financial Agent
and discounts, show a decrease of 82,000,000. Holdings of ofObregon's message was addressed to A. Dey St. In it he accused his
the Republic of Mexico in New York, 7
'
during. the
Liberty bonds were increased by $18,000,000
former Finance Minister, Adolfo de la Huerta, of misrepresenting to
week and of corporate securities by $50,000,000. Member Obregon the attitude of American bankers with regard to a loan; and
had learned of the alleged misreprebanks in New York City report an increase of $65,000,000 in told of Mexico's effort, even after itof the agreement; and of being forced
sentation, to comply with the terms
loans and discounts, loans on U. S. Government securities finally to declare the agreement in suspension because of the alleged obhaving increased by $4,000,000, loans on corporate securi- structive tactics of American oil men in Mexico when plans for a relief
way.
ties by $28,000,000, and all other loans and:discounts7 loan were well underrelief loan were reported from Mexico City two weeks
Negotiations for a
$33,000,000. Investments of these banks in U. S. Govern- ago to be near a head. At the same time,the expulsion from Mexico of Herand soon
ment securities show an increase of $11,000,000, and their bert A. C. Cummins, British Charge d'Archives, was announced,occupy a
negotiations collapsed. Inasmuch as British bankers
investments in corporate stocks and bonds an increase of after theof equal importance with American bankers in the International
position
$21,000,000. Further comment regarding the changes Committee of Bankers on Mexico,there had been speculation as to whether
the British-Mexican dispute might not have brought all discussions to an
shown by these member banks is as follows:
Of the aggregate decrease of 346,000,000 in net demand deposits $27.000,000 was reported by banks in the New York district. Small decreases
are reported in all other districts except Boston, Cleveland and Kansas
City. Time deposits of all reporting members were $35,000,000 larger
than a week ago, increases being reported for all districts except Richmond.
Government deposits show practically no change for the week.
Reserve balances of all reporting banks declined by 352.000,000. while
cash in vault increased by 34.000.000. For the New York City banks a
decline of 353.000,000 in reserve balances and an increase of $1,000,000
in cash are shown.
Borrowings of all reporting institutions from the Federal Reserve banks
declined from 3116.000.000 to 3106.000,000, while like borrowings of the
New York City members show practically no change.
early ending. According to President Obregon, the reason lay with petroleum interests. He made no mention of the British Government's note of
protest or of its possible effect on loan prospects.
On a subsequent page—that is, on page 54—we give the
figures in full contained in this latest weekly return of the
member banks of the Reserve System. In the following is
furnished a summary of the changes in the principal items as
compared with a week ago and with last year:
Increase (+)or Decrease (—)
During
Year.
Week.
+330.000,000 +3292,000,000
discounts, total
Loans and
—33,000,000
+3.000.000
Secured by U. S. Govt. obligations
+29.000.000 +244.000,000
Secured by stocks and bonds
+81,000,000
—2,600,000
All other
+68,000.000 +134.000.000
Investments, total
U.S. bonds
+18.000,000 +129,000,000
U. S. Treasury notes
+2,000,000 —340,000.000
U. S. certificates of indebtedness
—11,000,000
—2,000,000
Other bonds,stocks and securities
+50,000,000 +356.000.000
Reserve balances with Federal Reserve banks —52,000.000 +154,000,000
Cash in vault
—3,000,000
+4,000.000
Net demand deposits
—46,000,000 +733,000,000
Time deposits
+35,000.000 +414,000.000
Government deposits
—126.000.000
Total accommodation at Fed. Res. banks—10,000,000 —385,000,000
Mexico Fails to Remit for Interest Due July 1 on
External Debt—President Obregon's Statement
Regarding Suspension of Agreement.
The failure of the Government of Mexico to forward
remittances to cover the six months' interest due July 1
on its external debt, under the terms of the agreement made
with the International Committee of Bankers on Mexico,
was announced on June 30 by Thomas Cochran of J. P.
Morgan & Co., Mr. Cochran acting in behalf of Thomas W.
Lamont, Chairman of the committee, who sailed for Europe
Why Government Defaulted.
The Obregon message is a literal translation into English of a decree
signed by Alvaro Obregon and addressed to the inhabitants of Mexico. It
specifies seventeen reasons in explanation of the Mexican Government's
default in transmitting interest payments to New York in time to take care
-year interest disburesment of 1924. The first five specifiof the first half
cations review the efforts of the Government of Mexico to arrive at an agreement with the international committee headed by Thomas W. Lamont.
The amount contracted was 30,000.000 pesos, or 315,000,000, to be paid
under the agreement during 1923, the first year, this amount to increase
by 5,000,000 pesos. or 32,500,000 annually from 1924 to 1928, inclusive.
"Belt known,sixthly," the decree stated,"that during the negotiations of
New York I repeatedly insisted with Mr. de la linens on the necessity to
conclude, previously or simultaneously to the ratification of the agreement,
the contract of a loan intended for the execution of irrigation works and for
the establishment of the Banco Unico de Emision (Banking Institution
Emission) with a view to guarantee through the general economical improvement created by so beneficial investments the exact fulfillment of the obligations derived from the aforesaid agreement. Seventhly,that owing to the
repeated and emphatic affirmations of Mr.de la Huerta of having "secured"
the obtaining of said loan, I did not try any longer to improve the conditions agreed on for the resumption of the debt service, because with the
help of such a loan I considered them within the financial possibilities of the
Government."
The President sets forth that it has been the high intention of himself and
his Government to live up to the last word of the agreement "even at the
risk of the greatest sacrifices, inasmuch as the affirmations of Mr. de is
Huerta relative to the above-mentioned loan came out at the end to be
false."
Strict economy reducing the Mexican Government to "penury" was
enforced in order to keep the agreement going, he further stated, and finally
the moneys set aside for the debt service were used up through the interjection of a situation over which the Government had no control. This lay
In the Mexican rebellion started by de la Huerta,later quashed by Obregon.
but at great cost. Then, at great danger to himself and his regime, the
President said, his Government embarked again on a policy ofstrict economy
"by the balancing of the budget" and by reducing the civil personnel and
suppressing many expenditures.
Failed to Pay Civil Employes.
The addition,the agreement was carried out to the extent of failing to pay
civil employes, these sums accumulating in the Government's account for
Its debt service, while "on one side the amount owed to a great number
of officials and Federal employes and members of the national army reachc.,
up to over two months' salary and on the other side a considerable number
of bills due to merchants and industrials and bankers remain unpaid in this
market."
But these efforts failed to meet the situation, be said, and he asked "the
cooperation of the International Committee of Bankers in the form of a
loan at short maturity, to be guaranteed with the product of taxes revised
on all production, and some other fiscal revenues. The amount of said loan
S
26
THE CHRONICLE
[VOL. 119.
should not sensibly go beyond that of the amounts due of the foreign
debt to scientific requirements." Secretary Hughes
in his advices
cerresponding to the present year."
to Minister Sze said:
This loan, wisely managed, would in an effective way carry out
the
theoretical equilibrium of budgets,allowing to give the new taxes created
I have the honor to enclose herewith a copy of an Act
the
of Congress, apforoplanned application, making sure the present and future fulfillment
of proved May 21 1924, whereby the President is authorized, in his discretion,
the New York agreement."
to remit to China the balance of the Boxer Indemnity, such
remission to
In answer to this suggestion President Obregon explained, Mr. Lamont, begin as from Oct. 1 1917, and to be at
such times and in such manner as
as Chairman of the International Committee of Bankers, "in order
the President shall deem just, the intent of Congress,
to be
as stated in the preable to appreciate the soundness of the guarantee offered by this
Govern- amble of the Act, being further to develop the educational and other culment,inquired of the American Association of Oil Producers in Mexico
about tural activities of China.
the prospects offered by the oil industry in our country, and, as a
conseIn replying, Dr. Sze had the following to say:
quence of the report rendered by said association through its
President.
I have the honor to acknowledge the receipt of your
Guy Stevens, framing conditions for the prosperous developme
note of June 14 1924
nt of the oil in which you are good
enough to convey to me the welcome information
industry in Mexico that evinced a sheer ignorance of our legislation
and that the President has approved
political conditions, said committee totally ignoring
the joint resolution passed by the American
the copious cable
- Congress to provide for the
graphic correspondence exchanged with the Treasury Departme
remission of further payments of the annual
nt in which installments of the
Chinese indemnity. I hasten to express to you the
it had arrived even to a tacit agreement of terms for
the loan, refused at thanks of the Governmen
t and people of China for this signal proof of
last its cooperation, unexpectedly answering the Governmen
t's request in a American friendship for
China. The Chinese nation will ever hold this
sense in opposition to the interests involved in the New York
agreement." generous action on the
part of the United States in grateful remembrance.
For these reasons, he continued, it is necessary that
the Government in
The first remission by the American
order to conserve its assets announce that the agreement
Government in 1908 enabled the
is "temporarily Chinese Government to
devote the annual payments of the indemnity
suspended."
thus set
free to educational purposes. The results of
. "Said suspension," he continued, "shall cease at the restoratio
the experiment have convinced
n of the the Chinese Governmen
t of the wisdom of the step taken in this direction.
equilibrium of the Federal Public Treasury by applying either
It
the funds is the purpose of the Chinese
intended for the service of the foreign debt or the proceeds
Government to continue the policy with the
of a loan to be further payments remitted
by the present Act of the American Governmen
contracted to that effect."
t,
According to the Finance Minister, it is stated Mexico hopes by the end of with such modifications as experience and the demands of the times may
dictate.
1924 to have enough money on hand to pay the full year's interest
on its
As the demand for scientific education has in
reorganized securities. The International Committee, it is
recent years been increasbelieved, would ingly urgent in
China, my Government now proposes to devote
favor an extension in time, and it seemed liekly yesterday
the funds
that a committee thus made available
by the generosity of the American Governmen
would be appointed by the two parties to the contract
t to eduto discuss such an cational and cultural
purposes, paying especial attention to scientific requireextension.
Guy Stevens, President of the American Association of Producers of ments. Moreover, it is the intention of my Government to entrust the administration of the funds to a board which
Petroleum in Mexico, had no comment to make on the report rendered
shall be composed of Chinese
by and American citizens
as members, and also to avail itself of the services
that organization to the International Committee, which was said by
of
Obre- experts in working
out the details along the lines indicated.
gon to have precluded the possibility of a new loan. This loan,it
was underUpon the formulation of some definite plan
stood at the time, was to have been paid out of export taxes,
I shall take pleasure in laywhich have ing it before you
for your consideration.
declined as a result of the decline in Mexican oil production.
Mexican oil production in 1922 amounted to 180,000,000 barrels, accordThe communications were made public by
ing to published statements. The 1923 production was 136,000,00
the State De0 barrels, partment on June
27. Reference to the action of Congress
and a further reduction has been reported so far in 1924.
This decline has
been the result of curtailed operations, made necessary
by compliance with was made in our issue of May 24 page 2514.
the constitutional law of Mexico, which claimed for Mexico
the subsoil
rights, and also stipulated that all employes of the oil companies
should
share in the profits.
Two Danish Banks Suspend Payment.
As a result of these provisions, virtually all producers restricted their
drilling to the reserves mapped out in 1917, when the new Constitution was
The "Daily Financial America" announced the
adopted, and with the running out of these wells many companies have
following
from Washington June 30:
abandoned Mexico to develop the Venezuelan fields.
Two Danish banks recently suspended
The bankers'survey revealed this situation, and the question was raised as
payments on account of heavy
to how long production In sufficient quantity to amortize a loan would con- losses, the Department of Commerce announced
to-day. One of the
houses, D. B. Adler & Co., sustained losses
tinue. For one or two years, the bankers believed, such receipts could
be
estimated at 4,000,000 crowns.
Total liabilities of the bank stand at
depended on, but for five or more years it was doubtful if oil production
24,000.000 crowns. The other bank
and
was a minor Provincial one.
shipments would afford a sufficient security to justify another advance.
In its issue of July 3 the "Times" said:
Alberto Mascarenas, financial agent of the Mexican Governmen
t, issued
a statement yesterday denying that there was any connection
between the
recent expulsion of Herbert A. C. Cummins, British Charge d'Archives
, and
the temporary suspension of Mexico's debt agreement.
Mr. Mascarenas
said:
Offering of Kingdom of Hungary Bonds in United
States and Abroad.
James Speyer announced on June 30 that Speyer &
Co.
in association with the Equitable Trust Co. had formed
"There is no connection whatever between the Cummins incident
and the
a
finances of the Mexican Government. Incidentally the
syndicate to offer in the United States $7,500,000 of the
departure of Mr.
State
Cummins from Mexico will hasten rather than retard the
resumption of Loan of the Kingdom
of Hungary, 1929,7% sinking fund,
diplomatic relations with Great Britain.
"It has been stated that the failure of the present negotiatio
ns for a loan is gold bonds. Public offering of the bonds was made on July 2
due in part to a continuing decline in the oil production
of foreign companies by Speyer & Co., the Equitable Trust
Co. of New York,
operating in Mexico and to the gradual abandonment by these
companies of Hayden, Stone
& Co. and Hambleton & Co., at 873'% and
their operations there in favor of operations in other
countries. This is
contrary to the facts.
accrued interest, to yield about 8.85%. These bonds and
"The official figures of oil production for 1923 were
144,340,833 barrels, £7,902,700 Sterling bonds, offered
simultaneously in London
and for the first three months of 1924, 38.554.712 barrels, which
is at the by Baring
Brothers & Co., Ltd., N. M. Rothschild & Sons
rate of about 155,000,600 barrels for the year. In this connection
it must
be remembered that the first two months of 1924 were
the very height and J. Henry Schroeder & Co., are part of an international
of the de la Huerta rebellion, which in some districts prevented
production. loan to be issued also in
Czechoslovakia, Holland, Italy,
"All the established oil-producing companies are continuing
normal operSweden, Switzerland, Hungary and other countries, in varia Aons and in many instances are filing applications for new drilling
permits,
are drilling new wells and have recently brought in new wells of
substantial ous currencies, for amounts sufficient to yield to the Governyield. In view of the constant increase of oil consumption in
the United ment in the aggregat
e an effective sum not exceeding the
States, the low cost of production in Mexico and of transportation
to the
United States, and the fact that only a very small fraction of
the oil area equivalent of 250,000,000 Hungarian gold crowns, or about
in Mexico has been developed, oil production in Mexico is bound
to increase $50,650,000. Outside of the United States and London
it
continuously and in large proportions."
was stated that other portions of the loan would be offered in:
The New York "Journal of Commerce" of the 3d inst.
Italy—By Hance d'Italia, Rome.
said:
Switzerland—By Union Financiere de Geneve, Geneva; Swiss
Bank
Corporation, Basle.
Commenting unofficially on President Obregon's decree suspendin
g the
Czechoslovakia—By Ceske Prumyslova a Hospodarska Hanka,
Mexican debt agreement, Wall Street bankers yesterday said that
Prague,
various
Holland—By Messrs. Hope & Co., Amsterdam.
industries other than petroleum producers had been approache
d as possible
Sweden—By Stockholms Enskllda Bank, Stockholm, &c.
lenders to the Mexican Government. Owing to existing political conditions
In Mexico they had been no more desirous of advancing capital
On the 2d inst. Speyer & Co:issued a statement saying:
than the
oil interests.
The Hungarian loan has been very well received and a
large number of
Guy Stevens, President of the American Association of Oil Producers
in individual investors from New York and other States have sent in
Mexico, whom the decree accused of showing "sheer ignorance
their
of our applications. No definite figures are so far available. In
London the
(Mexican) legislation and political conditions", declined to
comment on the £7,900,000 offered there have been largely over-subscribed.
Obregon decree.
On the 3d inst. Speyer & Co. and the Equitable Trust Co.
A banker qualified to discuss the subject said that a settlement had
been
reached on the basis of $1,200 par value of bonds to $280 provided
in the announced that the whole amount offered here ($7,500,000)
agreement
China to Devote Chinese Boxer Indemnity Payments
to Educational and Cultural Purposes.
In acknowledging receipt of advices from the State Department at Washington relative to the enactment of legislation providing for the remission to China of the balance
of the Boxer indemnity, Dr. Sao-Ke Alfred Sze, the Chinese
Minister, in a letter to Secretary of State Hughes says that
his Government "proposes to devote the funds thus made
available by the generosity of the American Government to
educational and cultural purposes, paying especial attention
had been subscribed for. Speyer & Co. made the following
statement:
£7,900,000, Great Britain's share of the Hungarian
State Loan, has been
twice oversubscribed in London. and we are glad
that the issue of the
American part, of $7,500.000, has been successful
here.
It seems clear that if the people of the United
States want to maintain
the financial leadership and increase the prestige which
has come to them
during the war period, they must take part in the larger financial
transactions during the period of peace reconstruction, whenever
this can be
done without undue risk. Aside from the general advantages which
the
United States may expect from the rehabilitation of the principal
European countries, experience has shown that there are also certain
economic
and commercial—if not political—advantages which come to
the country
which lends money and assistance to those that need them.
As regards the Hungarian loan, the income from the security pledged,
'viz., customs, tobacco monopoly, &c., is over two and ono-half times
the
Juix 51924.]
THE
27
CHRONICLE
New York of City of Trondhjem
(Norway).
An issue of $2,500,000 City of Trondhjem (Norway)
20-year 63/2% sinking fund extenral loan gold bonds was
offered on July 2 by White, Weld & Co., Brown Brothers &
Co., and Blair & Co. at 96 and accrued interest to yield
6.85.% The proceeds of the loan, it is stated, are to be
used principally for the reduction of floating indebtedness
the River
The bonds were offered in London at 88. The subscrip- incurred for the construction of a bridge across
having been Nidelv, extensions to the waterworks system and for schools
tion books in London were closed on the 2d inst.,
will not,
open but two hours, it is said. The bonds will be dated and other buildings. The total debt of the city,
1924 and will become due Feb. 1 1944. They will therefore, it is added, be materially increased by this issue.
Aug. 1
become due
not, it is stated, be subject to redemption before Feb. 1 1934, The bonds will bear date July 1 1924, will
of the
except for the sinking fund, and will be redeemable at any July 1 1944, and will be redeemable, at the option
Government, city, on any interest date, as a whole only (except through
time on and after that date at the option of the
interest,
with the consent of the trustees, as a whole (but not in part operation of the sinking fund) at 100 and accrued
in
sinking fund), upon not less than six months' after 60 days' notice. The bonds are in coupon form
except for
denominations of $1,000 and $500, and are registerable as
notice, at par and accrued interest. The cumulative annual
and July 1,
sinking fund, beginning Feb. 2 1925, will, it is stated, be to principal only. Interest will be payable Jan. 1
maturity, and principal and interest will be payable in time of war
sufficient to redeem the entire issue at or before
nationality
and will be applied to redemption of bonds through purchase as well as in time of peace, irrespective of the
if obtainable at less than par and accrued in- of the holder, at the principal office of the Chase National
in the market,
terest, or if not so obtainable, through annual drawings by Bank of the City of New York, fiscal agent for the loan,
any Norlot at par and accrued interest. Interest will be payable in United States gold coin, without deduction for
payable wegian taxes, present or future. The sinking fund, which,
Feb. 1 and Aug. 1 and principal and interest will be
entire issue at or before
in New York at the office of Speyer & Co., in United States it is stated, is sufficient to retire the
present standard of weight and fineness, without maturity, will commence Oct. 1 1928, operating semigold coin of
than onededuction for any Hungarian taxes, present or future. annually, and will be sufficient to retire not less
purchase in the
The bonds will be in coupon form in.denominations Of $1,000, sixteenth of total issue each year through
call by lot at 100.
$500 and $100. Payment for the bonds allotted is to be market at not exceeding 100 or through
made in New York funds on or about Aug. 1 1924 at the of- From the offering circular, we take the following information
and other
fice of Speyer & Co., this city, against delivery of temporary obtained from the Burgomaster of Trondhjem
official sourees:
certificates exchangeable for definitive bonds when ready.
The City of Trondhjem, the former capital of Norway, founded in the
Guarantees, it is stated, have been established for the proyear 997, is the third largest city and one of the leading commercial centres
tection of the bondholders. The following, it is announced, of the Kingdom. The population of Trondhjem lain excess of 56.000.
The City of Trondhjem has always enjoyed high credit. Prior to the
is a summary taken from a statement which has been apfour internal loans issued between
proved by Jeremiah Smith Jr., Commissioner-General of war its total funded debt consisted ofranging between 3M % and 434%.
1895 and 1914 bearing interest rates
the League of Nations for Hungary, and by Baron Frederick Since 1914 the city has issued two internal loans, one bearing interest at
5%,and the other at a rate varying with the current official discount rate.
de Koranyi, Hungarian Minister of Finance:
annual requirements for interest and sinking fund of the loan. We should
also remember that an American citizen, Jeremiah Smith, Jr., of Boston, as
Commissioner-General of the League of Nations, has supervision of the
Hungarian Government budget, of the expenditure of the proceeds of the
loan, &c.
The people of this country evidently also realized that Hungary Is a rich
agricultural State, self-sustaining arregards food, and that it used to sell
its Government loans on a 5% basis, while this last loan nets over 8i%
to the investor at its present price.
Considering all these factors, it is not surprising that the American offering has been favorably received by our people.
Offering of Bonds
The loan is issued pursuant to the Geneva Protocols, dated March 14
1924, approved by the Council of the League of Nations and ratified by the
Hungarian Government, for the purpose of effecting the financial and
economic reconstruction of Hungary in accordance with the plan of the
Council of the League. This plan provides for the stabilization of the Hungarian currency and the balancing of the budget on a permanent basis
through taxation by June 30 1926. The execution of this plan is under the
supervision of the Commissioner-General appointed by the Council of the
League and responsible to it. Hon. Jeremiah Smith Jr., of Boston, has
been appointed to this office. The proceeds of the loan will be placed under
the control of the Commissioner-General, and will be used to cover the excess of expenditures over revenues during this period of reconstruction.
The loan will be secured by a first charge on the gross revenues from the
customs,the sugar tax,and the tobacco monopoly,and the net revenue from
the salt monopoly. The receipts from these revenues for the first four
months of 1924 were at the rate of about 80,000,000 gold crowns (about
$16,208.000) per annum, or over two and one-half times the annual requirements for interest and sinking fund payments on the loan, amounting
to about $6,280,600. The loan will be additionally secured, if required by
the Commissioner-General (or by the trustees for the bondholders when no
Commissioner-General is functioning), by a first charge on any other revenues (except those of the State railways) and assets of the Government.
The security for this loan will extend to any loan which the Government
may issue to redeem on or after Feb. 1 1934 the then outstanding baiance of
any issue forming part of this loan, but no other lien on the above revenues
and assets may be created ranking In priority to or pani passe with the lien
of this loan.
By agreements with the United States. Great Britain, and other nations
interested, the obligations for relief bonds have been subordinated to the
lien of this loan, and all charges for reparations imposed under the Treaty
of Peace have likewise been subordinated by the Reparation Commission.
The revenues pledged will be paid as collected into a special account, controlled by the Commissioner-General, and when no Commissioner-General
Is functioning, by the trustees for the bondholders appointed by the Council
of the League of Nations. Out of these funds there will be transferred to
the trustees, in accordance with the terms of the loan, on the first of each
month,one-twelfth of the annual requirements for interest and sinking fund.
A reserve fund in cash sufficient to cover one-half of the annual interest
and sinking fund requirements of the loan is to be kept on deposit with the
trustees to meet any deficiency in the service of the loan. Any amount
drawn from this fund is to be forthwith made good by the Hungarian Government.
Control by the Commissioner-General will continue until the Council determines that financial stability is assured, but such control may be re-established at any time while any part of the loan is outstanding, if the balance
of the budget or the security for the loan is endangered.
It is also stated:
Great Britain, France, Italy and the neighboring States of Rumania,
Yugoslavia and Czechoslovakia,in a Protocol signed March 14 1924, Joined
with Hungary in solemn declaration to respect the political and economic
independence, territorial integrity and sovereignty of Hungary, and the
guarantees established for the protection of the bondholders.
The bonds were offered when, as and if issued and received,
and subject to approval of counsel. Reference to the
loan was made in these columns last week, page 3148, and
the Hungarian reconstruction plans were the subject of items
in our;issues of April 19, page 1851,and May 10, page 2250.
in
At the present time, the outstanding kroner bonds of the city sell in
Norway on approximately the same yield basis as those of Christiania
and Bergen. There is no record of any default ever having occurred oa
the debt of the City of Trondhjem.
The debt of the City of Trondhjem, as of June 30 1923 (latest official
figures available) amounted to 57,255,214 kroner ($15,344,397). The
total assets of the city are estimated at 106,667,734 kroner ($28,586,953).
of which salable assets, including revenue-producing gas and electric
plants and tramways, comprise 88,017,566 kroner ($23,588,708). Total
taxable property values, including both real and personal property, are
estimated at 225,580,500 kroner ($60,455,574).
The city budget has been balanced in each of the five past fiscal years
ending June 30. The total annual income of the city's population is
estimated at 89,921.036 kroner ($24,098,838), and the taxable income
for the year ended June 30 1924 at 60,351,648 kroner ($16,184,242)•
Attention is called to the fact that all conversions of
kroner into dollars have been made at par of exchange
($0.268). The current rate of exchange is approximately
$0.134. The bonds are offered when, as and if issued, and
accepted by the offering houses, subject to the approval of
their counsel and of Norwegian counsel. It is expected
that temporary bonds will be ready for delivery about
July 21 1924.
Offering of Pacific Coast Joint Stock Land Bank
Bonds.
On June 30 an issue of $1,500,000 5% bonds of the Pacific
Coast Joint Stock Land Banks was offered by-Harris, Forbes
& Co., William R. Compton Co., Halsey, Stuart & Co., Inc.,
of New York, the First Securities Co. of Los Angeles, the
Mercantile Trust Co. of California, San Francisco, and the
Security Co. of Los Angeles. The bonds were offered at
2
/
1011 and interest, to yield over 4.80% to the redeemable
date (1934) and 5% thereafter to redemption or maturity.
They are dated March 1 1924, will become due March 1 1954,
and are redeemable at par and accrued interest on any Interest date on or after March 1 1934. They are coupon bonds,
fully registerable and interchangeable, and are in denomtnadon of $1,000. Principal and semi-annual interest (Mardiki
and Sept. 1) are payable in New York, Chicago, San Francisco, Los Angeles or Salt Lake City. Issued under the Federal Farm Loan Act, the bonds are exempt from Federal,
State municipal and local taxation. They are acceptable as
security for postal savings and other deposits of Government funds. These bonds are the obligations of the bank of
issue, viz:
$500,000 Pacific Coast Joint Stock Land Bank of San Francisco,operating
in California and Nevada. John S. Drum,President, also President of the
Mercantile Trust Co. of California, San Francisco.
28
THE CHRONICLE
$500.000 Pacific Coast Joint Stock Land Bank of Salt Lake City, operating in Utah and Idaho. Heber J. Grant, President, also President of the
Utah State National Bank, Salt Lake City.
$500,000 Pacific Coast Joint Stock Land Bank of Los Angeles, operating
in California and Arizona. J. F. Sartori, President. also President of
the Security Trust St Savings Bank,
Angeles.
Los
[VOL. 119.
identified with banking, farming and farm financing in the territory in
which the bank operates.
The names of the officers were given in our issue of
Feb. 23 1924, page 861, and in these columns Jan. 5, page 33,
we referred to the change in the name of the bank.
The Joint Stock Land Banks are owned or controlled by
the stockholders of the following Pacific Coast banks and Offering of 1,000 Shares of Capital Stock of Denver
trust companies, having total resources of more than $500,Joint Stock Land Bank.
000,000:
Westcott, Kearr & Parrott of New York offered on
Security Trust & Savings Bank, Los Angeles.
July 2 at $120 and accrued dividend, to yield 6.67%, 1,000
The First National Bank, Los Angeles.
shares of capital stock of the Denver Joint Stock Land
Pacific-Southwest Trust & Savings Bank, Los Angeles.
The First National Bank, Portland.
Bank of Denver, Colo. The stock is in shares of $100.
Walker Brothers, bankers, Salt Lake City.
Dividends are payable quarterly on Jan. 1, April 1, July 1
The National Copper Bank, Salt Lake City.
and Oct. 1. The present dividend rate is 8% per annum.
The Utah State National Bank, Salt Lake City.
Deseret National Bank, Salt Lake City.
Dividends are free from present normal Federal income
Mercantile Trust Co. of California, San Francisco.
taxes. C. L. Beatty, in a letter dated July 1 to Westcott,
From the offering circular we take the following, credited Kearr & Parrott, says in part:
to official sources:
The Denver Joint Stock Land Bank of Denver, Colo., was organized on
The Pacific Coast Joint Stock Land Banks were organized for the purpose of promoting the general welfare of the Pacific Slope, by providing
capital for the development of its agricultural resources, creating a standard
form of investment based upon farm mortgages and equalizing rates of
interest upon farm loans.
Each of these Joint Stock Land Banks has a paid-in capital of $250,000
and a surplus of $25,000, and is a member of the Association of Pacific Coast
Joint Stock Land Banks, a voluntary association organized for the purpose
of co-ordination and the establishment of uniform practices of the banks
so affiliated.
The officers and directors of the banks are, for the most part, officers of
the allied banks and trust companies, which are among the strongest
financial institutions of the Pacific Slope. Among the executives of each
bank there are men thoroughly familiar with the farm loan business in the
States in which the bank operates.
As of May 31 1924 the Bank of Los Angeles reports $3,220,000 of bonds
outstanding; the Bank at San Francisco, $3,148,000, and the Bank at
Salt Lake City, $2,200,000.
Statement of the Pacific Coast Joint Stock Land Banks.
(As officially reported May 31 1924.)
SanFrancisco.
Los Angeles.
Salt Lake.
Acres of real estate security
loaned upon
73,418
83,713
33,935
Total amount loaned
$3,318,700 00 $2,390,100 00 $3,481,900 00
Appraised value of real estate
$7,945,373 00 $6,041,300 00 $7,795,690 00
security
$91.91
Average appraised value per acre
$229.72
$82.30
Average amount loaned per acre
$102.60
$32.54
$39.64
Percentage of loans to appraised
value of security
41.77%
44.66%
39.50%
An earlier offering this year of $1,500,000 bonds of the
Pacific Coast Joint Stock Land Banks was noted in our issue
of March 1, page 957, and on June 21, page 3033, we referred
to an offering of $1,000,000 bonds of the Pacific Coast Joint
Stock Land Bank of Portland, Ore.
April 18 1922 under Charter No. 38, in accordance with the provisions of
the Act of Congress approved July 17 1916 known as the Federal Farm
Loan Act.
Mr. C. L. Beatty and his associates subscribed the original capital of
$250,000, which was fully paid in. In December 1923 the capital was increased by $170,000, making a total of $420,000 paid-in capital as of Dec.
31 1923. The outstanding loans totaled $5,830,700 on May 31 1924.
These loans are secured by absolute first mortgages on improved agricultural property in the best sections of Colorado and Wyoming, the farms
covered having a total appriased value of $16,659,014.
Other information contained in Mr. Beatty's letter is
summarized as follows:
The paid-in capital of the bank is loaned on first mortgages at 6% interest. The bank can issue bonds up to fifteen times its capital and paid-in
surplus. These bonds are secured by absolute first mortgages which are
deposited with the Federal Registrar in the district, a representative of the
Federal Farm Loan Board. The bank earns 6% on the proceeds of its capital stock so invested, plus the difference between the6% received on mortgages and the coupon rate of the bonds. This difference cannot exceed
1%. The maximum gross earnings are,therefore,21% on the capital stock,
from which the only important charges to be deducted are salaries and taxes.
At the present time the actual net earnings on the stock are at the rate of
approximately 14.3% per annum, as compared with the present annual
dividend of 8%.
Rigid limitations are placed upon the operation of the bank by the Federal Farm Loan Act and by the regulations of the Federal Farm Loan Board,
so that loans made the basis of issuance of Farm Loan bonds maybe made
only on property actually under or capable of cultivation, at not to exceed
50% of the land value and 20% of the permanent insured improvements.
Such loans must not exceed $100 per acre and no single loan may exceed
15% of the paid-in capital, nor may it exceed $50,000. In the case of this
bank, loans average 35%% of the appraised value, are less than $20 per
acre, and no single loan can exceed 12% of the bank's paid-in capital.
While the bank's charter authorizes it to operate throughout the States
of Colorado and Wyoming, its policy has been to confine its investments in
farm mortgages to the purely agricultural districts of the two States:
Wyoming standing fourth in the average production per acre of wheat, rye,
barley and hay; and Colorado producing eight times as much wealth from
its farms and ranches asfrom its mines.
Joint Stock Land bank stock is unusual in the security of principal and
assurance of income based on the principal assets permitted by law: Cash.
U. S. Government securities and first mortgages on farms, appraised,
inspected and duly approved. The amortization of the farm loans continually increases the equity, which already is over 185% of the amount
of the loans, behind the Land Bank bonds, and furnishes a continuity of
business and earnings that provides an extremely high factor of safety and
stability of earnings for the stock. The Denver Joint Stock Land Bank
loans in the most prosperous farming sections, and the management is
favorably known throughout its territory.
Offering of Bonds of Columbus Joint Stock Land
Bank.
At 101 and accrued interest, to yield 4.80% to 1934
and 5% thereafter, A. B. Leach & Co., Inc., the Guardian
Savings & Trust Co. (bond department) of Cleveland and
the Ohio National Bank of Columbus, 0., offered on July 2
$750,000 5% farm loan bonds of the Columbus Joint Stock
Land Bank, formerly the First Joint Stock Land Bank
The following is the bank's statement of conditions as
of Cleveland. The bonds are dated June 1 1924, will be- of May 31 1924:
Assets.
come due June 1 1954 and will be redeemable at par and
Mortgage loans
$5,830,700 00
accrued interest on June 1 1934 or any interest date there- Accrued interest on mortgage loans
104,041 63
bonds, coupon and fully registered and inter- Farm loans bonds owned
after. The
87,000 00
Accrued interest on farm loan bonds owned
848 13
changeable, are in denominations of $10,000, $5,000, $1,000
Furniture and fixtures
2.62685
and $500. Principal and semi-annual interest (June 1 and Cash on hand and in banks
220.360 13
December 1) are payable at the Guardian Savings & Trust Certificates. notes and warrants
30,595 65
3,966 22
Co., Cleveland, 0., or at the Columbus Joint Stock Land Other assets
Bank of Columbus, 0. The bonds are exempt from all
$6,280,138 61
Federal, State, municipal and local taxation, excepting only
Liabilities.
Capital
$420,000 00
inheritance taxes, and are legal investment for all fiduciary Reserve stock
2.70000
and trust funds under the jurisdiction of the Federal Govern- Reserve for taxes. &c
1,14720
ment and may be accepted as security for postal savings Undivided profits
48,067 82
Farm loan bonds authorized and issued
5.600,000 00
certain deposits of Government funds. John H.Kafft, Accrued interest on farm loan bonds
and
53,124 82
Vice-President and Managing Director of the Columbus Amortization payments on principal
123,978 65
Joint Stock Land Bank, in a letter to the houses offering Matured interest on farm loan bonds (not presented)
12,097 50
Amortization installments paid in advance
17,529 99
the bonds, says in a letter under date of June 26:
Accounts payable
Loans of the Columbus Joint Stock Land Bank represent only 37.36%
of the total value of the security as appraised by Government appraiser,
and based upon the confidential reports of correspondent banks and local
representatives, these loans represent 32.67% of the total value of the mortgaged security. The average size of the loan per farm of this bank is
$4 968 87. The average value per farm is $13,320 62.
1,49263
$6,280,138 61
An offering of bonds of the Denver Joint Stock Land Bank
was referred to in our issue of a week ago, page 3153.
Bank and Management.
National Live Stock Producers' Association Organized
The Columbus Joint Stock Land Bank was originally chartered Feb. 23
in Chicago.
1922 as the First Joint Stock Land Bank of Cleveland, Ohio, under the Federal Farm Loan Act, to make loans on farm lands in the States of Ohio and
Chicago advices, May 19, to the New York "Evening Post"
Michigan. By amendment of its charter effective Jan. 11924, the name of
the bank was changed to the Columbus Joint Stock Land Bank and the loca- Said:
tion of its principal office from Cleveland to Columbus, this being prompted
The National Live Stock Producers' Association has been organized
by a desire to have the bank located in the centre of the most desirable to furnish credit to feeders of live stock in Missouri, Arkansas,
Iowa,
agricultural section of Ohio. The policy and management of the bank Illinois, Indiana and Ohio.
It is an Illinois corporation with $40,000
remains the same, its board of directors consisting of men who have been capital and is to be known as
Producers' Live Stock Credit Corp
the
JULY
29
THE CHRONICLE
5 1924.]
The Federal Farm Loan Bureau has also given out the
Producers'
It is organized largely by C. B. Denman, President of the
of the following statement showing the total of loans closed for the
Live Stock Commission Association, and L. 0. Grieser, Secretary
St. Louis Live Stock Producers' Association.
benefit of farmers since the day of their organization. The
Arrangements have been made with the Federal Intermediate Credit
at 5%. Stockers statement segregates the loans by States and we reproduce
Bank at St. Louis to discount loans to cattle feeders
who it here:
and feeders are to be bought through the Producers' Association
credit
will assist in securing loans on live stock which is mortgaged to the
BY STATES
STATEMENT SHOWING LOANS CLOSED, SEGREGATEDORGANIZAcorporation.
BY FEDERAL AND JOINT STOCK LAND BANKS FROM
TION TO APRIL 30 1924.
Minnesota Rural Credit Loans.
Paul advices published in the "Wall Street Journal"
St.
of June 17 said:
Minnesota Rural Credits Bureau in eight months of operation has
loaned to within $9.000.000 of its statutory limit of $30,000,000 bonds
outstanding. Notice has been given that no new applications will be
approved and that many loans already authorized must be reduced. Applications filed total $55,000,000 and limit of bonds was reached with recent
$10,000,000 issue.
Magnitude of Operations of Federal Land Banks and
of the Joint Stock Land Banks.
In our reference of June 21 to the sale of a new issue of
$35,000,000 Federal Land Bank bonds (page 3032) we noted
that we were publishing on another page statements as of
April 30 1924 showing the magnitude of the operations
of the twelve Federal Land Banks and the consolidated
stateinent of the Joint Stock Land Banks, of which latter
there appear to be 69 in operation. As showing the assistance extended to the agricultural classes by these two great
loan agencies, it should be noted that on the date given the
Land Banks had $866,152,240 of Farm Loan bonds outstanding and the Joint Stock Land Banks $378,181,200, or $1,244,833,440 together. The two statements are as follows:
CONSOLIDATED STATEMENT OF CONDITION OF THE TWELVE
FEDERAL LAND BANKS AT CLOSE OF BUSINESS APRIL 30 1924.
Assets
*$861,004,633 98
Net mortgage loans
13,887,086 45
Interest accrued but not yet due on mortgage loans
44,637,215 96
U. S. Government bonds and securities
307,491 00
securities
Interest accrued but not yet due on bonds and
8,965 16
Other interest accrued but not yet due
16,139,668 80
and in banks
Cash on hand
1,797.532 68
Notes receivable. acceptances, &c
803.411 39
Accounts receivable
1.443,95379
Installments matured (in process of collection)
1,716,338 78
Banking houses
244,504 74
Furniture and fixtures
2,899,046 17
Other assets
Memoranda
Net earnings to April 30 1924
Less-Dividends paid
Carried to suspense account
Other charges
Carried to surplus account
Carried to reserve account
Undivided profits
No.
Amount.
No.
Amount.
2,002
2,002 45,658,750
424
955,675
424
829
829 2,271,200
1,267
1.267 3,488,305
II
314,250
104
1,116
3,733,350 __-_
1,116
523 3,388,600 4,955
4,432 14,596,740
737,900 1,001
126
875 3,441,950
3,414,300 9,332
472
8,861 24,763,133
917
699,900
103
814 3,172,
7
78
276,000
4911 2,354,400 4.369
3,871 10,514,500
4,870.7001 3,761
2,397 4,852,950 1,36
8.426 16,993.450 3,440 13,370,9001 11,886
5,736 16,403.070 1,079 5,645.400 6.81,
342
1,831,1001 8,425
8,083 19,309,710
3,291
6,008,569
3,291
677 3,074,8001 8,74
8,068 21,051,800
8,102 20,378,100 1,694 10,913,0001 7,796
8,533 31,304,500 5,252 31,368,6841 13,785
4,058 16,558,000 3,489 18,695,2501 7,54
220
1.911,1001 16,594
15,374 28,962,270
30
566,00th 9,136
9,106 20,902.565
276 4,539,5001 20,616
20,340 37,813,820
5,008 22,650,80 5,588 47,886,895 10,596
7,789 25,015,460 2,697 22,967,610 10,486
707 7,376,000 13,982
13,275 22,517,11
774 4,584,600 10,91.
10.141 39,325,
3,926 35,319,950 12,481
8,555 36,297,2
967 4,810,550 7,352
6,385 24,132,900
2,385,500 7,6801
436
7,244 18,151,300
78,009,145 12,898
6,829 50,650,350 6,06
2,243 22,860,390 9,663
'7,420 37,458,490
4,606 21,138,550 1,446 12,288,820 6,052
442 3,495,400 2,596
2,154 6,184,900
8,968 37,622,200 3,414 23,867,300 12.382
972 5,766,050 7,457
6,485 17,368,800
627,800 7,5
74
7,516 21,318,3
4,745
4,745 9,741,500 -- -35,297 103.659,891 4,089 35,765,723 39,386
13,569,750 7,628
6,595 23,158,300 1,033
656,300 4,799
128
4,671 14,926,900
209
340.700
18
723,300
191
1,348,500 1,414
186
1,288 5,029,400
1,733,800 7,240
330
6,910 24,549,295
345 2,068,900 7,832
7,487 21,668,090
674 8,127,900 7,12
6,454 21,492,380
158 .1,795,700 11.1
30,050,920
10,992
1,0261,02
15.558,750
955,675
2,271,200
3,488,305
314,250
3,733.3.90
17,985,340
4,179,850
28,177,433
3,872,700
276,000
12,868.900
9,723,650
30,364350
22,048;4713
21,140,810
6,008,569
24,126,600
31,291,100
62,673,184
35.253.250
30,873.370
21,458,565
42,353,320
70.537,700
47,983,070
29.893,110
43,910,100
71,617,150
28,943,450
20.536,800
128.659,495
60,318,880
33,427,370
9,680,300
61,489.500
23,134,850
21,946,100
9,741,500
139,425,614
36,726,050
15,583,200
1,064,000
6,377,900
26.283,095
23,736.990
29,620,280
31,846,620
2,801,200
,
lo i27t0K1 222,102 MAIA111,142n9A 1117222 AAR
22011 221 212
according to the first official statement, covering the first
three months of its operations, made public on June 25. The
$20,120,228 30
following regarding the report is taken from the Minneapolis
$8,888,601 99
852,276 49
"Journal" of June 26:
$944,889,848 90
1.535,35745
11.276,23593
$300,000 00
4,792,000 00
3.751,99237
•Unpledged mortgages (gross), $14,508,809 44.
CONSOLIDATED STATEMENT OF CONDITION OF THE JOINT
STOCK LAND BANKS AT CLOSE OF BUSINESS APRIL 30 1924.
Assets
$411,980,043 08
Net mortgage loans
7,898,402 89
Interest accrued but not yet due on mortgage loans
9,272.585 20
U. S. Government bonds and securities
63,829 60
Interest accrued but not yet due on bonds and securities_
80.183 58
Other interest accrued but not yet due
10,810,535 30
Cash on hand and in banks
3,130,086 78
Notes receivable, acceptances, &c
935.369 50
Accounts receivable
976,059 59
Installments matured (in process of collection)
880,463 30
Banking houses
180,945 47
Furniture and fixtures
2,102,024 89
Other assets
Total assets
Liabilities
Capital stock paid in
Surplus paid in
Reserve (from earnings)
Surplus (from earnings)
Farm Loan bonds outstanding
Interest accrued but not yet due on Farm Loan bonds
Other interest accrued but not yet due
Notes and accounts payable
Duo borrowers on uncompleted loans
Amortization installments paid in advance
Reserved for Farm Loan bond coupons outstanding
Other liabilities
Undivided profits
No.
Total Loans Closed by
Federal and Joint
Stock Land Banks.
886,152,240 00
15.562,064 21
1,000,000 00 Loans Extended by Agricultural Credit Corporation-1.751,07490
807,609 76
Further Installments of Capital Subscriptions
1,240,943 97
Called for Reopening of Banks.
1,739,371 04
497,007 62
Loans aggregating $4,303,000 were made to 273 Northwest
1,297,102 53
3,751,992 37 banks by the Agricultural Credit Corporation up to June 21,
8,843,992 37
Total reserve and undivided profits
Capital stock originally subscribed by U. S. Govertunent- $8.892,130 00
6,906,630 00
Amount of Government stock retired
1,985,500 00
Capital stock held by U. S. Government
Total liabilities
Amount.
Loans Closed by
Joint Stock Land
Banks.
The above totals represent gross loans closed from organization of system to date. The difference between these
totals and the amounts shown on the consolidated statements of condition opposite "net mortgage loans" represents
$46,198,442 50 loans paid In full by borrowers and payments by borrowers
4,792,000 00
300,000 00 on account of principal.
$1,985,500 00
43,928,527 50
282,385 00
2,030 00
Total capital stock
Reserve (from earnings)
Surplus (from earnings)
Farm Loan bonds outstanding
Interest accrued but not yet due on Farm Loan bonds_
U. S. Goverriment deposits
Notes and accounts payable
Due borrowers on uncompleted loans
Amortization Installments paid in advance
Reserved for Farm Loan bond coupons outstanding
Reserved for dividends unpaid
Other liabilities
Undivided profits
Total liabilities
Loans Closed by
Federal Land Banks
Maine
New Hampshire__
Vermont
.
Massachusetts_ _
.
Rhode Island_ _ _
Connecticut
New York
New Jersey
Virginia
Maryland
Delaware
Pennsylvania_ _
West Virginia_ _ _ _
North Caro1ina
South Carolina
Georgia
Florida
Tennessee
Kentucky
Indiana
Ohio
Alabama
Louisiana
Missisfdppi
Illinois
Missouri
Arkansas
North Dakota
Minnesota
Wisconsin
Michigan
Iowa
Nebraska
South Dakota_ _ _
Wyoming
Kansas
Oklahoma
Colorado
New Mexico
Texas
California
Utah
Nevada
Arizona
Idaho
Montana
Oregon
Washington
Porto Rico
$944,889,848 90
Total assets
Liabilities
Capital stock:
United States Government
National Farm Loan associations
Borrowers through agents
Individual subscribers
State.
$448,310,529 18
$34,562,485 00
1,214,926 31
2,177,193 15
586,879 38
378,181,20000
7,812,364 29
54,801 30
19,067,133 60
849,527 53
1.251,49170
758,713 50
477.748 21
1,316.065 21
$448,310,529 18
Officers expressed the belief that emergency relief, which the corporation
was organized to furnish, largely will have been met by harvest time. The
board of directors authorized a call for another 20% of the stock.
Salient features of the official report submitted to the corporation's directors were:
Up to June 14, actual advances had been made to 190 banks, eight In
Minnesota, with loans aggregating $149.800; 25 in Montana, loans amounting to $780.000; 97 in North Dakota, $807,000; 54 in South Dakota, $865.000. and six special cass, $109,800, a total of 82.711.600.
The total bank loans to June 21 aggregated $3,156,000 to 215 banks, with
pending commitment of $1,207,000 to 58 banks.
The corporation made a commitment of $100,000 of stock to the Northwest Dairy Loan Association at Minot and will take similar action ir dairy
loan associations are formed at Grand Forks and Mandan as contemplated.
Applications from farmers for loans to pay tax delinquencies number 235.
894,000,
f
azgregatin, $109,000; of these 203 have been approved, aggregatingMontana
with 48 applications from Minnesota; 14 in North Dakota; 39 in
and two in South Dakota.
Dairy committees working with the dairy loan division of the corporation,
will
to which $1,000,000 had been appropriated, number 165, and probably
call for 3,000 to 5,000 cattle.
corporation is prepared to assist farmers to purchase binder twine if
The
necessary, through local banks, local elevators or on the club plan, considering each case separately.
Seed advances amount to $50.000. Bank stock and other investments
have been made amounting to $106,000.
The total of all loans and investments to June 14 was 82,893.000.
Total deposits in banks aided were $30,735,000, with $4,295,000 in Minnesota; $4,828,000 in Montana; $10,659,000 in North Dakota, and $10,953.000 in South Dakota.
"After three months of operation and experience in this undertaking,"
farmers
the report to the directors said."we are convinced that by aiding the
greatest
banks we are rendering the most direct kind of aid possible to the
number of persons dependent on agriculture."
the
C. T. Jaffrey, Chairman of the corporation's board, said he believed
in small
benefits to farmers had been widespread, since 90% of the deposits
town banks belong to farmers.
"We have kept banks functioning and this aids the farmer, who is deservmuch emphasis has
ing, to keep his deposits functioning," he said. "Too
been placed on the farmer who is so involved that he is beyond redemption
as the
in comparison with the thrifty farmer. We have aided these farmers
30
THE CHRONICLE
burden of our first duty. Purchase of livestock has been taken up as rapidly
as possible. The difficulty has been to get the livestock and to get deserving
farmers to further Involve themselves. I feel the northwest States are
diversifying as rapidly as possible and safely. This cannot be brought about
quickly. The grain farmer must change gradually as conditions warrant."
Reference to the $10,000,000 corporation formed early in
the year, with headquarters in Minneapolis, to relieve the
financial emergency in the Northwest wheat growing territory was made in these columns Feb. 16, page 738; Mar. 1,
page 957; Mar. 8, page 1087; Mar. 22, page 1336, and Apr. 12,
page 1732. As was stated in our item Mar. 8, two separate
organizations were formed, the Agricultural Securities Corporation, which it was said would issue the debentures, and
the Agricultural Credit Corporation, the operating company.
In our issue of Mar. 22 we referred to the report that the
New York banks had been called upon for the first installment on their subscription to the $10,000,000 capital of the
Agricultural Credit Corporation; as was made known by us
Feb. 16 (page 738), New York and the East pledged $5,000,000; Chicago $2,000,000; Minneapolis and St. Paul $1,000,000; Detroit and Cleveland $700,000 each and Pittsburgh
$600,000. In announcing the call for the second installment
of capital subscriptions, press dispatches from Washing
ton,
May 30, said:
Treasury officials were advised to-day that the Agricultur
al Credit Corporation, which was organized at the instance of the President
to aid in
relieving the stringent credit situation in the Northwest, has
made a second
call on its capital subscriptions. The call is for 52,000,000.
making a total
of 54.000,000 paid in from a total authorized capital of $10,000,0
00.
With this second $2.000.000 available. Treasury officials believe
the loaning powers of the corporation probably will be able to meet
all current calls
upon it. It already has approved loans of 51,135,00 for
0
the purpose of
reopening eleven closed banks. Two of them have actually
started business
again, and advices received here were to the effect that
the others would
reopen as quickly as the necessary papers are completed
.
In addition to the loans made for reopening banks, the corporati
on has
agreed to loan $1,172,000 to sixty-four other financial institutio
ns in the
agricultural districts.
Secretary Mellon was told by officials of the corporation that
they are
making loans for the benefit of the farmers by taking up tax
warrants at a
6% rate against the 12% rate which would be charged under tax
penalty
clauses. Loans for seed purposes also have been made in considerab
le
amounts.
It was announced on March 30 that the first bank to reopen in the Northwest through the aid of the Agricult
ural
Credit Corporation was the State Bank of Wales in Cavalier
County, North Dakota. It had deposits of $200,000 and
capital of $25,000. The press dispatches from
Minneapolis
stated that the bank had arranged through the
Credit Corporation to convert some of its slow moving assets
into cash,
thus building up its reserves.
According to the Minneapolis "Journal" of
May 15, the
First National Bank of Tower City, N. D.,
closed since Nov.
1 1923, when it suspended because of depleted
reserves and
"frozen" assets, reopened May 15 through
assistance given
by the new Agricultural Credit Corporation.
The "Journal"
added:
Opening of this bank marked the first readjustm
ent of affairs of a national
banking house through aid of the Minneapol
is corporation.
Three banks, two of them State institutio
ns, had been closed at Tower
City and for more than a month the
community has been without banking
service.
Tower City, which serves a large and prosperou
s community in the Red
River valley, is in Cass County. It has a populatio
n of 447. The reorganized bank is capitalized at $25,000; A. M.
Voorhees is President and W.
A. Smith Cashier. Funds were loaned direct to
the stockholders by the new
corporation and the institution now is on a firm and
sound basis, according
te officers at the credit corporation.
Another to Be Reopened Soon.
Another national bank in eastern North Dakota also
Is about to be
reopened.
The same paper May 20 said:
The First State bank of Calvin. Cavalier County. N.
D., reopened for
business to-day. The institution was closed last fall
because of depleted
reserves. The bank has a capital of $15,000 and surplus of
$16.000. D. J.
Porter is President and Archie Silleirs Cashier. The reopening
plished through aid extended by the Agricultural Credit was accomCorporation.
This was the third bank reopened with the assistance
of the Minneapolis
corporation.
At the same time it was announced that the Empire
Trust
Bank of Lewiston, Mont., would reopen the following
week,
as a result of the reorganization work of the Agricultural
Credit Corporation. Regarding the reopening of this
and
other banks, Minneapolis advices published in the
"Wall
Street Journal" of June 9 said:
Agricultural Credit Corporation reports opening of the
Central Bank &
Trust Co. of Lewistown, Montana, to replace the Empire
State Bank that
closed prior to Jan. 1. State Bank of Hannah. North Dakota,
one of the
largest North Dakota banks that had been closed, is now
reopened. The
First National of Lewistown will be reopened shortly and representa
tives of
the Commercial National Bank of Miles City, which closed in
February
with deposits of $1,600,000. are in Minneapolis and have nearly
completed
arrangements with the Agricultural Credit Corporation to
reopen.
The banks above named differ from many others that the
Agricultural
Credit Corporation has helped to set on their feet only in that
they were
conspicuous in the bad news at the time they closed. Lewistow
n, for example,is the center of the Judith Basin in Montana, normally a very
fertile
[VoL. 119.
agricultural area, and the financial troubles in Lewistown
for that reason
had worse effect sentimentally than the closing of banks in
some other
towns.
According to Secretary G. H. Richards of the Minnesota Bankers'
Association capital of all the closed banks in Minnesota was only 5.6%
of the
total banking capital: the surplus of the closed banks only 3.7%,
as much as
that of the banks that remained open; and the deposits
of the closed banks
only 3.6%.as much as the deposits of the functioning banks.
Optimism is increasing. In Minneapolis financial circles it Is felt there
may even yet be minor troubles affecting small banks,
but that the worst is
not only over but the definite trend is upward to normal.
The reopening of the State Bank of Hannah, N. D., closed
last fall because of depleted reserves, was announced by the
Agricultural Credit Corporation on June 3. It was the third
bank in Cavalier County to be reopened through the corporation. The bank's deposits approximated, it
was said,
$300,000.
Why Northwest Was Overbanked—E
ase in Obtaining
Charters and Guaranty Deposit
Laws Are Held
Responsible.
The following Minneapolis
Street Journal" of June 20:
advices
appeared in the "Wall
For the first time since banking and agricultural
troubles in the Northwest
began to assume serious importance it Is possible
to present some comparisons that reflect the causes. Perhaps no
economic disturbance in the
country's history ever was subject to greater comment,
more general misunderstanding or lack of presentation of essential
facts. In a territory
where national and State systems operate there is
no central source from
which definite information may be drawn as
to the true import of what
has happened.
•
Wide emphasis has been put upon the situation
in legislative halls and
elsewhere by those advocating remedial legislation
for agriculture and whose
statements have been true in themselves, but
alarming when wholly unqualified. With these extreme statements there
has been no accompaniment of such comparison as would make
possible an understanding of
why the things told of came about or Just
how serious they are. It is
possible now to show some comparisons that
make the picture clearer, as
covering the relationship of 512 banks that were
closed in Minnesota, North
Dakota, South Dakota and Montana over the
three and a half year period
since the adverse trend began. The figures
cannot be final, as some banks
have closed in addition to the number above
stated, while to date 67 banks
that were closed have reopened.
The 512 under consideration were located as
follows:
Minnesota
Montana
South Dakota
North Dakota
Stale Banks.
67
98
107
181
National.
6
24
16
13
A
Total.
73
122
123
194
453
59
512
In those four States prior to the beginning of
the down trend there were
3,366 banks, as shown below:
State Banks.
National.
Total.
Minnesota
1,156
276
1,432
North Dakota
714
162
876
South Dakota
524
124
648
Montana
281
129
410
—
2,675
691
3,366
Percentages of closings of national and State banks
were:
National
State
Per Cent. of
Per Cent. o
Banks Closed.
Banks Closed.
Minnesota
2.17
5.8
North Dakota
8.5
25.3
South Dakota
13.
20.0
Montana
19.
35.
Why They Failed.
Numerous reasons for these percentage difference
s suggest themselves.
Membership in the Reserve System does not of
itself account for the better
showing of the national, although that is a considerat
ion. The presence
in these States of a number of banks far in excess of the
per capita elsewhere
in the United States, the small capital requirements and
the ease with whioh
charters were granted are outstanding reasons
for the failures, some of
which, in time, would probably in any event have occurred,
oven had
agricultural conditions and general business remained
normal. Guaranty
of deposit laws in two States undoubtedly was a contribut
ing influence.
Comparisons with States elsewhere in the Union have
been made that
were startling. As against Rhode Island with 12,710 people
for every
bank, New York State with 9.920, the Eastern States as a whole
with 6.660
and the Southern States with 4,089, Montana had a bank for every
1,370,
South Dakota one for every 921 and North Dakota one for every
768 persons.
Necessarily, in territory sparsely settled, agricultural in
character, with
no cities of size and no industrial centres, there would need
to be more
banks per capita than in the congested Eastern States for provision
of equal
facility of access, but by no possible argument could there
be sound reason
presented for the great number in these Northwest States.
If two or even
three times the relative number be assumed to have been
needed to meet
different conditions of population and service required,
there still appears
a startling difference.
How easy it has been to enter the country banking
Northwest States may be inferred from the compariso business in these
ns as to number of
banks of small capitalization that existed at the
beginning of 1919, some
of which have closed, some have increased capital
or nationalized and
many of which have weathered the storm.
Relative Capitalization.
This table shows the relative capitalization:
Total
—Total Under—
—Total Under—
Banks.
$20,000 Cap,
$10,000 Cap.
Montana
410
133
32.5%
North Dakota
876
568
581
65.5
South Dakota
658
402
62
350
54
Minnesota
1,431
788
481
33.6
55
3,366
1,891
1,213
33
56
Montana did not run under $10.000
in capitalization except in a few
instances not sufficiently numerous to be of importanc
e. South Dakota,
on the contrary, had 45 banks capitalized at only $5,000, and a number
at
$6,000, $7,500 and $8,000.
North Dakota passed a bank deposit guaranty law in 1917. South Dakota
followed several years later. NIinnesota's legislature almost passed a
similar
4
JULY 5 1924.]
THE CHRONICLE
legislatcrs,
measure in 1923. Modified somewhat to suit the view of various
comthese measures are in substance the same. North Dakota provides a
and three appointed by
mission consisting of the Governor, State examiner
fund.
the Governor from the ranks of banks affected, to administer the
average
Every bank was required to set aside one-twentieth of 1% of its
there
deposits annually. until 1% had been accumulated. By this device
could be no failure of banks to pay depositors in full, it was contended.
as marking an advance step in legislaThe move was heralded far and wide
tion. The necessity of limiting the number of banks or requiring larger
capitalization seems not to have been considered. Results were that people
all decame to look upon one bank as being just as good as another since
beposits were guaranteed, and the qualities of experience and capability
the
came of secondary importance. To-day the total fund, if collectible, in
Dakotas would not pay interest on the amounts involved.
The situation has been bettering rapidly, especially since the Agricultural
been
Relief Corporation got under way. In addition to the banks that have
reopened and others in process of reorganizing, relief has been given to
banks in need and it is believed here that from now on the number of reopened banks will Increase in localities where conditions warrant the corporation in giving help. The most notable reopening was that in Lewistown,
Mont.
The storm that blew so hard has abated. The Northwest has learned
a hard lesson iefinance and will profit by it.
suading the President to give his endorsement to a measure, drawn by
direction of Mr. Longworth, vesting the War Finance Corporation with
authority to buy surplus supplies of wheat, flour, live stock and the products
of live stock and dispose of such surplus in foreign markets.
After a conference this afternoon with Secretary Wallace, Secretary
Hoover and other officials, the President sent word to the House leaders
that he could not see his way clear to approve the substitute bill. It is
understood that he came to the conclusion that the bill proposed would not
afford the relief to farmers that is asked by their spokesmen.
The question of passing the bill empowering the War Finance Corporation
to dispose of surplus agricultural products abroad, with a view to stabilizing prices in the domestic market, was presented to President Coolidge by
Representatives Longworth, Tincher and Sanders, all members of the steering committee.
Formation at Minot, N. D., of Dairy Loan Association.
Regarding the formation, at Minot, N. D., of the Northwestern Mutual Dairy Loan Association, the Minneapolis
"Journal" of May 17 said:
In the New York "Commercial," Representative Longworth was quoted June 4 as having said:
Since the defeat of the MeNary-Haugen bill in the House, in consultation
with many members of the House and with official representatives of many
of the large farm organizations, I have been attempting to arrive at some
satisfactory measure for the relief of the agricultural situation. We have
also discussed the matter with the President.
The large majority recorded against the MeNary-Haugen bill made it evident that any legislative proposition embodying the basic principles of this
bill could not be passed. While fully realizing the condition of agriculture,
and with the most earnest desire to bring relief as far as legislatively possible, we have so far been unable to work out a plan which would command
the necessary support.
The Northwestern Mutual Dairy Loan Association, backed by a $100.000
fund from the new $10,000,000 Agricultural Credit Corporation, became a
reality to-day and will begin to function immediately to relieve agricul-growing sections.
turists in certain wheat
The entire membership of the Minot Association of Commerce has
farmers to
begun a campaign to raise $100,000 from city residents and
match the fund made available by the credit corporation, which has headquarters in Minneapolis.
The $200,000 is to be used in stocking farms with cattle as a means of
stimulating diversified agricultural activities. The association will buy
high-grade daity cows and sell them to farmers on easy terms.
Speakers described the organization of the association as an epoch in
North Dakota and already other sections are making plans for similar
organizations. Mandan, N. D., is expected to take the step within a few
weeks.
C. T. Jaffray, Chairman of the credit corporation, and M.0. Grangaard,
Vice-President of the corporation in charge of North Dakota activities.
attended the session and encouraged the organizers. Mr. Jaffray, speaking
to the 150 business men who assembled here, said the corporation would
make available an amount equal to the fund raised by the association.
The association is modeled after a Montana Mutual Dairy Loan Association which has been in operation since October 1922, and since that time
has sold 1,000 cows to farmers without any delinquency in payment.
Business men who subsoribe stock will pay $5 a month for each $1,000
of stock.
The association is capitalized under Montana laws at $3,000,000.
The money will be used to buy cattle as fast as there is a demand.
The farmer who takes cattle himself becomes a stock owner in the association and will pay back monthly for -five years $3 12 a month for each
$100 In dairy cows that he receives.
Only farmers who have shelter and feed and dairy experience may become borrowers.
Mr. Jaffray said the corporation would donate $3,000 to pay the expenses of field men.
C. W. Fowler, General Manager of the Montana association, will be
General Manager of this association also. He said the Agricultural Credit
Corporation would leave its dividends in the association. Because of the
territory difference, he forecast this new association should sell ten times
as many cows as Montana in the same length of time.
Benjamin Marsh Says Congress "Did Nothing for
Agriculture and as Much for Labor"—Failure of
Farm Relief Measures.
Criticising the record of the session of Congress which
adjourned on June 7, declaring that "it did nothing for agriculture, and as much for labor," Benjamin Marsh, of the
Farmers' National Council, according to Washington advices June 8 to the New York "Herald-Tribune," said:
The session of Congress which closed Saturday can be commended only for
having failed to do all the bad things President Coolidge asked it to do.
It did nothing for agriculture and as much for labor, but it defied Coolidge, Mellen and the rest of Wall Street on some features of the revenue bill.
A few men blocked the most vicious measures, such as the McNary-Haugen
bill and Ford's Muscle Shoals grab.
It never touched the railroad eroblem, but was consistent on the immigration issue.
It showed up graft, but failed to end the special privileges which create graft and make honesty in government unattainable—or most difficult.
The real verdict on Congress and Coolidge will be rendered Tuesday,
Nov. 4.
The failure of the proposed farm relief measures was
noted in our item reporting the adjournment of Congress,
given in our Issue of June 14, page 2902. The previous week.
page 2768, we announced the rejection by tile House on June
3 of the McNary-Haugen bill, proposing to create an agricultural export corporation. Regarding the efforts in the
closing days of the session to put through farm relief legislation, a dispatch from Washington June 4 to the New York
"Times" said:
An eleventh-hour attempt on the part of Republican leaders and members of the Farm Bloc in Congress to devise a plan for the relief of farmers
failed to-day as a result of the refusal of President Coolidge to agree to the
al
terms of a compromise bill submitted for his approl al. AceordiJgly
hope is given up of enacting any legislation at this time to relieve the economic distress in the agricultural regions.
Following the overwhelming defeat cf the MeNar)-Haagen bin in the
House yesterday they had hoped to save something tr„m till wreck by per-
31
It was stated in advices from Washington, June 6, to the
New York "Journal of CoMmerce" that:
On the eve of adjournment of Congress members of the Farm Bloc were
making desperate efforts to get enactment of farm relief legislation at this
session. They have centred on the Burs= bill, authorizing the Secretary of
Agriculture to pay an export bounty of 35 cents a bushel on wheat and
wheat products.
The bill had been favorably reported by both the Senate
and House Agriculture committees and at the close of the
session was on the House calendar.
Senator Norbeck (Republican), South Dakota, led the
fight in the Senate, and declared he would make every effort
to get the Bursum bill through the Senate, and be had been
assured there were sufficient votes pledged in the House to
pass it. The bill, he explained, was designed as emergency
legislation to relieve wheat growers who face bankruptcy,
and the bill would expire on Dec. 5 1925. The "Journal of
Commerce" added:
He [Senator Norbeek] estimated an appropriation of $15,000,000 would
be. required and believed the bill would not meet objection by those who
opposed other farm relief measures on the ground that too large an appropriation was involved.
The Secretary of Agriculture would be directed, by the terms of the bill,
to establish the necessary rules and regulations and to co-operate with the
farmers' co-operative associations in securing the benefits of world market
values with the least possible expense to the farmer. The Act would remain
in force until Dec. 5 1925.
As we have already indicated, all efforts to enact farm
legislation were without success.
Fifteen Indictments Pending Against Former
Governor of Indiana Dropped.
On June 27 Judge James A. Collins in the Marion County
Criminal Court, Indianapolis, at the request of Clarence
W. Nichols, special prosecutor, dismissed fifteen indictments which were still pending against Warren T. McCray,
former Governor of Indiana, according to a press dispatch
from Indianapolis on June 27, which appeared in the New
York "Times" of the following day. As noted in the
"Chronicle" of May 17, pages 2400 and 2401, former Governor MeCray was convicted on April 29 of using the mails
to defraud and is now serving a ten-year sentence in the
Federal Prison at Atlanta. The dispatch went on to say
that in moving for the dismissal of the indictments Mr.
Nichols said that the Federal Court case involved the same
elements of crime as those contained in the county indictments, and that by reason of the Federal Court's conviction
and punishment"every public purpose has been subserved."
Wright & Coleman, Stock Bokers, Hamilton, Ontario,
Assign.
According to a press dispatch from Hamilton, Ont., which
appeared in the June 30 issue of "Financial America" of
this city, the stock brokerage house of Wright & Coleman of
Hamilton has assigned and E. W. Thomas has been named
acting official trustee for the firm. Gross assets are estimated
at $372,000 and gross liabilities at $500.000, The dispatch
went on to say that the Canadian Bank of Commerce with
a claim of $400,000 is the largest creditor, but it holds as
collateral nearly all the firm assets.
Jules C. Rabiner, the Convicted Broker Whose Parole
Was Revoked, Loses Appeal.
3ules C. Rabiner, the convicted broker who was paroled
after he had served but ninety days of an indeterminate
sentence with a maximum of three years imposed upon him
32
THE CHRONTOLE
by Judge John F. McIntyre on Jan. 25 last, and whose parole
was subsequently (May 14) revoked, must remain in prison.
On July 2 the Appellate Division upheld the decision of
Supreme Court Justice McCook,(given on May 19) dismissing
a writ of habeas corpus obtained by the defendant to upset
an order sending him back to the Penitentiary on Welfare
Island and upholding the authority of the Parole Commission
to revoke a parole granted a prisoner, with or without cause.
In regard to the decision of the Appellate Court in the case,
the New York "Times" of July 3 said in part:
The Appellate Division wrote no opinion in the case in which Rabiner
asserted that the order remanding him to the penitentiary after he had been
paroled was illegal, but in a decision in a similar case a month ago the Court
held that a parole was a "matter of grace,' and that the Parole Commissioner had authority to revoke it.
When Rabiner was sent back to the penitentiary General Sessions Judge
McIntyre said he thought the former broker should stay there two years.
Rabiner's firm on the Consolidated Stock Exchange failed for 6800,000 last
September. When he was sentenced in January for using securities owned
by a customer, Justice McIntyre said: "This man's firm operated bucket
shops and they were dens of thievery."
At the time Rabiner was paroled it was stated in behalf of the Municipal
Parole Commission that the fact that his firm had failed had not been made
known to the Commission.
Change in Rules of New York Clearing House Association Whereby Interest Rates are no Longer Automatically Dependent on Federal Reserve Rates.
The New York Clearing House Association on July 2
adopted an amendment to its constitution, whereby maximum rates which may be paid on deposits by member
banks will no longer be automatically dependent on changes
in the Federal Reserve rediscount rate. Announcement of
this is made as follows by the Clearing House:
Stating that this action of the Clearing House will result
in greater elasticity in interest rates an item in the New York
"Times" of July 3 said:
With commercial paper rates now nearly in line with the Federal Reserve
Bank's rediscount rate and growing attention being paid to the rates that
banks are paying on deposits of various kinds, the announcement of the
Clearing House Association regarding maximum interest payments was
received yesterday as an important contribution to an already much discussed situation. The Clearing House agreement unties rates on bank
depositsfrom wholly artificial connection with the Reserve Bank'srediscount
rate and in effect provides for greater elasticity. Member institutions are
now free to arrive through proper committees at a rate schedule which will
be drawn up independent of the rediscount rate and instead will be based,
although not arbitrarily, on the rates paid in the open money market.
The following is the text of this week's amendment:
NEW YORK CLEARING HOUSE.
Amendment of Article XI of Clearing House Constitution.
(Proposed at meeting of June 26 1924.)
Substitute the following for the present Section 1, Article XI:
Section 1(a) Subject to action by the Clearing House Committee, as
hereinafter provided, when and as the Federal Reserve Bank of New York
shall fix, from time to time, its ninety day discount rate for commercial
paper, no member of this Association (nor any non-member clearing through
a member) shall agree to pay, or shall pay, directly or indirectly, on any
credit balance or on any certificate of deposit issued by such member (or
any such non-member) interest at an annual rate in excess of the
rates
indicated in the schedule below:
SCHEDULE OF MAXIMUM—iNTEREST-RATES WHICH MAY BE PAID.
On Certificates of Deposit payable On Certify.
within 30 days from date of
Issue: and on Certifs. of Deposit of Deposit
payable on
payable within 30 days from or after 30
demand: On Credit Balances days front
payable On demand and on the date of
Credit Balances Pal/able
deWhen the New York Federal Reserve 30 days from demand. Within Issue orand
mand:
Bank 90-day discount rate for corn
on Credit
.
mercial paper is—
To Banks, To
Bars payTrusiCo.'s Mutual
able on or
& Private Savings
To a/1.30days
Bankers.* Banks, Others. fr.denend.
We last referred to the Rabiner parole case in the "Chronicle" of May 24, page 2518.
At a meeting of the Clearing House Association hold to-day the amendment with relation to interest rates offered at the last meeting was unan imously adopted. It changes Section 1 of Article XI of the Constitution, so
that the maximum rates which may be paid on deposits of various kinds,
with Clearing House institutions, are no longer automatically dependent
upon a change in the Federal Reserve ninety-day discount rate, as has
been the case for some time past.
The amendment, while still recognizing that money conditions and interest rates are promptly affected by and closely related to the Federal
Reserve discount rate, places a duty upon the Clearing House Committee to
meet, upon a change in the ninety-day discount rate of the Federal Reserve
Bank,and review the then existing rates in order to determine whether new
rates under the schedule should be put in force or others established.
It should be remembered in this connection that the rates, when adopted,
are maximum rates which may be paid, and in no way establish rates which
must be paid.
[VOL. 119.
Less than
214% or over, but less than
3%
"
3%% ,."
"
4%
"
"
434% .,"
"
5%
"
"
534% or over.
214%
3%
314%
4%
4%%
5%
514%
1%,
134%
154%
lli%
2%
234%
234%
234%
134%
2%
234%
254%
234%
3%
3%
3%
114%
114%
134%
2%
214%
214%
234%
3%
2%
23(%
214%
214%
3%
334%
314%
*But excluding mutual savings banks.
It shall be the duty of the Clearing Rouse Committee to hold a meeting
as soon as conveniently possible after notice of any change in the said discount rate which, under the foregoing schedule, would affect the said interest rates, and at such meeting to determine if the said interest rates should
be changed in accordance with the schedule or if any other change should
be made therein. No change in said interest rates shall become operative
until after action by the committee and notice thereof from the Manager
to the members of the Association.
The Clearing House Committee may, in its discretion, at any meeting
thereof, consider and determine the interest,rates payable from time to
time on credit balances and-or on certificates of deposit by members of
this Association (or by non-members clearing through any member): and
nothing in this section contained shall be construed to affect such general
authority of said committee.
(b) It is expressly provided, however, that interest not to exceed the rate
of 3% per annum may be allowed on credit balances of $10,000 or less on
accounts in respect to which checking privileges are not allowed, but the
passbook or other form of receipt must be presented to the bank whenever
a withdrawal is made, and the bank retains the right to require the depositor
to give notice of an intended withdrawal not less than thirty days before
such withdrawal, as provided by the printed regulations of the institution
accepted by the depositor at the time the account is opened.
(c) An interest rate properly stipulated in a certificate of deposit with a
fixed maturity, or in respect of a credit balance payable on or after a given
date, shall not be affected by any change of interest rates occurring subsequent to the creation of such credit balance, or the date of issuance of such
certificate of deposit, and prior to maturity.
(d) On all time deposits and on certificates of deposit without fixed
maturity, but payable only upon notice of thirty or more days, each member (as well as each such non-member) upon any change of interest rates,
shall bring the interest rates within the maximum limits permitted by such
change not later than thirty days after the date thereof, and shall immediately give notice of such required change.
(a) This section shall apply only to credit balances of, and-or certificates
of deposit Issued to, any person or persons, corporation, association or copartnership residing, organized, located or having its principal place of
business in continental United States, Alaska, Hawaii and the Dominion
of Canada, and this section shall not affect such interest rates as are or
may be fixed or regulated by law.
Enlarging upon this, the same paper also made the follow- Resolution of New York State Bankers Association
Calling for Interest Rates Based on Prevailing
ing comment in its same issue:
The action was taken as a result of a move among many bankers t
Interest on Standard Investments.
make it possible to lower present interest payments. Since Jan. 1 o
The New York State Bankers Association in convention
this year commercial paper rates have declined sharply, faster than the
accompanying reductions made in the rediscount rate of the Government at Montreal last week, passed the following resolution,
Institution. As a result, the spread between rates paid by banks and
according to Montreal advices to the "Wall Street Journal":
those received by banks has been narrowed by 14 of 1% since Jan. 1 and
profits were correspondingly pinched. • • •
As a result of competitive bidding up of interest rates by banks seeking
new deposits during 1921 and 1922, the association adopted on July 1 1922
a regulation that automatically governed the schedule of maximum interest
rates in accordance with the Federal Reserve Bank's rediscount rate.
Mice Jan. 1 of this year, the decline in open market rates has gone faster
than the reduction in the Government bank's official rate, and many banks
have found themselves pinched as a result. A few of the more ambitious
institutions, which had encouraged depositors to do business with them
through the offering of special services and of top interest payments on
their accounts, found it necessary to reduce their office forces and effect
other economies in order to continue earning profits.
The new regulation, superseding that of July 11922, leaves the schedule
of maximum rates at exactly the same level as under the old regulation,
but provides the machinery for reductions whenever necessary in the
following provisions: "It shall be the duty of the Clearing House Committee to hold a meeting as soon as conveniently possible after notice of
any change in the said discount rate which, under the foregoing schedule
(relating to interest that may be paid on certain kinds of deposits), would
affect the said interest rates, and at such meeting to determine if the
said interest rates should be changed in accordance with the schedule or
if any other change should be made threin. No change in said interest
rates shall become operative until after action by the committee and
notic thereof from the manager to the members of the association."
William J. Gilpin is the Manager of the Clearing House.
The provision for this reduction applies only to the commercial banks
which belong to the association and does not apply to the savings banks
which recently announced through their association that they intended
no change in the regular prevailing rate of 4% per annum on savings
accounts.
Resolved, that it is the opinion of the members of the association that
rates of interest paid upon deposits by all the various banks within the State
should be based upon prevailing rates of interest on standard investments
and that the superintendent of banks, the Federal Reserve Bank and the
comptroller of currency be requested to cooperate with a committee
to be
appointed by the association for the purpose of formulating some equitable
plan to bring about such a result.
It is stated that the foregoing applies more particularly
to up-State banks, where there is no automatic readjustment,
as in the case of the New York Clearing House.
Reports of Movement Looking to Lowering of Interest
Paid by Savings Banks
--Savings Banks Association of State of New York Says
Savings Banks are not Party to
Move.
A statement regarding reports that a movement was
under way by commercial institutions to induce savings
banks of this city to lower the rate of interest on deposits
has come from the Savings Banks Association of the State
of New York, which says, under date of June 27, that
"there is no such concerted action upon the part of the
savings banks, and so far as is known, there is none on the
part of any individual bank." As to reports of the movement
.Timy 51924.]
THE CHRONICLE
to bring about a lowering of interest rates, we quote the following from the New York "Times" of June 27:
rates on
A number of banks have initiated a movement to reduce interest
encountering stubsavings deposits, it was learned yesterday, but they are
have paid 4%
born opposition from large mutual savings institutions which
consistently for years and are averse to a change.
departments are
Most of the commercial banks with savings account
deposits on
bound by an agreement which in effect bases interest rates on
showing a keener
the Federal Reserve Bank's rediscount rate, and they are
savings banks. They
interest in the movement than the simon-pure mutual
of New York
have been induced by the recent action of the Reserve Bank
savings accounts
to lower their disbursements on deposits to 3% on strictly
to demand or time withthat are not active; the rates on accounts subject
drawal vary from 2 to 214%.
The statement issued by the Savings Banks Association
of the State of New York follows:
banks
A suggestion is made in some of the New York dailies that savings
because
might be asked by commercial institutions to cut their interest rates
on their
of the prevailing low rate of interest which banks are able to get
New York
investments. The Savings Banks Association of the State of
part of the savannounces that there is no such concerted action upon the
ofany indiings banks, and so far as it is known, there is none on the part
District pay
vidual bank. Most of the savings banks in the Metropolitan
dividend by
4% interest and generally do not disturb their rate of interest
bankers
increasing or decreasing the same. It is thought by most savings
to increase or decrease the
that it is better to pay 4% interest steadily than
that the
interest according to market rates for money, and it is believed permit
to
earnings of the savings banks of the State of New York are such as
to come.
them to continue the payment of 4% interest for many years
mutual instiSavings banks under the law of the State of New York are
permitted by law to solicit savings
tutions, and savings banks alone are
"savings" in
accounts. No commercial bank is permitted to use the word
accounts.
its name or to use the words "saving" or "savings" in soliciting
strict requireThe reason for this is that mutual savings banks are under a
securities
ment to invest their deposits in a very definite lino of high-class mutual
Since
and to invest them mostly in first mortgages upon real estate. stockholders.
savings banks issue no stock they have no dividends to pay to
depositors not
The law requires them to accumulate a surplus to protect
but so as to
alone against any possible loss by depreciation of securities
continue the paypermit savings banks in good times and in bad times to
these should impress
ment of a reasonable amount of interest. Times like
State Legislature
upon the people generally the wisdom of the action of the
savings banks alone,
in making the laws so as to permit savings banks, and
segregated their
to solicit the savings of the people. If commercial banks
special interest
deposits, that is to say took the money which they received in
required
departments and inqested them in like manner as savings banks are
times as large a
to invest them they might be able to continue to pay at all
pay.
rate of interest as savings banks usually
in a
The people generally recognize the value of putting their savings
savings
savings bank and that accounts largely for the great increases in
bank deposits and for their ability to pay a substantial rate of interest.
Denver Clearing House Banks to Reduce Interest on
Savings Accounts from 4 to 352% Oct. 1.
The following is from the "Rocky Mountain News" of
Denver, Colo., June 25.
33
cision of one of the committees of the Exchange that this matter was public
property. However, complaints were received immediately from the large
banking institutions, and as a result of these complaints the policy of the
announcement of the amount of money lent each day was discontinued.
The call loan rate has remained steady at 2% ever since June 10 last, that
quotation holding for opening, renewal and closing, and during that period
there has been reported a large overflow of available money into the socalled outside market, where yesterday a new low figure for the post-war
period was reported when transactions were completed at 1%%. Other evidences of stiff competition among institutions to lend money were furnished
in further declines in the rate on bankers' acceptances and for commercial
paper.
New York Federal Reserve Bank on Banking Conditions in This District—New High Level of
Loans of Member Banks.
During the five weeks' period to June 18, says the July 1
issue of the Monthly Review of the Federal Reserve Bank of
New York, "total loans and investments of reporting member banks in this district advanced to a mew high point since
1920." The following are the bank's comments on banking
conditions in this district:
Banking transactions on June 16 included the redemption by the Treasury
of two maturing issues of certificates and notes, together with the payment
of interest on the public debt, and the collection of the second quarterly
installment of income taxes. In addition to these usual transactions, the
British Government paid into the Federal Reserve Bank for the account of
the Treasury $69,000,000, representing interest on its debt to this Government.
These large transactions took place with a minimum of disturbance to the
money market. Although tax collections were considerably reduced by the
new tax law, the excess of Government disbursements over collections here
was smaller than usual at tax dates, partly because of the British payment.
In consequence, the customary loan by the Reserve Bank to the Treasury
was small and was retired within three days.
The loans of the Federal Reserve Bank of New York directly to member
banks were practically unchanged during the perio.1 occupied by these
transactions at a level approximately $20,000,000 lower than a month previous. Bills bought in the open market, however, increased somewhat and
there was a rise also in holdings of overnment securities so that the total
earning assets of this bank on June 18 were somewhat higher than at any
time since April.
During the five weeks' period ended June 18, the total loans and investments of ieporting member banks in this district advanced to a new high
point since 1920. Loans made largely for commercial purposes were smaller,
but loans on stocks and bonds increased, and total investments during the
first three weeks in June were the highest in recent years. There was also
an increase of $377,000,000 in net demand deposits to a new high point,
apparently reflecting in part the increase in loans and investments, the
usual increase of deposits at the tax dates, and gold imports. . . .
During the past year the increase in net demand deposits has been particularly marked in this district. It is also notable that the proportion of
demand deposits to time deposits is greater in the New York district than
for all districts, due to the influence of the figures for the New York City
banks, where large balances are maintained for active commercial and
financial use.
On and after Oct. 1 1924 the Denver clearing house banks will pay
rules, Loss of Note Rights May Affect Policy of National
interest on savings accounts semi-annually, under standard savings
at the rate of 3%% per annum.
Banks.
fixed in
This announcement was made yesterday, and the date was
July 1
Concern for the future of the national bank system when
order that ample notice could be given depositors. Interest from
the issuance of national bank notes is ended under the
to Oct. 1 will be credited, as formerly, at the rate of 4%.
For many years the Denver banks have been paying at the rate of 4% Treasury policy of refunding bonds carrying the circulation
country
annum on savings accounts, while banks in other cities in the
per
rates of privilege, was manifested in official circles at Washington on
have been paying a lower rate. For instance, the prevailing
City,
interest paid on savings deposits in such cities as Omaha, Kansas
June 27, according to special advices to the New York
St. Louis, and Chicago is 3%.
on "Journal of Commerce" from Washington that date, the
some time past the general trend of money rates, particularly
For
example, advices further stating:
the most liquid typos of investment, have been downward. For
months'
Officials were divided as to the effect upon membership in the national
the United States Government recently put out an issue of six
basis and the banks in Now York City, system of the withdrawal of the circulation privilege, but were unanimous
Treasury certificates on a 2%%
the Denver banks carry balances, now only pay 1%% interest in the view that the reaction of the national banks to the inauguration
with which
rate to of the policy would be significant of future developments.
thereon and bankt in Chicago and St. Louis have reduced their
the Federal
In some quarters the belief was held that when the privilege of issuing
2% or less, while the balances required to be maintained with
bank notes is taken away many banks will leave the national system and
Reserve Bank yield no interest.
enter State systems. It was argued that the issuance of bank notes was
about
which the national system has left that is not
Loan Figures—Furnishing of shared the only privilege Secretary Mellon's announcement of the Treasury
Stock Exchange Bans
with State banks.
and
plan to call the 4% loan of 1024 on Feb. 1, it was thought, means that the
Total Money Received Daily to Bankers
Treasury has put the banks on notice that bonds bearing the circulation
Lending Companies Stopped.
privilege are to be refunded as rapidly as possible in order that Federal
The following is from the New York "Times" of June 28: Reserve notes may.replace national bank notes in the circulation of the
A "leak" in the Stock and Loan Department of the New York Stock Ex- country.
national
new
Withdrawal of any considerable number of institutions from the
change was closed up yesterday under order of E. H. H. Simmons, the
the cirPresident of the Exchange, who put a ban on the furnishing of figures to banking system is foreseen as full of possibilities with respect to
bankers and money brokers of the amount of money received daily by the culation situation. It is pointed out that if national banks leaving that
system quit the Federal Reserve System the lessened membership of the
Exchange for lending purposes and the amount actually lent.
The action came as a surprise to institutions wishing to lend money on latter system will mean a reduction in the amount of Federal Reserve notes
call, and it marked the first time in years that bankers or others interested in circulation.
Since ultimately there will be no more national bank notes, a contraction
had been met with a refusal when inquiry was made by them of employees
sharply
of the Stock and Loan Department. In view of the strong competition in the Federal Reserve notes outstanding, it is thought, would react
among lending institutions to place a part of their surplus funds in the on the general money situation throughout the country. It is suggested
currency
market, interest has of late been at high pitch. They said they did not that the gold stocks of the country will provide ample basis for
moveknow why the practice had been stopped, as no explanation had been given issues, but at the same time it is realized that if the hoped-for return
be
ment of gold out of the United States into Europe takes place, there may
to them.
"Information of that nature is strictly confidential," Mr. Simmons said a reduction in both classes of notes.
the
On the other hand, the argument is advanced that the withdrawal of
after the close of the market to questions that had been referred to him,
no effect
"and there has been no reason at any time why money lenders should have circulation privilege from the national banks will have virtually
figures was upon the strength of the system. Many banks, it was contended, do not
received such information. The fact that they were getting
is removed.
called to my attention, and the Exchange checked up on it the last few days. take advantage of the privilege now and will feel no loss if it
difficult to
When we found out how the information was being obtained we promptly Officials inclined to this view, however, concede that it is
national
forecast the outcome of the Treasury refunding program until the
called a halt. That is all there is to it."
It is expected that Mr. Mellon's
According to Mr. Simmons, it has always been the policy of the New York banks themselves have been heard from.
the national
Stock Exchange to keep such information confidential, and yesterday's order, announcement of the Treasury's intentions will draw from
what may be
he said, marked merely the enforcement rather than any change of policy. banks sufficient expressions of their views to give a line on
of the past.
The passing out of such figures, he said, had occurred intermittently over a expected from them when national bank notes become a thing
period of years, but in the last few weeks it had become too general.
Reference to the report of the probable withdrawal of
For exactly one week in 1916 all details of the amount of money lent each
national bank notes from circulation in 1930 was made in
day by each institution were available to the public and were published in
newspapers as a matter of general information. This followed a de- these columns last week, page 3155.
all the
34
TH F
CHRONICLE
Federal Reserve Bank of Kansas City Reduces
Rediscount Rate to 4%.
Announcement was made on June 30 by the Federal
Reserve Board that the Federal Reserve Bank of Kansas
City had reduced its rediscount rate from 4%% to 4% on
all classes of paper of all maturities, effective July 1.
Secretary Mellon, in Report of Government Operations
for Fiscal Year Ended June 30 1924, Announces
Surplus of $505,366,986.
A surplus in Government receipts over expenditures,
amounting to $505,366,986—$175,727,362 greater than had
been previously estimated—was announced by Secretary of
the Treasury Mellon on July 2, in a statement as follows,
presenting figures for the fiscal year ended June 30 1924:
The figures are now available covering the operations for the fiscal year
1924 just closed, on the basis of daily Treasury statements. The total
ordinary receipts were $4,012,044,701, and total expenditures chargeable
against such receipts were $3,506,677,715, showing a surplus fci the Year
of $505,366,986. This compares with the surplus estimated in October
1923, when the fiscal year still had eight months to run, of $329.639,624.
Since the surplus is the difference between the ordinary receipts and the
expenditures chargeable against such receipts, it is obvious that either a
change in the receipts or the expenditures will work a change in the surplus.
In dealing with figures as large as those of the Goqernment, a small percentage change makes a very material change in the surplus. For example,
an increase of 3% in receipts and a decrease of 3% in expenditures would
add over $200,000,000 to the surplus, and a similar decrease in receipts and
an increase in expenditures would take over $200,000,000from the surplus.
Comparing the estimates made in October with the actual results for the
fiscal year, receipts were over-estimated $32,000.000, and expenditures
over-estimated $208,000,000, including $50,000,000 of foreign debt payments of interest in June made in cash instead of, as expected, in our own
securities, and therefore showing up as a receipt with no corresponding
expenditure on account of the cancellation of the security so received.
The change in the money market since the first of the calendar year was
perhaps the most material factor in bringing about the increase in the
actual surplus over the surplus estimated in October. Liberty bonds went
above par and were not used in payment of foreign obligations for interest,
and railroad securities heretofore acquired by the Government could be
refunded at lower interest rates by the railroads and were, therefore, paid
off as purchased, and instead of a net cash outog in the railroad account
there was a net cash income, making a difference of some $120,000,000
over the earlier estimate. The above, with some minor items, gave a net
increase of actual over-estimated surplus of $175,727,362 31.
Customs receipts were $945,637,503, as compared with $570,000,000
estimated, and internal revenue receipts, after giving the 25% credit on six
months of the 1924 personal income taxes, were $2,795,157,036, being
$11,572,036 over the estimates.
The gross public debt stood on June 30 1923 at $22,349,707,365. and on
June 30 1924 at $21,250,812,989, a decrease in debt during the fiscal year
of $1,098,894,375. This reduction was accomplished through the application of a sinking fund and other public debt charges against ordinary receipts
aggregating $457,999.750, a reduction in the general fund balance of $135,527,639, and use of the entire surplus of $505,366,986. The annual interest
charge on the debt represented by this reduction is equivalent to over
$45,000,000.
The Government begins the'fiscal year 1925 with a general fund balance
of $235,411,481, as against $370,939,121 a year ago. This is the Government's bank account and will be used to meet Governmental expenditures
In excess ofreceipts until the next income tax payment date in September.
[VOL. 119.
desire "that this expenditure program be reduced by $83,000,000," President Coolstige said: "I do not contemplate total
expenditures for the next fiscal year which will exceed
83,000,000,000 exclusive of the redemption of the public debt.
This will give us a surplus at the end of 1925 of $108,000,000. This, or a greater surplus," he argued, "should be our
aim." "You are now preparing your preliminary estimates
for the fiscal year 1926," said the President. "For that
fiscal year it will be my purpose to transmit to Congress estimates of appropriations which, excluding the interest on
and reduction in the public debt and the postal service, will
not exceed a total of $1,800,000,000. This tentative limitation is in furtherance of my program for a progressive reduction in the cost of government." The President declared "I
am for economy. After that I am for more economy. . . .
If with increasing business our revenues increase, such increase should not be absorbed in new ways of spending.
They should be applied to the lowering of taxes. In that
direction lies the public welfare." The President's address,
made before the Cabinet members, bureau chiefs and heads
of various Government departments, follows:
This is the seventh regular meeting of the business organization of the
Government. The first of these meetings was held three years ago. This
marks the close of three years of action under the budget system. At the
first meeting was commenced an intensive campaign in behalf of the people
who pay the taxes in our country. The foes of that campaign were extravagance and inefficiency in the public service. For three years we have waged
this intenscve campaign. It has been a united effort, and united effort never
fails of accomplishment. The people of this nation are beginning to win.
In that short space of time we have accomplished the unbelievable.
co-ordinated procedures of official action have been co-ordinated. Departmental interests have been made subservient to the common interests of the
Government as a whole. The business of government has been established
on an efficient basis. You have done this, and for doing it you are entitled
to the thanks of the American people. This has been and is their fight.
We are often told that we are a rich country, and we are. We are often
reminded that we are in the best financial condition of any of the great
Powers, and we are. But we must remember that we also have a broader
scale of existence and a higher standard of living. We have a freer Government and a more flexible organization of society. Where more is given
more is required. A tropical state of savagery almost maintains itself.
American civilization is the product of a constant and mighty effort. One
of the greatest perils to an extensive republic is the disregard of individual
rights. In our own country such rights do not appear to be in immediate
danger from direct attack, but they are always in jeopardy through indirect
action.
One of the rights which the free man has always guarded with most jealous
care is that of enjoying the rewards of his own industry. Realizing that the
power to tax is the power to destroy, and that the power to take a certain
amount of property or of income is only another way of saying that for a certain proportion of his time a citizen must work for the Government, the
authority to impose a tax on the people has been most carefully guarded.
Our own Constitution requires that revenue bills should originate in the
House, because that body is supposed to be more representative of the people. These precautions have been taken because of the full realization that
any oppression laid upon the people by excessive taxation, any disregard of
their right to hold and enjoy the property which they have rightfully acquired, would be fatal to freedom. A Government which lays taxes on the
people not required by urgent public necessity and sound public policy is
not a protector of liberty, but an instrument of tyranny. It condemns the
citizens to servitude. One of the first signs of the breaking down of free
Government
by the taxing
Semi-Annual Meeting of Business Organization of to their own is a disregard makes little power of the right of the people
property. It
difference whether such a condition
is brought about through the will of a dictator, through the power of a
Government—President Coolidge on Budget.
military force or through the pressure of an organized minority. The result
Says Immediate Need is for Tax Reform.
is the same. Unless the people can enjoy that reasonable security in the
"While our immediate need is for tax reform as distin- possession of their property which is guaranteed by the Constitution, against
unreasonable taxation, freedom is at an end. The common man is reguished from tax reduction," said President Coolidge in adstrained and hampered in his
and clothing
dressing the seventh regular meeting of the business organi- His wages are decreased, his ability to secure food lengthened. and shelter.
hours of labor are
Against the
recurring tendency in this direction there must be interposed the constant
zation of the Government on June 30,"we must continue this
effort of an informed electorate and of patriotic public servants. The imcampaign for economy so as to make possible further tax portance of a
constant reiteration of these principles cannot
reduction." The President in referring to the "progressive mated. They cannot be denied. They must not be ignored. be overestiThere is a most urgent necessity for those who are charged with the reand consistent reduction in expenditures," said, "for the
sponsibility of
fiscal year ending June 30 1921, the last pre-budget year, our country cannotgovernment administration to realize that the people of our
maintain their own high standards, they cannot compete
expenditures were $5,538,000,000 and our receipts $5,624,- against the lower standards of the best of the world, unless we are free from
000,000. For the succeeding three years, which includes the excessive taxes. With us economy is imperative. It is a full test of our
national character. Bound up in
year which ends to-day, our expenditures were $3,795,000,- interests, not of any privilege, but it is the true cause, not of the property
of all the people. It is pre-eminently
000, $3,697,000,000 and $3,497,000,000 respectively." "On source of popular rights. It is always the people who toil that pay. the
It
the other side of the ledger," said the President, "our re- seems to me, therefore, worthy of our highest endeavor. It is this which
gives the real importance to this meeting.
ceipts for 1922 were $4,109,000,000; 1923, $4,007,000,000 and
I would not be misunderstod. I am not advocating parsimony. I
want
1924 $3,995,000,000." An analysis of these figures," con- be liberal. Public service is entitled to a suitable reward. But there is to
a
tinued the President, "shows that in the face of a progres- distinct limit to the amount of public service we can profitably employ.
We require national defense, but it must be limited. We need
public imsive reduction in receipts we have Still achieved a substan- provements, but they must be gradual. We have to
make some capital intial surplus at the end of each of the fiscal years—$314,000,- vestments, but they must be certain to give fair returns. Every dollar expended must be made in the light of all our national resources, and
all our
000 for 1922, $310,000,000 for 1923 and $498,000,000 for 1924." national needs. It is here
that the budget system gets its strength as a
Pointing out that "to-morrow we commence a new fiscal method of fiscal administration.
What progress we have made in ordering the national finances is easily
year," President Coolidge observed that "we will have a
smaller revenue by reason of the lessening of the burden of shown. A comparison of our receipts and expenditures for the last four
years illustrates conclusively what has been accomplished during the three
the taxpayer under the new tax law. On the other hand, we years of the budget system.
For the fiscal year ending June 30 1921, the last pm-budget year, our exhave an increase in our fixed charges. The World War
penditures were
Adjusted Compensation Act alone adds approximately $132,- succeeding three $5,638,000,000 and our receipts $5,624,000,000. For the
years, which includes the year which ends to-day, our ex000,000 to our fixed charges for 1925. . . . The best esti- penditures were $3,795,000,000, $3,697,000,000 and $3,497,000,000 respectively. Here we show a progressive and consistent reduction in expenditures.
taate to-day indicates a surplus of approximately $25,000,000 On
the other side of the ledger
for the next fiscal year. This estimate is predicated on an 1923, $4,007,000,000, and 1924,our receipts for 1922 were $4,189,000,000;
$3,995,000,000. An analysis of these figexpenditure program, which exclusive of the redemption of ures shows that in the face of a progressive reduction in receipts we have
still achieved a
the public debt, amounts to $3,083,000,000." Indicating his $314,000,000 forsubstantial surplus at the end of each of the fiscal years—
1922, $310,000,000 for 1923, and $498,000,000 for 1924.
Juur 51924.]
THE CHRONICLE
35
law must be observed not
The amounts which I have stated as being the expenditures, receipts and sions of the Budget and Accounting Act. This
surplus for the fiscal year 1924, which ends to-day, are only approximate. only in its letter but in its spirit.
Chief Executive that I propose to protect
I herewith serve notice again as
We will not have the actual figures until the books are finally balanced. The
carelessness in our dealings
surplus accumulated at the end of each of the last three fiscal years has been the integrity of my budget. We must have no
of the public debt, in addition to the reductions re- with public property or the expenditure of public money. Such a condition
applied to the reduction
decadent civilizaquired by law under the Sinking Fund and other Acts. Without the aid of is characteristic either of an undeveloped people or of a
and mature.
this recurring surplus the public debt would be $1,100,000,000 more than it tion. America is neither. It stands out strong and vigorous
inexperience of
now stands, and the interest charges would be some $45,000,000 greater next We must have an administration which is marked not by the
youth or the futility of age, but by the character and ability of maturity.
year than we shall now have to pay.
system, to live
Along with this reduction in expenditures has gone a progressive reduc- We have had the self-control to put into effect the budget
in the art of
tion of the public debt with its attendant relief from the burden of interest. under it and in accordance with it. It is an accomplishment
very highest importance. It means that the AmeriOn June 30 1921 the public debt was $23,976,000,000. In 1922 it had been self-government of the
reduced more than $1,000,000,000 to $22,964,000,000. In 1923 it had been can Government is not a spendthrift and that it is not lacking in the force
reduced more than $600,000,000 to $22,349,000,000. In 1924 it has been or disposition to organize and administer finances in a scientific way.
reduced again by more than $1,000,000,000 and stands at an estimated To maintain this conditon puts us constantly on trial. It requires us to
amount of $21,254,000,000, which is a reduction in three years of $2,722,- demonstrate whether we are weaklings, or whether we have strength of
000,000, and means a saving of interest of more than $120,000,000 each character. It is not too much to say that it is a measure of the power and
integrity of the civilization which we represent. I have a firm faith in
year.
This shows that the intensive campaign which was commenced three years your ability to maintain this position and in the will of the American people
ago has been waged unrelentingly. In this campaign we have had the active to support you in that determination. In that faith in you and them I propose to persevere. I am for economy. After that I am for more economy.
co-operation and support of the Congress.
The three budgets presented by the Chief Executive to the Congress have At this time and under present conditions that is my conception of serving
carried drastic, progressive reductions in their estimates for funds. Congress all the people.
I will now turn this meeting over to General Lord, the Director of the
has adhered to budget procedure in passing upon these estimates. The appropriations granted have been in harmony with the financial program of the Bureau of the Budget. He is human. He hates to say no. But he is a
brave man and he does his duty without fear or favor. This nation is his
Chief Executive.
When we met six months ago I stated to you that this fight for economy debtor. He will tell you more in detail of the things which have been achad but one purpose—that its benefits would accrue to the whole people complished and of the work which lies before you under the financial prothrough reduction in taxes. Taxes have now been reduced. While our gram which I have outlined to you. But let me leave this final word with
immediate need is for tax reform, as distinguished from tax reduction, we you: So far as it is within my power I will not permit increases in expendimust continue this campaign for economy so as to make possible further tures that threaten to prevent further tax reduction or that contemplate such
an unthinkable thing as increase in taxes. If with increasing business our
tax reduction.
of
We owe this to the people of our nation, to the people who must pay revenues increase, such increase should not be absorbed in new ways
with their toil. The relief which has recently been afforded must be only spending. They should be applied to the lowernig of taxes. In that direcbear tion lies the public welfare.
the beginning. So, in all your efforts, in all your sacrifices, you must
in mind that you are making them for the people of our country. There
could be no nobler cause or one showing higher patriotism. Bear in mind
always that we are here as the servants of the people and that only as we Director of Budget E. M. Lord Says Government
serve them well and faithfully shall we succeed.
Department Estimates Have been Cut $865,517,155
The insistent demand for economy and reduction in expenditures necesin Three Years through Budget System.
increasing efficiency of administration. I realize that it is
sarily requires
making an ever-increasing call upon the administrative ability of responDirector of the Budget E. M. Lord, in enlarging upon the
sible officials. But this is a call for real service. It demands a most remarks of President Coolidge at the semi-annual business
searching inquiry into the field of your activities so as to remove entirely
from them all elements which are not essential and so as to curtail all those meeting of the Government in Washington on June 30 relawhich may be reduced without prejudice to the welfare of the nation.
tive to the nation's finances, stated that in the three years
If there is any question as to the authority of heads of departments or
during which the budget system has been in operation, "it
establishments to discontinue, or reduce any phase of existing work it is
my desire that they report the matter to me. The duty and the opportunity has cut out of annual estimates $865,517,155. If that amazto-day of the Government's administrators is not to enter upon new fields ing amount had been left in the estimates as would have
of enterprise. On the other hand, it is their duty and opportunity to carry
days," said General Lord, "the
on approved and necessary activities with the smallest possible expenditure. been the case in pre-budget
In the past 20 years the Government's activities have developed and multi- President would have had no warrant for recommending
plied in a most extraordinary way. Certainly the initiation of new activities reduction in taxation." In addressing the meeting, General
should be discouraged unless essential to the well-being of the nation.
We, the administrators of the Government's great business interests, Lord said:
--to perform efficiently
should have at this time only one thought and policy,
The Chief Executive has announced his expenditure policy for the coming
the functions devolving upon us under the law. And we should accomplish year. This now is our policy. Exclusive of the amount applied to the
smallest possible demand upon the Treasury. We have made reduction of the public debt, all expenditures must be kept within $3,000,this with the
real progress in this direction. Our responsibility to the taxpayers de- 000.000. This is identical with the spending program of the current year,
mands further progress.
which we will very nearly carry out despite legislation and untoward develTo-morrow we commence a new fiscal year. We will have a smaller reve- opments that made the task more difficult than was anticipated. To give
new additional zest to next year's contract we have the Soldiers' Adjusted Comnue by reason of the lessening of the burden of the taxpayer under the
tax law. On the other hand, we will have an increase in our fixed charges. pensation Act to absorb. This will add $132,000,000 to the problem, and
The World War Adjusted Compensation Act alone adds approximately $132,- should invest the campaign with sufficient importance, dignityand difficulty
000,000 to our fixed charges for 1925. A real battle faces us, but we are to command your interest and spur your fighting spirit to the accomplishorganized for the fight. The best estimate to-day indicates a surplus of ment of great deeds.
approximately $25,000,000 for the next fiscal year. This estimate is prediThe New York "Times" quoted him as follows:
cated on an expenditure program which, exclusive of the redemption of the
When the budget law went on the statute books June 10 1921, it was the
public debt, amounts to $3,083,000,000.
I desire that this expenditure program be reduced by $83,000,000. I do very general expectation that the new and untried Bureau of the Budget
not contemplate total expenditures for the next fiscal year which will ex- would modestly, quietly and inoffensively busy itself with the estimates
ceed $3,000,000,000 exclusive of the redemption of the public debt. This for the fiscal year 1923 and permit the program of expenditure for 1922 to
pursue its uncontrolled and expensive way. The appropriations for that
will give us a surplus at the end of 1925 of $108,000,000.
This, or a greater surplus, should be our aim. The people have faith in year had been made or were in the making. The executive departments
us. We must preserve this faith. Our efforts and our accomplishments are had outlined a merry little spending program of $4,363,274,092 at the
also serving as inspiration to the other nations of the world. We are setting expense of the long-suffering, inarticulate but none the less exasperated
the example for reduction in the cost of government and for return to ordi- taxpayer. The Chief Executive, however, considered the plight of the
taxpayers and, utilizing the Bureau of the Budget,the new agency placed in
nary peace-time conditions.
There can be no faltering. Our duty is plain. As we have progressed.in his hands by Congress, and capitalizing the economy pledge made by the
these last three years, so we must continue. You, with your intimate knowl- executives in that first extraordinary meeting of the business organization
edge of the details of your work, know where further practical economies of the Government, instituted a campaign of immediate retrenchment.
can be effected. I desire, however, that you give special attention to the That intensive drive for economy swept away the cobwebs of conservatism
matter of personnel. This is by far the most costly item in our expenditures. with the accumulated dust of old traditions and hidebound procedures,
We must reduce the Government payroll. I am satisfied that it will lead awakened the sleepers from their sleep, the dreamers from their dreams,
to greater efficiency. And in this same connection I desire careful scrutiny reduced actual expenditures $1,742,738,189 46 below the cost of the preof travel orders. Our travel expense item is too great. An order for travel ceding year, and once and for all gave the lie to the epithet of "professional
should be given only when absolutely necessary. You can effect economy in spenders" so often theretofore applied to Federal officials. We are making
this item. A further fertile field for economy is the item of printing and "professional savers."
binding. I am sometimes startled at the number of Government publicaThe next year-1923—the budget campaign for retrenchment was pressed
tions which come to my attention. It cannot be that all are necessary. In with increased force and intensity, somewhat to the surprise and chagrin of'
this effort for economy and efficiency in the Federal service the co-ordinat- those people in the service who had termed the economy campaign a shorting agencies created by Executive order have played a most important part. lived fad. The 1923 drive brought expenditures of $263,033.233 52 below
The necessity and value of co-ordination have been clearly demonstrated. what we took out of the Treasury in 1922. We have been busily harping on
It has brought the departments and establishments into intimate contact. the same old economy string this present year. It may be monotonous
Contradictory plans and conflicting procedures have been supplanted by music to people in the service, but it is sweet harmony to the taxpayer. The
common plans and harmonious procedures. It is essential that this work go figures for this year show a reduction of approximately $200,000,000 below
on. I realize the heavy demands upon the members of the several co-ordinat- what we spent last year exact figures not available. We will spend this
ing boards. They have also their departmental work to perform. This calls year, which ends to-day,$2,000,000,000 less than we took out of the Treasagain for a real sacrifice, but for a sacrifice in the interest of the taxpayers. ury in 1921,the last fiscal year free from budget control.
You are now preparing your preliminary estimates for the fiscal year 1926.
In three budget years we have cut the ordinary expenses of Government
For that fiscal year it will be my purpose to transmit to Congress estimates In half. Go tell it in the highways and byways, proclaim it from the houseof appropriations which, excluding the interest on and reduction in the pub- tops, broadcast or radiocast it from every sending station, that the Federal
lic debt and the postal service, will not exceed a total of $1,800,000,000. Service has not overlooked the plight of the taxpayer, has not been oblivious
This tentative limitation is in furtherance of my program for a progressive to his distress, has not turned a deaf ear to his pleadings, but has labored
reduction in the cost of government.
honestly and earnestly to lighten his burden.
I regret that there are some officials who apparently feel that the estiWith what I considered justifiable pride I called the attention of a disthe Bureau of the Budget are estimates which they tinguished member of Congress to this extraordinary reduction we had made
mates transmitted to
authorized to advocate before the committees of the Congress. Let me In the cost of government. I listened breathlessly for his enthusiastic comare
say here that under the Budget and Accounting Act the only lawful estimates mendation. He said,"That's very good I" And I thought of the story of the
are those which the Executive transmits to the Congress. It is these esti- schoolboy to whom the teacher gave this problem: "How much are two
mates that call for your loyal support. Unless such support be given, you times thirteen?" The boy said: "Twenty-six." 'Inc tencher said: "Very
are not fulfilling your obligations to your office.
good." The boy said: "Very goat'. Gee, it's perfect."
I trust that neither the Chief Executive nor the appropriations committees
It is difficult to appraise adequately what $2,000,000,000 really mean.
of the Congress again will have occasion to call your attention to the provi- We speak of billions to-day with as little thought as we spoke of millions
36
THE CHRONICLE
[VOL. 119.
before the World War. And here is our danger. We talk in billions because issuing an Executive order7transferring the naval reserves
we think in billions. In what may prove a hopeless endeavor let me try to to the Interior Department was illegal. Secretary Fall's
visualize what the $2,000,000,000 saved from Government spending means.
secret negotiations of the leases was described as in disregard
Translated into other terms it is equivalent to:
Half of the gold coin and bullion in the United States at the present time. of the statutes.
The entire savings of 12,500,000 depositors in the nation's savings banks
Regarding the Grand Jury's investigation and the indictfor a period of twenty months.
The value of all the passenger automobiles produced throughout the ments which resulted therefrom, Washington advices to
United States in 1922, plus the value of all the motor trucks, plus the value the New York "Times" had the following to say:
of all the motorcycles.
The special Grand Jury which returned these indictments began its
It exceeds the amount paid in dividends by all the railroads in the United investigation of the alleged criminal phases of the oil lease transactions
States for five years.
on April 30. The indictments were returned to Justice Adolph A. Hoehling
It is nearly three times the balance of our foreign trade (excess of exports In Criminal Court No. 3 of the Supreme Court of the District of Columbia
over imports) in 1922.
by Gratz Dunkum,foreman, who was escorted into the courtoom by Major
It is more than twice the value of the United States cotton crop of 1922. Peyton Gordon, United States Attorney for the District of Columbia, and
and nearly two and one-half times the value of the country's wheat crop in former Senator Atlee Pomerene and Owen J. Roberts
of Philadelphia,
1922. It was worth saving.
special counsel appointed by President Coolidge.
I have learned from experience that the most effective method of preThe proceedings in court lasted only several minutes. When the indictvailing upon Federal agencies to'conserve public funds is to cut down their ments were returned there was present in addition to Messrs.
Pomerene.
estimates. I say this with full appreciation of the cooperation given the Roberts and Gordon, Oliver E. Pagan, the indictment expert
of the DepartBureau of the Budget in its economy campaign by so many departments and ment of Justice, all representing the prosecution. The defense was reprobureaus. Without such cooperation the achievements to which I have re- sented by former U. S. District Attorney Henry A. Wise of New York,
tarred would not have been possible. I find, however, that Government attorney for ex-Secretary Fall; George P. Hoover, counsel
for Mr. Sinclair,
agencies that exercise the greatest care in the expenditure of appropriated and Frank J. Hogan, chief counsel for the Messrs. Doheny.
funds, and insist upon getting one hundred cents worth of service and supIt is not likely that court action will begin until next fall, and there is
plies for every dollar spent, refuse to modify their estimates to comply with every indication that the trials, which will be vigroously fought,
will not
executive requirements. Because of this the budget pruning-knife is badly be over until after the November elections.
worn, though still serviceable. In the three years of its active and, as some
The Supreme Court of the District of Columbia is now in summer recess.
of the people in the service term it, ruthless career it has cut out of annual Only one Justice is sitting, and ho is hearing uncontested matters. It is
estimates $865,517,155 65. If that amazing amount had been left in the understood that ball of $5,000 will be asked in these cases.
estimates, as would have been the case in pre-budget days, the President
Immediately after the indictments were returned Mr. Frank J. Hogan,
would have had no warrant for recommending reduction in taxation.
chief counsel for Edward L. Doheny, issued a statement in which he said
A fair presentation of what has been done under the budget law requires that the indictments were not unexpected, but he did
characterize the
acknowledgement of the important contribution made by Congress to the indictment of Edward L. Doheny Jr. as "disgraceful," and "a repudiation
gratifying result. That body, after the enactment of the budget and ac- of assurances given by Senator Pomerene and Mr. Roberts that young
counting law, promptly revolutionized its appropriating methods and Doheny would not be indicted."
centralized all appropriating authority in the Appropriations Committeesof
The four indictments cover about 72 typewritten pages and embrace
the Senate and the House of Representatives. These great committees, and more than 21,000 words.
Congress generally, in their consideration and treatment of executive estiIt does not appear that the grand jury, which has now been discharged,
mates, have followed approved budget methods, and have given the new found anything criminal in the action by Mr. Sinclair in employing Mr.
system the support so essential to its success. That there has been a meeting Fall, or in the supposed gift or loan to Mr. Fall by Mr. Sinclair of
$25,000.
of minds of the budget authorities and Congress is clearly shown by a com- concerning which testimony was given before the Senate committee.
parison of estimates and appropriations. In the estimates for 1922. the last
The first indictment deals with alleged violations of Section 37ofthe Penal
annual estimates free from budget control, the executive agencies asked for Code, which is aimed at conspiracies against the Government, and
carries a
$1.312,925,813 22 more than Congress gave. Estimates for 1923—the first penalty of not more than two years in prison and a fine of $10,000. This
budget year—were $162,523,008 05 more than the resulting appropriations. indictment covers fifteen typewritten pages and begins with the "order of
For 1924 the estimates exceeded appropriations by only $7.828,198 07. withdrawal of Sept. 2 1912,signed by William Howard
Taft, then President
Again this year Congress practically ratified the budget, the excess of esti- of the United States—referring to the withdrawal of the reserve known as
mates over appropriations being but $10.038,595 77. In a budget totaling Elk Hills."
$3,622,125,959 19 this result is extraordinary—so extraordinary, in fact,
Alleges "Craft and Deceit."
that we probably will have difficulty next year in equaling the record.
This indictment also contains various executive and departmental orders
These figures include appropriations for the postal service.
relative to this oil reserve, including that of the late President Harding, perIn making this incomplete survey of what we have achieved we are not mitting
the leasing of such reservrie and the transferring of the power to
unmindful of earnest efforts at retrenchment prior to the advent of the
make the leases to the Secretary of the Interior. The period of the leasing
Bureau of the Budget—efforts that failed of results commensurate with the
of this reserve,extending from July 1 1921 to Dec. 111922,and is mentioned
endeavor made because of the lack of any agency like the Bureau of the
as the duration of the alleged conspiracy by the two Dohenys and former
Budget to apply an executive policy of economy and coordination to the
Secretary Fall to defraud the Government. It is alleged in the indictment
many decentralized and almost unrelated Federal agencies.
that competitive bidding for the lease was ignored and that in a "crafty.
deceitful, secret and surreptitious" manner this reserve was leased to
Mr. Dohony by Mr. Fall; that false representations wore
Indictments Against Albert B. Fall, Harry F. Sinclair bidders for thereserve, and that Mr.Fall made statementstomade to other
Mr. Doheny's
competitors that he, Mr. Fall, was not contemplating leasing the reserve.
and Dohenys Returned by Federal Grand
"Instead of keeping his mind and judgment free from partiality and bias
Jury in Washington in Oil Investigation.
in favor of said Pan-American Petroleum & Transport Co. (Doheny conThe Federal Grand Jury for the District of Columbia, cern)," the indictment reads, "the said Albert B. Fall was accepting from
Edward L. Doheny large sums of money as gifts and loans whereby the
which recently concluded its investigation of the oil lease United States was
to be deprived of the benefits of competitive bidding and
scandals, returned at Washington on June 30 criminal of an honest, unbiased, impartial and unprejudiced service from Albert B.
indictments against Albert B. Fall, former Secretary of the Fall.
"On
Interior; Harry F. Sinclair, President of the Mammoth Oil EdwardNov. 30 1921, at the City of Washington, Edward L. Doheny and
L. Doheny Jr. did deliver to Albert B. Fall a large sum of money,
Co., a resident of New York City; Edward L. Doheny of to wit, $100,000."
This money is alleged to have been in the little black satchel which is
Los Angeles, President of the Pan-American Oil & Transalleged to have been brought to this city by Edward L. Doheny Jr., the
port Co., and Edward L. Doheny Jr., son of the oil magnate same satchel and money which figured in the attempted contempt proand connected with many of his father's enterprises. Four ceedings against young Doheny when he refused to testify before the Grand
indictments were returned charging bribery, accepting a Jury on the ground that what he might say might incriminate him.
The indictment then sets out a number of alleged overt acts in furtherance
bribe and conspiracy to defraud the United States. Three of the alleged conspiracy.
indictments were reported against former Secretary Fall,
two charging conspiracy and the third acceptance of a bribe
to influence his official decision.
Harry F. Sinclair is indicted with Fall in one of the con.
spiracy charges, while the Dohenys, father and son, are
joined with the former Secretary of the Interior in the other
conspiracy charge. Mr. Sinclair leased what is known as
the Teapot Dome naval reservation in Wyoming. Mr.
Doheny leased the Elk Hills naval oil reserve in California.
The first indictment charges the two Dohenys and Mr. Fall
with a conspiracy to defraud the United States in obtaining
the Elk Hills lease. The second indictment charges Mr. Fall
and Mr. Sinclair with a conspiracy to defraud the United
States in obtaining the Teapot Dome lease. The third
Indictment charges the two Dohenys with paying a bribe
of $100,000 to Mr. Fall to influence his decision in the matter of leasing Elk Hills reserve. The fourth indictment
charges Mr. Fall with accepting the alleged $100,000 bribe.
In considering the indictments the Grand Jury had before
it nearly all of those who testified before the Senate committee. In addition much of the evidence made available
by the committee was at the call of the Grand Jurors. The
committee, in the majority report prepared by Senator
Walsh (Democrat, Montana), found that the law had been
"flagrantly" disregarded in the negotiation of the Sinclair
and Doheny leases and that President Harding's action
Dohenys Charged with Bribery.
The indictment which charges the two Dohenys with giving bribe of
$100,000 to Mr. Fall to influence the latter's judgment and decision goes
over much the same matter as contained the conspiracy indictment against
all three of these defendants.
The principal difference in these two indictments is that the latter undertakes to make a separate offense of the alleged bribing of Mr. Fall to execute
the lease of the Elk Hill reserve to the Doheny concern without regard to
competitive bidding.
The indictment, which mentions Secretary Fall alone, deals with the
alleged acceptance of a bribe of $100,000. It differs from the other two in
that it only accuses Mr. Fall of bribe-taking and thus makes a separate
offense against him in connection with the Elk Hill lease.
Charges Sinclair with Conspiracy,
The remaining indictment deals solely with the Teapot Dome lease and
the alleged conspiracy, whereby it is alleged that former Secretary Pall
used much the same tactics he is accused of having used in connection with
the making of the Elk Hills least to Mr. Doheny.
Text of Platform Adopted at Democratic National
Convention.
Long hours of spirited debate, extending into early Sunday
morning, June 29, ensued on the floor of the Democratic
National Convention in this city on two of the planks—the
League of Nations and Ku Klux Klan—before the adoption
of the platform was brought about, the controversy on the
disputed issues on the floor followed a like prolonged period
during which the opposing factions struggled in committee
to reconcile their views on the two planks. At a brief session
JULY 51924.]
THE CHRONICLE
37
regard to the League of Nations than we did after the elecof the convention in Madison Square Garden, on Saturday
of 1920." Mr. Lucking added:
morning last, Homer S. Cummings, of Connecticut, Chair- tion know we are busy explaining all the while that the seven millions maYou
Committee, and formerly Chairman jority for Mr. Harding did not mean a rejection of the League: but the great
man of the Resolutions
into the campaign
it was
of the National Committee, told of the labors of the Resolu- mass of people took it to be such becauseThat isinjected what the minority
exactly
candidates and by the platform.
and its sub-committees in drafting the plat- by the of Mr. Baker desires to do this year, and that is the only difference
tions Committee,
report
form, and the differences of opinion which existed on the two between the two platforms in substance. Both reports declare for the League
wise and
order to get
questions; in the case of the League of Nations he said, it of Nations. We declare that inbe lifted out ofin, it is necessary,
party polltics and submitted
the question
a majority and minority report; desirable thatthemselves asshall
had been decided to present
a whole.
to the people
Ladies and gentlemen, I want to say to you that the committee debated
on the Klan plank, he stated, the discussion—both "heated"
and I want to call your attention to the fact that
this
and "acrimonious" he indicated—had been continued all the for hours and for days,delegates, representing especially the great and
great
28, until 6 a. m. Satur- importantmajority of the
night in committee on Friday, June
States of this Union,felt it was wiser and better to lift this quesday morning, with the issue still in contest, and so, with a tion from party politics and leave it to the people themselves to vote upon
by that mandate from the
declared that
view to further conference, he asked that that, the fifth and thenThe curse of thethey would be guided with regard to the League of
whole thing has been,
June 24), be people. that it was plunged into party politics. That is what caused all our
session of the convention (which had opened on
Nations,
adjourned until 3 p. m. The adjournment was voted and, trouble. Our foreign policy should be free from local and domestic issues
unit in
on June 28, scheduled for and from domestic politics. We should be as nearly as possible a
accordingly, the morning session
our foreign policy.
9:30 A. m., but which did not start until about 10:30 a. m.,
Mr. Baker, in appealing for the substitute plank, said in
was brought to a close at 11:30 a. m. The afternoon session
until part:
of June 28 brought under way at 4 p. m., continued
The majority would have the Democratic Party declare its confidence
nearly 2 a. m. Sunday (June 29), the presentation of the in the ideals of world peace, the League of Nations and the World's Court
consumed the greater of Justice as together constituting the supreme effort of the statesmanship
arguments on the Klan plank having
our time to organize the world for peace. And
and religious
part of the long session. The platform, as accepted at this so they do. conviction of
the majority plank on the League of Nations,
session, carries
And then the majority goes on: "Further, the Democratic Party decalling for the submission to a referendum vote of the ques- clares that it will be the purpose of the next Administration to do all in its
to secure for our country the moral leadership in the family of nations
tion as to whether the United States shall become "a member power in the providence of God, has been so clearly marked out for us."
which,
reservations or amend- And so,in the providence of God,it has been,and so, my fellow-Democrats,
of the League of Nations upon such
I agree with
ments to the Covenant of the League as the President and we should seek to recover it. that there is them so far. for the League of
no substitute
And now, after having said
the Senate of the United States may agree." A substitute Nations, that the world will be a reck unless war is prevented, that the
minority only path to peace is the League of Nations, no other is possible of any kind
•plank on the League offered to the convention as a
this that
of these things there
said
report from the Platform Committee by Newton D. Baker, —after havingwe all go into the League ofis not one syllable in fanciful,
Nations until after a
by a vote of 742; proposes that shall revolutionary, referendum shall have been called,
formerly Secretary of War, was rejected
illegal, unconstitutional,
in opposition, to 3533 in favor of its adoption. The sub- operated either by postal cards or through the Census Bureau or in some
other way,for there is neither constitutional basis for a statute nor a statute
stitute platform plank follows:
which provides for a national referendum.
*******
*
*
*
International Co-Operation.
*
important problem facing the nations of the world to-day is
And now, my brethren, what will the Republicans say about this? I
The most
am still on that subdivision of my remarks dealing with getting votes.
hew to recover from the last war and remove the menace of future wars.
Republican
The only hope for world peace and for economic recovery lies in the What will the Republicans say about this? Let me run a
remove the causes of newspaper for you for about five minutes. To-morrow morning, should
organized Worts of sovereign nations co-operating to
war and to substitute law and order for violence. Only thus can we out- you adopt that, there will be the headline in the principal Republican
papers, two inches high, clear across the page: "The Democratic Convenlaw war, stop preparations for war and keep out of war.
Under Democratic leadership a practical plan was devised which fifty- tion Repudiates Woodrow Wilson."
fundamental purpose
I cannot claim that I loved Woodrow Wilson any better than you, befour nations are now operating and which has for its
cause I know that I look into the faces of men and women who loved him
the free co-operation of all nations in the works of peace.
The leaders of the Republican Party opposed that plan by gross mis- totally; but I knew him better because of the closeness of my association
representations. They subordinated the peace of the world and the with him, and I can imagine him looking over my shoulder here and reading
he
welfare of this nation to doubtful party advantage. They have not carried that proposal, and you can imagine the fine contempt upon his face when
it
out their promise of a substitute. The Government of the United States, is asked to give his consent to this proposition, because this is what
which has always taken the lead, has for the past four years, for the first amounts to: The Democratic Party says to the people of the United States.
we are
time in its history,fallen behind in efforts for international peace and justice. "We can no longer be trusted. We are going to bless this proposal,
are
This Republican Administration made one limited effort to reduce the going to lift it out of the contamination of political contact with us; we
It has not only going to turn it loose; we are not going to be for it, except academically
instruments of war, but none to reduce the causes of war.
and economic reconstruction in and theoretically; but as a militant party we are not going to fight for it."
failed to aid, but has delayed political
Now if there is a man or woman in this audience, not only who over
Europe. By shirking responsibility it has impaired our self-respect at
to knew Woodrew Wilson, but if there is a man or woman in this audience
home and injured our prestige abroad. It has reduced this great nation
the Who ever saw him, they will know from the length of his face and the set
the role of impotent "observer." It has found it necessary to use
Wilson
League of Nations, and yet seems constrained to sneer at and misrepresent of his chin that that was not the kind of leadership that Woodrow
it is gave to a great political party.
it. Their policy of isolation is as revolting in its spiritual aspects as
harmful in its material consequences.
Following the balloting on the League of Nations discusThe Republican Party has no foreign policy.
We approve the proposal so repeatedly trifled with by the Republican sion of the Klan issue was begun a minority report proposing
Party, that the United States directly adhere to the Permanent Court of an amendment to that of the majority, sought to declare
International Justice established under the auspices of the League of
have pledged the
Nations. This proposal, while sound and desirable, is, however, but a specifically against the Klan and would
fragment of the complete plan which is necessary if we are to abolish war Democratic Party to oppose any effort on the part of the
and have economic recovery and stability.
Klan "to interfere with the religious liberty or political
It would better comport with the dignity and interest of this great nation
freedom of any citizen;" this was rejected, the majority plank
question of international co-operation frankly and manfully.
to face the
There is no substitute for the League of Nations as an agency working for being carried in the platform adopted. Early accounts had
peace. The League of Nations never meant, and the Democratic Party
it that the minority report lost by one vote, 542, 320 votes
never favored, any "foreign entanglements," any meddling in the domestic
of sovereignty.
being cast in opposition as compared with 541,320 in support
affairs of others, any impairment
The Democratic Party favors membership in that co-operative agency of it. The New York "Times" of June 30 said:
upon conditions which will make it clear that we are not committed to
amendConfusion over the returns of the vote on the proposed anti-Klan
use force, and such further conditions as the President with the approval
of the Committee on Resolutions was not
of the Senate may deem appropriate to make our co-operatiu effective ment to the majority report
cleared up yesterday.
in fact and consistent with our constitutional practice.
There was no question that the resolution had been beaten by a majority,
Under a Democratic Administration the Government will endeavor to
varoiusly estimated at from four to seven.
lift this great question above partisanship and to reflect the best opinion officially announced at one and
a unanimous opinion was that the
of those who place the welfare of the nation above partisanship. It will The only thing on which there was
for the manemdnet and 542 2-30
a course which safeguards American interests and conforms to official announcement of the vote, 841 3-20
pursue
American traditions, aspirations and ideals. It will co-operate with against it, was wrong.
vote
The confusion resulted from the great number of changes in the
civilization to banish war.
delegations.
and from a succession of challenges of the vote of a number of
The Democratic Party has a foreign policy.
disorder,
In view of the excitement and confusion, amounting at times to
The plank presented by Mr. Baker was sponsored also, it there was little criticism of the tally clerks.
GreatNo light on the exact vote could be obtained from Charles A.
is said, by John G. Cornwell, former Governor of West
or from Burt Now, Executive Secretary
Virginia; G. P.Fishbone of Washington, J. P. Pope of house, Secretary of the Convention, R. Canfield, Chief Tally Clerk, was
of the National Committee. A.
Idaho; Henry •W". Dooley of Porto Rico; R. B. Stevens of said to be the only person who might be able to furnish an exact corrected
Hotel
New Hampshire; Thomas F. Bayard of Delaware; and Edgar tabulation of the vote, but Mr. Canfield, who is stopping at the
could not be found.
Brown of South Carolina. Alfred Lucking of Michigan, Seville,totals of the vote actually cast by States and Territories, and as
A.
The
who opened the debate on the League, stated that one report verified on recapitulation yesterday, however, show that 546.15 votes
votes
"provides fof the carrying of this question to the Ameri- were cast against singling out the Klan by name and that 541.85 4.35
actually increases the majority of
in
and women, the majority report," and that were cast the favor of it. This in the official announcement.
can people, men
single vote as given
instead of
"the other one provides that we shall plunge this question
The minority report had been presented by fourteen of the
into the party political contest of this year, commingled and
members of the Platform Committee; it read as follows: •
confused with forty or fifty other questions, so that when we
We condemn political secret societies as opposed to the exercise of free
get through with the election this fall, we will know no more Government and contrary to the spirit of the Declaration of Independence
about the sense and desires of the American people with and of the Constitution of the United States.
38
THE CHRONICLE
[VOL. 119.
We pledge the Democratic Party to oppose any effort on the part of
I come from a State that was founded as a haven for the oppressed, where
the Ku Klux Klan or any organization to interfere with the religious all men might be free to breathe
the air of religious liberty. I say that those
liberty or political freedom of any citizen, or to limit the civic rights of Georgians who do not take a stand
against this hooded menace, which prowls
any citizen or body of citizens because of religion, birthplace or racial in the darkness, that dares not
show its face, is not worthy of his ancestry,
origin.
and I call upon you, my fellow Georgians In this convention, to vote for
the minority report of the committee.
The Majority plank adopted follows:
We are giving herewith Mr. Cummings statement of last
Freedom of Religion. Freedom of Speech, Freedom of Press.
The Democratic Party reaffirms its adherence and devotion to those Saturday morning, to which we refer further above:
Mr. Chairman and Ladies and Gentlemen of the Conventimg—I realize
cardinal principles contained in the Constitution and the precepts upon
which our Government is founded, that Congress shall make no laws that you are impatient for a report of the Committee on Resolutions. I
respecting the establishment of religion or prohibiting the free exercise think a word of explanation is due to this great convention. I will, in a
thereof, or abridging the freedom of speech or of the press, or the right of few moments, if you will bear with me, teal you something about the
the people peaceably to asemble and to petition the Government for a deliberations which have been going on in that committee. I would greatly
redress of grievances; that the Church and the State shall be and remain appreciate your close attention to what I am about to say, because in a
separate, and that no religious test shall ever be required as a qualification very large measure it may affect the destinies of our party.
The Committee on Resolutions is made up, as you know, of one repreto any office of public trust under the United States.
These principles we pledge ourselves ever to defend and maintain. We sentative from each State and Territory. Last Tuesday, about 5 o'clock
insist at all times upon obedience to the orderly processes of the law and in the afternoon, that committee met for the purpose of organization. In
accordance with the custom of our party, the Chairman and a secretary
deplore and condemn any effort to arouse religious or racial dissension,
were elected. We then proceeded to hold
These hearings
The debate on the Klan, lead by William Jennings Bryan, lasted for many hours and almost all night public hearings. were continued
on Tuesday, and
on Wednesday.
who opposed the minority report, declared its plank was not
A subcommittee was then appointed for the purpose of assembling data
necessary, saying in part:
and preparing the draft of the platform. That subcommittee has been
There is not a State in the Union where anybody whose rights are denied in almost continuous session until a very recent time, when it
reported
can not go and find redress; not a State in the Union; and the Democratic to the full committee. Let me say, my friends, that I have never seen
Party in its platform, the part of it on which we all agree, in words as strong a subcommittee that worked together in greater or more perfect harmony.
as can be written, with emphasis as great as can be employed, puts all the There was a desire upon the part of every one to
draft a platform which
strength of party back of every right, and especially back of the right of should be commensurate with the great opportunity which lies before the
religious liberty for which we stand, as well as those who call us cowards, Democratic Party in this campaign. The subcommittee itself appointed
because we do not take three words with which they seek to conjure,
still further committees among Its own membership, and we lime carefully
It is not necessary, I repeat, first because the laws protect every one, drafted in great part, and almost to the point of completion, a platform
Second, it is not necessary to protect any church. I, my friends, have which will be submitted to this convention in a very few hours.
such confidence in the Catholic Church, which was for over a thousand
I undertake to say that when we complete that platform you will realize
years my mother Church as well as yours. It was the Catholic Church the amount of labor and power that has gone into it, the amount of conthat took religion from its founder and preserved it, the only custodian, centrated service that has been devoted to it. I think you will be proud
for over a thousand years. And when they did it for the Catholic, they did of that platform, and I think you will regard it
as a winning platform.
it for me and for every Protestat.
Now, my friends, you may have some difficulty in hearing me; I am very
The minority, the fourteen members of our committee, who could not tired. My voice is very much worn. Since last Tuesday at 5 o'clock
join with us in a report that would leave out these three magic and mystic to the present moment I have really not had more than
six hours of sleep.
words, have raised the Ku Klus Klan to a higher altitude than the Ku I did not get out of the committee meeting last night
until 6 o'clock in
Klux themselves ever raised their fiery cross. Mr. Colby tells you that this the morning; the night before that it was 6:30 o'clock
in the morning.
is a transient organization; that it will soon die. If that be true, then. I want you to understand, and the reason I am referring to this is so that
really, my friends, the motto of the minority ought to be, "Hurry up if you may understand that there has been no delay upon the part of the
you would see George, he is nearly gone."
committee or the subcommittee which could by any possibility have been
My friends, one objection that I have to making this issue the paramount avoided.
Issue of this campaign is that I am not willing to lift up the dying embers and
We have had an unusually large number of important questions to
start a prairie fire and carry this Klan into every Congressional district of the deal with. I think I am justified in saying to you that we have dealt
United States.
with all of these questions except two, in a manner which has won the
My third objection is that we have no moral right to let them divert us unanimous support not only of the subcommittee but of the entire comfrom as great a mission as our party ever had.
mittee of fifty-four. When we come to report this platform to you, it
I would rather have the anathemas of these misguided Democrats than will be a majority report on every plank in the platform, unanimously
have to answer on Judgment Day for a duty disregarded and a trust de- made except in two Instances. In those two instances there has been a
serted. Anybody can fight the Ku Klux Klan, but only the Democratic difference of opinion. I would not be frank with you if I did not tell
Party can stand between the common people and their oppressors in this you what those two instances are. There was a difference of opinion as
land.
to the phraseology to be emploned in connection with the plank on the
Then, I am not willing to bring discord into my party. The Democratic League of Nations. That debate, though prolonged,
was entirely amiable.
Party is united on all the economic issues. We have never been so united and the majority report will carry with it the signatures
of a large majority
since I have known politics, and nobody has had more reason than I to of the Committee on Resolutions. A minority
report will be presented.
regret discord. Now, when we are all united and all stand with a dauntless I understand, by a minority headed by Mr. Baker
of Ohio. But, my Courage and enthusiasm never excelled, these people tell us that we must friends, the difficulties that I have referred to thus far, and the account
turn aside from these things and divide our party with a religious Issue and which I have endeavored thus plainly to give to you, but a part of the
is
cease to be a great political party. Why,they tell us that if we do not do so story. There remained one plank in the platform with which we had
and so, the Democratic party is going to lose a largo number.
to deal. I regret to say that great differences of opinion arose. The
My friends, if the Democratic Party will lose a considerable number be- subcommittee considered this matter for hours
at a time, seeking to find
cause it insists on being what It has been, how many will it lose if it tries to be some formula that would be satisfactory to every
group of the party.
what it has never been. The Democratic Party has never been a religious The subcommittee itself was unable to agree unanimously, and last night
organization. The Democratic Party has never taken the side of one the full committee went into session and
discussed this particular plank,
church against the other. The Democratic Party must remain true. It dealing with the question of religious freedom. Now,
my friends, please
cannot surrender its right to exist and the mission that was given to it in the bear with me for a moment. We went into that discussion last night,
days of Jefferson, that it remained true to in the days of Jackson and to and that discussion continued all night long until we adjourned this morning
which it was still loyal in the days of Woodrow Wilson.
about 6 o'clock. The discussion went on from hour to hour, and I regret
But, my friends. I have left for the last what I regard as the greatest argu- to say that as the time wnet on the discussion became more heated, the
ment. If the Democratic Party is diverted from its duty some other party discussion became somewhat acrimonious, and when we realized that if
will take up its task.
a committee of fifty-four chosen representatives from each State and
But no party that takes up a noble task will find its leaders in the gallery Territory would exhibit feelings of that character, we began to wonder
to-day.
what would happen if the full convention should be thrown into a similar
I repeat, that if our party is turned aside from its transcendent duty as debate. In other words, we began to think about the Democratic Party.
champion of the rights of the masses, another party can take our place. We began to think of its future, we began to recall Its history. We turned
Even if our party were destroyed, another party would grow up to do its our minds back to that glorious heritage which has come down to us from
work.
Jefferson to Wilson. We thought of all that might be involved in this
And now I want to tell you my last and strongest objection, and let the contest, and then we drew closer together, friends about the council table,
galleries scoff if they dare: I say I am not willing to divide the Christian to see if we could not devise some way to meet this problem so that America
Church when we ought to stand together to fight the battles of religion in might have the benefit of the service of a United Democratic Party.
this land.
And so, my friends, after mature deliberation, and knowing how disappointing
this convention, we concluded
Andrew C. Erwin, delegate from Georgia, one of those who ought to our suggestion might be to subject—and it is the only that we
have upon that particular
one that is
appealed for the support of the minority report, had the not complete—an opportunity for further conference.
And, my friends, lot me add this—and I say this with all solemnity—In
following to say in part:
To my mind the Ku Klux Klan issue is the most vital one which the all my experience in service to the Democratic Party, in all the years that
Democratic Party has to determine. You have two courses you may I have known political affairs and political events. I have never witnessed
follow. You can, by adopting the report of the majority, evade the issue, such a scene as took place this morning in the committee room at 6 o'clock.
which would, in effect, give your approval to the activities of this organ- When we had completed our deliberations and had begun to feel once more
ization. Follow this course and you may prepare for an ignominous defeat welling into our hearts the spirit of fraternity and were about to disperse,
at the polls in November. Meet the issue squarely, as the people of this one of our members rose and recited the Lord's Prayer.
And we all united in it and then at the close Mr. Bryan lifted up his voice
country expect you to meet it, and a glorious victory will be yours . . .
• As has been so ably pointed out by the distinguished speakers who have in an Invocation for guidance and for Divine help in this hour of stress. I
addressed you, the Constitution of the United States guarantees every do not know that I ought to say these things, but they did occur, and so
person in America the right to worship God according to the dictates of I have come to report to you exactly what happened in that committee.
And so as a result of that deliberation and at the unanimous request of
his own conscience. It insures the equal protection to all citizens regardless
the Committee on Resolutions, I stand here, as I said before, at the unaniof race or religion.
The Constitution of every State in the Union preserves to each individual mous request of the Committee on Resolutions, not a dissenting voice, to
ask this great convention in the interest of the Democratic Party to recess
the right of freedom of conscience,
The Ku Klux Klan makes a direct attack on these vital principles of our to-day until 3 o'clock, and I so move.
fundamental law. Its insidious activities have spread discord and distrust
In the platform adopted, the Democratic Parer pays "prothroughout this land of peace and harmony. However worthy the motives
found homage to the memory of Woodrow Wilson" and
adherents may be, it constitutes the most destructive element in
of its
affirms its abiding faith in his ideals of government and
America to-day.
The time has passed to temporize with these misguided people. They pledges itself to "take up the standard which he bore and to
have challenged every citizen who cherishes and respects the Constitution. strive
for the full triumph of the principles of Democracy,
I. for one, am ready to accept that challenge. I am a Protestant; I adhere
to the tenets of that faith; but it would ill become me to deny to others to which he dedicated his life." It denounces the Republican
that for which my ancestors fought.
tariff laws and declares the Democratic Party position "to be
JULY 5 1924.]
THE CHRONICLE
in favor of a tax on commodities entering the custom houses
that will promote effective competition, protect against
monopoly and at the same time produce a fair revenue to
support the Government." On the subject of taxation it
says "we- hold that all taxes are unnecessarily high, and'
pledge ourselves to further reductions." In behalf of the
farmer it pledges itself:
39
gross, despite the indifference of the Executive. to direct recovery of the
public domain and the prosecution of the criminal.
Such are the exigencies of partisan politics that Republican leaders are
teaching the strange doctrine that public censure should be directed against
those who expose crime rather than against criminals who have committed
the offenses. If only three Cabinet officers out of ten are disgraced the
country is asked to marvel at how many are free from taint.
Long boastful that it was the only party "fit to govern," the Republican
Party has proved its inability to govern even itself. It is at war with
itself. As an agency of government it has ceased to function. This nation
cannot afford to entrust its welfare to a political organization that cannot
master itself, or to an Executive whose policies have been rejected by
his own party. To retain in power an Administration of this character
would inevitably result in four years more of continued disorder. internal
dissension and governmental inefficiency.
direct
(a) To adopt an international policy of such co-operation, by
re-establish
official instead of indirect and evasive unofficial means, as will
in Europe
the farmer's export market by restoring the indsutrial balance
Europe's
and the normal flow of international trade with the settlement of
economic problems.
can buy
(b) To adjust the tariff so that the farmer and all other classes
Issues.
again in a competitive manufacturers' market.
rates, which will make our
The dominant issues of the campaign are created by existing conditions.
(c) To readjust and lower rail and water
Dishonesty, discrimination, extravagance and inefficiency exist in Govmarkets, both for the buyer and the seller, national and international inernment. The burdens of taxation have become unbearable. Distress
stead of regional and local.
systems and bankruptcy in agriculture, the basic industry of our country, is affecting
(d) To bring about the early completion of internal waterway
for transportation, and to develop our water powers for cheaper fertilizer the happiness and prosperity of the whole people. The high cost of living
is causing hardship and unrest.
and use on our farms.
prowess of
The slowing down of industry is adding to the general distress. The
(e) To stimulate by every proper governmental activity the
transthe co-operative marketing movement and the establishment of an export tariff, the destruction of our foreign markets and the high cost of
exportable surplus portation are taking the profit out of agriculture, mining and other raw
marketing corporation or commission in order that the
material industries. Large standing armies and the cost of preparing for
may not establish the price of the whole crop.
war still cast their burdens upon humanity. These conditions the existing
(f) To secure for the farmer credits suitable for his needs.
(g) By the establishment of these policies and others naturally supple- Republican Administration has proved itself unwilling or unable to redress.
The Democratic Party pledges itself to the followings program:
mentary thereto, to reduce the margin between what the producer receives
for his products and the consumer has to pay for his supplies, to the end
Honest Government.
that we secure an equality for agriculture.
We pledge the Democratic Party to drive from public places all who make
The full text of the platform follows:
barter of our national honor, its resources or the administration of its
laws; to punish those guilty of these offenses.
DEMOCRATIC NATIONAL PLATFORM.
To put none but the honest in public office; to practice economy in the
We, the representatives of the Democratic Party, in national convention expenditure of public money; to reverence and respect the rights of all
assembled, pay our profound homage to the memory of Woodrow Wilson. under the Constitution.
Our hearts are filled with gratitude that American Democracy should have
To condemn and destroy Government by the spy and the blackmailer,
produced this man, whose spirit and influence will live on through the as by this Republican Administration was both encouraged and practiced.
that it was our privilege to have cooperated with him in the adages; and
Tariff and Taxation.
vancement of ideals of government which will .serve as an example and
The Fordney-McCumber Tariff Act is the most unjust, unscientific and
inspiration for this and future generations. We affirm our abiding faith
legislain those ideals, and pledge ourselves to take up the standard which he bore dishonest tariff tax measure ever enacted in our history. It is class
and to.strive for the full triumph of the principle; of democracy to which tion, which defrauds all the people for the benefit of a few;it heavily increases
the cost of living, penalizes agriculture, corrupts the Government, fosters
he dedicated his life.
Democratic Privileges.
paternalism, and, in the long run, does not benefit the very interests for
The Democratic Party believes in equal rights to all and special privi- which it was enacted.
We denounce the Republican tariff laws, which are written in great part
lege to none. The Republican Party holds that special privileges are
that reasonable exchange of comessential to national prosperity. It believes that national prosperity in aid of monopolies, and thus prevent
countries to buy our surplus agricultural
must originate with the special interests and seep down through the modities which would enable foreign
resultant benefit to the toilers and
channels of trade to the less favored industries, to the wage earners and and manufactured products, with
on the basis of reciprocal
small salaried employees. It has accordingly enthroned privilege and producers of America. Trade interchange,
advantages to the countries participating, is a time-honored doctrine of
nurtured selfishness.
position to be in favor of a tax
The Republican Party is concerned chiefly with material things; the Democratic faith. We declare our party's
that will promote effective
Democratic Party is concerned chiefly with human rights. The masses, on commodities entering the custom houses
the same time produce a fair
burdened by discriminating laws and unjust administration, are demanding competition, protect against monopoly and at
relief. The favored special interests, represented by the Republican revenue to support the Government.
The greatest contributing factor in the increase and unbalancing of prices
Party, contented with their unjust privileges, are demanding that no
taxation and the cost of
change be made. The Democratic Party stands for remedial legislation is unscientific taxation. After having increased
living by two billion dollars, under the Fordney-McCumber tariff, all that
and progress. The Republican Party stands still.
the Republican Party could suggest in the way of relief was a cut of $300.Comparison of Parties.
000,000 in direct taxes; and that was to be given principally to those with
We urge the American people to compare the record of eight unsullied the largest incomes.
Although there was no evidence of a lack of capital for investment to
years of Democratic administration with that of the Republican administration. In the former there was no corruption. Party pledges were meet the present requirements of all legitimate industrial enterprises, and
of
faithfully fulfilled and a Democratic Congress enacted an extraordinary although the farmers and general consumers were bearing the brunt
tariff favors already granted to special interests, the Administration was
number of constructive and remedial laws.
The economic life of the nation was quickened. Tariff taxes were unable to devise any plan except one to grant further aid to the few.
Fortunately this plan of the Administration failed, and under Demoreduced. A Federal Trade Commission was created. A Federal farm
loan system was established. Child labor legislation was enacted. A cratic leadership, aided by progressive Republicans, a more equtiable
and fll'ty
good roads bill was passed. Eight-hour laws were adopted. A Secretary one was adopted, which reduced direct taxes by about four
million dollars.
of Labor was given a seat in the Cabinet of the President.
was passed,
Democratic Party is not one of
The issue between the President and the
II The Clayton amendment to the Sherman Anti-Trust Act
freeing American labor and taking it from the category of commodities. tax reduction or of the conservation of capital. It is an issue of the relaSmith-Lever bill improvement of agricultural conditions was tive burden of taxation and of the distribution of capital as affected by
By the
Mellon
effected. A corrupt practices Act was adopted. A well-considered Ware- the taxation of income. The President still stands on the so-called
in its platform.
house Act was passed. Federal employment bureaus were created, farm plan, which his party has just refused to endorse or mention
tax upon wealth. It was not inthe Federal Reserve System was established.
The income tax was intended as a
loan banks were organized and
that
Privilege was uprooted. A corrupt lobby was driven from the national tended to take from the poor any of the necessities of life. We hold
is
A higher sense of individual and national duty was aroused. the fairest tax with which to raise revenues for the Federal Government
capital.
American enjoyed an unprecedented period of social and material progress. the income tax.
adjusted as to lay the burof a DemoWe favor a graduated tax upon incomes, so
During the time which intervened between the inauguration
to the benefits
cratic administration on March 4 1913 and our entrance into the World dens of Government upon the taxpayers in proportion
upon the statute books of our country more effective, they enjoy and their ability to pay.
War, we placed
We oppose the so-called nuisance taxes, sales taxes, and all other forms
constructive and remedial legislation than the Republican Party had
of taxation that unfairly shift to the consumer the burdens of taxation.
placed there in a generation.
followed we had a leadership that
We refer to the Democratic revenue measure passed by the last Congress,
During the great struggle which
policy
carried America to greater heights of honor and power and glory than as distinguished from the Mellon tax plan, as an illustration of the
of the Democratic Party. We first made a flat reduction of 25% upon
she had ever known before in her entire history.
the proTransition from this period of exalted Democratic leadership to the the tax of all incomes payable this year, and then we so changed
sordid record of the last three and a half years makes the nation ashamed. posed Mellon plan as to eliminate taxes upon the poor, reducing them
It marks the contrast between a high conception of public service and an upon moderate incomes and, in a lesser degree, upon the incomes of multiavid purpose to distribute spoils.
millionaires. We hold that all taxes are unnecessarily high, and pledge
ourselves to further reductions.
Republican Inefficiency and Corruption.
We denounce the Mellon tax plan as a device to relieve multimilliolaaries
Never before in our history has the Government been so tainted by cor- at the expense of other taxpayers, and we accept the issue of taxation
ruption and never has an administration so utterly failed. The nation has tendered by President Coolidge.
been appalled by the revelations of political depravity which have characAgriculture.
terized the conduct of public affairs.
During the four years of Republican Government the economic conWe arraign the Republican Party for attempting to limit inquiry into
farmer has changed from comfort to bankruptcy,
official delinquencies and to impede, if not to frustrate, the investigations dition of the American
The chief causes of this are:
in the beginning the Republican Party and leaders assented, but with all its attendant miseries.
to which
(a) The Republican policy of isolation in international affairs has prewhich later they regarded with dismay.
getting back to its normal balance. and, by leaving
These investigations sent the former Secretary of the Interior to Three vented Europe from
economic problems abroad, has driven the European city
Rivers in disgrace and dishonor. These investigations revealed the in- unsolved the
industrial activities to the soil in large numbers in order
capacity and indifference to public obligation of the Secretary of the Navy, population from
of life. This has deprived the American
him, by force of public opinion, to quit the Cabinet. These to earn the mere necessities
compelling
export trade.
investigations confirmed the general impression as to the unfitness of the farmer of his normal
(b) The Republican policy of a prohibitive tariff, exemplified in the
Attorney-General by exposing an official situation and personal contacts
Fordney-McCumber law, which has forced the American farmer, with
which shocked the conscience of the nation and compelled his dismissal from
his export market debilitated, to buy manufactured goods at sustained
the Cabinet.
him the victim of the profiteer.
investigations disclosed the appalling conditions of the "Veterans" high domestic levels, thereby making
These
and
(c) The Republican policy of high transportation rates, both rail
Bureau, with its fraud upon the Government, and its cruel neglect of the
water, which has made it impossible for the farmer to ship his produce to
sick and disabled soldiers of the World War. These investigations revealed
market at even a living profit.
the criminal and fraudulent nature of the oil leases, which caused the Con-
40
THE CHRONICLE
To offset these policies and their disastrous results, and to restore the
farmer again to economic equality with other industrialists, we pledge
ourselves:
(a) To adopt an international policy ofsuch co-operation, by direct official
instead of indirect and evasive unofficial means, as will re-establish the
farmers' export market by restoring the industrial balance in Europe and
the normal flow of international trade with the settlement of Europe's
economic problems.
(b) To adjust the tariff so that the farmer and all other classes can buy
again in a competitive manufacturers' market.
(c) To readjust and lower rail and water rates, which will make our
markets, both for the buyer and the seller, national and international
instead of regional and local.
(d) To bring about the early completion of internal waterway systems
for transportation, and to develop our water powers for cheaper fertilizer
and use on our farms.
(e) To stimulate by every proper governmental activity the progress of
the co-operative marketing movement and the establishment of an export
marketing corporation or commission in order that the exportable surplus
may not establish the price of the whole crop.
(f) To secure for the farmer credits suitable for his needs.
(g) By the establishment of these policies and others naturally supplementary thereto, to reduce the margin between what the producer receives
for his products and the consumer has to pay for his supplies, to the end
that we secure an equality for agriculture.
Railroads.
The sponsors for the Esch-Cummins Transportation Act of 1920, at the
time of its presentotion to Congress, stated that it had for its purpose the
reduction of the cost of transportation, the improvement of service, the
bettering of labor conditions, the promotion of peaceful co-operation
between employer and employee, and, at the same time, the assurance of
a fair and just return to the railroads upon their investment.
We are in accord with these announced purposes, but contend that the
Act has failed to accomplish them. It has failed to reduce the cost of
transportation. The promised improvement in service has not been
realized. The labor provisions of the Act have proven unsatisfactory in
settling differences between employer and employees. The so-called
recapture clause has worked to the advantage of the strong and has been
of no benefit to the weak.
The pronouncement in the Act for the development of both rail and water
transportation has proved futile. Water transportation upon our incland
waterways has not been encouraged, and limitation of our coastwise trade
is threatened by the administration of the Act. It has unnecessarily
interfered with the power of the States to regulate purely intra-State transportation. It must, therefore, be so rewritten that the high purposes
which the public welfare demands may be accomplished.
Railroad freight rates should be so readjusted as to give the bulky, basic,
low-priced raw commodities, such as agricultural products, coal and ores,
the lowest rates, placing the higher rates upon more valuable and less
bulky manufactured products.
Muscle Shoals and Fertilizers.
We reaffirm and pledge the fulfillment of the policy, with reference to
Muscle Shoals, as declared and passed by the Democratic majority of the
Sixty-fourth Congress in the National Defense Act of 1916, "for the production of nitrates or other products needed for munitions of war and useful
in the manufacture of fertilizers."
We hold that the production of cheaper and higher grade fertilizers
is essential to agricultural prosperity. We demand prompt action by Congress for the operation of Muscle Shoals plants to maximum capacity in
the production, distribution and sale of commercial fertilizers to the farmers
of the country, and we oppose any legislation that limits the production of
fertilizers at Muscle Shoals by limiting the amount of power to be used
in their manufacture.
Republican Contraction of Credit and Currency.
We denounce the recent cruel and unjust contraction ef legitimate and
necessary credit and currency, which was directly due to the so-called deflation policy of the Republican Party as declared in its national platform of
June 1920, and in the speech of acceptance of its candidate for the Presidency.
Within eighteen months after the election of 1920 this policy resulted in
withdrawing bank loans and discounts by over five billions of dollars and in
contracting our currency by over fifteen hundred millions of dollars. This
contraction bankrupted hundreds of thousands of farmers and stock growers in America and resulted in widespread industrial depression and unemployment.
We demand that the Federal Reserve System be so administered as to
give stability to industry, commerce and finance, as was intended by the
Democratic Party, which gave the Federal Reserve System to the nation.
Reclamation.
The Democratic Party was foremost in urging reclamation for the immediate arid and semi-arid lands of the West. These lands are located in the
public-land States and, therefore, it,is the duty of the Government to utilize
their resources by reclamation.
Homestead entrymen under reclamation projects have suffered from the
extravagant inefficiencies and mistakes of the Federal Government.
The Republican Act of 1924,recommended by the Fact-Finding Commission and added as an amendment to the second deficiency appropriation
bill at the last session of Congress, was eliminated from that bill by the
Republican conferees in the report they presented to Congress one hour
before adjournment. The Democratic Party pledges itself actively, efficiently and economically to carry on the reclamation projects and to make
equitable adjustment for the mistakes the Government has made.
[VOL. 119.
Improved Highways.
Improved roads are of vital importance, not only to commerce
and
industry but also to agriculture and rural life. We call attention
to the
record of the Democratic Party in this matter and favor a continuance
of
Federal aid under existing Federal and State agencies.
•
Deep Waterways.
We favor and will promote deep waterways from the Great
Lakes to
the Gulf and to the Atlantic Ocean.
Flood Control and Water Transportation.
We favor a policy for the fostering and building
of inland waterways
and the removal of discrimination against water transportation.
Flood
control and the lowering of flood levels is essential to the
safety of life
and property, the productivity of our lands, the navigability
of our streams
and the reclaiming of our wet and overflowed lands
and the creation of
hydro-electric power.
We favor the expeditious construction of flood relief
works on the Mississippi and Colorado rivers and also such reclamation
and irrigation
projects upon the Colorado River as may be found
to be feasible and
practicable.
We favor liberal appropriations for prompt co-ordinated
surveys by the
United States to determine the possibilities of general navigation
improvements and water power development on navigable streams and
their tributaries, to secure reliable information as to the most economical navigation
improvement,in combination with the most efficient and complete development of water power.
We favor suspension of the granting of Federal water power
licenses by
the Federal Water Power Commission until Congress has received
reports
from the Water Power Commission with regard to applications
for such
licenses.
Mining.
Mining is one ot the basic industries of this country. We produce
more coal, iron, copper and silver than any other country. The value
of our mineral production is second only to agriculture. Mining
has
suffered like agriculture, and from the same causes. It is the duty of our
Government to foster this industry and to remove the restrictions
that
destroy its prosperity.
Regulations of Corporations Controlling Necessities of Life.
We pledge the Democratic Party to regulate by governmental agencies
the anthracite coal industry and all other corporations controlling the
necessaries of life, where public welfare has been subordinated to private
interests.
Fraudulent Stock Saks.
We favor the immediate passage of such legislation
as may be necessary
to enable the States efficiently to enforce their laws relating to the gradual
financial strang.ing of innocent Investors, workers and consumers,
caused
by the indiscriminate promotion, refinancing and reorganizing of corporations on an inflated and over-capitadzed basis, resulting already in the
undermining and collapse of many railroads, public service and industrial
corporations, manifesting itselfin unemployment,irreparable loss and waste,
and which constitute a serious menace to the stability of
our economic
system.
Private Monopolies.
The Federal Trade Commission has submitted to the Republican
Administration numerous reports showing the existence of monopolies and
combinations in restraint of trade, and has recommended proceedings
against these violators of the law.
The few prosecutions which have resulted from this abundant evidence
furnished by this agency created by the Democratic I'arty, while proving
the indifference of the Administration to the violations of law by trusts and
monopolies and its friendship for them, nevertheless demonstrate the value
of the Federal Trade Commission.
We declare that a private monopoly is indefensible and intolerable, and
pledge the Democratic Party to vigorous enforcement of existing laws
against monopoly and illegal combinations and to the enactment of such
further Measures as may be necessary.
Merchant Marine.
The Democratic Party condemns the vacillating policy of the Republican
Administration in its failure to develop an American flag shipping policy.
There has been a marked decrease in tho volume of American commerce
carried in American vessels as compared to the record under a Democratic
Administration.
We oppose as illogical and unsound all efforts to overcome by subsidies
the handicaps to American shipping and commerce imposed by Republican
policies.
We condemn the practice of certain American railroads in favoring foreign ships, and pledge ourselves to correct such discriminations. We declare for an American-owned merchant marine, American built, and manned
by American crews, which is essential for naval security in war, and is a
protection to the American farmer and manufacturer against excessive
ocean freight charges on products of farm and factory.
We declare the Government should own and operate such ships as will
insure the accomplishment of these purposes and to continue such operation as long as it may be necessary without obstructing the development
and growth of a privately owned American flag shipping.
Education.
We believe with Thomas Jefferson and other founders of the Republic
that ignorance is the enemy of freedom, and that each State, being responsible for the intellectual and moral qualifications of its citizens and
for the
expenditure of the moneys collected by taxation for the support of its schools,
shall use its sovereign right in all matters pertaining to education.
The Federal Government should offer to the States such counsel, advice
and aid as may be made available through the Federal agencies for the
general improvement of our schools in view of our national needs.
Civil Service.
We denounce the action of the Republican Administration in its violations of the principles of civil service by its partisan removals and manipulation of the eligible lists In the Post Office Department and other Governmental departments; by its packing the Civil Service Commission so that
that commission became the servile instrument of the Administration in its
wish to deny to the ex-service men their preferential rights under the law
and the evasion of the requirements of the law with reference to appointments in the Department.
We pledge the Democratic Party faithfully to comply with the spirit as
well as the regulation of civil service; to extend its provisions to internal
revenue officers and to other employes of the Government not in executive
positions, and to secure to ex-service men preference in such appointments.
Conservation.
We pledge recovery of the navy's oil reserves and all other parts of the
public domain which have been fraudulently or illegally leased or otherwise wrongfully transferred to the control of private interests; vigorous
prosecution of all public officials, private citizens and corporations that
participated in these transactions; revision of the Water Power Act, the
General Leasing Act and all other legislation relating to the public domain
that may be essential to its conservation and honest and efficient use on
behalf of the people of the country.
We believe that the nation should retain title to its water power and
we favor the expeditious creation and development of our water power.
We favor strict public control and conservation of all the nation's natural
resources, such as coal, iron, oil and timber, and their use in such nanner
as may be to the best interest of our citizens.
The conservation of migratory birds, the establishment of game proserves and the protection and conservation of wild life are of importance
to agriculturists as well as sportsmen.
Postal Employes.
Our disappearing natural resource of timber calls for a national policy
We declare in favor of adequate salaries to provide decent living condireforestation.
of
tions for postal employes.
JuLy 51924.]
THE CHRONICLE
Popular Elections.
We pledge the Democratic Party to a policy which will prevent members
of either House who fail of re-election from participating in the subsequent
sessions of Congress. This can be accomplished by fixing the days for convening the Congress immediately after the biennial national election; and to
this end we favor granting the right to the people of the several States
to vote on proposed constitutional amendments.
Probation.
We favor the extension of the probation principle to the courts of the
United States.
Aviation.
We favor a sustained development of aviation, both by the Government
and commercially.
Labor and Child Welfare.
Labor is not a commodity. It is human. We favor collective bargaining and laws regulating hours of labor and conditions under which
labor is
performed.
We favor the enactment of legislation providing that the product
of
convict labor shipped from one State to another shall be
subject to the
laws of the latter State, exactly as though they had been produced therein.
In order to mitigate unemployment attending business depressio
n, we
urge the enactment of legislation authorizing that the construct
ion and
repair of public works be initiated in periods of acute unemploy
ment.
We pledge the party to cooperate with the State Governme
nts for the
welfare, education and protection of child life and all necessary
safeguards
against exhaustive, debilitating employment conditions for women.
Without the votes of Democratic members of the Congress the Child
Labor amendment would not have been submitted for ratificati
on.
Activities of Women.
We welcome the women of the nation to their rightful place
by the side
of men in the control of the Government, whose burdens they have
always
shared.
The Democratic Party congratulates them upon the essential part which
they have taken in the progress of our country, and the zeal
with which they
are using their political power to aid the enactment of beneficent laws and
the exaction of fidelity in the public service.
Veterans of Wars.
We favor generous appropriations, honest management and sympathet
ic
care and assistance in the hospitalization, rehabilitation and compensation
of veterans of all wars and their dependents. The humanizing
of the Vet,erans' Bureau is imperatively required.
Campaign Contributions.
The nation now knows that the predatory interests have,
by supplying
Republican campaign funds, systematically purchased legislativ
e favors and
administrative immunity. The practice must
stop; our nation must return
to honesty and decency in politics.
Elections are public affairs conducted for the
sole purpose of ascertaining the will of the sovereign voters. Therefore, we demand
that national
elections shall hereafter be kept free from
the poison of excessive private
contributions.
To this end, we favor reasonable means of publicity,
at public expense.
so that candidates, properly before the people for Federal
offices, may present their claims at a minimum of cost. Such publicity
should precede the
primary and the election.
We favor the prohibition of individual contributions,
direct and indirect,
to the campaign funds of Congressmen. Senators or Presidenti
al candidates, beyond a reasonable sum to be fixed in the law, for
both individual
contributions and total expenditures, with requireme
nts for full publicity.
We advocate a complete revision of the Corrupt Practices
Act to prevent
Newberryism and the election evils disclosed by recent
investigations.
Narcotics.
Recognizing in narcotic addiction, especially
the spreading of heroin addiction among the youth, a grave peril to America and
to the human race,
we pledge ourselves vigorously to take against it all legitimate
and proper
measures for education, for control and for suppression
at home and abroad.
41
Virgin Islands.
We recommend legislation for the welfare of the inhabitan
ts of the
Virgin Islands.
Armenia and the Lausanne Treaty.
We condemn the Lausanne Treaty. It barters legitimate
American
rights and betrays Armenia for the Chester oil concessio
n.
We favor the protection of American rights in Turkey
and the fulfilment of President Wilson's arbitral award respecting
Armenia.
Republic of Greece.
We welcome to the sisterhood of Republics
the ancient land of Greece.
which gave to our party its priceless name. We
extend to her Government
and people our cordial good wishes.
The Latin-American Republics.
ll'rom the day of their birth friendly relations
have existed between the
Latin-American republics and the United States. That
friendship grows
stronger as our relations become more intimate.
The Democratic Party
sends to these republics its cordial greetings.
God has made us neighbors—
justice shall keep us friends.
War.
War is a relic of barbarism, and it is justifiabl
e only as a measure of
defense.
In the event of war in which the man power of
the nation is drafted.
all other resources should likewise be drafted.
This will tend to discourage war by depriving it of its profits.
Disarmament, War Referendum, and National
Defense.
We demand a strict and sweeping reduction
of armaments by land
and sea, so that there shall be no competitive
military program or naval
building. Until agreements to this end have been
made we advocate an
army and navy adequate for our national safety.
Our Government should secure a joint agreemen
t with all nations for
world disarmament and also for a referendum of
war, except in case of
actual or threatened attack.
Those who must furnish the blood and bear the
burdens imposed by
war should, whenever possible, be consulted
before this supreme sacrifice
is required of them.
Fcreign Relations.
The Democratic Party pledges all its energies to
the outlawing of the
whole war system. We refuse to believe that
the wholesale slaughter
of human beings on the battlefield is any more necessary
to man's highest
development than is killing by individuals.
The only hope for world peace and for economic
recovery lies in the
organized efforts of sovereign nations co-operating to
remove the causes
of war and to substitute law and order for violence.
Under Democratic leadership a practical plan was devised
under which
54 nations are now operating and which has for its fundamen
tal purpose
the free co-operation of all nations in the work of peace.
The Government of the United States for the last four years
has had no
foreign policy, and consequently it has delayed the
restoration of the
political and economic agencies of the world. It has
impaired our selfrespect at home and injured our prestige abroad. It
has curtailed our
foreign markets and ruined our agricultural prices.
It is of supreme importance to civilization
and to mankind that America
be placed and kept on the right side of the greatest
moral question of all
time, and, therefore, the Democratic Party renews
its declaration of
confidence in the ideals of world peace, the
League of Nations and the
World Court of Justice as together constituti
ng the supreme effort of the
statesmanship and religious conviction of our time
to organize the world
for peace.
Further, the Democratic Party declares that
it will be the purpose of
the next Administratton to do all in its power
to secure for our country
that moral leadership in the family of nations
which, in the providence of
God, has been so clearly marked out for it.
There is no substitute for the League of Nations
as an agency working
for peace; therefore, we believe that, in the
interest of permanent peace.
and in the lifting of the great burdens of war
from the backs of the people.
and in order to establish a permanent foreign
policy on these supreme
questions, not subject to change with
change of party Administrations.
Law Enforcement.
it is desirable, wise and necessary to lift this
question out of party politics.
The Republican Administration has failed to enforce
the prohibition and to that end to take the sense of the American people at a referendum
law, is guilty of trafficking in liquor permits and has
become the protector election, advisory to the Government, to be held officially under Act of
of violators of this law.
Congress, free from all other questions and candidaci
es, after ample time
The Democratic Party pledges itself to respect
and enforce the Con- for full consideration and discussion throughout the country, upon the
stitution and all laws.
question, in substance, as follows:
Rights of the States.
"Shall the United States become a member of
the League of Nations upon
We demand that the States of the Union shall be
preserved in all their such reservations or amendments to the Covenant of the League as the
vigor and power. They constitute a bulwark against
President and the Senate of the United States
the centralizing
may agree upon."
and destructive tendencies of the Republican Party.
Immediately upon an affirmative vote we will carry out such
mandate.
We condemn the efforts of the Republican Party to nationaliz
e the
Freedom of Religion, Freedom of Speech. Freedom of
functions and duties of the States.
Press.
The Democratic Party reaffirms its adherence and
We oppose the extension of bureaucracy, the creation of
devotion to those
unnecessary cardinal principles
bureaus and Federal agencies, and the multiplication
contained in the Constitution and the precepts upon
of offices and office- which our
Government is founued, that Congress shall make no laws
holders.
respecting the establishment of religion, or prohibitin
We demand a revival of the spirit of local
g the free exercise
self-government essential thereof,
or abridging the freedom of speech or of the press, or
to the preservation of the free institutions of
the right of
our Republic.
the people peaceably to assemble and to petition
the Government for a
redress of grievances; that the Church and the
Asiatic Immigration.
State shall be and remain
We pledge ourselves to maintain our establishe
d position in favor of separate, and that no religious test shall ever be required as a qualification
the exclusion of Asiatic immigration.
to any office of public trust under the
United States. These principles
we pledge ourselves ever to defend and maintain.
We insist at all times
Philippine Independence.
upon obedience to the orderly processes of the law
and deplore and condemn
The Filipino people have succeeded in
maintaining a stable Government any effort to arouse religious or racial dissension.
and have thus fulfilled the only condition laid
Affirming our faith in these principles, we submit
down by Congress as a
our cause to the people.
prerequisite to the granting of independe
nce. We declare that it is now
our liberty and our duty to keep our promise
to these people by granting
them immediately the independence which
they so honorably covet.
Gaston B. Means and Elmer Jarnecke Sentenced
to
Alaska.
Atlanta Penitentiary for Conspiracy to Violate
maladministration of affairs in
The
Alaska is a matter of concern to
Prohibition Laws.
all our people.
Under the Republican Administration in
Gaston B. Means, former agent of the Department
Alaska development has
of
ceased and the fishing industry has been seriously
impaired.
Justice, and who figured conspicuously in the recent
We pledge ourselves to correct the evils which
Senate
have grown up in the investig
ation of that department during the incumbency of
development of that rich domain.
An adequate form of local self-government for
office of Harry M. Daugherty as Attorney-General,
Alaska
was
vided. and to that end we favor the establishment of a must be profull territorial sentenced on July 2 to two years in the
form of Government for that territory, similar to
Atlanta Penitentiary
that enjoyed by all the
and to pay a fine of $10,000, by'Judge C. E. Wolvert
territories except Alaska during the last century of American
on, in
history.
the Federal District Court in New York, for conspir
Territory of Hawaii.
acy to
violate the national prohibition laws. At the same
We believe in a policy for continuing the improvements
of the National
time
Park, the harbors and breakwaters, and the Federal roads
of the Territory Means' fecretary and aide, Elmer W. Jarnecke, was senof Hawaii.
tenced to Atlanta for two years and to pay a fine
of $.5,000
•
42
THE CHRONICLE
Judge Wolverton gave Means the limit for his offence.
Asked if he had anything to say in his own behalf, Means
answered in the negative, while Jarnecke shook his head.
In pronouncing sentence Judge Wolverton said he considered
Means the more guilty of the two and that he would impose
the maximum sentence. Hiram C. Todd, Special Deputy
Attormey-General, who conducted the Government's case,
asked that the maximum sentence be imposed on Means.
"In passing sentence on these defendants," Mr. Todd said,
"in my judgment the maximum sentence not only as to imprisonment but as to fine should be imposed on Means for
the reason that it is apparent that he received and kept a
large amount of money which was obtained for liquor withdrawal permits."
Means and Jarnecke were convicted on July 1. The
former was called the star witness before the Brookhart
committee of the Senate, which during the recent session
of Congress conducted an investigation of the Department
of Justice. During Means's appearance before the committee on several occasions sesnational charges of graft and
corruption in connection with law enforcement were placed
in the record. The specific charge against the defendants
was that they received from Charles W. Johnson, a witness
for the Government, $15,000 by check and $5,000 in cash,
in return for which they promised to withdraw from the
Sam Thompson Distillery at Brownsville, Pa, a quantity
of whisky belonging to John W. Hubbard, a steel manufacturer of Trenton, N. J. The whisky was to be consigned to the Finch warehouse in Pittsburgh and was to be
diverted en route. Johnson testified that he received
neither the whisky nor the money he had paid. Hubbard
told the jury that he had complained to Secretary of the
Treasury Andrew W. Mellon about the transaction. Goveminent witnesses testified Means and Jarnecke professed
the Department of Justice was back of them in the enterprise. In the absence of Thomas B. Felder, who is ill,
Fred J. Coxe summed up for the defense. He attacked the
Government's witnesses as a group of self-confessed criminals. He said further:
For.. 119.
witness from answering questions along that line. Two
of these questions were whether the Secretary knew that
2,950 cases of whisky at one time and 42,000 gallons of
liquor at another had been released on forged permits to a
man named Goodman. The objections to these questions
by Hiram C. Todd, Federal prosecutor, were sustained after
considerable argument. Mr. Mellon was asked if it wasn't
a fact that forged permits in the bootleg deals had been
found in the Mellon Bank in Pittsburgh as collateral security
for loans to Goodman. "At the time of the Wheeler investigation committee at Washington," replied Mr. Mellon,
"I made inquiries of the banks in Pittsburgh and received the
information that they had no whisky permits as collateral
for loans as far back as 1915." "Isn't it a fact that these
forged permits used by Goodman for the 2,950 cases of
liquor were located in the Mellon Bank?" Felder asked.
"No, not to my knowledge," was the answer.
Captain H. L. Scaife, formerly of the Department of
Justice, sent u letter on June 26 from Washington to Secretary of the Treasury Mellon, taking exception to certain
statements made by the latter in his testimony in the Means
trial in New York. Captain Scaife's letter follows:
You are quoted in an Associated Press dispatch this afternoon as having
stated that I had asked you to assign me to investigate prohibition affairs
and also as denying statements which I made in a memorandum of a conference which I had with you in regard to corruption which I alleged existed
in the enforcement of prohibition.
In 1922 I determined to force to a public issue the graft and corruption
which existed in Washington, and in April of that year I resigned from the
Department of Justice as a protest and laid before Congress the facts in
regard to the failure to prosecute war graft cases. On Aug. 15 of the same
year I wrote you a letter calling attention to the corruption then existing in
connection with the enforcement of prohibition laws.
It is not true that I ever at any time asked you to assign me to investigate prohibition affairs, but before exposing the conditions in your departmont and your connection with the liquor business. I offered to help and
assist you if you desired these conditions to be remedied, as my correspondence with you will show. For my pains in the matter, agents of your
departments were placed on my trail and made futile efforts to find something with which they might discredit me. Although you have gone so far
as to deny this in writing, the facts have been proved.
Eventually, notwithstanding the official whitewashing in notorious cases
and the official statements then being given out that millionaire bootleggers
were in the past, on Dec. 8 1922, President Harding delivered his message
to Congress calling attention to widespread violations, official corruption,
witnesses. Means individual demoralization and the rending of the moral fibre of the Republic
If any conspiracy exists. it is among the Government's
from through contempt for the law.
and Jarnecke are victims of persecution by the Government resulting
In refutation of the claim that your Old Overholt distillery went into
the activities of Means in assisting the Brookhart committee of the Senate
I wish to call
In its Investigation of the Department of Justice and former Attorney-Gen- liquidation before you became Secretary of the Treasury,
would have been in- attention to Pro-Mimeograph 3005 of the Commissioner of Internal Reveral Harry M. Daugherty. These defendants never
designated by the
dicted had they not aided in uncovering the plot of men of wealth with enue, showing that on Sept. 5 1922, A. Overholt Co. was
bonded warepolitical influence to violate the prohibition laws. Their indictment is the Treasury Department as a concentration internal revenue
direct result of their interference with the bootlegging activities of men high house.
Your reported statements were made under circumstances which afford
in the political and financial worlds.
official position you
you protection and immunity, but in
In summing up for the Government, Hiram C. Todd, occupy, I protest against your denyingview of the high you and I know to
statements which
special Assistant Attorney-General, characterized Means as
a fictionist and said Jarnecke was his "man Friday." He
charged that Underwood was a fictitious character, pointing out that neither Means nor Jarnecke knew where Underwood lived. Mr. Todd went on:
Means testified President Harding wrote Jess Smith a letter. It was a
forgery. The testimony by Means that he collected $400,000 which he
It is
turned over to Jess Smith was a vile slander told about a dead man.
thembad enough to slander living men who can come forward to defend
the dead. Means never collected this
selves, but it is cowardly to slander
day before Smith
money for Jess Smith and Jess Smith never told him the
that he wanted
shot himself, that the money was for improper purposes and
those who were demanding their
Means or Jarnecke to return some of it to
money back.
cannot repudiate it.
The whole story is a vile slander on a dead man who
that President
Means has the effrontery to come here and give the tale
the mysterious
Harding wrote a letter to Jess Smith authorizing Smith and
of prohibition. This
Mr. Underwood to make a nation-wide investigation
was Underwood
letter was a forgery and Means was a Jekyll-Hyde. He
and Underwood was Means.
of the letter. If there
The Government has tried very hard to get hold
-Arms of the Senate used to get
was a letter which spurious Sergeants-at
committee, that letter also was a
Means's records back from the Brookhart
Senator Brookforgery. The Government has tried to find out who forged
himself did away
hart's name to the order calling for the records. Means
with these missing papers.
by President
The whole story told by Moans of the investigation ordered
this trial. W.T.
Harding was fanciful and made up to create a false issue in
the deUnderwood was a man without a home, without friends other than
character was Sidney
fendants, a fictitious being. Another fictionary
the investigation. I
Thompson, mentioned by Means as a co-worker in
that Means was
have a theory that Jarnecke was Sidney Thompson and
money which he
W. T. Unuerwood, and when Jarnecke handed Means the
Means was Mr.
had collected from people who wanted liquor released,
Hyde as on other occasions he was Dr. Jekyll.
so busy with inThe world is losing a great fictionist by keeping Means
As his first
vestigations. Let him have some leisure so he may write.
of Gaston Moans
great work, we suggest a book entitled "The Adventures
by the
Among the Bootleggers; or, Conspiring With the Rum Runners,"
-old man himself, Means.
Andrew W. Mellon, Secretary of the Treasury, testified
briefly on June 26 as a witness at the trial of Gaston B.
Means and Elmer Jarnecks before Federal Judge Wolverton
in this city. Thomas B. Felder, defense counsel, who called
Secretary Mellon, tried hard to show that Mr. Mellon knew
whisky had been released from the distillery on forged
permits, but rulings by Judge Wolverton prevented the
be correct.
Conclusion of Hearings by Senate Committee
Investigating Department of Justice.
After a lapse of nearly ten days following the adjournment
of Congress, the Senate committee investigating the Department of Justice during the incumbency of office of
Harry M. Daugherty resumed its hearings on June 16.
The session on that day was the first of a series to be held
in order to permit officials of the Department (who were
suggested recently by Attorney-General Stono, Mr. Daugherty's successor) to be heard. At the sessions held earlythat week by the Senate committee several subjects were
discussed that had been brought up and considered at
previous hearings of the committee, such as pardon cases
and the enforcement of prohibition laws and the activities
of the late Jess W. Smith. The witness on June 16 was
Assistant Attorney-General Augustus A. Seymour. Senator
Wheeler, the committees, "prosecutor," accorded Mr.
Seymour every courtesy and the widest latitude in explaining
the course taken by the Department in the handling of various
cases which have figured in the investigation. Mr.Seymour
stated that it was a fact that Jess W. Smith was much
in evidence about the Department in the Daugherty administration, and added that on five occasions Mr. Smith
called on him. On one visit, Mr. Smith, he said, wanted
him, to waive objection to certain appointments to be
recommended to President Harding, but he refused to do so.
Another time Mr. Smith saw Mr. Seymour with reference
to certain pardons awaiting the action of the Department.
There were 20 pardons pending at the time, and of these
Mr. Seymour approved three and disapproved 17. Mr.
Smith, the witness said, asked for a different decision on some
of these pardons, but his request was refused. On another
occasion Mr. Smith went to Mr. Seymour to get certain
papers for Mr. Daugherty. The witness said he knew Mr.
augherty got them because'they were acted on a day or
JULY 5 1924.]
THE CHRONICLE
43
two later. "Mr. Smith," said Mr. Seymour, "was very
In political campaigns the American people are divided into two opposproud of his official closeness to Mr. Daugherty—even ing parties. After the election they are as one man in allegiance to the Goqernment and in loyalty to the nation's Executive.
more proud than of his intimate friendship with him. But
As Democrats we stand uncovered beside
of Warren G. HardMr. Smith never gave me any orders." Mr. Seymour dis- ing, late President of the United States: vie the gravemost devoted friends
with his
cussed a score of anti-trust cases which it had been alleged in expression of regret at his untimely death, and share the sorrow that it
Mr. Daugherty failed to prosecute. He gave considerable has brought into his home.
time to explaining the "yellow pine" case which Huston Letter
of Howard Elliott to Magnus Johnson Refuting
Thompson, Chairman of the Federal Trade Commission,
Allegations against New York New Haven &
testified the Commission had submitted to the Department
Hartford Railroad and the Northern Pacific.
of Justice for action. The Trade Commission contended that
Howard Elliott, Chairman of the Northern Pacific Ry.,
a case had been established involving price-fixing, but the
Department, Mr. Thompson declared, took no action. has taken occasion to reply at length to an article by Senator
Mr. Seymour insisted that the Department had handled the Magnus Johnson in the New York "World" in which the
case properly, and that the evidence was not nearly as Senator alleges that there was an increase of $86,000,000 in
strong as the Trade Commission said it was. The Govern- the debt of the New York New Haven dr Hartford RR.from
ment, he added, had interviewed every member of the 1916 to 1921, "though there was a decrease in miles of road
Southern Pine Association, and every one of them had made operated." Mr. Elliott presents figures to show that the
an affidavit that the members had never even discussed a "increase was about $51,000,000, and not $86,000,000," and
says that during the same period "there was spent for addiprice-fixing agreement.
As the chief official of the Department of Justice charged tions and betterments to the property, such as 170.86 miles
with enforcement of prohibition, Mrs. Mabel Walker Wille- of track, the 840 units of equipment, the better bridges,
brandt, Assistant Attorney-General, submitted a defense of better roundhouses, better shops, all making better working
the law's administration on June 17 before the Senate conditions for the employees, $50,946,000, or practically the
Daugherty Investigating Committee. Many times in the same as the increase in debt." Mr. Elliott also takes up the
prolonged hearings, witnesses have made charges against case of the Northern Pacific to further enforce his remarks.
the enforcement regime and Mrs. Willebrandt went into We give herewith Mr. Elliott's reply in full:
NORTHERN PACIFIC RAILWAY COMPANY.
details of these accusations at length, introducing at one
Office of the Chairman.
point a letter from Attorney-General Stone, which said Howard Elliott
34 Nassau Street
that much of the testimony dealt with "half truths and imChairman.
New York City
pressions." "The point I am making," Mrs. Willebrandt
June 13 1924.
Hon. Magnus Johnson, Kimball, Minn.
said, "is that many witnesses have given you testimony
My Dear Senator Johnson:—On April 14 last I had the pleasure
of a short
against the Department of Justice when in fact their real talk with you in your office at Washington, and later sent you some literaabout
grievance lay against another branch of the Government." turewish railroads.
I
I was so situated
drop in on you and have
Taking issue with Senator Wheeler, who insisted that the talk, but that is out of the that I could I am writing this letter. a further
question, so
In the New York "World" of May 20,there is an article by you which
main trouble with prohibition enforcement was a shifting
says:
"In looking
of responsibility on the part of officials, Mrs. Willebrandt exception, over the history of railroads briefly, we find them, without
grossly over-capitalized. In many cases the outstanding bonds
contended that political control over agents was the most and stocks exceed by several times the actual investment in the roads.
New York New Haven
instance: That road
serious factor. Insisting that the Department of Justice Take the1916 and 1921 decreased & Hartford, for but
between
its mileage and
slightly
is doubtful whether the road was worth asincreased
had been doing all in its power to punish law violators, Mrs. its equipment. It Yet
much in
1921 as in 1916.
the funded debt increased from $214,000,000 in
Willebrandt asserted that during the closing days of the 1916 to $301.000,000 in 1921. There was, in other words, an increase of
$86,000,000 in debt, though there was a decrease in miles of road operated.
Wilson Administration—from election day, 1920, until
"The story of other railroads is pretty much the same. The
Erie, the
Boston
Maine, the Great Northern,
March 4 1921—"things ran wide open," with regard to the rest & them, have done pretty much the Northern Pacific, and all of
of
what the New Haven did."
liquor withdrawal permits and other phrases of prohibition
I was Chief Executive Officer of the
Haven road for
-enforcement. With reference to the executive clemency from 1913 to 1917, and under orders fromNew doctors I gave upfour years,
the
that work.
I have been a director of the New Haven ever since and
obtained by Phil Grossman of Chicago, Mrs. Willebrandt
I know a good
deal about it, so I take the liberty of giving you the actual
facts.
said there was "no doubt but that the corrupt local political
Between 1916 and 1921 the miles of first track operated
decreased 1.14
ring out in Chicago kept him out of jail."
miles (due in part to remeasurements and in part to
small abandonments)
Officials of the Department of Justice continued the de- but the miles of all tracks—first, second, third, fourth, sidings and yards,
increased 172 miles. In
fense of their Administration before the Senate Committee on of track for the purpose other words, the New Haven added 170.86 miles
of increasing capacity and giving better service
June 18 with the Old Hickory Powder Co. case at Nashville, to the people.
In this same period, there were added 840 units of
Tenn., assuming a position of prominence. John W. H. classes—locom
equipment of all
otives, passenger-train cars, freight
-train cars, most of
Crim,former Assistant Attorney-General, was recalled, while which were of much better and stronger type
than any before used; for
Henry W. Anderson, head of the war transactions section of example, 136 more steel passenger-train cars, 24 more steel underframe
passenger-train cars, 1,501 steel freight
-train cars were added in this
the Department, and his assistants, also were examined on period.
the subject. George W. Storck, an accountant for the DeThe tractive power of locomotives was increased from
31,496,300 pounds
partment of Justice, who was assigned to a preliminary In 1916 to 35,968,600 pounds in 1921. This is an increase of 14.2% in
the power of the engines that the New Haven has to give the New England
investigation of the case, declared he had reported to Mr. people better
freight and passenger train service.
Crim that the Government should recover between $5,000,In 1916 the New Haven furnished to the people of New England
3,219,000 and $20,000,000 from the duPont Engineering Co., if it 000,000 ton-miles of freight service, and 1,668,000.000 passenger-miles
of passenger service. In 1923, they furnished to the public 3,944,000,000
obtained evidence which he said was in existence. Later he ton-miles of freight
service and 1,915,000,000 passenger-miles of passenger
said he found his confidential report in the possession of service.
If you had examined the annual report of the New Haven company
attorneys for the duPonts. Mr. Crim flatly denied that he
had furnished or caused to be furnished to the duPonts the for the year ending Dec. 31 1917, on page 20 you would have seen that
the debt of the New Haven road, including the New England
Navigation
Storck report, as did Mr. Anderson.
Co., was $257,636,882 50, of which loans and bills payable
were $43,The final hearing in the investigation was held on June 19, 340,000. You would have seen on page 25 that during the year 1918.
when the property was in the hands of the Director'Gene
with a few minor officials confirming the evidence given by ment
ral, the Governchanged those
bills payable
Colonel H. W. Anderson and J. W. G. Crim, Assistant At- gating $43,961,000. loans and into account into one-year 6% notes, aggreTaking
these short-term notes which
torney-General, regarding the anti-trust cases. When in December 1916 were $43,340,000, and later converted into long-term
debt, and short-term notes out on Dec. 31 1921 of 88.155,000.
Senator Wheeler adjourned hearings of the Committee,
the increase
he in debt is as follows:
announced that he expected a decision in the Mal Daugherty Your
statement
ease from the Supreme Court of the United States in the Less short-term notes as of.Dec. 31 1916, converted into$86,000,000
funded debt and not taken into account by you
43.340,000
October term and that he believed the Committee would be
ready to proceed with the inquiry of the Daugherty finances Add True increase in funded debt 1921
$42,660,000
short-term notes as of Dec. 31
8,155,000
when it reconvened in December. He also expressed confiTotal increase in debt
$60,815.000
dence that the Supreme Court otthe United States would upThe increase was about 651,000,000 and not $86.000,000.
hold the Government's contention in the case against
During that same time there was spent for additions and
betterments
Daugherty.
to the property, such as 170.86 miles of track, the 810 units
of equipment,
Resolution of Democratic National Convention in
Memory of the late President Warren G. Harding.
At Monday's session (June 30) of the Democratic National
Convention, a resolution in memory of the late President
'Warren G. Harding was offered by William Jennings Bryan,
and adopted by a rising vote. The resolution said:
the better bridges, better roundhouses, better shops, all making
better
working conditions for the employees, 650,916,000, or practically
the
same as the increase in debt.
I believe that you are a fair-minded man and want the real
truth about
any matters that you are considering and I think if you
will road this
letter carefully and also the report of the New Haven road
which I am
sending under separate cover, you will find that'
1. In the period named by you there were added 170.86 miles of track.
2. There were added 840 units of equipment of a more modern
type.
3. There wasan increase in the debt of$50,815,000,instead of$86,000,000.
4. There was spent for additions to the property $50,946,000, which
44
TIIE CHRONICLE
[Vol,. 119.
- valuation for rate-making purposes as of the end of 1923 up to $20,884.able
made of it a much better transportation machine, so that it was
683,000.
5. To furnish the people in New England in 1923 725,000,000 or 22%%
Fair recognition of railroad property values is essential for adequate
more
more ton miles of freight transportation and 247,000,000 or 14.7%
and both earning power and credit for further expansion in the interest of all the
passenger miles of transportation than were furnished in 1916,
they were people.
kinds of transportation were of a better quality in 1923 than
Life and fire insurance companies and savings banks and eleemosynary
In 1921.
An adequate and
money and the making of a better trans- institutions hold a very large amount of railroad bonds.
6. That the investment of this
enlarged trans- expanding railroad system is absolutely necessary to the future growth of
portation machine enabled the New Haven to furnish the
The railroads represent on any fair basis of value at least
with the country.
portation with 105.056,000 man hours of labor in 1923, as compared
New Haven one-twelfth of the national wealth. To destroy that amount of the nation's
113,083,000 man hours of labor in 1916. In other words, the
service for a lesser expenditure of property, all or in part, by adverse legislation is an economic injustice.
has been able to give the public more
You know very well, as a business man, that you cannot go on indeficonditions
man power in 1923 than was given in 1916, although economic
of its nitely piling up debts on a farm or a railroad without a collapse.
such that it has not been able to get a fair return on the value
are
I am sending you under separate cover a copy of the last New Haven
property and the new money put in.
to annual report, of the letter about the Northern Pacific, above mentioned,
Whatever may have been the criticisms of the New Haven prior
since and of some remarks that I am to make at Trinity College on June 15.
1913, when attacks were made on it (many of them unjust), the road
serve the because you may be interested in some comments I make there about the
then has shown a record for honesty and sincerity and a desire to
need of helping out the farmer.
public that cannot be equaled anywhere. Its efficiency to-day in providing
I believe you mean to be just in your consideration of the serious ecoany road
the transportation at a minimum of expense is not excelled by
nomic problems now confronting this country and particularly the NorthIn the East.
for west. I hope, therefore, you will not take it amiss that I am writing you
When it comes to value, the only impartial agency that we have
The this letter and sending you these papers, which I do simply for the purpose
valuing the railroads is the Inter-State Commerce Commission.
system, of giving you accurate information and trying to help out in a very diffitentative valuation of the physical property of the New Haven
cult situation.
based on prices normal as of 1914 as found by the Inter-State Commerce
With kind regards, please believe me
for addiCommission brought up to Dec. 31 1923 by capital expenditures
Very truly yours,
tions and betterments from valuation date is only about $21,000,000
HOWARD ELLIOTT.
public
less than the total net outstanding obligations in the hands of the
valuation
en the same date. The company claims that the physical
anything
should be increased over $100,000,000. Nor does this include
Ontario ITEMS ABOUT BANKS. TRUST COMPANIES, ETC.
for the company's investment in the Boston & Maine, New York
propThe Board of Governors of the New York Stock Exchange
& Western, the Rutland. the electric trolley lines or the steamship
erties, which represent very large sums.
denied on July 1 a petition presented by some of the members
therefore, if you have any misapprehension about the
I hope very much,
help you.
requesting that to-day (Saturday, July 5) be declared a
New Haven, this letter and the annual report sent you will
among other
In your printed letter you spoke of the Northern Pacific
holiday. The Board of Managers of both the New York
Haven has, implying, apreads as having done pretty much as the New
and the New York Produce Exchange voted
has been some improper financing and in- Cotton Exchange
parently, that you think there
to close to-day,the members thus having a recess from Thursflation.
the Northern
I happened to have prepared recently a statement about
until Monday morning next.
it under sepa- day afternoon, July 3,
Pacific for another purpose, and I am sending you a copy of
figures covering the change in debt for
rate cover. On page 3 are given
and the figures
Three New York Stock Exchange memberships were _rea 10%-year period, from June 30 1913 to Dec. 31 1923,
ported for transfer this week, that of Samuel Einstein to
as follows:
are
During the period of 10% years N. P. debt, exclusive of
at $76,000, and
$24,070,600 00 Owen F. Roberts for a consideration stated
bonds issued account C. B. & Q., has increased
that of Roy A.Floyd-Jones to Eustace de Cordova, consider4% bonds issued for C. B. &
Debt issued account refunding
8,048,400 00
Q., maturing July 1 1921. has increased
ation $76,000. The third that of William Kempton Johns32,119,000 00
Total debt increased
Last
10,420,073 75 ton to John R. Coffin was for a nominal consideration.
Cash and securities have increased
previous sale was at $82,000.
property for additions, betterThere has been put into the
98,390.450 41
ments and equipment for le% Years
Pacific have
In addition to Thomas W.Lamont of J. P. Morgan & Co.,
From this you will see that the owners of the Northern
to Oregon,
added to the railroad facilities serving the States, Minnesota
whose departure for Europe on Saturday last, June 28, was
with an
Inclusive. in this 10%-year period, at a cost of $98,390,450 41,
investment, referred to by us a week ago (page 3163), George Whitney of•
increase in debt of only $24,070,600,leaving $74,319,850 added
which no interest or the same firm has also taken a trip abroad. W. C. Potter,
for which no securities have been issued, and upon
dividends are being earned or paid.
and Albert Breton, Vice-President, of the Guarin the North- President,
Not only that, but this railroad, in common with all others
as anty Trust Co. are also said to have gone abroad. Francis
west, is furnishing service to the people of that part of our country,
of return H. Sisson, Vice-President of the Guaranty Trust Co., leaves
shown by the figures on page 5 of the statement sent you, at a rate
on the property as follows:
for London. He is to address the convention
3.534% to-day (July 5)
1.471%11922
4.601%11920
6713%11918
1916
2.985% of the Associated Advertising Clubs of the World, to be held
1.992% 11923
2.720%11921
5.944%11919
1917
London.
You will see from this table that the railroad owner is suffering as well in
to
as the farmer. The reason is the same—everything the railroad has
did,
The condensed statement of condition of the Guaranty
buy in order to create transportation costs very much more than it
but when it comes to selling the transportation the price or rate is too low, Trust Co. of New York as of June 30 1924, issued July 1,
and the same troubles affect the farmer.
help shows deposits of $531,495,382, as compared with $463,We want, of course, to help the farmer all we can, but we cannot
so 201,654 at the time of the last published statement, March 20
him, and the Government cannot help him, by crippling the railroads
that they cannot grow as the country grows and give service.
total resources are $650,427,127, as
same impartial 1924. The company's
When it comes to valuation of the Northern Pacific, the
will, we believe, show that compared with $567,994,777 on March 20. Surplus and
authority, namely the Commerce Commission,
equal the par of all undivided profits total $18,763,492.
the value of the property devoted to the public use will
completed,
securities issued against it. That valuation has not yet been
all data required, and
but we are furnishing to the Commerce Commission
out as above. We think the
The special meeting of stockholders of the Empire Trust
the indications are that the figures will come
in the hands of the public
value is much in excess of the par of all securities
Co. of this city, which had been scheduled for June 27 to
upon which interest or dividends are being paid.
Trust Co.,
the railroads, the following vote on the proposed merger with the Hudson
On the general subject of valuation of all
has been postponed until July 7. Reference to the merger
simple statement is illuminating:
mile (a very low
agreement was made in these columns June 14, page 2915,
*400,000 miles of track at only $25,000 a
estimate). The Department of Agriculture estimates
and June 21, page 3045.
of improved highway
that the average cost of a miletunnels, trestles, and
to-day—which has no rails, ties,
$10.000,000,000
about $36,000
relatively infrequent bridges—is
The 6,000 or
The Bank of America of this city announces the pro*69,000 locomotives at only $20,000 each. years have cost
more locomotives bought in the last two
cost as
motion of Alex H. Nyland from Assistant Manager to
an average of about $60,000 each, and some have
1,380,000,000
much as 575,000 or $100,000
Manager of its Busch Terminal office at 934 Third Ave.,
average
*2,400,000 freight cars at only $1,000 each. The
recost of a freight car to-day is about $2,500. Many
Brooklyn. Clifford W. Ludlow, formerly an auditor of
cently put in service cost $3,000, and refrigerator cars 2.400,000.000
the Battery Park office of the bank, has been appointed
$3.500 each
el
*57.000 passenger train cars at only $10,000 each. All-ste
Assistant Manager of the Bush Terminal office. Mr.
$30,000 to $35,000
passenger train cars now cost from
570,000,000
each
Nyland has been identified with banking in the borough for
supplies. Railroads have to keep on hand
Material and
millions of tons of coal, rails, ties, spikes and all other
twenty years. In 1904 he was connected with the old
500,000,000
material required in maintenance and operation
500,000.000 Union Bank of Brooklyn and later with the North Side
Working capital
.
50,000 stations and terminals, yards, signals, roundhouses
Bank. In 1920 he became Assistant Manager of the Fulton
shops, machinery, water supply, power plants, elevators,
docks, coal pits, and all other items. including adminisSt. (Brooklyn) office of the Bank of America. In the
tration; in over 1,000 cities and towns, stations and
following year he assumed the position of Assistant Manager
terminal facilities cost over a million dollars apiece.
These facilities in a few of our larger cities would alone 7,000,000,000
of the Bush Terminal office, from which position he has now
a billion dollars
account for over
The above property is believed to be worth fully
risen to the managership.
$10,000,000,000, and could not be duplicated for anywhere near that amount to-day.
Announcement is also made by the Bank of America of
$22,350,000,000 the appointment of Wellington Elmer to the position of
This totals
in round numbers. Assistant Manager of the Foreign Department.
* These are Inter-State Commerce Commission figures
tentative value of the
The Inter-State Commerce Commission found the
This valuation was
In our reference last week (page 3163) to the death of
railroads on Dec. 31 1919 to be $18,900,000,000.
and therefore includes no war-time Robert D. Foote of Norristown, N. J., we referred to Mr.
based on costs and prices up to 1914,
approximately $1,President of the National Bank of
nflation of values. The subsequent investment of
Commerce Commission Foote as having been
84,683,000 (1923 estimated) brings the Inter-State
JULY 51924.]
THE CHRONICLE
45
Morristown; this should have read the National Iron Bank of Emerson, the receiver of the failed West Side State Bank of
Morristown.
Great Falls, was on June 23 to begin the payment of a diviAt a meeting of the stockho- lders of the Traders National dend of 35% to the depositors of the institution. $23,717, it
Bank of Rochester, Rochester, N.Y.,on May 26 the action of was said, was available for the purpose. The failure of the
the directors in selling the assets of the institution to the West Side State Bank on Dec. 21 1923 was reported in these
new National Bank of Rochester was ratified. The latter columns in the "Chronicle" of Jan. 5 1924.
was formed in May last by the union of the TradersNational
According to the Montana "- Record" (Helena) of June 25,
Bank of Rochester and the National Bank of Commerce.
a new bank has been incorporated by the State Banking
Harry E. Paisley, Treasurer of the Reading Co., was Department to take over the affairs of the defunct Security
elected a director of the Market Street National Bank of State Bank of Havre, Mont. The new bank will be known
Philadelphia on June 25.
as the Hill County State Bank and will be capitalized at
$60,000. Under an agreement between the creditors of the
C. F. Brown has become A-ssistant Cashier of the Tradesmen's National Bank of Philadelphia, succeeding William Q. Security State Bank and the officers of the new institution,
the latter, it is understood, will assume 50% of the liabilities
Jolly, who recently resigned to become Vice-President of
of the old bank and the remaining 50% will be handled by
the Milton Trust Co., Milton, Pa.
a board of three trustees. The directors of the new bank,
The Bond Club of Cleveland, consisting of 150 members, practically all of whom were connected with the old Security
will have its annual field day on Friday July 111924, at the State Bank, are: George Bourne. E. T. Broadwater, H. W.
Kirtland Country Club. They will have as their guests for Stringfellow, B. F. Hillsbeck, G. J. Bonine, T. J. Troy,
the day the Bond Club of Detroit. A number of interesting Max P. Kuhr and Sidney Hirshberg of Havre and Carrol B.
athletic contests are on the schedule, the principal event of McCulloh of Great Falls.
which will be a golf match between teams of picked men each
The stockholders of the To- wer Geyer Bank of St. Louis
from the Bond Club of Cleveland and the Bond Club of
voted on June 17 to increase the capital stock of the bank
Detroit, who will play for the Otis cup.
from $200,000 to $400,000. This will be effective through
Following the discovery of the disappearance of its Cashier, a 50% stock dividend and subscription at par for the remainHenry D. Setzer, the First Trust & Savings Bank of East ing $100,000 of new stock which is being offered only to
Moline, Ill, was closed as a precautionary measure pending existing stockholders. The enlarged capital became effecan examination of its assets by State bank examiners, accord. tive July 1.
ing to a special dispatch from Rock Island, Ill. on July 1 to
The Bankers' Trust -of Louisville, Ky., recently
Co.
the Chicago "Tribune." The missing Cashier left two notes,
formed, opened on July 1. The new company is under the
it is said, one to the Assistant Cashier and one to his wife,
same management as the Bankers' Mortgage Co. and
in which he spoke of losses, through unwise loans, amounting
to $50,000 and said that he intended "ending it all in the occupies the same offices. The Bankers' Trust Co. has
river." Efforts to find the body of Setzer by dragging the a capital of $250,000 and a surplus of $25,000. The inMississippi river had been unsuccessful, the dispatch stated. corporators are W. L. Kennett, Nat Hoenig, J. J. Donahue,
The closed bank, according to its March 31 statement, had a Paul Compton, Ernest Woodward,S. D.Camper, C. Robert
capital of $50,000 with surplus of $12,500 and deposits of Peter and Joseph M. Emmart. Mr. Kennett is Chairman
of the Board of Directors; Mr. Compton, President; Mr.
96,772.
Camper, Vie-President and Treasurer, and Mr. Woodward,
According to a special prEss dispatch from Drumright, Secretary. These officers hold similar positions with the
Olda., on June 25 to the "Oklahoman" of Oklahoma City, Bankers' Mortgage Co.
the First National Bank and the Guaranty State Bank of
J. Billisoly Hudgins,--President of the Guaranty
Vice
that place have consolidated under the title of the First
National Bank of Drumright. The new institution has a Title & Trust Corp. of Norfolk has been appointed Cashier
capital of $50,000 with surplus of $10,000 and deposits of of the Citizens Bank of Norfolk, effective July 15. Mr.
approximately $750,000. C. E. Kahle is President; W. R. Hudgins will succeed Davis W. Jordan, who became ViceBarney (former President of the Guaranty State Bank) and • President three months ago. Norman Bell was made
E. E. O'Brien, Vice Presidents; P. M. Skouby, Cashier and President, succeeding the late Tench F. Tilghman. Mr.
Jordan had since served as Cashier and Vice-President.
Chester Gates and E. D. Campbell, Assistant Cashiers.
The Atlanta Commercial Bank of Atlanta, located on
The officers of the Farmers National Bank of Oklahoma
City have elected John Fields as Vice President, according Marietta Street and Bankhead Avenue, plans to increase
to an announcement made on June 14. Mr. Fields assumed the capital, now $50,000, to $100,000, the proposed increase,
his duties on June 16, when the Farmers National Bank which was authorized by the stockholders on April 23 1924,
moved into its new quarters on Grand and Robinson avenues. is to become effective July 1924. The selling price of the
Mr. Fields formerly was editor of the "Oklahoma Farmer," new stock (par $100) is $140 per share.
which recently was sold.
On June 24 the stockholders of the Alabama Bank &
An investigation of the affa- irs of the Sioux Falls Trust & Trust Co. of Cullman, Ala., unanimously approved a proSavings Bank, Sioux Falls, S. D., by a special Minnehaha posed merger of the institution with the Tennessee Valley
County Grand Jury resulted in indictments being returned Bank, which operates a chain of sixteen banks in northern
on June 27 against three former officers of the institution Alabama and whose headquarters are at Decatur, Ala.
and two other persons on alleged charges growing out of the The merger, it is understood, will be consummated shortly.
failure of the bank on Jan. 14 last. F.H.Johnson, the bank's
President, was indicted on sixteen counts; Don B. Johnson, THE WEEK ON THE NEW YORK
STOCK EXCHANGE.
Vice President, on nine counts; Ted H. Johnson, Assistant
Improvement in price or some of the copper, steel, motor
Cashier, on four counts; George Berry of Sioux Falls, a real
estate agent and son-in-law of F. H. Johnson, on one count, and oil shares was the noteworthy feature of the stock
and J. C. Cozad, a farmer of Bennett County, S. D., on market this week. Brisk upturns took place in some of
three counts. A press dispatch with regard to the matter, the industrial shares, notably General Electric and Motor
printed in the New York "Journal of Commerce" of June 28, issues. Railroad shares also generally enjoyed further
gains and specialties were well in the foreground. In the
said in part:
short session on Saturday the market maintained the firm
The grand jury in its report charged that the bank was insolvent
for more
upward trend of the preceding day. The feature of the
than a year, and that with knowledge of its insolvency officers continued
to
receive deposits: that officers made excessive loans to themselves, to directors trading was the sudden burst of strength
in the copper shares,
and to companies In which they were interested: that funds of the banks
were many of which advanced one or more points in the course
embezzled and misapplied, and that after the officers knew that the
bank
must close they removed "good paper" and took assets of the bank in loans, of the day's activities. In the railroad group Nickel
giving themselves and their friends preference.
Plate led the upswing with a two-point advance to .
95.
The failed bank had combined capital, surplus and un- Price movements were again toward higher levels on Monday,
divided profits of $500,000 and deposits of more than $5,- gains of one to four points being recorded by several of the
000,000. Reference was made to its affairs in the "Chron- more active leaders. Pronounced weakness developed in
icle" of Jan. 26 last, page 399.
Daniel Boone Woolen, which receded 7 points to 17, and
established a new low record for this stock. In the last
According to a special disp-atch from Great Falls, Mont., hours
it recovered to 20. American Can was in active
on June 20 to the Helena "Montana Record-Herald," H. M.
demand at increasing prices, and closed the day 3% above
46
[VoL. 119.
THE CHRONICLE
monsoon had broken.
Reuter reported on June 12 from Bombay that the
its morning low. United States Cast Iron Pipe & Foundry
We are advised from Bombay by the mail of the 30th ult. as follows:
and "There was very large business doing in the Bombay silver market during
was conspicuous for its vigorous forward movement,
Banks also bought and
the week. Speculators
registered an advance of 3 points to 973/2. F. W. Wool- sold. As the monsoon iswere operating freely.the offtake is likely to denow approaching and
the closing hour, making crease, the bazaar is not expected to buy much silver in America or London
worth was particularly strong in
a brisk gain of 8 points to 120. The market continued its during June. The stock of silver in Bombay is about 7,000 bars and the upupward swing on Tuesday, numerous advances of one to country demand for the metal is about 150 bars per day."
INDIAN CURRENCY RETURNS.
three points being recorded during the session. Colorado
June 7.
May 31.
May 22.
/n Lacs of Rupees17443
Fuel & Iron was in the foreground, going forward two points Notes in circulation
17451
17814
7658
7666
coin and bullion in India
1st pref. was notable for Silver coin and bullion out of India ______ 7629
to 48, and United States Rubber
Silver
2232
-i
.22
. _ i 32
its increase of over three points to 80. The trend of prices Gold coin and bullion in India
Gold coin and bullion out of India -----------5753
was slightly downward on Wednesday, though declines Securities (Indian Government)
iL5
h
1400
1400
1400
Securities (British
parts of Bills of exchange Government)
and advances occurred simultaneously in various
400
400
800
No silver coinage was reported during the week ending June 7.
the list. American Ater Works & Electric common was
of about 36,200,000
the 16th
The
especially strong, advancing 6% points to 91%. Railroad ounces stock in Shanghai on and 1,980 inst. consistedcompared with about
silver bars, as
in sycee. $39,500,000
issues were the feature on Thursday, Southern Ry. leading 37,000,000 ounces in sycee,$37,500.000 and 2,300 silver bars on the 7th inst.
-Bar Silver per or. std.- Bar Gold
the upswing in that group to 65, and recording the highest
per or. fine.
Cash.
Two Mos.
Quotations958.9d.
34 11-16d. 34%d.
price in the history of the company. Northern Pacific June 12
34"Xd.
34 11-16d. 95s.8d.
J'une 13
was silso in demand at advancing prices, closing 2% points June 14
34 13-16d. 344cl.
95s.5d.
34%d.
4
347 d.
above its morning low. American Water Works & Electric June 16
95s.6d.
3474d.
34%d.
June 17
95s.6d.
35d.
3434cl.
corn. moved against the trend, advancing 33j points to June 18
95s.6.8d.
34.854d. ' 34.697d.
Average
953, but later receding to 933. General Motors improved
The silver quotations to-day for cash and two months' delivery are remade a gain spectively Md. and .31d. above those fixed a week ago.
materially, and United States Rubber 1st pref.
of 13i from Wednesday's low. The final tone was strong.
THE CURB MARKET.
Trading in the Curb Market this week was quiet. Prices
as a rule held fairly well though changes were very small.
Dubilier Condenser & Radio, after early loss from 393,4 to
38%, moved up to 403' and closed to-day at 40. Durant
Motors advanced from 13% to 16 and reacted finally to
143. Glen Alden Coal declined from 98% to 97. Hudson
& Manhattan corn. improved from 20 to 21%. National
Tea sold up from 190 to 230, the close to-day being at 2203.
Public utility issues were less conspicuous than in preceding
weeks. Amer. Gas & Elec. corn. eased off from 703 to
69, but finished to-day at 69%. Appalachian Power corn.
weakened from 81 to 79. Commonwealth Power Corp.
corn. sold down from 93 to 90 and recovered finally to 92.
Standard Oil issues while quiet without special feature, were
generally higher. Buckeye Pipe Line advanced from 61 to
63 and sold finally at 62. Humble Oil after gain of a point
to 38 fell to 36. Illinois Pipe Line improved from 129 to
1303/2. Magnolia Petroleum sold up from 126 to 129 and
sold finally at 128. Northern Pipe Line advanced from
81 to 843'. Ohio Oil after a gain of two points to 62 sold
at 61. Prairie Oil & Gas moved up from 2083 to 214, reacted to 209% and closed to-day at 211. Standard Oil (Ind.)
3
after early loss from 563 to 55% advanced to 57%,reacting
to 563'. Standard Oil (Ky.) rose from 105 to 1083.
finally
Standard Oil (Ohio) gained six points to 290, reacted to 285
and ends the week at 2873/2. Vacuum Oil improved from
%
61% to 643.' and closed to-day at 623 .
A complete record of Curb Market transactions for the
week will be found on page 67.
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
June 18 1924:
GOLD.
The Bank of England gold reserve against its note issue on the 11th inst.
amounted to E126,383,985, as compared with .£126,357,625 on the previous
Wednesday. India has taken a moderate proportion of the substantial
supplies of gold available this week. Gold to the value of $880,000 has
arrived in New York from London. The United Kingdom imports and
exports of gold during the month of May 1924 were as follows:
Exports.
Imports.
£20,512
£32,400
Netherlands
4,865
Belgium
300
120,745
Prance
59,235
and Canaries
31.975
g.ypt
Egypt
3,514
120.663
West Africa
6,065 4,028,433
United States of America
2.191
Central America and West Indies
3,830
Various South American countries
214,194
Rhodesia
2,952,726
Transvaal
1,889,115
British India
6,406
Straits Settlements
46.864
102,209
Other countries
Total
£3,367,345 £6,278,897
CURRENCY.
According to the 'Times" of the 6th inst., the Polish Treasury offices
have received orders to exchange bank notes against silver and copper
to an unlimited extent. This order_ would appear to be inspired by a desire
to stimulate confidence in the currency system.
SILVER.
The market has remained quiet and business has been on a small scale.
Purchases have been made to cover bear sales, but at any advance in prices
there seemed a tendency on the part of buyers to withhold support until
to-day, when inquiry from the Continent carried the quotations to 35d.
and 34%cl. for cash and forward delivery, respectively. China has figured
both as buyer and seller and the undertone of the market remains good.
-PER CABLE.
ENGLISH FINANCIAL MARKETS
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Sat.
Mon. Tues.
London.
June 28. June 30. July 1.
Week ending July 4.
d 3414
alver, per oz
343.
343
95s. 2d. 95s. 5d. 95s.6d.
Gold, per line ounce
56K
5644
Consols, 23-4 per cents
101
101
British, 5 per cents
97K
9734
British, 43.4 per cents _ _ __ _ _
52.65
52.20
French Rentes(In Paris).JrFrench War Loanon ParisKr67.60
67.80
Fri.
'Wed. Thuvs.
July 2. July 3. July 4.
347us
3444
95s. 4d. 955.45.
5634
5634
101
101
HOLI973.4
9734
DAY:
52.50
52.30
67.90
67.95
The price of silver in New York on the same day has been:
Silver in N.Y per oz.(Ms.):
6554
Foreign
6534
6534
6634
6631
COURSE OF BANK CLEARINGS.
Bank clearings the present week will show a moderate
increase as compared with a year ago. Preliminary figures
compiled by us, based upon telegraphic advices from the
chief cities of the country, indicate that for the week ending
to-day (Saturday, July 5), aggregate bank exchanges for all
the cities of the United States from which it is possible to
obtain weekly returns will register an increase of 2.5% over
the corresponding week last year. The total stands at
$8,189,660,697, against $7,988,661,264 for the same week in
1923. At this centre there is a gain of 5.9%. On Tuesday,
July 1, New York City bank clearings reached a new high
figure, the total for that day being $1,443,000,000. The
previous high record was on Jan. 3 1921, when the total was
$1,423,063,788. Our comparative summary for the week is
as follows:
New York
Chicago
Philadelphia
Boston
Kansas City
Bt. Louts
Ban Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
$4,064,000,000
549,834,070
877,000,000
305,000,000
89,799,575
a
125,000,000
94,737,000
112,718,468
115,013,702
76,315,131
86,181,590
40,133,917
Per
1023.Cent.
-- +5.9
13,839,000.000
+4.3
526.924.789
-6.0
401,000,000
-4.7
320,000,000
-8.7
98,302,597
a
•
-1.3
126,700,000
107.000,000 -11.5
-9.2
124,177.225
+9.9
104,680.023
69,453,697
+9.9
83,474,447
+3.2
46,157,807 -13.1
Twelve cities, five days
Other cities, five days
$6,035,733,453
788,983,795
$5,846,870,585
810,347,185
+3.2
-2.6
Total all cities, five days
411 cities, one day
$6,824,717,248
1,364,943,449
16,657,217,720
1,331,443,544
+2.5
+2.5
Total all cities for week
18.189.660.697
17.988.681 2414
4-211
Clearings-Returns by Telegraph.
Week ending July 5.
1924.
a Will not report clearings.
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
.
(Saturday), Ei.nd the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has in all cases had to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous
-the week ended June 28. For
that week there is a decrease of 0.4%, the 1924 aggregate of
the clearings being $7,758,394,451 and the 1923 aggregate
$7,790,885,077. Outside of New York City the falling off is
1.7%, the bank exchanges at this city having recorded a
gain of 18.5%. We group the cities now according to the
Federal Reserve districts in which they are located and from
this it appears,that in the New York Reserve District (in-
ULY
5 1924.]
THE CHRONICLE
eluding this city) there is an increase of 0.5%, in the Philadelphia Reserve District of CB% and in the Richmond
Reserve District of 1.7%. In the Boston Reserve District
there is a loss of 7.6%, in the Cleveland Reserve District of
9.7% and in the Chicago Reserve District of 3.0%. The
Atlanta Reserve District shows an improvement of 1.4%,
the Chicago Reserve District of 2.4% and the Dallas Reserve
District of 18.2%. The Minneapolis Reserve District has a
decrease of 10.9%, the Kansas City Reserve District of
9.4% and the San Francisco Reserve District of 1.2%.
In the following we furnish a summary by Federal Reserve
districts:
Ine.or
Dec.
1924.
1922.
1921.
$
%
$
-7.6 356,093,098 317,047,974
+0.5 4,833,368,065 4,466,465,622
+4.0 473,995,287 458,836,486
-9.7 320,078,446 283,612,312
+1.7 150,952,098 121,374,041
+1.4 129,736,361 123,719,065
+2.4 767,926,778 643,202,507
-3.0 52,697,091 44,384,190
-10.9 98,648,838
99,636,808
-9.4 220,550,124 221,640,781
+18.2 38,665,880 40,687,002
-1.2 345,685,883 304,408,897
124 cities 7,758,394,451 7,790,885,077 -0.4 7,788,397,949 7,125,095,583
Grand total
Outside New York City
3,309,132,786 3,366,648,573 -1.7 3,011,442,875 2,712,249,173
29 cities 290,006.878 290.013.521 -0.01 282.607.191 316.946.438
Canada
We now add our detailed statement showing last week's
figures for each city separately, for the four years:
IVeek Ending June 28.
Clearings at
1924.
1923.
$
$
First Federal Reserve Dist rict-Boston
Maine-Bangor.
622,309
852,184
Portland
2,545,958
*2,700,000
-Boston_ 347,009,000 379.000,000
Mass.
Fall River_ _ _ _
1,629,837
1,913,011
a
Holyoke
a
Lowell
1,174,326
1,349,808
Lynn
a
a
New Bedford
1,006,609
1,261,638
Springfield _ _ _ _
5,259,713
4,933,587
Worcester
3,625,000
3,303,872
Conn.-Hartford
11,455,072
10,746,830
New Haven_ _ _
6,017,217
6,154,976
R.I.-Providence
10,224,200
10,382,800
Totdl(11 cities)
390,560,241
422,688,706
inc. or
Dec.
1922.
%
$
-27.0
910,825
-5.7
3,263,324
8.4 314,000,000
-14.8
1,887,088
a
a
-13.0
1,137,834
a
a
-20.2
1,617.398
+6.6
4,204,148
+6.8
3,812,170
+6.6
9,823.144
-2.2
6,103,897
-1.5
9,333,300
-7.6
356,093,098
1921.
$
692,985
2,550,000
273,882,140
1,282.836
a
1,222,197
a
1,215,9435
6,232,1370
3,847,899
9,244,675
5,465,398
11,511,400
317.047,974
Second Feder al Reserve D Istrict-New YorkN.Y-Albany...
5,177,262
4,368,364 + 18.5
4,478.013
2,414,782
Binghamton...
788,300
968,100 -18.6
799,200
734,200
d40,042,214
Buffalo
43,784,861 -8.5
34,535,891
31,683,636
Elmira
757,308
789.493 -4.1
c1,001,669
Jamestown....
1,167,696 -14.2
894,482
898,265
Now York__ _ _ 4,449,261,665 4,424,236,504 +0.6 4,776,955,0744
.412,848,410
10,325,000
Rochester
9,825,882 +5.1
8,885,626
10,604,813
5,457,534
Syracuse
4,540,468 +20.2
4,031,567
4,813,545
-Stamford
c2,906,938
Conn.
2,912,834 -0.2
2,441,595
2,081,957
406,281
N. J.-Montclair
484,067 -16.2
346,617
382,914
-Total(10 cities) 1,516324.171 4393,078.969 +0.84.833.388,0654.406,485
,522
Third Federal Reserve Dist rict-Philad elphia
Pa. Altoona_
1,386,523
1,625,757 -14.7
997,967
1,022,684
Bethlehem_ _34804.891
5,404,834 -33.3
3,600,197
3,524,538
Cheater
1,130,353
1,332,530 -15.2
921,952
958,485
Lancaster
2,245,066
2,792,139 -19.6
2.574,723
2,410,855
Philadelphia
521,000,000 498,000,000 +4.6 451,000,000
435,761,368
Reading
2,982,355
2,099,372 -0.6
3,073,098
3,097,378
5,807,411
Scranton
6,214,119 -6.5
4,127,426
4,645,942
Wilkes Barre_. d3,885,826
2,652,190 +46.5
2,571,750
2,403,131
York
1.538,717
1,383,330 +10.8
1,099,249
1,358,790
N.J.-Trenton..
4.560,308
4,570,096 -0.2
4,028,925
3,703,315
a
Del.-Wilmington
a
a
a
a
Total(10 cities) 548,141,450 526,979,367 +4.0 473,995,287
458,886,486
Fourth Feder al Reserve D istrict-Cle veland Ohio-Akron.... d7,033,000
7,859,000 -10.5
5,397,000
6,070,000
Canton
3,874,216
4,796,197 -19.2
3,980,484
3,324,592
Cincinnati
60,350,144
65,314,789 -7.6
58,542,655
52,457,688
Cleveland
95,375,216 108,328,599 ^12.0
84,177,710
74,557,621
Columbus
11,816,500
13,686,700 -13.7
13,105,600
12,423,900
Dayton
a
a
a
a
a
Lima
a
a
a
a
a
Mansfield
d1,508.090
1,862,508 -19.0
1,173,895
1,198,354
Springfield ____
a
a
a
a
a
Toledo
aa
a
a
Youngstown _ _
d3,639,799
4,059,143 ^10.3
'
2,701.102
3,580,157
Pa.
-Erie
•
a
a
a
a
Pittsburgh._ _ _ 159,655,506 174,281,370 -8.4
151,000,000 130,000,000
Total(8 cities) _ 343,252,471 380,188,306
-9.7 320,078.446 283,612,312
Fifth Federal Reserve Dist rict - Rich mond
W.Va.-Hunt'g'n
1,917,716
2,011,502 -4.1
1,592,262
1,636,747
-Norfolk __ _
Vs.
d6,202,534
6,360,996 -2.5
6,555,676
5,806,578
Richmond
48,024,000
43,380,000 +10.7
41,472,977
36,079,975
-Charleston
S.C.
d2,479,658
2,458,317 +0.9
2,266,641
2,768,195
Md.-Baltimore_
89,099,572
91,786,154 -2-9
80,277,746
57,266,293
D.C.-Washing'n d22,178.000
21,005,256 +5.6
18,787,396
17,816,253
Total(6 cities). 160,901,480 167,002,225 +1.7
150,952,098 121,374,041
Sixth Federal Reserve Dist act-Mien taTenn.-ChatVga_
d5,608,010
5,796,5431 -3.3
4,220,085
4,265,063
Knoxville
2,496,776
2,932,158 -14.8
2,464,323
2.901,025
16,351,285
Nashville
18,186,457 -10.1
15,492,069
14,241,905
42,375,310
Ga.-Atlanta.42,131,473 +0.6
34,128,092
36,449,874
1,138,804
Augusta
1.385,628 -17.8
1,026,568
941,812
1,419,268
Macon
1,100,627 +28.9
1,388,578
*1,200,000
a
111111nnah
a
a
a
a
13,169,174
Fla.-Jackson'lle
10,776,727 +22.2
8,502,723
7,378,600
Ala.__Lurininwra.
21,274,331
19,876,257 +7.0
18,812.242
14,960,180
1,515,381
Mobile
1,717,026 -41.7
1,736.735
1,500,000
MISS.-Jackson
1,132,000
1.025,000 +10.4
593,802
650,000
188,048
Vicksburg
256,071 -26.6
227,153
214,128
La
-New Orleans
43,355,708
42,708,463 +1.5
41,144,021
39,016,478
Total(12@Kies) 150,024,095 147,892,448 + 1.4 129,736,361
123,719,065
47
Week Ending June 28.
Clearings at
-
SUMMARY OF BANK CLEARINGS.
Week ending Jure 28 1924.
1924.
1923.
Federal Reserve Districts.
$
$
(1st) Boston
11 titles 390,560,241 422,688,706
(2nd) New York
10 " 4,516,124,171 4,493,078,969
(3rd) Philadelphia -- --10 "
548,141,450 526,979,367
(4th) Cleveland
8 "
343,252,471 380,188,306
(5th) Richmond
6 "
169,901,480 167,002,225
(6th) Atlanta
12 "
150,024,095 147,892,448
(7th) Chicago
20 "
821,217,825 801,825,864
(8th) St. Milts
7 "
56,334,733 58,101,992
(9th) Minneapolis
7 "
99,361,246 111,526,331
(10th) KlUtEtts City__ 12 "
203,429,990 224,482,753
(11th) Dallas
5 "
50,545,714 42,755,360
(12th) San Francisco._ -16 "
409,501,035 414,362,736
.
Inc. or
Dec.
1923.
Seventh Feder al Reserve D
Mich.
-Adrian _ _
187,098
Ann Arbor_ _ _
622,273
Detroit
137,853,008
Grand Rapids_
6,118,855
Lansing
1,735,000
Ind.- Ft. Wayne
2,202,014
Indianapolis...
17,407,000
South Bend_
1,897,600
Terre Haute_ _
4,630,438
Wis.-Milwaukee
33,962,921
Iowa-Ced.Rap.
2,136,609
DesMoines__ _
8,665,337
Sioux City_ _
5,312,255
Waterloo
1.223,803
Ill.-Bloomingt'n
1,141,495
Chicago
586,731,882
Danville
a
Decatur
1,156,900
Peoria
4.113,807
Rockford
1,968,985
Springfield_
2,150,545
1922.
1921.
$
strict
-Ch cago181,910 +2.8
124,483
176,701
827.173 -24.8
574,861
658,870
130,451,244 +5.7 138,767,431
78.250,375
5,891,946 +3.9
5,043,489
5,634,397
2,518,000 -31.1
1,653,000
1,796,000
2,125,937 +3.6
2,155,037
2,049,706
19,872,000 -12.4
14,586,000
13,682,000
2,435,700 -22.1
1,550,000
2,124,200
6,647,758 -30.3
31,363.669
26.408.711
27,254,725
1,349,530 +58.3
1,987,934
2,078,794
10,586,714 -18.1
7,892,127
9,146,750
5,664,009
5,310,493
5,538.332
1,169,175 +4.7
1,210,761
1,189,000
1,390,356 -17.9
1,249,095
1,096,356
566,129,103 +3.6 548,808,001 486,263,952
a
a
a
a
1,228,632 -5.8
1,108,909
1,060,498
4.198,739
3,905,441
3,885.796
2,149,710 -8.4
2,000,000
1,670,488
2,344,559 -8.3
1,700,000
1,536,572
Total(20 cltles) 821,217,825 801,825,864 +2.4
Eighth Federa (Reserve Dis trict-St.Lo uisInd.
-Evansville.
4,870,667
4,788,194 +1.7
Mo.-St. Louts..
a
a
a
Ky
26,822,957
27,751,374 -3.3
Owensboro
296.990
346,276 -14.2
Tenn -Memphis
13,776,769
14,473,960 -4.8
Ark.-LittleRock
9,023,998
9,387,947 -3.9
I11.
-Jacksonville
279,181
277,324 +0.7
Quincy
1,264,171
1.076,917 +17.4
Total(7 cities).
56,334,733
53,101,992 --3.0
Ninth Federal Reserve Dis trict-Minn eapolis
Minn.
-Duluth
d6,638,876
7,811,972 --15.0
MItuteapolLs
62,141,469
64,648,163 --3.9
St. Paul
25,620,481
33,274,207 --23.0
No. Dak.-Fargo
1,226,732
1,729,817 --29.1
S.D.-Aberdeen_
1,014,050
1,080.807 --6.2
Mont -Billings.
399,477
380,702 +4.9
Helena
2,320,161
2,602,663 --10.1
Total(7 cities).
99,361,246 111,526,331
Tenth Federal Reserve Ms trict-Karu
Neb.-Fremont..
d527,803
292,111
Hastings
413,897
426,73(
Lincoln
3,289,027
3,640.661
Omaha
34.066,204
38,036,09(
Kan.
-Topeka..
3,254,403
3,499,413
Wichita
d6,714,201
7,813,587
Mo.-Kan. City_ 112,050,339 125,074,079
St. Joseph_
d5,773,276
6,770,508
Okla.
-Muskogee
a
a
Oklahoma City d18,637,595
19,579,775
Tulsa
a
a
Col.
-Colo.Spgs.
857.185
926,917
Denver
16,915,241
17,715,505
Pueblo
e930,819
707,359
-10.5
as City
+80.7
-0.7
-10.4
--14.1
-104
-14.7
21_41
a
--7.8
-4..5
+31.6
Total(12 cities) 203,429,990 224,482,753 -9.4
Eleventh Feelers Reserve Dis Diet -Della sTexas-Austin...
1,364,122
1.039,444 +31.£
Dallas
31,020,920
22,587,723 +37.3
Fort Worth...
8,944,793
9,644,928 -1.1
Galveston
5.561,004
6.071,071 - 8.4
Houston
a
a
a
La -Shreveport.
3,654,875
4,012,214 -8.9
767,926,778
643,202,507
4,931,302
a
24,805,076
302,272
14,107,829
7,029,824
264,097
1,256,691
3,972.912
a
21,323,622
316,115
10,547,146
6,869,066
272,517
1,082.812
52,697,091
44,384,190
5,914,086
58,264,070
28,312.572
1.587,049
1,085.44(
500,143
2,985,477
98.648.838
5,937,821
57,877,094
29,166.446
1,752,612
1,120,329
691.359
3,121,145
99,666.806
270,85/
479,57f
3,507,877
38,925,539
2.340.59f
9,819,667
127,570,824
447,767
480,541
2,562,764
33,419,093
2,253,461
9,181,191
132,442,881 •
a
17,957,987
705,951
18,372,270
598,983
a
21,315,999
a
900,000
17,943,456
693,628
220,550,124
221,640,781
1,004.512
20,300,000
8,162,404
5,163.752
a
4,035,212
1,300,000
19,956,537
9,741.285
6,524,450
3,164,730
1
Total (.5 cities).
50,545.714
42.755,380 +18.2
40,687.002
38,665,880
Twelfth Feder al Reserve D istrict-San Frondi
see-Wash -Seattle.,
37,350.129
33,286,579 +12.2
24,594,483
28,583.371
Spokane
10,933,000
10,120,000 +8.0
7,718,896
9,002,000
Tacoma •
a
a
a
a
a
Yakima
931,373
1,659,037 -43.9
998,000
1,011,621
Ore -Portland..
32,643.289
31,807,941
+2.6
24,759.890
29,554,679
Utah-S. L. City
15,242,447
14,422,590 +5.7
12,068,688
12,238,240
Nev.-Reno
a
a
•
a
Arts.-Phoenix
a
a
a
a
a
Cal.
-Fresno_ _ _
2,314,963
3,378,699 -31.5
2,676,238
3,110,387
Long Beach...
5,818,166
7,680,649 -24.2
3,649,615
4,326.949
Los Angeles... 127,131,000 133.773,000 -5.0
81,195.000
100,719,000
Oakland
14,332,215
14,177,322 +1.1
10,032,732
11,150,828
Pasadena
4,874,467
4,448,504 +9.6
3,328,514
3,776,517
Sacramento _ _
d6,621,362
6,247,834 +6.0
3,728,554
.5,231,539
San Diego_
3,372,501
3.721,921 -9.4
2,564,639
2,993,858
San Francisco_ 143.100,000 144,700,000 -1.1 129.400.000 121,000,000
San Jose
1.836,506
1,872,829 -1.9
1.729,380
1,837,481
Santa Barbara_
884,217
838,331 +5.5
722,168
750,418
Stockton
e2,115,400
2,227,500 -5.0
3,642,100
1,999,000
Total(16 cities) 409,501,035 414,362,736 -1.2 345,685,883 304,408,897
Grand total (124
cities)
7 758,394,451 7,790,885,077 -0.4 7,788,397.949 7,125,095,583
Outside NewYork 3,309,132,786 3,366.648.573 -1.7 3,011,442,875.3.712,249.173
Week Ending June 26.
Clearings at
1924.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Reghut
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William..._
New Westminster
Medicine Hat_ - _
Peterborough- _
Sherbrooke
Kitchener
Windsor
Prince Albert..
Moncton
Kingston
TY0410ametia//01
$
90,971.844
77,907,680
52,712,034
16,561,363
6,660,522
4,700,832
2,539,272
4,715,352
6,832,560
2,233,899
1,759,142
2,632,403
4,028,131
2,771,034
450,708
409,706
1.381,565
978,800
703,304
709,597
.531,128
284,576
660,227
1,598,407
776.735
2,866,035
258,556
794,892
576,565
eon nAn 4/4
1923.
$
95,889,292
85,513,405
41,337,512
14,040,679
6,616,780
4,532,636
3,382,502
5,499,630
5,342,034
2,700,973
1,837,483
2,576,534
3,417,100
2,929,098
457,561
359,531
1,267,402
970,471
956,883
834,490
616.606
293,356
810,829
830,540
914,735
4,033,894
269,040
1,120,747
661.778
00A AIR K91
Inc. or
Dec.
%
-5.1
-8.9
+27.5
+18.0
+0.7
+3.7
-24.9
-14.3
+27.9
-17.3
-4.3
+2.2
+17.9
-5.4
-1.5
+14.0
+9.0
+0.9
-26.5
-15.0
-13.9
-3.0
-18.6
+92.5
-15.1
-29.0
-3.9
-29.1
-12.9
-_n ill
1922.
$
87,250,839
89,784,479
37,960,748
13,129,641
6,583,681
4,670,328
2,897,054
5,394,116
5,794,540
2,649,447
1,915,516
2,955,204
3,910.490
3,208,752
524,230
396.683
1,547,564
1,057,289
997,436
593,563
536,557
301,595
671,896
680,000
946,657
4,307.523
318,298
985,843
637,222
4404n/tr.
1921.
s
106,277,100
98.356.38
3
40,966,418
13,737,662
6,226,475
5,046,157
3,344,781
5,842,648
6,638,429
2,418,299
3,234,876
2,695,336
3,500,000
3,564,700
618,388
636,758
1,622.241
1,347,642
1,165,413
598,177
580,438
309,308
811.925
1,600,492
932,259
3,174,599
1,001,657
696,873
sine...CA*11
a No longer report clearings. b Do not respond to requests for figures.
c Week
ending June 25. d Week ending June 26. e Week ending June 27. •Eatimated.
Commercial aadMiscellaneonsRem
-The
Breadstuffs figures brought from page 102.
statements below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week endling last Saturday and
since Aug. 1 for each of the last three years have been:
Receipts at-
Flour.
Wheat.
Rye.
Barley.
Oats.
Corn.
.
.bush.561bs
.bush.481bs
.bush. 32 lbs
bbls.1961bs.bush.80 lbs.bush.56 lbs
102,000
61,111
672,000
595,001
396,000
220,001
Chicago
180,000
171,111
258,000
203,001
1,576,000
Minneapolis
85,000 925,000
329,000
285,000
551,000
Duluth
28,000
100,111
175.000
110,000
35,000
44,000
Milwaukee__ _
3,000
66,000
35,000
87,000
Toledo
49,000
57,000
16,000
Detroit
150,000
194,001
35,000
Indianapolis_
4,000
13,000
526,000
623,000
404,000
103,011
St. Louis
126,000
159.000
33.000
39,000
Peoria
28,000
214,000
636,000
Kansas City_
138.000
157,001
185.000
Omaha
24,000
133,000
134,000
51. Joseph_
5,000
64,000
89,000
25,000
81011C City_
406,111
312,001
363,00#
Total wk. '24
Same wk. '23
Same wk. '22
4,113,0.1
4,540.111
4,131,111
2,854,000
3,458.000
6,184,0
2,605,000
3,056,000
3,209,000
430,001 1,245.000
406,000 623,000
297,000
671,000
Since Aug.I
1923-24.... 19,609,1s s 214,211,t i i 274,031,s i 1 217.828,000 38,697,111 29,033,000
1922-23__ _ _ 91,915,0 I 1 394,958,000277,612,111 211,734,000 36,728,110 49.017.000
201 750.00029.934.1 i '23.611.000
IRS 7R7(10 350 064
10.787
1021-22
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, June 28 1924, follow:
Flour.
Receipts al-New York - __
Philadelphia__
Baltimore__ _
N'port News.
Norfolk
New Orleans •
Galveston_
Montreal _ _ _ _
Boston
[Vol.. 119.
THE cHRONICLE
48
Wheat.
Bushels.
Barrels.
966,000
200,011
115,000
49,000
80,00
23,000
4,I 1 #
1,000
12,00
63,011
32,000
55,000 4,053,000
1,000
22,001
Rye.
Barley.
Oats.
Corn.
Bushels.
318,000
12,000
16,000
Bushels.
240,000
44,000
13,000
85,000
2,000
8,000
1,000
Bushels. Bushels.
322,000
69,000
32,000
753,000
69,000
530.000
30,000
The exports from the several seaboard ports for the week
ending Saturday, June 28 1924, are shown in the annexed
statement:
Wheat.
Corn.
Oats.
Flour.
Rye.
Barley. Peas.
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels. Bushels.
58,170 81,610
831 94,075 234,325
693.016
New York
30,000 178,000
3,000
Boston
8,000
15,000
Philadelphia
43,000 50,000
3,000
200,000
Baltimore
1.000
Norfolk
4,000
Newport News
.
5,000
84,000 30,000
New Orleans.... 136,000
1.000
Galveston
460,000 374,000 496%000
86,000
2,274,000
Montreal
Total week 1924. 3,318,016
4 1(10 R90
Viroplc 1092--
729.325 851.170 627,610
021 9791 225947 147445
84,831 230,075
79 min 92A 74R
The destination of these exports for the week and since
July 1 1923 is as below:
Flour.
I Exports for Week
Since
Week
Since
k and
June 2i2 July 1
i July 1 lo1023.
1924.
Wheat.
'
Since
July 1
1923.
Week
June 28
1924.
Barley.
Rye,
Oats,
Corn,
Wheat,
bush. . bush'
bush.
bush,
bush,
42,000
355,000
33,000
2,483,000 2,434,000 1,494,000 1,761,000
117,000
519,000
390,000
1,000
12,000
315,000
119,000
317,000
10,000
130,000
20,000
40,000
100,000
853,000 1,884,000
9,814,000 2.900.000
86,000
757,000
167,000
109,000
116,000
86,000
349,000 5,648,000
444,000
2,316,000
70,000
431,000 5,535,000
46,000
8,140.000
1,000
5,000
78,000
93,000
154,000
5,000
31,000
119,000
241,000
977,000
7,000
149,000
49,000
200,000
5,784,000
1,000
8,000
46,000
99,000
550,000
10.000
5,000
163,000
129,000
162,000
2,000
93,000
199,000
251,000
1,915,000
51,000
82,000
170,000
425,000
51,000
221,000
194,000
457,000
Total June 28 1924_ _ _ _34,716,000 8,279,000 5.264,000 17,228,000
505,000
Total June 21 1924_ _ _ _37,336,000 10,504.000 5,688,000 16,869,000
June 30 1923_ _ _28,313.000 3.367.000 8,522.000 14,329,000 1,148,000
Total
-Bonded grain not included above: Oats, New York. 214,000 bushels;
Note.
Boston, 76,000; Baltimore,4.000: Buffalo,349,000; Buffalo afloat, 765,000; Duluth,
21,000;on Lakes,351.000; total, 1.780,000 bushels, against 172,000 bushels in 1923.
Barley, New York, 107,000 bushels, Buffalo afloat,90,000; Duluth, 13,000; Chicago,
26,000; on Lakes, 166.000; total, 402,000 bushels, against 590,000 bushels in 1923;
Wheat, New York, 1,227.000 bushels; Boston, 120.000; Philadelphia. 627,000.
Baltimore. 133,000; Buffalo, 2,149,000; Duluth, 16,000: Toledo. 82,000; Toledo
afloat, 103,000; Chicago.535,000; on Lakes,76,000; total, 5,068,000 bushels, against
1,641,000 bushels in 1923.
Canadian134,000
14,000
63,000 1,264,000
2,758,000
Montreal
547,000
6,288,000 1,533.000
Ft. William & Pt. Arthur_16,971,000
434,000
71,000
2.635,000
1,879,000
Other Canadian
63,000 10,187,000
Total June 28 1924_ _21,608,000
74.000 8,965,000
Total June 21 1924 _ _ _ _21,800.000
422,000 4,148,000
Total June 30 1923_ _ _ _16.498,000
Summary34,716,000 8,279,000 5,264,000
American
63,000 10,187,000
21,608,000
Canadian
Corn.
Week
June 28
1924.
Since
July 1
1923.
Bushels. Bushels.
Bushels.
Bushels.
Barrels. Barrels.
381 4,791,351
813,938 93.550,973
United Kingdom_ 70,756 4,753,240
5,166,507
8,909,928 2,495,67.5 112,715,061
89,549
Continent
226,000
60,000
439.403
8,403
355,788
9,124
So.& Cent. Amer_
24,000 1,420.193
7,000
987,672
24,266
West Indies
80,000
Brit.No.Am.Cols_
6,450
450
2,392,708
884,149
3,635
Other Countries__
84,83111,690.501
197,360 15,890,777 3,318,016 239,105,145
Total 1924
72.500 84.543.265
925 749 187711 252 4.190.820 321.148.625
1W911092
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ending Friday, June 27, and since July 1 1923 and 1922,
are shown in the following:
457,000
17,228,000
1,618.000 1,115,000
Total June 28 1921._ _ _56,324,000 8.342.000 15,451,000 18,846,000 1,572,000
Total June 21 1924.._ _ 59,136,000 10,578,000 14,653,000 18,374,000 1,591,000
Total June 30 1923_ _ _ _42.811.000 3.789.000 12.670.000 14.905,000 5,012,000
-Among other securities, the following,
Auction Sales.
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston and Philadelphia on Wednesday of
this week:
By Messrs. Adrian H. Muller & Sons, New York:
$ per sh.
Shares. Sloss.
25 Int. Elec. Protection Co.. pref.Consolidated RR., corn._
4 N. Y.
100 South American Gold & Platinum, corn., par 85
100 Pioneer Oil Corp.. corn., par $1 $385
100 Smuggler Leasing Co., corn., lot
par 51
$10,000 Detroit Southern Ry. Co.
1st 4s (Ohio Southern Division)
certif. of dep., stamped coupon,
due Sept. 1 1911, paid
306 Degnon Realty & Terminal Impt. Co
4624 Tubes Realty & Term.
300 Cape Cod Construe. Co.
375 N.Y.&N.J. Const. Co. $95,422.69
lot
135 Degnon Realty & Term,
Impt. Co
$50,000 Boston Cape Cod &
N.Y. Canal Co. 1st M.55,
Jan. I 1960
150 Boston Cape Cod & N.Y.
Canal Co.. common
$ per sh•
Shares. Stocks.
60 The United Equities Corp., pref.
certif. of deposit, with 15 shares
eom., certif. of deposit as bonus_ _334
215 Brooklyn Rapid Transit Co--51 lot
10 Mariners Harbor Nat. Bank.
$3001ot
Staten Island, N. Y
24 Saguenay Pulp & Power Co.6%
315
pref., par 35
80 Saguenay Pulp & Power Co., lot
corn., par 55
10 Corbin Coal & Coke Co.. Ltd__ 830
lot
200 Ma5/falr 011 Co., par $5
Per cent.
Bonds.
$250 The Freundschaft Society of
New York 4% reg. mtge. bond
3119
due 1964
$500 North Shore Country Club, lot
Inc.. 5s, reg.. 1964 (3250 each).$25.000 South Carolina 65, due 1888
Jan. 1872 and subsequent eon317 lot
Pone attached
By Messrs. R. L. Day & Co., Boston:
$ Per sh.
Shares. Stocks.
18334
7 National Shawmut Bank
3 Commonwealth-Atlantic Nat.Bk.200
3094
2 First National Bank
3374
I Second National Bank
1164
14 Everett Mills
12 Hamilton Manufacturing Co.-- 364
$ per sh.
Shares. Stocks.
100
12 East Middlesex St. Ry. Co
5 Converse Rubber Shoe'Co.,7% p1.7534
3534
25 American Glue Co.. coin
15 Blackstone Valley Gas & Elec.
74-75
Co. eom. par 550
45
20 State Street Exchange
By Messrs. Wise, Hobbs & Arnold, Boston:
$ per sh.
Shares. Stocks.
4
634
50 Ipswich Mills, pref
139-1394
Mfg. Associates
4 Ludlow
84 4
3 Washington Building Trust
10134
6 Dennison Mfg. Co., 2d pre:
199
5 Lowell Electric Light Corp
60 Fall River Elec. U.Co., par 825.334
66
1 Barristers Hall Trust
5 Heywood-Wakefield Co.. 1st pref.1054
734
5 Walter M.Lovrney Co
35
5 American Glue Co., corn
8
1-10 American Mfg. Co., corn
..11534-120
50 Collyer Insulated Wire Co.
873
5 Boston Insurance Co
199
4 Lowell Electric Light Corp
20
30 Reed-Prentice Co., pref
Per cent.
Bonds.
$500 Boston & Montana Milling ds
Power Co. cony. 8% notes, due
April 5 1922
$500 Boston & Montana Milling &
Power Co. cony. 8% notes, due
April 16 1922
$500 Boston & Montana Milling &
Power Co. cony. 8% notes, due $100
lot
March 17 1923
$500 Boston az Montana Milling &
Power Co. cony. 8% notes, due
March 2 1923
81,000 Boston & Montana Milling
ac Power Co.cony.8% notes, due
Jan. 28 1923
By Messrs. Barnes & Lofland, Philadelphia:
$ Per oh.
Shares. Stocks.
10 General Gas & Elec. Co., old
$1,050 lot
pref., par $100
100 Nesropeck Gas Supply Co.,
Corn.
Wheat.
$3 lot
Par $50
3
I Southwestern Cities Electric Co
I 1922-23.
1923-24.
1922-23.
1923-24.
1.00 Bullfrog Alliance Gold Mining
53 lot
Co., par 31
Since
Since
Week
Since
I
Week
Since
10 West Chester St. Ry.. par 250.2205 lot
July 1.
July 1.
June 27.
July 1.
July 1.
June 27.
100 McKinley-Darragh-Savage
$9101
Mines Co.. Par $1
Bushels.
Bushels.
Bushels. I Bushels.
Bushels.
lot
13,238,000 88,392,000 6 Hall Switch & Signal Co., pref. _$49 lot
North Amer_ 7,460,000443,048.000 445.102,000
835
7,041,000 10 Hart-Parr Co., pref
38.044.00
Russ.& Dan. 322,000 45,852,000 6,931,000
70 825-100 Berwick Gas Co.,pref.5105 lot
127,738,000125,604,000
Argentina__ .. 5.028,000 169,584,000 142,883,
2104
8 West End Trust Co
_ 1,184,000 74.586,000 47,092,000
Australia
1 12500-100000 Brooklyn-Manhattan
India
1,616.000 17,344,000, 19,532,
Transit Corp., pref., v.1. certlf_275 lot
4,751,000
15,707
1
1,840,000
Other countr.
10 Brooklyn-Manhattan Transit
$217101
Corp.,corn., v.t.cent(
Total ____ 15.610.000752.254,000661.540,000 6,471,000194.727,000225.788,000 5 Union National Bank
225
the stocks in 20 Philadelphia National Bank__ _ _385
The visible supply of grain, comprising
114
Trust Co., par 250
5 Tioga
112
granary at principal points of accumulation at lake and 25 Tioga Trust Co., par 350
10 Northeastern Title & Trust Co.,
follows:
seaboard ports Saturday June 28, was as
624
par 250
GRAIN STOCKS.
5 Commonw'tb Title,Ins.& Tr.Co.425
Barley. 5 Chestnut Hill Title & Trust Co.,
Rye.
Oats.
Corn.
Wheat.
bush.
52
bush.
par 350
bush,
bush,
bush,
United States31,000 14 Colonial Trust Co., par 556,. 14534
571,000
295,000
33.000
454,000
New York
30 Peoples Bank & Trust Co.. Dar
5,000
1,000
Boston
85
125,000
550
50,000
47,000
116,000
Philadelphia
3,000 20 Pier Realty & Holding Co., At138,000
77,000
138,000
52,000
Baltimore
360
lantic City. N. J
120,000
Newport News
36,000
20 Union Transfer Co., par $25_ _ _ 2534
146,000
149,000
188,000
New Orleans
1,618,000 1,115,000
1,505,000 1,086,000
576,000 3,864,000
1,000
138.000 1,076,000
889,000
442,000
417,000 5,259,000
Total wk. '24
9,041,000
Since Jan.1'24 13,033,001 111,386,000 13,063,000 22,237,000 6,067,000
878,000
473,000
111,000 1,725,000
3,837,00
327,0
wk. '23
Same
32.481.000 21.833,000 5.707,00019.358,000
Mace Jan.1'23 12.320.000122.248.
for foreign ports
•Receipts do not Include grain passing through New Orleans
on through hi Is of lading.
Exportsfrom-
Galveston
Buffalo
" afloat
Toledo
Detroit
Chicago
Milwaukee
Duluth
Minneapolis
Sioux City
St. Louis
Kansas City
St.Joseph,Mo
Peoria
Indianapolis
Omaha
On Lakes
On Canal and River
Shores. Stocks.
5 per sh.
9 Hale & Chase, Inc., pref., with 3
shares common
$960 lot
2 Mine Hill & Schuylkill Hay. RR_ 4934
11 Germantown Passenger Ry. Co_ 74
61 Reading Traction Co
22
28 Phila.& Grays Ferry Pass. Ry
60
144
20 Lykens Valley Ry
13 Fleischmann Vienna Model Bak14
ery, common, par 325
$2
68 Valley Forge Magnesia Co
$ per right.
Rights.
.
2 Penn .Co.for Ins. on Lives,&e.._ 34
Per cent.
Bonds.
$1.000 Phila. Bristol & Trenton St.
Ry. 1st 58,1032(Sept. 1 1909 and
all subsequent coup. attached). _851ot
85,000 Middle States Coal & Iron
Mines Co. 1st cons. 5s, 1937
(July 1 1915 and all subsequent
$7 lot
coupons attached)
31,000 Wilkes-Barre & Hazleton Ry.
Co. 1st coll. 53. 1951, four coupons due May 191510 Nov. 1916,
47
inclusive,attached
$1,000 St. Louis Transit Co. Imp.
58, Oct. 11924,certif. of deposit. 544
$200 Brooklyn-Manhattan T(1111/11t
Corp. a. f. 55, Series "A." certif
of deposit, together with $18 75
$161 lot
scrip
$44,500 Sham-o-Kin Silk Corp. 1st
6s.1940
Jinx 51924.1
THE CHRONICLE
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.
June 24
-The Brownsville National Bank of New York, N. Y___$250,000
Coarespondent: Col, Sydney Grant, 189 Montague
Street, New York, N. Y.
-The First National Bank of Monroeton, Pa
June 27
25,000
Correspondent: Fred C. Shiner, Monroeton, Pa.
CHARTERS ISSUED.
June 24
-1255 The Arne'ican National Bank of Salllsaw. Okla- $30.000
Conversion of The Security State Bank, Sallisaw,
Okla. PresIdult, L. J. Peary Wheeler; Cashier, H.
E. McDonald.
VOLUNTARY LIQUIDATION.
-9583
-The Anaconda National Bank, Anaconda, Mont_$100,000
June 25
Effective May 311924. Liq. Agent: Board of Directors of the liquidating bank. Succeeded by the
National Bank of Anaconda, Mont., No. 12542,
which bank assumes liability for the circulation of
the liquidating bank under Section 5223, U. S. R. S.
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the current week. Then we follow with a second table, in which
we show the dividends previously announced, but which have
not yet been paid.
The dividends announced this week are:
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
Atch. Topeka & Santa Fe, corn.(guar.)_ "134 Sept. 2 *Holders of rec. July 250
Central of Georgia By
3
June 30 Holders of rec. June 300
Chicago de Western Indiana (guar.)_
134 July I
Northern RR.of New Hampshire (guar.) 134 July 1 Holders of rec.
June 9a
Public Utilities.
American Light de Traction, com.(guar.) 1
Aug. 1 July 12 to July 27
Common (payable in common stock) - /I
Aug. 1 July 12 to July 27
Preferred (quar.)
1% Aug. 1 July 12 to July 27
preferred (guar.)
Central Power,
1% July 15 Holders of rec. June 300
Cleveland Elec. Ilium.. com. (guar.).
- 2% July 15 Holders of rec. July la
Eastern Massachusetts St. By. 1st pref *3
Aug. 15 *Holders of rec. July 31
Preferred B
*3
Aug. I *Holders of rec..July 16
Sinking fund stock
*3
Aug. 15 *Holders of rec. July 31
Edison Electric Inturinating (quar.)___.. 3
Aug. 1 Holders
rec.
Georgia Light, Power & Rya.. pref.(qu.) 114 July 1 Holders of rec. July 15
June 230
Georgia Railway & Electric, pref.(guar.) 1% July 20 Holders of
of rec. July 100
Holyoke Street Railway
3
July 1 Holders of rec. July 260
Lancaster County By.& Light, com.(qu) $1.70 June 30
Holders of rec. June 260
Preferred (guar.)
134 June 30 Holders of rec. June 260
Manchester True., Lt. de Pow.(quar.)_ _
2
July 15 Holders of roe. July la
Milwaukee Elec. By.& Lt., pref.(get.)
114 July 31
Missouri Gas & Elec. Serv., prior l'n (en) 134 July 15 Holders of rec. July 216
Holders of rec. June 30a
Mountain States Power, pref. (guar.)._
131 July 21 Holders of rec. June 300
Newport News & Hampton Ry., G.& E.
Common (guar.)
'134 Aug. 1 *Holders of rec. July 154
Newburyport Gas& Electric (quar.)_
$1.50 July 15 Holders of rec. June 30
Extra
50c. July 15 Holders of rec. June 30
Portland (Me.) Gas Light
82
July 1
Public Service Investment, corn. (guar.) 13( Aug. I June 27 to June 30
Holders of rec. July 15a
Preferred (guar.)
I% Aug. 1 Holders of rec. July 150
Pub.Serv.of N.III.,com.
(par $100)
(MO •134 Aug. 1 *Holders of rec. July 15
Common (no par value) (quar.)
*$1.75 Aug. 1 *Holders of rec. July 15
Preferred (guar.)
•1% Aug. 1 'Holders of rec. July 15
Railway & Light Securities, com.& pref
3
Aug. 1 Holders of rec. July 15
Reading Traction
75e. July I June 15 to June 30
Sierra Pacific Electric Co., pref. (qu.)_ _
114 Aug. 1 Holders of rec. July 12
Southern California Edison. pref. (guar.) 2
July 15 Holders of rec. June 200
Southern Indiana Gas dr Elec.,6% prof
July 1 Holders of rec. June 250
3
Seven per cent preferred (guar.)
1% July 1 Holders of rec. June 25a
Spring Valley Water (quar.)
1% June 30 Holders of rec. June 180
Tennessee Elec. Power, 7.20% pf.
$1.80 July I Holders
United Gas de Electric, common (guar.). 65c. June 30 Holders of rec. June 15
of rec. June 300
Proferred
214 July 15 Holders
Wisconsin River Power, pref. (guar.) _ $1.75 Aug. 20 Holders of rec."June 300
of rec. July 31
Banks.
Gotham National (guar.)
154 July 1 Holders of rec. June 28
Miscellaneous.
Abitibi Pow.& Paper, common (guar.) _ _
$1 July 21 Holders of rec. July 10
Alliance Realty (quar.)
July 19 Holders of rec. July 11
2
American Cigar, common (guar.)
•1% Aug. 1
*Holders
American Hawaiian Steamship (guar.)._ 15c. July I Holders of roe. July I50
of rec. June 270
American Vitrified Products, coin. (qu.) *50c. July 15
*Holders of rec. July 5
Common (guar.)
*1:0o. July 15 *Holders of rec. July 5
Archer-Daniels
•1
-Mid.Co., pre/.(guar.)
Aug. 1 *Holders of rec. July 21
Atlantic Refining, preferred (guar.).
._
1% Aug. I Holders of rec. July 15
Beach Royalties Corp. (month*)
July 10 Holders of rec. June 15
1
Beacon Oil, preferred (guar.)
$1.87% Aug. 1 Holders of rec. Aug. 1
Belton Mills, preferred
314 July 1 June 26 to July 1
Beet(C. L.) Tractor (guar.)
$1.25 July 1 Holders of rec. June 30a
Borden Company,common
'4
Aug. 1 *Holders of ree. Aug. I
Preferred (guar.)
*1H Sept.15 *Holders of rec. Sept. 1
Preferred (guar.)
'154 Dee. 1 *Holders of rec. Dec. I
Brown Shoe, preferred (quar.)
131 Aug.
Holders of rec. July 190
Bunts Brothers, preferred (quar.)
Aug.
*Holders of rec. July 25
Combustion Specialties Corp., pre/
$4
Commercial Chemical, Class 13 (guar.) _ 3714c. July 21 Holders of rec. July I
Holders of rec. June 3(34
Cresson Cons. Gold Min.& Mill.(guar.)
100. July 10 Holders of rec. June 30a
Douglas(W. L.) Shoe Co.. prof
314 July 1 Holders of rec. June 15a
Electric Vacuum Cleaner, pref.(guar.)
July 1 June 21 to July 1
11(
-Fajardo Sugar (guar.)
412.50 Aug. 1 'Holders of rec. July 19
Extra
Fifth Avenue Bus Secur. Corp.(guar.). *$1.25 Aug. I *Holders of rec. July 19
- 16c. July 21 Holders of rec. July 120
Firestone Tire & Rubber, com.
July 21 Holders of rec. July 10
(guar.).- $1
Six per cent preferred (guar.)
134 July 15 Holders of rec. July 1
Fisher Body Corp., common (guar.) _ _ _ _
$2.50 Aug. I Holders of rec. July la
Fleishmann Co., preferred (guar.)
154 July 1 Holders of rec. June 150
General Cigar, common (guar.)
*2
Aug. 1 *Holders of rec. July 23
Preferred (guar.)
•Im Sept. 2 *Holders of rec.
Aug. 23
Debenture preferred (guar.)
•1
Oct. 1 *Holders of rec. Sept. 24
General Development (guar.)
26e. Aug. 20 Holders of roe. Aug. 110
Goodyear Tire & Rubber of Cal., pf.
(qu.) *1,4 July
Gotham Safe Deposit (guar.)
July I Holders of rec. June 28
Great Lakes Transit. prof.(guar.)
lfi July 1 Holders of rec. June 30a
Hamilton Woolen Co. (guar.)
154
Hart,Schaffner & Marx, Inc., com.(qu.) *1)4 July io Holders of rec. June 30
Aug. 30 *Holders of rec. Aug. 20
Holly sugar, preferred (gnat.)
154 Aug.
Preferred (account accum. dividends)_ 61,4 Aug. 1 Holders of rec. July 15
1 Holders of rec. July 15
Homestake Mining (monthly)
*50c. July 25 *Holders of rec. July 19
•15i Aug. 1
Hood Rubber CO.. Preferred (euar.)
*Holders of rc. July 19
Hurley Machine, common (guar.)
*Si July 15 *Holders of rec. July 10
Indiana Pipe Line (guar.)
$2
Aug. 15 Holders of rec. July 18
Kelsey Wheel, preferred (guar.)
•13( Aug. 1 "Holders of rec. July
21
Laurens Cotton Mills
4
June 30 June 21 to June 30
Magee Furnace, first pref. (guar.)
131 July 15 Holders of rec. July 140
••• Eight per cent preferred (guar.)
2
July 15 Holders
rec.
Manischewitz Co., preferred (guar.)- -- 131 July I June 21 of to July 140
July I
Mexican Crude Rubber
July I June 26 to July I
2
Miami Copper (guar.)
500. Aug. 15 Holders of rec. Aug. la
Mullins Body Corp., pref. (guar.)
*2
Aug. 1 *Holders of rec. July 15
National Dept. Stores. pref.(guar.)
'134 Aug. 1 *Holders of rec. July 15
Name of Company.
49
Per
Cod.
When
Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
National Grocer, preferred
"3
July 1 *Holders of rec.
21
New York Mortgage, common (guar.)-- 50c. July 15 Holders of rec. June 310
May
Preferred (guar.)
134 July 15 Holders of rec. May 31a
New York Transportation (guar.)
50c. July 15 Holders of rec. July la
Pacific Mills (guar.)
111 Aug. 1 Holders of rec. July 15
Penn-Harris Hotel, preferred
3
July 1
Penn Traffic
*10c. Aug. 1 Holders of rec. July 15
Pilgrim Mills, common (guar.)
2
June 30 Holders of rec. June 264
Pittsfield Lime & Stone, pref.(guar.)--- 2
July 5 Holders of rec. June 30
Reynolds Spring, common (guar.)
*250. Aug. 1 *Holders of rec. July 10
Royal Typewriter, pref. (annual)
*7
July 17 "Holders of rec. July 16
Salt Creek Producers Association (guar.) "200. Aug. 1 'Holders of
rec. July 15
Extra
*30c. Aug. I 'Holders of rec. July 15
Sefton Manufacturing, prof. (guar.). -- 134 July 1 June
22 to July 1
Shawmut Mills, common (guar.)
135 June 30 Holders of rec. June 204
Preferred (guar.)
•
134 June 30 Holders of rec. June 206
Shredded Wheat Co. (guar.)
2
July 1 June 21 to June 30
Extra
1
July I June 21 to June 30
Silversmiths Mines, Ltd
lc. July 10 Holders of rec. July la
Simmons Co., pref.(guar.)
•131 Aug. 1 'Holders of roe. July 15
Southeastern Express
$3.50 July 1 Holders of rec. June 196
Swifts Internacional
900. Aug. 15 Holders of
U.S. Printing & Lithographing,com.(qu) 134 July 1 Holders of rec. July 15
rec. June 200
First preferred (guar.)
134 July 1 Holders of rec. June 204
Second preferred (guar.)
134 July 1 Holders of rec. June 204
Utah-Idaho Sugar, corn. (guar.)
120. June 30 Holders of rec. June 180
Preferred (guar.)
134 June 30 Holders of rec. June 180
'U. S. Rubber, 1st pref. (quar.)
*2
July 31 *Holders of rec. July 15
Western Grocer. preferred
*334 July 1 *Holders of rec. June 21
Williams Tool Corporation, pref.(guar.) 2
July 1 Holders of rec. June 20
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
Alabama Great Southern. preferred.____
334 Aug. 16 Holders of rec. July 12
Atch. Topeka de Santa Fe, prof
2m Aug. 1 Holders of rec. June 270
Atlantic Coast Line, common
3% July 10 Holders of rec. June 18a
Common (extra)
1
July 10 Holders of rec. June 184
Baltimore & Ohio, common
134 Sept. 2 Holders of rec. July 190
Preferred
1
Sept. 2 Holders of rec. July 190
Canada Southern
1% Aug. I Holders of rec. June 270
Central RR.of New Jersey (guar.)
2
Aug. 15 Holders of rec. Aug. 6a
Extra
2
July 15 Holders of rec. July 9a
Chicago & North Western, common
2
July 15 Holders of rec. June 19a
Preferred
334 July 15 Holders of rec. June 190
Chicago IndlanaP. & Louisv., corn
2
July 10 Holders of rec. June 28e
Preferred
2
July 10 Holders of rec.
Chic. New Or/& Tex.Pao., pref (quar.) 1% Sept. 2 Holders of rec. June 284
Aug. 160
Cincinnati Northern
3
Aug. 1 Holders of rec. June 270
Cleve. Cln. Chic. de St.Louis,com.(qu.) 1% July 19 Holders of rec. June 27a
Preferred
1% July 19 Holders of rec. June 27a
Delaware & Hudson Co.(guar.)
'254 Sept.20 *Holders of rec. Aug. 280
Delaware Lackawanna & Western (guar.) 3
July 21 Holders of rec. July 5
Detroit River Tunnel
3
July 1.5 Holders of r( c. July 80
Georgia RR.& Banking (guar.)
234 July 15 July 2 to July 14
Great Northern
234 Aug. 1 Holders of rec. June 264
Gulf Mobile & Northern, pref.(quar.)-- 1% Aug. 15 Holders of rec. Aug.
la
Illinois Central,common (guar.)
131 Sept.d1 Holders of rec. Aug. la
Preferred
3
Sept41 Holders of rec. Aug. la
Internat. Rye.of Cent. Am., pref.(qu.)
131 Aug. 15 Holders of rec. July 316
Kansas City Southern, pref. (qua?.)
1
July 15 Holders of rec. June 306
Lackawanna RR.of N..3. (guar-)
1
July 1 Holders of rec. June 9
Lehigh Valley, com.(guar.)
8714c July 1 Holders of rec. June 14a
Preferred (guar.)
51.25 July 1 Holders of rec. June 14a
Little Schuylkill Nay. RR.& Coal
$1 July 15 June 21 to July 15
Louisville & Nashville
3
Aug. 11 Holders of rec. July 16a
MahonIng Coal RR..common
$10 Aug. 1 Holders of rec. July 15
4
Michigan Central
10
July 29 Holders of rec. June 270
New York Central RR.(guar.)
1% Aug. 1 Holders of rec. June 274
N. Y. Chicago & St. Louis,com.(quar.)
- 134 July I Holders of rec. may 150
Preferred, Series A (guar.)
134 July 1 Holders of rec. May 150
New York & Harlem,com.& pref
$2.50 July 1 Holders of rec. June 160
N. Y. Lackawanna & Western (quar.)
1% July I Holders of rec. June Isis
Norfolk & Western, common (quar.)_ _ _ *1% Sept.19 *Holders of rec.
Aug. 306
Adjustment preferred (guar)
*1
Aug. 19 *Holders of rec. July 316
Northern Central
52
July la Holders of rec. June 304
Northern Pacific (guar.)
13( Aug. 1 Holders of rec. June 30e
Northern Securities
4
July 10 June 28 to July 10
Pennsylvania Company
*3
June 25 'Holders of rec. June 25
Pennsylvania RR. (guar.)
*75c. Aug. 30 *Holders of rec. Aug. 1
Pere Marquette, prior pref. (quar.)
1% Aug. 1 Holders of rec. July 15a
Five per cent pref. (guar.)
1% Aug. 1 Holders of rec. July 156
Philadelphia & Trenton (quar.)
2% July 10 July 1 to July 11
Pittsb. Ctn. Chic. & St. Louis (quar.)- 2
July 19 Holders of rec. July 106
Pattsb. Ft. Wayne & Chic.. pref.(guar.). 13( July 8 Holders of rec. June 106
Pittsburgh & Lake Erie
32.50 Aug. 1 Holders of rec. July 156
Pittsburgh & West Virginia, pref.(guar.) 134 An. 30 Holders of rec. Aug. la
Preferred (guar.)
I% Nov.29 Holders of rec. Nov. la
Preferred (guar.)
Holders of rec. Feb.2'256
134
(9)
Reading Company, common (quar.)Aug. 14 Holders of rec. July 210
- $1
First preferred (guar.)
500. Sep. 11 Holders of rec. Aug. 254
Second pref.(guar.)
500. ROY 10 Holders of rec. June 23a
Southern Railway, common (guar.).
- IH Aug. 1 Holders of rec. July 106
Preferred (guar.)
1% July 15 Holders of rec. June 25a
United N. J. RR.& Canal Cos.(quer.). 2% July 10 June 21 to June 30
Public Utilities.
All-America Cables (quar.)
135 July 14 Holders of rec. June 300
American Gas.common (qua?.)
y134 July 15 Holders of roe. June 300
Amer. Gas & Elec., pre/. (guar.)
75e. Aug. 1 Holders of rec. July 10
Amer. Telephone & Telegraph (quar.)-- 234 July 15 Holders of rec. June 200
Quarterly
2% Oct. 15 Holders of rec. Sept.20a
Quarterly
2% Jn15'2 Holders of rec. Dec. 200
Quarterly
2% Ap15'25 Holders of rec.Mar.17'254
Am.Wat. Wks.& El.7% 1st pf.(qu.)-1% Aug. 1 Holders of rec. Aug. 1
Six per cent partic. pref. (guar.)
114 Aug. 15 Holders of rec. Aug. 1
Bell Telephone of Canada (guar.)
July I Holders of roe. June 234
2
Bell Telep. of Pennsylvania,pref.(guar.) 131 July 15 June 21 to June 25
Boston Consolidated Gas, Preferred- - - 3% Aug. 1 Holders of rec. July 15
Brooklyn Borough Gas,com.(quar.)-- 50c. July 10 Holders of rec. June 30a
Brooklyn-Manhattan Transit, pf. A (qu) $1.60 July 15 Holders of rec. July10
California-Oregon Power, pref.(guar.)_ _
154 July 30 Holders of rec. July 15
Carolina Power & Light. common (au.)154 Aug. 1 Holders of rec. July 16
Cedar Rapids Mfg.& Power (guar.).
Aug. 15 Holders of rec. July 31
Central Illinois Public Service, pf.(qu.) $1.50 July 15 Holders of rec. June 30a
Chesapeake & Potom. Tel. of Bait. City
Preferred (guar.)
15( July 15 Holders of rec. June
Cinc Newp.de Coy.L.di Tr.,com.(qu.) 114 July 15 July 1 to July 30
15
Preferred (guar.)
1% July 15 July 1 to July 15
Cincinnati Street By.(guar.)
154 July 1 June 17 to June 30
Citizens G.& F., Terre Haute,pref.(qu.) 131 July 1 June 26 to June 30
City Gas of Norfolk, pref. (guar.)
2
Oct. 1 Holders of rec. Sept. 15
Commonwealth-Edison Co.(qua?.)
*2
Aug. 1 *Holders of rec. July 15
Commonwealth Power Corp.,ea m.(qu.) $1
Aug. 1 Holders of roe. Jut, 1
8
Preferred (quar.)
134 Aug. 1 Holders of rec. July 18
'Continental Gas& El.Corp.,COM.(au.) 75c. Oct. 1
Common (payable in common stock).. /75c. Oct. 1
Participating preferred (quar.)
1)4 Oct. 1
Participating preferred (extra)
3 Oct. 1
,
1
Pattie. pro!.(payable in com.stock).
13( Oct. 1
Preferred (guar.)
134 Oct. 1
Prior preferred (guar.)
134 Oct. 1
[VOL. 119.
THE CHRONICLE
50
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Public Utilities (Concluded).
July 15 Holders of reo. June:200
2
Detroit Edison (guar.)
Dominion Power & Transm., pref.(guar.) 136 July 15 June 23 to June:30
I% July 15 Holders of rec. June 30
East Bay Water,Class A, pref.(guar.). _
11.6 July 15 Holders of rec. June 30
Class B preferred (guar.)
Fairmount Park Transit, pref. (guar.) .17360 July 10 *Holders of rec. June 30
136 July 15 Holders of rec. June 270
& Teleg. (guar.)
Internat. Telep.
Aug. 15 Holders of rec. July 31
2
Kaministiquia Power (guar.)
136 July 31 Holders of rec. Julyi 20
Kansas Electric Power, common (qu.)
1% July 15 Holders of rec. June 230
Kentucky Securities, pref.(quar.)
Louisville G.& Elect., of Ky. pref.(qu.) 134 July 15 Holders of rec. July la
July 15 Holders of rec. June 30a
2
Lt.dt Heat.Pitts.(qu.)
Manufacturers
134 Aug. I Holders of rec. July 15
Massachusetts Gas Cos., com.(quar.)
Massachusetts Ltg. Cos.,6% pref. (qu.) 1% July 15 Holders of rec. June 25
July15 Holders of rec. June 25
2
Eight per cent preferred (guar.)
Michigan Gas & Elec., pref. (quar.)___ '136 July 15 Holders of rec. June 30
•134 July 15 Holders of rec. June 30
Prior lien stock (guar.)
Middle West Utilities. pref. (quar.)---- 134 July 15 Holders of rec. June 30
Montreal Lt., Ht.& Pr. Consol.(guar.). 1% Aug. 15 Holders of rec. JulY 31
Aug. 15 Holders of rec. July 31
Montreal Light, Heat & Power (guar.). 2
2
July 15 Holders of rec. June 30
Montreal Telegraph (guar.)
-California Electric, pref.(guar.) *134 Aug. 1 Holders of rec. June 30
Nevada
1% July 15 Holders of rec. June 200
New York Telephone, preferred (quar.)_
4336c. July 15 Holders of rec. June 304
Niagara Falls Power, preferred
Gas& El., pt. A.(qu.) *131 July 14 Holders of rec. June 30
Northern Indiana
Aug. 1 Holders of rec. June 30
Northern States Power.common (guar.) 2
1% July 21 Holders of rec. June 30
Preferred (guar.)
50e. July 19 Holders of rec. June 280
Oklahoma Natural Gas (guar.)
July 15 Holders of rec. June 30a
Pacific Gas & Electric, corn.(quar.)____ 2
134 July 15 Holders of rec. June 30a
Pacific Telco. & Teleg., pref. (quar.)_
1% July 17 Holders of rec. July 3a
Peoples Gas Light & Coke (guar.)
*5
July 10 *Holders of rec. June 27
Phila. & Camden Ferry (guar.)
$3.75 July 10 June 29 to July 9
Philadelphia City yeas. Ry
July 31 Holders of rec. July la
$1
Philadelphia Company, com.(guar.).
75c. July 31 Holders of rec. July 15a
Philadelphia Rapid Transit (guar.)
Philadelphia & Western Ity., pref.(qu.)_ 62360 July 15 Holders of rec. June 300
15a
.
Public fiery. Elec. Pow., pref (guar.) - 1% Aug. 1 Holders of rec. July 20a
July 15 Holders of rec. June
Puget Sound Power & Light,com.(qu.). I
IM July 15 Holders of rec. June 200
Prior preference (guar.)
136 July 15 Holders of rec. June 200
Preference (guar.)
1% July 15 Holders of rec. June 30
Quebec Power, pref.(quar.)
134 July 10 Holders of rec. June 240
Shawinigan Water & Power (guar.)
136 July 19 Holders of rec. July 1
South Pittsburgh Water,common
136 July 15 Holders of rec. July 1
Seven per cent preferred (guar.)
234 Aug. 19 Holders of rec. Aug. 5
cent preferred
Five per
1% July 15 Holders of rec. June 300
Southern Canada Power. Pref. (guar.).2
July 15 Holders of rec. June 300
Southern N. E. Telephone (guar.)
2
(me)
July 15 Holders of rec. June 30a
Southern Wisconsin Elec. Co.,cam.
1)6 July 15 Holders of rec. June 30a
Preferred (guar.)
& Electric, coin.(guar.).. 75c. July 25 Holders of rec. June 30
Standard Gas
136 July 25 Holders of rec. June 30
7% prior preferred (guar.)
Tennessee Elec. Power. 2d pref.(No. 1)_ $1.50 Aug. 1 Holders of rec. July 12
Sept. 1 Holders of rec. Aug. 15
1
Texas Electric Ry.,com.(guar.)
136' Aug. 1 Holders of rec. July 15
Second preferred (guar.)
136 July 10 July I to July 10
Electric Co.(guar.)
Trinidad
50c. Jul/ 15 Holders of rec. June 300
Union Natural Gas(guar.)
United Gas Improvement,corn.(Cu Sr.) _ 8734c July 15 Holders of rec. June 30a
.
87360 Sept 15 Holders of rec. Aug. 300
Preferred (guar.)
United Light & Pow.,corn. A & B (qu.). 40c. Aug. I Holders of rec. July 150
July 15 Holders of rec. June 25a
Washington Water Power,Spokane(gu.) 2
West Penn Company,7% pref. (ouar.). 134 Aug. 15 Holders of rec. Aug. 1
West Penn Power Co.,7% pref.(guar.). 1% Aug. 1 Holders of rec. July 15
134 Sept. 15 Holders of rec. Sept. 1
West Penn Railways, prof. (guar.)
131 July 15 Holders of rec. June 30a
Western Power Corp., pref. (guar.)._
131 July 15 Holders of rec. Juno 250
Western Union Telegraph (guar.)
*o0c. July 15 *Holders of rec. July 5
York Railways, common (quar.)
*6234c July 31 *Holders of rec. July 21
Preferred (quar.)
Banks.
Commonwealth
5
July 15 June 25
Trust Companies.
Westchester Title & Trust
5
July
Fire Insurance Companies.
Continental
Fidelity-Phenix Fire
$3
$3
to
June 30
7 Holders of rec. June 30a
July 10 Holders of rec. June 30a
July 10 Holders of rec. June 30a
Miscellaneous.
July 15 Holders of rec. June 300
31
Air Reduction Co.(guar.)
Alabama Company,1st & 2d pref.(qui- 136 July 10 Holders of rec. June 300
Aug. 1 Holders of rec. July 15
Chemical & Dye Corp.,com.(qu.). $1
Allied
Aug. 15 Holders of rec. July 24
Allis-Chalmers Mfg., common (guar.).- *21
136 July 15 Holders of rec. June 240
Preferred (guar.)
Aug. 1 Holders of rec. July 17a
Amalgamated Sugar, let pref. (guar.).- 2
Aug. 1 Holders of roe. July 17a
First pref. (acct. accum. dividends)._ h3
1% July 15 Holders of rec. June 30a
Art Works,corn.& pref.(guar.)_ _
Amer.
*51.25 Aug. 15 Holders of roc. Aug. la
American Bank Note,com.(guar.)
July 31 Holders of rec. July 124
American Beet Sugar, com.(quar.).-- 1
1
Oct. 31 Holders of rec. Oct. lb
Common(guar.)
1 J an31'25 Holders of rec.Jan.10'25a
Common(guar.)
136 Aug. 15 Holders of rec. July Ma
common (guar.)
American Can,
Aug. 1 July 12 to Aug. I
$1
American Coal(quar.)
2
Aug. 1 Holders of rec. July 12
American Glue, preferred (guar.)
July 15 Holders of rec. June 303
Amer. Greenhouse Mfg., Prof. (quar.).. 2
1,4 July 25 Holders of rec. July 86
American Ice, common (guar.)
1% July 25 Holders of rec. July 86
Preferred (guar.)
Amer.Ls France Fire Eng..com.(qua-. 25e. Aug. 15 Holders of rec. Aug. la
Amer. Laundry Machinery, com.(au.). 600. Sept. 1 Aug. 23 to Sept. 1
13.4 July 15 July 6 to July 15
Preferred (guar.)
American Rolling M111, common (guar.). 50e. July 15 Holders of rec. June 304
in common stock)_ _ 15z July 15 Holders of rec. June 306
Common (payable
American Seeding Machine,corn.(guar.) 50c. July 15 Holders of rec. June 300
1% July 15 Holders of roe. June 30a
Preferred (guar.)
Aug. 1 Holders of rec. July 15a
Amer. Shipbuilding, common (qua?.)... 2
2
Nov. 1 Holders of rec. Oct. 15
Common (guar.)
Feb2'25 Holders of rec. Jan. 15'25
2
Common(guar.)
Wy1'25 Holders of rec. Apr. 15'25
2
Common (guar.)
Aug125 Holders of rec. July 15'25
2
Common (guar.)
1,6 Aug. 1 Holders of rec. July 15
Preferred (quar.)
136 Aug. 1 Holders of ree. July lb
Amer. Smelt. & Refg.,com.(guar.)._ _ _
1% Sept. I Holders of rec. Aug. 8a
Preferred (Qum.)
Amer.Steel Foundries, cont.(quar.).... 75c. July 15 Holders of rec. July la
Amer.Type Founders,corn.& pref (qu.) 134 July 15 Holders of rec. July Wa
American Woolen Co.,com.& pref.(qu.) 1% July 15 June 15 to June 28
25e. July 31 Holders of rec. July lla
Art Metal Construction (guar.)
134 July 15 Holders of rec. July la
Asbestos Corp. of Canada, pref.(quar.)_
Associated Dry Goods, common (guar.). 136 Aug. 1 Holders of rec. July 12
135 Sept 2 Holders of rec. Aug. 9
First preferred (guar.)
136 Sept. 2 Holders of rec. Aug. 9
Second preferred (guar.)
July 15 Holders of rec. July 14a
Associated Industrials, first pref.(guar.) 2
3734c July 25 'Holders of rec. June 300
Associated 011 (guar.)
134 Aug. 1 Holders of rec. July 190
Atlas Powder, preferred (guar.)
1,1 Aug. 1 Holders of rec. July 15a
Austin, NIchobi & Co., pref. (quar.)_ _
1% Oct. I Holders of ref. Sept.20a
Babcoeg & Wilcox Co.(guar.)
1% Jan1'25 Holders of rec. Dec. 200
Quarterly
1% APrl'25 Holders ofree.Mar.20'25a
Quarterly
Balaban & Katz Corp..com.(monthly). *25c. Aug. 1 *Holders of rec. July 19
*25c. Sept. 1 *Holders of rec. Aug. 20
Common (monthly)
.25e. Oct. I *Holders of rec. Sept.20
Common (monthly)
1% Oct. 1 Holders of rec. Sept.20
Preferred (guar.)
Barnhart Bros. & Spindler
First and second preferred (guar.).
- 134 Aug. I Holders of rec. July 25a
ag
July 15 *Holders of rec. July 1
Barrington 011 (guar.)
1% Juts' 15 Holders of rec. June 30a
Bayuk Cigars,first preferred (quar.)____
Convertible second preferred (guar.)-- 1% July 15 Holders of rec. June 30a
2
July 15 Holders of zee. June 30a
Eight per cent second pref. (guar.) _ _
60e. July 10 Holders of rec. July la
Beech-Nut Packing. common (qua?.).
131 July 15 Holders of rec. July la
Prof. B (guar.)
134 Aug. 1 Holders of rec. July 18a
Burns Bros., prior pref. (guar.)
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued)
2% July 15 Holders of rec. July 5a
Bush Terminal Co., common
3
July 15 Holders of rec. July 5a
Preferred
M36 July 16 Holders of rec. June 30a
Canada Cement(quar.)
1% July 10 Holders of rec. June 27
Canadian Car & Fdry., pref.(quar.)____
Preferred (account accumulations).__ yl% July 10 Holders of rec. June 27
Preferred (guar.)
134 Oct. 10 Holders of rec. Sept.26
751% Oct. 10 Holders of rec. Sept.26
Preferred (acct. accum. diva.)
2
July 31 Holders of rec. June 300
Canadian Explosive,common (guar.)._
1,6 July 15 Holders of rec. June 306
Preferred (guar.)
234 July 7 Holders of rec. June 300
(guar.)._
Canadian Industrial Alcohol
2
July 1 Holders of rec. June 20
Canadian OU (quar.)
- 2.36 Aug. 15 Holders of rec. Aug. la
Casey-Hedges Co., common (guar.).
1% July 25 Holders of rec. July 15a
Chicago Pneumatic Tool (guar.)
334 Aug. 1 Holders of rec. July 210
Chicago Yellow Cab (monthly)
334 Sept. I Holders of rec. Aug. 200
Monthly
Cities Service Co
Common (monthly, pay.in cash scrip) 034 Aug. 1 Holders of rec. July 15
Common (pay.in com,stock scrip)_ _ _ g136 Aug. 1 Holders of rec. July 15
Preferred & preferred B (monthly)_
36 Aug. 1 Holders of rec. July 15
Sept. 1 Holders of rec. Aug. 200
City Ice & Fuel (Cleveland) (qua?.)
2
Dec. I Holders of rec. Nov.20a
Quarterly
75c July 25 Holders of rec. July 156
Cleveland-Cliffs Iron (guar.)
2
July 15 June 26 to July 15
Collins Company (guar.)
750. July 30 Holders of rec. July lba
Corigoleum Co., common (guar.)
134 Sept. 1 Holders of roe. Aug. 15a
Preferred (guar.)
114 July 15 Holders of rec. June 30
Consolidated Car Heating (guar.)
2
July 15 Holders of rec. June 30
Extra
*1% July 31 *Holders of rec. July 15
Consolidation Coal (guar.)
3
July 15 Holders of rec. June 30
Consolidated Mining & Smelting
30. July 20 July 16 to July 20
Consolidated Royalty 011 (guar.)
SI
Aug. 15 Holders of rec. Aug. 56
Continental Can,common(guar.)
*20c. July 30 *Holders of rec. July 10
Continental Motors Corp.(guar.)
(qu) 134 July 21 Holders of rec. July 12
Continental Paper & Bag Mills,com.
1% July 21 Holders of rec. July 12
Prior preference (guar.)
136 July 21 Holders of rec. July 12
Preferred (guar.)
Corn Products Refining, com. (guar.).- 50e. July 19 Holders of rec. July 30
1,1 July 15 Holders of rec. July 3a
Preferred (guar.)
3
Sept.30 Sept. 16 to Sept.30
Craddock-Terry Co., common (qua?.)
3
Dec. 31 Dec. 16 to Dec. 31
Common(guar.)
3
Dec. 31 Dec. 15 to Dec. 31
First and second preferred
334 Dec. 31 Doe. 15 to Dec. 31
Class 0 preferred
Creamery Package Mfg., com.(quar.). 50c. July 10 July I to July 10
13-6 July 10 July 1 to July 10
Preferred (guar.)
July 31 Holders of rec. July 16a
Crucible Steel.common (guar.)
1
July 15 July 4 to July 15
Cudahy Packing,common (guar.)
S3
July 15 Holders of rec. June 30a
Davis Coal & Coke
Delaware Lack. de Western Coal (guar.) 21.25 July 15 Holders of rec. July la
*2
Sept.15 "Holders of rec. Aug. 30
Diamond Match (guar.)
July 15 Holders of rec. June 30a
pictograph Products Corp.. pref.(qu.). 2
*50c. Aug. 1 'Holders of rec. July 15
Doehler Die Casting (guar.)
Sne. July 21 Holders of roe. June 260
Dome Minea, Ltd. (guar.)
50c. Oct. 1 Holders of roe. Sept. 15
Dominion Stores, common
134 July 15 Holders of rec. June 30
Dominion Textile preened (guar.)._._
Dubiller Condenser & Radio, pref.(cm.). $2
Sept.30 Holders of rec. Sept. 25a
$2
Sept.30 Holders of rec. Sept.25a
Preferred (guar.)
$2
Dec. 31 Holders of rec. Dec. Ha
Preferred (guar.)
du Pont (E. I.).de Nemours & Co
136 July 25 Holders of rec. July 10a
Debenture stock (quar.)
du Pont(El.)de Nom.Powd.,com.(qu.) 136 Aug. 1 Holders of rec. July 19
116 Aug. I Holders of rec. July 19
Preferred (guar.)
136 July 15 Holders of ma.. July 5a
Eagle-Picher Lead, prof. (guar.)
Eastern Steamship. .second pref.(quar.) 8736c July 15 Holders of rec. July 8a
3% July 31 Holders of rec. June 30
Eastern Theatres (Toronto), preference_
Aug. 1 *Holders of rea. July 15
Elgin National Watch (guar.)
2
Aug. 1 Holders of rea. July 15
Eureka Pipe Line (guar.)
Aug. 1 Holders or rec. July 15a
Fame is Players-Laaky Corp., Prof.(qu.) 2
Finance Co.of America, com.(guar.)...- 231 July 15 Holders of rec. July 2
1% July 15 Holders of rec. July 2
Seven per cent pref. (guar.)
July 15 Holders of rec. July 2
Eight per cent cony. pref. (guar.).-- 2
75e.
Holders of roe. Sept 156 •
Flelsinnann Co., common (quar.)
l25
75c. Jan 25 Holders of rec. Dec. 15a
Common (guar.)
2
July 15 Holders of rec. June 46
General Electric (guar.)
15c. July 15 Holders of rec. June 46
Special stock (guar.)
1% Oct. 1 Holders of rec. Sept. 20
General Fireproofing, pref. (Qua?.)
I
Jan2'25 Holders of rec. Dec. 20
Preferred (guar.)
stock (guar.). _
134 Aug. 1 Holders of rec. July 70
General Motors,7% deb.
135 Aug. 1 Holders of rec. July 7a
Mx per cent deb.stock (guar.)
134 Aug. I Holders of rec. July 74
Six per cent preferred (guar.)
*50c. July 15 Holders of rec. July 7
General Refractories(guar.)
Globe Automatic Sprinkler, Cl. A (qu.). 6234c Aug. 1 Holders of rec. July 21
25e. Aug. 1 Holders of rec. July 190
Gossard (H. W.) Co.(monthly)
250. Sept. I Holders of ree. Aug. 20a
Monthly
*2
Aug. I Holders of rec. July 15
Gray & Davis. preferred (guar.)
Gulf States Steel, first preferred (guar.) I% Oct. 1 Holders of rec. Sept. 150
1% Jan2'25 Holders of rec. Dec. 16a
First preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 15a
Second preferred (qua?.)
134 Jan2'25 Holders of rec. Deell5a
Second preferred (guar.)
50e. July 17 Holders of rec. July 12a
Hall (C. M.) Lamp
134 July 31 July 25 to July 31
Halle Bros., let & 2d pref. (guar.)
Harbison-Walker Refract., pref.(qu.).- 1% July 19 Holders of rec. July ga
Brothera, preferred (guar.)
136 Aug. 1 Holders of rec. July II
•
Harris
Hibbard, Spencer, Bartlett Co.(mthly.) 35e, July 25 Holders of rec. July 18
35c. Aug. 20 Holders of rec. Aug. 22
Monthly
35c. Sept.26 Holders of rec. Sept. 19
Monthly
15e. Sept.26 Holders of rec. Sept.19
Extra
134 July 15 Holders of rec. June 30a
Collieries, common (quar.)_._
Hillcrest
131 July 15 Holders of rec. Juno 30a
Preferred (guar.)
Hillman Coal & Coke,5% pref.(guar.). 1% July 25 July 15 to July 25
1% July 25 July 15 to July 25
Seven per cent preferred (guar.)
1
July 14 Holders of rec. June 26
Hollinger Consol. Gold Mines(mthlY.).75c. Sept. 2 Holders of rec. Aug. I5a
Products, Inc. (guar.)
Household
1% July 15 July 4 to July 15
Illinois Brick (guar.)
250. Sept.30 Holders of rec. Sept 126
Independent Oil di Gas(quar.)
25o. Doc. 31 Holders of rec. Dec. 12a
Quarterly
July 10 Holders of rec. June 25a
International Business Machines (guar.) 52
International Han ester, corn. (guar.)._ $1.25 July 15 Holders of rec. June 250
135 July 15 Holders of rec. July 7
International Paper, Preferred (quar.)_ _
$I
Aug. 1 Holders of rec. July 21
Kaufmann Dept. Stores, corn. (guar.)
•51
Aug. 30 Holders of rec. July 31
Lehigh Coal & Navigation (guar.)
-Wiles Biscuit
Loose
Second pref.(account accum. diva.)- h334 Aug. 1 Holders of rec. July 18.
2
Aug. 1 Holders of rec. July 10a
Lord & Taylor,2d Prof.(guar.)
236 July 15 Holders of rec. June 30a
MacAndrews & Forbes, com.(quar.)._
1% July 15 Holders of rec. June 300
Preferred (guar.)
July 15 Holders of rec. June 30
MacFadden Publications, Inc.(guar.)... 5
5
July 15 Holders of reo. Juno 30
Extra
1,4 Aug. 1 Holders of rec. July 124
Macy (R. H.)& Co., preferred (guar.)
1
July 6 Holders of rec. Tune 210
Magnolia Petroleum (guar.)
51.25 Sept. 1 Holders of rec. Aug. 15a
Manatl Sugar. common (quar.)
1% July 18 Holders of rec. July 3
Maple Leaf Milling, prof. ((War.)
Department Stores,common (qu.). $1.25 Sept. 1 Holders of rec. Aug. 150
May
1% Oct. 1 Holders of rec. Sept.154
Preferred (guar.)
1% Aug. 1 Holders of rec. July' 214
McCrory Stores Corp.. pref.(guar.)._ _
1% Nov. 1 Holders of rec. Oat. 20a
Preferred (guar.)
3
July 21 Holders of rec. June 30
Mexican Petroleum, cont. (guar.)
2
July 21 Holders of rec. June 30
Preferred (guar.)
Michigan Limestone & Chem.,pref.(qu.) 134 July 1 Holders of rec. June 300
July 1 Holders of rec. June 30a
8
Midwest Oil, corn. & prof. (guar.)
4
July 1 Holders of rec. July la
Minnesota Sugar, common
Holders of rec. June 21
1% Aug.
Monarch Knitting, preferred (guar.)
*Holders of rec. July 15
*75e. Aug.
Motor Car (guar.)
Moon
*Holders of rec. July 19
*2
Aug.
Motor Products Corp., pref.(guar.)
75o. July 1 Holders of rec. June 300
National Biscuit, common (guar.)
1 Holders of rec. Sept.30a
75e. Oct.
Common (guar.)
131 Aug. 3 Holders of rec. Aug. 164
Preferred (num.)
Holders of roe. July 310
Aug. 1
1
National Brick. Ltd., Preferred
.
134 Sept 30 Holders of rec. Sept.10a
Nat. Enamel.&(Mpg., pre/.(quar.)..
1% Dec. 31 Holders of rec. Dec. lia
Preferred (guar.)
July 15 Holders of rec. July 1
1
National Fireproofing, preferred
21.20 July lb Holders of rec. June 30
National Fuel Gas(guar.)
JULY 5 1924.]
Name of Company.
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
51
Weekly Returns of New York City Clearing Hous
Banks and Trust Companies.
Miscellaneous (Concluded).
National Licorice,common
2% July 10 Holders of rec. June 23
The following shows the condition of the New York City
Common (extra)
2% July 10 Holders of rec. June 23
National Paper & Type, pref.(quar.)
2
July 15 Holders of rec. June 30a Clearing House
members for the week ending June 28. The
National Tea, preferred (guar.)
1( Aug. I Holders of rec. July 15
New York Air Brake,corn. (guar.)
51
Aug. 1 Holders of rec. July 9a figures for the separate banks are the
averages of the daily
Class A (guar.)
51
Oct. 1 Holders of rec. Sept. 90
New York Canners, 1st pref. (guar.)... 3% Aug. 1 Holders of rec.
results. In the case of the grand totals, we also show the
July 216
New York Dock. preferred
23( July 15 Holders of rec. Jul) 50 actual
,
figures of condition at the end of the week.
New York Transit (guar.)
50c. July 15 Holders of rec. June 20
Nipissing Mines(quar.)
15c July 21 July 1 to July 17
NEW YORK WEEKLY CLEARING
Ohio Brass, common (guar.)
$1
July 15 Holders of rec. June 306
HOUSE RETURNS.
Common (extra)
(Stated in thotuands of dollars-Mal is. three
$1
July 15 Holders of rec. June 30a
ciphers
omitted.)
Preferred (guar-)
1% July 15 Holders of rec. June 300
Ohio Fuel Supply (guar.)
2% July 15 Holders of rec. June 30a
New
Orpheum Circuit, corn. (monthly)
1234c Aug. 1 Holders of rec. July 19a
Capital Profits. Loans,
Common (monthly)
Reserve
1234c Sept. 1 Holders of rec. Aug. 20a
Week Ending
Otis Elevator, common (guar.)
Discount,
with
11
July 1 Holders of rec. June 304
Dime Batik
Net
June 28 1924 at% Mar..31 Invest- Cash
Preferred (guar.)
in
Legal
I% July 1 Holders of rec. Juae 30a
De- Mar
State, Mar.20 ments, Vault. Deposi- Demand
Overman Cushion Tire,com.(quar.)
1% July 2 Holders of rec. June 20a
Deposits. posits. as(000 omitted.)
.Cos..Mar.20
Preferred
&c.
tortes.
3% July 1 Holders of rec. June 300
2d preferred
334 July 1 Holders of rec. June 306 Members of Fed. Res.
Bank. Average Average Average Average
"X" preferred (guar.)
1% July 2 Holders of rec. June 30a Bank of N Y &
Average AVOS•
$
$
Pacific 011
$1
July 2 Holders of rec. June 150
Trust Co____ 4,000 12,361
Packard Motor Car, common (quar.)_
70,562
30e. July 3 Holders of rec. July 150 Bk of Manhat'n 10,000 13,943
784 6.579
50,275 8,619
Page-liershey Tubes, corn. & pref. (ps.) 134 July •
151,358 2,437 17,083
124,008 21,865 ____
Mach & Met Bk 10.0001 16,589 164,077
6,000
Pan-Amer.Pet.&Transp com. &B(qu.) 51
A
3,267 20,520 154.458 7,610 550
July 2 Holders of rec. June 300 Bank of Amert
5,376
Penman's, Ltd., common (guar.)
79,917
2
Aug. 15 Holders of rec. Aug. 5
84,738 3,258 _
_
Nat City Bank- 40,000 52,027 591,134 1,528 11,854
Preferred (guar.)
1% Aug. 1 Holders of rec. July 21
•616,920 68,845 2,140
Chem Nat Bank 4,500 16,878 119,805 4,486
Pennok Oil,stock dividend
20
14,593 109,356 4,324 348
July 25 Holders of rec. July 10
Nat Butch & D :1000 :288
5,531
Pennsylvania Salt Mfg.(guar.)
$1.25 July 15 Holders of rec. June 300 Amer Exch Na
633
8
4,845
78 296
5,000 7,88
Philadelphia Insulated Wire
52
94,031 9,320 4,962
883 12,827
Aug. 1 Holders of rec. July 154 Nat Bk of Com- 25,000 39,308 108,399
334,122
Phillips-Jones Corp., pref. (guar.)
Aug. 1 'Holders of rec. July 20
Pacific Bank__. 1,000 1,725 28,866 1,25 41,029 312,166 11,713
Pierce, Butler & Pierce Mfg.,corn.(qu.) 1
27.961 2,655
886 4,021
July 15 Holders of rec. July 5
Chat& Phen Nat 10.500
Pittsburgh Coal, common (guar.)
1
119,645 31.767 6,056
July 25 Holders of rec. July 100 Hanover Nat Bk 5,000 9.183 157,123 4,08 17,179
Preferred (guar.)
% July 25 Holders of rec. July 100 Corn Exchange. 10,000 22,422 119,083
640 16,489 107,078
300
13,082 189,948
Pitts!).Term. Warehouse& Trawl.(qu)•111
185,468 28,908
July 9 *Holders of rec. June 30
National Park__ 10,000 23,756 173.606 6,052 22,545
Plymouth Cordage (guar.)
.134 July 19 *Holders of rec. July 1
969 18,410 139,966 7,000 7,858
East River Nat_ x2,100 z400 28,847
Pralrie Oil & Gas(guar.)
934 3,208
2
22,694 6,423
July 31 Holders of rec. June 30a First National__ 10,000 60,124
SO
Prairie Pipe Line (guar.)
42 31,314 235,074 24,935 7,460
2
July 31 Holders of rec. June 306 IrvingBk-ColTr 17,500 11,477 311,984
279,319 3,18 35,453 266.59 21.7
Procter & Gamble, corn. (guar.)
5
Aug. 15 July 16 to Aug. 15
Continental Bk_ 1,000
- 986
7,103
Common(payable in common stock)._ 14
841
15
Aug. 15 July 16 to Aug. 15
5,63
375
Chase National_ 20,000 24.071 360,054
Preferred (guar.)
61,288
2
July 15 Holders of rec. June 250 Fifth Ave Bank
.
6
500 2.735 22.660 4,166 2,819 359.983 18,554 1,64
Punta Alegre Sugar (guar.)
701
$1.25 Aug. 15 Holders of rec. July 31a Commonwealth.
21,772
600 1,00
11,901
Quaker Oats, corn. (guar.)
1,337,
33
3
9,661 2,158
July 15 Holders of rec. July la Garfield Nat.__ 1,000 1,67
_
15,144
(quar.)
Preferred
416 2,680'
134 Aug. 30 Holders of rec. Aug. la Fifth National_ 1,200 1,168
15,02
1
396
18,990
Realty Associates, 1st met
185 2,2771
17.14
3
1,438 247
July 15 Holders of rec. July 5a Seaboard Nat__ 4,000 7,462
88,795
Rickenbacker Motor(guar.)
799 11,342
2
86,772 2,468
July 15 Holders of rec. June 30
63
Coal & Iron Nat 1,500 1.350 17,111
St. Joseph Lead Co.(guar.)
273 2,1211
50c. Sept.20 Sept. 10
14,38
1.315 411
Bankers Trust_ 20,000 24,912 320,316
Savage Arms Corp., 2d pref.(guar.)._ 1% Aug. 15 Holders to Sept.21
994 36,140, •280.73 39.627
of rec. Aug. la US Mtge & Tr. 3,000 4,543 51,320
Schulte Retail Stores, common (guar.)._ m2
687 6.5071
45,58
5,021
Sept. 1 Holders of rec. Aug. 154 Guaranty Tres 25,000 18,709
Common (guar.)
m2
Dec. 1 Holders of rec. Nov. 150 Fidel-InterTrus 2,000 2,042 392,666 1.519 42,600, .402,3 s 45,433
Preferred (guar.)
2
414 2,375
18,266 1,775
July 1 Holders of rec. June 14a NY Trust Co__ 10,000 18,407 21,150
Scott & Williams,Inc.,corn.(gear.) -- 1) July 15 Holders
161,671
62 19,528
137,05 19,329
of rec. July 20 Metropolitan Tr 2,000 4,08
Sears, Roebuck St Co.,corn.(guar.)_ _
44,319
4
11.50 Aug. 1 *Holders of rec. duly 15
49.
607 .
2,269
Farm Loan .2; Tr 5,000 16,785 131,347
Securities Company
335 13,591
5 .98,622 23,395
1
234 July 15 July 1 to July 15
Equitable Trust 23,000 10,659 256,735
Smith (Howard) Paper Mills, Corn.(qtr.) 1
1,612 35,174 *294,063 17.474
July 21 Holders of rec. July 100
Preferred (guar.)
2
July
Holders
Span. Riv.Pulp & Paper Mills, com.(qu) 14 July 21 Holders of rec. July 106 Total of averages 290,800 448,171 4,844,892 47,027 588,1471c4,212,119439,81432,225
15
of rec. June 30
Preferred (guar.)
1% July 15 Holders of rec. June 30
Totals, actual condition June 2S 4,910,815
Spring(C.G.)& Bumper.common
46905578,0O2 4,247,177 442,81832,265
Sc. Aug. 15 Holders of rec. Aug. 7
Totals, actual condition June
Stearns(F. R.) Co., common (quar.)._ 50c. July
20 Holders of rec. June 30a Totals, actual co edition June 214,788.767 45,636608.579 4,179,121 433,72432,313
Steel Co. of Canada, eon). & pref. (qu.)
14 4,760,422 45,995587,001 4,146,535430.23532.4
134 Aug. 1 Holders of reo. July 5
20
State Banks Not M mbers
Sterling Products(guar.)
41 Aug. 1 *Holders of rec. July 100 Greenwich Bank 1,000
Stern Brothers, preferred (quar.)
2. 62 of
9 7
3
0
2
Sept. 1 Holders of rec. Aug. 15a Bowery Bank__
20,342
Ba ( ,
2711i
4
:16
231
Stetson(John B.) Co.,common
2
52.50 July 15 July 2 to July 15
2,573 1,9
State Bank.._ _ 3,500 4.661
Preferred
94,018 3,718 2.101
4
July 15 July 2 to July 15
31,745 58.751
Sullivan Machinery (guar.)
Si
July 15 July 1 to July 14
Total of averages 4,75
Superior Steel, common (guar.)
7.931 119,019 5.606 4,589
75c. Aug. 1 Holders of rec. July 15a
54,660 60.946
Swift Internacional
90c. Aug. 15 Holders of rec. July 15a Totals, actual co edition une
28 118,614
Telautograph Co., pref
54,52 60,901
•334 July 10 *Holders of rec. June 30
Totals, actual condition June 21 118,802 5,829 4,681
Thompson (John R.) Co.,COM.(mthly.) 25c. Aug.
5,767 4,753
54,79 60,8371
1 Holders of rec. July 230 Totals, actuate,edi
.
Common (monthly)
250. Sept. 1 Holders of rec. Aug. 250 Trust Compan leation June 14 128,168 5,971 4.765
Not Members of Fed Res`v e Bank. 54,18 60,721
Tobacco Products Corp., corn.(quar.)
1% July 15 Holders of rec. July la Title Guar &
10,000 14.378 58,757 1,271 4,243
Transue & Williams Steel Forelegs(qu.) 75c. Ally
38.709 2.580
15 Holders of rec. July 2
Lawyers Tit &T 6,000 5,701
Tuokett Tobacco, common
27,314
1
873 1,710
July 15 Holders of rec. June 30
16,509
805
Preferred (guar.)
134 July 15 Holders of rec. June 30
Total of averages
20,079 86,071 2,147
Underwood Computing Mach.,pref.(gu.) IM Oct. 1 Holders
53,218
of rec. Sept.246
Underwood Typewriter,common (guar.) 75c. Oct. I Holders
of rec. Sept. 60 Totals, actual co edition June 28
Preferred (guar-)
86,048 2,055 6,075
53,2911 3,426
0
134 Oct. 1 Holders of rec. Sept. 130 Totals; actual c edition June 21
Union Bag & Paper (guar.)
85,941 2.105 5.901
134 July 15 Holders of rec. July 50 Totals, actual c edition June
53,14
3,375
14 84,871 2,219 5,80
United Drug, corn. & 2d pref. (guar.)... •134 Sept. 2 *Holders
52.759 2.7341
of rec. Aug. 15
1st pref. (guar.)
8734c Aug. 1 Holders of rec. July 150 Ord aggr., aver.311,550476,182
United Dyewood, pref. (guar.
4,319,997 504,14532,226
134 Oct. 1 Holders of rec. Sept. 15a Comparison wit h prey. week..5,049.982 51 Z7870598,6
Preferred (guar.)
+63,475+1393 +579 +43,004 +8,675, -.-123
134 Oct. 1 Holders of rec. Sept. 15a
Preferred (guar.)
134 Jan2'25 Holders of rec. Dec. 150 Ged aggr., act'l cond'n June
!
285.1l5.47{54,789 588,75 4,354.994 507.14532.265
United Fruit (guar.)
'
234 Oct. I Holders of rec. Sept. 130 Comparison with prey. week - Quarterly
+121967 +1,281,-30,47
+67,937 +9.209, -48
234 Jan.2'25 Holders of rec. Dec. 60
United Shoe Machinery, corn. (quar.)
6234c July 5 Holders of rec. June 18
ced aggr., Gel cond'n June 21 4,993,510 53,508619,233 4,287,057497,936 32,313
Preferred (guar.)
3734c July 5 Holders
Gr'd aggr., act'l cond'n June
United Verde Extension Mining (guar.). 50c. Aug. 1 Holders of rec. June 18
of rec. July 3a Gr'd aggr., act'l cond'n June 144,972.461 54,185 597.570 4,253,481 493,69032,420
United States Can,corn. (guar.)
74.820,799
75e. July 15 Holders of rec. June 30
Gr'd aggr.,eel cond'n May 31.4,781.939 56.177583.959 4,131.074 479.047 32,341
Preferred (guar.)
50,555542,028 3,974,531 493,74732,542
July 15 Holders of rec. June 30
Gr'd aggr., ace! cond'n
U.S. Cast Iron Pipe & Fdy., pr. (qu.).
Sept.16 Holders of rec. Sept. 20 Gr d aggr., out cond'n May 244 784 459 53 866 527 255 3 961 514 490 524 32 488
May 174,749.205 52.294543.920 3,939,343 490,735 32,503
Preferred (qua?.)
114 Dec. 1 Holders of rec. Deo. la
U.S.Industrial Alcohol(guar.)
Note.
-U. S. deposits deducted from net
134 July 1 Holders of rec. June 30a
U. S. Radiator, preferred (guar.)
134 July 1 July 2 to July 15
above were as follows: Average total June demand deposits In the general total
U.S. Realty & Impt.,common (quar.).. 2
$21,203,000: June 21, $21,204,000; June 28, 521,203,000; actual totals June 28.
Sept.16 Holders of rec. Sept. 5
14, 517.681,000: June 7, 517,681,000;
Preferred (guar.)
134 Aug. 1 Holders of rec. May 296 May 31, 519,525,000. Bills payable, rediscounts, acceptances
and other liabilities,
Preferred (guar.)
average for week June 28, $331,003,000: June
1% Nov.
Holders of rec. Sept. 5
21,
0; June
U.S. Smelt., Ref. & Min., pref. (guar.) 87340 July 1 Holders
000; June 7, $335,925,000; May 31, 5377,474,00$325,426.00totals 14, 5327.044.0. Actual
June 28. 5350.Vapor Car Heating, Inc.. Pref.(qua?,).. 134 Sept.10 Sept. of rec. July 7
764,000; June 21, 13332,608,000; June 14, 5343,511,00
2 to Sept. 10
0; June 7, $322,272,000:
Preferred (guar.)
May 31, 5406.701.000.
194 Dec.
Dee. 2
Ventura Consolidated Oil Fields(qar.) 50c. Aug. 1 Holders to Dec. 10
•Includes deposits in foreign branches not included In total
of rec. July 15
footings as follows:
Victor Talking Machine, corn. (qua?.)
National City Bank, 5118,416.000; Bankers Trust
2
July 1 July 1 to July 6
Preferred (guar.)
Co., 583,189,000; Farmers' Loan & Trust Co.,Co.. $12,940,000; Guaranty Trust
134 July 1 July 1 to July 6
1136.000; Equitable Trust Co.,
Vulcan Detinning, preferred ((Mara-1% July 2 Holders of reo. July 90 $56,457,000. Balances carried in banks in foreign countries as reserve
-for such
Preferred (acct. accumulated dim)... hl
July 2 Holders of rec. July 90 deposits were: National City Bank, $17,849,000; Bankers Trust
Co., 52,293,000:
Preferred A (guar.)
Guaranty Trust Co., 58,277,000; Farmers' Loan & Trust
134
Co., 5136,000: Equitable
Warner(Chas.) Co.of Del.,corn.(guar.) 50c. July 2 Holders of rec. July 90 Trust Co.,
July 1 Holders of rec. June 300
113,510,000. c Deposits in foreign branches not included. x Ai of
First and second Preferred
142 July 2 Holders of rec. June 300 May 22. CA, of April 25.
(luar.)-West Coast 011 (guar.)
11.50 July
Holders of rec. June 240
Westinghouse Air Brake (guar.)
The reserve position of the different groups of institutions
$1.50 July 31 Holden; of rec. June 30a
Westinghouse Elec. & Mfg., corn.
51 July 31 Holders of rec. June 304 on the basis of both the averages for the week
(qu.)
Preferred (guar.)
and the actual
51 July 15 Holders of rec. June 300 condition
White Eagle Oil& Refg.(guar.)
at the end of the week is shown in the following
500. July 20 Holders of rec. June 30a
White Rock Mineral Sure..2d pref
134 July 31 Holders of rec. July 250 two tables:
.
(au.)
Woodley Petroleum (guar.)
30c. July 15 Holders of rec. July 1
STATEMENT OF RESERVE POSITION OF
Extra
CLEARING HOUSE BANKS
200. Aug. 15 Holders of rec. Aug. 1
Wrigley (William) Jr.& Co.
AND TRUST COMPANIES.
Monthly
254. Aug. 1 Holders of rec. July 19a
Monthly
25c. Sept. 2 Holders of rec. Aug. 20a
Monthly
Averages.
25e. Oct. 1 Holders of rec. Sept.20a
Monthly
250. Nov. 1 Holders of rec. Oct. 200
Cash
Reserve
Yellow Cab Manufacturing
Reserve
Class B (monthly)
Total
Reserve
41.re Aug. 1 Holders of rec. July 2Ia
Srtrplus
in Vault. Depositories Reserve,
Class B (monthly)
Required
41.sc Sept. 1 Holders of rec. Aug. 20a
Reserve.
Members Federal
•From unofficial sources. t The New York Stock
$
Exchange has ruled that stock
Reserve banks_
will not be quoted ex-dividend on this date and not
588,147,000 588,147,000 560,769,890 27,377,110
until
5,606,000 4,589,000
New York Curb Market Association has ruled that stock further notice. 2 The State banks.
356,200
wIll not be quoted a: Trust companies.___ 2,147,000 5,953,000 10,195,000 9,838,800
dividend on this date and not until further notice.
8,100.000 7,982,700
117,300
a Transfer books not closed for this dividend. d Correction.
Total June 28._ -- 7,753,000 598,689,000 606,442,000
e Payable in stock.
578,591,390 27,850,610
Total June 21...... 8,026,000 598.110,000
Payable in common stock. g Payable In scrip. h On account
of accumulated
dividends. m Payable In preferred stock. n Payable In
Total June 14.. 8,385.000 596,912,000 606.136,000 572,759.030 33.376,970
Canadian funds.
Total June 7_ _ _ _ 8,489,000 54.1163.000 605,297,000 562,201.930 43,095,070
is Payable Feb. 28 1925.
558,152,000 544,432.710 13,719,290
• Not members of Federal Reserve Bank.
Annual dividends for 1924,all payable in equal quarterly installments
on April 1,
a This is the reserve required on the net demand
July 1 and Oct. 1 1924 and Jan. 1 1925 have been declared as
deposits in the case
mon stock $3 cash and $3 in Common stock;on the Participatin follows: On the com- and trust companies, but in the case of members of the Federal of State banks
Reserve Bank
6% and extra dividends of 1% In cash and 1% In common g preferred the regular Includes also amount in reserve required on net time deposits,
which was
stock; on the preferred June 28. 513,194,420;
stock regular 6%; on the prior preferred stock regular 7%
June 21, 512,954,030; June 14, $12.575,520:J une as follows:
7, 512,615.750.
WOW
f:Fp9Rea19
22 7
134
134
Actual Figures.
Reserve
Cash
in
Reserve
in Vault. Depositories
Members Federal
Reserve banks _
State banks*
Trust companies._ _ _
[Vor.. 119.
THE CHRONICLE
52
Surplus
Reserve.
Reserve
Repaired.
Total
Reserve.
-In the folBoston Clearing House Weekly Returns.
lowing we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
$
$
578,002,000 578,002,000 565,417,550 12,584.450
695,320
4.681,000 10.510.000 9,814,680
5,829,000
136.350
2,055,000 6.075.000 8,130,000 7,993,650
13,416.120
7,884,000 588,758,000 596,642,000 583,225,880 52,973,420
Total June 28..._
7,872,000 619.233.000 627,105,000 574,131.580 36,135,890
Total June 21-597,570.000 605,760,000 569,624,110
8,190,000
Total June 14.553,367,470 39,190,530
Total June 7_ _ _ 8,599.000 583,959,000 592,558,000
•Not members of Federal Reserve Bank.
In the case of State banks
b This is the reserve required on net demand deposits
of the Federal Reserve Bank
and trust companies, but in the case of members deposits, which was as follows
amount of reserve required on net time
includes also
312,907,050; June 7, $12,472,June 28, $13,284,540; June 21. 313,011,720; June 14,
950.
June 11
1924.
June )8
1924.
Changesfrom
previous week.
June 25
1924.
Unchanged 57.400,000 57,400.000
57,400,000
Capital
64,000 81,396,000 81,294.000
81,460,000 Inc.
Surplus and profits
Loans, disc'ts & investments_ 856,519,000 Inc. 5,693,000 850,826,000 832,671,000
deposits,incl. U.S.613,732,000 Dec. 10,072,000 623,804,000 603,683,000
Individual
136,200,000 Dec. 3,451.000 139,651.000 128,438.000
Due to banks
144,552,000 Inc. 2,623.000 141,929,000 141,881,000
Time deposits
20,739,000 Inc. 9,257.000 11,482,000 4,777,000
United States deposits
26,147.000
Exchangesfor Clearing House 25,589,000 Dec. 6,802,000 32.391,000 68,767,000
77,787,000 Dec. 3,045.000 80,832,000
from other banks
Due
75,449,000 72,680,000
Inc.
27,000
75,476.000
Reserve In Fed. Res. Bank_
364,000 8,772,000 8,748,000
Cash in bank and F.R. Bank 9,136,000 Inc.
Reserve excess in bank and
440,000 3,847,000 2,947,000
4,287,000 Inc.
Federal Reserve Bank
State Banks and ,Trust Companies Not in Clearing
-The State Banking Department reports weekly
House.
-The Philadelphia Clearing House
Philadelphia Banks.
figures showing the condition of State banks and trust com28, with comparative figures
in New York City not in the Clearing House as follows: return for the week ending June is given below. Reserve
panies
for the two weeks preceding,
IN GREATER requirements for members of the Federal Reserve System
SUMMARY OF STATE BANKS AND TRUST COMPANIES
STATEMENT.
NEW YORK, NOT INCLUDED IN CLEARING HOUSE
are 10% on demand deposits and 3% on time deposits all
(Figures Furnished Si) State Banking Department.) Difference from to be kept with the Federal Reserve Bank. "Cash in vaults"
Previous Week. is not a part of legal reserve. For trust companies not memJune 28.
$869,683,500 Dec. $6,275,700 bers of the Federal Reserve System the reserve required is
Loans and investments
4,098,200 Inc.
104.700
legal
Gold
285.400 10% on demand deposits and includes "Reserve with
21,012,300 Inc.
Curren sy awl bank nates
78,564,100 Dec. 1,045,800 depositaries" and "Cash in vaults."
Deposits with Federal Reserve Bank of New York
919,111,200 Dec. 4,025,000
Total deposits
Deposits, eliminating amounts Cue from reserve deani from other ban cs anl trust com- 865,311,900 Inc. 1,825.400
positories
panies In N.Y.City,exchange and U.S.deposits_ 146,135,000 Dec. 5,543.500
Reserve on deposits
Percentage of reserve, 21.9%•
RESERVE.
-Trust Companies
State Banks•
472.004,700 15.36%
•431,669,900 16.07%
Cash in vau't
32,852,800 7.00%
9,607,600 4.92%
and trust cos_ _
Deposits in banks
4104,857,500 22.36%
$41,277,500 20.99%
Total
of New York, which for the
•Inslules deposits with the Federal Reserve Bank was $78,564,100.
State banks and trust companies combined on June 28
-The
Banks and Trust Companies in New York City.
averages of the New York City Clearing House banks and
trust companies combined with those for the State banks and
trust companies in Greater New York City outside of the
Clearing House are as follows:
IN
COMBINED RESULTS OF BANKS AND TRUST COMPANIES
GREATER NEW YORK.
Loans and
Investments.
Week EndedMar. 1
Mar. 8
Mar. 15
Mar. 22
Mar. 29
Mall 5
April 12
April 19
April 26
May 3
May 10
May 17
May 24
May 31
June 7
June 14
June 21
Reserve it
Deposttart
*Total Cash
in Vaults.
Demand
Deposits.
$
5,424,841,800
5,432,225,300
5,462,366,300
5,534,279,900
5,557,132.400
5.554,501,000
5,517,615,300
5,530,017,700
5,546.167.200
5,587,975,500
5,586,219,800
5,599,245.700
5.617,090.300
5.634.135,400
5,655.543,500
5.757.644,700
5,862,466,200
$
4,640,570.200
4.651.853,700
4,682,815,500
4,816,722,400
4.705.886.400
4.694.758.200
4.632.385,000
4,674,348.500
4,712,840,800
4,783,492.000
4,764.209,200
4,774.058.800
4,799.826.200
4,818.701,900
4.927,070,500
5,059.294,800
5,140.479.500
A010 AAA 'kiln
K 14K 2/Warm
8
82,862,500
80,120.600
80,148,100
79,268,200
80.050,500
78.352,100
81.490.600
79,455,600
80.214,600
78,995,200
81.434.100
80,209,800
79,503,100
78,685,500
81,984.300
82,224,800
78.107.400
7R 120A Knn
$
615,356,0
614,521,100
624,625,700
704,938,900
621,464,100
631,029.100
627,002,100
633,238,700
641.584,400
645,935.500
640,730,500
646,164,700
644.891.0
649,648.1
672,867,2
724.239,500
725.168,1 0
710712 K
New York City Non-Member Banks and Trust Cornpanies.-The following are the returns to the Clearing House
by clearing non-member institutions and which are not included in the "Clearing House Returns" in the foregoing:
CLEARING
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK
HOUSE.
-that tr. three ciphers WOO) omitted.)
(Stated in thousands of dollars
I
Net
Capital. Profits.
CLEARING
NON-MEMBERS.
:Sat. bks. Mar.31
Week Ending State bks. Mar.20
June 28 1924. Cr. cos. Mar. 31
Week ending June 28 1924.
Two Ciphers (00)
omitted.
Membersof Trust
F.R.Svstem Companies
Capital
Surplus and profits
Loans, disc'ts & invest'ts. _
Exchanges for Clear.House
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits
U.S. deposits(not incl.) _
Res've with legal deposit's_
Reserve with F.R.Bank_
Cash in vault.
Total reserve and cash held
Reserve required
Excess res. dr cash In vault_
8
1,000
Net
Net
Reseree
with Demon
Time
Cash
Legal Deposits, Deposits
in
Vault. Deposttortes.
Average Average Average Average Average
$
$
4
4
4
$
3,474
2.574
473
24
8,327
1,637
Total
State Banks
Not Members of
FecC1 Reeve Bank
Bank of Wash. HtsColonial Bank
1,000
1,637
8,327
24
473
2,574
3,474
200
1,000
401
2,275
7,332
24,100
716
2.625
34.
1,351
5,821
21,809
1.878
2,671
Total
Trust Company
Not Members of
Feell Res've Bank
Mech. Tr.,Bayonne
1,200
2,676
31,432
3,341
1,69.
27,631
4,549
500
429
8,688
303
10
2,58
429
8,688
303
103
2,583
4,744
48,447
--238
3,668
-24
2,272 a32,787
--346 -374
13,914
S-72
3r'd aggr., June 21
Lleci aggr., June 14
7
3r'd aggr., June 21
SArry
2,700
2,2001
2.200
4,744
4,746
4,746
48,685
48,774
48.764
3,692
3,847
3,704
2,618 233,161
2,591 633,541
2,393 233,401
13,842
13,805
13,894
0 OM
A OAR
AO //A
2712
9 291 .22 170
1AAKR
1,234,0
6.579,0
4,502,0
2,077,0
444,875,0
126,161,0
764,075,0
33,985,0
127,004,0
143.694,0
582,700,0
63,249,0
789,643,0
14,020,0
7,446,0
59,342,0
10,721,0
77,509,0
63,015,0
14,494,0
$44,875,0
128,181,0
758,105,0
34,268,0
114,436,0
131,987,0
575,282,0
62,895,0
770,144.0
9,888,0
6,015,0
57,760.0
10,810,0
74,585,0
81,858,0
12,727,0
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. 2 1924 in
comparison with the previous week and the corresponding
.date last year:
1924. July 3 1923.
July 2 1924. June 25
$
Resources
635,223,000 635,262,000
Gold with Federal Reserve agent
4,074,000
2.789,000
redemp.fund with U. S. Treasury_
Gold
Gold held exclusively asst.F.R.notes_ 638,012,000 639,336,000
92,294,000 148,845,000
Gold settlement fund with F.R. Board
173,445,000 195,377,000
Gold and gold certificates held by bank
903,751,000
27,148,000
Total gold reserves
Reserves other than gold
637,184,000
8,852,000
646,036,000
202,643,000
156,855,000
983,558,000 1,005,534,000
25,733,000
28,571,000
930,899,000 1,0112,129,000 1,031,267,000
Total reserves
6,814,000
14,934,000
16,837,000
Non-reserve cash
Bills discounted
25,703,000 197,137,000
Secured by U.S. Govt. obligations_ 56.368,000
62,586,000
16,217,000
16,962,000
Other bills discounted
41,920,000 259,723,000
73,330,000
Total bills discounted
40,101,000
12,733,000
24.309,000
Bills bought in open market
U. B. Government securities
1,149.000
1,202,000
1.202.000
Bonds
3,557,000
108,614,000 102.453,000
Treasury notes
121,000
32,582,000
31,185,000
Certificates of indebtedness
Total U. S. Government securities._ 141,001,000
238,640,000
151,561,000
15,551,000
7,530,000
Total earning assets
Uncollected items
Bank premiums
All other resources
136,237,000
4,827,000
190,890,000 304,651,000
131,971,000 153,411,000
12,422,000
15,549,000
1,431,000
7,310,000
1,361.018,000 1,372,783,000 1,509.996,000
5,891
2,700
arand aggregate_ _ _
;;.'amparison with prey, week
5,344,0
57,703,0
9,633,0
67,336,0
58.556,0
8,780,0
144,875.0
126,161,0
769,895,0
36,410,0
121,179,0
145,859,0
578,577.0
64,907,0
780,343,0
14,015,0
5,344,0
57.703,0
10,868,0
73,915,0
63,058,0
10,857,0
5,891
500
45,000,0
16.000,0
45.021,0
586,0
36,0
916,0
29,331,0
1,180.0
31,427.0
June 14
1924.
•Cash in vault not counted as reserve for Federal Reserve members.
Totalresources
Loans,
Dixcounts,
latestmeats,
Av.
439,875.0
110,161,0
724,874,0
35,824,0
121,143,0
144,943,0
549,246,0
63,727,0
757,916,0
June 21
1924.
1924.
Total.
Members of
Peen Ree've Bank
Grace Nat Bank--
Total
,.1 .r...m.
,
341,286,000
813,381,000
8,268,000
12,173,000
546,814,000
730,923,000
6,772,000
16,220,000
802,754,000
119,980,000
29,978,000
59,929,000
1,208,000
833,822,000
105,560,000
29,983,000
59,929,000
2,203,000
753,915,000
117,087,000
29,250,000
59,800,000
3,130,000
Totaldeposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
1 361.018,000 1,372,783,000 1,509,996,000
Totalliabilities
Ratio of total reserves to deposit and
Fed. Rea. note liabilities combined_
Contingent liability on bills purchased
for foreign correspondents
CURRENT
a United States deposits deducted, 8120,000 other liabilities, $437,000.
Bills payable, rediscounts, acceptances and
Excess reserve, 4302,970 decrease.
Liabilities
347.169,000
Fed. Res. notes in actual circulation__
-Member bank, reserve acc't-. 779,418,000
Deposits
6.104,000
Government
17,232,000
Other deposits
81.0%
80.1%
79.3%
11,256,000
11,312,000
11,627,000
NOTICES.
A. Edison,
-Contributions by the late Charles 1'. Steinmetz, Thomas
sections of a 35.
Elihu Thomson and W. D'A. Ryan make up the first four
"The Splendor
page booklet Just btsued by the General Electric Co. entitled
booklet is devoted to out,
of Well Lighted Streets." The remainder of the
service of the public for the
lining some General Electric resources at the
colors by Walter L.
lighting of its cities. An attractive cover painted in
approach to the Court of
Greene, one colored plate showing the colonnade
Exhibition, and mmlthe Four Seasons at the Panama-Pacific International
erous other illustrations are included.
te"
JULY 51924.]
THE CHRONICLE
53
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, July 3, and showing the condition
of the twelve Reserve Banks at the close of business on Wednesday. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those fo the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptrolle and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returnsfor ther
latest
week appears on page 24, being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANES AT THE CLOSE
OF BUSINESS
JULY 2 1924.
July 2 1924. IJune 25 1924. June 18 1924. June 11 1924. June 4 1924. May 28 1924. May 21 1924.
May,14 1924 July 31923.
RESOURCES.
$
$
$
$
5
$
8
$
5
Gold with Federal Reserve agents
2,126.686,000 2,118,093,000 2,118.962,000 2,091,061,000 2,089,133,000 2,103,863,000 2,113,340.000 2,135,212,000 2,040,992,000
Gold redemption fund with U. S. Treas.
33,134,0001 38,491.000
42,249,000
37,532.000
48,439,000
46,465,000
36,216,000
58,676,000
35,911,000
Gold held exclusively asst. F. R. notes 2,159,820,000 2,156.584,000 2,161,211,000 2,128,593,000 2,137,572,000
2,150,328,000
Gold settlement fund with F. Ft, Board_
577,616,000 579,518.000 574,150,000 601,172,000 593.872,000 594,007,000 2,149,558,000 2,171.123.000 2,099,668,000
595,676,000 578,914,000
Gold and gold certificates held by banks_
383,219,000 419,468,000 422,280,000 424.690,000 393,648,000 373,478,000 392,934,000 388,439,000 661,593,000
326,442,000
Total gold reserves
3,120,655,000 3,155,570,000 3.157,641,000 3,154,455,000 3,125,092,000 3,117,813,000 3,138,166,000 3,138,476,000 3,087,703,000
Reserves other than gold
98,963,000 115.833.000 114.503,000 105,047,000
99,827,000
98.461,000 101,819,000 102,810,000
79,200,000
Total reserves
3,219,618,000 3,271,403,000 3,272,144,000 3,259,502,000 3,224,919,000 3,214,274,000 3,239,985,000
3,241,286,000 3,166,903.000
Non-reserve cash
48,809,000
54,006,000
56,641.000
55,944,000
49,611,000
46,238,000
51.135,000
52,177,000 59,589,000
Bills discounted:
Secured by U. S. Govt. obligations_
142,338,000 118,117,000 114,439,000 131,268,000 135,323,000 164,566,000 149,669,000
155,536,000 447,053,000
Other bills discounted
226,663,000 232,014,000 236,941,000 244,724,000 266,097.000 265.034,000 264,946,000
255,645,000 452,786.000
Total bills discounted
369,001,000 350,131,000 351,380,000 375,992,000 401,420,000 429,600,000 414,615,000
411,181,000 929,839,000
Bills bought in open market
52,811,000
45.034.000
57.322,000
44,381,000
55,632,000
86,760,000
55,692.000
75,361.000 198,912,000
U. S. Government securities:
Bonds
21,113,000
22,542,000
21,969,000
22,190,000
20,098,000 17,409,000
19,522,000
18,463,000
25,618,000
Treasury notes
320,802,000 308,552,000 300,216,000 334,024,000 296,666,000 245,722,000 241,688,000 241,721,000
64,126,000
Certificates of indebtedness
93,573,000
98,700,000 103,717,000
66,691,000
81,126,000
70,151,000
63.431,000
62,980,000
4,957,000
Total U. S. Govt. securities
435,488,000 429,794,000 425,902,000 422,905,000 397.890.000 333,282,000 324,641,000
323,164.000
94.701,009
All other earning assets
1,250,000
1.301,000
1,301,000
1,301,000
1,301,000
551,000
551,000
551,000
25,000
Total earning assets
858,550,000 828,260,000 835,905,000 844,579,000 856,243,000 850,193,000 795,499,000 810,257,000
'
1,223,477,000
5% redeem. fund asst. P.R. bank notes
28,000
28,000
193.000
28,000
Uncollected items
617,800,000 556,594,000 685,234,000 573,450,000 573,797,000 531,954,000 598,587,000
673,130,000 649,037,000
Bank premises
57,787.000
57,772.000
57,374,000
57,274,000
57.174,000
57,139.000
56,679,000 58.687,000
52,330.000
All other resources
25,158,000
24,748,000
25,151,000
27,773,000
26,779,000 25,207.000
24,568,000
24,813,000
12,932,000
Total resources
4,827,722.000 4.790,781,000 4,932,449,000 4,818,522,000 4,788,523,000 4,725,033,000 4,766,481,000 4,858,378,000 5,164,461,009
LIABILITIES.
F. R. notes in actual circulation
1,874,270,000 1,843,922,000 1,851,842,000 1,870,518,000 1,884,039,000 1,891,147.000 1,886,429,000
1,911,875,000 2.282,054.000
F. R. bank notes in circulation-net- _
317,000
322,000
332,000
1,518,000
Deposits
Member banks-reserve account
2,016,128,000 2,035,342,000 2,103,815,000 2,031,905,000 1,988,047,000 1,936,074,000 1,941,285,000 1,939,598,000
1,931,762,000
Government
32,203.000
52,110,000
9,648,000
35,172,000
31,866,000
40,384,000
19,053,000
30,375,000
14,657,000
Other deposits
26.161,000
21,007.000 22,013,000
19,802,000
21,221,000
20,982,000 24,996.000
24,961.000
27,832,000
Total deposits
2,074,492,000 2,108.459,000 2,135 476 000 2,086,879,000 2,041,134,000 1,997,440,000 1,985,334,000 1,994,934,000
1,974,251,000
Deferred availability items
535,024,000 490,757,000 597,744,000 513,620.000 516,199,000 488,715,000 547,313,000
604,329.000 562,198,000
Capital paid In
111.407.000 111,420,000 111,472,000 111,442,000 111,456,000
Surplus
220,915,000 220,915,000 220,915,000 220,915,000 220,915,000 111,493,000 111,378,000 111,369,000 109,584,000
220.915.000 220.915,000 220,915,000 218,369,000
All other liabilities
11.614,000
15,308,000
15,000,000
15,148,000
14,780,000
15,006,000
14,790,000
14,624,000
16,487,000
Total liabilities
4,827.722,000 4,790,781,000 4,932,449,000 4,818,522,000 4,788,523,000 4,725,033.000
4,766,481,000 4,858,378,000 5,164,461.000
Ratio of gold reserves to deposit and
F. R. note liabilities combined
78.0%
79.8%
79.2%
79.7%
79.6%
80.1%
81.1%
72.6%
80.3%
Ratio of total reserves to deposit and
F. R. note liabilities combined
81.5%
82.8%
82.4%
82.1%
82.2%
82.7%
83.7%
74.4%
83.0%
Contingent liability on bills purchased
for foreign correspondents
38,743,000
38,897,000
38.909,000
39,628,000
40,118,000
39,857,000
39,910,000
25,763,000
33.613.600
Distribution by Maturities$
$
$
$
$
$
145 days bills bought in open market_
$
27,657,000
18,390,000
25,696,000
24.494,000
35,901,000
66,995,000
29,892,000
76,892,000
36,178,600
1-15 days bills discounted
200,418,000 175,793,000 175,118,000 194,504,000 208,935,000
234,773.000 213,700.000 224,458,000 653,563,000
1-15 days U. S. certif. of indebtedness_
1,100,000
31,312,000
31,311,000
310,000
1-15 days municipal warrants
51,000
15,000
16-30 days bills bought in open market__
9,725,000
8,969,000
9,659,000
12,138,000
10,495,000
8,349.000
11,331,000
22,003,000
39,764,000
16-30 days bills discounted
34.814,000
35,038.000
37,750,000
41,214,000
43,215,000
42,400,000
46,365,000
61,230,009
43,632,000
16-30 days U. S. certif. of Indebtedness.
944,000
944,000
21.116,000
14,055,000
16-30 days municipal warrants
51,000
51,000
51.000
31-60 days bills bought in open market.
10,467.000
11.907,000
15,554,000
5,125,000
6.790,000
8,638,000
11,481,000
13,485,000 46,705,000
31-60 days bills discounted
50,114,000
55,717,000
54,109,000
57.778.000
66,268,000
66,669,000
71,417,000
90,413,000
67,281.000
31-643 days U. S. certif. of Indebtedness_
13,247,000
31-60 days municipal warrants
51.000
51,000
61-90 days bills bought in open market_
51,000
3,070,000
4.074,000
4,790,000
1.940.000
1.774,000
2,274,000
2,720,000
3,448,000
31,429,000
61-90 days bills discounted
38,166,000
38,390,000
36,710,000 37,679,000
38,315,000
42,688.000 , 41,651,000
79,730,000
37.290,000
61-90 days U. S. certif. of Indebtedness_
544,000
943,000
61-90 days municipal warrants
Over 90 days bills bought in open market
1,892,000
1,694,000
1,623,000
684,000
672,000
504,000
268,000
4,122,000
267,000
Over 90 days bills discounted
45,489,000
45,193,000
47,693,000
43,817,000
44,687,000
43,070,000
41,482,000
44,903,000
38,520,000
Over 90 days certif. of indebtedness
93,573,000
98,700,000 102,617,000
34,435,000
48,871,000
49,035,000
49,376,000
4,103,000
48,790,000
Over 90 days municipal warrants
10,000
Federal Reserve Notes
Outstanding
2,340,363,000 2,339,991,000 2,356,224,000 2,363,666,000 2,374,943,000
Held by banks
466,093,000 496,069.000 504,382,000 493,148,000 490.904,000 2,376,708,000 2,396,475,000 2,419,055,000 2,687,572,000
485.561,000 510,046,000 507.180.000 40545184000
In actual circulation
1,874,270,000 1.843,922,000 1,851,842,000 1,870,518,000 1.884,039,000
1,891.147,000 1.886,429,000 1,911,875,0002,282.054,000
Amount chargeable to Fed Res. Agent 3,263,924,000 3,281,912,000 3,305,455,000 3,318,336,000
3,335,043.000
In hands of Federal Reserve Agent
923,561,000 941,921,000 949,231,000 954,670,000 960,100,000 3,337,600,000 3,354,727,000 3,358,102,000 3,522.084,000
960,892,000 958,252,000 939,047.000 834,512,000
Issued to Federal Reserve 13anks
2,340,363,000 2.339,991,000 2,356,224,000 2.363,666,000 2,374,943,000
2.376,708,000 2,396,475,000 2,419,055,000 2,687,572,000
How Secured
By gold and gold certificates
334,604,000 334,604,000 334,604,000 335,864,000 335,864,000
By eligible paper
213,677,000 221,898,000 237,262,000 272,605,000 285,810.000 335,864,000 335,864,000 335,864,000 320,429,000
Gold redemption fund
110,410,000 108,817,000 115,986,000 110,243,000 113,963,000 272,845.000 283,135,000 283,843,000 646,580,000
With Federal Reserve Board
1,681,672,000 1,674,672,000 1,668,372.000 1.644,954,000 1,639,306,000 113,172.000 118,743,000 112,704,000 118,202,000
1,654,827,000 1,658,733,000 1,686,644,000 1,602,361,000
Total
2,340,363,000 2,339,991,000 2,3543,224,000 2,363,666.000 2,374,943,000
2,376,708,000 2,396,475,000 2,419,055,000 2,687,572,000
Eligible paper delivered to F. R. Agent. 405,588.000 383,434,000 397.098,000
404,656,000 437,634,000 495,460,000 448,984.000 469.253,000 1,079,950,000
•Includes Victory notes.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12
FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JULY 2 1924.
Two ciphers (00) omitted.
Boston. New York. Phila. Cleveland.:Richnond Atlanta. Chicago. St.
Federal Reserve Bank ofLouis. 3finneap. Kan.City Dallas. San Aran.
Total.
RESOURCES.
3
$
$
$
$
$
5
$
$
$
with Federal Reserve Agents 207,731,0 635,223,0 190,279,0 213,496,0 38,908,0 123,441.0
5
Gold
$
$
279,725,0 61,628,0 57,607,0 57,901,0 28.811,0 231,936,0 2,126,686,0
•HOld red'n fund with U.S.Treas. 6,218,0
2,789,0 3,702.0
914,0 2,324,0 2,562,0 6,173,0 2.465,0 1,151.0 1,652,0
1,048,0 2.136,0
33,134,0
Gold held excl. agst.F.R.notes 213,949,0 638,012,0 193,981,0 214,410,0 41,232,0 126,003,0
285,898,0 64,093,0 58,758,0 59,553,0 29,859,0 234,072,0 2,159,820,0
Gold settle't fund with F.R.Wrd 68,429.0
92,294,0 41,368,0
35,787.0
Gold & gold etts. held by banks.- 18,972,0 173,445,0 33,935,0 81,377,0 8,980,0 13,821,0 124964.0 37,237,0 7,466,0 36,209,0 7,729,0 30.935,0 577,616,0
18,925,0
7,907,0 56,042,5 7,669,0 9.731,0 4,941,0 8,641,0
34,031,0 383,219,0
Total gold reserves
301,350,0 903.751,0 269,284,0 314.712,0 85,999,0 147.731.0460,004.0
108,999,0
Reserves other than gold
9,090,0
27,148,0 3,194,0 7.616,0 2,660,0 11,680,0 11,967,0 10.019,0 75,955,0 100,703,0 46,229,0 299,038,0 3,120,655,0
1,305,0 4,063,0 6,748,0 3.473,0
98,963,0
Total reserves
310,440,0 930,899,0 272,478,0 322,328,0 88,659,0 159,411,0
478,871,0
Non-reserve cash
2,430,0
16,837,0 1,580,0 2,655,0 2,012.0 3,355,0 7,076,0 119,018,0 77,260,0 104,766,0 52,977,0 302,511,0 3,219.618,0
3,617.0
869,0 2,673,0 2,236,0 3,469,0
Bills discounted:
48,809,0
Sec. by U.S. Govt. obligations 8,678,0
56.368,0 17,977,0 14,782,0 15,582,0 2,724,0 9.585,0 4,380,0
717,0 1,820,0 1,294,0 8,431,0 142,338,0
5,352,0
Other bills discounted
16,962,0 9,591,0 10,506,0 36.904,0 28,837,0 33.869,0
16,720,0 13,381,0 15,835,0 13,463,0 25,243,0 226,663.0
14,030,0
Total bills discounted
73,330,0 27,568,0 25,288,0 52,486,0 31,561,0 43,454,0
21,100,0 14,098,0 17,655,0 14,757.0 33,674.0 369,001,0
Bills bought in open market
3,486,0
24,309,0 1,937,0 3,355,0
660,0 2,189,0 2,535,0
410,0
934,0 1,677,0 7,823,0 3,496,0
U. S. Government securities:
52,811,0
541,0
Bonds
1,202,0
549,0 2,915,0 1,191,0
81,0 4,426,0
7,791,0
627,0 1.780,0
Tresaury notes
24,646,0 108,614,0 23,961,0 29,168,0 3,030,0
10,0
21,113,0
1,0 44,201,0 6,736,0 13,103,0 20,570,0 14,964,0 31,808,0
Certificates of indebtedness- 7,936,0
31,185,0 4,421,0 8,939,0
904,0
12,922,0 1,411,0 3,495,0 5.584,0 4,376,0 12,400.0 320,802.0
93,573,0
•T•ntel TT a (Inv* annnriting
2)192 0
141 001 A 2R 021 0 AI 009 0
A 19k 0
59 0 Al adri n
e 117 A 04 950 ft OA "Of n 0, I on IS A I n10 et
IOC 2000
1
3
3
[VOL. 119.
THE CHRONTCLE
54
RESOURCES (Concluded)
Two ciphers (00) omitted.
Boston. New York. Phila.
$
$
1,250.0
3
All other earning assets
50,639,0
59,613,0
4,312,0
84,0
Total earning assets
Uncollected Items
Bank premises
All other resources
Total.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap,Kan. City Dallas. San Fran.
8
$
i
$
8
$
$
$
1,250.0
8
$
238,640,0 59,686,0 69,665,0 58,271,0 33,832,0 107,538,0 29,657,0 39,421,0 46,113,0 43,700,0 81,388,0
151,561,0 58,628,0 58,447,0 50,993,0 24,099,0 78,540,0 28,617,0 12,190,0 37,501,0 20,612,0 36,999,0
15,551,0 1,110,0 9,129,0 2,528,0 2,728,0 8,264,0 2,006,0 2,789,0 4,595,0 1,912,0 2,863,0
933,0 3,998,0 4,155,0
136,0 5,553,0
374,0
256,0 1,704,0
212,0
223,0
7,530,0
858,550,0
617,800,0
57,787,0
25,158,0
427,518,0 1,361.018,0 393,705,0 462,436,0 202,719,0 225,129,0 680.663,0 183,051,0 138,082,0 196,581,0 125,435,0 431,385,0 4,827,722,0
Total resources
LIABILITIES.
255,256,0 82,183,0 68.490.0 64,474,0 41,226,0 213,816,0 1,874,270,0
F. R. notes in actual drculation_ 205,029,0 347,169,0 191,262,0 212,718,0 74,136,0 138,511.0
Deposits:
53,941.0 303,652,0 72,012,0 43,609,0 84.452,0 46,844,0 149,575,0 2,016,128,0
Member bank-reserve sect 138,780,0 779,418,0 120,668,0 160,769.0 62.408,0
32,203,0
958,0 8,735,0 4,626,0 1,069,0 1.633,0 1,864,0 2,543,0
825.0
840,0
6,104.0 1,687,0
1,519,0
Government
425,0
189,0 4,587,0
309,0
364.0
26,161.0
104,0 1,104,0
125,0
281,0 1,234,0
17,232,0
227,0
Other deposits
802,754,0 122,616,0 162,843,0 83,358,0 55,003,0 313,491,0 77,063,0 45,042,0 88,394,0 48,897,0 156,705,0 2,074,492,0
140,526,0
Total deposits
535,024,0
57,422,0 119,$80,0 49,292,0 49,797,0 46,811,0 16,639,0 65,087,0 28,154,0 12,403,0 31,193,0 21,913,0 36,333,0 111,407,0
Deterred availability items
29,978,0 10,208,0 12,656,0 5,849,0 4,580,0 15,155.0 5,066,0 3,386,0 4,398,0 4,139,0 8.021,0
7.971,0
Capital paid in
19,927,0 23,891,0 11,672,0 8,950,0 30,426,0 10,072,0 7,484,0 9,496,1 7,577,0 15,301,0 220,915,0
59,929,0
16,390,0
Surplus
513,0 1,277,0
11,614,0
1,248,0
626.0 1,883,0 1,209,0
893,0 1,446,0
931,0
400,0
1,208,0
180,0
All other liabilities
202,719,0 225,129,0 680,663,0 183,051,0 138,082,0 196,581,0 125,435,0 431,385,0 4,827,722,0
427,518,0 1,361,018,0 393.705,0 462,438,0
Total liabilities
Memoranda.
Ratio of total reserves to deposit
•
and F. It. note liabilities com81.5
81.6
69.4
68.1
85.5
58.8
84.2
82.4
64.5
85.9
86.8
81.0
89.8
bined, per cent
2520
111 0 CIAA ft
Contingent liability on bills pur11 9S0 2 751 n 4 5.25 n 2 210 0 1 760 0 5 777 n 1 onn n 1 208 0 1 7520 1 AI'
STATEMENT OF FEDERAL RESERVE AGENTS'ACCOUNTS AT
Cleve. Richm'd Atlanta Chicago. St. L. Minn. IC.City. Dallas. San Fr.
Boston. New York Phila.
Federal Reserve Agent at-
CLOSE OF BUSINESS JULY 2 1934.
Total.
$
$
8
8
$
S
8
$
S
$
S
3
8
(In Thousands of Dollars)
Resources88,300 244,120 42,780 56,870 39,125 73,750 206,920 26,100 22.128 31,533 22,957 69,000 923,561
Federal Reserve notes on bawl
213,827 236,438 80,602 148,931 283,848 72,788 71,352 72,325 48.742252,340 2,340,363
218,718 640,454
Federal Reserve notes outstanding
Collateral security for Fetters. Reserve notes outstanding
--__ 334,604
__
9,985 13,052
12,556
2,400
35,300 238,531 14,000 8,780
Gold and gold certificates
8,080 3,143 1,555 4,541 2,755 19,953 110,410
30,692 14,890 11,716 1.613 4,041
9,431
Gold redemption fund
163.000 368,000 181.389 193,000 37,295 117,000 273,645 48,500 43,000 53,360 13,500 211,983 1,681,872
Gold Fund-Federal Reserve Board
4,121 11,160 13,745 14,424 19,931 20,404 213,877
5,231 23,548 22,942 41,894 25,490
10.987
Eligible paperfAmount required
927 4,897 2,803 14,530 191,911
41,551 10,321
912 5,515 10.971 8,242
84,913
6,529
(Excess amount held
211,300 379,854 816,163 181,997 185,757 180,880 123,244 588,210 5,798,198
532,285 1,609,941 471,326 535,281
Total
Net amount of Federal Reserve notes received fro
307,018 884,574 256,587293,308 119,727 222.881 490,766 98,888 93.478 103,858 71,899 321,340 3,263,924
Comptroller of the Currency
207,731 635,223 190,279 213.498 38,908 123,441 279,725 81,628 57,607 57,901 28,811 231,936 2,126,686
Collateral received fromf Gold
45,672 21,481 14,672 19,121 28,734 34,934 405,588
90,144 24,460 28.457 52,685 33,732
17,518
Federal Reserve Bank lEllgible paper
532,265 1.809,941 471,326 535,261 211,300 379,854
816,163 181,997 185,757 180,880 123,244 588,210 5,798,198
218.718 840,454 213,827 236,438 80,602 148,931
13,689 293,285 22,565 23,720 8,466 10,420
283.846 72,788 71,352 72,325 48,742 252,340 2,340,363
28,590 10,605 2,862 7,851 7,516 38,624 488,093
347.169 191.282 212.718 74.136 138.511
255.256 62.183 68.490 64 474 41228 213 616 1874.270
Total
Federal Reserve notes outstanding
Federal Reserve notes held by banks
205.029
Federal Reserve notes In actual circulation
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources;
These figures are always a week behind
the liabilities of the 749 member banks from which weekly returns are obtained.
the Reserve banks themselves. Definitions of the different items in the statement were given in the statement
those for
of the Reserve Board upon the figures
of Oct. 18 1917, published in the "Chronicle" of Dec. 29 1917, page 2639. The comment
the latest week appears in our Department of "Current Events and Discussions," on page 25.
for
of business June 35 1924. Three ciphers (000) omitted.
1. Data for all reporting member banks in each Federal Reserve District at close
Federal Reserve Maria.
I Boston
New York
Phila.
Cleveland Richned
78
55
108
43
Number of reporting banks
$
5
5
$
L08118 and discounts, gross:
21,131
11,079
96,335
9,834
Secured by U.S. Gov't obligations
228,577 1.833.878 289,953 408,082
Secured by stocks and bonds
All other loans and discounts- 610,931 2,542,290 383,938 715,988
849.342 4.472,503 844,970 1,145,199
Total loans and discounts
48,392
10,875
51,290
13,520
U. S. pre-war bonds
49,926 135,537
82.007 578,739
U. S. Liberty bonds
2,151
2,314
25,226
6,179
bonds
U. S. Treasury
44,248
29,293
15,853 320,573
U. S. Treasury notes
5,924
6,983
59,046
16,251
S. Certificates of Indebtedness_
U.
Other bonds, stocks and securities_ 191,533 984,233 213,949 321,828
Atlanta
Chicago
St. Louis Mnpls. Kan. City Dallas
104
34
25
72
7,844
123.497
337,193
33,892
7.867
88,763 602,012
339,904 1,158,848
8
7,725
141,396
306,571
$
2,799
37,819
185,995
$
5,942
82,157
315,412
468,334
29,732
25,058
987
4,408
2,357
52,529
414,334 1,792,752
23,028
14,748
11,404 125.972
11.804
829
4,728 113,935
15,449
1,558
41,069 359,295
455,892
14,809
23,580
3,491
15,583
2.680
92,443
226,613 403,511
11,929
8,348
36,738
15,230
590
2,747
13,850
27,350
2,035
4.525
57.300
23,353
$
76
s
36
$
51
$
3,274
80,123
199,243
San Fran.
Total.
748
$
S
217,808
10,484
198,177 4,050,434
799,553 7,873,864
86
262,840 1,006,214 12,142,104
270,920
26,827
19,024
11,675 108,073 1,203,939
71,057
13,973
1,187
634,293
32,886
11,793
132,680
12,581
3,273
12,879 183,373 2,513,782
1,701,276 583,385 488,464 2,442.835 608,278 308,009 528.110 322,471 1,363,727 16,968,780
Total loans & awls & investmls 1,174,685 8,491,610 958.110 110,092
23,867 101,199 1,544,661
43,966
20,246
43.853
35,743 236.473
35,963
69,576
84,987 738,696
21,437
278,638
9,342
Reserve balance with F. R. Bank_
13,935
6,238
10,255
53,780 - 8,912
13,394
29,604
15,276
79,306
19.157
726,767 11,837,140
Cash In vault
820,076 5,360.058 692,973 910,549 324,890 283,414 1,570,888 353,371 193,400 402,591 212,167 814,802 4,414,306
Net demand deposits
88,200
85,009 135.571
169,475 187,321 841,976 198,840
297,397 988,050 133,741 673,924
9,415
Time deposits
129,423
3,805
1,520
2,843
2,880
16,545
8.115
5,493
17,005
15,716
27,548
20,560
Government deposits
Bills payable and rediscounts with
1,445
Federal Reserve Bank:
40,008
185
836
1,371
280
1,461
4,244
4,531
8,635
5,220
12,444
1,556
88 128
10.837
3.668
Secured by U. S. Govt..obllga'na
4.136
784
2 550
8.780
7.815
18120
4 257
2200
8525
415
and branch cities and all other reporting banks.
2. Data of reporting member banks in Federal Reserve Bank
Cities.
Total.
City of Chicago. All F. R. Bank Cities.F. R. Branch Cities.Other Selected
New York City.
18.June 25.June 18.June 25'24 June 18'24 June 2713
June 25.June 18.June 25.June 18. June 25. June 18. Jun. 25.June
774
297
297
749
748
197
196
255
255
48
48
67
07
$ •
$
$
5
Number of reporting banks
$
5
5
a
s
$
a
$
$
Loans and discounts. grow
29,752 29,494 217,806
214,839 250,827
154,169 149,808 33.885 35,337
85,457 28,232 25,801
89,004
Secured by U.S. Govt. Obligati°
623,972 623,565 522,318 529,828 4,050,434 4,021,215 3,808.394
1.637,60 1,609.052 446,589 440,531 2.904,144 2,887,822
Secured by stocks and bonds
281,383,440 1,364,415 7,873,884 7,875,646 7.793,198
2,236,2642,203,561 880,125 888.964 4,917,013 4,892,303 1,593,4111,818,9
All other loans and discounts
-682,277,830 1,915,510 1,923,737 12,142,10412,111.50011,850,41/
3,962,8733,898,070 1,152,948 1,155,098 7,975,326 7,909.9332,251,2
Total loans and discounts
270,920 272,824 280,746
91,917 75,507 76,973 103,447 103,934
91,986
4,189
4,188 .
39,927
39,778
U. S. pre-war bonds
753,951 268,840 260,375 173,018 171,705 1.203,939 1,186,031 1,039.727
764,281
510,87. 504,397 81,426 60.781
96.557
69.309
U. S. Liberty bonds
15,650
71057
17,078
18,989
17,066
36,593
36,990
4,355
4.288
18,702
17,841
U. S. Treasury bonds
109,980 110,542 57,109 57,594 834,298 632,643 973,848
298,331 296,354 78,982 77,886 467,229 464,507
134.318 143,352
U. S. Treasury notes
132,860
19,512 22,392
9,895 10,209
101,717
103,253
8,499
8,062
53,737
58,090
2,484,157 2,158,134
U. S. Certificates of Indebtedness
1,428,718 1.388,022 825,297 821.130 481,769 455,005 2,513,782
Other bonds, stocks and securities 753,024 732,495 173,038 164.184
-1.
1,472,95010,885,78110.748.8403.365.1733.384,8922,737,8262,739,250 16,968,760 16,870,782 18.542,781
tuTotal loans & &sets & invest'ts_ 5,640,811 5,543,682 1,480,90: 171.853 1,137.720 1,180.771 244,987 243,508 161.954 171,953 1,544,661 1,596,232 1.390,388
274,700 282.040
Reserve balance with F. R. Bank.- 688,568 742,072 172,994 27,355 138,084
278,836
59,512 59.146 81.040 78,778
136,778
82,149 27,84
63,53
Cash In vault
8,307,116 1,917,3951,928,183 1,820,432 1,847,690 11,837,140 11,882,989 11,104.201
4,852,871 4,865,141 1,078,852 1,078,235 8,299,313
Net demand deposits
4,414,306 4,379,316 4,000,009
941,713
679,954 684,090 390,945 388,554 2,152,365 2,121,3291,321,8271,316,274 940,114
129,485 255,839
Time deposits
129,423
10.305
31,307 ,31,324
10,306
87,856
87,810
8,082
8,082
23,614
23,614
Government deposits
payable and rediscounts wit,
Bills
270,704
41,791
40,008
F. R. Bank:
10.669
13,625 16,237
17,497 12,808
10,963
608
200
5,650
6,225
74,443 220,357
Secured by U.S. Govt. obligation
66,136
31,749
14,426
24,402
18.292 32,030
19,680
2,167
2,043
1,927
1,822
All other
Ratio of bills payable & redlscoun .
3.0
0.7
0.6
with F. R. Bank to total loan
1.5
1.8
0.9
1.1
0.4
0.3
0.2
0.2
0.1
0.1
r and Investments. ner cent_ ____
Three ciphers (000)jomit2ed.
Includes Victory notes,
JULY 5 1924.]
THE CHRONICLE
Vaulters' Gazette
1Vall Street, Friday Night, July 4 1924.
Railroad and Miscellaneous Stocks.
-See page 45.
The following are sales made at the Stock Exchang
e this
week of shares not represented in our detailed
list:
STOCKS.
Week mutiny July 3.
Sales
for
Week.
Range for Week.
Lowest.
Highest.
Range Since Jan. 1.
Lowest. I Highest.
55
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Week ending July 4.
stab,
No Shares.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
501,735
788,040
905,429
847,969
702,400
Railroad
&e.
Bonds.
Mats.
Municipal &
Foreign Ma.
84.880.000
*940,000
8,013,000
1,917,000
6,954.000
1,908,000
7,853,000
2,015,000
8,755,000
1,686,000
HOLI DAY
Unita
States
Bond,.
$2,298,000
5.286,000
5,943,000
4,303,000
3,951,000
Railroads.
Total
Par. Shares $ per share.
2 745 572 197 71111 AM IA ARA Am 221 7111 nnn
Canada Southern_ _ _100 120 54 June30 I per share. $ per share.8 per share.
54
Central RR of NJ. _100 100 225 June28 225 June30 5214 Jan 5434 Jan
June28 199
Mar 232 June
Sales at
Week ending July 4.
C St P Minn &0_ _ _ _100 400 35 June30 3535 June30
Jan.1 to July 4.
New York Stock
29
Jan
Feb
Preferred
100 100 71 June30 71 June30 6834 Ap 37
Exchange.
7534 Jan
1924.
C CC & St L
1923.
100 200 115 July 3 116 July 3 100
1924.
1923.
Apr 116
July
Colo & Sou 1st prof..100 1,000 58 July 1 59
July 1 50
-No. shares_ _
Jan 5934 June Stocks
3,745,573
2d preferred
3.245,238
100 200 51 July 1 51 July 1 45
116,974,592
130,012,887
Bonds.
Jan 51
July
Cuba RR pref
100 100 76 July 3
July
$21,781,000 $12,538,000
Illinois Central pref.-100 300 10735 June30 76 July 3 7135 Ma 76
$529,295,000
8431,259,000
Mar 110
Jan State and foreign bonds
8,486,000
Manhattan Eiev gtd_100 300 59 June30 108 June30 104
6,121,000
207,107,000
258,763,000
5935 June30 42
RR.& raised'. bonds__ 27,700,000 27,054,000
Jan
MStP&SSM
1,091,250,000
100 100 35 July 2 35 July 2 2934 Ap 5935 May
877,207,000
46
Jan
Nash Chatt & St L-100 100 122 July 1
122 July 1 122
Total bonds
July 12235 Feb
$57,947.000 E45,713,000 81,827,652,000! 81.567.229.000
Nat Rye M ex lst pf_ _100 200 335 July 3
334 July 1 334 July 534 Feb
Reading rights
6,200 2234 June30 224 July 1 154 Ma
DAILY TRANSACTIONS AT THE
2334 June
Industrial & Miscel.
BOSTON. PHILADELPHIA AND
All America Cables_ _100 110 094 June30
BALTIMORE EXCHANGES.
10034 July 3 9634 Ma 102 June
American Ice rights
9,625
34 June30 1 June28
June 1 June
34
Am-La France Fire Eng
Boston.
Philadelphia
Baltimore.
Week ending
7% cum prof
100
100 9634 July 1
Feb 98
Mar
July 4 1924.
American Snuff pref_100 200 974 June28 964 J11137 1 95
Shares. Bond Sales. Shares. Bond Sales Shares.
98 July 2 95
.
Bond Sale*.
Apr 98
July
Am Tell p & Teirg rights_ 85,291 334 June2
3111(July 3 2151(May 3141(June Saturday
Am Writing Paper ctfs_ _
•10,956
512,850
400 3 July 3 34
8,689
516,200
633
$20,200
Assoc Dr Gds 1st pf _ _100 200 8534 June30 854 July 3 234 Jan 34 July Monday
•15,971
64,950
8.133
46,900
June30 8334
1,231
32,000
2d preferred
•11,694
100 300 924 June30 9334 July 3 89 May 8834 Jan Tuesday
88,850
21,757
22,700
2,521
Ja 95
24,000
Feb Wednesday
Atl Fruit Col T Co ctf Op 1,000 134 June28 134
•13,832
67,450
16,452
31,000
3,127
12,000
Atlas Powder pref....100 100 85 July 3 85 June28 14 Jan 235 Feb Thursday
8,525
137,000
7.861
19,000
July
3,251
16,500
Atlas Tack
• 100 6 July 1 6 July 3 8235 Feb 8534 Mar Friday
HOLI DAY
1 6 June 1134 Feb
Brit Emp St'2d pref_100
100 934 June28 934 June28 834 May
1535 Jan
Total
Burns Bros pref
60,978 8371,100
100
100 98 July 2 98 July
62,892 $135,800
10,763 $104.700
Calumet & Hecla
25 600 1434 June28 144 Juty 2 9535 Mar 9935 May
1 1335 May 194 Jan Prey, week revised
81183! 2201.050 153 244 2352 nnn
Case (J I) Thr M pref..*
100 46 June28 46 June28 4134 May 77
A 1441 2911 MO
Jan
Certain-Teed
• 100 25 July 1 25 July 1
•In addition on es of rights were: Saturday, 5,760;
Corn Invest Trust
Monday. 6,302; Tuesday:
• 200 35 July 2 35 July2 2434 Jun 3635 Jan 12,765; Wednesday, 20,708.
3035 May 35
July
Preferred
100 600 9435 June30 9634
July 3 93 May 98
Apr
Cons Distributors
• 100
34 June30
34 June30
;6 Jan
34 Jan
Cont Insurance
25 200 9434 June28 9435 June28
8934 Ap org Jan Daily Record of U. S. Bond Prices. June28 June30
Corn Prod Ref'g prof.
-100 90512034 June30 1204 June30 11535
July 1 July 2 July 3 July 4
Apr 12034 June
Deere & Co pref
100 200 62 July 2 624
Jan First Liberty Loan
Duquesne Lt lot pf-100 20010434 June28 105 July 2 614 May 76
(High 1012631 1016633 1011532 101"ss 101"n
July 2 102
Mar 1064 Jan
334% bonds Of 1032-47_41.0W- 101,, 1011
E I du Pont 6% Pref-100
s1
% 10114:2 101171, 101"n
100
July
Ap 8935 July
(First 335s)
Fairblueldorse tem ctf-• 500 8934 July 2 8934 July 2 85
(Close 1012•22 101112, 1011422 1011•22 10111n
2635
3 264
Total sales in $1,000 unitsFed Light & Tr tem ctf _• 200 794 July 2 7935 July 1 2534 May 284 June
53
659
366
373
353
June30 79 Jun 84 June
Converted 4% bonds of (High
Preferred
100
100 75 June30 75
------- 101on
------1932-47 (First 48)____( Low.
Fisk Rubber lot pref _100 200 404 July 1 404 June30 74 June 75 June
------- 101"ss
-----Jan
GenAmTkCar 7% pi 100 100 93 June28 93 July 1 40 May 65
(Close
_ _ ....
---- 1014022
-----June28 92
Feb 96
Mar
Total sales in $1,000 units __
Gen Baking Co
• 30010135 July 3
. ___ _
____
1
Jan 110
Feb
Converted 434% bonds (High 1021on 1020st 1024s
Gen Cigar Inc pref _100 100 105 June30 1054 July 3 93
10266,3 1026611
105 June30 10134 Mar 105 June
Gen Refractories
of 1932-47 (First 434s)( Low- 1021,22 102422 102122 102631
• 1,100 35 June30 36 July
102633
1 31 Jun 55
Jan
Gimbel Bros prof..-100 400 101
(Close 102823 10263: 1026,1 102613 102%
June28
Jan 10234 Apr
Great Western Sugar_25 300 86 June28 102 July 3 99
Total sales in $1,000 units_ _ _
24
177
86
88 July 3 86 Junk 9634 Feb
89
65
Great West Sugar pf _100 500 106 July
Second Converted 434%(High
210734 July 2 105
Ap 10834 Jan
Hanna 1st pf CI A-100 100 89 July 2
bonds of 1932-47(First(Low_
_ ___
____
____
89 July 2 88
__ __
Apr 95
Feb
Ingersoll Rand
Second 44s)
100 283 195 June28 239 July 3
159
Jan 39
July
Total sales in $1,000 units ___
Preferred
100
15 108 July 1
____ ,
____
____
____ DAY
Ma 108
July Second Liberty Loan
International Shoe.--• 600 75 July 1 108 July 1 102
(High
---10114: 101141 101"n
78 JulY 3 73
Ap 7834 Jan
4% bonds of 1927-42_ _ _ (LowIntertype Corp
1*
200 29 July 1 29 July 1 2735 June
_
-___
10111n 101342 101"gs
3234 Mar
Jones & L Steel pref ___*
(Second 4s)
10011034 July 2 1104 July 2
(Close
-_-_
101"ss 101nn 101nn
Jan 1104 June
K C Power & Lt lot pf.*
Total sales in $1,000 units200 9535 June30 9534 June30 109
-- 4
1
10
92
Feb 9634 June
Kansas & Gulf
Converted 431% bonds (High 10141122 1012
10 900
34 July I
--42 101112
35 July 3
May 1
Jan
Kelsey Wheel Inc pref100 100 106 July 1
of 1927-42 (Second (Low. 1011$21 1011822 101•22 101nn 1016633
06 July 1 10435 J 107
101182( 1011152
Jan
Kinney Co
44s)
•16,411 5934 June30 6734
(Close 101ngs 101"gs 101ns 101ngs 101"gs
Kresge Dept Stores- •34,800 56 July 3 6275 July 3 524 May 6734 July
Total sales in $1,000 units _ __
1,099
748 1,096 2,205 1.682
June28
Preferred
100 1,200 94 July 1 97 June28 4734 Junk 6235 June Third Liberty Loan
(High 102nst 102nn 1026st 1026n 102%
94
July 9735 June
4 yi% bonds of 1928- __ _(Low.. 102822 102•22 102',,
Loose-Wiles Biscuit
102713 102 n
,
lot preferred
100 100 105 June30 105 June30
(Third 434s)
(Close 1021122 102722 102 22 1026ss 1026n
,
Ap 10535 Apr
Mackey Cos pref
Total sales in $1,000 unUs_ __
-100 100 65 JUIY 2 65 July 2 105
240
615 1,147
671
317
Feb Fourth Liberty Loan
Menet'Sugar
100
lii 5234 July 1 5234 July 1 6434 Apr 69
(High 102142 1021422 102", 102ngs 102,
on
5234
434% bonds of 1933-38_ _ Low_ 1021122 102421 102422
Preferred
100
100 7834 July 3 78% July 3 7834 July 6934 Mar
(
10242 102122
Mar
Met Edison pref
(Fourth 434s)
• 300 93 July 1 9335 June30 KM July 87
(Close 102142 1026st 10266 1026n 102683
,
Apr 94 June
Midland Steel Prod pf100 800 754 June28 774
Total sales in $1,000 units...
487 2,695 3,052
819 1,295
July 3 7134
Nash Motors pref-1
100100 July 1 00 July 1 9835 Jun 774 July Treasury
(High 105•22 1051,2 105.00 105.00 104 48
May 10054 Jan
,
434s, 1947-52
Nat Bank of Comm.100
90 21
(Low. 105 11 104"ss 10425
,
July 3 26 July 2 299
, 104"sg 104"ss
Jan 326
July
Nat Dept Stores pref.100 100 934 July 2
[Close 105122 1043022 10411s 104nst 104nss
9335 July 2 9254
96
Mild ',dot in II Mil'mil,
Nat Supply pref
100
557
7611
10010634 June30 064 June30 100 June 10634 Feb
1711
1 ill
147
Jan
June
N Y Shipbuilding
• 600 13 June28
July 1 11 May 1434 Jan
NY Steam 1st pref._ .
• 200 93 June28 1354
Note.
-The above table includes only sales of coupon
Mar 94
July
Niagara Falls pf new _25 200 2735 July 1 94 July 2 88
2734 July 1
Onyx Hosiery
• 300 1934 June31 1934 June30 27 June 2754 May bonds. Transactions in registered bonds were:
18 May 30
Jan 68 1st 335s
Orpheum Ciro Ine pf_100 200 9234 July94%
1016,1 to 101263/1130 3d 434s
July
102tss tO 1025*,
Jan 9434 June 11 1st 448
Otis Elevator pref.. _100 100 106 July 2 106 July 2 92
10243 to 102631 20 4th 4gs
3 96
Jan
102631 to 102un
Otis Steel pref
100 7
504 June28 53 July 1 48 June 10935 June 35 2d 43(s
10161, to 101un
Park & Tilford
• 5,60I 2835 June30 2934 July 3 2434 June 7454 Mar
30
Apr
Penney (J C)Co prof 100
10 105 July 2 105 July
Jan 10834 Mar
Phi's elphia Co pref-50 1,62 4434 June30 45 July 2 103
Quotations for U. S. Treas. Ctfs. of Indebtedness,&c.
1
Pittsburgh Steel pref.100 300 97 July 1 97 July 1 4234 Jan 45 June
95
Jon 101
Jan -See page 68.
Pitts Utilities pref Ms 10 600 1334 July 2 134 July
2 1135 Feb 134 June
P Corp of J pf8%100 100 104 July 1 104 July
1 994 Apr
Foreign Exchange.
Rights
-Sterling exchange ruled quiet but
2,300 11 June28 114 July 3 24 May 105 June
1234 Juno steady
Pub Serv Elea pr pi...100
50 99 June30 99 ,
with only minor changes. In the Continental
Ry Steel Spring pref _100 200 11534 June30 11734 June30 9434 May 99 June
exJuly 3 113
Jan 11735 July changes
Reis (Robt) & Co_ _ .• 100 1034 July 2 1035
extreme dulness prevailed. Rates were not maRossia Insurance Co._25 300 94 July 3 94 July 2 1034 June 1634 Jan
July 3 86
Mar 95
Royal Dutch rights
9,900 534 June28 634 July 3 534 June 655 Juno terially altered, with the exception of francs, which again
June
Shell Trans & Trading t2 1,100 35 July
3 3535 July 3 33
Jan 4134 Feb displayed irregularity and weakness.
Siont-Sheff St & I pf _100
100 8035 July 1 8034 July 1 80
Apr 8734
To-day's (Friday's) actual rates for sterling
So Porto Rico Bug pi_ 100
100 100 June30 100 June30 97 June 1104 Feb
exchange were 4 3034
Apr 43134 for sixty days, 4
Stand Gas ac Elec dfs..• 1,800 3434 July
Stand Plate Glass ctfs _• 1,500 30 July 2 36 June28 3135 May 364 June cables. Commercial on 323®4 3356 for cheques and 43234@4 3334 for
banks, sight 4 32 ©4 3334, sixty days 4 2934@
3 32% June30 29 May 3534 June 4
Telautograph Corp die • 1,000
3031.
634 June30 635 July 2 64 June 634 July days) ninety days 4 2834 ®4 2934, and documents for payment (sixty
Un Typewriter pref.. _100
4 30©4 31. Cotton for payment 4 32X04
100 117 July
3331, and grain for
July 1184 Jan
Un Cigar Stores new_ _25 4.201 464 July 3117 July 3 117
1 4734 July 3 4234 June 4734 July payment 4 32_34@4 333(•
United Paper b'd Co_100
To-day's (Friday's) actual rates for Paris
100 164 June30 1634 June30 1634 July
2134 Jan 5.0654 for long and 5.07105.12 for short. bankers' francs were 5.013404
Univ Pipe & R tem dig• 3,000 164 July 2 194 July
Germany bankers' marks are
1 154 May 21 June not yet
Pref temp ctfs_ _100 600 53 July
quoted for
2
July 6074 June 37.17 @37.19 for long and short bills. Amsterdam bankers' guilders were
US Distributing Corp.* 1,500 244 July 3 5735 June30 53
long and 37.53©37.55 for short.
2534 July 3 214 Apr 2534 June
Preferred
100 200 100 July 3100 July 3
nges at Parts on London, 83.85 fr.: week's range,
100
Apt 105
81.92 fr, high
Jan and 83.85 fr. low.
Van Raalte
100 800 204 July 1 234 July
3 16 Ma) 3334 Jan
.Va-Carolina Chem B.
The range for foreign exchange for the week
.• 200
35 July 3
follows:
34 July 3
54 June 7
Jan
terling ActualVulcan Detinning pf_100 100 68 July 2 68 July
sixty Dasjs.
Checks.
2
Cables.
West Elm 7% cum pf100
10011534 June2 1154 June28 6534 Apt 89 June High for the week
4313443334
43334
• 9,200 66 June30 7434 July 3 1116s Ain ttag June Low for the week
West Penn 30
429344 31 X
4 31.f4
Paris Bankers' Francs
100 200 92 June30 924 July 3 4735 Jar 7434 July
Preferred 7%
8734 Apt 924 July High for the week
Wilson Co pref
100 8,100 18 June28 314 July
5.23
5.2934
15
5.3034
Worthington pref B..100 100 63 July 1 63 July 3 5834 June 7234 Jan Low for the week
5.0134
5.08
1
5.09
Jan 6534 Mar
Germany Bankers' marks
• No par value.
High for the week
0.000000000024
0.000000000024
DAILY TRANSACTIONS AT THE NEW YORK CURB
Low for the week
MARKET.
0.00000000002336 0.00000000002334
Amsterdam
STOCKS(No. Shares).
BONDS (Par Value). High for the Bankers' Guilders
week
Week ending July 4.
37.23
37.65
37.69
Low for the week
ind.c2Mis.
37.12
Oil.
37.54
Mining. Domestic Porn Gott.
37.58
Domestic Exchange.
-Chicago. par. St. Louis, 15@25c. per 81,000
Saturday
discount. Boston, par. San Francisco. par.
29,810
33,310
92,000 $252,000
Montreal, $10 per $1,000
$33,000 discount. Cincinnat
Monday
57,825
47,680
i, par.
202,970
455.000
46,000
Tuesday
42.990
56,660
195,610
615,000
95,000
The Curb Market.
Wednesday
48,375
82,605
-The review of the Curb Market is
133,600
592,000
60,000
Thursday
55,145
89,670
157,850
555,000
44,000 given this week on page 46.
Friday
OLIDA
A complete record of Curb Market
Total
transactions for the
234,145
309.925
782,030 52,469.000 $278,000
week will be found on page 67.
56
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING FOUR PAGES
preceding page
For sales during the week of stocks usually inactive, see
PER SHARE
PER SHARE
Range for Preview
Ranee Since Jan. 1 1924
STOCKS
Sales
-PER SHARE, NOT PER CENT.
Year 1923.
HIGH AND LOW SALE PRICES
-share lots
On lasts of 100
NEW YORK STOCK
for
EXCHANGE
the
Friday,
Illyheri
Monday, i Tuesday, !Wednesday. Thursday,
Lowest
Saturday,
Highest
Lowest
Week.
July 4.
July 3.
Jul;: 1. i July 2.
June 30.
June 28.
Par $ Per share $ per share $ per share I Per shard
Railroads.
per share Shares.
per share
share
Oct 0518 Mar
94
3 per share $ per share $ per share 3 per
5,500 Atch Topeka & Santa Fe__100 9718 Jan 2 10412June 26
4
4
85% Doc 00% Mar
10313 1034 10312 1033 10318 10312 1023 10312
,
103 8 104
100 8612 Jan 2 9212June 25
Do prof
1,000
4 9012 9012
4
4 903 903
314 Feb
114 Aug
234 Jan11
15* Feb 23
9014 9012 9014 9012 .9012 903
200 Atlanta Birm dr Atlantic. 100
214
214 .2
214 •2
27 Feb
214 238 .2
3
3
23
2
.
100 112 Jan 23 126 May 14 1097 July
4,300 Atlantic Coast Line R1t
4
4
4
1203 1203 1203 12218 12112 12213
4
Jan 603 Deli
121 121
4018
4
.1203 12113
100 524 Apr 22 6012 Jan 9
11,900 Baltimore & Ohio
,
* 573* 58 2
8
2 577 585
8
,
4
553 May 80 Mar
8 57 3 5814 577 583
3June 30
5814 585
100 06 14 Apr 16 597
Do pref
800
5912 5912 .5912 60
8
94 Oct 144 Des
3
593 59% 5953 597 .5913 60
1312 Jan 4 2234June 30
30,900 Bklyn Manh Tr v t e_.No par
2234 2218 223
4
4 22
4 2212 223
223
22
3412 Oct 4973 Dee
4
213 22
4
No par 483 Jan 3 7018June 26
Prat vet tr ctfs
3,100
8
8
25 Jan
4
78 Nov
8 6912 693 26714 68 .6712 6812 673 68
,
69 8 695
412k1ay 9
1 Jan 3
100 Brunswick Terra & Ry____100
*213 3
.24 3
8 *212 3
8 23
23
3
4
4
.23
8
100 14234Mar 10 1507 Jan 9 1393 Sept 160 Apr
2,400 Canadian Pacific
148 1481 1
8
1474 1473* 1473 148
,
57 June 763* Jan
14814 14814 147 3 148
4
100 673 Feb 26 84i4June 26
14,700 Chesapeake & Ohio
823* 8313 8253 834 824 8312
7
8
06 June 1047 Feb
83% 84 8 82 8 84
,
100 9912 Jan 3 106 May 24
Do pref
200
4
4
1053 1053
10513 10512
8
43 Dec
2 May
514 Jan 10
.10512 106 •10512 106
100
34 Apr 15
1,500 Chicago & Alton
418 418
44 414
44 413
411 438
33 Jan
8
123 Dec
414 414
8
818May 20 127 Feb 29
100
pref
Do
400
10
1012 1012 101z *104 11
.1012 11
4
19 Aug 383 Feb
4
.103 11
100 21 May 5 2812June 23
900 Chic & East III RR
26
26
27
2712 .26
28 .26
28
28
4612 Aug 6214 Mar
28
100 37 May 5 514 Jan 8
Do pref
200
4512
*44
44
4512 4513 4512 44
*44
7 Feb
45
*44
24 Oct
613June 16
4 Apr 30
100
1,600 Chicago Great Western
53
4 54
54 *53
8 6
57
4 54
53
8
67 Oct 17 Feb
8 57
57
3
100 1012June 4 1634June 27j
Do pref
9,200
1514 157
8
4
153 1611
4 1512 16
153
15% 1618 15
8
1114 Oct 263 Mar
4Juno 7 184 Jan 10
3,300 Chicago Milw & St Paul._ _ 100 113
4
4
14
133 14
,
13 4 133
1414 14
14
1412 144
205* Dec 454 Mar
100 211451ay 27 3014 Apr 12
Do prof
10,300
2412 2334 2412 2312 24
2438 24
2413 243
4 24
4718 Dec 88 Mar
5,500 Chicago & North Western_100 494 Jan 3 5712June 28
4 5512 5714
563
,
,
4 5618 56 8 56
9718 Dec 11818 Mar
5712 56 8 563
57
100 100 Jan 8 10712June 16
Do pref
100
4
1918 Oct 374 Mar
.106 10712 •105 10712 10612 10612 10418 105 *10418 1053
19,800 Chicago Rock Isl & Pacific.100 2112 Feb 15 3112June 13
,
29 8 294 2958 2914 3014 38% 2913
29
72 Aug 95 Feb
,
29 8 30
4
100 763 Feb 26 86 June 26
7% preferred
900
8412
8478 *8212
8412 8412 84
85
85
8
607 Aug 85 Mar
8514 86
.
100 65% Jan 2 7312June 13
6% preferred
2,200
4
8
8
7278 717 7212 717 7213 *713 72
72
Oct 454 Feb
17
73
73
100 20 Jan 2 3678June 16
500 Colorado & Southern
4
4 3513 3518
3712 353 353
36 .36
9314 July 1214 Feb
3718 36
*36
100 10412Mar 5 120 klay 26
1,600 Delaware & Hudson
8
4
,
8
1097 Oct 13012 Feb
11714 117 8 .11712 11814 11713 11734 11714 1173 1164 1167
8June 1
1104 Feb 15 1267
1,190 Delaware Lack & Western_ 50
4
1233 124 x121 121
4
1018 May 223 Dec
8June 21
4
124 12412 12314 12334 124 124
100 203 Jan 3 295
11,300 Erie
2812 2773 284
Jan 3114 Dee
4
273 284 2811 2812 28
15
828
8June 25
277
,
100 28 8 Feb 19 367
Do 1st preferred
6,500
4
3 3.53 36
363
3614 36
4
3618 353 3613 36
104 May 275* Dec
354
100 2518 Jan 3 33 June 23
Do 2d preferred
3,600
4
,
8 3214 3234 3214 32 8 313 32% 3134 32
327
•32
5033 Oct 80 Mar
100 5334 Mar 3 63 June 25
12,500 Great Northern pref
,
8 6012 61 3
eos 607
4
25 July 36 Mar
6114 60 8 613
,
4 603 61
61
26 May 23 3111 Feb 4
Iron Oro Properties...No pa
:1,700
4
4 271. 273
2714 2712 2712 273
4
113 Apr 30 193
912, Aug 20 Mar
2718 2714 2714 2714
8June 28
10
4,600 Gulf Mob & Nor tr cUs
3
8 1712 1812 1712 187
193
19
4478 Jan 6254 Feb
3 181. 19
8
187 193
100 50 Jan 3 70 June 19
prat
Do
2,100
6912
69
6853 6812 6914 6713 68
995 Dee 11711 Feb
68
4 1007
69
19
8June
69
100 10014 Mar
1,100 Illinois Central
4
1063
8
8
3
912 June 227 Mar
4July 3
4
10612 10612 •10612 1067 10612 10613 10612 1067 10638 2934
100 123 Jan 2 293
20,900 Interboro Rap 'Fran
8
26
2613 2614 2814 28
155 July 247 Mar
4
24% 26% 2513 26
4
100 173 Mar 26 213 Feb 4
900 Kansas City Southern
20
4
193 193
4 20
4
20
20
20
8 20
8
197 197
485* July 573 Mar
100 5114 Mar 31 54 June 26
Do pref
400
53
53
4
5212 5212 .523 54
54 June 71% Feb
5212 54
5313 534 .
5 b3912 Apr 10 7239 Jan 25
Valley
52.000 Lehigh
4734 4818
4712 483
8 47's 4818 47% 4814
84$4 Oct 155 Feb
48
16 9612July 2
473e
8
100 875 Jan
1,600 Louisville dr Nashville
90
9612 96
94% 943
4 95
•9413 95
*04
95
2712 Dec 4512 Apr
4July 26
2,400 Manh Elevated. mod guar_100 301z Jan 2 413
4
4013 413
41
40
40
4013 4112 394 4012 40
712 Oct 22 Mar
614 Mar 15 1312 Jan 4
10
Market Street lty
712 9
.
.7% 9
*712 9
9
Oct 6812 Mai
23
4 .8
93
22 Feb 20 4018 Jan 5
•13
10
Do pref
103
2612 26 2
,
26
5613 Oct 87 Mar
na 26 *23 26 .23 26 .23 3 47% 4714 4878
4312Mar 17 7112 Jan 4
10
Do prior pref
300
,
47
145 Oct 5614 Mar
.47
4814 54712 4812 .4712 49
100 14 Mar 18 30 Jan 4
Do 20 pref
100
21
16
23 .
94 Feb
2012 2013 *15
21
4 Aug
•I8
4 Jan 28
21
139 Jan 3
10
.16
500 Minneap & St L (new)
2
2
8 2
17
4 2
213 .13
934 Oct 17 Feb
1012.May 20 15 June 26
218 .2
2
.
10,500 Mo-Kan-Texas RR_No pa
,
1412 1418 14 8 1418 144. 134 141 1
2478 Oct 4513 Feb
144 14
293 Feb 18 4214Junc 26
4
1412
10
Do pref
14,300
414 40% 41%
3
8 41
8 4034 417
4
4138 393 407
814 Oct 193 Feb
8June 16
41
10
4
93 Jan 3 177
5,900 Missouri Pacific corn
4 1613 1ft%
4 1614 164 1618 163
163
2214 Oct 49 Feb
29 Jan 3 4912June 12
1614 1612 16
10
Do pref
14,900
,
4613 4714 4614 4714 45 3 47
47
4
43 Feb
114 Nov
14June 28
214 Feb 6
4
453 463
8 4434
900 Nat Rys of Mex al pref_..100
114
8 •1
13
114 .1
4
1,
113
3 •114
13
8212 Aug 105 Mar
114
100 934 Feb 15 12112ktay 20
700 New On Tex & Mex
99
99
4
4 9914 99, 10013 10014 100 • 100
9013 May 10714 Dee
994 Feb 15 1071 iJune 26
1003
*100
10
19,700 New York Central
Stock
10414 10518 104 10434
6712 Aug 8012 Dec
4
10518 1053 10412 105% 10414 105
4July 2
100 7211 Feb 18 953
9,300 N YC&SiLnew co
4
9412 953
4 923 95
4
933 943
4 9412 95
86 Nov 9512 July
95
93
8June 26
100 83 May 21 877
.
Do pref
600
8714 8712 8713 8718 8714 8714 8819 87 Exchange 43,400 N Y N 11 & Hartford
8713 8712
95* July 2212 Jan
100 144 Jan 2 2532,June 27
8 2331 2438
244 244 247
8
4 235 244 24
2414 243
1414 June 2159 Feb
.100 16 May 24 2213June 26
N Y Ontario & Western..
3,400
8
197 204 Closed
21
4
4 20
3
213
4 203 21,
4 21
,
21 8 213
9 Sept 183 Feb
124 Apr 22 1914June 27
10
400 Norfolk Southern
19
19
19
19
.1712 19
1812
1914 1914 *17
100 10312 Jan 3 13213 Apr 8 100 July 1175* Feb
11,20( Norfolk & Western
Ind°.
8
4
1184 12014 11914 12014 1183 1197
72 Sept 7812 Aug
4
1183 11914 118 119
100 724 Feb 26 8018June 10
Do pref
100
77
77
77
*73
77
.73
*75
4
77
493 Oct 8112 Mar
*75
8Mar 3 607
8July 3
100 477
4
3 583 604 pendence 23,200 Ncrthern Pacific
8
3
593
3
407 Nov 477 Apr
5918 597 x58 -- -- 584 5914 5812 593
8
50 4214 Jan 3 4634 Jan 28
6,325 Pennsylvania
44% 4473
,
44 8 444 44% 444 44% 443
Oct 17 Mar
,
8
44 8 45
934 Mar 13 15 June 25
100
Peoria & Eastern
Day
15
15 .14
1412 •13
1412 .14
.14
Jan 4714 June
30
Mar 31 5314June 26
100 4012
3.100 Pere Marquette
5114 51%
4 5034 503
8 50% 503
674 Oct 764 Mar
4
4
513 5211 51, 517
100 7112Apr 23 754 Feb 26
Do prior prof
240
74
*7314 74
74
574 Oct 7011 Jan
7518 754 .7312 75 .73% 75
8June 26
100 60 Jan 4 683
Do pref
600
6512 66%
2 6612 661
8
67
4 667 667
.
673
3373 Jan 50% May
68
.67
100 38 Jan 4 4934June 28
8,900 Pittsburgh & West Va
4712 48
481
48
Jan
484 4912 4812 49
85 Dec 93
4914 493
100 8514 Jan 5 98 June 5
Do pref
200
*9712 9813
98 98
•9712 981
98
98
981
6812 June 8118 Feb
*9712
8May 20 79 Jan 12
50 517
5,700 Reading
5518 5512
5512 553
,
55 8 553
5513 56
44 June 5612 Feb
561
56
50 3414June 24 5612 Jan 14
Do 1st preferred
600
4
343 343
4
4
343 35
35
Jan
3
347 3478 35
.3412 35
so 53318 Jan 16 58 Jan 14 45 June 56% Dee
Do 2d preferred
2,000
4
34
*333 34
34
7
33 8 3418 34
34
34
2212 Oct 39
34
100 32 Jan 3 4018 Feb 5
300 Rutland RR pref
38
38 .35
.36
38
,
38 8 38% 38
16% Oct 27 Mar
3812 381
100 1918 Apr 30 24%June 26
Fran
6,200 St Louis-San
2313 2313
244 2314 24
2312 24 4 24
,
324 Jan 50 Mar
2414 243
83une 26
100 425* Jan 3 497
Do pref A
1,500
48
48
47% 48
2513 Aug 363* Feb
48% 4714 4813 4812 481
48
8
100 33 Jan 2 427 Feb 2
9,000 St Louis Sou,hwestern
394 40%
4
3013 4014 395 397
3 393 401
8
4
4
543 June 63 Mar
404 401
100 574 Jan 3 6638Juno 25
Do pref
5,401
6413 65 8
,
7l2 Feb
6512 653
8
643 6478 6413 651
434 Aug
4
643 643
614 Jan 2 11 14June 13
100
6,800 Seaboard Air Line
1012 11
4
10% 11
4
153 Dee
103 11
814 Aug
4
103 II
,
10 8 103
100 1414 Jan 2 2512June 13
pref
Do
5,900
2412 25
2414 243
2414 243
4 2413 243
8414 Aug 9514 Feb
2414 241
100 8512 Mar 26 9418June 20
24,300 Southern Pacific Co
9218 93
8
923 931
2484 Jan 394 Dec
9314 9238 9314 9214 931
93
100 3812 Jan 2 135 July 3
37,80 Southern Railway
4
6312 6438 633 65
4 6318 631
633
63 July 7073 Mar
8 63
6312 637
4
100 663 Jan 3 7414June 12
Do prat
1.900
7312 74
4
4 7312 733 *73% 74
14 Aug 2912 Mar
734 7312 7314 733
_100 19 Jan 3 3314 July 1
11,700 Texas dr Pacific
31% 3214
33
3134 3134 3314 32
813 Dec 1914 Feb
8 31
3113 317
8%May 20 1212 Jan 23
100
Third Avenue
2,100
11
11
*1012 111
11
1112 11
584 Jan 774 June
*11
48 June 28 66 Jan 12
8 12
117
10 Twin City Rapid Transit _100
4912
4912 .
491 *46
46
8
46
49 .
*47
8
48 48
100 1263 Mar 3 13712June 27 12412 Aug 1447 Feb
3,000 Union Pacific
4
135 1353
4
1353 136
13512 136
7914 Dec 7612 Jan
8
136 1367 13512 136
100 70 Mar 20 75 July 3
Do pref
2,000
7414 7412 74% 74% 74% 75
74
74
7334 74
8
772 Oct 217 Mar
75 Apr 23 12 July 3
.100
2,000 United Railways Invest..
12
11
11
11
Oct 62 Mar
•1018 11
11
26
1012 .10
4013 Jan 4
•10
100 2612 Apr 21
Do pref
3,501
381
37% 4014
38
4 38
383
39
304 Aug 3612 Oct
38
39
39
36 Feb 29 59 June 5
& Power_10(
1,000 Virginia Railway
5613
4
543 56 .56
55
7 Mar 12 Dee
5414 55
3
5412 54
.54
3
100 10 4 Jan 4 173 Mar 20
7,300 Wabash
1312 1334
8 13% 137
,
2314 Jan 364 Dec
4 13 8 137
,
13 8 133
4 1311 133
100 34 Jan 3 4754 Mar 19
Do pref A
11,90
414 4212
4
1612 Jan 233 Dee
8 4214 424 4214 427
4
424 427
Jan 3 323 Apr 4
424 43%
100 224
Do pref 13
100
28
28
29
28 .27
8 Sept 15 Feb
*27
29
8June 3 113g Jan 0
83
29 .27
27
.
100
100 Western Maryland
012 94
14 Sept 264 Mar
.912 9 4 *913 93
,
•912 934 .912 13
100 1514May 1' 2014 Jan 10
Do 2d preferred
800
12 Seto 2014 Mar
174 1712 17% 1714 1714
3June 23
4
4
173
100 143 Jan 2 213
. 8 1712 173 174 17
5,100 Western Pacific
2313
8
53 May 633 Mar
23
,
23 8 2318 2313 234 23% 23
4
233 24
100 58 Jan 7 734 July 2
Do prof
4,900
73%
73
Oct 1012 Feb
6
7114 7114 72% 7213 737
7114 71
•71
74 Jan 2 10 Apr 7
,
1,60 Wheeling dr Lake Erie Ry_100
913 912
912 91
10
Oct 19 Feb
958
938
8
93
,
3
913 9 8
100 1414 Jan 2 207 Feb 6
Do pref
20
23 Aug 387 Dec
8
1912 .1914 2014 .1913 2012
19 .19
4 19
1934 193
100 34 Jan 16 3712 Jan 29
Wisconsin Central
.3713 ____ .37% ---- *3612 37% .3713
•3712
Industrial & Miscellaneous
67 Sept 82 Mat
100 7312 Jan 2 8314 JIIIY 2
2,300 Adams Express
82
4 8218 8314 82 82
823
82
612 Oct 1912 Mar
6 June 9 1212 Jan 2
8114 8212 82
100
1,200 Advance Rumely
914 912 .812 9'2
914 914
24 Nov 543 Jan
813 9
813 9
100 2814June 14 4113 Jan 4
Do pref
700
3514 3514 3412 3418
36
3412 3412 35
56 July 723 Mar
8
2 814 Jan 29
34
*3213
.No par 6714 Jan
1,500 Air Reduction, Inc...
7914 7812 79% 7818 7814
8
44 Oct 147 Mar
412May 14 1012 Jan 11
7914 8013 37938 7934 79
50
1,400 Ajax Rubber. Inc
8 64
67
138
4 7
63
8 634
4
18
1 AugSlat
65
8 63
63
14 Feb 2
4
4 Jan 3
614
10
64
18
18
1,200 Alaska Gold Mines
78Oct
Is
Is
•18 .17
Oct
14 Mar 4
78 Jan 30
10
800 Alaska Juneau Gold MM
8 *114 I%
13
114
Jan
114
114 •I44
114
,
5914 Aug 80
14
*14
26,100 Allied Chemical dr Dye_No par 65 Mar 18 75 8July 2
8
743
4
3 734 75% 74
4
723 73% 723 7312 7318 753
100 110 Apr 8 11614June 20 10514 Aug 112 Mar
Do pre!
300
5114 Feb
4
*114 1153 •114 11514 11514 11514
4
1153 1153
4
37% June
•115 116
100 4158May 20 5112July 2
10,800 Allis-Chalmers Mfg
,
50 8 5012 5112 5014 51
89 Nov 9712 Jan
5014 4913 5014 50
4
50
100 90 Apr 29 963 Jan 17
Do prof
240
96
*94
96 .9418 96
1018 July 364 Feb
718 Apr 7 17 Jan 2
9512 9513 •944 96 .94
1,4011 Amer Agricultural Chem_100
812 9
812
8
814 8% .8
84 84
8
2814 Oct 687 Feb
,
8
100 18 4 Apr 7 4939 Jan 9
Do pref
2,500
8 2512 28
Jan 100 Nov
2512 2513 2513 254 257
77
2512 .24
25
50 98 Jan 8 12212June 20
Note
American Bank
124
5012 June 5514 Aug
50 52 May 6 55 Mar 13
•118 125 •I18 125 .118 12312 •118 124 •I18
Do pref
__
*54
*54
55
•54
55
25 Aug 4912 Feb
55 .54
100 30 Mar 21 4912 Feb 6
.54
1,200 American Beet Sugar
4112 404 41
4
223 Oct 60 Mar
4112 4112 4112 4112 41
4012 41
.
2
1,200 Amer Bosch Magneto_No par 2214 Apr 1 387 Jan 12
31
3114 30
30
6918 Sept 834 Feb
31
31
30
3118 3112 30
Am Brake Shoe & F....No par 76 Apr 14 8334June 18 102 July 110
82
Jab
82 .81
82 'Si
82 .81
*81
82
81
Apr 22 110 Mar 26
•
100 1074
Do pref
108
7312 Jan 10738 Dee
•104% 108 •105 108 .105 108 .105 108 •105
100 954 Apr 21 12239 Feb I
110.500 American Can
,
8
Feb
11112 11214 11012 11514 11412 11614 114 11613 113 8 1145
100 109 Jan 8 11578,1une II 106 Sept 115 Mar
pref
Do
700
8
1147 115
14814 July 189
115 115 •11314 115
115 115
115 115
1,700 American Car dc Foundry _100 15312 Apr 14 176 Jan 26 117 Sept 12573 Jan
164 164
16412 16512 1.65 166
16212 164
163 163
100 1183 Apr 9 124 July I
4
Do pref
400
124 124
8
203 June 2512 Mar
4
4
12314 12314 1233 1233 124 124 .124 125
Mar 21 233* Apr 12
2
25 213
501. American Chain, ci A
22
22
17% Nov
4
53 Jan
8 213
217
8July 2
.2214 2213 2212 2212 . 3 225 . 4 2212
No par 143 Apr 22 217
4
5.700 American Chicle
414 Sept
8 2013 2114
759 Feb
2014 204 217
8 20
8 1913 197
614 Jan 30
1912 197
:312June 6
Syndicate. 1
200 Amer Druggists
87 Nov 14313 Mat
418 418 .414 413
.434 478
10978July 2
8
34 37
,
100 88 Apr 15
33
. 4 44
11,300 American Express
96 Dec 97 Dec
3
2
104 10714 10612 10914 108 1097 107% 107%
10212 104
Am & Foreign Pow 25% paid__ 9212 Mar 8 9514 Jun21„
1,300
4
4 954 954
4 953 953
4
953 953
4 9512 953
95
95
9113 Apr 4 9634 Jan
Full paid
300
,
4
4
133 Ma
(Ps Aug
4
4
714 Apr28 135* Feb 13
*953 9612 5953 9612 9612 9612 .953 9612
9434 96
100 American Hide & Leather_100
84 84
4
293 Aug 7434 Mar
1
4 01, *812 914 *813 914 •814 9
•83
100 5012 Jan 3 85 Feb 11
Do prof
1,400
56
5014 50
,
,
56 8 56 3 55
57
884 56 3 *5614
,
• Bid and asked nrices 7 Ex-dividend 9 Ex Melts
New York Stock Record-Continued-Page 1
For sales during the week of seri%ks usually Inactive, see second
page preceding
HIGH AND LOW SALE PRICE
-PER SHARE, NOT PER CENT.
Saturday.
June 28.
Monday,
June 39.
Tuesday,
July 1.
Wednesday. Thursday,
July 2.
'hal 3.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Situ. Jan. 1 1924.
On Male of 100-s53re lois
57
PER SHARa
Range for Previous
Year 1923.
Friday,
July 4.
Lowest
Highest
Lowest
Highest
$ Per share • per stare $ Per shareS per share 2 per share
j
$ per share Shares. Indus. & Miscall.(Con.) Par $ Per share $ per
9012 91
90
share $ per share $ per share
91
90
4 90
907
90
8912 9014
1,800 American Ice
100 86 Jan 14 96 Feb 7
80 8014 *7912 8112 *8014 811_ *8014 8112 *8014 8112
78
Oct 111% Apr
300
Do prat
100 7912 Mar 28 83 Feb 5
2134 2134 2238 2212 22
23
4
7.73 Oct 89 Feb
2212 233
8 223
*
15,400 Amer International Corn..100 178* Mar 19 2512 Jan 31
•1018 1012 *1018 1612 1612 1012 *1014 1034 *1014 2312
16 Sept 3312 Mar
100 American La France F E
103
4
10 10 May 19 1214 Jan 9
•16
17
*36
17
16
10
1818 July 13 Mar
1614 1618 163 1634
4
30C American Linseed
100 1334May 7 225 Jan la
*34
36
,
*34
35
*3414 3514 •3414 36
13 Oct 38 Mar
*3414 36
Do prat
100 30 Apr 15 45 Jan 14
741: 747
743 75
7414 7514 743 75
4
28113 Oct 59 Feb
7412 745
8
8
6,200 American Locom, new _No par 7018 Apr 15 7638 Feb
*119 11914 11912 14912 11911 11912 *11912 11934 •11912
64% July 7614 Dec
1193
4
300
Do pret
100 11614 Apr 16 120 Mar 12 11413 Sept 122 Feb
41
43
43 14 4314 42
423 *42
4
43
424
,
2,400 American Metals
No par 383
4June 3 45% Feb 14
10334 1033 104 1063 10714 1083 106 10812 *1067 423
4
4
4
4014 June 55% Mar
8 108
5.500 American Radiator
25 944 Apr 16 1087
634 7
/
1
612 612
4July 1
65s 63*
7
Jan 97 Dee
76
61
: 613
800 American Safety Razor
57 Apr 22
25
1158 115
8 121 1214 *1134 1212 1214 1234 125
4
712 Mar 8
4% June
9% Feb
,
8 128
2,100 Amer Ship & Comin___No par 103
64
8May 21 15 8 Feb 11
6512 65 655
3
8 65
85 8 6434 653
3
10 8 July 213 Jan
3
8
8 643* 6514
14,800 Amer Smelting & Retining_100 57 Jan 14' 6534June 20
/
1
4
4
,10012 101
10014 10014 10014 101
5114 Oct 6912 Mar
10014 101 •10012 10112
700
Do pret
100 96 Jan 2 10114May
355 35 8 35% 383
8
5
4 363 3614 355 364 3512 3512
4
93 June 1027 Mar
8
8
3,600 Am Steel FoundrIes-33 1-3 3312 Apr 21 40 Feb ft
•102 103 *102 103
103 103 *102 103
7
315 July 407 Mar
8
8
100
Do Pret
100 10114 Apr 26 10412 Mar
44
4414 4312 4412 4412 454 443 455 *102 103
977 Aug 10514 Feb
8
4
8 441. 4434
5,900 American Sugar Retining_100 38 Apr 23 613 Feb 17
118
*87
87% 873 877
4
8 87% 877
4
8 873 877 *8712 887
7
48
Oct 85 Feb
4
8
*
700
Do Prat
100 79 June 7 99 1 Feb 14
.812 9
*812 9
7
*018 918
92 Dec 1083 Jan
912 1014
4
85 10
s
2.300 Amer Sumatra Tobacco
100
712.1une 9 2812 Jan 9
16 July 36% Feb
*3112 33
*31
33
33
33
*3112 33
*3112 33
100
Do pret
100 33 July 1 69 Jan 16
12118 12114 • 12118 12112 12138 1213* 1213*
3212 July 6534 Feb
12214 12214 12212
22,300 Amer Telep & Teleg
100 1214June 26 1307 Mar 13 11918 June 1283 Del
1443 1447 *14412 1457 1453* 14614 146 147
4
8
4
4
142 14214
2,100 American Tobacco
'104 106 *105 106
100 1367 Mar 25 157 Jan 28 14014 July 1813 Feb
8
10412 10412 *10412 10512
4
200
Do Prat
100 101 Apr 11 105 July 3 100% Nov 10578 Mat
14114 14178 14112 14214 14134 14212 14212 14278 105 105
*141% 14214
2.800
Do common Class B-100 13514 Mar 25 153 Jan 28 140 May 1593
83 4 84
3
82
84
1137g 86
4 Feb
853 9112 9112 953
4
4
13,900 Am Wat Wks & El v t 0_100 40 Feb 18 95%July 3
96
957 96 '
96
395 100
2713 Jan 443 Apr
*9518 96
4
96
96
400
Do 1s1 Prat(7%) v t 0-100 8913 Mar 21 97 June 24
*88
90
88
89
85 July 93 Jan,
89
/
1
4
897
89
9112 9178 94
4,600
Do partic p1(6%) v t 0.100 66 Feb 19 943
7234 73
4June 20
7218 73% 713 730* 725* 7314 72
4
4813 Jan 6712 Dec
723
4
9,700 American Woolen
100 62 Apr 23 78% Jan 11
•99
9912 993 993
8
8 993 99% "99
65
Oct 109% Mar
9934 *99
9912
400
Do Pref
100 963 Apr 30 1025 Jan 19
*212 2 4 *213 23
4
3
8
4
212 212 *214
96% Oct 111% Jan.
212
212 412
5,600 Amer Writing Paper pref 100
113 Apr 16
8
8
412July 3
8
8 I *714 812
118 Dec 34 Mar
514
714 714 *714
400 Amer Zinc. Lead & Smelt__25
27
7 Mar 29 10% Feb 14
27
*26
274' "25
2714 2714 2714 *25
618 Oct 1914 Feb.
2712
200
Do prat
25 24 June 5 34 8 Jan 14
2918 3118 3135 3118 303 3118 3038 31
7
8
4
243 Dec 5814 Feb
4
30
3014
21.400 Anaconda Copper Mining_ 50 2812May 20 41 Feb 15
*84
8512 8514 85141 8514 8512 •84
324 Oct 5312 Mar
8712 *85
871:
200 Armour & Co (Del) pref-100 8314June 18 93% Jan 24
912 97
912 93
41
93 103
4
4 10
883 Oct 944 Dee
4
/
1
10
*912 10
4.900 ArnoldConstle&Cov tcNo per
94
8 June 4 15 Jan 9
97
95% 98141 967 984 98
8
1012 Nov
1834 Oct
99
97
97%
9,700 Associated Dry Goods...
.100 79 Jan 15 10012 Mar 11
2814 2914 329
2914 2914 2914 28% 28%
29'4 29
6214 Jan 89 Mar
2,900 Associated 011. new
1658 17
25 273
8June 6 34% Feb 5
17
173* 17
1814 1814 193
247 Oct 29% Dec
8
8 185 20%
8
15,800 At! Gulf & W 358 Line---100 10% Mar 28 204July 3
*25
253
4 25
25181 243 2512 2512 2614 253 27%
4
914 July 34 Mar
4
7,600
Do pre(
100 1212 Jan 4 273
87 8 883
5
8July 3
4 8834 92141 9212 9512 92 8 943
884 July 27 Mar
5
883 93
4
27,200 Atlantic Refining
*112 114 *11312 115 .*113 114
100 8314June 24 14018 Jan 31
99% Sept 153%
113 113 *113 114
100
Do pre
100 10914June 23 118 Feb 7 115 May 120 Jan
2212 2212 2214 2212 22 22
221s 2214 21% 2214
Jan
900 Austin. Nichols & Co__No par 1812 Mar 28 30 Jan 9
17 July 35% Jan
8212 8212 •82
83 I'
382
83
*8218 83
*82
83
100
Do iref
100 79 Apr 17 8814 Jan 24
8 3
*27
3
31
3
3
*27
7834 June 8912 Jai)
3
*212 3
300 Auto Knitter limier) __No par
,
178.June 20
114 1147 11314 1153 11412 11814 11412 1153 114 1148
8 Jan 2
12
8
8
6% Dec
4
4
46,500 Baldwin Locomotive Wks-100 104 4May 20 131 Feb 7 11013 Aug 2814 Apr
3
*114 11514 *112 11534 *11412 116
14414 Mar
1153* 1153* *11414 116
100
Do prat
100 11012June 1 116 Feb 1 111 Apr 11654 Jan
197 21
8
20% 215
3 2012 2112 2012 2118 20
203
41,10) Barnsdall Corp. Class A
25 14 Feb 16 217
1412 155* 1534 1614 1512 1513
8.1une 30
9% Aug 35 Mar
5
151: *15
151
3.500
Do Class B
25 10 Jan 7 1614June 30
*41
45
*41
45
*41
45
6 Oct 22
*41
Jan
45
*41
45
Stock
Bayuk Cigars, Inc__.No par 3912May 16 59 Jan .5
5314 533
4 5614 543 z523 537
4
4
50 June 6214 Apr
523 523
4
4 51
524
4,200 Beech Nut Packing
20 443 Apr 15 6813 Jan 31
45% 4614 4512 467
4
4818 Dec 84% Mao
8 464 4714 45% 4718 4534 461 Exchange
50,900 Bethlehem Steel Corp
100 45 June 24 6218 Feb 5
*10214 104 *10212 106 *10214 105 *103 106
413 June 70 Mal
4
*10212
Do cum cony 8% pret_100 1014 Apr 12 11014 Feb 15 10014 June
9012 9012 8912 90 •894 9012 *8912 9012 90 106
11114 Mar
90
ClosedPreferred new
400
100 8912J one 30 97 Feb 11
*312 4
*313 414 *312 4
87 July 9712 Mal
*312 414 *312 414
Booth Fisheries
Ne par
3 8June 11
5
3
34 *3
7 Jan 6
1s
6
*3
3 4 Oct
3
314 *3
7% Jan
6
6
Inde200 British Empire Steel
100
212 Apr 3
112 11228 112 11214 112 1124 1113 1124 *3
5 Feb 9
3 Dec
9% Mar
4
1118 112
2.000 Brooklyn Edison, Inc
100 10714June 2 116 Feb 6 10414 May 12112 Jan
6714 6814 683 6714 66 4 68
8
3
675 68
8
6714 673 pendence
9,300 Bklyn Union Gas new --No par 565 Apr 21 68%June 27
•4113 43
8
*4112 4312 *41
4312 4112 4312 .4112 431
_
Brown Shoe Ina
10914 111 *109 112
100 39 May 27 53% Jan 9
10812 109
41% Oct 65% Apr
10812 10812 1083 1083
4
Day
1,100 Burns Brothers
100 9712 Feb 26 11212June 27 100 Sent 1443 Mar
25
25
2618 2618 2512 2512 25
25
4
25
251
800
Do new Class B com____
41
4
197 Feb 26 27 June 27
s
434 43*
43* 43* .43
2112 Sept 43
412
43g
Jan
41
1,100 Butte Copper & Zinc
•18
5
1812 *18
3 8June 25
5
1812 18
18
612 Feb 14
18
4
/ Oct 113 Feb
1
4
18
4
*18
181
400 Butterick Co
100 17 Apr 28 237 Jan 23
143* 1512 1512 1512 15 2 1512 "1514 153
s
,
1314 June 22 Aug
4
1514 1514
2.000 Butte & Superior Mining
•15
10 14 May 29 20% Feb 15
8 134 *15g 14
13
4 13
13
4
127 Oct 377 Mar
8
4
8
13
4 •15
8
13
4
600 Caddo Cent Oil & Ret_No par
*8314 84
112 Mar 21
83% 83% 833 8412 8412 8412 83 4
414 Jan 19
4
14 Nov
/
1
918 Feb
3 834
1,100 California Packing__ __No par 80 Apr 30 8714 Feb 1
77 Aug 87 Feb
2178 2238 22
2212 22
2314 221 2314 2212 227
:
25,3)0 California Petroleum. new_ 25 213
•94% 96
8June 13 2914 Feb 5
*9412 9612 984 9718 963 963 •9412 97
171a Sep 2933 May
4
800
Do pref
100 94 Apr 22 107 Jan 31
314 314
9011 Sep 11051 may
3% 312
314 3
%
314 33
8
312 37
8
3,500 Callahan Zinc-Lead
10
4412 45
212May 10
*45
4512 *45
4512 *4412 451 *45
5% Jan 9
125 Feb
8
31 Oc
4
4513
300 Calumet Arizona Mining
el:
10 413
%
7
2
4Mar 31 4918 Jan 24
*12
*12
7
8
7
8
42
*12
Oc
66 Mar
7
8
Case (.1 I) Plow
No pa
*19
2112 20
%Mar 26
20 20
20
112 Jan 11
*1912 2014 •1914 2114
/ Oc
1
4
434 Feb
3,500 Case Threshing Mach_No pa
14 Mar 19 2712 Jan 26
1258 1318 *125 13
1278 1278 1234 12% *1214 13
8
17 Dec 42 Mar
1,600 Central Leather
100
48
4514 4418 4518 44
4638 45
46
45
s
27 Mar 25 17% Feb 13
95 Nov 4012 Mar
8
45
7.000
Do Pref
100 2914 Mar 5 4712June 26
46
4712 47
4712 46% 4712 4634 47% 4858 4718
2818 Nov 79 4 Mar
3
21,8001 Cerro de Pasco Copper_No pa
45% 4578 4538 467
4
8 4658 47% 465 471
403 Mar 31 4813 Feb 15
504 kw
8
3612 Oc
46
4714
9,900 Chandler Motor Car__ _No pa
4218 Apr 14 6613 Jan 2
86
86
86
*86
8814 86
86
43 Oc
86
*8512 864
76 Mar
300 Chicago Pneumatic Tool 100 797
50
8May 15 86 May 27
50
49% 497 *4712 4912 4914 4914 483 4914
8
7513 Jun
90 4 Mar
3
4
500. Chicago Yellow Cab___No pa
39 May 12 503
2818 283
41une 26
4 2812 283
4 284 28 4 2812 2858 284 285
3
_
8
18,8001 Chile Copper
25 2558 Mar 29 2b3
171: 175
4June 28
8 1714 18 4 1814 1838 1818 181
,
2418 June
173 173
351- ;
- -a
4
4
3,800 chino Copper
5 15 Mar 28 2012 Feb 16
436
6612 86
67
6612 66
"65
14% Aug 31% Mar
67 '65
6612
600, Cluett, Peabody & Co---100 62 May 28 7513 Jan 30
73% 73% 727 73 4 7314 74
8
7
7312 74
60 July 7614 Mar
73% 73%
4,700 Coca Cola Co v t c
Ns pa
61 Apr 21 nit Jan 2
45% 48
4558 4814 4712 491
4518 46%
6514 Oct 83% June
47% 48%
70,100 Colorado Fuel & Iron
100 24% Feb 16 4919 July 2
45
45
*45
*45
47
47
45
20
46
Oct 35% May
*45
47
400 Columbian Carbon v t o No pa
393 403
4412June 2 553 J aD 18
4
8
3914 39% 395 4014
4 39 4 40
,
8
41
Oct 5118 Dee
39% 393
4
18,100 Col Ga8 & Elea, new___No pa
33 Mar 21 403
•54
55
55
5512 4 4 36
4June 28
55
63
58
3014 June 374 Apr
553 565
4
8
2,200 Commercial Solvents A No pa
*46
47
4312 Jan 11 623 Mar 10
47
*4512 47
4812 48
8
481
25 Apr 46 Feb
48% 49
1,600
B
No par 33 Jan 15 56 Feb 13
4114 41% 4012 4114 40 8 4114 41
7
4414 431: 443
15 Apr 40 Dee
4
34,300 Congoleum Co
No per 323
1434 143 "144 15 4 15
sMay 19 663 Feb 18 C44'1 Dec 1843 Nov
4
151
,
4
: 151
: 161
8
1514 1512
3,4001Conaolidated Cigar
No par 11%Mar 25 2212 Jan 14
14% Dec 39% Jan
*593 65
8
64% 6512 68
65
65
69
*65
69
1,200
Do prof
100 59 Apr 24 84 Jan 15
/
1
4
6812 883
6814 68% 68% 687
4 68
68%
60 Dec 83 Feb
6818 681
:
13,600 Consolidatm1CM.8(N1)
100 60% Jan 2 697
3
3% 314
34 314
8June 17
34
,
3
4
3 14
583 July 69% Feb
3% 314
4,300 Consolidated Textlie--_No par
7
52 8 5314 52% 5312 525 53 4 52% 53% 5214 523
23 Apr 22
5
8
8 Jan 5
3
Oct 1412 Feb
6
4
23,300 Continental Can, Inc
100 43 Apr 14 60 Jan 8
64 614
/
1
4
614 614
613 61
614 612
4278 May 57% Dee
•614
61:
2,500 Continental Motors--No par
6 Apr 22
8 Jan 16
5 Oct 1214 Jan
3415 35
Corn Products liatinikg___100 152% Jan 4 187% Jan 28
35's 358*
is 353 z337 34':
1143 July 16012 Dee
8
47.700
New when lamed
25 3112 Jan 15 37% Jan 28
26% 2712 2718 27% 275 2918 2712 291
8
27% 2914
82,000 Ckmden & CO
No par
5318 535
2318June 7 404 Feb 5
1 53
8
2284 Sept ii2 4 Mar
5518 547 5512 5412 55
531: 543
.18
16,500 Crudble Steel of America--100 48 May 13
88
88 '87
8812 *87
4
89
713 Feb 7
•87
89
5713 Sept 8412 Mar
885 885
8
8
20e
Do pref
143 1438 1412 1412 1414 1412 1412 141
8
100 86 May 22 92 Feb 11
85 4 Aug 9412 Mita
3
14% 1414
4,0(0 Cuba Cane Sugar
No par 113 Apr 22 18 Feb 6
603 61% 6014 61
4
4
593 6212 6114 62% 8014 614
812 Aug 20 Feb.
4
18,800
Do prof
3014 303
100 53% Apr 21 71% Feb 11
4 3018 303
3313 Aug 6513 Dec
4 30
30% 3012 307
3018 303
4
9,500 Cuban-American Sugar
*9514 98
10 2812June 9 38% Feb 11
*9514 98
*9514 98
23 Aug 37% Feb
*9514 98
*9514 9814
Do prof
*412 43
•458 43
100 96 Jan 4 99% Feb 28
4 *45
4
8 434
92 July 106 Am
4% 4%
4 47
300 Cuban Dominion Sugar No par
*35
44
•35
418June 16
44 .37
44
8% Feb 6
*37
3 July 1214 Mar
44
*37
44
Do Prig
5714 581
100 42 Apr 11 62 Feb 5
57
58% 57% 59
30 Aug 5818 Mas
574 .58% 563 5712
8
6,200 Cuyamel Fruit
243
No par 52 4June 24 7412 Jan 8
234
17
24
3
1912 203
5412 July 7213 Dee
4 17
2012 1514 173
4
41,500 Daniel Boone Woolen Mills 25 1514July 3
473
46
4818 473
4 4714 483
/
1
4
4 48% 4818 4612
12,300 Davison Chemical t o_No par 41 Apr 14 32 Mar 6
•
*2014 213 *203 2134 *2034 213 *20% 2112 *203 4813
8
12 Jan
4
20% May 8114 Dec
21 2
,
De Beers Cons Minea_No par 181 Jan 21 69 Mar 8
10314 10314 10314 10312 103% 1031: 1033 1033 104 8 10414
4
22%
14
183 Dec 28
4
4
4
1,100 Detroit Edhon
•163 17
*16% 18
4
100 10114 Jan 30 108 Jan 10 100% June 111 Mar
*164 17
14
1612 163
4 16
163
Mar
8
1,100 Dome Mines. Ltd---No par 15 Apr 28 2014
10
10
*9% 1014 10
10
Jan 7
104 1014 *10
303 May 44% Jan
4
1012
300 Douglas Pectin
93
alune 9 111 Jan 11
4
11
let 141 June
4
10712 10914 108 10814 10712 10818 1o712 1.814 10718 1073
4
4,400 Eastman Kodak Co..
.No par 104% Apr 21 112% Jan 8
8
125 12% 125 1258 1212 13
8
123 123
89% Jan 115 4 Apr
4
1212 123
4
3
8
600 Eaton Axle & Spring..
.No Par 11 June 19 2418 Jan 8
4
8
8
1193 1211 1207 1237 123 125
12334 125
20
Oct 27 July
12412 12712
33.3)0 El du Pont de Nem & Co-100 112
57
57
563 Ws *56
8
1417
57
8
*56
57
56% 56%
500 Elec Storage Battuy_No par 50 May20 64 Feb 1 10814 Jan MO% Apr
•115 113 *1112 113 *11% 1184 *11% 113
4
8
12May 15
Feb 7
52 July ffla Mar
4 111: 1112
200 Elk Horn Coal Corp
•114
50 1112June 20 1312 Apr 3
11
•114
1,2 •114 2
"114
1214 Dee 20 4 Jan
2
*114
2
3
Emerson-Brantingham Co-100
%June 23
61
4 61
6112 611 *61
613
318 Jan 9
61
5 Dec
8
81
6134
7% Feb
.01
500 Endlcott-Johnson Corp-- 50 557
•__
109 *10714 109 •10714 110
8May 0 6712 Jan 16
1107 •10612
587 Oct 9414 Jan
8
10612 10714
200
Do prat
•1544 20
*1834 19
*183 20
100 10512June 26 115 Jan 17 110
4
183 1914 •183 20
4
Oct 118
Jan
4
600 Exchange Buffet Corp_No par
1812May 21 22% Jan 12
.7514 76
75% 7614 76
77
7612 7718 7618 7812
1978 Dec 31
Jan
8.500 Famous Players-Lasky_No Par 61 Jan 29 Mohan° 14
•96
971 *96
9712 9612 9612 9618 9618 *96
52 Oct 93 Jan
97
300
Do pre (1%)
0912 111
100 87 8 Jan 28 9712June 4
*9
1012 '912 1013 ,,,91: 1012
7
1114 *9
82 Oct 994 Feb
Federal NUningk Smelt
5% An* 1 13 Feb 20
-g_100
48
491
48% 49
48
48
477 483
8
5 June 13 Nov
4 4714 471
:
3,901,
Do pro!
100 4113 Jan 2 4914June 28
12
127
4
113 12
:
11% 12
111 12
3414 June 6012 Feb
11% 1214
19,600 Fifth Avenue Bus
No par
912 Jan 23 13% Jan 20
•180 190
186 186
186 186 •180 190
190 190
74 Sept 103 Jan
8
500 Fisher Body Corp
No par 183 Jan 23 22312 Mar 21 140 July 21214 Jan
*99 1001 *99
9912 •99
9912 •99
994 *90
9912
Fisher Body Ohio pref -100 98 Jan 9 10218 Mar 13
612 612 *612 7
*612 6%
65
8 65
94 July 1023 June
8 *63
4 7
8
300 Fisk Rubber
No par
512June 6 103 Jan 16
5512 551
4
5512 56
5512 5814 5514 56
5% Oct 1612 Feb
5514 55%
3.300 Fleischman Co
No par 444 Jan 22 573
8June 26
704 701 070
37% Feb 474 Mar
73
70
71
7214 71
•703 71
4
2,400 Foundation Co
No par 6612 Jan 11 75 4 Mar 11
3
812 81
878 8 8
5812 Oct 783 July
83
81
4 87
: 88
7
2
5
8
83
8 8%
2,500 Freeport Texas Co.. No par
Apr 21
39% 39% .39% 40
8
13% Jan 7
44) *38
*37
40
39% 39%
94 July 22 Jan
200 Gen Amer Tank Car- __No par 3514May 28 4614 Jan 2
404 415
8 41
3812 Oct 717 Feb
4134 4112 421/ 42
4214 41% 413
8
4
8,100 General Asphalt
100 31% Apr 11 46% Feb 6
*77
80
23 Aug 54 Mal
*77
80
80
*77
*77
7714 77
77
100
Do anal-_100 7112 Apr 5 81 Feb 8
80 Sent 83 Mu
•Mums asked prime; no tales on this day. • Si 300%
Knelt. •Ex-dividend
I Ex-rIght.a.
58
New York Stock Record-Continued-Page 3
For sales during the week of stocks usually inactive. Gee third page preceding
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Friday.
Tuesday, Wednesday. Thursday.
Monday.
Saturday,
July 3. I July 4.
July 2.
June 30. I July 1.
June 28.
3812 3812
3878 39
2434 2434 2314 2314
1454 14514 144 14512
*113 114 *113 114
5812 5812
59
*58
4 1312 1312
133
13
444
3
43 8 4412 44
50 504 50 50
3112 3112
*3112 32
54
.451z 53 .48
2714
27 2714 27
4734 484
4734 48
39
39 4034 3914 404 38
8
4 215 2278
223
2234 2312 22
14334 144 *14214 143
14412 145
11334 1133
4
113 114 .113 114
584
5818 5812 5818 5818 58
13
134 1318 134 13
8
133
4314 4314
4
433 44
4334 44
smu4 50 8 501s 5018 *5014 5012
5
32
3414
*3214 34
32
32
54
5212 *46
46
54 .
*46
2714
2718 27
2714 27
27
4 4914 4914
4
4812 484 483 493
"wii4
734 "784
112 118
4
•114 134 *114 134 •114 134 •114 13
212
*2
2
2
2
2
2
2
2
2
51z 512 *54
*54 818
*54 8
.54 6
6
191
1914 .19
8 1914 1938 .19
194 193
7
18 2 19
8
675
644 6512 8512 8512 8512 6512 6512 6512 654 84
.
814
84
8
814 814
818 814
3
7 4 818
4238 4212 4234 4212 4258 4212 424
424 4212 .42
3,
2
3
34
34
12
8
*3
12
12
12
8
.2
9272 93
4
4
4
3
94 4 943 7'923 923 93 934 9314 9332
•Bid and salted prices: no sales this day. z Ex-dividend.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1924.
On basis of 100-share lots
Lowest
I
Highest
PER SHARE
Rangefor Previous
Year 1923.
Lowest
Highest
VW share I $ per share $ per share Per than
Shares. Indus.& Miscell.(Con.) Par
8018 June 974 Dec
9734 Jan 10
100 8214 Apr 3
500 General Cigar,Inc
107 Jan 11 1044 Nov 110 Apr
100 100 Apr
Debenture preferred
23914June 28 16753 Sept 20214 Dee
100 19312 Jan
26,000 General Electric
104 Oct 12 Jan
1138July 2
10 1012 Apr 2
Special
1,600
1234 June 1712 Apr
164 Feb 1
4May 2
55,934 General Motors Corp--No par 123
8418 Mar 3 79 July 89 Apr
100 80 June
pref
Do
800
4
783 July 90 Apr
8414May 15
Do Deb stock (6%)-100 8014June
4,200
4
Do Deb stock (7%).__100 92 June 1 10018 Mar 17 933 Oct 105 Apr
500
- _
4314 Apr 26
25 38%June
24,800 General Petroleum
304 June
5338June 27
No par 4714June
4,303 Gimbel Bros
6 Sept 1238 Feb
14 Feb 4
8 June
No par
Glidden Co
- _38 May 6
No par 2812 Apr 1
1,700 Gold Dust Corp
8 Nov -221;June
1578 Mar 25
813 Feb 1
100 Goldwyn Pictures, new_No par
17% Oct 414 Mar
17 June 1
26% Jan 10
No Par
1,900 Goodrich Co (B F)
6734 Oct 924 Mar
80 Jan 17
100 7014May
Do pref
100
35 Oct 6213 Apr
49 Jan 8
4,000 Goodyear T & Rub pf v t 0.100 39 Jan
88 Oct 99 Feb
94 June 18
100 8814 Jan
Prior preferred
1,000
12 Oct 33 Mar
1714 Feb 15
2.000 Granby Cons M,Sm at POW100 1213 Apr 1
8
4
63 Dec 155 Mat
3 June
-No par
500 Gray & Davis. Inc.
1358 Dec 344 Mar
914 ja1
100 10 May 16 18118 Feb 18
Copper
203 Greene Cananea
1413 Feb
5 Sept
6%June 6 104 Feb 6
400 Guantanamo Sugar_ _ _No par
8,800 Gulf States Steel tr etts.--100 62 May 20 89% Feb 7 66 June 10458 Mar
7934 Nov 94% Feb
7,200 Hartman Corporation. No par 34 May 14 4434 Feb 4
31 July 44 Apr
100 3214May 20 527 Feb 4
7,100 Hayes Wheel
54 Dec 7978 Jac
100 35 July 1 5812 Jan 3
900 Horneetake Mining
2858 July 39% Mal
.No par 313 Apr 19 3413 Jan 2
2,500 Household Prod, Inc.,.
4034 Aug 78 Feb
100 61 Apr 22 3213 Feb 5
14,700 Houston Oil of Texas
20 June 3234 Mar
par 2012May 13 2934 Mar 10
5,800 Hudson Motor Car____No
1518 Dee 3013 Apr
10 1118May 13 18 Jan 2
2,600 Hupp Motor Car Corp
12 Oct
611 Jan
Jan 2
112 Jan 10
No par
700 Hydraulic Steel
3% Sept 1114 May
8July 3
914 Jan 18
63
1,600 Independent Oil di Gas_No par
1 Oct 19 Mar
278 Jan 17
5
4
5 Feb 5
400 Indlahoma Refining
18 Dec 1954 Dec
200 Indian Motocycle---No Par 154Juno 6 2514 Feb 4
34 Dec
84 Apr
718June 18
10
3
3 4 Apr 12
2,900 Indian Refining
3118 July 4658 Apr
'No par 3112May 16 384 Jan 30
Inland Steel
100
2314 Oct 43% Mar
Jan 24
9,200 Inspiration Cons Copper- 20 2218 Feb 28 2734
Oct 11 Feb
234 Feb 6
100
13 Apr 15
Internat Agricul Corp
418 Oct 3978 Feb
313May 29 1018 Jan 8
100
Do pref
300
-83 Apr 11 9734June 21
2,800 lot Business Machines_No pa
81 June 44 Mar
4034 Apr 24 4434 Feb 11
1,300 International Cement._No pa
19% JtMe 274 Apr
10,400 Inter Combos Engine._No par 22 Mar 31 2738 Jan 12
66% Oct 9813 Feb
8,000 International Harvester-100 78 Jan 3 89 June 26
100 106 Feb 28 109 May 8 106 Oct 11614 Jan
Do pref
200
47a Aug 1158 Feb
634 Jan 2 1013May 3
1,200 lot Mercantile Marine- _10
1812 Aug 47 Jan
100 264 Mar 28 3838MaY 5
Do pref
27,500
10% Oct 1614 Feb
1112May 9 1534July 3
International Nickel (The) 2
30,900
6934 Jan 83 June
100 7512May 29 84 July 3
Do pref
403
27% Oct 5853 Mar
341 Apr
100 621;m 15 4958July 3
21,600 International Paper
un
j e 2
7783%%J u iy 13 60 Oct 7513 Jan
preferred_100
Do stamped
500
64 Oct 7118 Apr
11,600 Internat Telep & Teleg._ _100 66 Feb 1
74 Nov 1914 Mar
1134May 12 1673 Jan 2
2,000 Invincible Oil Corp---No pa
3213 Aug 5814 Mar
394 Apr 2
2
Jan 10
500 Iron Products Corp---No pa
1538 Oct 24 Mar
100 1653 Apr 15 92814
23 4
2,300 Jewel Tea, Inc
62 June 884 Dec
100 78 Mar 31 9318June 30
Do pref
900
20% Dec 63% Mar •
100 1813 Apr 1 274 Jan 8
700 Jones Bros Tea, Inc
213
No pa
4May 20 2718June 30
1,500 Jordan Motor Car
28 July 457 Feb
2034 Apr 14 38% Jan 18
2,000 Kayser (J) Co, v t o---No pa
82 May 5 10212 Feb 10 96 July 104 Mar
1
No pa
5
3
Do 1st pref
2013 Oct 6218 Mal
25 3933 i e 220
Jan
4June 1
-Springfield Tire
6,800 Kelly
Jun
78 Nov 108 Jan
100
88 Jan 10
8% preferred
75 Oct 11714 Mar
100 76 May 7 101 Jan 10
100 Kelsey Wheel, Inc
29% Oct 45 Mar
Jan 21 41 June 30
pa
844
No
45,000, Kennecott Copper
153 Oct Ills Mar
900 Keystone Tire & Rubber- 10
1121%1Z 4
100 28758 ./9 17 4343iaUln 9 177 Mar 300 Dec
ay 2
4 j
500 Kresge(85) Co
75 allly 89% June
Laclede Gas L (St Louis)-100 79 Jan 2 9614 Apr 24
1138 Oct 81% Mar
8 May 13 17% Jan 11
500'Lee Rubber & Tire- _No par
Liggett& Myers Tobacco- _100 20614 Feb 18 245 Feb 9 19054 May 240 Dec
11134 Apr 1184 Jan
100 11538 Mar 5 121 June 26
Do prat
_
25 50 Mar 26 57l July 2
New
2,400
25 4878 Mar 23 5634J une 30
8,900 B new
Mar
5814 June
56 June 9 6834 Feb 9
1,800 Lima Loa Wks tern ctf-No pa
14 June 2114 Feb
1518June 25 18 Jan 10
4,30111 Loew's Incorporated-No pa
6 Sept 1134 Jan
834 Jan 11
22
pa
No
513 Apr
400 Loft Incorporated
3614 July 6614 Dec
100 50 Mar 6 6378July 1
2,100 Loose-Wiles Biscuit
-2438 Mar 28 40'., July 2
2
18,600 Lorillard new
18 May 13 2334 Mat 17
No pa
200 Ludlum Steel
100 107 Jan 2 117 Jan 80 103 May 121 Yeti
300 Mackay Companies
5818 Jan 934 Apr
7554 Apr 14 90% Jan 7
No pp
18,100 Mack Trucks, Inc
87 July 994 Mar
100 9513 Jan 16 100 June 27
350 Do 1st preferred
72 June 92 Mar
100 87 Apr 22 92 June 27
2d preferred
Do
57 July 7112 Jan
59 May 15 6813 Jan 2
600 Macy(R H)& Co,lnc-No pa
274 Oct 3814 Mar
2613June 14 3614 Mar 14
No pa
9,300 Magma Copper
21 June 40 Jan
18 Mar 28 3134 Jan 18
Co_No pa
900 Mallinson (H R)&
35 Oct 66 Mar
3314 Mar 21 45 May 2
2,500 Manhattan Elea SupplyNo pa
40 Oct 47% Jan
25 334May 15 44 Jan 10
Manhattan Shirt
1,000
8
16 Sept 283 Dec
2534 Apr 21 372 Jan 26
6,600 Maracaibo Oil Expl-No pa
13
17 Oct 5958 Apr
No pa
29 May 12 42 Feb 5
65,900 Marland 011
314 Nov 16 Feb
4
No pa
8 Jan 8 173 Mar 11
Marlin-Rockwell
26 July 3734 Ain
1001 Martin-Parry Corp____No par 3114June 3 3758 Jan 17
8114 Oct 63% mar
4,000, Mathleson Alkali Works__ - 60 2958May 13 4678June 20
36 Oct 6314 Mar
Motor Class A_ __100 38 Apr 14 5534 Jan 9
10,7001 Maxwell
21
1014
5,400 Maxwell Motor Class B.No par 1018 Apr 30 16 Jan 9 6752 Oct 93 Apr
Jan
Dec
8,800 May Department Stores_ __100 824 Apr 21 95 Jan 25
15 Sept 2012 May
23 1814 Jan 7
15 May
McIntyre Porcupine Mines_
534 Aug 2334 May
37,800 Mexican Seaboard 011__No pot 1418 Jan 3 2413 Feb 6
6 Aug 2314 May
1273 Jan 3 23 Feb 6
Voting trust certificates__
11,200
2013 Oct 3013 Feb
5 20 May 19 24 Jan 28
1,000 Miami Colmer
313 Nov 1214 Jan
6% Jan 2
158June 27
10
15,800 Middle States Oil Corp_
214 June 33% Apr
100 Midvale Steel & Ordnance_ 50 2818May 12 8414 Feb 7
5413 June 75 Mar
100 6114June 17 683sJune 24
2,200 Montana Power
1814 May 2614 Nov
4May 20 31 July 2
77,500 Mont Ward & Co Ill Corp- 10 213
1734 Jan 29% Mar
No par 18 May 20 2713 Feb 7
4,700 Moon Motors
74 June 14 Feb
914 Feb 15
6 May 19
6,000 Mother Lode Coalition-No pa
1018 Aug 297 Mar
8
9 Mar 22 147 Jan 9
Corp____No par
Mullins Body
3112 Oct 3612 Nov
No par 2958July 3 394 Jan 15
900 Munaingwear,Inc
4
7518 Jan 11412 Jan
No par 9612 Apr 29 1143 Feb 9
100 Nimb Motors Co
578May 1 104 Jan 28
60
7 Nov 1818 Feb
600 National Acme
88 Jan 5273 Nov
25 5014 Mar 28 5714June 30
3,800 National Biscuit
100 12012 Jan 8 125 June 26 1184 July 125 Feb
Do prof
40 June 6714 Feb
700 National Cloak & Suit--100 44 June 5 64 Feb 1
700 Nat Dairy Prod tem etfs_No par 30% Apr 11 117 941715
;
3454 June 424 Api
8,100 Nat Department Stores No par 37 June 9 43 Jan 9
35 Oct 78 Ma
4M5y 20 4473 Jan 17
1,900 Nat Enam'g & Stamping 100 183
100 12312 Apr 21 15534 Jan 28 108 July 148 Dec
Lead
1,800 National
7339
100 11112May 27 115 Feb 28 1074 June 114 .
00 pref
100
5412 Oct 684 Dee
50 56 June 6 7212 Feb 4
1,200 National Supply
8
918 Oct 183 Mar
2,700 Nevada Coneol Copper__ 5 1178 Jan 2 1413 Feb 21
3
2658 Jan 427 Nov
3,400 NY Air Brake temp etfs No par 364 Apr 22 45 June 16
454 Aug 5113 Feb
No par 4714 Jan 7 507
8June 14
Class A
1,200
1514 June 27 Apr
100 19 Jan 9 3718May 23
600 New York Dock
4
375 Aug 5112 Mar
100 4113 Feb 27 5514May 14
Do pref
1712 May 244 Apr
10 22 Jan 2 27143une 28
12,200 North American Co
424 July 4812 Feb
60 4378 Jan 2 4934July 2
Do prof
2,900
8
1353 Dec 297 Mar
84 Apr 25 1413 Jan 18
Nova Scotia Steel & Coal__100
77 Oct 1018 Feb
93 Feb 5
7 Apr 11
400 Nunnaliy Co (The)___No par
312
15 Dec 1014 Jan
2
1
/
4 Jan 14
118July 3
100 Ohio Body & Blower...No par
Feb
n
8
7 Nov
24 Jan 22
14 Jan 2
3,300 Okla Prod & Ref of Amer-- 5
94 Dec
3 July
8 Jan 7
434 Mar 24
100
100 Ontario Sliver Mining
1614.1une 21, Aesr
14358
1 18 Feb 18 2014 Jan 3 11412 July 15. MF pbr
Circuit. Inc
2,200 Orpheum
Pe
50 °nne 24 7353June 4
2,800 Otis Elevstor-k
7 June
714May 28 11% Jan 26
No par
3,200 Otbs Steel
Jan 5223414 Apr
38345s NovJa
25 3914May 29 47 Jan 10
1.300 Owens Bottle
Mar
14 Jan 11
38 Jan 2
600 Pacific Development
73 July 9473 Dec
8
100 9018 Jan 4 957 Jan 28
Pacific Gas& Electric
1.200
beginning June 3 a EX-rights.
k Par value onanged from $100 to $50 and prices on that basis
per share
Per share
* per share $ per share $ Per share $ per share
881s 8813 8834 8834 8812 884 8814 881. *8812 95
•10112 106 *10112 106 *1014 108
*1014 108 *10112 106
4
2384 23914 235 23812 236 23814 23534 2383 235 23814
2
1114 1114 1114 •1118 114 1114 114 114 113
*11
1314 1318 1312 1314 131s 1314 144
1318 13
13
4
4
4 823 823
8212 8212 *8212 833
84 84 *8212 84
8212 8314 824 8234 8212 83
83 83
4
8312 8
94 94 8 9458 9458 9414 9414 944 944
7
9414 944 .
4112 4034 414
394 3912 3938 4012 404 4114 41
52 .5012 511z
5214 .51
5238 52
51
5214 53
918 .814 914 .814 914 .812 918 .814 94
vg
36
35
*3412 35
36 *35 3534 35 35
38
14
15 .
15
15 .14
15 .14
7
13 2 1378 .14
1934 20 •194 20
•1932 1912 1834 1834 1912 2033 .
75 .724 75
73
75 .7212 75 .
75 .72
75
8 484 47
47 473
s 474 477
4818 4852 4634 47
4
0378 93 s 9314 933
7
9278 9314 .93 94 *93 94
144 1412 1412 1412 1412
2
143 1434 1414 1434 *14
5
5
*412 5
*434 5
5
5
5
5
12 .1112 12
12
1158 114 .1112 12
7114 12
.
834 634
4
4 63
83
8 4 63
4
4
3
64 64 .812 63
8
7012 7114 6934 705
7012 71'
70 704 6918 71
37', 3812 3712 3778 3712 3734 374 3712
3734 3812
8
35
345 3534 3412 3434
3358 33
334 334 33
39
3714 3714 37
36
35
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37
37
33 33
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6
3312 333 3312 33
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33 33
7118 7212
7114 73
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70
69 71
8812 70
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8
s 233 237
23 231s 2314 2334 233 237
1212 12
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1218 1214 123 1212 124 1212 12
8
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•
8 8
4 74
77
73
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712
3
74 7 4
4
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73
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4
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4
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1734
1712 *17
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2 834
83
6
6
6% 614
54 8
6
6
*3312 34
34
34
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234 234
2334 24
24
2334 244 24
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23
.18 1
*12 1
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54 54
*412 512
5
5
.44 512 .458 512
9612
8 98
9612 967
964 974 9578 9714 96 97
4334 4312 4312
4312 4312 43
,
4314 43 4 .4112 43
4 2312 234
2
234 234 233 2352 2312 233
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88
4
884 8812 8738 8812 *873 884 87
884 89
4
8
4
8
•10712 1085 .10712 1083 •108 10812 105 10858 10834 1083
812 878
85s 9
.858 9
8
832 832 .85
354 3634 3534 3858
36
3514 364 35
3434 35
4
1514 154 1514 154 1512 1512 153
1514 1512 15
8 8312 84
8
•8112 834 8212 8212 .83 834 833 833
4838 4752 4912 4838 494
4614 47
4634• 4634 46
7212
Stock
72
72
7112 7112 72
72
7112 *71
*71
8
7734 7812 7754 7878 783
8
7434 7474 753 774 77
1212 1212 124 1212 Exchange
1212 1214 1218 1212 (2124 1212
44 .424 44
44
4718 4718 47 47 .46 48
Closed20
20 .19
8 1978 2038 .19
20 203
1912 20
94
94 .90
9238 923 934 .9212 93 .90
2
90
Inde2058 21
*2012 21
20 2012 204 204
20
20
2614 26%
27 .2658 27
254 2614 2612 2718 27
274 264 2814 pendence
24
2412 .224 25 .224 25
*2212
85 88
88 .
•82 88 .82 8734 .83 88 .85
Day
124 114 1234 1214 124 12% 134
12
12
12
*3112 54 .3112 34 .314 34 *3112 34
3112 34
.
*84
85
85
83 85 .84
85 •
82 82 .81
4
393 4014
404 404 4011 41
3958 404 404 41
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8
4 17
134 13
13
134 178
4
152 13
4
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415 415 .415 435 422 422 430 434 *415 430
951s 96
*954 9814 *9512 96 .
96 9614
9812 .
*95
9
9
9
9
94 94
4 912
83
9
9
'119 122 '118 123 '118 121 *iii- fif *Hi" 121
6614 5634 56% 57 561j 571s 5678 5878
56
56
5514 5512 5512 5634 56 56% 5814 5634 5613 5614
.6012 6112
61:12 81
6012 62
59
59
60 60
1512 1534 1552 16
8
1518 1514 154 1512 155 16
618 64
84 612
614 *61s 614
.6
618
6
*
6212
834 .56
60 6378 62
80 60
62 62
4 3875 4014 394 3978
3814 3812 3634 384 3818 383
8
4
19 *183 1912 185 185 •1812 19
8
•19 2032 19
11112 11112 •111 115 11214 11214
112 112
*11014 112
,
4
8 88 8914 873 883
874 8858 8814 8912 8812 893
98
98
98
9912 98
98 10014 99 99 *99
•
92
92 *90
9012 9212 .9011 9212 .9012 9212 *90
•
6312 6414 6412 6412 *6312 6412 *6318 844 .8312 6412
2734 284 2734 2813 274 284 274 274
2718 28
2212 224 2314 2252 2258
22 22 .22
22 22
44
434 4312
4414 4378 4414 44
*4334 4412 44
35 35
354 3514 344 3412 3414 3414 .3414 3514
4
2812 2812 294 283 2938 2814 294 2812 284
2814
3178
3114 324 31
2 304 3152 3118 32
3018 313
•1012 12 .1012 12
1214 .1012 12
1214 •11
•11
3334
334 *33
33 .33
33
4133 34 *3334 34
4
4434 45
424 433
4
43 45
43 4312 •4212 43
504 414 504 524 5038 5176
8 494 51
4912 497
1314 1312 13
1314
1278 1314 134 134 131s 1338 91
91
91
91
9212
8 92
9012 927
904 92
1512 1534
8
155
8
4
1558 155 *154 155 *1512 1534 214 223 "1512 2118
2 20
8 214 2214
223
1978 2078 21
214
8 2112 2178 20
8 2115 217
2012 2034 217
20
4
204 204
2114 203 21
2114 .21
2034 2114 21
3
4 17
134 17s
13
4 178
13
134 178
158 134
28
28 *26
*25
28
27 *26
27
*25 38
6612 6612
854 67
64)4 65
854 66
6534 66
3018 31
297s 31
2832 294 2814 284 2834 3018 *203 20% 205 2138
8
8
4 204 20%
.20 2018 2018 203
7
7
74
7
718
7
714
7
6% 7
13
*11
13
*11
13
•11
13 *11
*11
13
2984 301
32
32
33
33 *30
30
3112 3112 .
10612 10612 .104 106 •105 107 .105 107 .105 107
81
818 812 *6
612
618 614
612 •6
6
.
57
5714 *56
5814 5812 x5512 5714 564 5714 57 125 .123 125
125 .12212 125 *12312 125 *12312
.122
57
57
56
58
514 .514 56
4 51
4
503 503
4 3212 321
324 323
3234 33
33 *3212 33
33
Sales
for
the
Week.
New York Stock Record-Concluded-Page 4
59
For sales during the week of stocks usually inactive, see fourth page Preceding
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICE
Saturday,
June 28.
Monday,
Wednesday. Thursday.
Tuesday,
July 3.
June 30. I Jwir 1. I July 2.
Friday,
July 4.
Per share $ per share
per share
per share
5 Per share 3 per share
.8
10
.8
.812 9:8 .812 10
9
10
.8
4812 48
47
4918 4814 4918 4812 49 8 4812 4914
,
8
*1012 103
4 105 105
1118 1112
8 l07 11
8
8 1034 107
96 .90
.8414 865 .90
8
96
96
*91
9614 *91
524 5214 53% 515 5212
52
4
515 523 25112 52
8
8
5014 5114 35018 51
5014 5114 5012 513
507
8
4 50
3
3
3
*2
.2
.2
*2
3
•2
3
1512 1518 155 *16
1612 *16
16
•15
8
1612 16
2
218
2
2 14
2
214
14 24
17
8 214
•9734 98
*973 9314 .
4
*973 98
4
97
9812 *9734 98
474 4814 477 4312 24712 4814 48
483
8 473 4814
4
4834 4913 484 4938 4812 4958 4812 4913 4812 493
8
52 .47
52 .49
*47
52
*48
52
52
52
15
1512 1513 1512 *15
16
*15
157
8
15 4 15
,
3418 35
345 353
8
8 3518 353
4 353 364 35
354
8
9
9
97 10,
918 91
8
4
97 103
3
8
97 104
8
8
24
24
245 2614 2612 263 .2512 27
2918
8
27
4
4 17
8
13
13* 18
13
17
8
4 13
13
4
4
13
4
17
8
263 27
4
2712 274 28
285
3 2814 2912 29
30
*5812 59
59 59
5312 59
5812 5312 5812 5812
*9914 994 *9312 9912 99
99
.9812 9912 .9813 9912
1313 1314 1318 1314 13
1314 1318 1314 13
1318
513 5214 5112 52
8
5214 5334 9233 5312 *5212 5314
.111 113 .111 113 .111 113 *111 113 *111 113
*4914 50
494 • 50
50
51
50
5012 5012 513
4
4
*804 82 .803 82
82" .81
83
*8012 83
2612 27
263 2712 27
4
2734 263 273
4
4 26
263
8
5154 523
8 515 52
8
513 5214 5214 524 524 523
4
4
3
12314 12414 124 12412 12314 1233
12334 12412 1235 124
4
8
5114 5112 513 5134 5113 5218 505 513
4
3
8 503 51
2034 213
8 205 2118 204 203
8
4 205 20 4
8
4 204 233
3
95
*93
*93
9318 .93
95 .93
95
95
.93
116 11612 11712 11912 11912 122
11812 11812 118 11814
.3158 325 .32
8
325 .32
8
3258 *32
33
*3214 33
105
8 103 11
8
10
103 1118 11
4
105 11
8
11
8
4112 411. 423 .11
40
42
•40
42
.41
42
03 •90
93
.90
.911
93 .90
93 .90
93
*933 96 .34
4
96
94
94
94
94
*933 96
4
8 1012 1214
104 107
1112 124 103 1218 1114 113
4
8
8 465 473
8
474 473
4 4713 477
8 465 475
8
8 4612 4 3
64
*84
86
86
*it
.85
86 .81
SG
*84
36
8
1118 1118 105 11
11
11
1112 12
117 117
8
s
7014 7012 7018 7012 704 7012 704 703
4 7012 705
8
•120 12012 120 120 .11958 12012 120 120 •11912 1201
47
463 4714 4634 47
3
473
4
8 4712 4814 483 491
26
26
26
26
26
2614 *26
261
2612 .26
9.34 2
•13
4 2
.134 2
.13
4 2
.13
4 2
597
8 594 5918 57
4 59
603
59
4
5814 563 577
12112 12412 12112 12314 1224 125
Stock
12314 12514 124 1261
947 953
4 95
8
4 95 953
9612 05
051
9512 95
•11212 116 *1124 116 •11212 118 .11212 116 •11212 116 Exchange
7
7
8
4
7
8
7
3
8
4
8
"4
7
8
5
54 .5
512 •
4 •518 53 Closed518 53
4 *61 4 53
1678 171, 1718 1738 17
171
17
1714 164 171
*94
95
*94
95
*94
95
*94
Inde95
9414 9414
1318 131
1314 131
1318 131 .1314 1312 1314 1314
8 244 241
244 243
2418 244 2438 243
2412 pendence
8 24
1812 1918 183 1918 1838 19
4
1838 1918 1814 1812
•83
871
8612 861
87
87
87
87
Day
•87
8713
194 20
195 2012 193 2014
8
4
19
204 1914 1912
4
58
5S8 5812 5914 5912 593 .59
60 •584 594
.72
723 .67
71
.67
72 .69
72 .67
71
81
87
8 87
*8
8
853 9
94 94
.83 10
3
•.. _ _ 80
80
80
80
80
*383 50 .3834 50
4
•383 50
4
*333 50
4
*383 50
4
57
8
573
567 57
4 5714 58
8
577 534 575 5812
8
3412 343 344 3458 35
8
34
3438
34
317
8 34
11778 118
4
*1173 118
11778 11778 •11734 118
1174 118
53
58 .58
•5712 58
5812 51312
60
*5818 60
8
654 655
8 645 6614 6514 67
6534
643 6612 65
4
62
6234 63
62
62
665
8 66
673
8 6412 65
337 35
8
3:1
343 36
4
353 363
4
8 3514 36
9
918
914 94
94 914
94 918
9
914
534 6
6
612
54 612
618 63*
6
7
.24
*24
__
.24
294 .24
294
297
8
218
.2
2
218 .2
2
24 218
2
2
7
7
7
7
67
8 7
7
7
7
7
384 3914 384 393
3
4 3914 3934 3912 4018 393 394
6534 66
66 12 665
8 6512 66
6518 6618 6514 655
3
5
•El
912
9
93
4
93
4 94
9
9
•120 123 •120 123
12214 1243 12312 1243 122 123
4
4
34
3314 3314 34
3314 34
8 343 344
8
344 343
62 18 623 /605 61
6014 61.
613 62
4
8
4
594 6014
8914 891
8
8 8934 894 894 90
4 895 897
897 90
8
•119 122
1197 1194
8
478 518
478 518
5
54 --434 54 -45 -18
8
58
•363 37% 367 37 .37
4
38
37
377 .37
8
38
48
50
.45
50 .48
48
48
50
494 *48
14
•18
14
•18
14
"8
14
*,8
"
13
14
•97 100 .96 100 .96 IGO
*97 100
99
99
112 115 •112 113 •112 115
•112 115 *112 115
8 2214 2214 224 224 .2213 224 224 2218
223 223
8
794 791 *77
79
79
80
•79
80
7912 7913
49
49
*484 49
.4812 49
.4812 49
49
49
195 1963 *19312 198 •195 198
195 195
•195 198
964 9818 9512 9634
96
981
943 971
8
9412 957
94 .9212 93'2 90
•92
93
95 .91
93
93
•I712 18
8 18
177 18 .1712 18
8
175 175
8
1812
6918 694 685 6914
6918 704 6814 693
6913 701
8
•10112 103 *10112 103 .101 103 .101 103 .101 103
95
*9513 97
95 18 9588 95 9512 94
95
9414
•102 103
10112 1015
102 01214 .10112 103 .10113 103
8
273 273
8
4 2712 277
8 28
2814 285
293
4 2814 29
8
763 77
4
7612 7714 7612 80
79
78
783 793
8
4
2912 2214 223 223
4
8
8 217 2214
4 2212 '22,2 223 223
8
40
40
4112 41
407 407
8
.40
41
8 41
413
8
9914 997
8 933 100
4
9914 1003
4 9912 10073 9914 10014
12118 12118 12118 1217 122 122 .12114 122
8
12112 122
693 707
8
8 71
71 12 713 72
7012 7112 707g 704
4
2812 283
4 2812 2918 283 29
4
283 2914
283 30
4
4
23
23
23
235
8 23
23
2212 225
8
8 223 2238
114
114
114
114 *1
155 *118
15
8
13
8
112
*318 312
4
4
*318 33
4
312 312
378 6
512 512 .
512 53
4
5
614
534 6
6
6
•143 1514 .15
4
1514 .15
1514 1514 1514 15
1514
165
154 1612 16
8 16
16
1614 •1534 16
16
4 4214 4212 425 4258 42
4212 423
8
42
43
423
8
8
•1073 10812 10812 1085 1073 10734 1087 10913 •108 109
4
4
8
.944 9314 39318 9318 93
93 .9012 9212 923 923
4
4
613 6214 604 6114 6118 6112 6114 613
4
4 6118 624
4
24
4
2414 24
233 233 z233 24
4
245
8 2414 2414
5512 55
5411
55
54
54
54
543
4
13
8 15
8
158 2
15
8 134 55125512
112
15
8
112
114
8
814
818 83
8
814 813
83
8 83
814 812
4
4
6814 6812 673 8812 6814 69
683 70
8
6812 6912
44 44
5
612
*412 434
67 12
8
93 12
4
-111; 111- 12611 EA 118
112
11188 1
2514 2812
25
25
2414 25
111(11
8
1013 1012 105 10513 1034 103
4 1034
3812 385
8 3812 39
8
3814 3814 3338 335
54
534 53
53
53
1 51
54
541
65 .64
67
66 .64
*61
65
•64
•BIG and asked orloe ; no sales on ttds day.
112- 11113
263 27
4
.103 11
4
3814 333
4
53
5314
.61
67
sill-dividend.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range for Preciogs
Year 1923.
PER SHARE
Ranye Since Jul. 1 1924.
On basis of 100-share lost
Lowest
Lowest
Hiegel
$
Hlghest
per share 5 Per ,*Sr.
Shares. Indus. & Silscell.(Con.) Par $ per share
per share I
4
7 July 123 Mar
Pacific Mall Steamship__ 5
7 Apr 7 1034 Jan 9
3114 Sept 5214 Dec
45 Apr 22 5814 Feb 5
35.600 Pacific 011
97 Oct 1512 Mar
8
3,700 Packard Motor Car
8May 1 127 Jan 7
8
97
10
9018 June 99 Feb
Preferred
100 8912 Apr 24 9678June 20
12,800 Pan-Amer Petr & Trans_ _ 50 4414 Feb 14 6114 Jan 2
53 Sept 9312 Feb
5012 Oct 86 Feb
Do Class B
30,500
50 4114 Feb 14 5912 Jan 2
64 Apr
Panhandle Prod & Ref _No par
114 Oct
418 Jan 23
15
8Nfay 19
500 Parlsh & Bingham
9 May 1512 Mar
No par 1318 Jan 2 16 Mar 12
6 Ayr
158May 29
29,000 Penn-Seaboard St'l v t cNo par
414 Jan 17
112 Oct
People's G L & C(Chic)_ __100 923 Apr 29 9812 Jan 2
88 Apr 984 Dee
4
7,700 Philadelphia Co (Pittsb)__ 50 427
8May 1 4312June 21
41 July 504 Mai
8June 26
15,900 Phil,* & Read C & I wl_No par 3412Mar 23 505
55 Aug 16- Apr
200 Phillips-Jones Corp_ _ _ No par 44 May 14 60 Feb 5
8
1,700 Phillip Morris & Co Ltd_ _ _ _10 143* Apr 30 233 Jan 31
4
1112 July 245 Dec
8
4June 7 4212 Apr 5
4
46,600 Phillips Petroleum. _ _ _No par 323
193 Sept 895 APT
12,300 Pierce-Arrow Mot Car_No par
618May 13 1218 Jan 17
614 July 1514 Jan
Do pref
2,303
1312 July 354 Jan
100 1818Nlay 1
304 Jan 17
413 Jan 22
6 Feb
113 Apr 3
2,400 Pierce 011 Corporation
25
113 July
5,200
16
Do pref
Oct 43 Jan
100 20 Mar
38 Jan 21
100 57 Apr 22 63 4Mar 12
1,000 Pittsburgh Coal 01 Pa
58 Jan 13772 Mar
3
Apr
100
Do pref
Oct 100
100 98 Jan 14 100 Apr 4
96
978 Jan 22 1338June 24
2,700 Pittsburgh UtilIties pref _100
10 July 114 Sept
5,700 Post= Cereal Co Inc _No par 4812 Apr 22 5812 Jan 8
47 July 134 Feb
Do 8% preferred
100 110 Feb 7 114 Apr 1 10812 June 1144 Jan
2,700 Pressed Steel Car
100 4312Juno 7 62 Jan 26
4212 Oct 8112 Jan
Do pref
4
300
Oct 993 Jan
100 8012June 5 90 Feb 6
80
p
54 a
1
7,700 Producers & Refiners Corp_ 50 2234 Apr 22 434 Jan 22
4712 Nov 5812 Mr
11
Dec
23,500 PubServCorp ofNJ new No par 39 Mar 25 53 June 20
3.400 Pullman Company
100 11312 Apr 10 128 Jan 28 11012 July 134 Mar
4,600 Punta Alegre Sugar
50 4714June 6 6758 Mar 14
414 July 13914 Apr
11,200 Pure 011 (The)
25 20 June 6 263 Feb 6
4
1614 Sept 32 Feb
Do 8% preferred
100 92 Jan 10 9812 Mar 13
8212 Aug 100 Mar
6,400 Railway Steel Spring
100 106 Jan 3 122 July 1
9912 Oct 123 May
Rang Mines. Ltd
No par 30 Jan 17 3318 Feb 15
2914 July 3433 Feb
14,000 Ray Consolidated Copper_ 10
9 Mar 27 1214 Feb 18
97 Sept 1714 Mar
8
8
600 Remington Typewriter_ _ _100 3214 Jan 4 495 Feb 5
24 June 484 Mar
1st preferred
100 91 Jan 4 943 Feb 5
4
89 Dec 104 Feb
2d preferred
100 9012May 13 102 Feb 1
200
Jan 99 Nov
SO
714June 11 154 Jan 28
Vs par
31,500 Replogle Steel
4
Oct 313 Feb
8
8
4.900 Republic Iron & Steel
100 42 June 7 617 Feb 11
4013 June 664 Mar
Do pref
100 82 June 16 95 Mar 6
4
843 Oct 964 Mar
97
8May 13 223 Jan 7
1.800 Reynolds Spring
4
14 June 29% Apr
No par
5,800 Reynolds (IL J) Top Class 13 25 6158 Mar 31 7478 Jan 2
47
Jan 75 Dee
600
Do 7% preferred
100 11514 Mar 26 121 June 17 114 July 118 Feb
4618June 19 5912 Feb 6
6,100 Royal Dutch Co(N Y shares)
4012 Aug 5518 Feb
10 22 Jan 7 273 Feb 21
2
500 St Joseph Lead
17 June 234 Dec
34 Jan 24
14 Mar 6
Santa Cecelia Sugar_ _ _No par
5 Feb
114 Oct
4June 28
4,700 Savage Arms Corporation.100 325 Jan 2 603
8
1813 Jan 3512 Dec
32.900 Schulte Retail Stores_No par 9634 Apr 16 12614 July 3
88 May 11634 Dec
3
100 73 4May 15 974 Feb 1
12.330 Sears. Roebuck & Co
8
653 June 923 Feb
4
Do pref
100 11212Mar 26 115 June 26 10612 June 115 Noy
12may 2
614 Jan 11
478 Oct 1212 Mar
700 Seneca Copper
No par
4 Apr 11
Oct 107 Mar
64 Jan 10
8
400 Shattuck Arizona Copper__ 10
5
14,200 Shell Union 011
123 Jan 194 May
No par 164 Apr 22 201 Feb 6
8
8
8912 Nov 95 May
100
Preferred
100 9112 Jan 4 064Nlay 6
10 103 Jan 4 1478 Mar 24
16 Feb
3,200 Simms Petroleum
8
612 July
No par 22 Apr 14 253 Feb 5
1.500 Simmons Co
8
223 Dec 345 Mar
4
3
8June 7 2718 Jan 2
29,500 Sinclair Cons 011 Corp_No par 177
8
16 Sept 393 Mar
Preferred
300
100 77 May 8 90 Jan 21
8014 Aug 9913 Feb
05 173
4June 7 29 Feb 4
95 Jan 35 Mar
8
8.700 Skelly Oil Co
4
2,300 Sloss-Sheffield Steel & Iron 100 52 May 20 673 Feb 7
3914 July 63 Dec
South Porto Rico Sugar_..100 6112June 9 957 Mar 8
8
334 Aug 70 Dec
No par
73
8June 20 18 Jan 12
500 Spicer Mfg Co
1134 June 274 Feb
Do pref
Oct 977 Feb
100 80 Apr 12 90 Jan 2
8
88
Standard Milling
100 39127.fay 20 6212 Feb 7
604 Dec 9012 Jan
12,500 Standard 01101 California_ 25 554 Apr 21 6812 Jan 26 1 4718 Joly 12312 Jan
14,600 Standard 011 of New Jersey 25 33 NIay 14 4214 Jan 26
307 Ally 4414 Mar
8
900
Do prefnon-votlng.....i0O 1153 Mar 1 119 May 2 11434 Aug 11814 July
4
200 Sterling Products
8
No par 5513 Apr 23 634 Jan 2
51 June 675 Mar
19,300 Stewart-Warn Sp Corp_No par 54 May 20 1007 Jan 12
8
74 July 12412 Apr
4,600 Stromberg Carburetor.No par 5412Nlay 14 844 Jan 11
5912 July 9414 Mar
Studebaker Corp (The)...A0O 8011 Apr 30 10814 Jan 8
933 Oct 12614 Mar
4
83,000
New w 1 Boat- - -- -- -- - -- -No par 3012Nlay 20 38 Apr 4
-7 Mat 29 1218 Jan 2
3.500 Submarine
1S, o par
7 Jan 15 Apr
43,100 Superior 011
No par
23 Jan 2
8
7 June 11
63 Feb
4
2 Sept
Superior Steel
100 264June 6 344 Jan 9
234 Oct 34 Mar
900 Sweets Co of America
10
2 Mar 15
Oct
3 Jan 2
4
1 June
1,900 Tenn Copp & C
No par
63 Mar 31
4
8 June 124 Feb
93 Jan 5
4
15,400 Texas,, Company (The)____ 25 373
43une 7 4538 Jan 30
345 Nov S24 Mar
8
5,600 Texas Gulf Sulphur
10 574 Apr 21 665
Jan
8June 30
5314 July 65
2.400 Texas Pacific Coal & OIL
10
814June 7 1514 Feb 1
54 Nov 2414 Feb
1,000 Tidewater 011
100 119 June 7 151 Feb 7
94 July 144 Mar
2.500 Timken Roller Bearing_No par 3112Nlay 19 41 Jan 7
334 Jan 45 Mar
19,000 Tobacco Products Corp_ _ _100 53 Apr 11
7034 Feb 5
4634 Aug 783 Dec
4
Do Class A
3,600
100 8314 Mar 25 917 Feb 11
8
,
7612 July 927 Dec
Preferred
100
100 113 Feb 19 1197
8June 30 1043 Feb 11512 Oct
4
36,600 Transcontinental 011_ _ _NO par
33 Apr15
4
114 Oot 1412 Jan
654 Jan 211
800 Underwood Typewriter__ 25 363
.
4June 9 43 Jan 91 357 Aug 42 Dec
8
400 Union Bag dz Paper Corp._100 4612May 23 644 Feb 9
Oct 774 Mar
50
Union 011
14 Jan
38 Apr 9
4 Jan
No pa
18 Feb 1
103 Union Tank Car
81 Feb 9954 Mar
100 94 Jan 7 104 Apr 3
100
Do pref
Jan
100 1064 Feb 18 112 July 1 106 Sept 112
400 United Alloy Steel
29 July 3913 Mar
No pa
2118June 19 37 Feb 11
500 United Drug
7414 Oct 8534 Feb
100 71 May 29 88 Feb 4
2,600
Do 1st preferred
484 Feb 49 July
50 4612May 3 49 July 1
400 United Fruit
100 182 Jan 4 20114 Jan 28 15212 Jan 18712 Dec
36,000 U S Cast Iron Pipe & Fdy _ _100 64 Feb 27 9312 July 1
20 July 6912 Dec
100
Do pref
8
64 June 87 Nov
100 817 Jan 15 944 Apr 29
1.900 US HofVn Mach Corp _No pa
8Mar 28 2018 Mar 5
165
Jan
133 Oct 25
4
6,800 U S Industrial Alcohol__ _100 13118Nlay 20 835 Jan 31
8
40 Jun
7314 Mar
Do pref
4
100 98 Jan 3 1033 Feb 7
9514 Jun 101 Mar
1,700 U S Realty & Improv't__ _ _10
90 June 9 1073 Feb 13
4
884 JU1Y 106 Mar
400
100 June 9 109 Feb 13
Preferred
9712 Au 108313 Star
9,600 United Statt.,4 Rubber
100 2212May 22 427 Jan 12
8
8
304 Oct 647 Star
7,100
Do 1st preferred
4
Jan
100 6612Nlay 23 943 Jan 10
763 Oct 108
4
2,100 US Smelting, Ref & Min
183 Oct 434 Mar
8
50 1812 Star 26 234 Feb 15
1,200
Do pref
50 3712 Mar 22 445 Mar
8
383 De
8
484 Jan
69,900 United States Steel Corp...100 9414June 6 109 Feb 7
8
8512 Jul 1095 Mar
2,200
Do pref
100 11838 Feb 1 12212June 16 11618 Au 12312 Jan
3,700 Utah Copper
10 64 Jan 18 72 July 1
5512 Oct 7612 Mar
7,000 Utah Securities
8
100 185 Jan 4 3112June 4
8
14
Oct 243 Feb
2,300 Vanadium Corp
No par 1918June 9 3312 Feb 11
243 July 4458 Mar
4
1.700 Virginia-Carolina Chem_ __100
4June 10 103 Jan 11
3
8
614 June 27 Feb
2,300
Do pref
212June 9 3434 Jan 2
100
17 June 69 Mat
2,400 Vivaudou(V)
5 July 1 1518 Jan 10
No par
Oct 23 Mar
12
300 Waldorf System
par 14 Apr 29 1618 Jan 26
145 June 20 May
8
2,400 Weber & Ilellbroner__.No par 1434 Jan 31
No
1912 Mar 15
3
1214 Jan 163 Dec
2,000 Wells Fargo Express
50 3514 Jan 19 43 June 27
33 Dec 105 Star
900 Western Unlon Telegraph_100 105 Stay 1 113 Jail 30 1014 July 11912 Feb
400 Westinghouse Air Brake_ _50 84 Jan 2 963 Jan 28
.
4
76 July 120 Feb
10,000 Westinghouse Elec & Mfg_ 50 5518Nlay 15 65 Jan 22
524 June 6718 Feb
1.000 White Eagle 011
2318May 12 293 Feb 6
8
8
20
Oct 303 Nlar
3,500 White Motor
5012 Apr 11 593 Feb 11
8
45 June 604 Star
4,8(0 Wickwire Spencer Steel__o_ p5a°1.
78Nlay 19
N
5
5 J1111 11
2 Dec 14 Feb
24,000 Willys-Overland (The)
678M OY 17 1414 Jan 16
25
5 June 1114 Dee
10,10))
Do pref
100 6112N1ay 16 88 Jan 15
4212 Jan 83 Dec
20,100 Wilson & Co Inc
418May 16 28 Jan 9
No Par
4
19 June 423 Mar
Woolworth Co(F W)
100 280 Jan 4 345 Mar 241 1994 Jan 290 Dec
60,500
N wwi
25 7212 Apr 10 12012June 30
2,900 Worthington P & M
100 2314June 9 3134 Jan 9
197 Oct -idIs Yeti
8
600 Wright Aeronatuical_.No par
958May 15 1312 Jan 3
84 Jan 134 Nov
3,300 Wrigley(Wm Jr)
par 35 Apr 22 40 Jan 12
4
373 Dec 404 Dee
7,900 Yellow Cab Mfg tern ctfs_o
443
4June 10 855 Mar 27
N
8
Younawown Sheet & T_Na par 62 May 5 7014 Jan 7
Jan
Oct 80
62
,„,„. New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
1 1909 as Itychangs method of fuming bonds was changed and prices are now -and
Inferen''—ezesyt for income and defaulted bonds
BONDS.
N.Y.STOCK EXCHANGE
Week ending July 3.
Price
7'hursday
July 3.
Week's
Range or
Last Sale
Range
Since
Jan. 1
BONDS.
N. Y.STOCK EXCHANGE
Week ending July 3.
Price
Thursday
July 3.
Weer*
Range or
Last Sale
Ramo
Mum
Jan. 1
U. S. Government.
Bid
Ask Low
High No, Low
High
Bid
Ask Low
Low
High
Fligh
First Liberty Loan
Atl di Blrm 30-yr 181 g 48_31933 54 S
81
8014 June'24
70
J D 10113sr Sale 101 632 1017832 1801 987133 101 1132 All Knoxv & Cln Div 4s_ ___1955 M N
31.4% of 1932-1947
883 Sale 88333
8
83% 8912
9
891a
COny 4% of 1932-1947
• D 1017,32
1 98 32102.00 Atl Knoxy & Nor 1st g 55__ _1948 J 0 100
,
-- 1017,31101 3332
9912 Mar'24
9914 9918
.
Cony 434% of 1932-1947
-1 D 102134 Sale 102132 10213:2 431 98743410212 Ati&CharlALlstA434a__1944.8 J
94
94
4
913 94
94
2d cony 43% of 1932-1947-- .1 D 10975:2102 1011332J'ne'24
98,542102
181 30-year 55 Series B...1944 J J 10012 Sale 10012 June'24
96 10012
1
10012
Second Liberty Loan
Atl Coast Line 1st con 49..91952 M
9114 92 4 9112
8612 92%
14
,
92
M N 1011,31 sale 10117321011732 15 98 331011732
4% of 1927-1942
,
10-year secured 78
1930 M N 107 1073 07
8
4
1075
8 18 1063 108%
Cony
MN 1010ar Sale 101 32 1011532 6830 98 3210175u
% of 1927-1942
,
,
General unified 4349
1964 J D 9112 92
5
9112
8614 92%
923
8
Third Liberty Loan
L & N coil gold 4s
81052 M S 8514 Sale 85
81% 8514
8514 47
44% of 1929
M S 102',, Sale 102 32 1021031 2978 99018102"N Atl & Deny lst g 4s
,
1948
J 79
80
80
7314 80
80
3
Fourth Liberty LMn2d 4s
1948.8 J
65
618 June'24
087
9
431% of 1933-1938
A 0 102',, Sale 102132 1021,33 8348 98'841021,n Atl & Yad 1st g guar 4s
1949 A 0 735g 76
74
68
7434 25
801&
Treasury 434s 1947-1952
A 0 1047932 Sale 1047,
32105332 1089 991321051344 A & N W 1st gu g 55
1941J J 973 9814 9612 June'24
2
9612 96 2
,
41930 Q
ga consol registered
10312 10312
10312 Mar'24
ge consol coupon
41930 Q .1
1023 10238 Bait & Ohio prior 334s
8
1023 Mar'24
8
1925 3 J 993 Sale 9938
8
9814 995
g
995 343
8
1925 Q F
is registered
104 May'23
Registered
11925 Q .
1
98 June'24
98
96
1925Q F
es coupon
103 July'23
-year gold 4s
1st 513
k1948 A 0 863 Etale 8 s
4
88
8112 87%
63
87
Panama Canal 10-30-yr 29_11938 Q F
100 Aug'23
Registered
*1948 Q
85 June'24
_
85%
80
1061 Q M
Panama Canal 35 gold
937
4
9412 Apr'23
10
-year cony 4345
1933 M
893 Sale 8912
4
9014 139
8214 9012
Statit and City Securitiss.
Refund & gen 55 Series A_1995 J D 8518 Sale 847
8
83
857
88
8 78
Y City-4315 Corp stock _1960 M S 1007 10118 10078 June'24
987 10078
g
8
10
-year 64
1929 J J 10212 Sale 10212 10232 228 10018 103%
114s Corporate stock
1964 M S 1023
8
8
10212 June'24
995 10212
P Jct & M Div 1st 833-48.1925 MN 9918 9914
9514 991s
8818
9918 10
4314 Corporate stock
1966 A 0 1023 162 8 102 June'24
8 - -3993 102
4
PLE&W VaSysref 4s_ _1941 MN 8314 8312
85
25
79
84
4
1071.1 D 106% 10714 1053 May'24 -- -- 10412 1057
430 Corporate stock
8
4
Southw Div 1st gold 3349_1925 J J 993 Sale 88,
31
9612 99%
9938
995 133
8
449 Corporate stock _Jtily 1967
4
107 105 June'24 -- 1023 10612
Tol & Cmn Div 1st ref 48 A _1959 J J 68
69
6614 70
68 8
,
6812 21
45is Corporate stock
D 10612
4
10612 June'24
- 1023 1065g Battle Cr & Stur lit gu 3s_ _1989 J D 56
62
58 Mar'24 _
58
60
1963 .7 S 10612 11672 10612 10612
111
449 Corporate stock
1938 J -1 92
3 103 10812 Beech Creek lit gu g 48
93 93
9012 9312
1
93
1959 M N 9812
4% Corporatestock
945 9858
8
985
8
984
Registered
1938 J J
5
86 Feb'24
1958 M N
9812
4% Corporatestock
945 983
8
4
2d guar gold 58
983
4
983
4
1
1938 J J 96313 _
_
104 May'24
1957 M N 10618
47' Corporate stock
97 June'24 _
_ 961s 97 Beech Cr Ext 1st g 330___01951 A 0 7512 _ _ 7714 May'24
- 1
77;
_
4% Corporate stock reg. 1956 M N
943 9814 Big Sandy 1st 44
s
9814 10
9814
1044 J D
8314 June'24
807g 8314
434% Corporate stock _ _ _1957 MN 10618
10618
10818
1 10318 1061s B & N Y Air Line 1st
_1955 F A 68 Sale 68
69
21
61
69
4%% Corporate stock_ -1957 MN
8
10512 June'24 _ _ _ _ 1027 10512 Bruns & W let go gold 4s
1938
J 897
8
89 Apr'24
8812 89
.1954 m s
334% Corporate stock_.
8514 106
893
8
89s
Buffalo R & P gen gold 56_1937 hi S 10112 Sale 10112 10112
4
2 100 10112
1961
-49
New York State
10212 June'23 _
Como'4344
1957 M N
88 Sale 88
87
90
8814 17
Improvement es_ 1981
Canal
10212 10212
1 10212 10212 Burl(3 R & Nor 1st 5s
1934 A 0 10112 Sale 10112 10112
951% 10112
2
_
Highway Improv't 434s_ _1963 Ms
_ 11214 July'23 _ _ _ _
Highway Improv't
7
10412 Apr'23 ___Canada Sou cons gu A 59,_A962 A0 10118 Salo 1003
8
97% 101%
10158 27
.1991
Virg
2-35
ina
6414 _ - 7114 Oct'93
Canadian North deb a I 75_1940 J O 1137 Sale 113
8
1137
8 29 111 11414
mint.
Foreign G
25-year: f deb 6340
1946 J .1 114 Sale 11314
114
4
59 1103 114
1927 F A 1023 Sale 10112 1023
Argentine(Goyt)7s
4
4
4
4 99 1003 1023 Canadian Pat Ry deb 48 stock_ _ J J 803 Sale 8014
4
4
783 829
4
8114 145
1945 M
Argentine Treasury 54
84 Carb & Shaw 1st gold 49,_ _ _1032 M
78
8212 Sale 8212
83
35
893
4
913 Feb'24
4
90
913
4
g 93 8 Sale 9358
9
113
Temporary f g 6s Ser A._1( 7
4
893 9458 Caro Cent 1st con g 43
7
9414 603
1949 .1 J 774 7814 7712 June'24 -70% 78
(Goyt)78w I
▪ Austrian
8514 9312 Caro Clinch & 01st 3-yr 5*. _1938 3D 9812 Sale
9212 Sale 9214
9312 110
9812
99
20
92% 993
4
Belgium 25-yr ext if 7f4e 5_1945 J D 106 Sale 10512 10612 82
97 10612
68
1952 J
10212 Sale 0212 10234 47
96 104%
)
9
1,i
Jan 11 )
-year 6% notes
9634 1003 Cart & Ad let gu g 48
4
5
1003 Sale 10012 10034 43
8
1981 J o 8214 8412 827 June'24 — -8
81
82%
-year f Sa
20
97 10512 Cent Branch U P 1st g 45._.1948 J D
10414 Sale 104
1043
4 58
7514 7512
7514
7
67
1945N N 10914 Sale 109
Bergen (Norway) if 85
3 108 10912 Cent New Eng 1st gu 48_ _ _1961 3' 64 Sale 6
10914
74
534
75
50% 66
62 20
514
1941
Berne (City of) f 84
9 108 11114 Central Ohio 4481030
1097 Sale 109
110
8
1930 MS 933
4
96
96
Bolivia (Republic of) 89-1947 m N 917 Sale 913
93 Central of Ga 181 gold 54_711945 FA 10112 Sale 96 May'24
83
4
4
9212 237
4
0112 10112
99 1013
,!/
14
Bordeaux (City of) 15-yr 64.ig: 1 if 31 857 Sale 8518
7112 86
86
8
232
Congo!gold 55
1945 hi N 9918 Sale 99
9814 10014
7
993
g
9278 99%
TJ external 8s
99 Sale 99
9912 192
June 1029 3D 1023 Sale 023
10-year neural;
4
4
10314 23 100 10314
1952 1 D 873 Sale 873
79 (Central Ry)
7718 88
4
88
4
110
• D 83 2 833 82 June'24
Chatt Div pur money g 44_1951
,
4
7812 82
1952 A 0 983 Sale 9812
s (Coffee Fectuity)_
94 101
4
983
4 30
Mac A Nor Div 1st g58_ _ 1946 3J 9712
9718 Apr'24
95% 9714
Canada(Dominion or) g 58 .1926 2
995 1013
8
8
10114 Sale 01
1013
8 75
Mid Ga & Atl Div 5s
1947 .1 .1 9318
94 July'23
5s
9912 102
3
101 Sale 00 4
10114 72
Mobile Division 58
1840 ii 9814 100
98
"fir II'
98
3
1929 F A 10212 Sale 0212 1023
10-year 5345
4
4 67 100 4 1023 Cent RR & B of Ga cell g 58_1937 MN
953 Sale
8
3
91% 96
1952 m N 1023 Sale 017
9914 10212 Central of N 3 gen gold 54-1987
58
8
s 10212 190
' 1063 108
3
4
053814
2
6
6 1033 107
108 4
4
9
1
(Republic) ext s f 88-1941 F A 10512 Sale 0514
102 1073
8
Chile
1053
4 11
Registered
/1987 Q
1053
8
2 1025 1057
g
'145
98 54 8
198532
8
048,
4
External 5
8
-year a t 84_ —1926 A 0 10314 Sale 0314
10312 12 1023 104 Cent Pac 1st ref gu g 413
1949 FA 88 gide'
68
85
883
4
1942 m N 9812 Sale 973
7s
94 100
4
9812 76
Mtge guar gold 310
*1929 3D 937 95
8
1
91
94
1946 M N 105 Sale 05
-year 18a
25
10612
7 13)9 107
Through St I. 1st gu 4s__.1054 AO 8518 853 17 % JFnb1 4
4
4 512 ue e 224
817 88%
8
Chinese (Hukuang Ry) 58_1951
D 4512 47
3914 47 Charleston & Savannah 713_ _1936
4634
47
10
J 116
11514 115%
Christiania (City) 5 1 89_ _ _ _1945 A 0 10912 Sale 0912 1093
4 39 107 110 Ches & Ohio fund & impt 53_1929• j 995g V3- 2
7
8
993
4
97
Colombia (Republic) 645_1927 A 0 9814 Sale 9814
9434 9812
9812 63
1st consol gold 58
1939 MN 10112 102 10914 A9 1334
9158
0
8
99 4 102
3
1074
2
Copenhagen 25-year s 544_1944 J J 9312 Sale 9312
8714 943
4
943 115
4
Registered
1939 MN
98
98
1944M g 953 Sale 9'
Cuba 54
933 9612
4
8
9538
8
General gold 4349
1992 M
883 8 e" 88
* Z 85%
844 8978
57
,
Ester debt be 1914 Ser A ILI?
89
88
92,4
9014 9112 June'24
_
Registered
1992 MS
8338 85
May'24
External loan 4345
7914 84
84
8412 8312
84
15
20-year convertible 434s_ -1930 FA -544 Sale 9478
955 247
8
8
8814 955
1953 j
5349
9112 97
9612 Sale 0532
9612 147
1946 A0 9714 Sale 97 8
30-year cony secured 5s
,
887 977
8
077 197
s
Czechoslovak (Repub of) 83..1951 A 0 963 Sale 9612
4
94
4
9734
96733 160
J 3 96
Craig Valley 1st g 5*
1940
963 96 June'24
4
.1g43
4
92 4 96
3
10612 109
Danish Con Municip 89"A"
1083 Sale 0814 1085
8
8
4
Potts Creek Branch 1st 49_1946 J 3 797
8
8218 June'24
80
78
Series B
10812 109 0812 109
2 10612 19914
'
3 8218
R & A Div lst con g 45_ _.1989
8038 June'24
79% 82%
Denmark external a f 8s___ _1945 A 0 110 Sale 10
8
1107 109 10714 1117
8
2d consol gold 45
1989 .1 J 801
-- 95 June'24
76
88%
1942 j
-year 65.
20
9812 Sale 9814
9318 987
8
983 102
4
Warm Springs V let 5s _1941 MS 9512 9812 6
33- - 0 Jung'
95
95
0
24
Dominican Rep Con Admit 53'58 F A 10112 102 10134
1013
4
3 100 10212 Chic & Alton ltR ref g 3s_ _ _1949 A0 60
6012
7
60%
56
1942M s 9114 Sale 9012
534,
853 9112
4
9112 75
New York Trust Co ctfs
23 July'23
j j 95 8 Sale 95
Dutch East Indies ext 64._ _1947
3
927 96
8
96
96
Stamped Oct 1922 interest.
575s
5313 5812
2
573
4
573
1962 NI
4
-Year 69
40
925 96
943 Sale 943
8
4
4
9512 77
Stamped April 1923 interest_ _
575 8 5812 57 June'23
54
587
8
1953 M
8914 Sale 8812
549 trust recta
85 8 903
3
s
8912 96
Railway first lien 334s__ _ _1950 33 36 Sale
3
303 40 4
4
3714 87
French Repub 25-yr ext 8.5_1945 M
10212 Sale 10214
9212 103 Chic Burl & Q—Ill Div 310_1949.83 8212 Sale 36
103
509
14
8212
783 83
4
83
20-yr external loan 7345_1941
D 995 Sale 99
8
90 100
100
766
Illinois Division 4s
1949 J J 90
9012 90
1
90
9114
88
Ot Brit & Irel(UK of) 5345_
1037 Sale 1037
8
9918 10414
8 10414 352
Nebraska Extension U.._1927 MN 98% 9914 99 4
6
,
9612 9912
9914
-year cony 5348
10
109 Sale 1083
4
10914 40 10612 11034
Registered
1927 MN
963
4_
Ma
1952 91 N 8912 Sale 89
Greater Prague 73413
7812 897
897
8 62
8
General 48
1958 MS 86 16 899612
12
5 -ais" 161;
8e92344
1952 A 0 92 Sale 9114
Haiti (Republic) Os
8812 92
92
60
1st & ref 58
1971 FA
9912 Sale 9912
96% 100
997
a 94
Italy (Kingd of) Ber A 6349_1925 F A 10014 Sale 10014
9812 101
10014 14
Chic City & Conn Rys 5s__ _1927 A0 52
53
49
5512
54 June'24
--1 loan 4%5.1925 F A 9712 Sale 9712
Govt
Japanese
925s 9712 Chicago & East III let 631_ —1934 A0 105% _ _
9712 20
0514 May'24
7038 72%
10414 105 s
3
1925 j J 9712 Sale 9712
Second seriee 4411
9134 9784 C & E Ill RR(new 3o) gen 59.1951 MN
975
8
7
703 Sale
8
111
70 8 7812
3
1931 J J 783 Sale 78
Sterling loan 4s
4
755s 813 Chic & Erie 1st gold 5s__ _1992 MN
783
4 80
4
9818 Sale 9818
917 9812
8
98 2 13
1954 F A 9218 Sale 9112
,
Temporary sr g 634
845 923g Chicago Great West 1st 48_.1959 NI S
8
923 915
8
5514 Sale 5514
50
5712
56% 198
Oriental Development 68_1053 M
8
81
857 Sale 8514
857
857
8 42
s
With Sept 1924 coupon on._ _ _
Feb'24
481s 93 4
3
-year 85_1934 M N 857 Sale
8
Lyons (City of) 15
7218 86 Chic Ind & LOUIRV—Ret6s 1947
78
.1 10904 Sale 102
10 105% 10912
5914
l0914
Marseilles (City of) 15-yr 68.1934 M N 857 Sale 85
8
7218 86
86
69
J 1 9812 987 9812
Refunding gold 54
1947
8
2
95% 99%
9812
Mexican Irrigation 4348._ -.1943 M N
2714 30
29 Mar'24
Refunding 48 Series C__ _ _1947 3, 8412 86 2 8212 May'24
,
81% 86
1945 Q J
-54 of 1899
Mexico
43
44 May'24
5112
General 51 A
1066 MN
8514 Sale 85
8
8
8112 857
8514
1954 J
Gold debt 4s of 1904
26
28 June'24 30
General 64 B
c1966 J J 9912 Sale 9912 10014
9
9512 10014
Montevideo 7s
1952 J D 9214 Sale 92
93
33: 8514 93
Ind dr Louisville 1st gu 45.1956 J J
7612 993 June'24
4
71
99%
Netherlands Os (jiat prices)..1972 M
8934 95 Chic Ind & Sou 50-year 4s_ _1956 1 J 75
9412 Sale 94
95
52
8518 88
9812 Jua e1 4
8 1 4 m ny 224
51 10984 1127
82% 8614
Norway external s 188
1940 A 0 11112 Sale 111
1113
4
8 Chic L S & East 1st 410.-1969 3D
____
8712 9112
138
9812 701 9112 9858 CM & Puget Sd 1st gu 48_.-1949 .1 J
1952A 0 97 Sale 97
5414 90
90- 14 55
493 13034
4
55% 18
1313 (Interim certificates)._ _1943 F A 983 Sale 96%
4
9712 154' 9218 99 Ch M & St P gen g 4s Ser A.31989 J J 7212 Sale 72
7212 60
7014 74
Panama (Rep) 535s tr rects_1953 .; D
100
- 9214
45' 9514 100
General gold 348 Ser 1.1..e1989 J J 64
6514 65 June'24
1313 6514
4
Porto Alegre(City of) 84_1961 J D 98
92
98
99
9812 98
7
General 4Sig Series C_ _31989ii 7914 Sale 7914
803
8 28
8218
78
Queensland (State) ext of 781941 A 0 10712 Sale 107
108
14 19418 10812
Gen & ref Series A 4344._82014 A0 5218 Sale 52
523 147
4
493 581s
4
-year 139
1947 F A 1013 Sale 1013* 102
25
9912 10'212
4
61
Gen ref cony Ser B 58_ —02014 FA
31
56 Sale 5512
57
64
6218
Rlo Grande do Sul 89
1946A 0 9812 Sale 98
99
34, 92
99
3D 5812 Sale 58
Convertible 410
1932
61
60
93
Rio de Janeiro 25-yr B 188..1946 A 0 99 4 Sale 98
5412 68
8
3
9 4 134' 875 9934
4s
1925 ID 7918 Sale 79
200
80
6818 8 4
88
1947 A 0 9738 Sale 96
117
9778
977 118: 87
25 year debenture 45
1034 J J 52513 Sale 5212
32
53
4912 0038
El Salvador (Rep) temp 85_1948 J J 10138 Sale 10112 102
211 100 102
Chic 23 Mo Riv Div 513... _ _1926 J J 100 Sale
10
96 100
San Paulo (City) 9 f Ss
1952 M
4
9512 10212 Chic & N'west Ext 4a. _3EE0-1926 FA 987 Sale
1017 Sale 1003
1017
8
8 35
2
99718
9 2 199 13
8
10
9
87
San Paulo (State) ext a f 813_1936 .1 j 1023 Sale 102
96% 987
8
10212 101 9814 103
8
Registered
1888-1920 F A
_
0818 June'24
90
1942 j J 8912 Sale 8914
Seine (France) ext 74
907
98%
8
9012 124, 79
General gold 3
1987 MN 731s -73
74
693 74
s
Serbs. Croats & Slovenes 84_1982 M N 8614 Sale 85 8
6314 86
8612 569
3
Registered
91987 Q F
685s Jan' _
4
94
_ 685 70 4
8
Soissons(City)es
1936 M N 8412 86
8512
3
51 76
8412
853*
General 45
fit;le 8312
1987 M N
84
30
-year Os
1939 J
Sweden 20
80
863
8
104
1033 Sale 10312
4
48 10178 10544
Stamped 48
1987 MN 8312 883 8312 June'24 -8
Swiss Conteder'n 20-vr f Se 1940 J s 113 Sale 1123
79% 84%
8 50 Ill% 118
4 1133
NI N 102 103
General 58 stamped
1987
13
Switzerland Govt ext 5113 —1946 A 0 9614 Sale 96
95 103
9434 97%
9612 440
Sinking fund 68
1879-1929 A0 1035
8
10213June'241
5
4
99 10414
1912 M S 60 4 Sale 6012
Tokyo City 65
61
62
7
5912 6358
Sinking fund 56
1879-1929 A0 993 100
4 9912 June'24 963 9912
s
Uruguay (Republic) ext 88_1946 F A 10512 Sale 10512 108
25 102 107
Registered
1879-1929 A0 97
__
96
Jan'24
98
90
Zurich (City of) 5 I 89
1945 A 0 110 Sale 1093
110
4
2 109% 1104
Sinking fund deb 55
1
1933 MN 1017 Sale 10158
97% 102
10158 36
Railroad.
MN
Reglatered
1933
1071 Jun(3810 3 ___3
981
'24
4
_
9814 9911
Ala (it Sou 1st cons A 59_ _ _ _1943 J D
95 4 100
3
100
1
_ _ 100
10
-year secured 73 g
1930 3D 10714 Sale
mu 1083
4
_ 1928 M N 100- - 997 June'24 _
Ala Mid 1st guar gold
983 101
10012 102
4
8
15
-year secured 645 g _ _1936 M
10914 Sale
10512 11212
1946 A 0 80 2
Alb & Susq cony 334s
79
8114 June'24 _ _ _ _
83 Chic Ft I & P—Ratitsay gen 441988
,
3 82133 Sale 189 4
924 19937
7814 823
4
82 8 9258
4
Alleg & West lit g 44 gu... _1098 A 0 8312 86
80
_
84 June'24
84
J
Registered
797 June'24
8
797
4
Vol gen guar g 49
1942 M S
__
9114 June'24
88% 91%
1934 A 0 81 Bale
Refunding gold 45
81
8212 230
73% 83
Ann Arbor 1st g 48
/1995 Q J 643 Sale 64
57
8
643
6438 Chic St L & N 0 gold 5s_ _1951 3 13 10102
8 32
99 101138
10114
1013
8
5
AM!'Top & B Fe—Gen g 49-1995 A 0 8934 Sale 8912
88
9014 59
9012
J D
Registered
93% May'24
Adjustment gold 48
11995 Nov 823* 8312 83
7912 838
4
83
1
Gold 3345
1951 3 13 78
__. 07
"ii 77
9 24
'
7 % Feb7
6
Stamped
/1995 Nov 8312 Sale 83 8
4
7912 833
83 8 81
5
3
Joint 191 ref 511 Series A_ _ _1903 J
29
97 Sale
94
97%.
195.5 J D 81
Cony gold 49 1909
8218 85
83 June'24
84
Do Series B
1963 J
95% 9614
9512 June'24
1955
Cony 46 1905
D 8314 8312 85 June'24
81% 85
Memphls Div lit g 44....1951 J D
84
85
84 June'24
liflas 85
issue of 1910
1960
Cony 45
13 8218 85 82 June'24
_
813 83 C St L & P 1st cone g 5a
4
1932
0
6.5 10412 June'24
0018
997 10012
8
9512 9784 Chic St P M &0 cowl:Ia.-1930
East Ohio Div 151 g 4a_ _ _1928 m 8 973 9814 973 June'24 _ _ _
4
8
J D ioiTs
13 101% 10514
Rocky Mtn Div let 49.-1065 1 J 8312
843
4
3
8412
80
843
4
Cons 64 reduced to 33-4e.19303 D 0052 _ _ _
m
9
85 Mar'24
944
8914 893
2,
83% 87%
-Con Short L lit 49.1958 J J 8612 871- 8714
Trans
2
8714
2
1930 ?A 8 9518 Sale
7
9/1113 915
7
Cal-Aris let & ref 44e-A"1962 M 5 9312 93 g 93 4
9018 933 Chic T & So East 1st 512...1Pan
3
93 4 10
3
D 80 Sale 80
80% 39
77% 82
'No pm@ Friday;latest bid and asked. $5=4.•Duo Jan. /Due April. o Due May. F Due June. h Due July, 1 Due
Aug. oDue Os.:Moe Nov. • Due Dee. 'Option sale.
Sale
7
,
2
New York Bond Record-Continued-Par 2
BONDS
N.Y.STOCK EXCHANGE
Week ending July 3.
Price
Thursday
July 3.
Week's
Range or
Last Sale
4:1
CO c*
Range
Since
Jan. 1.
BONDS,
N Y.STOCK EXCHANGE
Week ending July 3.
61
Price
Thursday
July 3.
Week's
Range or
Last Sale
Range
Since
Jan. 1.
Bid
All Low
High No. Low
High Illinois Central (Concluded)
High No Low
ma
High
Chic Un Sta'n let go 448 A-I983 .1.1 915 Sale 91%
Ask Low
8
22
92
89% 9212
Purchased lines 345
1952 S i 8012
3, 7512
805
8
805
8
B
1963 J J 10012 Sale 100
10012 18
97 10012
Collateral trust gold 48.__1953
N 833 84
797 8612
8
9
8418
833
4
1st Series C 61.4e
1963 S i 11612 11712 11634 117
4
11 114% 11718
Registered
1953 MN 8018
78
801a
8018 May'22 -Chic & West Ind gen g 65.._81932 QM 1043 105% 1043 June'24 _ -- 1043 105
4
4
4
Refunding 5a
1455 SI N 1027 Sale 10234 102% 49
8
993 103
4
-year 4e
Consol 50
1952 J J 7612 Sale 76
714 7714
763
4 52
15-year secured .545
1934 is 102 Sale 1013
10012 1024
4 10214
15-year f 7345
1935 MS 10312 Sale 10312 10312
3
2 10112 1033
4
15
-year secured 64s g
1936 S i 11112 Sale Ill
/
1
4
4 10812 112
Choc Okla & Gulf cons 55
11/12
1952 MN 973 --- 96 May'24
4
94
9618
Cairo Bridge gold 4..
854
1950 J O
85
8618 June'24
C Find & Ft W 1st gu 413 g--1923 MN ____
88
Mar'17
Litchfield Div 1st gold 38_1951 J J 8614 72
can H & D 2d gold 448.-1937 J J 8912 9014 88 June'24
70 Apr'24,----1 6972 7014
7014
9412
-118%
Loulsv Div & Term g 348 1953 J J 775 80
743 80
4
80 June'241---8
0 I St L & C lat g 43
11936 Q F 903 93
4
8914 June'24
82% 89%
Omaha Div let gold 3s_ .. _ 1951 FA 7118 7212 71 June'24
Registered
68% 71
11936 Q F
87 Dee'23
St Louis Div & Term g 38_1051 S i 69
Otn Leb az Nor gu 48 g
7212 73 Juee'24 ----I 7012 74
1942 MN 87%
87
Apr'24
87
86
Gold 348
1951 J J 82 Sale 82
an & CI cons 1st g 58
8218
75% 8218
3
1928 is 983
4
- - 98% Apr'24
98% 99%
Springfield Div let g 348_1951 ii 82
Mart& Mah 1st gu g 58__ 1945 ii 9612
75% 82
82 June'24 ---_ - 93 Mar'24
Western Linea 1st g 4s__ 1951 FL 8518 Cleve Cin Ch & St L gen 45_1993 S D 82 8 Sale 82%
6612 85 May'24 ---- 8334 85
7
6
827
8
7838 84
Registered
1951 FA
20
85
-year deb 434s
85 May'24 - 85
1931 .1
9514 9612 96 June'24
924 963 Ind B & W let pre( 45
4
1940 AO 9038 ____ 96 Nfar'16 ---__ 10012 June'24
General 5s Series B
110218
1993
98 100% Ind Ill & Iowa 1st g 48
.....1950 J J 86
14
4
Ref & inept Os Series A_ _ _1929
83 4 Apr'2
3
98
.1 10318 Sale 103
1033
8 26 10012 10378 Ind Union Ry 58 A
1985
J 993 Sale 9912
4
98
991
4
fle C
99%
9
1941
106 10714 106 June'24
101% 10714 Int & Great Nor adjust Cs _ _ 11052 31 J
54 Sale 5312
Cairo Div 1st gold 4$
5412 348
401e
1939 .1
88% 89
8618 8812
8312 June'24
let mortgage 68certificate:11952 S i 9734 Sale 974
99
CM W & M Div 1st g 4s_ A991
903 99
8
111
8012 Sale 8012
8112 Iowa Central let gold Os._..1038• D
3
81
77
6112 Sale 6114
23
St L Div 1st coil tr g g 43_ _1990 MN
62
57
70
SI
8212 81 June'24
7812 831s
Refunding gold 45
1951 MS 16 Sale 157
8
10
Sec & Col Div 1st g 45. __ _1940 M S 873
15% 26
16
4
854 8812
8612 Mar'24
W W Val Div 1st g 4s_ - -.1940 S i 86 1814 86 June'24
86
86
James Frank & Clear lot 45_1959 3D 8412 87
8314 87
863 June'24
4
CCC&Igenconsg 58
1934 1 J 107
1067 June'24
8
103% 106%
Clay Lot & W con let g 58-.1933 AO 9912
10014
3
1003
97% 1003 Ku A & 0 R let gu g 5s_ __ _1938 S i 9512 _
8
8
MN 95
CI & Mar lat gu g 441
1933
843 Apr'24
4
3
84 * 8454 Kan & M 1st gu g 4a
775 81
1990 AG 8014 84% 81
Cleve de Mahon Vail g 5s...1938 is 96%
8
51
95
Apr'24
95 95
28 20
-year 53
1927 S i 99% _
95 100
100 June'24
Ol& P gen gu 44eSer A.--1942 J J 9814
91 Mar'24
K C Ft 31 & M cons g 6e.-- -1928 MN 10318
10012 10312
103%
10312 25
Series B
1942 AO 9614
494 4 K C Ft S & M lty ref g
3
9434 Apr'24
5-111 48_ _1930 AG 8012 Sale 8012
7312 82
Int reduced to 3Pes___ _1942 AO 81
8112 46
764 Feb'12
KC&MR&B 1st gu 88-1929 AG 97
9412 97%
9734 97 Jane'24
Seriee C 34e
1948 MN 8012
7018 Dec'12
Kansas City Sou let gold 35.1950 AO 704 Sale 704
717s
67
Series D 341.
107
8 13
1950 FA 8012 84
67
Jan'2I
Ref & impt 55
Apr 1950 S i 90 Sale 90
91
88
Cleve-Sher Line let go 4346_1961 AO 9612 Sale 96
9012 67
2
9612
9011 9612 Kansas City Term 1st 4s.. _1960 ii 8514
8114 8512
Cleve Union Term 504s. 1972 AO 10512 Sale 10538
5512 41
8
105511 11 1023 108 Kentucky Central gold 45..1937 J J 82% Sale 85
83% 5314 June'24
84
82
ISI(10
1973 AO 997 Sale 9914
8
9512 100 Keok & Des Moines let
99% 80
55-1023 AG 7412 Sale 7412
5 6012 7412
Coal River Ry let gu 45...A945 J D 82% 8412 8312 June'24
7412
80
8312 Hooey & Ohio let g Os
1925• J 101
101 June'24
4
1001 101
Colorado & South let g 4s _1929 FA
.
96% 96% 9612
9234 963
4
9614 12
Refunding & exten 434s_1935 MN 89 Sale 8834
36
8012 89 Lake Erie & West 1st g 55-1937 J J 987
89
935 9912
8
8 Sale 98%
9912 13
Col & H V 1st ext g 45
1948 AO 833
4
8312 May'24
8110 83
2d gold is
1941 S i 954 Sale 9514
87
96
3
9512
Col & Tol let ext 4e
1955 FA 837 Sale 83%
8
83%
817 83% Lake Shore gold 345
8
1997 J D 78
793 79%
7518 /30
4
6
79%
Cuba RR let 50-year 58 g _ -1952 S i 83
8312 83
6
84
81% 8412
Registered
1997 3D 745 78
8
783 June'24
75
783
4
4
let ref 745
1936 J D 10012 10112 101
4 101 103
10112
Debenture gold 48
1928 MS 9712 97% 9712
94% 97%
9712 24
25
-year gold 45
1931 MN 9518 957 951s
9214 95%
8
9512 19
Day & Mich let cone 448_1931 ii 8914 89% 9434 June'24
924 94 4
1
Registered
1931 MN 91%
9134 Jan'24
913 91%
4
Del & Hudson 1st & ref 4e
1943 MN 893 Sale 88%
8
83% 90 Leh Val NY let gu g 44e-1940 J J 943
893
4 29
4 96
92% 96
9.512
3
95 4
3
30-year cony 55
1935 AO 96% Sale 963
92% 9712
4
97% 19
Registered
1940 S i 91% _
9312 Apr'24
I5-year 54s
9112 9312
1937 MN 101 10118 100%
9713 101% Lehigh Val (Pa) cons g
1011s 10
MN 81% Sale 81
48.-2003
8138 28
7614 814
/
1
-year secured 78
10
1930• D 109 Sale 108%
12 10512 110
109
General cons 4345
es% 9011
9003 MN 90% 9012 90 June'24
D RR & Bdge let VI 48 g_ _1936 FA 9314 -- 775 June'24
92
0214 LehVTermRylstgug5s.194l AG 1013
10014 103
4 ---- 102 June'24
Den & R Gr-lst cons g 45-.1936 is 763 Sale 7612
4
125
78
871 78
/
4
Registered
1941 A0 97 100
994
9912 994
Consol gold 4045
1036 J J 8112 83
7
8112
724 81% Leh Val RR 10-yr coll 65_ .111928 51 S 1033 Sale 1033 Jan'24 14 101 104
83%
4
8
Improvement gold 5s
103%
1928 J D 893 Sale 893
4
8
7912 913 Leh & NY let guar gold 45..1945 MS 844
4
903
4 88
/
1
83
83
let & refunding 58
1955 FA 44 Sale 44
34% 4512 Lax & East let 50-yr 5s go._1965 AG 10318 Sale 103% May'24 18. 8214 10314
451s 22
99
1031s
do Registered
49
Oct'20
Little Nflacal 414
8112
N 8118
8111
1962
8110 8112
Farmers L&Tr tete Aug '55_
4112 48
51
344 4-1
/
1
43
44
Long Dock oonsol g 68
1935 A0 1067 ___ 107 May'24
8
106% 107
Bankers Tr Ws of dep
43 Sale 43
22
44
3414 443 Long leld 1st con gold 5a_ _51931 Q J 9914
4
97% 100
9914 June'24
do Stamped
43
4212
4212 June'24
33
let consol gold 48
51931 Q J 9312
9312 June'24
9312 9312
Am Ex Nat Bk Feb '22 ctts_ _
433 June'24
4
4
37
433
General gold 45
1938 in
84% 884
881s
do Aug 1922 ctia
8818
3418 41
3812 June'24
Gold 45
1932 in 89 Sale 89
89
Des M & Ft D lst gu 4a_ _ _.1935 J J 40% Sale 39%
89
ii 83 8214
11
41
3953 471.4
Unified gold 4s
1949 MS 82% Sale 8214
Des Plaines Val let gu 448--1947 MS 8812
79
2
824
9314 Sept'23
Debenture gold 55
1934 in 93 8 _
9358
3
9135 9358
Del & Mack-tat lien g 43-1995 J D 70
93%
/
71
67 June'24
71
60
20
-year p m deb 5e
1937 MN 873 8712 87%
8
84
885
8
Gold 45
88
1995 JD 80
68
68 May'24
68
60
Guar refunding gold 4s---1949 MS 8212 Sale 8218
Del RIv Tun 44s
8212
79
83
1961 MN 923 Sale 9214
8
9238
8712 93
Nor Sh B let con g gu 55_01932 Q S 9714 99
99 June'24
944 99
Dui Missabe & Nor gen 53.._1941
.▪ 1 100
___.. 10012 June'24
9938 1004 Louisiana & Ark 1st g
.55-1927 M S
9712
silt 98%
Dill & Iron Range let 58..,.....1937 AO 99% 101 100 June'24
98 100 Lou &Jeff Bdge Co gu g 45-1945 MS 84 Sale 84 June'24
794 844
Registered
84
1937 AO
_ 9278 July'23
Louisville de Nashville 5L,
.J937 MN 103
1017 June'24
100% 10318
Dal Sou Shore & All g 58.-1937 is 823 83
4
83
2 -it's
8312
- I3 2 Unified gold 45
-11940 S i 9312 Sale 93
819
941
4
9414 22
Registered
1940 J J 8718
8912 894
8912 May'24
IC Minn Nor Div let g 4s--.-1948 AO 8814 -- -- 885 June'24
8412 891g
Collateral trust gold 51).. _1931 "AM
100 May'24
967 100
8
E Tenn reorg lien e 58
1933 MS 9514 9712 9612
2
93
97
9612
110 1
43
10
-year secured 75
ETVa&GaDivg 5s
1930 MN 100711 108 108
3
1085
1930 J J 988
8 15 10614 108 4
99 June'24 983 100
4
let refunding 54e
067
4
2003 A0 10218 Sale 10618
Cons lit gold 58
4
30; 1043 107
107
1956 MN lee%
100
100
97% 100
1
5s B (when issued)
2003 AG 1031
10312 1037
9712 103%
Elgin Joliet & East late 58-1941 MN 997 ---- 997 June'24 _
8 20
9712 10012
N 0&
lat gold (33
1930 is
10312 104
10312 June'24
Erie 1st consol gold 78 ext..A930 MS 107 Sale 107
8 1045 10712
10712
8
• 2d gold (is
1930 J J
102 June'24
102 10312
let cons g 4s prior
1996 ii 68 Sale 673
4
4
813 8912
6912 142
Paducah & Mem Div 413-1916 FA
90 June'24
Registered
854 90 4
3
1998 J J 66
6712 64 June'24
St Louis Div 2d gold 38..1980 MS 6 13 6914 62 June'24
9
'2
60
6214
1st consol gen lien g 48.-1996 J J 5812 Sale 5814
5914 -336
5312 60%
L&N&M&M letg 44)31945 MS
95 June'24
Registered
94
95%
1096 is
56 June'24 ---56
53
L & N South joint M 4e _1952 S i 83
Penn coil trust gold 451951 FA -iiii8 ii834
83% 8312
79
8312
8
935
2
935
881s 9412
Registered
51952 Q
7218
77
77
50
-year cony 4s Ser A 1953 A0 59 Sale 59
77
Jan'24
595
8 96
5 4 6112 Loulsv Cm & Leg gold 44e-1931 MN 9712 ____ 974 June'24
4,
96
do Scrim B
9712
1953 AO 59 Sale .583
8
5912 58
5
412 6114
Gen conv 48 Series D...1953 AO 68 Sale 6738
69
16
4
59% 71
Mahon Coal RR 1st 5s
1934 J J 1001/4
98% 99%
Erie & Jersey 1st s 1 68
1955 S i 10012 Sale 10014
22
101
---- 98% Feb'24
8911 101
Manila RR(Southern Linea) 1939
N 57 Sale 57
Erie & Fitts gu g 34e B.
55
60
2
57
1940 S i 8338
8312
2
8312
82
8312 Manitoba Colonization Os
1934 ▪ D 98 99 98
964 99
2
Barbee C
984
1940 S i 8338
83
Jan'24 --84
83
Man GB&NW let 3 MB.-- 1941 J J 80% 82% 8053 June'24
Evans & T H let gene 5s_ 1942 AO ____
8
80% 825
88 Apr'22 -.- _
Mex Internat'l 1st cone g 48-1977 SI S
37 Mar'24
Sul Co Branch let g 58-.1930 AO
7912 Apr 23 --._
Michigan Central 5.)
1931 MS 10034 Sale 10034
-- ;
98 10 1
0
2
Fargo & Bou 6s
100 4
3
1924 is _
9914 Oct'23 -Registered
1981 QM 987 ____ 88 Apr'24
88
98
Fla Cent & Pen let ext g 58-1930
J
98 June'24 -98
98
4s
1940 is
90 May'24
86% 90
J 9810 97
,
Consol gold 58
1943
974- - 9614 June'24 -93% 9914
Registered
774 85
1940 is
D 917 -78 Mar'24
Florida E Coast let 4345---1959
s
June'24......
9118
87% 9118
J L & S lat gold 348
7718 934
1951 MS 767
8
7718 Apr'24
Fonda J & Glov 44e
1952 MN 66 Sale 66
1
66
70
65
1st gold 345
1952 MN 8012 - - 8018 June'24
81
783 8012
4
Fort St U D Co let g 4345_1941 J 3 8514 8612 8418 June'24 --- 82% 84%
20
-year debenture 45
1929 AG 9
9214 96%
Ft W & Den C let g 548-1961 JD 1045 10514 10514 June'24 -9612 40
612 98% 96%
8
1003 10514 Mid
4
55
8/12 88
1940 AO 883 893 877
Ft Worth & Rio Or let g 48..1928 5, 9218
4
12 92
92
i 8418 93 MOWof N J 1st extimp g 55_1929 FA 100 8 10014 100 8 June'24
92 1
L S & West
June'24
Pram Elk & Nlo V 1st 8s__1933 A 0 1,09712
9915 100
107 June'24,-- -- 10514 107
99
Ashland Div lets 65- --_. 1925 MS 9812 __-- 100 Dec'23
GH&SAM&Plet 55-.1931 MN
Sale
99121
9512 9912
2
Mich Div let gold 65
10012 May'24
1924
150i2 160;
-1
2d eaten 5s guar
1931 5
984 Sale 9834
99
18
964 99 Milw & Nor let ext 446._1934 J J 9134
91 June'24
▪ D
921e
Galy Hous & Bend let 55.._1933 A 0 93
9312 923
93
4
3
89% 9314
Cons extended 44a
4 9214 9114 June'24
1934 in 903 87I 914
Genesee River 181 8 f 65
92871/2 21
/
2
1957 J
994 21
89
9912 MU Spar & N W let gu 48..1947 MS 8612 87
853 June'24
• & Ala Ry lat con 5s____01945 J
891 Sale 8
971 99999
83% 8811
;
90
4
844 90
Mug & S List gu 349
Oa Car & No lst eu W...1929
. 884 May'24
1941 J
82
8612
4
J 973 Sale 9712
973
5
93% 9818 Minn & St Louis let 78
10013 166 10012 June'24
Ga Midland lst 3e
1927 in
100 102
1946 A 0 6464 June'24 - - -6034 64
1st consol gold 51
N 60 Sale 59%
1934
Glia V & N 1st gu g 55_
60
6812
55
4
1924 M N 100 6;-- 100
1e
100
3
9811 10018
1st & refunding gold 48._-1949 MS 17
Gem & Oswegatch 5.1
1814 163
4
1312 23
1712 12
12
1942.1 D
983 Feb'24 ---4
98
983
4
Ref & ext 50-yr 55 Ser A_1962 Q F 133 Sale 13%
8
13%
1318 20
OrR&Iexlstgug434sj941J _ 93 64:- 93
3
93
8
90% 9312 M St P&SE1M con g 4a mat 1;11'38 S i 885 Sale 885
Grand Trunk of Can deb 78_1940 A u 11312 Sale 11234
8
8
89
so 101:19054
861 03
1s
8 59 110% 113%
1135
let cons Os
15
1938 S i 98% 9934 993
-year (is
ow 51 S 10512 Sale 10514
7
9734 103
4
993
4
10512 27 10212 105%
10
-year coll trust 848.- -193 MS 1027 Sale 1023
Grays Point Ter 158
8
4
103
8
1947 5 D 8614 __-- 10112 Apr'07 -- -Great Nor gen 78 Series A..1036 51
1946 Si 101 Sale 101
10214 25
109 Sale 109
10912 160 ioi- 16913 Os A
bit Chicago Term s f 45_ _ _1941 MN 913 9312 101% May'24
let & ref 434s Series A
4
19115 10212
° 115
1961
4
J 90% 913 913
4
85% 913 M S S & A 1st g 48 Int go.,.1926 S i 99
4
913
4
7
___ 9918
Registered
9914
9684 9914
2
1961
90 June'23 - ,
83
90
Mississippi Central let 5s
J
1949
648 Series 13
91
91
88
3
1952i S 10114 6;1- - 101
o
lops 122 9618 10178 M K & Okla let guar Os 1942 J N 91 Sale 91
Green Bay & W deb ctfe "A".._Feb 64
70
65 June'24 --59% 65
Mo Kan & Tex-let gold 40_1090 J D 81
Debentures ette "B"
- Feb
- 8112 •20, 75.1
83s 81
914 11
1018
1014
3
7
11
Mo-K-T RR-Pr I 5s Ser A _1962 .1 J 86 Sale 857
Greenbrier Ry let cog 4a-- -1940 M N 837 __-- 8412
8
885 124
8
7 / 87
84
Oct'23
40-year 45 Series B
1962 ii 6912 Sale 6912
Gulf & I 1st ref & t g 58_351952 . 9018 Sale 9018
72
72
311 65
1
1 -SI
0018
10
-year tie Series C
1932 J J 10138 Sale 100%
Harlem & Pt Ches let 4s_ _1054 M N 8312 Sale 8112
10112 69
9415 10112
8312
9
734 8312
Cum adjust Os Ser A Jan _1967 AG 613 Sale 6012
Hocking Val list eons g 4358-1999. . 8838 89
8
61% 646' 511 61%
1 1
4
8
887e
4
83 8 89
7
838
Missouri Pacific (reorg Co)
Registered
./ 8012 90
1999
83 May'24 --83
84
lst & refunding 5s Ser A 1985 FA 83% Sale 83 4
if & T C let g Se Int eu
1037 5 J
3
8412
75% &Ms
- 99 June'24 -- - _
97 10014
let & refunding 58 Ser C.. _1926 FA 99 4 Sale 99 4
3
Houston Belt 5. Term let 58.1937
3
9934 371 044 100
9218 96
2
100- 12 9612
3
9612
9014 9612
let & refunding 13). Ser 13_1949 FA
1933 M N 993* -.-- 993g June'24
98 Sale 973
Roue E & W T lat g 5a
99
4
1361 87% 100
--954 99%
General 48
1975 MS 603 Sale 6012
4
lat guar 58 red
1933 MN 99
6112
814 236; 51
%93 June'23
18
Missouri PacifieHousatonic Ry cons g 56-1937 MN 8858 - - 9312
fii
9312
2 -843- 9313
4
3d 7.) extended at 4%
1938 MN 8314 ____ 8318 June'24
Hud & Manhat 513Serlea A- _1957 F A
8714 Sale 8/18
8034 84
870 279
4
80% 873 Mob & Bir prior lien g 55_ _ _1945 J .1 945
4
Adjust income 58
1057 A 0 674 Sale 663
933 Apr'24
4
92% 93%
186
68
4
5814 68
1945 J J
Mortgage gold 4
7612
Illinois Central 1st gold 4s._1951 J J 91
3
_ _ _ _ 9038 June'24
7612
68
7612
4
88
92 Mobile & Ohio new gold 88.192750 103 Sale 103
1951 3 5
Registered
103
10214 1931s
8318 Sept'23 - --let extended gold es_ _ _51927 Q
10258 ____ 10114 May'24
1951
5 82
_ _ _ 82
.
let gold 3431
10034 10112
83
6
Generol gold 48
S 844 ---- 8412
1938
5
1951
Registered
_- 80
844
5 74 84%
Oct'20
80
8212
Montgomery DIv let g 58_1947 FA
964 98
9
Extended let gold 3348_1951 A 0 8212 84
7714-- -38 8112 June'24 -97
92
638
96% 10
773 8112
4
St Louis Div .58
1927 SD 9918 993* 99 June'24
1951 A 0 8212
Registered
9514 99
8012 June'24 -Mob & Ohio coil tr g 4s------438 MS 5912 --.- 61 June'24
72
let gold 3s sterling
1951 M
831
8338
9 76 8433
-&-) 61
Moh & Mal let gu g 45
1991 MS 841*
8012 June'24
Collateral trust gold 49_ -1952 M
8614 Sale 8814
82
8312
86%
4
83
8914 Mont C let gu e Os
1937 J J 11012 1114 11038
/
1
4
Registered
1952 A 0
933 Sept'19 -11038 15 108 110%
Registered
1937 J J 108 111 1364 May'06
im ref undtria 4.
..1055 51 N 8912 Sale 8912
9012 13
4 9012
84
let guar gold 56
1937 J J 10112 ____ 10014 June'24
9914 101
• No prim Friday;lame; bid and asked Ms Week. a Due Jan. b Due
Feb. i Dim June, 3 Due July •Due tient.
Due Om. .Opt3uc sale.
New York Bond Record-Continued--Page 3
62
BONDS.
N.Y.STOCK EXCHANGE
Week ending July 3.
t•
II
Price
Thursday
July 3.
Week's
Range or
Last Sale.
4.
g
CO1X.
Range
Singe
Jan. 1.
BONDS.
N. Y.STOCK EXCHANGE
Week ending July 3.
•
tl
Price
Thursday
July 3.
Range
51904
Jan. 1.
Week's
Range or
Last Sale.
High
High No. Low
Bid
Ask Low
High
High Nn• Low
Ask Low
Rid
80
67
4 15
783
764 79'2 Peoria & East 1st cons 4s__1940 AO 78 Sale 78
2000 J D 7 % 82 797512 21
354
5
51 dr E let gu 34e
21
48
35
3312
Income 45
1990 Apr. 3314 34
99% 10114
4
AO 10114 Sale 10114 10114
9112 99
Nashv Chan & St L 1st 5a 1928
4
1
/ 82
97
1
/
1
/
Pere Marquette 1st Ser A 5e 1956 J J 964 Sale 964
99
99
99 Apr'24
1937 FA
N Fla & S 1st gu g 5s
7612 81%
12
81
4
1956 J J 8012 8112 893
1st Series B 45
30 Sept'23
Nat By of Max pr lien 44a._1957 J J
8912 99%
3
1943 MN 90 8 911 9112 June'24 - -18 - - Phila Balt & W 1st g 45
if
20 May'24
July coupon on
43%
37
12
J 39 Sale 38
39
4
1
/
Philippine Ry 1st 30-yr sf 4s 1937 J
26 Nov'23
do off
93% 9513
94
1940 AO 9514 :::: 9419 May'24
PCC&StLgu 445A
2719 July'23 _
1977 AO
General 4e (Oct on)
933 953
4
3
9511
39
994513
1942 AO 95
Series B 44a guar
18
18
18 May'24 _
9412
April coupon on
88
May'24
1942 MN
Series C 41Os guar
---- 24 Dec'23
off
do
87 88%
1945 MN 8914
89 Apr'24
8812j
Series D 4s guar
3814 June'23
Nat RR Me:prior lien 4318.1926'.1 _-_8012 90
WI;
89'
1949 PA 8914
Series E 3Iis guar gold
36
4114 Apr'24
July coupon on
4
8712 883
8712 Mar'24 - 1953 JO 89,
Series F guar 45 gold
4
off
_-_- ---- 34 Apr'23
do
88% 89
8812 June'24 -1957 MN 89
Series G 4e guar
28 Apr'23
1st consol 45 (Oct on)__ _1951 AO ____
9032 91%
FR 911
4
/
Series I cons guar 44e_ _ _1963
915€
36
36
Jan'24 _ _ _ _
36
April coupon on
90% 93
N 913
93
91% June'24'4 --1964
4
Series J 4Sis
22
10
_ 1814 Apr'24
off
do
9512 100
9912
1970
General 5s Series A
N 70
8
667 May'23 1954
Naugatuck RR 1st 48
100 100
0
9
924
1
'
4
a1928 AO 99 ii.12 10912 June94 ---90 Pitts & L Erie 2d g 55
90
1
90
1945 J J so Sale 90
New England cons 58
J 103
4
1
/
10.5 Dec'23 - _1932
75
83 Pitts McK & Y 1st gu Os_ _l932
s
1945 J J 7512 - _ 787 June'24 - _
0Congo! 45
-100 May'24 -- 100- 10
1934 Ji 9814
26 guaranteed (is
4
803 81
4
813 June'24 _ _
NJ Juno RR guar let 4s _ _ 1986 FA 8118
8614 1004
9914 June'24.1940 AO 9914
8119 8714 Pitts Sh & L E Ist g 53
7
8714
NO&NEletref &imp 44a A'52 J J 8614 8714 8612
984
97
1
98 4 Feb'24 -8514
1943
1st consol gold 5s
8214
7614
8014 10
3
1
New Orleans Term 1st 48_ _ _1953 Ii 8012 80 4 80 4
99 1014
101 June'24 ---4
8
4 1021 243 1003 10248 Pitts Y & Ash 1st cons 59_ -1927 MN 100
414
N 0Texas & Mexico let 6a_ _1925 J O 102 Sale 1011
40
40 June'24 -851A 9312 Providence Seeur deb 45_ _ _ _1957 MN 40 8
9312 381
1935 AO 9212 Sale 9113
Non-cum income 58
713 Dec'23 -1956 M
4
9412 Providence Term 1st 4s
1
/
924
2
9412
94
8
N & C Bdge gen gu 4 a__ _1945 J J 911
874 944
1
/
1997 J J 944 Sale
95
9512 Reading Co gen gold 4s
9512 Apr'24
NYB&MB 1st cong5s_1935 AO 98
8714 92
92
9414 May 434 ---9
'24
9
Certificates of deposit
4
1
/
N Y Cent RR cony deb 08._1935 MN 107 Sale 10614 10714 138 10312 107
8314 87
4
1
/ 86
853
857
5
4
/
Jersey Central coll g 45_ _J951 AO 85
4
1
/ 86
80
4
1
/
85% 41
1998 FA 85 Sale 8412
Consol is Series A
884 934
9318 102
4
1
/
199733 92 Sale 924
Gen 4: ref 4 5 Ser A
9
8512 897
894 32
AO 89 Sale 89
Ret & knot 4.4e "A"__.-2013
_
Renss & Saratoga 20-Yr6s_ -1941 MN 10912
4
95% 993
995 242
2013 AO 99 Sale 98%
Ref & 1E1113t 55
69 1
-934 - .7
4
1
/
June'24
1927 AO 99
ltich & Dan 58
Central & Hudson River
NY
72
1948 MN 7112 8012 65C M
4
74
819 Rich dc Meek let g 56
7
1
/
7814 23
1997
0
7819 Sale 784
96 10 4
Mortgage 3t,s
10
00
0
18912
'3 10018
1952
1214 7712 Rich Ter 59
_ 7712 June'24
1997
Registered
84 '8914
8
June'24
894 94 Rio Grande June let gu 58..1939 JO 891 _ _ _ _
93I Sale 931s
1934 M
934 32
Debenture gold 45
4 514
3
4 pec22
,
9134 Rio Grande Sou 1st gold 4s._1940 J J
4'---87
314 5 4 314 May: 3____
9014 June'24
1942
-year debenture 4s
80
8918 92
J
1940
,
3 4 -Guaranteed
70% 7612
7512 11
4
743 75
Lake Shore coil gold 345_1998 FA 74
32
3
84
3
6978 7212 Rio Grande West 1st gold 45_1939 3, 83 4 Sale 83 9
7112 Apr'24
7112
1998 FA 7218 75
Registered
60
.
724
4
8
707
73
Mtge & coil trust 45 A_ _ _1949 AO 7114 Sale 713 june14 22
77
76% 7712 77 June'24
7412 82
Mich Cent coil gold 343_ _1998 FA
4
/
83
82
1934 MS 811 Sale 8114
7214 7375 RI Ark & Louie lat 44e.
7
73 g June'24
1998 FA
80
Registered
744
68 • 71%
J 70% 74%
1049
-Canada 1st gu g 45
Rut
3 8915 91
91
3
90 5
N Y Chle & St L let g 4a___ _1937 AO 9012 91
804 837,
3
83 4 85
1941 J
833€ June'24
881s 894 Rutland 1st con g 4348
3
89 9 June'24 1937 AO
Registered
7112 77
4
1
/ 7614 75 June'24 -1947 J J 74
9515 St Jos & Grand lel g 4s
2 88
9312
934
1931 M
-9312 94
Debenture 46
9114 96%
1996 J, 9412 _ _ _ 9114 Apr'24 ---4
10013 1023 St Lawr de Adir let g 5a
10218 32
1931 MN 102 Sale 10114
24 68 A B C
gips 91
4
1996 A0 973 10312 98 Mar'24 ---26 gold (is
24
90
8
A 90 Sale 891
A..1953
1
N Y Connect let gu 4348
- ii
'3 9212 93 924 June'24
1931
- -59 - ;
8812 89 St LA Cairo guar g 4s
8812 May'24
1947 MN _844
Y dr Erie let ext g An
96 100
84
4
1
/ 9912
9312 96 St L It M & S gen con g 56_1931 AO 98
96 May'24 - _ _
1933 M
ad ext gold 44s
8312 93
1929 3, 93 Sale 99
3
9
9938 156
97
96
91%12
TJniffed & ref gold 4s
97 May'24
AO
1930
itth ext gold 56
8412
72
4
1
/ 84
83
1933 MN 83 Sale 823
4
9312 9312
Rly & Div 1st g 4s
9312 June'24'
1928.30 9414
5th eat gold 46
9912
99
_ 984
8412 87 St L M Bridge Ter gu g 55-1930 A0 9812
4
1
/
98
1
_
1946 MN 8612 89 87 June'24
N Y & Green L gu g 58
65% 7134
7624 783 St Lay San Fran (reorg co)4519503, 7014 Sale
4
__
June'24
4
761
2000 MN
3
76 4
N Y & Harlem g 334a
8012 We
18
818 291
14
1950.1, 8512 Sale 8112
Ser B 5e
Prior lien
4
991 June'23
N Y Lack & Western 55_ _1923 FA
98% 10212
1
/
1928 J J 1014 Sale 101%
-9812 9812
Prior lien Ser C 65
1015€ 37
9812 June'24,
1973 MN
874 95
let & ref 5a
27
'3 9312 Sale 9314
nix
1942
96
53.85
96 Mar'24
1973 MN
7814
1st & ref 4 He
72
77l
A0 7714 Sale 771
794811 107
7
Cum adjust Ser A 6s_..-h1955
103 June'23'--- NYLE&W let 75 ext. _ _1930 MS
58% 67%
8
h1960 Oct. 067 Bale 661
s
-6714 98
674 314
Income Series A 68
_
4
971 Ape24
1943 3.1 -66is
Dock & Imp 59
99% 105%
8 10418
6
& San Fran gen 65-1931 J' 1643€ - _ _ 1041
9612 99 St Louis
8
1932 FA 983 9914 987 June'24
4
9712 100
N Y & Jersey Ist 58
12
1931 J J 9912 Sale 9012 100
General gold Is
91 July'231---1941 MS 877
s
Y& Long Br gen g 4s
St L & S F RR COM g 4s---1996Ii 9018 _ _ _ 8212 July'23 - - - 6712
9712 .
N Y N H & Hartford
A0
4912
_
8911
974 Mar'24
Southw Dly let g 58_ -.1947
2
48121
4812
Non-cony deben 3348.-1964 AO 4812 52
3 98 101
4
4413 53 St L Peo & N W let gu 5s..-1948.6' 10012 103 10012 1001
53 June'24 _ -1947 MS 544
1
/
Non-cony deben 4e
1931 MS 99 _
8
881 Dec'23
38 46 St Louis Sou 1st gu g 45
1947 MS 4812 52 43 Apr'24
Non-cony deben 34s
iias
76 8012 10
44% 59 /BLS W let g 45 bond ctfe-1989 MN 8013 Bale 8013
6
5339I
1
52 8
1955.1, 5312
Non-cony deben 49
694 741,
4312 5412
2d g 4s income bond etfa.p1989 J J 72% 7414 74 June'24 - 5412 16
3
1956 MN 5412 gide 53 9
Non-cony deben 4e
3
777 8518
88
1932 J D 85 Sale 83
8
4
/
511
39%
8512
Cense!gold 45
1
48
50 48
1956.63 48
Cony debenture 34s
85
79
14
'3 8312 Sale 834
4
1
/
84
75
59
1st terminal & unifying 58-1952
754 61
1948'.1 7314 Sale 734
Cony debenture 6e
81
78
ye%
8
5
7912 797
47 St Paul & K C Sh L 1st 434u.1941 PA 79
36
87
47
1957 MN 47 Sale 46
11% debentures
95
90
'3 87 ____
Mar'24 - -9 35, 70% 87 St Paul E Or Trunk 440-1947
867
1925 AO 8614 Sale 8614
73 European Loan
4
911 9312
86 St Paul Minn & Man 4s--1933 J J 931a 9414 9312 June'24
8512 425' 69
AO 851 Sale 85
1925
4
/
Franca
1933 J J 107 109 107 Mar'24 -- 105 108
let consolg6s
Cons By non-cony 45.-.-.1930 FA
5
9513 98
_
3
7 4 98 June'24
-1933 .1 .1 97
4612 4912
6s reduced to gold 4
1954 J J 5012 53 4912 June'24 _ _ _
Non-cony 4s
RR% 9311
1937 JO 9212 9314 9312 June'24
52
48
Mont ext 1st gold 45
_
52 June'24
Non-cony deben 4s_ _ _1955 .1 .1 5013
82% 8212
3.1 834 1940
8211 Apr'24
424 51
Pacific ext guar 48
8
51 I
;
1
5012 11 51
Non-cony deben 4s__ _1956 J
71% 79
7
4
773 78 I 7814
783*
99% 99% SA de A Pass 1st gu g 4a. _ _1943 J
g
997 June'24'_ _ _
Y & Northern 1st g Ls._ _ _1927 A 0
8
99% 997
_
8
997 June'24 -611
Santa Fe Pros & Phen 55_ _1942 MS 99
s 45
667
NYO&Wrefletg4s..../1992 MS 66's Sale 881s
8013 875
I
1950 AO 8412 Sale I 84
873
3
4 41
533 62% San Fran Termi 1st 4e
D 61
6113 6118 June'24
195.Genral
48
10712 108
10712 Apr'24
1034 AO 10712
85% 8513 Say Fla & West 68
8519 May'24
1942 A
85
Y Prov & Boston 4e
10013 10018
AO 1004 10113 10015 Mar'24
1934
83
81
55
3
N Y & Pu 1st eons gu g 4e_ _ 1998 A0 80 4 -- 8114 June'24
84% 90
2
4
90
8912 973 Seloto V & N E let gu g 41-1989 MN 884 90 90
1927)13 9719 10012 9714 May'24 _
NY& RB 1st gold 59
70
61
2
1950 AO 68% ----' 6913 '70
5213 6214 Seaboard Air Line g 42
6214 22
N Y Snag & W let ref 55._ _ _1937 J .1 6214 Sale 6112
5512 71
14
4
1
/
70
9
1950 AO 6914 697 69
5212
Gold 45 stamped
43
1
5212 15
1937 F A
5212 Sale 48 4
26 gold 44e
4
413% 593
5912 98
01949 FA 5914 Sale I 69
Adjustment 58
4014 53
2
53
F A 5214 55 53
_ _1940
.....
General gold 513
s
4
471 547
1959 AO 544 Sale I 544
4
543 102
Refunding 4e
,
86 4 8819
1943 M N 89
4
1
/ 9712 88 June'24
Terminal let gold 56
1
4
673 86
169
81
1st & cons Os Series A---.1945 MS 8014 Sale I 80
4
/
391 52
52 I 192
let Ser I 410_'46 J J 5114 Sale 5114
N Y W'ehes &B
4
973 100
1926.1' 1004 - -- 100 June'24
6112 69 Seaboard dr Roan 1st 58
46
8
69
4
1
/
Norfolk Sou 1st dr ref A 5e_1961 F A 67 Sale 671
1943 JO
_
3612 June'23
9314 Sher Sh & So let gu g 5s
89
1941 M N 93
4
1
/ 943 9314 June'24
4
Norfolk & Sou 1st gold 5e
-4
1013 102
1938 PA 1003 102 102 June'24
4
3
105 5 107 S&NAlaconsgug 55
1931 M N 107 -.- 107 June'24 _
4
1
/
Nod & West gen gold 6s.
99 1081a
Gen eons guar 50-Yr 58..-1963 A0 19335 104 .10318 June'24
8
1934 F A 1073 _ _ _ _ 1067 May'24'___ _ 106 107
5
Improvement & esti/
3
8115 85 4
16
85
106 1074 So Pao Col 48(Cent Pee 001)/1949
1
8 4 Sale I 844
1932 A 0 10714 ---- 10712 June'24 _
New River let gold
924 964
01929 MS 96 2 Sale I 9612
4
1
/ 149
96
86
,
-year cony 4s
90%
20
904, 17
1996 A 0 90
3
90 4 90
N & W Ey 1st cons g 4s
3
974 100 s
4
1
/ 11
J0 99 100 I 99
100
4
1
/
1934
4
1
/
8614 87
-year cony 55
87 June'24
20
1998 A 0
Registered
- 101 tot4
Feb'24
-On g Si
1927 MN 10114 103 101
2
4
41
4
883
8814 893 So Pao of Cal
4
1st lien & gen g 46_1944 J .1 8819 893 883
9112 1011e
8
947 10118 Apr'24
Coast let gu 48 g.._.1937 3' 90
_
82 Dec'23
So Pao
9035
10-25 year cony 445-1938 M S
85
1s 121
90
1955'.1 8912 Sale 8912
120 I 56 /414lift: So Pao RR let ref 4s
1929 M S 119 Sale 119
-year cony 66
10
954
129
761. 8934 Southern-lit cons g 5s--1994.1' 100 Sale 100 10018 205 (1918 1004
8912
4
Pocah C & C Joint 4/.....1941 J D 8912 Sale 8912
7612
75
AO 7412 Sale 741s
Develop & gen 4e Ser A_--1956
8412 88%
86 141 183
North Ohio let guar g 58--1945 A 0 8614 Sale 86
9512 103
4 10214 150
1956 AO 102 Sale 1013
e
853
8513: 17
6s (w 1)
0
4
1
/
Nor Pacific prior lien 411.-1997 Q J 84 Sale 84%
10714 88 10114 10712
7814
1956 AO 107 Sale 1061e
83 June'23
634s...
1997 Q J
Registered
93% 98%
4
987
'3 11812 ---- 98%
5614 62%
61% 40
Mem Div 1st g 44e-5/L-1996
a2047 Q F 61 Sale 60%
General ilen gold 38
4
793 84
1
84
19.51.6' 8314 8418 84
57
57
57 May'24
St Louis Div 1st g 4s
4
1
/ 60
53
a2047 Q
Registered
%
97 10115
1st ext 545---1929 MN 10114 10114 101 June'24 -___
8
79 4 86 So Car & Ga
86
36
Ref&lmpt44eserA.._2O47J J 85 Sale 85
83 87
87 June'24
2
65 10114 106 Spokane Internet let g 5e--1955.1' 865 88
106
2047J .1 10512 Sale 1054
tte ser B
1936.1'
904 953 Sunbury & Lew 45
954 18
4
2047.1 J 984 Sale 954
68 C
95 May'18
1
3
e1930 MS
3
95
39' 89 4 9575 Superior Short L 1st 5e g
2047J .1 95% Sale 95
541 D
944
95
8
944
89 Feb'24 _ _I
Term Assn of St L lat g 44s.1939 A0
St Paul-Duluth Div g 48. 1996J D
3. 974 100'2
100
1944 FA 100 Sale 100
-oil. WI; tat cons gold 51
994 Mar'24
St Paul dt Duluth 1st 5e. A93I Q F 994
4
754 85
834 12
8312
'3 8312 84
1953
Gen refund e f g 46
8414 Jan'24
1968) D 8118
let consol gold 43
9412 June'24
94'2 95
1943'.3
1 10912 109 4 Tee & N 0con gold 5s
3
8
3
Nor Pac Term Co Ist g lle. _ _1933 J J 109% 110 109 4 109 4
99
92
9812
0814 Sale 98
2000 J
8913 10012 Texas & pee 1st gold 58
-- 10912 Apr'24
8
1938A 0 1007
No of Cal guar g 5a
_ 58 Aug'23
2000 Mar 7214
97% 100
26 gold income 5e
100 June'24
1930.1 .1 1023i
North Wisconsin let 69
9614
18
91 - 104
73
(49
1931 J J 953€ Sale 9512
B L lst g 55
____
La Div
7114 June'24
72
Og & L Cham lat gu 4s 8_1948 J J 71
1
97
9912
9912
8912 891 Tel & Ohio Cent 1st gu 5e_.-1935 J J 9912 Sale 9912
8912 Apr'24 _ _
4
1943 M S
Ohio Conn Ry 43
4
1
/
94% 9712
4
1
/ 9919 97 June'24
1935 A0 97
14 9714
97
Western Div 1st e 5e
9714 Feb'24
1936.1 D 9838
Ohio River RR let g 55
0 Liz 9514
9514 June'24
1935 JO
95 4 9814
1
General gold 5e
984 June'24
1937 A 0 98
General gold Is
221z 41 414
1
2212
3
0914 1001 Toledo Peoria & West 48 _ _1917 .1 J 2214 23 4 2212
5 18
8
1927.1 .1 1007 Sale 10012 1003
8
Ore & Cal let guar g 5a
2
994
4
1
/ 9914
9013 9914
13
12 89 Tol St L & W pr lien g 3%5-.1925 J J 9914 99
85
89
Ore RR & Nay con g 48..... _1046 J 13 8718 Sale 87
76
8334
92
4
1
/
4
1950 AO 823 Sale 82
,
83 4
-year gold 45
30
101 10614
105 June'24 _ _
Ore Short Line-1st cone g 58..'46J .1
9511 964
4
4
1
/ 9812 963 June'24
1931 J J 96
3 1011 1061 Tol W V &0gu 4He A
8
8
5 105
3
1946) .1 104 104 4 1043
Guar cons Se
9513 9511
_ _ 9518 Feb'24
.1
961e
1933
9214 987s
4
1
/ 45
96
4
1
/
Series B 4tia
1929 J D 96% Sale 96
Guar refund 45
8
1942 M 11 883 - -- _ 8612 Mar'23
8312 169
3
79 8 8318
Series C 48
12
Oregon-Wash 1st dc ref 48.....1961 .1 J 83 Sale 83
8112 WI;
8418 -. _ _ 8414 June'24
1
754 8012 Tor IIam & Buff let g 45.. _11946 J
4
793
4
794 793
Pacific Coast Co 1st g Ss_ .1946 J D 78
93 97
7
9519
89 Ulster & Del let cons g 5s.-1928 JD 9512 Sale 9514
78
RR of Mo 1st ext g 44/.. _1938 F A 8918 ---- 89 June'24 _
Pac
s
623 65
1952 A0 6312 6412 65 June'24
89
98$4
let refunding g 411
98 May'24 _ _ _
9818 99
1938J
2d extended gold 5e
3
884 927
4
1
/ 51
92
1941.1, 92 Sale 92
g 45
Union Pacific 1st
911s 98
Psduesh & ills lat. s f 4441 3955 J J 924 _ _ _ _ 917€ May'24 -3
3
953 987
4
1
/ 116
1
/
98
984 Sale 9819
1927 J J
55
4 73
783
79%
20-year cony 45
Sale 78
8' A
7814
88
1
Paris-Lyons-Med RR 6s_ _1958
89
87
02005 MS 87 Sale 8612
3
961y
89
96
let & refunding 48
95
96
95
1942 M
Paulista By 78
3
10514 59 100 1083
02008 88 S 105 Sale 104
__
894 9512
let & ref temp 58
92 June'24
g 4e 1943 MN 8812 92
1180a
Pennsylvania RR---cons
61 10234
4
1
/ 104
2
93
-year perm secured fis_ _1928 J J 104 Sale 103
911g
87
10
4
1
/ 91
1948 MN 9112 92
8834 90
Coast)! gold 4s
1
90
90
gen 43....1944 MS
20
& Can
J
9034
4
4
R74 913
1
May 1 1448 MN 92 4 Sale 908
48 stamped
984 100
9
1928 .1 .1 100 1003 100 June'24
2
90 100 Utah & Nor gold 54
4
2
1960 F A 985 992 9913 100
Coneol 445
_ 104 Dec'23
4
/
1433 .1 .1 911
IA extended 4a
014 984
9414 121
4
1
/
1965) D 934 Sale 92
ss
85
General 44s
Jan'24 „.._
85
933 110
8514
4
Vandalla cons g 45 Ser A _.1955 PA
4
1024 40
1021 Sale 1013
1968J
s
87
General 5a
85
87 Mar'24
1957 MN 854
4
1
/ .57 1013 109 4
Consul 45 Series B
3
109
4
1930 A 0 10958 Sale 109
10
-year secured is
36 June'23
44 107 1107 Vera Cruz & P 1st gu 4 Ses _.1934 .1 J
4
1
/
4
9
1103
1936 F A 11012 Sale 1104
8 213)
553 - - 5€
15
-year secured 8348
26 Apr'24
July coupon on
Pennsylvania Co
9914 9911
-984 _ _ 9914 June'24
1926 M
Verdi V I & W lst g 5s
____ 844 Dec'23 _ _ _
8.5
100%
Guar 3,10 coil trust reg A.1937 3.1
_ 1003€ June'24
10014
__
84
84
Virginia Mid Series E 58._ .1925 MS
8318 ____ 84 May'24
9912
Guar 3 49 coil trust Ser B.1941 A A
98
_
1936 MN 9912 ____ 9912 June'24
General 58
813€ May'24
8214 85
9214 9612
Guar 3 Lis r rust ctis C__ _ .1942 .1
9012 June 24 __ _ _
8
'3 961
. 14 IC Va & Southw'n 1st gu 51i_ -2003
81
8114 May'24
Guar 3 45 trust ctfs D._1044 .1 D 8119
4
June'24 -76, 8812
8512 86
_
1958 A0 84
90% 9414
-year 58
I at cons 50
9418 June'24
Guar 15 -year gold 411_1931 A 0 9312 94
-28
4
924 973
9612 102
11)62 MN 9654 Sale 96
1
8334 87% %leonine let 58 Rerles A
86 1
1
/
4
853 864 86
19t2 M N
Guar 4e Ser F
g Due Oot. p One Des. I Option aids
DUe Mara 1011. A9111 Woe May. pDueJune I Due July. k Due Aug.
Friday; haw Did &Da staked. o Due Jew
1
•110 Witt
-iiEs
171
63
New York Bond Record-Continued-Page 4
Price
Thursday
July 3.
BONDS.
E.Y.STOCK EXCHANGE
Week ending July 3.
Week's
Range or
Last Sale.
4 .Raises
q
Since
Since
t6
BONDS.
N. Y.STOCK EXCHANGE
Week ending July 3.
:ZS
Price
Thursday
July 3.
Week's
Range or
Last Scas.
4.
411
Rana
MICA
Ans, 1.
Moe
Sioh No. Low
Ask Low
BO
84% 9212
,
Det United let cons g 4118_ _1932 J J 90
90
1939 74 N
Wabash let gold 5s
541
8
40
Distill Sec Corp cony let g 58 1927 A 0
3
40
8 12 40
,1126
1939 F A
20 gold fs
38
54%
4
4 4 2
2
7
Trust certificates of depoalt_ _ _
4212 40
lit lien 50-yr g term 42-1954 J J
4
644 791
Dominion Iron Sc Steel 58__ _1939 1-11 6612 Sale 65
5534 14
Del & Ch ext 18t g 5e__..1941 J J
92
81
7
83
Donner Steel 78
1942 J J 8312 84
82
Dee Moines Div let g 4s 1939 J J
91
91
Feb'24 --du Pont(E I) Powder 4340.1936.8 D
91
1941 A 0
Om Div lit g 3340
8
7
duPont de Nemours & Co 7;48'31 MN 10814 Sale 10814
108'± 19 1067 108 5
1941 MS
Tol & Ch Div g 4s
4
57 1031 11613
Duquesne Lt let Sc coll 65._1949 J J 1055 Sale 10558 106
.
8
Warren lit ref gu g 3Ms....--2000 F A
35 1034 111.
107
East Cuba Sug 15-yrs f g 7%s'37 M
106 10612 106
1948 Q
Wash Cent let gold 45
891 90
8
14
Ed El 111Bkn lot con g 45..1939 J J 895s
A
_ 8978 June'24
1924
WO&WIstcYg1 8
14
9812 1014
8
1005,
Ed Elec III lot cons g 58__ _1995 J
10014 ____ 10014
1945 F A
Waah Term let Cu 3 Ms
3
98 4
96
1925 J D 9814 994 9812
Elk Horn Coal cony Cs
6
983
4
1945
let 40-year guar 4e
}3}37e 93
12
1
9834 237
921
Empire Gas Sc Fuel 734e_ _ _1937 M N 9214 Sale 913
9814
2
Mln W& N W let gu 5s_ -1930 F A
W
4
93 4 983
3
1032 M
Equit Gas Light 55
West Maryland let g 42-1952 A 0
96
93
19
Federal Light Sc Trac 6e.._1942 M S 9512 Sale 951
96
West N Y Sc Pa let g 56-1937 J J
9812 1072
1953 M S 10112 1023 102 June'2 -7s
4
1943 A 0
Gen gold 48
98% loos
1941 M
10013 29
10014 Sale 997
Flak Rubber lst e f 841
8
1946 M S
Western Pac let Set A 5a
773 80
4
Ft Smith Lt & Tr 1st g 5e _ _ _1936 M S 9334 sale 8
9
0 June'24
3
1946 M S
B68
84% 94
46
94
Framerle Ind Sc Dev 20-yr 7 Ms'42 J .1
2361 J .1
Wait Shore let 49 guar
7
1942 M N 1077 Sale 10178
6 10118 107 11
1077
8
8
Francisco Sugar 7318
2361 J .1
Registered
94
94
Jan'24
4
Gas& El of Berg Co cones 58 1949 J D 953 -_-_ 94
Wheeling & L E let g Sc._ _ _1926 A 0
8
2 101 1031
8
General Baking 1st 25-yr 68_1936 J D 1023 Sale 10238 102%
Wheeling Div let gold 5s-1928.
1
82
80
21
4
82
Gen Electric deb g 3 Ms_ _ _ _1942 F A 8212 ____ 813
1930 F A
Eaten & impt gold 55_
14
1952 M S 10234 1034 1023
23 100 103
Debenture 59
4 10315
Refunding 410 Series A 1966 M S
981 100 8
4
7
Gen Refr 1st s f g6s Ser A_ _1952 F A 100 10034 9954 June'24
1949 M S
RR let consol 48
935 10912
8
1947.2 J 9634 Sale 06
963
4 67
Goodrich Co 6 M a
1942 .1 D
Wilk & East lit Cu g 5a
11614 42 1144 118
Goodyear Tire &Rub let e f 88'41 MN 11534 Sale 11512
1938 J D
Will Sc S F let gold 59
el931 F A 10358 Sale 10314
103121 51 100 10414
10
-year s f deb g 88
J
Winston-Salem S 01 let 48_ -1960
92
92
92 June'24
J
Granby Cons MS& P con 68 A'28 MN
W is Cent 50-yr let gen 45-1949
90
92
1928 IS N
90
Apr'24
Stamped
Sup & Dul div & term let 4e'36 MN
94
12
89
1925 M N 92
92 June'24 ---93
Cony debenture 88
INDUSTRIALS
78
96
1932 F A 78
8534 Gray Sc Davis 78
78
78 June'24
80
3
8014
81. 80
Adams Express coil tr g 49._1948 1111 S 80
93 1014
4
6
743 95 Great Falls Power let 5 I 58_1940 M N 10012 Sale 9912 100181
1936 .1 D 83 Sail 804
84% 50
Ajax Rubber 85
79 4 824
1
1
1952.3 .1 8212 Sale 8212
8212
534 712 Hackensack Water 45
6
5%
51
5 4 Sale
3
Alaska Gold M deb fle A... 1925 IS S
81% 86
12
8612' 37
1926 M S
612 74 Havana El Ry L&P gen 5s A 1954 M S 8612 Sale 8512
8
512 77g 57 June'24 -Cony deb as series B
93 8
7
g
92
2
93 4
3
93 81
7
1928 A 0 97 Sale 9612
94
9
8 Havana Elea consol g 58.__ _1952 F A 937 95
16
97
km Agri° Chem lit 50
23
103
39131 48 101 103
82 101
1023 Sale 102
72
1941 F A
Hershey Choc let if g 6c..l942 M
86
4
853 Sale 8514
let ref a f 7%8 g
72
844
12
74
9112 964 Holland-Amer Line 68 wan _1947 MN 74 Sale 7312
1933 A 0 9512 Sale 9412
9512 30
American Chain Se
9414 97
1949 MN
82
9014 Hudson Co Gas lit g 5s
18
1931 M N
90
90 Sale 8834
Am Cot 011 debenture 54
96% 994
6% 9 7 9
91
6
6
9
19363 J 10712
9
612
5 1064 1074 Humble Oil& Refining 5%8_1932 J J 96 2 Sa1e8 9
1073
4
1073
4
Am Dock & Impt gu 68
9314 974
4
9714 150
8734 9
1937 A 0 924 Sale 9134
214 Illinois Bell Telephone 50._1956 .1 D 97 Sale 9634
9214 31
Amer RepublIcs Se
914 95
95 I 25
1940 A 0 9334 Sale 934
92
9414 Illinois Steel deb 4348
108
94
Am Sm Sc R lit 30-yr User A1947 A 0 94 Sale 9312
82 827
4
1936 MN
4
8278 May'24
1947 A 0 10512 106 105
21 1013 106 Ind Nat G & 0 59
106
Se B
1952 M N 10112 Sale 10118 1015
8, 21 103 10312
965 1023 Indiana Steel let 5s
8
4
1937
997 Sale 9912 10014 76
8
Amer Sugar Refining 68
91935 J J 97 100
9612 sale 963
'
96 Nov'23 - _ _ _
9212 963 Ingersoll-Rand 1st 58
4
8
963 174
4
Am Telep & Teleg coil tr 48_1929
lOu 11
_
1078 June'24
14
1936 M 8 91 Bale 91
87
914 Interboro Metrop coil 4348-19513 A 0 11
7
914
Convertible 40
1$8 4 68
8
12
6812 839
8
8
1 1005 109 Interboro Rap 'Fran let 54-1986 J J 683 Sale 6612
1933 PA S 1005 107 10312 10312
8
20
-year cony 4Me
58% 67%
675 1160
8
675 Sale 6614
8
Stamped
9718 101
1946 .1 D 1005 Sale 10014
10058 230
8
30
-year coil tr 58
5414 7014
1932 A 0 69 Sale 67
69 I 246
97 10212
14
1943 51 N 102 Sale 10178 • 10214 207
10
-year (4
f 5345
-year
20
834 90 4
3
F A ___
1932 MS 90 Sale 893
4
90 4' 390
3
7s
11412 11512 38 11214 123
-year convertible
7
46
14 70
12
_
1934 A 0 9112 Sale 91
58 June'24
8418 92 Int Agee Corp let 20-yr 5s 1932 MN 5512 65
41
92
Am Wet Wks & Elec 59
794 85
12
85 I 49
36
50 Inter Mercan Marine if 68.194l A 0 8412 Sale 8412
_1939 .1 J 4958 Sale 451
49 8 16
5
7-61
Am Writ Paper a f
83 88
44
55
19473 J 8412 Sale 8414
1953 F A
963 Sale 9
8
9418 98% International Paper 58
964 109
Anaconda Copper 6e
614
834 85
19473 J
9412 10114
-- 84 Mar'24
200
1938 F A 98 Sale 97
1st & ref 55 B
98
78
7312 8012
5
8
8014 116
83 8 877 Jurgena Works68(fiat price)_1917 J J 8014 Sale 7712
5
8634 58
Amour& Co let real eat 4;151939 J D 85 8 Sale 8558
89
94
93 8 97
7
9334 Sale 9314
845 9214 Kansas City Pow & Lt 58_1952 M
8
9012 274
Armour & Co of Del 510-1943 J .1 9012 Sale 86
93
9814
98 I 40
4
1935 M S 10014 Sale 997
963 10084 Kansas Gas & Electric 68_1952 M S 98 Sale 974
8 10012 30
temp Si
Associated 011
974 1054
1942 F A 10118 10212 1005
29
40 Kayser & Co 7s
8 lope 27
_ _ _ 35 Mar'24 ____
Atlantic Fruit cony deb 78 A.1934 J D
8614 10414
3
40 Kelly-Springfield Tire 88_1931 M N 923 Sale 904
92 4 47
4
25
25 June'24 ____
Trust certificates of deposit... ---. 2214 24
3912 Keystone Telep Co let 58._.1936.9 J 80
734 80
21
1
24
2312 26
24
atamped
do
9858 101
1937 A 0 101 103 1101 June'24
7
1937 J .1 97 8 Sale 975
8
96% 99 Kings Co El Sc P g 58
40
98
Atlantic Refg deb 58
7
1997 A 0 11312
5
Purchase money fls
- 11312 11312
3 1001 102
8 10112
8
5 110 8 1131
Baldw Loco Works lit 55-1940 MN 1004 1013 1005
Convertible debenture 68-1925
9938 9914
9514 110034
6
993
4
Barnsdall Corp of cony 8% A1931 J .1 99
6934 76
974 101
6
747
7
7 3
.2
Kings County El lit g 4e...1949 F A 7412 75 9 4 826t414
1005* Sale 100
1003
4 51
Bell Telephone of Pa 58.-1948 J
704 75
99 10012
Stamped guar 49
1949 F A 75 Sale 744
10018 18
17
75
Beth Steel let ext s f 58.. _.l926 J J 100 Sale 100
7714 8214
1942 MN
9334 967 Kings County Lighting 55_1954 J J 8254 86
95 Sale 943
4
8214
824
4
96
28
let & ref 50 guar A
95 102
1954J J 101 Sale 101
_1936 J 3 88 Sale 88
9
102
89
88
913
4
40
6348
p m& Imp ii 58_ .
20-yr
1936 J D 10412 1043 10334
96 100 Kinney Co 7148
229
1948 F A 967 Sale 96
4 10112 1944
4
97
8
10414
54 A
98
88
8
1950 M S 90% Sale 90
877 92 Lackawanna Steel 59 A
1953 F A 88 Sale 877
9034 23
8
8812 26
8345
9114 9644
73
833 Lac Gas L of St L ref & ext5s 1934 A 0 9612 Sale 9614
4
_
9658 27
7612 7512 June'24
Booth Fisheries deb s f Pls.-1926 A 0 70
92% 954
Coll Sc ref 534s ser C
1953 F A 9312 Sale 9312
944 49
Braden Cop M eon tr if 68._1931 F A 1054 Sale 10412 10514 30 10012 10514
91
94
J 93 4 _ - 94 June'24 _ _ _
97 Lehigh C & Nav el 4Ms A 1954
93
967
8 44
3
4
Brier 11111 Steel let 5348--19 2 A 0 9658 Sale 9612
91 100
12
1933 J J 10012 _ - 1004 10012
6012 7112 Lehigh Valley Coal Sc
7112 22
3
B'way & 7th Av let e g 58..1943 J D 71 Sale 70
87 874
12
19333 J 834
48
87
90
4
90
90
1941 'J 90
_ 8713 Apr'24
Brooklyn City RR 59
32% 43
9712 10218 Lex Av & P F 1st gu g 58_ _1993 M
12
102
39
3
J 100 4 Sale 10034
Skin Edison Inc gen Sc A._1949
10414 11 10212 106 Liggett Sc Myers Tobac 78_1944 A 0 11714 11814 118
1930 J .1 10414 105 10414
19 114% 118
5
138
19
General 68 Series B
95% 99
1951 F A 99 Sale 9712
5 10512 109
1067
8
4
1930 J J 1063 10714 106
99
55
16
General 78 Series C
1944A 0 116% 117 11612 11612
10914 11 108 10934 Lorillard Co (F) 78
1940 J D 10914 Sale 10858
1 11412 ily%
General 78 Series D
6
4
9718
95
98
1951 F A 9638 9712 963
fs
724 81
51
81
Bklyn Man R Tr Sec(tem)6e 1968 J J 8014 Sale 804
8818 914
4
63 4 694 Louisville Gas Sc Electric 58_1952 M N 903 Sale 9034
3
694 24
913
4 96
Bklyn Qu Co & Sub con gtd 58'41 M N 69 Sale 6812
80
80 Magma Cop 10-Yr cony g 78.1932
.
11012 Sale 110
Jan'24
1941 3 .1
SO
1123
4 19 10814 11712
let 50
9738 10112
1942 A 0 9912 Sale 9812
Maned Sugar 715s
__ 101 June'24
7814 101
Brooklyn Rapid Trans g 58-1945 A 0 9334
9912 47
70
56
Manhat Ry(NY)cons g 46_1990 A 0 61 Sale 60
7334 Nov'23
37
70
Trust certificates
47
63
2445
20133 D 4812 50 4 50
. 8 - -3647 72 4
4
5
50
3
723 June'23
4
let refund cony gold 48-2002 J J 783 9412 100
_
1942 M N 98
____ 102
Manila Electric 75
974 105
Apr'24
99
9912 99
secured notes__ -1921 3
3
8-Yr 7%
83
86
964 110
Manila Elec Ry Sc Lt s f 55_ _1953 M S 83
8412 844 June'24 -110 June'24
--Certificates of deposit
3
Mariand Oil a f 88 with waenta'31 A 0 115 125 118 June'24 ---- 11634140
92 4 105
105 June'24
Ctfe of deposit stamped__ _ _
F A
Without warrant attached__ A 0 10458 104 4 10434
8012 8518
2
35
8518
1950
2 100 1054
10434
3
8111Y/1 Un El let g 4-58
117 136
85
8458 8518 8 e
1031 F A 115 129 120 June'24
7140 Series B
81
8
85
1950 F A
Stamped guar 4-55
47
9834 104%
985 }0014 985
8
do without warrants
965 100
8
Bklyn Un Gas let cons g 58_1945 51 N
1
10212 Sale 10212 10212
3
5
99
34 114 129 Merchants Sc Mfrs Etch 78_ _1942 J D
4
1932 M' 1283 Sale 12712 129
75
100 May'23
41 10312 10612 Metr Ed 1st & ref 568 Bar B_1952 F A 10034 Sale
10612
13 Ws;
let Hen & ref fis Series A-1947 IS N 10612 Sale 10612
101
9412 99
8
1294 26 114 1295 Metr Power (is
78
1929 MN 12812 Sale 128
3
98 4 12
1953 3 D 9812 Sale 9812
90% 914 Mexican Petroleum if 80_..1936MN 103 1037 10334
9112 10
4 1014 105%
105
Buff & Sun Iron 5 f 5e
1932 J D 9112 Sale 9112
8
99
997
2
8634 Mich State Telep lot 5s...1924 F A
81
2
854
8
99 June'24
Bush Terminal let 45
1952 A 0 8314 855 854
85% 90
12
8
834 885 Midvale Steel &0cony 158 1936 M
854 17
48
89
1955 .1 .3 85 Sale 85
8812
Coneol 58
96
89 4 954
4
91
Certificates of deposit-..1936
37
96
Building 50 guar tax ex. 1960 A 0 96 Sale 9412
- 93 Feb'24 _ _ _ _
96 100
Oat G & E Corp 58
9714 9914 killw Elec Ry & Lt cons g 54 1926
7
100
3
98 8
3
100 tale 997
1937 M N 9818 Sale 9818
1
3 90 4 95
Refunding Sc exten 410_1931 J J 9312 9512 9334
95
Cal Petroleum 6 Me (w 1)- 1933 A 0 9814 Sale 977
93 8
3
98%
8
98 8 110
7
92
95
12
_
9412 973
General Si A
4
3
95
94 June'24
1951 J D 933 94
Camaguey Sug let e f g 78 1942 A 0 9412 Sale 944
4
9518
91
6
9518
804 88
9414
lst 58 B
Poled& SS Linea let coil if is'42 if N 9412 95
20
87
19613 D 8634 Sale 8612
95% 100
Oanada Gen Elea Co 6e_ _
1st & ref g (is ser C
1953 MS 97
5
F A 104 8 1054 10512 10512 11 102% 10512
983
4 70
9814 9818
941 97%
4
Cent Dist Tel lit 30-yr 50_ A943
9734 10012 Milwaukee Gas Lt let 48.
D 100 10012 10012 June'24
8
..1927 M N 973 978 978
1
973
8
Cent Foundry let s f Ce. _ _1931 F A 8912 93
95
98
8912 93 Montana Power let 58 A.
9018 June'24
42
98
.19433 J 975 Sale 97
Cent Leather 20-year g 58_ _1925 A 0 9914 Sale 99%
86% 93%
92
9212 99% Montreal Tram lot Sc ref 59_1941 J
12
9112 Sale 90
995g 371
Central Steel 84
76
194 MN 108 - - 108 June'42
82
14
107 5 10812 Morris dt Co late!4 Ms__ _ _1939 J J 7712 Sale 7612
3
7712 38
Cerro de Pasco Cop 38
7412 7412
1413
8 17 127 14434 Mortgage Bond 411
1931 J J 9714 ____ 138
_ 9312 June'24
1966 A 0 7418
Ch 0 L& Coke let gu g 58_ _1937
92
94
9312 9734
So
J 77 Sale 9714 June'24
1932 A 0 94 Sale 9314
94
11
Chicago Rya let Si
81
92
94
Mu Fuel Gas 1st cu g 58_ _ _ _1947 MN 943 94
74
7718 Sale 77
1927 F A
93% June'24 _
7712 38
Chile Copper Its Ser A
9374 94
99 102 Mut Un irtd bonds eat 5%.l94lM N 945
93
1932 A 0 10134 Sale 10114
_
102
4
- 593 June'24
Cincin Gas & Bloc let & ref Si'56 A 0 985 Sale 985
68845934
955 993 Nassau Elec guar gold 49...1951 J J 5912 Sale 5914
8
8
8
4
8
98 e
7
5
5934
514e Ser B due Jan 1_1961 A 0 993 Sale 993
8212 94
98 101
4
National Acme 714s
4 100 4 28
3
1931 J D 844 Sale 84
9
85
88
92 Nat Enam Sc Stamps let 50_1929 J D
Colo F& I Co gen e I 58_ _1943 F A 91
9614 9914
925 9112 June'24
8
1
9712
9712
75
82
Col Indus let & coil 58 gu_ _ 1934 FA 82 Sale 81
9514 97
Nat Starch 20-year deb 5a_ _1930 3 .1 951
20
82
_
102 June'24
Columbia 0 & E let 55
995 100 994
8
1927 .1
14
96% 100 National Tube 551 58
44
997
99 102
1952 M N 1005, 101 - 1014
1014 10
4- 3
4
1927 J J 99 4 Sale 994 100
3
Stamped
9314 97
1948 J D 961% - - -. 9614
33
9614 100 Newark Con Gas 58
4
9614
Col & 9th Av 1st gu g 55-1993 M S
9714 10012
7
7
6
1712 7 Apr'24
New England Tel Sc Tel 58.19523 D 10012 Sale 100
10012 25
Columbus Gas let gold 5e 1932 J 3 993 997 9512 May'24
10114 103
4
934 9512 NY Air Brake 1st cony 68_1928 M N 102 103 103 June'24
8
Commercial Cable lot g 48..2397 Q J 7412 76
78
78 4
7
70
7514
_
7614 NY Dock 50-yr let a 45_._1951 F A
2
7614
4
773 7834 783 June'24
4
Commonwealth Power 69._ _1947 M N 9278 Sale 9212
87
944 N Y Edison 1st & ref6 Ma A_194I A 0 11112 Sale 11112 112
57
93
57 10974 112
1937 J J 100 102 104 June'24
100 1033 N Y Gas El Lt & Pow g 511_ _1948 J D 100 101 100
Comp Azu Bars 7145
98 10114
14
4
100 4 14
3
J 1003 10012 101 June'24 __
8
Computing-Tab-Ree s f 68..1941
98 10114
8214 86
Purchase money g 49
10
86
1949 F A 85 Sale 85
801s 8114
7714 Sept'23_
N Y Munic Ry lst s f 58 A _ _1966 J J 8012 --- 8112 Apr'24
Conn Ry&L let& ref g 4501951 .1 3 _
1951 J
98
99 4
3
-8412 N Y Q El L & P 1st g 5s___ _1930 F A 99
10
7
---- 87
_
993 99 June'24
8
87
Stamped guar 414.
8
8
33% 40 2
38
3812 3734
6
875
8 18
Cons Coal of Md lot & ref Si 1950 J D 875 Bale 8712
1
12
9 4 N Y Rys lat R E & ref 45_ _1942 J J 38
99
32
9738
4014
371g 10
3612 3712 3612
9312 9734
973
8 18
Con G Co of Cb 1st gu g 5s. _1936 J J 98
Certificates of deposit
312
112
1952 M N 8914 Sale 8914
2 14 10
2
9234
903
4 23
Consumers Power
(11942 A 0
87
234 2
-year 841 Inc 58
30
03 34
212
1
212 212
2
Corn Prod Refg if g Ss__ _1931 IS N 0918 _- 100 May'24 ____ 100 103
Certificates of deposit ______
____ 100
58
65
1934 IS N 100
22
63
100
9814 1004 N Y State Rya let cons 4340 1962 MN 63 Sale 625*
1
let 25-year a f 53
85
96
1043 F A 72 Sale 7112
8812
883
4 10
72
Crown Cork & Seal 60
MN 87% 89
71
85
634.
6
92% 99
10
99
977 Sale 9712
95
914 95 N Y Steam let 25-yr 6e Ser A 19;
68
Cuba Cane Sugar cony 78 1930 J J 95 Sale 9434
14
6
93% 97
8
349
97
997
8 68
Cony deben stamped 8-1930 J J 9834 Sale 987
96
997 NY Telep let Sc gen if 4145_1939 M N 9612 Sale 9612
51 105 1084
108
30
-year deben alas__ _Feb 1949 F A 10714 Sale 10714
57 107 10812
Cuban Am Sugar lit coil 85_1931 IS S 108 Sale 107% 108
8
8
10654 78 10318 106%
9612 11
Comb T & T let & gen Si.. _1937 j j 9638 Sale 963
20-year refunding aold 48_1941 A 0 106 Sale 1057
944 963
3
99 10112
Den Gap Sc EL Ist&ref if g 58'51 MN 91 Sale 894
91
Niagara Falls Power let 58..1932 J J 101 Sale 10012 10112 23
58
8
44 91
68
70
12
1 104 105
68
1942 M 5 68
2 68
Ref & gen 65
82
Dory Corp (D 0) 713
10434
al932 A 0 104 10512 10412
9012 10312
10314
8
9
10012
Niag Lock Sc 0 Pow let 58_ _1954 if N 10174 10212 102
9934 101
8
Detroit EdIson let coil tr 58_1933 J J 9978 Sale 997
914 954
9518 93
993
4 29
11940 M S 9312 Sale 9812
4
No Amer Edison Be
lit & ref Si Series A
95 100
1952 M S 95, Sale 9412
96 100
61
100
11940 M 5 106 Sale 10512 106
4
38 101 10614
let & ref 6a Series B
1948 M S 993 Sale 9912
BecUred f if 6 Ms Ser B
High
Ilioh No Low
Ask Low
964 10012
Sale 10018 1004 28
871 96
8
6
9412 94
94
75
68
7712 7334 June'24
9
99
9912 99
97
99
4
744 793
79 June'24 ____
674 7312
6
73
70
734 73
5 82
77
81
82 June'24....
____
7418 May'23 ----Wil
e
79 May'24
8318 86
991 993
8
____
9938 Jan'24
81% 8218 815
8 14
8
8
82
%
3
894 89
733 8814
4
1
8814
8814
90 933
4
90
92
9112 June'24 ____
6434
58
6312 40
6234 Sale 6212
97% 100
15
100 Sale 993
4 100
7612 7914
1
7914
7914
7914 80
7912 90
69 Sale 884
4 19
893
925 100
8
1
100
99 100 100
7834 8414
10
83
8258 83
82
7714 8212
2
8112
67
813
8
83
9834 100
9912 10012 997 June'24
8
997
997 June'24 ____
98
984 100
94
94
93
94 Mar'24 ____
633
534 6414
633
4 20
63 4 64
3
70
60
68
6814 27
69 68
62
49
60
6018 13
60 i 595
3
8
99 1004
10014 ____ 10014 June'24
823
8
81
7914 _ _ _ _ 8234 May'24 ____
7634 8
45*
825
8 13
8112 Sale 8114
77
85
1
84
84
83
84
Bid
10018
933
4
7314
99
F
- 7 76
444
10014
"W. nide'
F-A
*No price Fliday; a tertb10 and asked. oDI,eJan, 11 Due Feb IDueJuna, h Din Jt117. t Due Atli. 0 Due Oct. v Due Noy. r Due Deo. eOptlooiale,
10184
THE CHRONICLE
New York Bond Record-Concluded-Page 5
[Vol,. 119.
Quotations of Sundry Securities
All bond prices are "and interest" except w ere market!"1"
Standard 011 Stocks Par Rid. Ask.
Railroad Equipmtints Per Cl. Basi
l
Week's
Anglo-American Oil new. fl. .15
133 Atlantis Coast Line Os
2
5.30 5.0i
Since
g.!
r
Range Sr
Atlantic Refining
8
100 897 90
5.15 5.00
Equipment6360
Jan. 1
Last Sale
co,
%
Preferred
100 113 11312 Baltimore Sr Ohio 60
5.35 5.10
100 215 225
5.00 4.80
Equipment 43.6s & & _ _
High Borne Scrymser Co
Ask Low
High No. Low
Bid
Buckeye Pipe Line Co__50 .6112 63 Buff Roch & Pitts equip 60_ 5.30 5.00
Nor Olio Tree & Light 6s __ _1947 M 13 9058 907 905
93
8818
8
8
905
8
4
Chesebrough Mfg new.. 25 *49
50 Canadian Pacific 430 & Os_ 5.00 4.90
Nor States Pow 25-yr 58 A.A941 A 0 935 Sale 9314
8914 94
8
4 40
933
Preferred
100 113 116 Central RR of N J Os
5.35 5.05
1st & ref 25-yr 65 Ser 13_ A941 A 0 10318 Sale 1027
8
10314 25 101 104
42 Chesapeake & Ohio 135
5.45 5.20
Northwest'n Bell T 1st 79 A.1941 1' A 1087 Sale 1087
8
8
109
71 10712 10918 Continental 011 new _ _ _ _ 25 *38
Crescent Pipe Line Co
50 *12
13
5.20 5.00
North W T 1st fd g 436s gtd _1934 J J 9353 9612 92 Feb 24 ____
Equipment638s
92
92
Ohio Pubic Service 736s_ _1946 A 0 10612 107 10612
5.05 4.75
Equipment be
1037 1065 Cumberland Pipe Line...100 127 128
8
8
10612 17
Ts
1947 F A 103 Sale 103
1 10014 1033 Eureka Pipe Line Co_ _ _ _100 9514 96 Chicago Burl St QUIDCY Os.. 5.35 5.05
103
4
Galena Signal Oil corn,.100 5412 5612 Chicago & Eastern III 53411- 5.40 1.10
Ontario Power N F 1st 5s__ _1943 F A 98 Sale 98
943 99
8
98 12 21
Preferred old
100 110 115 Chicago & North West 6e.. 5.55 5.25
Ontario Transmission 5s._ _ _1945 MN 963 9712 9712
4
94
9712
2
975
Preferred HOW
100 102 105
Otis Steel 88
1941 F A 9512 96% 95
5.20 5.00
Equipment6949
9412 101,
4
955
8
2
Humble Oil & Ref new
25 *3514 36 Chic RI & Pao 4365 & 69--.. 5.25 5.05
lst 25-yr s t g 736s Ser B 1947 F A 4712 sale 47
8712
8
87
95
Illinois Pipe Line
100 13012 132
Pacific G & El ego & ref 55_ A942 J J 93 Sale 93
5.55 5.30
Equipment&
4
903 94
931
4 47
25 .100 101 Colorado & Southern Os__ _
Pao Pow&Lt lst&ref 20-yr Is '30 V A 973 Sale 963
5.50 5.20
92
8
9734 Imperial 011
8
973
8 54
92 Delaware & Hudson Bs
Pacific Tel & Tel 1st Is
1397 J 1 9812 Sale 9812
5.35 5.05
96
99
46
993 Indiana Pipe Line Co_ 50 *91
8
be
2
1952 M N 933g sale 93
5.40 5.10
905 933 International Petroleum-(I) .1714 17, Erie 43.68 & 513
8
933
4 26
4
Magnolia Petroleum_.._100 126 12912
Pan-Amer P & T let 10-yr 761930 F A 10212 10234 10212
b 5.50 5.25
Equipment68
9958 103
10234
8
National Transit Co_ _12.50 *2112 22 Great Northern 60
8948(w1)
1935 MN
5.40 5.15
98
9614 Mar'24 _
93
New York Transit Co_ _ _100 631.
Park-Lea (cUs) 632s
1953.3 J -9734 Sale 963
5.10 4.95
Equipment be
94 100
4
9
98
Northern Pipe Line Co_ _100 81
85 - Hocking Valley Be
Bat& Negate G & El cons 5131949 M S 9612 -___ 96 May'24 ___
96
5.50 5.20
937
8
Olio 011 new
25 *61
62
5.10 4.90
Pool)Gas & C 1st CODS g 65-1943 A 0 107 108 107 June'24 ____ 10414 1077
Equipment 53
8
25 *30 :33 Illinois Central 434 & &I
Refunding gold 50
1947 M S 9312 sale 9314
5.00 4.80
9334 14
8714 933 Penn Mem Fuel Co
4
Prairie Oil& Gas new
100 211 212
Philadelphia C 6s A
1944 F A 1027 Sale 1025
5.35 5.05
Equipment&
995 103
8
8
8
103
38
Prairie Pipe Line new
100 10112 10212
6348
1938 M 9 9312 Sale 9314
94
Equipment 78 & 63'4s.__. 5.20 5.00
90
937 102
8
100 180 187 Kanawha St Michigan Os
Plana &Reading C St I ref 50_1973 J J 995 Sale 9912 10014 40
5.65 5.30
9318 100, Solar Refining
8
4
Southern Pipe Line Co_ _100 95
9512
Pierce-Arrow 85
1943 M S 7911 Sate 7514
5.25 5.05
82
Equipment4345
70
7914 77
South Penn Oil
100 128 130 Kansas City Southern 634s. 5.35 5.05
Pierce Oils f 88
1931 J D 957 97
8478 102
9658 14
8
9612
Southwest Pa Pipe Lines _100 84
86 LouisvilleSt Nashville 65- 5.30 5.00
Pillsbury Fl Mills 68 (rcts)_ _1943 A 0 98 Sale 9714
98
18
9434 98
Standard 011 (California) 25 *575s 58 4
Pleasant Val Coal 1st g s f 5131928 J J 96
97
9412 June'24 ____
,
5.20 5.00
93
963
4
Equipraent°XS
Standard 011(Indiana).. 25 *5618 5614 Michigan central 58 & 68_ 5.20 4.80
Pocah Con Collieries lst s f 501957 J 1 93
9012 94
93 June'24 ____
Standard 011(Kan)
25 4
41
Portland Gen Elec 1st Is.... 1935 J .1 98 - 99
95
Minn St P&SSM 4345 & & 5.30 5.00
9812
3
9
812 9814
Portland Ry 1st St ref 5s _ _ _1930 M N 93
5.30 5.10
91
Equipment 634s & 76....
90
1
86
9312 Standard 011(Kentucky) 25 *108 4 109
90
Standard Oil(Nebraska) 100 233 236 Missouri Kansas & Texas Be 5.70 5.25
Portland Ry Lt & P 1st ref 501942 F A 853 Sale 853
8
803 90
8
4
4
853
4
Standard 011 of New Jer_ 25 *3418 3412 Missouri Pacific" 65 & 6348,. 5.70 5.40
Ile B
1947 M N 9412 Sale 93 4
9412 12
893 95
4
3
Preferred
100 11712 118 Mobile& Ohio 43.65 St So.__
1st & refund 7.369 Ser A 1946 SIN 1043 ____ 1045
5.15 5.09
8
1045
8
1 103 1043
4
4
Porto Rican Am Tob Ss__ _1931 M N 105 Sale 105
105
7 10418 10518 Standard 0110f New York 25 53914 3912 New York Central 4345 & bf 5.00 4.80
Standard 011(Ohio)
100 285 289
Pressed Steel Car 55
5.35 5.00
8
887 95
8
Equipment68
913
8
1933 J i 9138 Sale 9114
Preferred
100 116 119
Prod & Ref a f 80(wIth waents)'31 J D 11312 115 115 June'24 --_ _ 10931 11614
5.10 5.05
/
Equipment 75
Swan & Finch
100 41
42 Norfolk dr Western 434i.... 4.95 4.75
Without warrants attached- .1 D 110 Sale 10912 110
40 1061$ 110
Union Tank Car Co_
100 97 100 Northern Pacific 75
Pub Serv Corp of NJ gen 50_1959 A 0 96 Sale 9458
5.20 5.00
100
243
77 100
Preferred
100 11112113 Pacific Fruit Express'M.-. 5.10 4.95
Punta Alegre Sugar 7s
1937.3 J 10818 Sale 108
10838 53 10714 122
25 *6214 63 Pennsylvania RR oq 55 & Os 5.30 4.90
Bemington Arms as
1937 M N
9414 Sale 933
92
4
947
8 22
9512 Vacuum Oil new
10 *2812 30 Pitts St Lake Erie 630
Etepub I & 9 10-30-yr bs s f 1940 A 0 9518 Sale 9518
5.37 5.10
953
4 18
93
963 Washington 011
4
Other 011 Stocks
5340
5.60 5.25
1953 1 J 90 Sale 8912
90
27
875 91511
8
Equipment68
312 Reading Co 4945 & /03
(I) *3
lobbins & Myers a f 78
1952 J D 7614 85
5.00 4.80
79
7512 9112 Atlantic Lobos Oil
79
2
Preferred
50 .5
12 St Louis St San Francisco 65_ 5.40 5.10
loch & Pitts Coal & Iron 59_1946 MN 90
_
91
91
91
Jan'24 ___
Gulf Oil new
26 .573 58 Seaboard Air Line 43.65 & Se 5.90 5.40
4
togers-Brown Iron Co 79...1942 M N 7312 767 79
74
00
80
6
8
Mexican Eagle 011
•234 334
it Jos Ry Lt Ht & Pr Is.,.... _1937 MN 83
4345._ 5.00 4.80
4
8512 84 June'24 ___
763 84
5 *958 934 Southern Pacific Co
Mutual 011
it L Rock Mt & P 5s strap9_1055 J J 753 Sale 753
5.10 5.00
753 80
8
2
8
753
8
4
Equipment70
National Fuel Gas
100 100 102 Southern Ry 4345 & 55
It Louis Transit 59
1924 A 0 ___ 55
5.15 4.95
58 June'24 ___
5212 58
10 *24
Salt Creek Producere
2414
It Paul City Cable 56
1937 1 J 9212 9512 95 June'24 _
9112 95
5.45 5.20
Equipment&
Sapulpa Refining
*112 15 Toledo & Ohio Central 8s._. 5.60 5.30
8
It Paul Union Depot 50
1972 1 J 10018 Sale 995
9512 10014
8
10014 35
laks Co 78
__1942 M 9 10412 1043 10414
4
5.15 5.00
1043
4 11 102 105
UnionPacific Is
Public Utilities
Ian Antonio Pub Ser 68_ _ _1952 J J 99 sale 9712
9912 17 933
4 9912
Tobacco Stocks
71
lbaron Steel Hoop 1st 8e ser A '41 M 9 102 Sale 10012 102
78
American Cigar common 100 76
17 100 1023 Amer Gas & Elec new___(:) *70
4
Preferred
50 *46
47
iheffield Farms 63613.
1942 A 0 10312 Sale 10312
100 84
10312
3 10012 10312
87
Preferred
MAN 95
Deb 68 2014
96 Amer Machine & Fdry _ _100 145 155
Ilerra & San Fran Power 55_1949 F A 8812 Sale 8738
8378 4412
8812 29
Amer Light & Tree com_100 12512 12612 British-Amer Tobao ord. tl *2212 23
Umiak'Cons 01115-year 713_1937 M 9 925 Sale 9212
8
93
63
877 97
8
Preferred
100 91
92
6348 B(w1)
1938 J D 863 Sale 853
PI *2212 23
4
4
867
833 9014
4
8 70
Bearer
linclair Crude 011 53613
1925 A 0 997 Sale 997
60
8
8
10014 267
97 1003 Amer Power & Lt com_ _100 254 257 Heime (Goo W)Co, new 25 *57
8
Preferred
100 89
91
1926 F A 10014 Sale 9978
68
100 111 114
10014 13
8
957 1003
8
Preferred
M&S 9334 943 Imperial Tob of G B & Irel'd *16
Deb 65 2016
4
Midair Pipe Line 55
1942 A 0 8412 Sale 8414
17
8412 48
813 86
8
loath Porto Rico Sugar 75_ _1941 J D 10219 1023 102
65
100 55
4
1023
4
8
5 1005 10412 Amer Public UtlI corn, 100 63 66 Int Cigar Machinery
100 78
7% prior pref
loath Bell Tel &Tel lets f 501941 J J 973 9812 98
80 Johnson Tin Foil & Met-I00 75
8
94
9912
983
8
6
pref
100 62
2
4% motto
65 MacAndrows & Forbes_ AN 114332 146
'west Bell Tel 1st & ref 513_1954 F A 957 sale 9534
9312 96
96
382
73
leathern Colo Power is__ _ _1947 J J 9112 Sale 9012
100 98 100
9134 38
87
913 Blackstone Val0& E corn 50 71
4
Preferred
Carolina Pow & Lt com_100 135 140 Mengel Co
Mend Gas & El cony s f 65_ _1926 J D
100 30
105 May'24 ____ 100 105
32
Cony deb g 6368series-- _ _1933 M 9 981. Sale 9818
8
99
50
9412 9918 Cities Service Co corn.._100 1351: 13612 Porto Rican-Amer Tob _ _100 50
60
Preferred
100 727 733 Universal Leaf Tob com-100 30
!Laniard Milling lst 58
8
1930 MN 98
8
33
985 98 June'24 ____
8
953 98
4
ServiceBankers'Shares 1312 14
Cities
Iteel & Tube gen 81 7s Ser C 1951 1 .1 1045 Sale 10414
100 83
8
86
1043
4 16 103 106
Preferred
!agar Estates (Orient!) 76_1942 M S 963 97
35 Young (JO) CO
100 113 117
4
963
4
9512 9712 Colorado Power corn,,._100 33
97
6
Preferred
100 86
lyracuse Lighting Ist-os 58. 1951 1 D 9712 sale 97
90
100 s102 106
9712
5
92
9712
Preferred
Com'w'th Pow Corp corn (I) •0012 92
Light & Pow Co coil tr s f 55'54 J J 1047 ___ _ 1047 May'24 __ __
g
8
8418 105
Rubber Stocks(Cleceland) prices)
100 78
Preferred
'Km Coal Iron & RR gen 59195) J J 10110112 10112
80 Firestone Tire & Rub corn 10 *65
68
9914 10212
1
Consumers Power pref_100 88
jennessee Cop 1st cony 6s 1925 M N 10114 113T14 10112 10112
91
100 94
97
9712 103
1
13% preferred
7ennessee Elec Power 6s
1947 J D 98 Sale 9712
100 84
86
98
86
9334 987 Elec Bond & Share pref _100 101 102
s
7% preferred
7h1rd Ave 1st ref 48
(I) *1512 1614 General Tire & Rub corn 50 165 180
1960 1 .1 56
57
5618
57
19
533 5
4 9 ' Elec Ry Securities
Adjustment income 5s_a1960 A 0 487 Sale 4814
75
3912 4914 Lehigh Power Securities-(1) *74
100 97 100
8
49
138
Preferred
Mississippi Riv Pow corn 100 281: 30 Goodyear Tire & P.com_100
'bird Ave Ry let g Is
1937 J J 94 Sale 94
97 1014
8
8
2
927 96
94
Preferred
100 82
ide Water 011 636e
1931 F A 10312 Sale 10314
85 Goody'r TAR of Can pf _100
73
10414 25 102 1043
4
First mtge bs, 1951_ _J&J 96
'oledo Edison 70
1941 M S 10812 Sale 10814
97 India Tire & Rub com 100 70
76
10812 20 108 10812
S F g deb 7s 1935...M&N 102 10:1
'oledo Tree, Lt & Pr 6s_ _ _ _1925 F A 1003 Sale 100
100 75
8
80
10038 27
9812 10012
Preferred
(:) *127 130 Mason Tire & Rub com-(I)
Wilton G & El let g 50
1949 M 9 953
4
_ 923 isrev, _ _ _ ____ ____ Nat Power de Lt com
4
23
114
inderged of London 4348_.1933 J J 83
(I) .18812 91
100 16
VO 87 Dec'23 ___ ____ -- Preferred
18
Preferred
Income 713 1972
J&J 95
1948 1 .1 7712 8812 8914 Oct'23 ____ ____
Income 69
96 Miller Rubber
100 65
68
Won Bag & Paper 65
1942 M N 9512 96
100 93
9412
953
8
96
27
93 - __- Northern Ohio Electrlo_(:) *91, 1119
9814
Preferred
Preferred
100 28
thion Elec Lt & Pr 1st g 513_1932 M $ 99% 9978 9934
9912
6
97% 9912
100
5
30 Mohawk Rubber
10
North States Pow com_100 s9912
1933 M N 975 Sale 975
Si
45
9058 98
8
973
4 26
55
8
Preferred
Preferred
100 s9212
rnion Elev (Chicago) 68_1945 A 0
__ 75 May'24 ____
70
75
4 412
Seiberling Tire & Rubber(t) *33
Nor Term Elea Co com_100 58
1931 1 J 975 100
rision Oil 50
70-8
100 48
9812 June'24 _
55
9514 9812
Preferred
Preferred
100 69
c1942 F A 101 Sale 101
Os
72 Swinehart Tire & R Com_100
1013
4 34
12
9918 102
lion Tank Car equip 76-1930 A A 104 Sale 10378
100
104
40
4
20 103 10518 Pacific Gas & El 1st pre: 100 893 8979
Preferred
Power Securities com
(I) *13
1941 1 D 114 Sale 11334
1412
1nIted Drug cony 88
114
20 11118 11414
Sugar S
Second preferred
50 *12
43 Caracas Sugar
(3) *40
lilted Fuel Gas lets f 68-1936 J .1 98 Sale 977
8
9812 74
15
9218 9312
Coll trust 6e 1949___J&D 88
92 Cent Aguirre Sugar own_ 20 *75
'flited Rye by be Pitts issue 1926 MN
9712 Sale 97
77
98
37
91
987
8
Incomes June 1949__F&A /70
100 103 105
73 Fajardo Sugar
lilted RYA St List g 4s _ _1934 J J 6812 Sale 663
4
697
8 17
6118 705/
3
Puget Sound Pow & Lt 100 58
60 Federal Sugar Ref corn_ _100 58 62
'lilted 813 Co int rcts U._,1937 M N
9012 92
893 June'24 ____
4
86
90
6% preferred
100 78
100 90 100
83
lilted Stores 6s
1942 A 0 101 Sale 10018
10114
Preferred
4
9814 1013
8
7% Preferred
100 10012 10312 Godchaux Sugar, Igo
(3) *4
'S Hoffman Mach 85
1932 1 J 107 Sale 1063
8
1073
4 19 103 108
6
Gen mtge'nit; 1941_ M&N 105
' Realty dt I oonv deb g 59 1929 J .1 --------998 June'24 ____
S
100 23
Preferred
9934101)
27
100 38
S Rubber lst& ref &Jeer A 1947 1 J 813 Sale 8012
40 Great Western Sugar
8
.26 *8412 8712
812
125
793 8734 Republic Ry & Light
8
Preferred
100 67
70 Holly Sugar Corp Qom_ AI) *23
10
-year 730
1930 F A 10118 Sale 101
10112 41
9918 10612
26
99
• S Smelt Ref & M cony 65_1926 F A 10112 Sale 101
10112 40
Preferred
993 10112 South Calif Edison corn-100 97
4
100 76
79
8% Preferrea
100 114
13 Steel Corpjcoupon _ _ d1963 MN 10412 Sale10412 1043 112 102 105
4
Juncos Central Sugar.._ 100 110 120
Standard Gas & Elec
__d1963 MN
__ ____ 104 June'24 ____ 1013 105
;110-60-yr &Iregistered
National Sugar Refining_100 87
4
89
7% cum prior pref_ ..l00 91
nal
9312 New Niquero Sugar.
tab Light & Traction 58_ -1944 A 0 87 Sale 8512
873
4 63
80
95
100 90
8% corn pref
50 *4712 4814 Santa Cecilia Sag Corp pf 100
tab Power & Lt let
91% 93
92
-1944 F A
9318 14
8758 933
ii
4
3
Tennessee Elec Power.-(I) •3612 3712 Savannah Sugar corn...
tica Klee L & Pow let 0(5e 1950 1 .1 98 Sale 98
58_98
5
98
98
(I) *60
65
Second preferred
(I) .611. 65!,
tics Gas & Elec ref bs
1957 J J
9712 Sale 97
9712 21
Preferred
901e 983
100 81
85
4
Western Power Corp_ _ _ _100 303 32 Sugar Estates Oriente pf 100 91
4
a-Caro Chem 1st 7s
1947 J 0 6312 Sale 60
633
4 50
5318 8534
9312
Preferred
100 180
12-yr 736s with warrants-1937 J 1 32 Sale 28
82 West India Sue Fin com_100 12
3212 150
28
7314
Short Term Securities
Without warrants attached .1 .1 3112
27
303
4 42
27
76
35
Preferred
100 25
Am Cot 01160 1924__M&S2 10018
a Iron Coal& Coke let if 561944 M 4 9012 - - 92 June'24 ____
9138
88
92
Industrial&Miscell
a Sty Pow let & ref be
8
9212 39
8
1939 .1 1 9214 Sale 9218
66
88
923 Anaconda Cop Min(is'29 J&J 1027 1033 American Hardware__ _ _100 64
4
,2
ertientes Sugar 70
943
8 19
8914 973 Ane/o-Amer 01173.68'25 A&O 10233 14 12 Amer Typetoundere coin 100 98 100
8
1941 . 0 94 Sale 94
1
"Bruer Sugar 75
102
1941 J D 102 Sale 101
23 101 10314 Federal Sag Ref 68'33 _M&N 9814 091 1
100 100 101
Preferred
First& ref 7139er A
9212 19
1939 J J 92 Sale 91
91 963 Hocking Valley 55 1926 MatE3 1/01. 10073 Babcock & Wilcox
100 117 119
8
'ash Wat Powers f 544_ _ _1939 J .1 10014 _
10014 June'24 __ -_
_ Bliss (E W) Co new..,.(I) *12
14
9911 1013 Interboro It T fle 1922.M&S _
8
8
reaches Ltg g 513stmed ild 1950 J
9914
2
D
99 - 3 9914
91;
;
58
50 *56
9618 993 K 0 Term Ry8
Preferred
6368 July 1931
Jac! 10310
95
20
8912 95
'eat Penn Power Series A be 1946 M S 95 Sale 9312
Borden Company corn..100 120 122
1926 1015 10218
8
5128
lat40
10412 15 101 10412
-year 6s Series C.__ _1958 1 D 10414 Sale 10414
100 102 104
Preferred
let series D 78
107
60
100 55
c1946 F A 107 Sale 107
15 10414 1073 Lehigh Pow Sec Os '27.F&A 10058 101
4
Celluloid Company
Si E
100 _.- 107
1963 M 9 9112 Sale 9118
913
4 42
863 9212 Sloes-Sheff SAL 6s '29_F&A 101 10112
4
Preferred
estern Electric deb 5s
98 12 166
38
1944 A 0 983 Sale 98
8
9612 987 U 9 Rubber 734s 1930.F&A 101 10114 Childs Company corn new(t) 036
8
'eaten) Union cell tr cur 58_1938 J J
9912 10
100 112 114
9912 Sale 99
9614 9934 Joint Stk Land Bk Bonds
Preferred
Chic Jt Stk Land Bk 58.1951 lot 102 Hercules Powder-__. 100 44
Fund & real estate g 414e.195() MN 9318 937 9318
89
933
4 14
8
9038 94
be 1952 oct 1932
15
100 101 103
-year 63211 e
101 102
1936 F A 11114 Sale 11012 1113
4 29 1085 1113
Preferred
8
4
bs 1963 opt 1933
75
100 71
'estinghouse E & M 7s_ _ _ _1931 M N 10778 Sale 1077
8
1083
4 55 1063 10914
1003 1013 International Bait
4
4
4
534s 1951 opt 1931
ickwIre Seen Steel 1st 78._1935 1 .1 65 Sale 65
66
16
102 103 International Silver pref 100 102 106
56
797
s
43 1952 opt 1932
,
10
illys-Overland 0 f 6s
4
98
61
80
9934 10012 Lehigh Valley Coal Sales 50 79
1933 M 9 98 Sale 973
973 9812
4
434s 1952 opt 1932
100 101 106
Been & Co let 25-yr el 68_1941 A 0 8914 Sale 8614
90
96
174
97 Phelps Dodge Corp
80
9834
&Sig 1963 opt 1933
10
-year cony a f Be
5812 226
1928.3 D 6612 Sale 4412
44
993 100,2 Royal Baking Pow oom-100 131 134
4
923
4
Pac Coast of Portland, Ore
100 9914 100
8
66
173
Preferred
7348
1931 F A 60 Sale 475
4712 100
5s 1954 op 1934
J&J 10012 1003 Singer Manufacturing _ _100 142 145
incheeter Arms 7360
102
1941 A 0 102 Sale 101
72 1003 1023
4
4
4
Dungen Sheet & T 60(w 1).1943 .1 J 95 0 Sale 95
3
953 1151 941a 97
4
•Per share. I No par value. I Basis. d Purchaser also pays accrued dividend .
*No price Friday;latest bld and asked. a DueJan. d Due Apr. c Due Mar, eDue c New stock. IFlat price, k Last sale. ra Nominal. Z Ex-dividend. y Ex-rights.
May. g Due June. S Due July. k Due Aug. a Due Oct. ro Due Dec. s Option sale. t Ex-stock dividend. s Sale price. o Canadian quotation.
P., ,..
BONDS.
' Price
6
tt
16.Y STOCK EXCHANGE
.
v •-• Thursday
Week ending July 3.
ss a, July 3.
BOSTON STOCK EXCHANGE-Stock Record
HIGH AND LOW SALE PRICE
-PER SHARE, NOT PER CENT.
Saturday,1 Monday.
June 28. I June 30.
Tuesdall,
July 1.
Wednesday
July 2.
Thursday,
July 3.
Friday,
July 4.
Sales
for
the
Week.
STOCKS
BOSTON STOCK
EXCHANGE
BONDS
Range Since /an.1 1924.
65
PER SHARE
Range for Frew'*.
Year 1923.
Lowest
Highest
Higbesi
Lowest
Stares.
Railroads
2110 Boston & Albany
100 1457
8Mar 27 154 May 26 143 Apr 151 June
-7312 - -173 2
122 Boston Elevated
100 73123une 24 80 Jan 8
75 June 84 Jan
93 93
5 Do pre!
100 89 June 18 9614May 10
9112 Aug 100 Mar
112 112
46 Do let pref
100 110 June 18 11814 Jan 24 1111s Aug 125 June
9711 973
409 Do 2d pref
4
100 9312.1une 10 100 Feb 27
95 Nov 106 Mar
134 1312
345 Boston & Maine
100
812 Jan 2 1514 Mar 31
734 Dec 2012 Mar
1 Do pre/
100 12 Jan 10 15 Feb 4
7 Dec 27 Feb
____ ____
20 Do Series A 1st prof-100 13 June 12 19 Jan 10
1212 Oct 3212 Mar
132 Do Series B 151 pref
100 1712 Jan 2 2412 Mar 1
1512 Dec 48 Feb
10 Do Series C 1st pref.. _ _100 16 Feb 27 23 Apr 5
1512 Dec
35 Do Series D 1st putt_ _ _100 23 Jan 3 34 Apr 5 20 Dec 42 Mar
59 Feb
Boston & Providence
100 143 Jan 4 14918June 9 135 July 16012 Jan
-2512 16 354 East Mass Street fly Co- _100 18 May 12 27 July 30
18 Feb 35 Mar
59 Do 1st pre:
100 5812 Jan 8 68 June 27
58 Dec 72 Jan
92 Do pref B
100 48 May 26 587
8July 28
5034 Dec 65 Mar
38l-5612 - 2
1,796 Do adjustment
100 28 May 21 3912 Feb 14
31 Dec 46 Mar
East Mass St Ry (tr etts) 100 3134 Apr 23 3912 Feb 11
-2512 - 2 ii5i2 --:: ;20- 25131 Nov 45 Mar
ifi- ;27- -iti- -2512 27
32 Maine Central
100 25 June 19 3712 Apr 9
2414 25
2378 25
2212 Dec 43 Jan
2418 247
8 24
2478
6.651 NYNH & Hartford
2414
100 14 Jan 3 2588June 27
*26684 ____ :8634 ____ *26634 __ __ *684 ____ 24
914 July 2212 Jan
668 68 4
4
3 Northern New Hampshire_100 62 Jan 14 68 Apr 29 62 Dec 84 Feb
3
94 94
925 9258 *924 ____ .9258 94
8
40 Norwich & Worcester pret_100 80 Jan 2 95 Mar 10
88 88
75 Dec 100 Jan
8714 88 •_ _ _ 88
*8612 88
88
88
94 Old Colony
100 7212 Jan 4 88 June 26
38*3812 •3712 3834 .38
6412 Oct 81 Feb
39 I
90 Rutland pref
100 34 Mar 3 413 Jan 14
•74
n *734 77 *73
2
2112 Aug 387 Dee
*
764 7314 7314
21 Vermont& Massachusetta_100 70 Jan 22 85 Mar 13
70 Nov 98 Jan
Miscellaneous
*114 178 *114 178 *114 178
"112 17 - - - - _ _ _ _
8
Amer Pneumatic Service 25
114 Apr 11
.21212 14 1 *1212 14
2 Jan
1
312 Jan
1312 14 *12
120 Do pref
so 12 Jan 3 15 June 18 12 Sept 20 Jan
12118 12114 121 12138 121 12158 1213 141 1225
Dec
8 122 4
12218
3.657 Amer Telephone & Teleg._100 121 June 24 13078Mar 12 119 June 12812 Dec
67 67
6612 67
67 67 , *67
118 Amoskeag Mfg
No par 65 Apr 28 83 Jan 14
73
73 •75 _ -- - -6713 Oct 112 Jan
- ' *751.
1 Do pref
No par 713
4May 7 7712 Jan 19
*14
17 *14
Jaw
72 Oct 88
17 .14 1 - *14 - li-7
Art Metal Construe,Inc_ _ _ 10 18 Feb 15 16 Feb 16
*6
1414 Nov 1612 Mar
712 "6
712
7
6
712 --- - _ _ __
Atlas Tack Corp
No par
6 June 10 1014 Jan 8
106 106 10612 107 107 108 •106 107
Dec 2018 Feb
8
---81 Boston Cons Gas Co pref _100 104 Jan 18 108 July 1 104 Oct 10812 Feb
' .10 1 .07 .10
.07
.
.15 .15 '
8.07 .10 -------130 Boston Mex Pet Trus No par .07 Mar 29 .20 Jan 10 .05 Dec .30 Jan
2378 2434 2412 2478 247 25
8
2412 254 2518 2518
1.260 Connor (John T)
10 23 June 25 2812 Mar 5
19 July 27 Mar
2412 2412 *2484 26
*2412 26
*2484 26
- - -- --- 2 Dominion Stores, Ltd
2412May 22 3014 Feb 14
"286
90 *286
2512 Dec 2614 Dec
90 *86
90
*86
90
Preferred A
100 84 Jan 15 85 Jan 5
*278 4
*278 4
*24 4
*212 4
--East Boston Land
*5
214Mar 5
10
3 Feb 25
512 4.4
2 Dec -1- Jaz
5
*4
5
*4
5
•7
3 11
Eastern Manufacturing
5
5 June 18
84 Feb 6
51
.5 Dec 1418 Mar
51
49
49
4814 49
48 48
4812 50
553 Eastern SS Lines, Inc
25 38 Jan 3 5514 Mar 8
*3" 38
31 Nov 12712 Mar
36
3712 36
36
3534 36
233 Preferred
No par 35 Jan 25 40 Feb 7
•036
35 Oct 40 Oct
88 *286
88
8612 88
88
85
88 88
45 1s1 preferred
100 8512 Jan 8 93 Mar 8 85 Aug 88 Oct
180 18012 180 181
180 181
180 181
180 181
697 Edison Electric Ilium
100 16312 Jan 2 181 June 24 152118 Nov 172 Jan
.
278 4
*278 4
*3
414' *3
4
Elder Corporation
212 Jan 17
No par
488May 14
14 Dec 107 Jan
"26
28
26
26 *25
s
26 I *25
26
.50 Galveston-Bouston Eleo_100 13 Jan 11 27 May 13
5 July 2912 Feb
Gardner Motor
No par
5 Jan 2
612 Jan 8
514 Dec 1533 Mar
'1312 14 ;15i2 14 ;1.372 4 •1312 14
Greenfield Tap & Die
25 1234Mar 31 1572 Jan 7
1434 Nov 24 Feb
*24612 47 *4612 47 .464 47 I 47
47
45 Hood Rubber
No par 46 Mar 25 52 Jan 8
50 Dec 6318 Mar
•24212 4312 43 43
4312 4312 *43
4
70 Internet Cement Corp_No par 41 Apr 28 4413 Feb 13
32 July 44 Mar
•.15 .30 ..15 .30 * .15 .30 •.15 433
.35
---Stock
International Producte_No par .10 Feb 18
112MaY 28 .10 Dec
. •184
3 May
.13
4
*184 ---- ---Do pref
2 June 20 .60 D
100 .25 Feb 14
13 Mar
Exchange
Kidder, Peabody Acceptance
*8314 8312 *83,4 851E1 443, 8314 .8314 8312 _
4
70 Corp Class A pref
•44 518
100 80 Jan 3 8334 Mar 22 80 May 8312 Feb
434 454
45
8 45
8
412 412
-11- Closed2
112 Libby,McNeill & Libby
4 June 12
10
612 Jan 4
•
_ 70
Vs Dec
8 Aug
12
'z.... 6784 .2- __
_
_
70
Lincoln Fire Insurance__ 20 70 Jan 9 70 Jan 9
;io 11)12 io 70 I
10
.
101,
lode25 Loew's Theatres
9 Mat 21 1012 Jan 9
25
7014 7014 70
If- -AD;
7018 70
70
70
70
6984 70
521 Massachusetts Gas Cos _100 694 July 3 81 Feb 20
*63 6414 63 63
7313 Dec 8712 JIM
63 6314 8318 6312 63 6312 nendence
93 Do pref
:T.__ 160
100 62 June 26 70 Jan 31
62 Dec 73 Jam
159 159
160 160
160 161
16614 162
138 Mergenthaler Linotype_ 100 150 Apr 22 162 July 3 147 June 179 Jan
1134 12
1334 13
1312 13
1312 13
134
Day
1,900 Mexican Investment,Inc
10
*2834 29
612 Jan 2 1718 Feb 21
3 Dec 1414 Feb
2834 2834 283 2914 2911 29
4
235 Mississippi River Power.
._100 19 Feb 18 2934June 23
8314 8314 *28212 85 I 8312 8312 *8212 8518
18 Nov 2814 Jan
8312
85 Do stamped pref
100 80 Jan 4 8312July 1
214 214
80 Jan 84 Feb
212 212' 218 24 *214 212 8312 - ,,f
214 25
357 National Leather
4
10
2 Apt 24
412 Jan 28
4
1% Dec
4
814 Feb
4 I
4
4
*34 4
1,498 New England 011 Corp tr etre_
*17
2 Jan 2
19 .15
534 Apr 8
2 Oct4 Bela
19 I 1712 1712 .17
12
1712 17
7 Preferred (tr ctfs)
104 10412 104 10412 104 1044 104 10412 10412 17
100 17 Jan 10 3114 Mat 20
1212 Dec 16 Oct
10412
777 New England Telephone 100 10312 Apr 24 11512 Jan 31 110 Dec 122 Jen
•21884 1914 1918 1941 194 1014 .
19
1914 19
19
315 Orpheum Circuit,Inc
1 14 Jan 16 2013 Jan 2
76
1614 July 2112 Abr
78
7214 7512 73 75
75
78
7412 76
2,379 Pacific Mills
724Jurie 30 87 Feb 14
.215
84 Dec 190 Jan
1512 *215
1512 *15
1512 .15
1512
Reece Button Hole
10 1484 Jan 5 1534 Apr 2 x1484 Dec 18 Mar
*2212 3
212 212 *212 3
*212 3
- 5 Reece Folding Machine
218May 14
10
3 Jan 2
•
.15 .50 •.15 .50 •.15 .50 •.15 .50
2
Jan
3
Simms Magneto
6 .15 Apr 14 .40 Feb 15 .10 Dec 214 Mar
10012 1005 10012 101
Feb
8
10012 101
10012 101
10013 101
530 Swift & Co
100 100 June 11 10512Mar 6
951June 10912 Jan
384 *x_ _ _ 3812 3712 3712 •
_ 3712
25 Torrington
4.5
25 3512June 3 4212 Jan 11
3934 Dec 50 Mar
9
*8
9
*i
_
Union Twist Drill
5
7 Feb 2 10 Feb 18
36
6 Dec 11 Mar
3614 36 3612 36
3838 36
3614 36
4
2,249 United Shoe Mach Corp
25 34 Jan 3 385 July 1
26
3212 Nov 553 Mar
27
2634 27 *22512 2641 2512 2512 2512 1614
2512
549 Do pref
25 2458 Feb 29 27 Jan 7
23
2458 June 2814 Jan
2314 2314 2312 23
2312 23
2314 2212 23
2,035 Ventura Consol 011 Fields_ 5 2212May 21 27 Jan 29
15
1914 Aug 30 Jan
15
15
1514 15
15
15 4 1514 15
,
1514
915 Waldorf Sys,Inc.new sh No par 1378 Apr 30 1714 Jan 9
15 Dec e2218 Mar
*814 812 *814 812
514 514
8 4 814
,
1001Walth Watch Cl B com_No par
612 Jan 11 1012 Feb 1
•15
5 Feb 13 Mar
1512 1514 1512 1512 153
4 1534 1534 15
16
121 Preferred trust et:a
100 14 June 10 234 Feb13
15 Dec 2912 Mar
•1534 17
17
16
17
17
17
17
160 Walworth Manufacturing_ 20 1512JUne 20 2114 Feb 11
..234
1114 Jan 18 Dec
35
3414 3412 3412 35
3414 3412
350: Warren Bros
50 2958 Jan 3 383 Mar 12
4
2512 Jan 3412 Mar
3712 3712 *3512 3714 *353 38
4
*3512 38
3' Do 1st Pre?
4
*239
50 343 Apr 25 41 Jan 25
3012 Dec 3912 Mar
4012 •39
4012 *39
40 *38
40
Do 2c1 pref
so 38 Mar 5 42 Jan 18 33 July 42 Mar
-- - - - - ---- -Wickwire Spencer Steel__ 5
3 Dec 1212 Feb
61s Jan 14
2 May 9
Mining
.
•
.20 .50 •.20
- - • 20
•
.20
•
.20 _
Adventure Consolidated_ __ 25 .20 Apr 8 .20 Apr 8 .10
•.05 .15 •
.05 .15 •.05 .15 •
.05 .15 •
.05 .15
Algomah Mining
25 .10 Jan 15 .20 Mar 20 .10 July .50 Mar
8.95 118 *.99 114
Nov1
.99 .99
114
112
114
75 Arcadian Consolidated__
2
.75 June 16
214 Jan 8 .70 July
414 Mar
888 812I 812 812
812 85
8
812 812
8 11 812
,
590 Arizona Commercial
8 Jan 2
5
7 Dec 1412 Mar
011 Jan 7
16
4
1638 164 164 1614 1614 *16
17 •16
17
495 Bingham Mines
10 14 June 13 1873 Jan 15
1412 Oct 19 Feb
1418 16
1434 15
144 15
1412 1478 1418 1414
1.219 Calumet& Heels
25 1358May 15 1978 Jan 7
17 Oct 49 June
118 13
8
1
1
.1
112
118 114 •1
112
1,710 Carson Hill Gold
912 Feb
1 Mar 31
1
Ps Dec
3 Feb 1
20
22
22
2238 22
2214 22
2218 21
2118
1,007 Copper Range Co
2218 Oct 4634 Mar
25 181-June 6 2678 Feb 15
Davis-Daly Copper
214 June
434 Jan 23
5 Feb
10
33 Jan 3
4
2
4
4
4
414 414
414 412 4
14 412
391 East Butte Copper Mining_ 10
334June 12
512 Jan 24
438 Nov Ills Mar
*1.35
75 •
.35
75 '
8.40 .75 •
.40 .75 •
.40 .75
Franklin
1 Jan 8 .30 May
Vs Mar
25 40 May 24
•.75 1
".75 1
•.75 114 *1
112 •
.75 1
Hancock Consolidated
1 Oct
2 Jan 28
O2234 23
25 .75 June 26
4 May
2234 2338 *2214 2312 225 234 2318 23 8
8
,
516 Hardy Coal Co
*1.70
2112June 24 2812 Jan 7 2434 Mar 3332 June
90 •.85 .95 •
.85 1
•
.70 .90
.50 .50
5 Helvetia
*2109 10912 10812 109 10884 109
1 June 26 .10 Sept
25 .30 May 10
114 Feb
101184 10834 10834 10834
200 Island Creek Coal
•x93
9312 Nov 11512 MX
1 9414 Apr 2 111 June 23
94 •203. 94
94 94
944 9412 *95
96
44 Do pref
12
9014 Nov 10012 Mar
1 90 June 4 95 Mar 24
13 *1212 1312 13
*13
134 13
147 Isle Royal Copper
13
•112 184 *112 134 *112 13
25 12 June 7 20 Jan 3
113
Oct 3314 Mar
134 *112 184 *112 13
4
Kerr Lake
•65
5 112Mar 5 218 Feb 13 178 Dec 318 Jan
75 '.65 .75 ..65 .75 •
.65 .75 ..65 .75
Keweenaw Copper
•1
1 Feb 19 .60 Sept
112
2
50 Jan 7
114 114 *1
2 4 Mar
1
112 *114
112 •114 112
110 Lake Copper Co
1
1
lat Jan 28
1
2 .90 Apr 3
514 Mar
Oct
•
.75 1
•.75 1
•
.75 1
•
.75 1
150 Ls Salle Copper
*138 13
114 Feb 8 .50 Dec
4
2 .70 June 13
1 114 /12 *138 112 .114
314 Mar
'
112 *14 11
Mason Valley Mine
2 Mar 7
11
•
.80 .75 '.65 .75 •.65 .75 •
112 Mar
11s No
258 Mar
.65 .75 *.65 .75
Mass Consolidated
•118 118
1 Jan 5 .50 D
2
50 Jan 8
414 Mar
112 112
112 112
112 112
460 Mayflower-Old Colony_ _ __ 25 .80 Apr 9
117 11
• 243 2612 2612 2612 .26
4
2 Jan 11
112 Oct
7 Feb
27
2612 27
2534 261
265 Mohawk
18
1814 18
26 2312June 13 3512 Feb 15
27 Oct 71 Mar
1814 18
18
18
18
184 1818
610 New Cornelia Copper
1612 Jan 2 197 Jan 7
2
144 Oat 24 Mar
12
*.75 114
.87 1
.85 1
.85 1
1
11
1,850 New Dominion Copper
234 Apr 7
.75 June 19
212 Aug
414 Apr
*35
*35
.35 __ 35 - -New River Company
*6212 88
66
100 35 June 18 40 Mar 11
35 Apr 40 Apr
'62'! i6 *6212 - - es iii- *624 - - :624 - 86
65
r
Do pref
*6
100 60 June 10 75 Mar 11
72 Nov 84 Mar
814 *2578 64
5711 578
578 578
534 6
330 Nipissing Mines
4
414
5 534 Jan 10 6144Feb 1
484 July
4
4
634 Feb
418 4, 4', 414 *4
s
414
1,015 North Butte
412June 21
2 Jan 16
15
11 4 Nov 1234 Mar
,
*
.60
60
.60
.60
.60
50 Oilbway Mining
;i7ig 1712 *17
25 .40 June 10 .90 Jan 3 .50 Nov
1712 *17
2 s Mar
1
1712 *174 1712 /74 1714
22 Old Dominion Co
1
•z312 414 *2312 44 *2312 414 *34
25 15 Jan 30 19 4 Apr 28
1312 Oct 3212 Mar
44
,
60 Park City Mining & Smelt. 5
312 Jan 3
518 Feb 1
•12
214 Aug
1212 *12
124 12
412 Nov
12 .1112 12
*11 * 12
5C Pd Crk Pocahontas Co.No par 11 Apr 21 13 June 24
1214 Dee 1614 Mar
15
1612 *16
18
16
17 .16
17
1512 1514
247 Quincy
25 14 June 10 2312 Feb 15
2714 2812 2812 29
18 Oct 50 Mar
2814 2814 29
29
2712 2712
615 St Mary's Mineral Land
25 26 June 16 35 Feb20
27 Oct 5312 Mar
.70 .75
.65 .85 •
.65 .70 *1.80 .65 .
1.50 .65
30C Shannon
10 .30 Apr 2 75 June 27 .30 Dec
• 15 .75 •.15 .75 •
.15 .75 •.15 .75 .35 .75
113 Mar
South Lake
25
112 •1
*1
.10 June
112 •1
112
1 Aug
138 138 •1
14
.
55
60 .
70 Superior
65 .65
112 Jan 18
25 90 Jan 15
.65
1 Dec
65
314 Mar
.60 .65 •.55 _. .
..65
800 Superior & Boston Copper_ 10 .40 Apr 23
1 Jan 11 .65 Dec
334 Feb
---- ---- --- -- ---- ---- -- .--_
Trinity Copper Corp
5 .30 Feb 18 .85 Jan 28 .20 Oct
112 Feb
•
Tuolumne Copper
10 .10 Jan 24 .50 Feb 7 .30 Dec
113 Aug
-24 - -iis -24 "-if* -II: -;iig -14 -;2j8 --is);
1200 Utah-Apex Mining
178June 26
314 Mar 8
5
212 Oct
6 Apr
Utah Consolidated
1 .01 Jan 3 .01 Jan 3 .01 Dec
-- i - 5 TOO -;.2- -- - - - --ao --- - -- i
i ‘:23 Mar
- 5 io ;.25
27 i
400 Utah Metal & Tunnel
1 .14 June 18 .65 Jan 4 .25 Dec
•
.50 .60
113 Feb
.60 .60 •
.60 1
•.60 1
*.70 1
150 Victoria
25 .15 Apr 24 .75 Jan 3 .60 Aug
•.16 .25 .16 .25 • 16
232 Feb
25 *16 .25 •.16 .25
Winona
25 .13 Feb 6 .85 Mar 10 .10 Dec
.25 *._ _
134 Mar
.
25 •
2.5 • ._
25•
.25
Wyandot
25 .20 Mar 4 .20 Mar 4 .10 Dec
1 Mar
•Bld and aaked prices: no ealee on this de/
Hz-rIgbto 8 Hz- dly and rights
Hrotock dlr. a Assessment paid s Price on new basis
.215014152 15014 15112 151
73'2 74 *27312 ____ 74
•x8914
- *28914 ____ *894
113 113 -_ __ *112
9714 9714 *x112129712 984 *9612
•1334 ____
1312 1334 *113
1113 _ __
. 13
13 *13
.167 1718 16
8
16 .16
22 22
21
2112 22
21
--------20
*28 ____ 28
28
2934
•z147_ *2148
.148
26 - 281; 264 27 •
68 88
68 68 •__ _ 58 584 *--__ 58
57
38 3812 36
38
37
15112 1. 2 153
5
74
7312 74
91
*91
____
____ 11212 11212
9734 9712 9784
14
1314 14
*13
174 *16
1612
22 *22
20 •____ 20
2984 *28
____ •148
2612•_ _ _ _ 26
68
6712 6712
57
56
56
38
3812
38
[VOL. 119.
THE CHRONICLE
66
Thurs
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Outside Stock Exchanges
-Record of transactions at
Boston Stock Exchange.
Boston Stock Exchange June 28 to July 3, both inclusive
(Friday, July 4, being Independence Day and a holiday
on the Exchange), compiled from official sales lists:
Thurs.
Last Week's Range Sales
for
Sale
of Prices.
Price. Low. High. Week.
Bonds-
Range since Jan.!.
Low.
57
8044 187.000 42
All Gulf& W 158 L Ers 1959 60
1,000 80
83
83
Chic June Ry & U S Y 45'40
374 97% 3.000 9244
1940
5s
78
1949
824 3,000 70%
Copper Range 58
9934 9934 5,000 994
Durham Pub Serv A 751949
6244 6245 1,000 59
E Mass St RR A 445_1948
66
Series B 5s
1948
6734 2,600 80
99
99
100 984
1948
Series C 6s
76
300 76
1948
76
Series 13 68
Fla Pub Serv Ser A 8445'49
9734 9734 3,000 97%
2,000 094
1936
102 102
Hood Rubber 7s
10,000 88
894 90
Houston Lt & Pow 55_1953 90
5,000 85
K C din & Spr 1st 55 1925
9644 96
Kansas City South 55_1950 96% 9631 98%* 6,000 9234
1929 964 9644 9634 7,000 94%
Mass Gas 43.s
1930
99
99
1,000 99
Massey-Harris85
Miss River Power 5s._1951 96
96
96% 23,000 92
20,000 97
New England Tel 55_ _1932 100
99% 100
1944
95
9534 3,000 9434
Swift & Co 5s
113 114% 21.000 108
Warren Bros 734 _ _1937
25.000 9544
Western Tel& Tel 58 _ _1932 99
9834 99
High.
Jan 8044
Jan 834
Jan 974
Jan 8244
June 994
Feb 63
Jan 75
Feb 99
Apr 7934
June 974
May 102
Apr 90
Jan 96%
Apr 984
Jan 97
July 99
Jan 9644
Jan 100
May 97%
Jan 124 14
Jan 99
July
June
June
June
June
Mar
June
Mar
June
Mar
Feb
June
June
July
Apr
July
July
June
Feb
Mar
June
PhIla Co (Pitts), rt5%_ _50
Preferred (cum 6%).50
Phila Electric of Pa
25
Receipts full paid
Preferred
25
Philo Rapld Transit_-50
Philadelphia Traction__ 50
Phila & Western
50
Railways Co General__ _10
Reading Company
50
Scott Paper Co, pref.. _ _100
Tono-Belmont Devel_ _ _ _1
Union Traction
50
United Gas Impt
50
Preferred
50
Warwick Iron & Steel_ _10
West Jersey & Sea Shore_50
Westmoreland Coal
50
3644
354
354
3144
174
3744
7744
57
35
34
40
34
105
4434 45
354. 3644 15.347
3444 3614 8,178
344 35%
648
3034 314 3.490
61
61
19
3,610
17
18
100
6
6
56
56
200
9434 9444
5
100
4
34
529
3734 3754
76
794 16,489
5644 574
333
8
8
42
35
35
235
81
81
5
Bonds
Allegheny Valley 4s_ _ _1942 9044 9014
Amer Gas& Flee 58 2007
86
Elec & Peep tr ctts 48_1945 6434 63
Keystone Tel 1st 5s_ _ _1935 8544 84
Phila Co cons & stpd 581951 924 924
Philo Elec let 5.•
1966 10044 100
544s
1947
103
5345
1953
103
6s
1941 10834 1054
Spanish-Amer Iron 55_1927
102
904
9034
65
8534
3244
10034
103
1034
10641
102
Range since Jan. 1.
Low.
33
42
29
33
294
304
5844
9
44
51%
9331
7-16
3734
5854
5544
7%
35
6044
High.
Jan 38 June
Jan 45 June
May 3734 June
June 37 June
Mar 364 June
Jan
June 39
May 64
Jan
Jan 2034 May
July
6
June
May 7874 Jan
Feb
June 97
Apr 11-16 Feb
Jan
June 43
Jan 804 June
Jan 58 June
May
8
Jan
Mar
May 42
June 6641 Feb
$1,000 8814 Jan
Mar
12,000 84
13,300 62 May
16,000 75
Jan
3,000 8844 Jan
Feb
20,000 97
9,000 9911 Jan
17,500 9841 Jan
28,000 10334 Jan
Apr
2,000 100
904
904
68
8534
93
1014
103
1034
10654
102
July
June
Mar
JulY
June
June
June
July
June
June
St. Louis Stock Exchange.
-Record of transactions at
-Record of transactions at St. Louis Stock Exchange June 28 to July 3, both inclusive
Baltimore Stock Exchange.
inclusive (Friday, July 4, being Independence Day and a holiday
Baltimore Stock Exchange June 28 to July 3, both
(Friday, July 4, being Independence Day and a holiday on the Exchange), compiled from official sales lists:
on the Exchange), compiled from official sales lists:
Stocks-
Sates
Thurs.
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High Shares.
Amer Wholesale. pref _ _100
Arundel Sand & Gravel_100
Baltimore Brick
100
Baltimore Tube
100
pe Preferred
100
•
Benesch (I), corn
Preferred_
25
Central Fire
10
Cent Teresa Sug, pret__ 10
Char & Pot Tel of Balt_100
Commercial Credit
•
25
Preferred
Preferred B
25
Cons Gas, EL & Pow_ _100
100
r„ 634% preferred
100
7% Preferred
100
8% preferred
Consolidation Coal, pf-100
Eastern Rolling Mill
•
100
8% Preferred
Fidelity dc Deposit
50
Finance Co of Amer, pf _ _25
Finance Serv, Class A_ _ _10
10
Preferred
Rights
HOUR 011 pref tru.A etts_100
Manufacturers rinanee_25
Second preferred
25
25
Trust preferred
l'elaryland Casualty Co_ _25
Monon Vail Trac. pref_ _25
Mt V-Wood Mills v t r-100
Preferred v t r
100
NewAmsterdamCasCo.100
Perms Water dr Power_100
Rights, WI
Silica Gel Corp, corn
•
United By & Electric ..50
U S Fidelity & Guar_ _50
.
Wash Bait & Annap_
50
Preferred_
50
West Md Diary, Inc, 10_50
9644
5
5634
10974
2344
244
2434
118
10134
108
.05
5144
81
23
11734
38
1474
51
BondsBalt Span P dr C 448_1953
Bernheimer-Leader 78_1943 101
Consol G,E L & P4345'35 95
1949 105
Series A (Is
Elkporn Coal Corp 65_1925
Ga'Car & Nor let 55..1929
Macon Dub & Say 58_1947
Mary'd Elec Ry 1st 58 1931
Norf& Ports Trac 5s_ _1936
North Bait Trac 55._ _1942 9734
Titusv Iron Wks 1st 751929
United Ry & Elec 48_ _1949 7134
1949
Income 48
1938
Funding 55
65
1927 974
limn
65
WashBelt&AnnS&.,1941
964 9834
594 82
5
5
25
25
564 5644
3645 3634
2641
26
2934 2934
244 24
1094( 11034
2344 2431
2434
24
244 25
11744 118
10136 102
10734 108
120 121
103 103
75
75
99
99
86
8654
284 264
18
18
8
8
.05 .07
934 94
5134 5134
23
23
224 224
7944 81
2234 2331
734 8
454 464
3834 3834
117 11744
.38 .40
184 1845
1844 1934
14734 149
745 74
18
18
5044 51
8934 8934
100% 101
95
95
105 105
9844 984
98
98
8744 6744
954 954
92
92
974 974
10041 wog
71
7134
5144 52
724
72
9734
97
9734 9741
Low.
10 9634 May
346 46
Jan
5
434 Apr
1 21
Jan
8 53
Jan
2 36
Jan
12 28
Jan
13 26
Jan
10
244 May
30 10944 Jan
259 2244 June
309 2344 June
310 2431 May
Mar
501 x108
368 10044 June
40 x10444 Mar
54 1154 Jan
10 103 June
3 664 Jan
10 88
Jan
137 77 June
68 254 May
44 1734 Apr
48
731 June
1.531
.05 July
235 864 May
40 50
Feb
52 22
Jan
33 22
Mar
95 75 June
60 17
May
12
7% June
15 45 June
102 3834 June
820 98% Jan
2,841
.38 July
10 1844 July
2,597 15% May
Apr
15 145
120
5 May
1 15 May
21 4934 May
High.
100
Jan
62 June
5
Feb
37
Feb
7344 Feb
39
Mar
2734 Apr
3333 May
431 Jan
Feb
112
314 Feb
254 Jan
2634 Mar
11944 June
102
July
110
Apr
112 June
104
May
75
Mar
106
Mar
90 June
27
Jan
1834 Feb
9
Mar
.07 July
94 June
53
Jan
23
Mar
2244 Mar
83
Jan
234 July
11
Jan
80% Jan
40
Jan
1174 June
.40 July
3034 Feb
194 July
1554 Jan
734 June
Jan
28
51% June
$1,000 86
Mar 8954
5,000 10044 Apr 10134
10,000 91
Jan 95
500 10194 Jan 105
17,000 9544 Jan 99
Jan 98
2,000 91
Jan 684
1,000 55
2,000 93
Jan 954
1.000 88
Mar 9234
2,000 9734 Apr 974
1,000 100 May 10034
5,000 6844 Mar 7234
Apr 524
9,000 49
12,500 824 Jan 75
5,000 954 May 9734
6,000 954 Apr 9951
uvu
star '
"
"`"
June
Feb
June
June
MaY
June
June
Mar
June
Apr
June
Jar
Jam
Jar
Jul)
Jar
-Record of transactions
Philadelphia Stock Exchange.
at Philadelphia Stock Exchange June 28 to July 3, both
inclusive (Friday, July 4, being Independence Day and a
holiday on the Exchange), compiled from official sales lists:
Stocks-
owes
Thurs.
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
3244
Alliance Insurance
10 3294 32
Amer Elec Pow Co, pf_ _100 9034 90
91
American Gas of N J__ _100 1044 102 10444
American Stores
* 2974 294 30
864 90
Bill'(J G)Co
100
39% 39%
Cambria Iron
50
4034 444
•
Congoleum Co, Inc
41
41
Control Tree of N J._ _ _100 41
41
37
100 40
Eisenlobr (Otto)
5674 5634
Elea Storage Battery _100
30
• 2934 27
Erie Lighting Co
36
36
General Refractories
•
74 894
Giant Portland Cement.50
55
574
Insurance Co of N A_ _ _10
8
84
Keystone Telephone_ _ _ _50
29
29
50
Preferred
234 3
214
Lake Superior Corp ..100
50 77
7431 774
Lehigh Navigation
50
4734 4844
Lehigh Valley
3531 3541
Lehigh Val Coal cas of int_
2334 24
10
Lit Brothers
5944 80
Penn Cent Light& Power.*
8234 844
,.
Pennsylvania Salt Mfg_ 9
ea a, As
• _-
Thurs.
Sales
Last Week's Range for
of Prices.
Sale
Week.
Price. Low. High. Shares
Range since Jan. 1.
Range since Jan. 1.
Low.
High.
Jan 35
255 32
142 7744 Mar 96
343 7744 Apr 109
2,302 .2644 Apr 32
205 8534 Jan 213
25 3851 Apr 41
Feb 4441
300 31
35 31
Feb 45
1,195 33 May 6141
40 504 May 6334
1,423 2345 Jan 30
100 32 June 534
Mar 10
3
106
473 4834 Jan 574
355
844 Jan
84
Apr 30
50 26
220
244 June
434
979 1344 Jan 7834
380 3931 Apr 72
20 35 June 3634
180 22 June 2534
Jan 60
31 57
148 804 June 89
4 572 421/ Yon 4R ad
Feb
June
June
Mar
Jan
Mar
July
June
Jan
Feb
June
Feb
May
J1113'
June
Jan
Jan
June
Jan
June
May
Jan
Feb
is,,
Stocks-
First National Bank
Nat'l Bank of Commerce... 136
160
State National Bank
Mercantile Tntst
Mississippi Valley Trust__ _ 257
United Railways. pref
Preferred certif of deposit 1034
Best Clymer Co
Brown Shoe, common
Preferred
70
Cert-teed Prod, let prof_ _ _
Ely dr Walker D G,28 prof
Fulton Iron Works, corn..
4
Hydraulic Press Brick, corn
6536
Preferred
Internat'l Shoe. corn
7734
Preferred
Laclede Gas Light, prof _ _ 7634
10035
Laclede Steel Co
Missouri Portland Cement..
864
National Candy, corn
Southwestern Bell Tel, prof 105
25
Wagner Electric, corn
Wagner Elec Corp, pref. _ -----Johnson & Stephens Shoe_ _ 59
Missouri-Illinois Stores, pf
Bonds
East St Louis & Sub Co 55_
United Railways 45
45. certif of deposit
8044
6741
200 200
135 136
160 160
39141 39144
257 257
1131 1131
1034 1031
26
26
42
42
87
87
70
70
79
79
3234 33
4
4
654 654
74
774
11844 11644
7634 7834
10034 10044
9744 98
85
884
105 10531
25
2534
82
82
56
59
103 103
10
46
2
1
13
185
25
57
15
2
13
30
45
95
60
181
20
10
180
27
105
157
55
36
150
35
8041 8014 $4,000
67% 67% 2,000
67
67
1.000
Range since Jan. 1.
Low.
199
135
160
39134
257
94
934
1834
40
85
70
79
30
34
6134
73
115
7011
100
94
80
103
24
77
35
102
Mar
July
July
June
July
Mar
Jan
May
June
June
July
July
June
MaY
July
May
May
Mar
June
Apr
May
Mar
May
May
Jan
Apr
774 Feb
Mar
61
Mar
61
High.
201
148
16634
398
265
114
11
5931
50%
9234
80
83
35%
6
89%
794
118
7644
125
11034
92
10641
3431
84%
59
1044
Feb
Feb
Jan
May
Jan
Jan
Apr
June
Feb
Apr
Feb
Jan
May
Feb
Mar
Jan
Feb
July
Feb
Mar
Jan
June
Jan
Feb
July
Jan
814 Mar
June
71
69 June
Chicago Stock Exchange.
-Record of transactions at
Chicago Stock Exchange June 28 to July 3, both inclusive
(Friday, July 4, being Independence Day and a holiday
on the Exchange), compiled from official sales lists:
sates
Last Week's Range for
Sale
of Prices. Week.
Par, Price. Low, High Shares,
1711478.
Stocks-
Amer Pub Serv. pref._ _100
American Shipbuilding.100
Armour & Co (Del), pf _100
Armour de Co. pref.._ _ _100
15
Armour Leather
100
Preferred
. 25
Balaban & Katz v t e
BassIck-Alemite Corp_
•
Beaver Board v t c"B" •
Preferred eertincates.100
Borg & Beck
*
Central III Pub Serv, pref.*
Chic C&ConRy pt sh pf. •
Chle Mot Coach,pref _ _100
Chic Nipple Mfg,"A" _50
Comm Chem of Tenn"B"•
Commonw'th Edlson..100
Continental Motors
•
25
Crane Co,common
Preferred
100
Cudahy Paek Co, com_ 100
Daniel Boone Wool Mills 25
100
Deere & Co, pre!
Gill Mfg Co
•
Great Lakes D & D..100
Hammermill Paper, pf.100
Hart,Schaff&M arx,com 100
Hibb,Spen, Bart & Co_ _25
10
Hupp Motor
*
Hurley Machine Co
Illinois Nor Mil, pref_ _100
•
Indep Pneumatic Tool...
Internat Lamp Corp.. _25
Kellogg Switchboard__ .25
Libby,McNeill & Libby_10
McCord Bad Mfg,"A"_ _•
•
McQuay-Norris Mfg
Middle West UM,corn.. _ *
100
Preferred
Prior lien preferred _100
Murray (J W)Mfg Co__10
Nati Carbon, pref(new) 100
10
National Leathcr
•
National Tea Co
I
Orpheum Circuit, Inc_
Philipsborn's,Inc. tr cert _1
10
Pick (Albert) & Co
Pines Winterfront "A"...5
Pub Serv of N Ill, corn__ •
Pub Scrv of N Ill, corn_ 160
Pmferred
100
Quaker Oat' Ca, ref_ _100
•No par value.
864
59
76
234
4434
24
85
88
1254
12734
844
10944
574
1744
1244
52
75
4%
35
53
8934
95
245
2674
10034
93
Range since Jan. 1.
Low.
High,
Jan
160 85 May 90
85% 87
Jan
Feb 63
145 58
59
61
85
88
205 83 May 934 Jan
Feb
Apr 84
345 69
78
77
744 Mar
2 May
102
234 234
30 47 June 7834 Mar
/741 4745
Apr SI% Jan
180 38
4444 4534
200 274 May 3841 Jan
30
31
1% June
131 Feb
100
14 131
Mar
20 13 June 16
1534 1545
Jan
285 20 June 31
2314 24
Jan
Jan 89
85
200
85
85
4
Jan
231 June
150
241 3
Jan
125 83 June 95
89
88
10 34 May 484 Mar
34
34
3,325 1134 June 14% Jan
13
12
Jan
870 12811 May 136
126% 12734
6
Apr
834 Jan
450
631 634
Mar 40 May
185 30
32
3244
130 10734 Mar 1124 Jan
10934 110
345 55
Jar]
Apr 60
574 59
Jan
July 38
15
2454 20,500 15
Jan
115 61
May 75
63
62
Jan
5 June 18
105
544 634
120 794 Apr 8934 Jan
84
84
100 10044 June 1034 JURE
10234 10241
Mat
200 118
122 122
Jan 126
Pet
67
67
10 8534 Jan 70
12
1214 1,780 1034 June 1734 Jar
.2
Apr 5351 June
750 44
50
Jan 8834 Jar
8454 86
315 84
72
751 :
.
325 62 June 804 Jar
Jar
9
14 2
Mar
1
690
Pot
40
Apr 47
40
10 37
634 Jam
4 June
585
435 434
Apr 3744 Vet
34
1,080 30
35
12
130 11 lune 204 Jac
1234
Jan 5744 Mai
5234 534 2,070 43
1,210 834 Mar 91 June
91
89
Jan 994 Jar
187 94
9434 95
Fet
18
18
50 16 June 20
Jar
115 June 125
110
116 11654
454 Jar
231 June
250
231 234
J1113
30 187 June 215
213 215
Mai
Feb 20
200 18
1931 1931
234 Jar
34 June
4 2.050
44
205 1744 Apr 2174 Jet
1814 1834
2634 274 10,270 194 Apr 2731 June
Api
99 Jane 103
19
100% 10041
7. 07 May 103
Api
10041 10044
125 0041 June 9944 Jar
93
92
80 99% May 101% Jar
101
1003
JULY 5 1924.]
Thurs.
Sates
Last Week's Range for
Sale
Week.
of Prices.
Stocks (Concluded) Par. Price. Low. High Shares.
10
Reo Motor
Standard Gas & Eiec Co_ •
50
Preferred
Stewart
-Warn Speed,com *
100
Swift & Co
15
Swift International
Thompson,J R,com_ _ _ _25
TJnion Carbide & Carboni°
United Iron Works v t c50
United Light & PowerCommon "A" WI a_ _ _ _•
Common "B" WI a _.•
Preferred "A" WI a_ _ _ _.
Preferred "B" w 1 a. _ _ _•
20
U S Gypsum
Vesta Battery Corp, corn_*
*
Wahl Co
Waller Malleable Castings.
Ward,Mont & Co, pf _ _100
10
Common
Class "A"
•
Western Knit Mills. Inc_ •
Wolff Mfg Corp
•
Wrigley,.Ir, corn
*
Yellow Cab Slfg, CI"B"
.10
Yellow Cab Co,Inc(Chic)•
Range since Jan. 1.
High.
Low.
15% 16
370 15 June 19%
'
344 35
280 30% Jan 36
474 48
48
340 46% May 48%
654 644 67
10,750 534 May 101
101
1,715 100% May 1054
100% 1014
20% 20% 214 2,925 19
Jan 2334
47
125 424 Apr 50%
47
47%
594 58
Apr 63%
59% 6,425 55
44
May
3
3
2
125
16
34
38
774
45%
89
1,500 28%
32% 34
38
39
109 31
774 78
106 75%
45% 45%
50 434
1,275 78
86% 8945
19
19
100 15%
36
35% 37% 6,700 344
23
23
60 20
23
112 114
143 110%
304 2834 30% 15,735 21%
109% 1124 1,550 104
112
100
45
4
44
200
534
541
54
384 37
38% 6,110 35%
44%
55
514 554 17,52
49
4,140 39
484 50
45
BondsCommonw Edison 5.s. _1943 9934 9934 100 $12,000
Cudahy Pack 1st M g 5s'46
1,000
87
87
Lake St El 1st 5s
1928 88
1,000
88
88
Metro')W Side El 1st 4s'38 71% 694 7135 59,000
Northwestern Elev 55_1941
78
78
10,000
innSnK1/ nm1/ 7 nnn
•
/
•
May 38
May 39
Apr 80
Apr 46
Apr 99
June 28
May 42
June 25%
Jan 115
May am
May 1124
1
Jan
8%
Apr
Apr 40
May 96
May 6434
95
85
86
61
71
051/
Jan
June
Jan
Jan
Mar
Jan
Jan
Feb
Jan
June
AIM
Mar
Mar
Jar
Jar
Jar
Feb
Pet
July
July
Jar
Jar
Jar
Jar
Jar
Jan 1074 Ma;
Ap
June 87
Junc 88 Jun
Mar 71% Jul:
Jan 7945 Jun
TX., 071, VW
Pittsburgh Stock Exchange.
-Record of transactions at
Pittsburgh Stock Exchange June 28 to July 3, both inclusive
(Friday, July 4, being Independence Day and a holiday on
the Exchange), compiled from official sales lists:
Stocks-
Thurs.
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price, Low. High. Shares.
Am Vitrified Prod, com_50
10
10
Am Wind Glass Mach_ _100 88
87.14 88
100 94
Preferred
94
94
_100 109% 1094 1094
Am Wind Glass Co, pf.
Arkansas Nat Gas,com _10
44 5
3%
Carnegie Lead & Zinc. _ _ _5
2% 315
.50
Consolidated Ice, corn.
2
2
50
Preferred
19
19
•
Federated Metals
34
34%
Jones-Laughlin Steel,p1100
112 112%
25 27
Lone Star Gas
27
27
50 514 514 52
Mfrs Light & Heat
Nat Fireproofing, corn_ _50
7% 7%
50
Preferred
22
23
25 32% 3244 33
Ohio Fuel Supply
Oklahoma Natural Gas_ _ 25 2344 23
23%
Pittsburgh Coal, com_ _100
584 5834
100
Preferred
9914 99%
Pittsburgh Plate Glass.100 235
230 235
811
Salt Creek Consol 011_ _ _10
74 8%
Standard Plate Glass pr pf 10034 100 1004
Stand San Mfg, corn_ _25
95% 100
25
Union Natural Gas
28
28
25
Glass
U
20
20
West'house Air Brake_ _50
9144 93
W'house El & Mfg,com 50
61
6111
West Penn Rys, pref. _ _100
85
85
Range since Jan. 1.
Low,
435
815 June
128 874 June
60 92% May
Mar
10 107
414 June
1,150
134 May
5,690
114 Apr
435
60 17% Feb
1,600 34 June
Mar
120 104
156 264 Jan
Apr
85 51
215
7 June
47 204 Jan
Feb
148 31
49
22% May
50 5845 May
9434 Mar
1
9 209 Jan
1,03
7% June
9934 Apr
18
37
90% Jun
13
20 Jun
1
20 Jun
Feb
45 84
35 55% May
12 834 AP
High.
13
964
9631
112
7
6
2
19
35
114%
28%
544
934
244
334
2545
62
100
265
104
101
110
29%
25
964
65
Jan
Feb
Mar
Feb
Apr
Apr
June
Jan
June
June
Jan
Jan
Feb
Feb
Feb
Mar
Jan
Apr
Mar
Jan
May
Jan
Jan
Feb
Jan
Jan
Feb
as%
New York Curb Market.-Oficial transactions in the
New York Curb Market from June 28 to July 3 (Friday,
July 4, Independence Day), inclusive:
Thurs.
Sales
Last Week's Range for
Sale
Week.
of Prices.
Par. Price. Low. High. Shares.
Week ending Pall 3.
Stocks-
67
THE CHRONICLE
Indus. & Miscellaneous.
10
Acme Packing
Adirondack Pr & L corn 100
Allied Packers common._•
100
Prior preferred
Aluminum Mfrs, corn _ _*
Amalgamated Leather_ _ _•
Amer Cotton Fab, pref _100
Amer Cyanamid. corn..100
Amer Gas & Elec, corn- --• 69%
Preferred
50
10 10
Amer-Hawaiian SS
Amer Lt & Tree. com_ _100 1244
Preferred
100
Amer Pow & Light,com100
Am Tel & Tel new w 1.100 122
American Thread, pref .5
Appalachian Pow, com _100
Arkansas It & Pow, pf _100 924
Armour & Co (Ills), e1-100 75
Armour Leather, pref.-100
Blyn Shoes, Inc, com
10
Borden Co, common_..l00
Bridgeport Machine,com.•
Brit
-Am Tob ord bear.....el
Brooklyn City RR
10 13
Burroughs Add Mach_ _100 135
Candy Products Corp_ _ _ _2 650
Car Ltg & Power, corn_ _25 58c
Centrifugal Cara Iron Pipes
Cities Service, corn....t00 136
Preferred
100 72%
Stock scrip
81
Cash scrip
70
Bankers' shares
• 134
Cleveland Auto, corn__ _ _••• 18
100 87
Preferred
Com'wealth Pow Corp._ _• 92
Continental Tobacco_ _ _ _•
• 34
Cuba Company
Den & G West, pref, w 1_
Detroit Edison Interim rcts
100 55
Dodge Mfg, pref
• 19
Doehier Die Casting
Dubiller Condenser dr Rad* 40
2645
Dunhill International. _
314
Du Pont Motors, Inc....'
Durant Motors. Inc* 14%
East Penn Elm Co com
Else Bond & Share.pref 100 101
Electric Railway Securs_ •
Federal Teieg of Calif__ _10 - - - -- Ford Motor of Canada_100
3 ---_-Garland Steamship
58%
General Motors new w I.._
'No par value.
4c
40
34
34%
3
314
254 26
2611 2631
10
10
97
97
1004 1004
69
7015
4644 4644
10
104
123 12615
91% 91%
253 253
1204 12211
4
4
81
79
91
9215
78%
75
50
50
84 844
120 12214
1,000
620
200
300
100
100
200
20
1,3.10
100
206
550
25
70
3.000
100
240
55
70
10
200
130
100
sg
1,500
22% 23
1,100
1241 13
135 135
10
6,700
500 700
900
58e 600
500
3045 32
2,400
135 136
1,600
7241 73
81
81 $14,000
70
$5,000
70
1,000
13% 1344
174 18%
800
87
87
10
90
93
1,250
2344 23%
406
33% 3414 2,000
2844 284
100
104 104
100
50
55
40
1814 1934
700
38% 4034 9,700
264 27
400
2% 34 5,600
1345 16
2,900
394 3931
150
101
101%
380
16
16
100
5% 511
600
435 440
4
61c 61e
20
52% 57
10,000
Range since Jan. 1.
Low,
4c
2245
14
1444
25%
94
95
93
434
4114
8
118%
91
202
120%
66
3
Mar
Feb
Mar
June
Jan
June
Jan
Apr
Jan
Apr
Apr
Jan
Mar
Jan
Jun
6 b
1Ley
90
72
Jun
Apr
15°
18
71
54
20%
104
135
50c
68c
254
132
6641
77
70
13%
164
82
26065i
Mar
Juneju i
la
July
Jan
Jan
Jul
Jun
Jun
Apr
June
Jan
Jan
May
May
June
MayApFeb
r
3214
26
1024
50
18
104
23
1
12
36
97
11
5
410
6Ic
52
May
June
June
June
May
Jan
May
Ma
Slay
June
Jan
Ma
May
Jun
Jun
May
High.
Jan
10c
3541 June
515 Jan
30
Jan
2614 July
164 Jan
98
Mar
105
May
June
72
4635 June
14
Jan
135% Mar
934 Apr
258
Slay
12244 June
445 Jan
93 June
9214 June
Mar
83
Feb
76
1335 Feb
12845 May
124 Mar
2341 May
Jan
14
July
135
244 Feb
214 Jan
3344 June
Feb
155
May
74
Feb
98
Jan
74
Jan
16
2311 Jan
July
87
97 June
2644 Jan
4044 Feb
284 June
June
104
June
55
2241 Mar
40% July
27% June
3% Jan
3641 Jan
40.14 June
1024 June
June
19
714 Apr
Apr
482
Jan
700
July
57
Thurs
Sales
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
Gillette Safety Razor____• 281
Glen Alden Coal
• 97
Goodyear Tire & R,com100 104
Grand 5-10-25c. Stores_ _ _• 78
Griffith (D W)Claw A_ •
Hall Switch & Sig, pret100
Hazeltine Corp
• 20
Heyden Chemical
•
Hudson Cos, pref
25 3745
Hudson & Manh,com_ _100 21%
Preferred
100
Intercontinental Rubb_100
Keystone Solether
10
Landover Hold'g Corp, A 1
Lehigh Power Securities_ _• 75%
Lehigh Val Coal Sales.._50 8034
Leh Vail Coal, ctts new w 1 35
Libby, McNeill & Libby_10
McCrory Stores, corn
•
Warrant stock purchase_
Class B
• 87
Mesabi Iron Co
•
Midvale Co
•
Miss River Pow, corn. _100
National Tea-New (after 150% stk div) 2204
New Alex & Ariz Land_ _..1
6.34
NY Telep 645% pref _ _100 1104
N Y Transportation_._.l0
Omnibus Corp v to, w 1_ _• 1814
Series A pref, w I_ _ _ _100 87%
Pines Winterfront Co A..5
Pyrene Manufacturing 10
4
Radio Corp of Amer.com_•
5
434
Preferred
Real Silk Hosiery Mills..10 384
Hen Motor Car
10
Rosenb'm Grain Corp,pf.50 47
Rove Radio Corp tr etts _•
94
Sierra Pac Else Co, corn 100 18
Silica Gel Corp, corn v t 0.• 18
Singer Manufacturing. _100
Sou Calif Edison, pref. _100 89%
50
Southern Coal & Iron_ _..5
Standard Motor Con.str_10
434
Stutz Motor Car
•
Swift & Co
100
Swift Internacional
15 21
Term Else Pow, 2d pref..° 65
Thompson(RE)Radio vte•
Timken-Detroit Axle _ _10
Tob Prod Exports Corp..
Todd Shipyards Corp....* 46
Union Carbide & Carbon.*
66
Unit Bakeries Corp. cam.
Preferred
100 9534
United G & E corn new_ _10
United Gas Impt. corn._50 77
United Lt & Pow, com A_• 3345
Common, Class 13
•
5%
United Profit Sharing_ _ _ _1
•
54
Unit Retail Stores Candy.
Founder shares
Unit Stores Corn 8% Pf100 69
US Lt & Ht Corp. corn...10 55e
Wahl Co, corn
•
Wanner Mall Cast A
•
Ward Corp com Class A _.• 56
• 19%
Common Class B
7% preferred
100 86%
Ware Radio Corp, wl___ • 16
Western Pr Corp, corn _160 314
Yellow Taxi Corp, N Y..• 2245
Rights
Borden Co
Former Standard Oil
Subsidiaries
Anglo-American 011_ _ _ _ S1
Buckeye Pipe Line
50
Chesebrough Mfg, new._25
Eureka Pipe Line
100
Galena-Signal 011. com_100
Humble Oil & Refining_ _25
Illinois Pipe Line
100
Imperial 011(Can) coup_25
Indiana Pipe Line
50
Magnolia Petroleum_ _ _100
National Transit _ _ _ _12.50
New York Transit
100
Northern Pipe Line_ _ _ _100
Ohio Oil
25
Prairie Oil& Gas
100
Prairie Pipe Line
100
Solar Refining
100
South Penn 011
100
Southern Pipe Line_ _ _ _100
So West Pa Pipe Lines.100
Standard Oil (Indiana)._25
Standard Oil (Kansas)..25
Standard Oil (Ky)
25
Standard Oil (Neb)_ _ _100
Standard 011 of N Y_ _ _ _25
Stand 011 (Ohio) com..100
Preferred
100
Swan & Finch
100
Vacuum 011
25
Washington Oil
10
Other Oil Stocks
Barrington Oil Class A _ _10
Carib Syndicate
Creole Syndicate
5
Engineers Petroleum Co_ _1
Federal Oil
5
Gilliland 011 v t c
Gulf Oil Corp of Pa
25
Hudson 011
International Petroleum..'
Lago Petroleum Corp_ _ ...•
Latin-Amer 011
1
Livingston Petroleum_ _ _ _•
Lone Star Gas
Mexican Panuco 011_ _ _ _10
Mexico Oil Corp
10
Mountain & Gulf Oil
1
Mountain Producers_ _ _ _10
Mutual Oil vot trust ctfs_5
New Bradford Oil
New England Fuel Oil_ _ _5
Oklahoma Natural Gas_ _25
Omar 011 & Gas
10
Peer 011 Corporation
•
Pennsylvania Beaver 011_1
Pennok Oil
10
Red blank Oil
25
Royal Can Oil Syndicate_.
Ryan Consol Petrol
•
Salt Creek Cons Oil
10
Salt Creek Producers_ _ _10
279
97
281
9814
10% log
78
344
11
1944
14
35%
20
584
234
1
8
714
7944
34
4%
844
474
85
2.41
20
2834
79%
344
11
2041
134
38
2144
5835
24
135
84
754
80
3514
444
84%
5214
90
2%
2134
30
36
1304
100
914
211
102
941,5
85
5614
3934
1084
235
39%
287.15
117
41
6234
4
6
58
17%
4%
4c
144
650
100
144
184
9%
5
3345
23
1
370
1514
2734
8
24%
High.
Low.
460 257
1,500 7644
815
400
900 35
114
1011
4
100
2.390 13
1
200
6,700 1714
934
6,600
100 4744
2
100
600 75c
645
200
3,800 33
400 72
40,200 2634
4
100
300 69
600 27
1,400 65
1,100
2
500 18
300 19
May 2824 Apr
Jan 99% June
Jan 1174 Jan
June
Feb 81
334 July
Apr
June
Feb 12
June
Feb 22
241 Jan
June
July
Feb 38
Mar 2134 June
Mar 5834 July
Feb
5
June
June 134 June
Feb
June 13
Jan 7514 July
May
894 Feb
Apr 3654 June
Jan
June
6
Apr 87% July
June
Apr 58
June
Jan 90
Star
844 Jan
Jan
2531 Mar
July
Feb
30
190 230
1,330 161
May
6% 734
1,700
344 Jan
110% 110%
400 109
Mar
100 334 Jan
38
38
184 19
2,400 1814 July
8644 88
2,400 8644 July
26% 2754 2,300 264 June
11
11
100 10
May
4
34 Apr
445 10,600
4
414 3,200
Jan
4
35
384 1.000 35
June
1544 16
600 154 June
47
47
May
300 47
9% 931 5,100 0'-. July
1641 1814
1,300 1634 July
1714 18
600 1714 July
146 146
20 125
Jan
8914 8945
10 8944 July
9,000
5c
Sc
4c may
3
4% 1,400 215 Jan
714
734
300
7
Apr
100 100
June
10034 1014
21
21%
900 1831 Mar
65%
65
75 49% Jan
1141 12
300 1114 May
100
411 4%
4
June
1,300
4
4
34 Feb
44% 46
300 42% May
200 56
59
59
Apr
6434 6874 3.900 43
Feb
92
900 85
96
Jan
3441
1,700 1834 Jan
33
77
2,100 73% June
7034
33
3334
370 32 June
100 3714 June
39
39
400
545 54
544 July
1.500
5
4
544
Mar
4
100
3 May
100 69
69
69
July
52c
Mc
900 50c May
36
38
440 36
tJuly
23
100 1934 June
23
8334 2,200 524 Jan
80
17
19% 13,000 14% Apr
85
8615
3.000 7934 Jan
1514 1614 10,200 1344 June
3114 32
1,020 26
Mar
2234 2434
1,900 17
Apr
3.200
1%
15
62
Range since Jan. 1.
1
15
1,900 14%
155/
200 60
61
63
49
200 4745
49%
20 95
9515 9545
53
70 53
54%
36
38% 2,600 3544
129 132
50 129
340 99
100 1014
9034 92
60 88
126 129
75 124
400 20%
2144 22
62
20 5414
6245
81
50 80
8415
1.000 58
60
62
2,930 2044
20814 214
101 1024
350 100
180 184
so 179
127 129%
150 117
9414 9541
40 904
20 80
86
85
5544 57% 27,800 5511
1,100 38%
39% 40%
105 108% 2.300 101
17 199
233 235
39
39% 5,400 27%
160 275
284 290
117 1204
oo 117
10 36
41
41
644 19,403 5644
62
30 25
284 234
734
344
5
6c
200
3
5731
3c
1744
3%
3c
1%
27
550
7c
1%
18
94
5
2814
23
60c
1
290
154
17%
434
435
8
23%
74
4
6
6c
280
3
51,0
(
30
1844
44
4c
144
27
6.50
100
1%
18%
1035
5
334
23
650
1%
37c
16
28
54
434
8
2444
200
1,400
21,300
1.000
1.000
100
3.300
1.000
1,700
41,800
7,000
9,300
100
1,200
4,000
2,800
9.300
33,700
1,600
1,83
300
1,50
2,200
23.000
1.400
28.00
15,200
50
200
3,100
4
3%
244
3c
150
111
,
5641
2c
1631
214
c
60c
27
55c
7c
114
16
915
415
20
22
55c
1
21c
12%
534
244
344
744
1944
July
230
10
Apr
Jan
112
41
June
19
July
July
88
2731 July
13% Feb
444 Jan
444 Jan
3815 July
1874 Jan
Jan
5()
934 July
1835 July
35
Jan
148
Jan
9014 May
Jan
17c
4% July
1545 Jan
105
Feb
22
Jan
66% May
12% May
735 Jan
511 Feb
6334 Feb
634 Feb
6814 July
96
July
414 June
8034 June
34
June
39
June
7% Feb
5% Jan
5
Feb
69
July
1% Jan
38
June
Jan
23
8314 July
22% Jan
864 June
1614 July
33 June
394 Jan
June
2
May
June
Apr
May
Feb
June
June
July
Apr
Feb
May
June
June
June
June
June
Feb
June
Jun
Feb
Feb
Jun
June
May
Jan
May
June
July
Jan
Jan
Jan
18
8514
524
105
6951
4345
161
119
100
162
27%
97
10714
7915
269
111
230
171
100
89
88%
5014
120
25634
48
335
120
81
69%
29
Feb
Jan
Mar
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
May
Jan
Feb
Feb
June
June
Jan
Mar
May
Jan
May
June
June
Jan
July
Mar
Mar
July
May
Jan
Feb
July
Feb
Jan
Apr
Feb
July
May
Jan
Jan
Apr
Jan
June
Feb
84 Jan
644 Jan
6
July
13c June
Jan
60c
534 Feb
Jan
65
Jan
7c
22% Feb
5
May
13rs Feb
144 June
29% Jan
141 Apr
Jan
300
1% Mar
19% May
13% Jan
614 Jan
3334 July
25
Feb
80c
Jan
6
Jan
62c
Feb
1634 June
28
July
6% May
545 I
-Mar
10% Jan
26% May
Thurs.
Last
Other Oil Stocks
Sale
Par. Price.
(Concluded)
Sunstar 011
Tidal-Osage 011
Turman 011
10
Western States Oil at Gas_l
Wilcox Oil & Gas
1
Woodley Petroleum Co......
"Y" Oil & Gas
1
Mining Stocks
Arizona Globe Copper_ _ _1
Arizona Tip Top M
Preferred
Bingham Mines
Black Oak Mines Co
Calumet & Jerome Cop_ _1
Canario Copper
10
Consol Copper Mines__ _ _1
Cortez Silver
1
Cresson Cons Gold M & M _
Crown Reserve
1
Diamond Bit Butte Reorg_
Divide Extension
Eureka Croesiui
1
First Nat Copper
5
Goldfield Consol Mines..10
Goldfield Deer. Mines
5g
Goisfield Development-Gold Zone Divide
Hard Shell Mining
1
Hamill Divide
10c
Hawthorne Mines. Inc_ __
Hecla Mining
25c
Hilltop Nevada Min
1
Hollinger Cons Gold Mine 5
Howe Sound Co
1
Independence Lead Min 1
Iron Blossom Cons Mining_
Jib Consol Mining
•
Kay Copper Co
1
Knox Divide
Macnamara Min 8,
_
Manhattan Cons Mining...
Mason Valley Mines
5
McKinley-Darragh-Say __I
Mohican Copper
1
Nevada Hills
Nevada Ophlr
New Cornelia
New Jersey Zinc
100
NY & Hood Rosario M100
NIplashig Mines
Ohio Copper
1
Plymouth Lead Mines_ _ _1
Premier Gold
Ray Hercules Inc
5
Red Warrior
Rocky Mt Smelt & Ref__ _1
Preferred
1
Ruby Rand Mines
Silver King Div (reorg)--South Amer Gold & Plat_l
Spearhead
1
Superstition Consolidated..
Tonopah Belmont Devel_ 1
Tonopah Divide
1
Tonopah Extension
1
Tri-Bullion S &
United Eastern Milling_ ....1
United Verde Extension 50c
S Continental Mines_ _ _
Unity Gold Mines
5
Wendell Copper Mining..__
West End Extenslon Mln_ _
Western Utah Copper__ _ _1
Wettlaufer-Lorrain S W._1
Sales
for
Week.
Shares.
W.
18c
10
2
15c
5
5
9%
1051
60
Cie
180
4c
19%
64
830
140
3%
2%
160
500
lle
4c
50
30
10e
200
2%
14c
54c
1%
1851
1
60c
30c
155
Pie
40c
90
500
23%
10c
73c
1
-19c
10
2
15c
551
1051
6c
Mak.
15c
8
2
130
4%
7
Sc
5c
11,000
325
19%
64
25
16
100
83e
7,801
14c
1,000
12,600
2 15 4,900
,
16c 32,000
3%
600
50e 50c
200
8c 11c 71,000
30
3c
1.000
4c
40
5.000
200 200
1,000
Sc
Sc
9,000
40
Sc
13,000
30
3c
2,000
2c
30 11.000
20
2c
6,000
7c
tic 83,000
15c 26c
9,000
•8%
300
3c
30
3,000
12% 12%
600
2
1,400
256
lie
150 67,000
200 200
3,000
45e 550 47,900
1%
12,100
1c
lc
1,000
lc
lc
1,000
Sc
Sc
1,000
151
100
135
1,000
Sc
9c
150 28,000
10c
30c 310
2,000
60
7,000
8c
18% 18%
100
141 142%
90
8
100
8
600
5% 6%
96c
Pio 7,200
4,900
580 600
1%
500
1%
120
12e
1,000
30e 33c
5,000
MG 155 2,700
I% I% 2,200
35e 400
5.000
le
3,000
lc
3
3% 5,000
70
18,000
9c
lc
3,000
lc
52e 52e
100
220 240
3,000
4,700
2% 2%
50
70
7,000
50e 50c
400
23% 24
700
10e
14c
11,000
750
65e
400
1
5,500
151
20
2c
1,000
22c 240
5,000
230 250
8,000
Apr
Jan
June
June
May
Apr
June
40
1594
64
16
37c
7c
1%
1%
10e
3%
50c
4c
15%
64
16
81c
14c
351
255
tic
[VOL. 119.
Thurs.
Last Week's Range Sales
Sale
of Prices.
for
Price. Low. High. Week,
Ra e
6,000
100
100
1,000
3,800
1,500
9,000
Bonds
Allied Pack cony deb 68 '39 62% 62% 63% $7,000
8s. series B
74
1939 74
7555 31,000
Aluminum Co of Am 78.'33 107
107
107
20,000
7s
1925
103% 103% 3,000
Amer G & E deb 6s......2014 95% 95
95% 169,000
American Ice 78
10651 10651 106% 71,000
Amer Rolling Mill 6s..1938 100
99% 99% 34,000
Amer Sumatra Tub 7 Hs'25
8751 8754 2,000
American Thread 6s-1928
103% 103% 3,000
Anaconda Cop Min 68 1929 102% 10251 10355 66,000
Anglo-Amer Oil 7%8_1925
102% 10255 19,000
Antilla Sugar 751s__ _1939 98
94% 98
51,000
Assoc Simmons Hardw1933 7855 78% 79% 34,000
6515
5755 6051 136,000
Atl Gulf & WISS L 581959 60
74
75
5,000
Beaver Board Co 85_1933 75
09
99
4,000
Beaver Prod 751s
1942
Beige-Can Paper 6s_ _.1943 9355 953-4' 95% 27,000
Beth Steel equip 78_ _ _1935 10351 103 10351 44,000
Canadian Nat Rya 75_1935 11051 1103-4 11011 30,000
1003-4 100% 10,000
1925
5s
•
Chic R 1 & Pac 5%s_ _1026 10051 100% 100% 2,000
10234 103
28,000
Childs Co 68 w I
1929 103
34,000
Cities Serv 78, Ser C 1966 94
9334 94
78 Series D
1966 9351 9236 9334 55,000
Coium Graphoph 85, 1925
5,000
N Y Trust Co partic ctfs
13
13
Cons GEL&P Balt68'49 104% 104% 105% 11,000
10155 10131 2,000
5555
1952
651s, series D
1951 108% 108% 10834 28,000
7,000
Consol Textile 8s
72
71
1941 71
Cont Pap & Bag M 6346'44 92% 91% 92% 14,000
Cuban Telep 7513
1941
106% 106% 1.000
Cudahy Pk deb 5Ms._1937
86% 39,0-;0
85
Deere & Co 735s
16,003
1931 100% 100 101
Detroit City Gas 6s 1917 102% 102% 103
20,000
Detroit Edison 63_ __ _1932 105% 105 10555 52,000
Dunlop T& Rot Am 78_1942
92% 9251 15,000
Duquesne Light 5558..1949 102% 102 102% 42,000
Federal Sugar 6s
24,000
1933 99
98% 99
Fisher Body 65
1,000
1926
101% 101%
6s
1927
101% 1014 10,000
68
10151 4,000
1928 10151 101
Chair (Robert) Co 78_1937 96
5,000
96
96%
Galena-Signal 011 78_ _1930 105
1,000
105 105
General Asphalt 8a
13,000
1930 105
105 105
General Petroleum 68_1928 98% 98% 99% 101,000
Grand Trunk Ry 6%8_1936 107
107 107% 29,000
Gulf Oil of Pa 55
1937 97% 97% 97% 31,000
Hood Rubber 7s
1936
5.000
101% 102
Internet Match 6348.._1943 9455 9431 94% 43,000
Italian Power 6345.... _..1928 9855 •98% 9855 11,000
Kan City Term Ry 5558'26
19,000
101% 102
Kennecott Copper 7s-1930 106% 106 106% 28,000
Lehigh Val Har Term 58'54
100 100% 13,000
LibbyMcNeill&Libby7s'31
98
97
98% 15,000
Manitoba Power 7s_ _ _1941
96% 96% 2,000
Missouri Pacific 5s w 1 1927
9951 99% 139,000
Morris & Co 7%8
1930 96% 96
31,000
97
Nat Distillers Prod 7s-1930
85
85
7,000
National Leather 88_ _1925 97% 0655 9755 19,000
New On Pub Serv 5s....1952 87
8651 87% 72,000
Nor States Pow 6315-1933 100% 100% 101% 28,000
635% gold notes w 1_1933 9751 9751 97% 52,000
CHRONICLE
TH
68
Apr
July
July
June
Jan
Feb
May
Jan
June
May
June
Jan
2c Mar
40 June
20c Mar
4e
Feb
3c Mar
3c May
2c June
be
Feb
2e
Jan
15e May
8% Jan
le
Feb
11% Mar
1% June
6c
Apr
20c June
I5c Mar
1
Apr
lc May
lc
Jan
Sc July
1% June
6e
Jan
10c May
5c
Jan
4e June
15% Jan
134% May
8
July
5% Jan
650 Mar
300
Jan
1% Apr
10c Mar
21c
Jan
1
Apr
1
Apr
250 June
lc June
2%, June
2c
Jan
lc Mar
400
Apr
17c May
151 Jan
3e
Feb
39c
Jan
21
June
100 May
65c July
1
Apr
2c May
17c May
12c
Jan
48
57
105%
101%
94
104%
98%
78
101%
101
101%
94%
71%
42
70
97%
92
102%
106%
99%
97%
102
89%
89
May
May
Mar
Jan
Feb
June
Apr
Mar
Jan
Feb
Mar
June
250
16
8%
300
8%
13
140
May
Jan
Jan
Jan
Feb
May
Feb
I2c
Jan
19% July
J_Iy
64
1834 Jan
830 July
250 May
3% June
Pit June
700 Mar
4% Jan
75c
Jan
15c May
5c Feb
Jan
15c
Jan
30c
6e
Jan
Jan
8c
Jan
10c
12c
Jan
Jan
Sc
110 July
82e
Jan
9% Mar
7c Mar
13% June
3
Jan
18e
Feb
lbe
Jan
55c July
1% June
le May
le
Jan
Sc July
1% Jan
16c Mar
480
Jan
33c June
14c
Feb
18% Feb
151% Jan
8
July
6% May
1115 June
60e July
2% Jan
38c Feb
48c
Feb
11.1 May
151 June
40c July
5c
Apr
100 June
20
Jan
75c
Feb
40c Feb
s May
6c May
Ms Feb
29
Jan
200
Jan
23-1 Feb
1% Jan
Jan
Sc
Jan
40c
27e May
70% Jan
84
Jan
107% June
10355 June
9651 June
107
June
100
Feb
Feb
99
103% June
103% July
102% June
98% Mar
June
Jan
Jan
June
Feb
Feb
Jan
Jan
Jan
June
Jan
Jan
93%
6051
79%
99
94
103%
110%
100%
100%
103
9531
95%
Feb
July
Jan
June
Apr
Mar
June
July
June
June
Mar
Mar
13
July
101% Jan
93
Jan
10651 May
68% June
90
May
106% Jan
81.% May
9951 May
99% Jan
102% Jan
Jan
90
99% Mar
97% Jan
99% Jan
98% Jan
97% Jan
94% May
104% Jan
10255 May
94% Jan
105% Jan
Jan
94
May
99
92% Jan
9755 Feb
100% Jan
Jan
103
95% Jan
June
94
95% Jan
0951 June
92 June
85 June
92% Apr
81% Jan
Jan
98
9655 May
19
105%
101%
10851
97
95
107
8851
101%
103%
10551
94
102%
Jan
June
June
July
Jan
Feb
Feb
Jan
Feb
June
June
Feb
June
Jan
June
June
June
Apr
Feb
Jan
June
June
June
May
June
June
July
July
June
Feb
Jan
June
Feb
June
Mar
Jan
June
May
101%
10134
10151
100
10554
105%
99%
10751
98%
102%
94%
99
102
10651
10055
101
98%
9951
100%
8531
101
95%
104%
98
Bonds (Concluded)Ohio Power 58
1952
Park & Tilford lis
1936
Penn Pow & Light 5313_'52
Plana Electric 5315_ _1953
5515
1947
fis
1941
Phillips Petrol 751s...._1931
Without warrants
Public Service Corp 713 1941
Pure 011 Co 6518
1933
Shawsheen Mills 7s.... _1931
Sloss-Sheffield S & I 6s_'29
Solvay & Cie 65
1934
South Calif Edison 55_1044
Stand 011 of N Y 6%3_1933
7% serial gold deb_ 1925
7% serial gold deb_ _1926
7% serial gold deb__1927
7% serial gold deb__1928
7% serial gold deb__1929
7% serial gold deb_ _1931
Sun Co 6s
1929
Swift & Co 5s_ _Oct 15 1932
Tidal-Osage 011 7s_ _._1931
Union El L&P of III 5%5'54
Union Oil 65, Ser B......1925
Un Rys of Hay 7348_1936
Vacuum Oil 75
1936
Valvoline 011 65
1937
Virginian RY 58 ser A_1962
WebsterMills6%%notes'33
92
Range attics Jan. I.
101% 101% 10136 2,000
107% 10734 107% 88,000
94% 9431 9531 29,000
1033 103% 2,000
4
10051 10055 2,000
100% 10051 100% 25,060
93
93
93% 15,000
108% 108% 108% 27,000
10134 101% 12,000
102% 102% 2,000
10451 104% 10551
9,000
106
1063%
9,000
106 106% 4,000
107
106% 107
33.000
100 100
10,000
93% 9251 9334 44,000
103% 104
6,000
9755 9751 07% 50,000
101 101
101
5,000
106% 106% 106% 8,000
10734 107 107% 34,000
103 103
2,000
96% 96
96% 39,000
10234 102% 10251
7,000
Foreign Government
and Municipalities
Czechoslovak Rep 8s_ A952 9651 9634
Netherlands(Kingd)68B'72 9451 93%
Russian Govt 651s_ _ _ _1919 1334
1455
Certificates
14
5348
1921
15
Switzerland Govt 53481929 100
99%
Ext 5W., notes
1926 100
100
96%
9451
153-4
14
15
100
10034
$44,000
9,000
27,000
8,000
2,000
53,000
104.000
High.
Low.
89
89% 12,000 8434
9551 9551 8,000 84
92
9234 18,000 8734
103 103
7,000 9831
103 103
19,000 9834
105% 10636 6,000 104%
100
101
92%
102
97
99
89%
105%
10134
10235
104%
105
105%
106
96
8955
10134
94%
100
105%
106
10151
92
100%
Jan 8934
Feb 9651
Jan 94
Jan 103
Jan 103
Jan 10634
Apr
Jan
Jan
Jan
Jan
Apr
Jan
Jan
Mar
May
July
Jan
Mar
Mar
Feb
May
Jan
Apr
Jan
Jan
Jan
Apr
Jan
Jan
July
May
June
June
June
June
Mar
103
1073% July
9651 Mar
1043% Mar
100% Mar
100% June
9351 June
10951 June
10255 June
105
Jan
Jan
106
106% Feb
10734 June
109
Feb
10055 May
93% Jan
10434 Apr
98
June
101
July
10734 May
108
June
103
Feb
0634 June
102% July
9655 June 9631
89% Apr 9651
Jan 2051
9
Jan 3034
10
19
95.1 Jan
97% Apr 100
417/4 Inn 10014
June
Jan
Feb
Feb
Feb
Jan
June
• No par value. k Correction. 1 Listed on the Stock Exchange this week, where
additional transactions will be found. o New stock. s Option sale. is When
issued. z Ex-dividend. y Ex-rights. z Ex-stock dividend.
New York City Banks and Trust Companies.
All Prices dollars per share.
Banks-N.Y. Bid
Ask
America •...-- 214
Amer Exch _ _ 300 307
Amer Union. 165
Bowery •_
525
Broadway Cen 155 170
Bronx Born._ 200
Bronx Nat..... 145 160
Bryant Park • 160
Butch & Drov 144 152
Cent Nieman. 160 170
352 356
Chase
Chat & Phen_ 254 259
Chelsea Exch• 150 160
Chemical
555 562
Coal & Iron__ 218 225
Colonial•
400
Commerce ___ 324 327
Comm'l Nat._ 100
Com'nwealth• 255 iiL
Continental... 180 190
Corn Exch..... 448 452
Cosmop'tan•_ 115 125
East River...... 200
Fifth Avenue. 1300
Fifth
240 Zia
First
1875 1025
Garfield
280 290
Gotham
100 125
Greenwich •_ 375 400
Hanover
805
Banks
Bid
Harriman__ __ 360
Manhattan •_ 160
Mech & Met. 374
Mutual'..... 400
Nat American 135
National City 366
New Neth •__ 140
Pacific •
300
Park
434
Penn Exch_ _ _ 108
Port Morris_ 178
Public
370
Seaboard __
400
Seventh Ave_ 87
Standard
260
State•_.
360
Trade'..
137
Trade.= I.0 1• 200
.
23d Ward'._.. 265
United States' 185
Wash'n Ins._ 200
Yorkville•
1100
Brooklyn
Coney Island.
First
Mechanics' •..
Montauk •
Nassau
People's
170
405
143
180
270
275
Ask
163
379
145
370
155
iio
118
380
275
147
280
195
1866
149
Trust Co.'s Bid
New York
American- -Bank of N Y
& Trust Co 515
Bankers Trust 382
Central Union 570
Empire
270
Equitable Tr.. 218
Farm I. & Tr.. 660
Fidelity Inter 205
Fulton
300
Guaranty Tr_ 252
Irving BankColumbia Tr 219
Law Tit & Tr 194
Metropolitan.. 340
Mutual (West
cheater) - - 122
N Y Trust..... 370
Title Cu & Tr 385
U S Mtg & Tr 290
United States 1450
Westches Tr_ 210
Brooklyn
Brooklyn Tr_ 510
Kings County 1050
Manufacturer 285
415
People's
Ask
530
386
580
280
222
215
325
256
222
197
350
128
376
395
_
530
--
290
290
•Banks marked with(9 are State banks. (x) Es dividend. (I) New stock.
4
New York City Realty and Surety Companies.
All prices dollars per Mare.
Alliance R'ItY
Amer Surety_
Bond & M G..
City Investing
Preferred __
Lawyers Mtge
Bid
110
100
298
100
97
155
Ask
118 Mtge Bond__
102 Nat Surety__
305 N V Title &
Mortgage..
105 U S Casualty_
160
S Title Guar
Bid
111
150
Ask
115
153
205
220
165
210
166
Bid
Realty Assoc
(Bklyn)corn 135
let pref....... 82
2d pref___. 68
Westchester
Title & Tr_ 228
Ask
146
86
73
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Maturity.
Sept. 151924......
Mar. 15 1925._
Mar. 151926.....
Dec. 151926.....
Beet.15 1926...
June 15 1925 ...
Int.
Rate.
BM.
Askea.
551% 10011‘i
434% 1019-4 101%
102% 102%
4%% 101% 1015-4
4K% 1011l,, 1021e•
10115 101%
Maturity.
Int.
Rate.
Dec. 161927.....
Mar. 15 1927....
Dec. 151924.....
Mar. 15 1025....
Dec 15 1024._
%
434%
4ti%
4.4
294%
Bea.
A steel.
103',, 103.1,
103 u, 103 1,
,
,
19055 101
101% 101%
100 15 100615
,
CURRENT NOTICES.
-Contributions by the late Charles P. Steinmetz, Thomas A. Edison
Elihu Thomson and W. D'A. Ryan make up the first four sections of
35
-page booklet Just issued by the General Electric Co., entitled "The
Splendor of Well Lighted Streets." The remainder of the booklet is
devoted to outlining some General Electric resources at the service of the
public for the lighting of its cities. An attractive cover painted in colors
by Walter L. Greene, one colored plate showing the colonnade approach to
the Court or the Four Seasons at the Panama-Pacific International Exhibdon and numerous other illustrations are included.
-Frederic T. Bolos has acquired a substantial interest in the Lacey
Securities Corporation and has been elected First Vice President and
Treasurer of this company.
-Guaranty Trust Co. of New York has been appointed registrar of Williamsport Wire Rope Co. 1st. Mtge. 7% Sinking Fund I5
-Year Gold bonds.
dated July 11922, and duo July 11937.
-B. E. Brundage has joined the sales force of the bond department of
Harvey Fisk & Sons.
-The Goo. C. Riley Co. of Cincinnati announce the removal of their
offices to the Traction Building.
-The American Trust Co. has been appointed trustee of the 1st. Mtge.
Fee 6% I5
-Year bonds of the Pennsylvania Operating Co.
-Irving Bank-Columbia Trust Co. has been appointed registrar of the
common stock of the Ware Radio Corporation.
purtstuxent anti Sailitoad intelaffente.
Latest Gross Earnings by Weeks.
-In the table which
follows we complete our summary for the earnings for the
third week of June. The table covers 16 roads and shows
7.05% decrease from the same week last year.
69
-Grossfrom Railway- -Net from Railway- -Net after Taxis
1924.
1924.
1923.
1923.
1924.
1923.
$
Colorado & Southern
May
62,246
986,593 1,094,219
3,651
66,488
126,206
From Jan E 5,114,295 5,102,348
470,617
143,316
464,138
784,581
Fort Worth & Denver City
Third Week of June.
1924.
1923.
Increase. Decrease.
May
781,097
163,004
114,528
752,212
202,503
152,838
From Jan 1_ 3,941,586 3,545,724 1,179,343
591.092
977.808
798,909
$
S
$
Trinity & Brazos Valley
Previously reported (11 roads)-- 16,117.083 17.202.586
1.075,503
May
126,967
111,370 -75,894 -14,215 -83,108 -21,715
Georgia & Florida
25,800
33,600
7,800
From Jan L 863,114
637,645 -230,823 -32,474 -266.663 -70,448
Minneapolis & St Louis
266,146
312,852
46,706
Wichita Valley
Nevada-California-Oregon
7,447
6,722
725
May
130,542
110,092
33,121
52,354
38,759
44,904
Texas & Pacific
526,049
540.907
14,858
From Jan 1_ 759,020
521.012
341,484
302,955
125.125
154,994
Western Maryland
330,878
499.154
168.276
Columbus & Greens
May
127,061
Total (16 roads)
126,451
14,817
13,527
13,317
10,184
17,283,403 18,595,821
725 1,313,143
Nr.... aa.,...... 07 nx07.1
From Jan 1_ 633,049
,010 Al2
617,059
103,750
69,944
96,207
75,418
Denver & Rio Grande
Net Earnings Monthly to Latest Dates.
-The table
May
2,384,735 2,646,542
278,187
378,109
209,741
108,055
From Jan L11,926,686 12,574,114 1,953,162 1,229,989 1,112,332
following shows the gross and net earnings for STEAM
357,513
Denver & Salt Lake
railroads reported this week:
May
270,339
183,491
16.227
-6,063
7,225 -15,063
-Gross Earnings--Net Earnings
From Jan L 1,066.065
775,502 -63,648 -147,492 -108,657 -192,593
Canadian Pacific Ry_ _ May 14.426,679 14,355.538 1,726.469 1.998.247
Detroit & Mackinac
From Jan 1
69,521.283 65.901.574 7.930,435 7.144,359
May
182.213
161,848
30,302
-7,547
15,737
630
Gross
Availablefor Interest
From Jan 1_ 756,193
Net
725,659
96,644
5,732
41,043 -28.716
Earnings. Interest.
Charges.
Income.
Detroit Toledo & Ironton
$
$
$
$
May
968,856
917,327
337,304
332,901
278,969
320,337
Missouri-Kansas- May '24 4,232,296
894,110
624,631
269.479
From Jan 1_ 5,243,291 4,156,877 2,234,573 1,333,987 2,058,248 1,271,041
Texas System
'23 4,331,521
978,826
621,046
357.780
5 mos ended May 31 '24 20,861,446 4,220,359 3.150.393 1.069,966 Detroit & Toledo Shore Line
May
228.597
404,658
63,267
201.279
'23 21,860,377 3,787,412 3,130,075
42,706
182,979
657,337
From Jan 1_ 1,514,279 1,837,563
613,502
960,402
496,587
868,902
Gross
Net Railway Available Surp.after
Detroit Terminal
Earnings. Oper. Inc. for Interest. Charges.
May
208,588
'
200,138
59,675
71,257
39.024
$
53,962
8
$
$
From Jan 1_ 1,034,883
St Louis
878,301
-San
May '24 6,948,072 1.331,343 1,342,864
307.423
298,930
203,195
230,306
101,040
Francisco System
'23 7,688,165 1,565,212 1,517,789
Duluth MLssabe & Northern
335,205
5 mos ended May 31 '24 34,754,345 7,409,240 7,338,025 1,210.694
May
2.241,242 2,454,565 1,384,013 1,555,245 1,251,203 1,120,638
'23 36,195,559 6,564,533 7,433,952 1,539,618
From Jan 1_ 3,143,807 3,186,983
89,765
201.096 -468,315 -543,241
-Grossfrom Railway- -Net from Railway- -Net after Tares
- Duluth South Shore & Atlantic
1924.
1923.
May
1924.
515,253
570,227
1923.
114,653
1924.
159.467
75,633
1923.
131,467
$
S
From Jan 1_ 2,417,946 2,2813,245
450,397
$
3
327,909
5
295,296
181,866
$
Akron Canton & Youngstown
Duluth Winnipeg & Pacific
May
212,516
253,832
78,193
105,172
65,151
90,841
May
155,269
195,821 -10,194
32,960 -19,370
23,167
From Jan 1_ 1,143,816 1,087,581
459,981
431.354
392,244
361,233
From Jan 1_ 1,043,769 1,134,612
245,271
227,256
192,330
125,771
Alabama & Vicksburg
East St Louis Connecting
May
291,223
280,133
60,991
69,987
35,458
35,243
May
173,711
191,559
65,019
129,481
56,529
102,394
Pram jan 1. 1,453,390 1,401,855
294,520
312,708
176,923
170,710
From San 1_ 965,699 1,001,336
415,702
582,363
371,948
512,977
Ann Arbor
Elgin Joliet & Eastern
May
446,846
500.520
93,443
126,939
70,713
104,486
May
1.747,665 2,609,184
413,750 1,031,783
958,514
331,732
From Jan 1_ 2,276,964 2,033,375
455,894
170,080
347,709
57.781
From Jan 1_10,149,095 11,894,283 2,963,744 4,097,185 2,553,827 3,677,853
.Atch Topeka & Santa Fe
El Paso dz Southwestern
May
14,885,849 16,760,865 2,434,456 4,435,179 1,504,390 3,293,628
May
928,130 1,085,553
146,413
257,002
65,879
147,016
From Jan 1_72,836.136 80,290,063 14,403,700 22,631,815 9,338,413 16,457,388
From Jan 1_ 5,133,910 .9,267,470 1,178,822 1,392,559
765,580
920,156
Gull Col & Santa Fe
Erie Railroad
May
1,926,821 1,874,596
100,775
124.419
14,665
43,523
May
8,686,046 10,358,210 1,247,036 2.304,357
From Jan 1_ 9,954,139 9,107,326
893,954 1,944,051
709,069 1,025,355
282,273
619,337
From Jan 1_43,338,880 50,188,380 6,381,200 8,032,250 4,637,167 6,369,619
Panhandle & Santa Fe
Chicago & Erie
May
671,857
639,740
30,579
73,341
6,066
44,556
May
1,201,076 1,332,870
From Jan 1_ 3,666,538 3,082,442
477,166
509,495
424,440
456,829
647,915
437,313
523,524
304,832
From Jan 1_ 5,986,449 5,723,775 2,185,110 1,562,936 1,921,519 1,305,502
Atlanta Birm & AtlNJ&NYRRMay
391,966
371,076
25,427 -25,253
12,566 -35,953
M ay
134,755
130,627
26,554
12,991
22,887
9,266
From Jan 1_ 1,990,615 1,952,596
156,046 -28,396
91,631 -90,084
From Jan 1. 639,577
636,503
91,415
73,311
72,896
56,165
Atlanta & West Point
Evans Ind & Terre Haute
May
231,612
237,168
24.488
54,442
16.164
45,020
May
123,522
110,011
21,121
2.109
16,871
-2,125
From Jan 1_ 1,218,877 1,206.646
256.307
289,732
191,134
216,497
From Jan 1_
730,179
664,238
197,071
116,115
173,326
94,948
Atlantic Coast Line
Florida East Coast
7,221,206 7,144,544 2,042,408 1,961,116 1,590,366 1,584,871
May
May
1,631,215 1,406,995
605,362
579,886
507.044
464,700
FroutJan1.38,615,563 37,156,217 12,692,166 11,891,934 10,534,388 10,062,474
From Jan 1_ 9,850,867 8,265,570 3,961,521 3,814,350 3,458,873 3,358,321
Baltimore & 01110
Fonda Johnstown & Gloversville
18,360.021 23.609,843 4,521,324 5,585,958 3,677,806
May
4,759,082
May
110,242
125,669
39,542
46,698
31,702
38,858
From Jan 1_93,557,897 107281.844 18,184,060 25,046,428 13,867,238
20,891,296
From Jan 1_ 582,482
398,306
221,952
267,481
182,752
228,281
B & 0 Chic Terminal
Galveston Wharf
May
294,518
328,286
103
36,284 -41,513
-3,868
May
80,103
From Jan 1_ 1,466,423 1,543,553 -16,799
107,505
3,447
19,923 -13,553
2,923
218,747 -211,365
8,747
From Jan 1_ 483,487
561,456
81,097
147,732
-3,188
62,664
Bangor & Aroostook
Georgia & Florida
May
501,751
602,821
83,429
185,609
50,685
134,733
May
133,456
From Jan 1_ 3,324,067 3,014,764 1,055,719
131,095
29,225
24,685
22.719
18,353
732,468
812,431
503,980
FromJanL 728,977
708,508
173,984
154,614
141,327
Belt Ry of Chicago
122,379
Georgia Railroad
May
540.380
622,383
141,542
224,278
95,208
189,329
May
495,346
From Jan 1_ 2,821.301 3,018,988
541,599
47.134
100,711
40,240
799,582 1,024,416
94,367
594,968
824,790
From Jan 1. 2,480,558 2,508,978
436,841
468,665
Bingham & Garfield
401,716
436,441
Great Northern System
11,350
May
38,901
14,612
9,256
3,517
1,795
May
From Jan 1_
190,868
8,225,029 0,351.969 1,607,449 1,376,909
182,031
45,056
895,888
668,250
56,857
-7,204
19,877
From Jan L36,722,047 42,350,699 6,951,778 4,893,177 3,173,550 1,439,043
Carolina Clinchfield & OhioMay
Gulf Mobile & Northern
683,249
863,716
236,035
215,634
186,015
165,410
From Jan I_ 3,514,362 3,907,279 14147,745 1,129,021
May
495,202
505,338
146,517
119,948
118,232
92,795
797,530
878,323
From Jan 1_ 2,521,898 2,467,810
737,167
648,155
592,848
Central of Georgia
519,718
Gulf & Ship Island
May
2,107,879 2,107,956
355,295
343,122
256,509
251.291
May
From Jan 1_11,196,043 11,105,017 2,473,612 2,417,033 1,927,937
301,632
339,128
99,743
75,502
71,818
49.628
1,887,021
From Jan 1. 1.503,398 1,372,311
329,628
462,528
390,975
266,967
Central RR of N J
Hocking Valley
May
4,657,169 5,086,748 1,060,843
992,577
679,388
675,040
May
From Jan 1_22,257,246 23,438,664 3,687,656 3,795,130 1,845,573
1,509,519 1,759,823
323,079
517,381
416,095
599,109
2,288,948
From Jan 1_ 6,602,808 6,843,935 1,639,566 1,426,741 1,174,282 1,018,038
Central New England
Illinois Central SystemMay
664,770
698,241
185,097
156,930
159,397
134,270
May
From Jan 1. 3,339,360 2,921,697
13.982,035 15,839.631 2,742,564 2,745,220 1,817,995 1.900.172
984,816
456,995
856,209
338,625
From Jan L72.522,091 80,075,921 16,749,788 16,743,210 11,838,877 11,995,512
Central Vermont
Illinois Central Co
May
753,750
837,761
83,879
183,866
64,798
162,824
May
12,257.297 14,250.219 2,292,677 2,699,521 1.483,606 1,965.816
From Jan 1_ 3,557,209 3,614,300
324,435
304,625
229,534
201,458
From Jan 1_63,853,361 71,790,944 14,569,613 15,911,465 10,235,885 11,719,254
Charleston & West Virginia
Yazoo & Mississippi Valley
May
310,237
328,242
41,050
71.745
May
23,348
55,745
1,724,738 1,589,412
449,887
45,699
334,389 -65,644
From Jan 1- 1,669,096 1,708,012
315,783
485,562
From Jan 1_ 8,668,730 8,264,977 2,180,175
227,642
425,384
831,745 1,602,992
276,258
Chicago Burlington & Quincy
International Great Northern
May
12,106,746 13,704,092 2,066,948 2,026,060 1,173.738 1,097,613
May
1,243,607 1,175,038
200,318
165,755
165,357
133,149
From Jan 1.63,942,673 71.225,395 14.479,986 15,713,424
10,120,275 11,069,411
From Jan 1_ 6,508,582 5,708,949 1,021,908
798.212
847,243
635,407
Chicago & East Illinois
International Ry Co of Maine
May
1.845,133 2,229,797
122,131
202,611
1,131
May
81,739
139,256
175,594 -67,852 -27,810 -78,852 -42,810
From Jan 1.11,010.732 12,019,391 1,144,525 1,702,944
From Jan 1_ 1,386.994 1,434,460
610,405 1,138,460
281,307
277,356
226,307
202.356
Chicago Ind & Louisville
Kansas City Mexico & Orient
May
1,420,490 1,613,633
345,715
464,887
273,113
May
377,875
169.661
165,455
14,227
17,896
From Jan 1_ 7,118,785 7,570,129 1,754,583 1,981,759
7,815
10,670
1,401,672 1,596,704
From Jan 1_ 761,905
660,318
12,248 -38,402 -16,693 -74,876
Chlesg0 Milw & St Paul
Kansas City Meg & Orient of Texas
12,553,262 13,867,496 1,374,294 1,592,888
May
570,138
May
801,428
188,078
148,688
26,004 -24,478
21,976 -30,478
From Jan 1_62,706,480 60,588,068 8,775,758 11,714.866
4,791,263 7.758,484
From Jan 1_ 824,596
61,635 -104,837
648,490
41,567 -135,910
Chicago & North Western
Kansas City Southern
11,908,713 13,787,108 1,156,266 2,073,006
May
May
403.542
1,505,735 1,654,661
307,371
402,360
223,446
313,921
From Jan 1.59,105,695 63,841,582 8,807,072 8,749,855 5,016,661 1,320,899
From Jan 1_ 7,555,702 8,126,822 1,816,025 1,983,966 1,358,649 1,545,660
4.983,694
Chicago Peoria & St Louis
Texarkana & Fort Smith
93,269
100,653
may
-5,975
-8,136
May
227,333
238,200
93,105
-9,525 -17,636
112,495
77,568
101,038
578,246
From Jan 1. 518,060
4,403 -35,213 -13,193 -82,797
From Jan 1_ 1,208,585 1,073,709
595,490
511,068
518,122
453,653
Chicago River fit Indiana
Kansas Oklahoma & Gulf
546,271
626,508
May
150,847
May
241,067
147,072
199,746 -10,366
119,530
22,673 -20,791
204,197
12,729
From Jan 1_ 2,989,959 3,129,066 1,039,739 1,189,527
From Jan 1_ 870,537 1,156,083
841,192
63,688
237.022
999,992
11,433
187,386
Chicago R I & Pacific
Lake Superior & Ishpeming
9,188,670 10,156,771
926,239 1,685,514
May
May
198,359
280,952
94,214
385.309
136,550
64.799
125,397
From Jan 1.47,576,313 49,307,471 8.034,706 7,018,956 5,414,743 1,234,107
From Jan L 527,796
607,246
23,694
14,618 --46,715 -10,734
4,530,179
Chicago It I & Gulf
Lehigh & Hudson River
421,461
102,087 -13,591
May
482,574
89,438 -25,847
May
268,542
278,477
85,857
95.659
71,432
83,157
From Jan 1_ 2,429,509 2,091,006
605,729
60,492
542,785
From Jan 1_ 1,314,346 1,184,859
--1,308
390,268
345,730
320,441
288,728
Chicago St Paul Minn & 0
Lehigh & New England
May
147,466
2,005,668 2,225,570
243,412
27.678
May
117,349
458,148
593,170
142,655
239,247
120,337
206.765
From Jan 1_11,136,034 11,507,835 1,901,558 1,644,137 1,276,788
From Jan L 2,030,402 2,442,697
969,441
348,926
614,184
282,554
517,173
Cincinnati Indiana & Western
Los Angeles & Salt Lake
May
383,628
348.264
43,697
59,109
26,196
May
38,608
2,067,883 2,132,825
331,100
566,614
201,847
453,655
From Jan 1. 1.771.280 1,957,844
249,427
315.971
159.469
From Jan 1.10,346,600 9,280,291 2,024,894 1.719,494 1,378,014 1,152.909
218.310
THE CHRONICLE
--Net from Railway- -Net after Taxes
-Grossfrom Railway
1923.
1924.
1923.
1924.
1923.
1924.
Louisiana & Arkansas
80,216
132,400
98,553
346,863
362,836
May
312,300
655,978
424,035
From Jan 1_ 1,631,393 1,697,136
Louisiana Ry & Nay Co
2,456
35.498
20,456
343,236
313,235
May
25,009
240,717
115,054
From Jan 1., 1,525,388 1,668,390
Louisiana Ry & Nay Co of Texas
13.526
-788
17.527
89,3.55
107,872
May
11,197
-5,808
31,203
160,745
From Jan 1- 525.388
Louisville & Nashville
10,802,273 11,668,447 1,815,212 2,622,131 1,439,529
May
From Jan E55,654,884 55,402,726 8,880,301 11,249,930 6,801,483
Louisv Head & St Louis
29,610
103,410
33,211
310,770
259,435
Mal
270,623
411,586
326,261
From Jan 1.1,457,987 1.428,397
•
Maine Central
190,203
263,288
292,504
1,641,158 1,794,727
May
983,805
872.880
From Jan E 8,654,864 8,524,550 1,495,467
Minneapolis & St Louis
98,968 -401,495
1,061,541 1,270,480 -339.075
May
924,814 -424,196
From Jan 1- 5.933,904 8,882,987 -92,950
Mississippi Central
38,792
22,233
48.414
168,606
153,883
May
178,589
185,930
212,715
768,396
From Jan 1- 763,389
Miasouri-Kansas-Texas746,295
793,349
938,772
2,711,171 2,830,184
May
From Jan E13,115,506 14,055,649 4,095,617 3,196.452 3,200,845
Miseouri-Kansas-Texas of Texas
196,297
328,491
246,184
1,521,128 1,501,337
May
990,756 1,370,403
From Jan 1_ 7,745,941 7,804,729 1.621,310
Arkansas
Missouri & North
4,154
16,869
7,288
109,342
127,944
May
33,087
86,687
49,584
587,993
From Jan 1- 633,813
Missouri Pacific
9,701,131 9,698,074 1,726,970 1,369,735 1,349,401
May
From Jan 1-47,808,341 44,503,181 8,581.180 6,126.787 6,694,291
Monongahela Conneeting-5,408
67,005
8
257,957
149,847
May
54,922
194,771
81,502
From Jan 1_ 969,184 1,112,508
Nash Chatt& St Louis
157,035
344,463
217,240
1,946,458 2,094,310
May
From Jan E10,021,102 10,249,423 1.515,919 1,807,511 1,214,810
Nevada Northern
35,408
50,908
42,128
88,982
85,099
May
179,235
168,083
213,649
343,107
From Jan 1_ 431,558
New Orleans Texas & Mexico
118.838
34,499
140.411
199,993
311,669
May
333,111
467,787
441,693
From Jan 1_ 1,388,380 1,279,894
Beaumont Sour Lake & W
138,983
38,259
145,119
189,581
221,772
May
508,818
320,959
538,619
921,504
From Jan 1_ 1.229,972
& Mexico
St L Brownsvllle
234,494
202,524
260.155
487,600
680,312
May
670,882 1,451,735
From Jan 1_ 3,388,137 2,176,614 1,578,045
102,899
509,470
18,322
153,431
-4,788
-13,808
2,106,102
8,872,044
98,686
354.892
165,854
380.767
28,432
.584,739
17,232
158,842
617,179
2,428,649
279,970
725,003
12,663
65,838
985,625
4,259,093
64,247
183,354
284,179
1,504,317
44,307
135,083
7,944
332.748
33,526
297,599
183,881
578,809
New York Central
.30,124,231 38,370,059 .7,876,932 11,118,119 .5,828,042 8,859,381
May
31,950,469
Fr.Jan 1_•152.975,585176,045,286•35,713,426 42,029,671*25,856.033
Indiana Harbor Belt
273,482
180.764
312,239
205,992
973,135
882,603
May
996,958 1,221,734
From Jan 1_ 4,548,492 4,846,491 1,135,181 1.355,253
Michigan Central
8,951,252 8.678.828 1,728,518 3,102,600 1,316,695 2,545,415
May
From Jan 1_37,378,415 40,169,380 10,596.256 13,074,151 8,407,840 10,687.632
C C C& St Louis
6,875,717 8,124,222 1,525.939 2,294,653 1,136,873 1,879,315
May
From Jan 1_35,950,025 39,893,002 8,107,107 10,149,757 6,168,987 7.988,423
Cincinnati Northern
112,978
63,575
132,048
76,863
437,234
337,719
May
607.329
721,889
503,710
599,839
From Jan 1_ 2,007,382 2,253,635
Pittsburgh & Lake Erie
274,782 1,365,803
419,382 1,636,478
2,401,126 4,125,452
May
From Jan 1_14,242,406 18,526,039 3,120.454 6,249,274 2,288,023 5,093,639
New York Chic & St Louis
172,545 1,424,328
942,252 1,692,093
4,441,903 5,181,801
May
From Jan 1_22,963,405 24,168,982 5,339,145 6,824,748 4,166,013 5,508,335
New York Connecting299,007
115,284
349,462
156,034
422,427
225,288
May
887,740
634.235
819,085 1.069,395
From Jan 1_ 1,175,391 1,478,605
NYNH& Hartford
10,558,778 12,036,901 2,304,511 2,703,634 1,901,217 2,295,161
May
From Jan 1_51,896,070 54,033,893 11,386,050 9,137,924 9,334,013 7,05.5,395
N Y Susq & Western
60,700
42,293
91,689
71.875
441,909
418,956
May
89,490
245,958 -72,873
79,417
From Jan 1_ 1,927,105 2,114,242
Western-Norfolk &
862,174 1,427,365
6,868,748 7,045,634 1,539,584 1,905,540
May
5,510,305
From Jan 1_38,538,913 37.057,898 8,645,777 7,910,881 5,586,519
Northern Pacific
435.906 -199,503 -259,334
474,504
6,875.626 7,880,983
May
628,419
4,111,302 2,611,017
From Jan L35,476,034 38,344.840 6,033,521
Northwestern Pacific
142,242
121,713
191,292
167,053
655,229
584,419
May
251,195
165,213
498,675
392,824
From Jan 1_ 2,616,113 2,855,713
Pennsylvania System
10,759,924
13,994,359
56,701,236 70,011.867 11,182,030 52,654,415 7,809,320 41,074,561
May
40,474,951
Fr'mJan 1 283,515,244311,088,394 52,113,700
Pennsylvania Co
10,233,650
52,290,448 65,465,627 10,392,986 13,163,791 7,339,695 39.825,954
May
Fr'm Jan 1264,284,591291,742,522 50,264,463 50,741,484 39,052,786
Chas & Atlantic
Balt°
139,397 -15,777 -35.112 -20,914 -40,537
116,422
May
519,643 -99,282 -165,830 -105,785 -172,644
From Jan E 477,185
Long Island
581,438
471.603
752,504
659,381
3,013,343 2,948,222
May
1,515,842 1,535,831
.
From Jan 1-12.900,305 12,402.039 1,960,848 1-938 063
Monongahela
219,835
75.563
229,785
86,216
563,525
331,910
May
708.503
588,109
758,253
641,113
From Jan 1_ 2,016,223 2,300,687
Peoria & Western
Toledo
15.655 --28,718
27,159 -17,667
150,830
172,502
May
43.759 --122.337
98.319 -67,203
757,188
From Jan 1_ 794,530
West Jersey & Bea Shore
36,276
9,690
112,463
94,438
935,992 1,120.378
May
254,996
134,943
362,976
254,458
From Jan 1_ 4,408.707 5.001,755
Peoria & Pekin Union
9,237
7,923
21,737
20,423
147.209
136,346
May
123,005
148,288
185.505
210,788
745,269
From Jan 1_ 772,943
Pere Marquette
807.548
462,308
948,730
634,542
3,341,651 4,000.896
May
3,655.866 4,431,282 2.880,232 3.758,327
From Jan L17,184,251 18,369,409
Pittsburgh llhawmut & Northern
3,523 -12,905
6,181 -10.552
114,751
113,061
May
289 -25.565 -11,968
661,215 -11.948
From Jan 1_ 548,780
Pittsburgh & West Virginia
46,577
26,762
91,185
63,058
349,217
344,433
May
158,628
208,615
364,256
395,828
From Jan 1_ 1,573,734 1,506,711
Quincy Omaha & Kansas City100,134 -18,524 -15,858 -21.842 -20,498
75,399
May
582,587 -31,862 -57,724 -51,471 -81,402
From Jan 1_ 438,343
Rutland
70,842
69,852
96,897
97,925
690,779
553,961
May
282,025
308,452
396.878
443,391
From Jan 1. 2,708,011 2,750,562
[Vol,. 119.
--Grossfrom Railway -Net from Railway- -Net after Taxes- 1923.
1924.
1924.
1923.
1924.
1923.
$
$
8
$
8
St Louis-San Francisco
May
6,644,239 7,428,631 1,578,489 1,977,666 1,296,451 1,638,003
From Jan E33,353,204 34,955,923 8,995,554 9,728,271 7,312,284 8,082,153
St Louis-San Francisco of Texas
May
123,472
23,603
138,758
25,807
1,604
-628
From Jan E 673,399
21,432
130,278
602,029
119,506
10,571
Fort Worth & Rio Grande
May
117,215
5,413 -24,091
138,718
9,462 -20.223
From Jan E 609,024
50,624 -49,593
537,903
31,195 --68,577
St Louis Southwestern
St Louts South Western of Texas
617,026 -35,015 -131.310 -60,748 -158,867
561,016
May
From Jan 1_ 3,046,743 3,098,539 -152,848 -827,634 -281,670 -962,51
St Louis Transfer
26,473
9,823
67,162
9,567
63,426
May
26,107
45,262
357,691
44,653
119.699
From Jan 1_ 349,248
118.250
San Antonio & Aransas Pass
8,111
55.787
38,291
-7,449
452,609
577,412
May
103,108 -286,421
186,219 -208,410
From Jan E 2,605,359 2,006,801
San Ant Uvalde & Gulf
58,138
47,907
44,588
53,804
162,083
168,052
May
115,392
81,269
132,421
486,903
64.217
From Jan 1_ 661,343
Seaboard Air Line
766,124
981,360
956,833
804,650
4,325,337 4,452,550
May
From Jan 1_23.689,108 22,839,175 5,577.239 4,994,896 4,623,321 4,115,332
Southern Pacific System
.40
Southern Pacific Co
May
14,876,055 17,573,263 4,186.717 5,117,863 2,926,653 3,838,597
From Jan 1_74,811,910 75,625,405 18,967,171 20,747,790 12,818,151 14,412,804
Arizona Eastern
68,800
145,286
95,762
117,912
335,300
269,414
May
220.622
613,069
355,519
478,4113
From Jan 1_ 1,414,163 1,544,807
Atlantic S S Lines
211,876 -24,776
200,279
978,863 1,152,079 -12,598
May
78,170 1,041,973
137,890 1,099,174
From Jan 1_ 4,909,791 5,692,383
Harrisburg & San Antonio
Galveston
423.801
144,632
492,442
83,628
2,115.234 1,824,955
May
697,784
From Jan E 10,294,953 9,076,691 1.704.880 1,003,258 1,370.649
Houston & Texas Central
63,796
106,465
160,963
103,518
1,177,499 1,090,738
May
346,185
260,218
531,013
569,301
From Jan 1_ 5,804,408 5,386,657
Houston East & West Texas
7,050
15,423 -23,707
236,526 --15.200
219,806
May
27.452
70,092 -58,368
From Jan 1_ 1,274,564 1,177,203 --13,231
Louisiana Western
24,278
64,295
02,469
4.5,187
375,177
319,659
May
246,615
378,542
828,610
389,962
From Jan 1_ 1,726,224 1,932,413
Morgans La di Texas
35,872 --71,499 --11,404
702,321 --22,571
636,944
May
185,443
396,032 --186,224
48,219
From Jan 1_ 3,338,143 3,713,489
Texas & New Orleans
62,634
91,206 -41,880
742,821 --12.723
752,930
May
100,161
243,695 -29,899
116,141
From Jan 1_ 3,741,373 3.614,540
Spokane International
21,166
7,952
13,800
26,808
86,123
97,438
May
115.413
106,914
136,005
144,128
496,629
From Jan 1_ 476,817
Portland & Seattle
Spokane
157,806
156,073
231,116
225,852
692.082
678,601
May
857,401
692,438
From Jan 1_ 3,339,496 3,161,204 1,211,217 1,067,918
Tennessee Central
67,574
66,914
72,077
77,339
284,068
244,087
May
283.025
287,609
313,583
302,952
From Jan 1_ 1,144,137 1,299,795
Louis
Term Ry Assn of St
73,742
129,922
184,603
131,631
451,780
431,282
May
217,765
217,765
704,378
520,270
From Jan 1_ 2,091.398 2,080,052
St Louis March Bdge Term
32,510
119,010
170,226
52,426
403,245
334,444
May
286,376
588,618
748,998
415,046
From Jan 1_ 1,964,124 2,124,957
Texas & Pacific-396.709
49,598
498,984
201,487
2,516.891 2,429,882
May
From Jan L12,987,062 12,597,990 2,555.924 1,693,038 1,829,122 1,181,598
Ulster & Delaware
24,332
19,615
25,818
29,832
150,604
142,563
May
443
35,610
65,635
28,024
623,916
From Jan 1_ 514,164
Union Paciflo7,951,915 8,839,060 1,817,688 2,332,009 1,159,656 1,767,146
May
From Jan 1_40,329,381 42,080,818 11,647.128 12,203,744 8,352,308 9,380,119
-Oregon Short Lino
103,623
246,656
498,880
380,752
2,556,333 2,823,023
May
From Jan 1_13,904,422 14,469,805 3,208,120 3,319,734 1,817,760 2,058,318
Ore-Wash Ry & Nay Co
172,039
82,486
249,378
343,359
2,300,527 2,292,127
May
642,878 1,508,983 -191,099
From Jan 1_11,746,645 11,046,163 2,363,313
St Jos & Grand Island
5,858
17,090
30,367
19,290
271,641
247,452
May
139,822
175,268
205,917
241,963
From Jan 1_ 1.330.249 1,334,969
Utah
9,633
15,607
14,776
20,798
108,880
93,269
May
102,640
87,738
122,168
138,595
597,576
From Jan 1_ 597,673
Vicksburg Shreveport & Pacific
60,383
58,095
92,646
83,458
352,000
343,086
May
222,558
353,888
504,421
325,640
From Jan 1_ 1,741.392 1,768,693
Virginian
381,323
870.894
970,260
452,871
1,457.459 2,162,397
May
From Jan 1_ 7.640,522 9,280,884 2.557.934 3,750,455 1,903,838 3,236,217
Wabash
706,193 1,190,147
942,677 1,387,564
5,181,056 5.721,077
May
From Jan 1_28,709.481 26,225,365 5,275,873 5,589,977 4,108.095 4,631,562
Western Maryland
313,070
485,505
395,505
393,070
1.535,610 2,133,409
May
From Jan 1_ 8,174,357 9,646,523 2,106,706 2,086,660 1,676,706 1,711,680
Western Pacific
210,721
289,396 -34.852
49,570
1,057,385 1,116,516
May
407,858
125,142
793,103
543,711
From Jan 1_ 1,881,263 4,618,963
Western Ry of Alabama
40,646
35,727
47,939
48,487
226,663
249,318
May
250,963
279,776
348,653
321,664
From Jan 1_ 1,309,612 1,204,449
Wheeling & Lake Erie
398,549
218,557
514,246
326,003
1,540,624 1,828,952
May
817,793
From Jan 1_ 7,809,729 6,756,956 1,771,321 1,334,612 1,212.077
•Estimated. -Deficit.
lapapaptimm
Electric Railway and Other Public Utility Net
-The following table gives the returns of
Earnings.
ELECTRIC railway and other public utility gross and net.
earnings with charges and surplus reported this week:
-Gross Enrninos-.- -Net Earnings
Precious
Current
Previous
Current
Year.
Year.
Year.
Year.
Companies.
$
$
$
$
a Barcelona Traction Light
May 4,598,973 4,102,048 2,691,780 2,641,937
& Power
5 mos end May 31
23,914,552 22,047,105 14.515.462 12,101.338
29,666
30.890
93,733
98,016
Mississippi Pr & Lt __ May
406.561
414,707
12 mos end May 51_ _ _ _ 1,240,040 1,202,729
New Bedford Gas & Edison
127,462
124.380
299,194
May 273,282
Light Co
12 mos end May 31_ _ 3,542,452 3,601,077 1.617,879 1,649.611
Southern Canada Power Co..
42,307
44,387
77,219
83.841
May
Ltd
349,056
389,074
624,685
702,565
8 mos end May 31
a Earnings given in pesetas.
JULY 5 1924.]
THE CHRONICLE
Balance,
Net after
Fixed
Gross
Surplus.
Charges.
Earnings. I Taxes.
3 33
36,721
Associated Gas &
May'24
53,003
267.729
89,724
34,696
Electric Cos
RI'23
236,825
42.602
77,298
12 mos end May 31 '24 3,472.546 1,282,387
651.088
631.299
495,591
451,715
'23 2,788.156
947,306
Bangor Ry &
26,742
May'24
118.920
52,387
25.645
25.849
Electric Cos
114,462
49,454
23,605
'23
499.994
12 mos end May 31 '24 1.559,608
794,653
294,659
488.962
284,216
'23 1,528,887
773,178
Citizens Traction
25,551
11,105
May'24
79,699 • 36.656
20.002
Co & Subs
'23
75,963
29,967
324,412
128.214
12 mos end May 31 '24 1,001,613
452,626
256,632
118,125
'23
895,994
374,757
435.512
Commonwealth
591.023
May'24 2,503,880 1,026.535
Power Corp
414,967
514,344
929.311
'23 2,308,546
12 mos end May 31 '24 31,626,002 12,514,261 6,486.937 6.027.324
'23 27,376,100 10.699,460 6,146,437 4,553,023
498.203
Consumers Power May'24 1,477.673
231,190
729,393
Co
453.550
637,818 • 184.268
'23 1,304,271
12 mos end May 31 '24 18,047,812 8,302,027 2,307,503 5.994.524
'23 15.364,067 7.226,560 2,401,653 4,824.907
Eastern Shore
7,009
15,873
8.864
May'24
46,885
Gas & Electric
5,667
8.594
14,261
'23
43,628
12 mos end May 31 '24
104,660
117,050
221,710
588,614
74,690
101,058
'23
523,085
175.748
Federal Light&
88,462
64,519
152,981
May'24
438,430
82,606
Traction Co
70,191
'23
429,594
152,797
666,747
283,275
5 mos end May 31 '24 2,434,619
950,022
330,269
601,533
'23 2,358,257
931.802
Fort Worth Power May'24
99,453
17,159
251,465 *116,612
& Light
79,000
19,321
*98,321
'23
226,608
12 mos end May 31 '24 3,108,460 *1,386,797
219.431 1,167.366
230,499 1,121,489
'23 2,777,832 *1,351,988
9,062
Huntington Devel May'24
20,218
91,909
29.280
23.126
&GasCo
20,485
'23
112,943
43,611
214,875
12 mos end May 31 '24 1,320,188
458,412
243,537
266.839
'23 1.278,105
241,796
508,635
May'24
67,237
Kansas Gas &
91,306
455,348 *158,543
61.971
Electric
69,936
'23
455,987 *131,907
724,622
12 mos end May 31 '24 5,572,680 *1,821,262 1,096,640
976,385
820,042
'23 5,333,141 *1,796,427
Nebraska Power
May'24
015.301
54,059
306,398 *159,360
89,442
Co
'23
54,315
297,287 *143.757
12 mos end May 31 '24 3,894,302 *1,830312
652,844 1,177.568
'23 3.679,553 *1,533.665
891,038
642,627
Nevada-California May'24
154,104
402,345 *244,097
89.993
Electric Corp
144.003
'23
361,213 *229,633
85,630
12 mos end May 31 '24 4,290,481 *2,119,333 1,052,214 1,067,119
'23 3.882,959 *2,190,960 1,016,486 1,174.474
Northern Ohio
May'24
163,069
168,948
-5,882
844,528
'23
Electric Corp
866,802
157,482
34,601
192,083
12 mos end May 31 '24 9,810,967 2,169,594 1.924.440
245,154
'23 10.131,059 2,520,055 1,963,861
556,194
Pacific Pr & Lt
May'24
66,970
59,950
265,028 *126,920
'23
57,436
246.861
*112,843
55,407
12 mos end May 31 '24 3,245,713 *1,587,030
718,111
868,919
• '23 3.032,133 *1,452,776
658,425
794,351
Penn Central Lt
Mtiy '24
289,092
65,316
74,651
139,967
& Power Co
'23
110,072
28,891
81.181
257,150
12 mos end May 31 '24 3,540,709 1,644.180
596.341 1,047,839
,"23 2,852,022 1.222 652
880,849
341,803
Portland Gas &
May'24
300,048 *119,253
81.487
37,766
Coke
'23
62,067
279,858 *100,166
38,099
12 mos end May 31 '24 3,526,210 *1,306,531
840,392
466,139
'23 3,376,564 *1,236.308
808,320
427,988
May'24
Texas Pr & Light
129,401
498,099 *195,833
66,432
'23
404.309 *146,223
58,458
87.765
12 mos end May 31' 24 6,043,233 *2,590,718
736,538 1,854,180
'23 5,192,095 *2.123,946
749.399 1,374,547
United Gas & Elec_May'24 1,172,544 *37b,226
222,305
152.921
'23 1,111,420
123,804
340,96*
217,192
12 mos ended May 31 '24 14,434,470 *4,691,608 2,485,821 2,205,787
'23 13,299,636 *4,668,161 2,602,812 2,065,349
*After allowing for other income.
Comparative Earnings of Companies Under the Executive Management of
Stone & Webster, Inc.
Month of May
12 Months Ending May
Surplus
Surplus
Gross.
Net
aft.Chges.
Gross.
Net.
aft.Chges.
$
$
$
$
$
$
Puget Sound Power & Light Co
1.004,6211
1924
385,153
222,193 12,590,454 4,397,540 2,968,735
987,199
387,643
1923
237,064 11,217,127 4,529,014 2,769,605
Sierra Pacific Electric Co
1924
92,787
45,926
39,575 1,051,893
502,994
434,138
83,998
1923
39,369
34,044
955,727
453,926
395.458
Galveston-Houston Electric Co
334,493
06,281
1924
51,641 3,457,776
763.912
257,741
1923
284,127
60,348
19,474 3,300,404
661,339
162,191
Cape Breton Electric Co, Ltd
55,857 . 11,305
5,650
1924
714,743
140,028
71,847
56,533
8,136
2,518
665,870
1923
99.164
31,573
Central Miss Valley Electric Properties
9,145
5,918
1924
45,591
590.315
161,867
123,035
9,955
1923
45,216
6,695
562,242
156,843
114,253
Keokuk Electric Co
1924
422,397
6,142
2,856
32,810
109,746
70,592
1923
3,391
401,785
33,138
6,651
109,195
66,691
The Key West Electric Co-1924
3,588
239,541
91,209
18,747
6,073
61,074
1923
252,564
20,239
6,036
3,491
103,674
72.213
The Lowell Electric Light Corp
1924
113.921
30,308
27,780 1,537,615
527,173
504,477
1923
138,366
45,984 1,575,807
46,004
553,009
551,492
Edison El Illuminating Co of Brockton
1924
124,391
40,816 1,572,223
545,508
41,040
533,436
1923
121,869
40,653 1,503,272
552,392
41,495
542,045
The El Lt & Pr Co of Abington & Rockland
1924
31,923
2,806
450,380
2,957
68,921
87,245
1923
33,573
2,590
3,287
414,084
70,367
62,534
Fall River Gas Works Co
84,380
1924
18,938
18,825 1,028,043
228,810
227,383
89,655
1923
24,246
24,231 1,023,102
244,673
244,232
Light Co
Haverhill Gas
48,120
1924
10,762
10.757
571,866
121,490
119,609
46,874
11,556
1923
11,552
563,716
129.941
129,551
Savannah Electric & Power Co
151,315
57.249
1924
26,466 1,906,881
694,072
329,544
129,320
41,386
1923
17,407 1,598,933
582,300
294,422
Northern Texas Electric Co
220,216
62,566
1924
47,181 2,852,030
824,610
636,125
65.493
237,928
49.667 3,005,166
1923
877,516
706,430
Baton Rouge Electric Co
18,332
15,084
54,433
1924
660,107
217,822
185,218
11,824
9,333
48,552
612,336
217,732
1923
181.312
Tampa Electric Co
64,346 2,206,089
69,159
177,897
1924
951,669
893,274
62,659 1,957,924
68,823
171,229
1923
834,088
772,983
Eastern Texas Electric Co
47,860 2,140,544
64,643
178,950
1924
810,566
617,686
61,144
42,909 1,894,491
168,273
1923
705,032
504.277
El mi.. ElertrIe co-Rate,.
II.1,789 9,40,t'0
194,878
71),170
1924 _ _ _ _
s^,c lqr
57,
1137 2,350,456
1923
75,710
203,409
887,7o/
683,503
Companies.
71
--Month'efMay
Net
Stop. after
Charges.
$
Miss River Power Co
1924
282,076
223,728
124,345
1923
273,922
211,338
110,430
Houghton Co El Lt Co
1924
40,547
8,958
4,877
1923
37,203
7,126
2,988
Columbus El & Pr Co
1924
176,827
79,856
57,639
1923
184,657
98,738
76,134
Paducah:Electric Co
1924
49,149
12,870
3,539
1923
46,719
14,093
5,642
Month of April
Blackstone Valley Gas & Electric Co
1924
389,371
113,377
82,161
1923
377,873
145,589
118,121
12 Months EndingMag 31
Net
Burp. after
Charges.
$
$
Gross.
Gross,
3,091,537 2,225,062 1.030.667
981.916
,
2,959,442 2,200,551
136,828
140,593
87,83
88,724
2,284,944 1,126.290
2,125,300 1,079.019
855,639.
805.435
525,454
544,664
624,838
589,621
200,604
908.397
91,569
107.191
4,556,959 1,537,422 1,184.306
4,220,080 1,553,549 1,221.077
FINANCIAL REPORTS
Financial Reports.
-An index to annual reports of steam
railroads, street railway and miscellaneous companies which
have been published during the preceding month will be given
on the last Saturday of each month. This index will not
include reports in the issue of the "Chronicle" in which it is
published. The latest index will be found in the issue of
June 28. The next will appear in that of July 26,
Cleveland Cincinnati Chicago & St. Louis Ry. Co.
(35th Annual Report
-Year Ended Dec. 31 1923.)
Extended extracts from the annual report, together with
the comparative income account for the years 1923 and 1922,
will be found.under "Reports and Documents" on subsequent pages. Our usual comparative income account table
was given in V. 118, p. 1518.
OPERATING STATISTICS FOR CALENDAR YEARS.
1923.
1922.
1921.
1920.
Tons rev, freight carried 44,856,746 35.828,091 30,043,632 38,513,685
Tens carried 1 mile-7,961,881,684 6589757,976 5310882,269 6874262.476
Rev. per ton per mile_ _ _ 0.872 cts. 0.935 cts. 1.058 cts. 0.885 cts.
Fr't earns, per train mile
$7.94
$7.88
$7.48
$7.07
Tons rev. ref, per tr. mile
911
843
707
799
Passengers carried
6,561,591
6,244,602
7.275,954
9,142.525
Pass, carried one mile 526,125.915 475,397,579 507.073,302 684,765,231
Rev,per pass. per mile
3.401 cts. 3.437 cts. 3.408 cts. 2.870 cts.
Pass.rev. per train mile_
$2.54
32.47
$2.40
$2.71
Oper.revenue per mile
839,429
$35.139
336,698
$33.097
GENERAL BALANCE SHEET DEC. 31.
1922.
1923.
1923.
1922.
Assets•
Liabilities-$
Road & equip_ _217,455,414 208,142,882 Common stock- 47,028,700 47.028.700
Impt. on leased
Preferred stock_ 9,998,500 9,998,500
rY.Property_ _ 3,078,346 2,964,509 Fund,debt unmat'd:
Dep. In lieu of
Equip. obi*. 27,631,968 26,250,029
mtged. prop__
78,835
228,257
Mtge. bonds_ 86,743,281 86,830.281
Misc. phys. prop 2,787,123 2.747,881
Coll. tr. bonds 8,939,000 8,990,000
Inv. in to. sec__ 3,602,949 3,397,748
Notes
6,003,425 6,003,425
Sinking funds__
305
199
Miscell. oblig_ 5,009,000 5,009,000
Inv. mall,cos.:
Non-neg.debt to
Stocks
9,009,381 8,957,781
affiliated cos_ 7,030,366
3,847
Bonds
6,032,402 5,285,402 Traffic. &c., bal 1,535,140 1,872,959
Notes
84,500
50,000 L'ns & bills pay7,500,000
Advances.... 3,090,878 1,854,617 Accts. & wages
Other invest'ts_
242,351
1,169,654
payable
8,042,718 8,331,319
Cash
4,524,506 6,156,857 Miscel. accounts
114,274 1,398,655
Special deposits_ 1,047,127 2,943,207 Int.. div., &c.,
Traffic, &c., bal.
unmatured___ 1,341,447 1,353,520
receivable.... 1,225,936
910,011 Div. payable_ _ _
595,268.
595,268
Loans & bills rec
77,454
91,785 Unmat.int.,rents,
Agts.& conduc's
923,759 1,035,582
&c., accrued.
618,024
866,255
Mat'ls & suppl's 8,608,630 6,014,724 Other cure. nab-572,965
971,235
Miscel, accounts
Other def'd liab.
142,448
304,564
receivable_ _ _ _ 5,738,881 6,247,115 U.S.Gov.def.liab
4,877 25,095.768
Int. & div. rec._
123,752
71,739 Tax liability_ _ _ 4,510,087 3,736,323
Misc, rents rec.
18,038
18,039 Prem.on fd.debt
3,756
2,658
Other cur. assets 1,549,813 1,519,557 Oper. reserves_ _ 2,435,871 1,883,325
U. S. Govt. de/.
Acct.. deprec. of
assets
22,908,038
equipment... 14,789,565 13,115.981
Unadj. debits_ 3,089,864 2,891,595 Other unadjust.
Deferred assets_ 1,067,772
838,295
,
credits
4,279,567 3,151,204
Add'ns to prop.
thr.inc.& sur. 2,742,126 2,526.704
672,029
713,198
Sink.fd.reserves
Profit& loss__ _ _ 32,471,429 23.115,846.
Total
273,458,019 286,446,377
-V. 118, p. 2703.
Total
273,458,019 286,446.377-
Pacific Gas & Electric Company.
(18th Annual Report-Year Ended Dec. 31 1923.)
The remarks of President W. E. Creed are cited fully on.
subsequent pages, together with the comparative income
account, balance sheet and numerous statistical tables. A
comparative balance sheet was given in V. 118, p. 1130.V. 118, p. 3206.
The Shell Transport & Trading Co., Ltd.
(26th Annual Report
-Year Ended Dec. 31 1923.)
The audited capital and revenue accounts for the year.
ended Dec. 31 1923 submitted by the directors says in substance:
Including the balance, £2,029.056, brought forward from 1922, there is
a credit to the profit and loss account of £.5,077,725. Deducting management, legal and other expenses, which in all amount to £40.484, there remains £5,037,241 to be carried to the balance sheet.
This figure shows a considerable reduction as compared with recent
years, owing to the whole of the claims for excess profits duty having been
settled and deducted,and the carry-forward has been reduced accordingly.
From the above-mentioned £5,037,241, 5% 1st Prof. dividends (absorbing £100,000), 7% 2d Pref. dividends (absorbing £350,000), and interim
dividend on Ordinary shares (absorbing £1.936,514) have already been paid.
After payment of the dividends distributed, there remains a balance of
£2,650,727, from which the directors recommend that a further and final
dividend for the year 1923 on Ordinary shares of 2s. 64. per share be paid
on July 5 (making 22;i% for the year), leaving a sum of £230,084 to be
carried forward to the current year.
The dividends on the Ordinary shares are paid free of income tax.
This company's profits depend on the dividends declared by the companies
in which it is a shareholder, and the directors are satisfied that ample provision for depreciation has been made by them. It is on this basis that the
accounts are presented.
The final payment of the excess profits duty and the growth in the property seeounf Is reflected in the reduction in cash and gilt-edged securities.
g hlb, the liquid It:sources stane. at r!..3,590,0'1,1.
72
THE CHRONTCLE
The representation of the company on the boards of the Anglo-Saxon
Petroleum Co., Ltd., and the Bataafsche Petroleum Maatschappij remains
unaltered.
The usual comparative income account was given in
V. 118, P. 3208.
BALANCE SHEET DECEMBER 21.
Assets1923.
1922.
1920.
1921.
Property (shares, &c.)._ £23,410,372 £20,473.267 120,256,603 £16,588.461
Debtors and loans
116,612
353,146
99.672
175,802
Dividends due
4,399,943 4,378,731
4,722,739
4.435,331
Investments
8.355,402 12.820,686
6,820,359 13,812,051
Fixed dep. with bankers_
50,000
100,000
Cash
99.136
439,293
122,713
2,438,771
[V6L. 119.
--Boston Elevated Ry.-Improvement Plan Approved.
-
The Mass. Dept. of Public Utilities has issued an order approving the
plan submitted by the trustees of the Boston Elevated Ry. providing for the
operation of rapid transit passenger trains on the Shawmut Branch section
of the New York New Haven & Hartford RR. from Welles Ave.. Dorchester. to Mattapan. Mass., without interference with the transportation
of freight over the railroad. The plan is part of the establishment of a new
rapid transit extension of the Boston Elevated Ry., which will carry the
trains operating through the Harvard Square subway, over the tracks of
the New Haven road in Dorchester and Milton. The entire project will
cost approximately $5,000,000, it is understood.
Tenders.
Treasurer Henry L. Wilson, 108 Massachusetts Ave., Boston, Mass.,
will until July 9 receive bids for the sale to the company of 2d Pref, stock
to an amount sufficient to absorb 890,379.-V. 118, P. 3075.
Total
136,431,466 £38,387,780 £34,338,143 £35,311,702
Liabilities
Brooklyn-Manhattan Transit Corp.
-Wage Agreement.
Capital
£25,365,144 £26,365,144 £21,365,144 £21,321,296
The directors on July 1
Reserve, &c
5,000.000
5,000.000 the employees continuing signed a wage agreement with representatives of
5.000,000
5,000.000
,
Creditors
290,800
526.162
443,235
175,602 renewed from Aug. 1 and the present scale a year. The wage scales will be
Unclaimed dividends_ _ _
17,447
22,353
19,762 lines and all trainmen on apply to all motormen and conductors on surface
26,826
Pref. dividend accrued
25,000
25,000
25,000 authorized the officers of elevated and subway lines. The directors also
25,000
the company to enter into agreements with other
-2c1 Pref. div. accrued._ _
145,833
145,833
employees of the corporation so that all employees s.11 be treated alike.
Profit balance
4,587.241
7,395.010 8.770.042 -V. 118, p. 3075. 2946.
6.386,214
Total
136,431,466 £38,387,780 £34,338,143 £35.311.702
Brunswick (Ga.) & Interurban Ry.-To Be Dismantled.
"The investments, taken at market price or under on Dec. 31, Include
At a recent special election at Brunswick, Ga., the required number of
£200,436 National War bonds, £3,317 British securities, £228.203 Colonial
Government railway and municipal stocks, £6,854,859 Treasury bonds, votes were not polled to authorize the city to enter into a contract with the
£1,039,940 War Loan bonds, and £28,647 foreign Government and munici- company for a lease of the property under which the city was to take over
and operate the line for a period of years with the privilege of buying the
pal stocks.
-V. 118, p. 3208.
railway. As a result of the voting, the railway has discontinued operations.
It is said that the owners will proceed as soon as possible to dismantle and
junk the property.
-V. 115, p. 1320.
GENERAL INVESTMENT NEWS.
Chicago North Shore & Milwaukee RR.
-Notes Sold.
Halsey, Stuart & Co., Inc., and The National City Co. have
RAILROADS, INCLUDING ELECTRIC ROADS.
The following news in brief form touches the high points sold, at 999'I and interest, $3,500,000 One-Year 6% Gold
In the railroad and electric railway world during the week Notes.
15 1925. Interest payable J. & D. 15
just past, together with a summary of the items of greatest in Dated June 16 1924. Due June deduction for
Chicago and New York without
not
interest which were published in full detail in last week's in excess of 2%. Denom. $1,000. $500 and $100Federal income taxesany
c*. Redeemable at
"Chronicle" either under "Editorial Comment" or "Current time upon 15 days' notice at par and interest.
Data from Letter of President Britton I. Budd,Chicago, June 19.
Events and Discussions."
Company.
-Owns and operates the electric
New York New Haven de Hartford RR. Refuses Clerks' Wage Demands.
A request of the Brotherhood of Railway Clerks on the N. V. N. H. & H.
RR. for a wage increase, made by the Brotherhood's officers upon General
Manager C. L. Bardo, has been refused, it is understood. The clerks will
take an appeal to the Labor Board. "Evening Post" July 3. p. 3.
Long Island RR. Commuters to Fight Higher Rates -Band together as
"Association of Long Island Commuters" to formulate plans for campaign
against rate increases. New York "Sun" June 30, p. 6.
Increases on Lumber Freight Rates Temporarily Suspended.
-1.-9. C.
Commission suspended until Oct. 28 operation of certain schedules of the
Illinois Central and St. Louts
-San Francisco railroads which propose to
increase rates on lumber and other forest products from points in Alabama.
Mississippi and Tennessee to Ohio and Mississippi River crossings and
related points. Schedules of the Missouri Pacific which propose to increase
the rates on the same commodities from St. Louis to certain stations in
Arkansas were suspended until the same date. "Walt St. Journal" June
30. p. 6.
Suspend New Grain Rates for a Month.
-Proposed new schedules t o
revise the rates on grain and grain products from points in Illinois, Iowa,
Minnesota, Missouri, Nebraska, South Dakota and Wisconsin, to Texas,
resulting principally in a general increase, were ordered further suspended
to-day from June 29 to July 29 by the Inter-State Commerce Commission.
Under the proposed schedules the through rate from Minneapolis to Texas
would be increased from 48% cents per hundred pounds, to 55% cents, and
the reshipping rates would be increased from 46% cents a hundred to 52%
cents. New York "Times" June 29, p. 31.
Attorney-General Stone Wants Better Inspection of Locomotives Used in
Inter-State Commerce.
-New York "Times" June 28, ro. 12.
Chamber of Commerce of United States Finds Transportation Act Upheld.
Result of referendum to 641 local organizations in 47 States show 23,214%
votes for and 4,1913 votes against the special committee's recommendations. "Wall St. Journal" June 27, p. 6.
Detroit United Ry. Employees Renew Wage and Working Agreement Through
Their Union.
-Union seeks to halt appeal of Street By. Commission to
Supreme Court from Circuit Court order directing Commission to arbitrate
wage demands with men. "Wall St. Journal" June 27. p. 3.
Railroads Paid $3,000,000 as Excess Earnings in 1923.
-Practically all
from one line-Duluth Missabe & Northern-which paid $2,142,000.
Bessemer & Lake Erie paid $442,000. "New York Times" June 30 p. 28.,
Authorized Statistics.
-The Car Service Division of the American Railway
Association reports:
New Equipment.
-Class I railroads installed 11,364 freight cars and 153
locomotives during May. Of the new equipment box cars totaled 3,521:
coal cars totaled 3,141 and refrigerator cars 2,391. Freight cars installed
in the first 5 months totaled 58,555. compared with 61.809 in the same
period oflast year. Freight cars on order June 1 were 61,256 and compared
with 107,079 at the same time a year ago. The report also shows that 911
locomotives were installed,in service during the first 5 months, compared
with 1,697 in the corresponding period of 1923. Locomotives on order
this
June, this year totaled 447, compared with 2,041 on the same date last
year.'
Mailers Covered in "Chronicle" June 28.-(a) The working of the Pennsylvania Plan, p. 3126. (b) Course of electric railway earnings in 1923. p.
3129. (c) Loading of revenue freight declining, p. 3142.
-New Directors, &c.
American Electric Power Co.
-
Nine new directors were elected June 27 at a reorganization meeting of
the board. They are: Sidney Z. Mitchell, Chairman of the board and
President of the Electric Bond & Share Co.; George Breed, Chairman of
the American Gas & Electric Co.; George M. Tidd, President of the latter
company. Frank B. Ball, Vice-President and Secretary of the American
Gas & Electric Co.; F. W. Drager, Treasurer of the same company; H. S.
Reynold, Vice-President of the Appalachian Power Co.; C. N. Mason,
President of the New River Power Co.; C. P. Hamilton, President of the
General Electric Securities Corp., and W. Graham Clayton, Chief Engineer
of the American Electric Power Co.
Six of the former directors who continue upon the board are: Van Horn
Ely, Walter H. Lippincott, E. Clarence Miller and Charles L. S. Tingley,
Philadelphia; Thomas W. Wilson, Wilmington, Del., and Alexander C.
Robinson, Pittsburgh.
Mr. Tidd has been elected 1st Vice-President, succeeding John Gribbe].
Mr. Ely remains as President, and other officers also continue under the
new ownership.
Approximately 957 of the Common stock of the American Electric
Power Co. was deposited under the offer of the American Gas & Electric
Co. and the Appalachian Power Co. (see V. 118. p. 2823). The Bank of
North America & Trust Co. has been notified to pay $62.50 for any additional stock, which might be turned in, although the time limit of the offer
expired on June 27.-V. 118, p.3194.
railroad running from Evanston, Ill., along the shore of Lake Michigan to Milwaukee, Wis., with a
branch to Area, Ill. the 84.54 miles of line being nearly all of double track
construction. Through lease and traffic agreements, the company operates
into the loop district of Chicago and south to 63d St. and renders a complete interurban service to the "North Shore" residential district and
manufacturing centres, including merchandise dispatch service and through
all-steel dining, parlor and observation train service, carrying passengers to
and from the heart of the business district of Chicago to its centrally located
terminal in Milwaukee, Wis. Chicago North Shore & Northern RR., a
subsidiary, is constructing a 5
-mile extension from the lines of the Chicago
Rapid Transit Co. at Howard St., Chicago, to Niles Center, to be completed about April 11926. over which, upon completion, the latter company
,
through lease and traffic ornaments will operate. This line will be extended as soon as possible through Skolde Valley. to Waukegan, Ill.
Capitalization Outstanding in the Hands of the Public (Inc.:Present Financing).
Prior Lien 7% Cumulative stock
41,112,200
Preferred 6% Non-Cumulative stock
5,000,000
Common stock
5,000,000
First Mortgage 5 Gold Bonds, due 1936
4,060,000
Secured Sinking Fund Gold Notes, due 1926 to 1936
2,715,400
6% Equip. Trust and Real Estate Mtges., due 1924 to 1935--- y1,690,475
One-Year 67 Gold Notes (this Issue)
0
3,500,000
Five-Year Non-Interest
-bearing unsecured notes, due 1928-- 2,684.208
x Does not include $325.000 sold by the company on the deferred pay,
ment plan. y Includes $261,575 due up to and including June 15 1925.
Earnings Twelve Months Ended April 30.
1924.
1923.
Gross revenue, including other income
$5,349.757 $6,217,766
Operating expenses, incl. maintenance and taxes.... 4,094.968
4,695,625
Net earnings before depreciation
31,254.790 $1,522,141
Annual requirements of interest
-bearing funded debt to be
presently outstanding,including this note issue, amount to_
$699,704
Consolidated Balance Sheet April 30 1924 (After This Financing).
[Chic. North Shore & Mllw. RR. and Chicago & Mllw. Elec. Ry.1
Assets
Plant. property & equip _$24,167,050 Prior lien 7% cum.stock_ $1,112,200
Advances to subsidiaries_ 2,734,958 Prof.6% non-cum.stock. 5,000,000
Cash
353,949 Common stock
5,000,000
Special cash deposits577,852 Secured debt
8.465,875
Receivables
272,105 Other funded debt
6,184.208
Subscriptions to 7% prior
Accounts payable
340,634
lien stock
323,488 Accr. int., divs.& rents pay. 156,112
Materials and supplies_ _ _
390,040 Deferred liabilities
41,543
Def'd assets & unadj. deb.
469,430 Depreciation reserve..- _ - 2,005,799
638,712
Other reserves, &c
Total (each side)
$29,288.872 Corporate surplus
343.788
-V. 118, P. 3195
.
Buffalo & Erie Ry.-Incorporated.This company has been incorporated in New York to operate street surface line in New York and Pennsylvania. Capitalization consists of 7,005
shares of Preferred stock. par $100, and 30,000 Common shares of no par.
Morton G. Bogue, John A. McNaughton and Samuel B. Howard are among
the incorporators. The incorporation of this company is in accordance
with the plan of reorganization of the Buffalo & Lake Erie Traction Co.
See V. 118, p. 1770.
Buffalo & Lake Erie Traction Co.
-Reorganization.
See Buffalo & Erie Ry. above and compare V. 118, p. 1770, 2823.
California Railway & Power Co.
-H. M. Byllesby & Co.
Offers $65 per Share for Prior Preference Stock-Option Until
Sept. 1 Sought.
H. M. Byllesby St Co., It is understood, have made an offer of $65 a
share for the Prior Preference stock of the California By. & Power Co.,
which owns all the capital stock, except directors' qualifying shares, of the
Sierra & San Francisco Power Co. The offer, according to available information, is made In a letter addressed to California Railway & Power
stockholders, which is quoted in part as follows:
"The above company (California Railway & Power Co.) owns certain
equity shares of the Market Street Ry. and of the Sierra & San Francisco
Power Co. The properties of these two subsidiary companies are probably
not marketable at a figure in excess of $40,000,000, which amount would be
only sufficient to take up the bonded indebtedness, leaving nothing for the
stock equity owned by the California Railway & Power Co.
Atchison Topeka 8c Santa Fe Ry.-Acquisition."It is our opinion that the Sierra & San Francisco l'ower Co. may be
operated profitably if combined with properties adjacent to it, such as, for
See California Southern RR. below.
-V. 118. p. 3075, 2946.
instance, certain Byllesby properties. The resulting combination has posAtlantic City & Shore RR.
-Strike Broken.
sibilities not possessed by eitha• of the respedtive properties now separately
A. J. Purinton, Vice-President and Superintendent, declared on June 28 operated. In this connection we are interested in purchasing a certain
that the strike of motormen and conductors, which started on June 21, number of shares of the Prior Preference stock of the California Railway &
has ended so far as the company is concerned, and that cars are now being Power Co., in order eventually to obtain a controlling interest in the Sierra
,
operated on regular schedule with new men.
-V. 118, n• 3195.
& San Francisco Power Co. We are willing to purchase, at a price not to
exceed $65 a share. 50% of your holdings of this stock, provided that an
Beaver Meade & Englewood RR.
-Securities.
option until Sept. 1 1924 on your remaining shares may be obtained.
The I.
-S. C. Commission on June 26 authorized the company to issue
"We believe that this will prove a profitable opportunity for you to disnot exceeding $240,000 of common stock, par $100, and $320,000 first mtge. pose of your stock, leaving you with available funds for an investment in
7% bonds, to be disposed of at par in connection with the construction of an an income-producing security. As you have received no dividends on your
extention to its railroad.
-V. 118, p. 662.
Prior Preference stock for the past eight years, and as there is now no outlook
of your receiving any dividends for many years, we believe that you should
Belt Line Ry. Corp.
-Abandons Lines.
avail yourself of this opportunity to liquidate your holdings.'
The corporation has abandoned the following portions of its line: On
The California Railway & Power Co. is a holding company controlled
1st Ave. from 23d St. to 59th St., on 23d St. from 1st Ave. to Ave. A, through stock ownership by the United Railways Investment Co. Its
on Ave. A from 23d St. to 17th St., N. Y. City.
-V. 117, p.1662.
• authorized capital stock includes $5.000,000 Prior Preference stock of which
`4JULY 5 1924.]
TIM. CHRONICLE
73
$2.300.000 is now outstanding. By securing a certain amount of this
Prior Preference stock, H. M. Byllesby & Co.. it is understood, will be in a
position to complete negotiations for the Sierra & San Francisco Power Co.
The latter company, which has $20.000,000 capital stock and $20,000,000
-V.
funded debt, is at present leased to the Pacific Gas & Electric Co.
118, p. 1134.
Cuba RR.), J. M. Tarafa (Pres. Cuba Northern Rys.), Guy W. Currier
(director Pere Marquette Ry.).
The directors of the Consolidated Railroads of Cuba will be the foregoing
five trustees, and Edward J. Berwind and Percey A. Rockefeller, New York.
and Richard B. Van Home, of Montreal.
The railway lines under the control of the Consolidated Railroads of
Cuba extend from Santa Clam to Santiago, serving practically all of the
eastern half of the island. It is expected that the consolidation will prevent
California Southern RR.
-Control by Atchison.
-S. C. Commission on June 27 authorized the acquisition by the destructive competition and enable the railroads to give more efficient serThe I.
Atchison Topeka & Santa Fe Ry. of control of the California Southern RR. vice.
The Cuba RR., including the Camaguey & Nuevitas RR., in the year
oy purchase of the capital stock. The railroad of the California Co. extends
from a connection with the Atchlson's line at Rice, San Bernardino County, ended June 30 1923, reloorted surplus after payment of fixed charges and
in a generaly southerly direction to Ripley Riverside County, a distance dividends on $10,000,000 of6% preferred stock, of $3.291,348. The surplus
'
of 49.85 mileq, all in the State of California. The California Co. has out- of the Cuba Northern Railways after paying fixed charges and preferred
standing $213,000 first mtge. bonds. $247.000 second mtge. bonds. and dividends, was $1.495,824. Had the consolidat-ion of these two properties
$162,500 capital stock. All the bonds and all of the capital stock, excepting been in effect during the fiscal year 1923, the revenue accruing to the Confive shares held by directors, are owned by the Santa Fe Land Improve- solidated Railroads would have been $4,787.173.-V. 128. p. 1519.
ment Co., which acquired the securities for $619,452. The Atchison owns
Cuba Railroad.
-Consolidation of Railroads.
all of the capital stock of the Land Co.,except directors'shares, and operates
See Cuba Northern Railways above.
-V. 117, p. 2652.
the railroad of the California Co. under a lease.
-V. 113, p. 1771.
Carolina Clinchfield & Ohio Ry.-Equipment Trusts.
The L-S. C. Commission on June 26 authorized the company to issue
$1.000,000 Equipment Trust Certificates, Series I. and sold at not less
than 96M and dividend. (See offering in V. 118.p. 2946.)-V. 118. p.3075.
Chicago Terre Haute & Southeastern Ry.-Bonds.The 1.-S. C. Commission on June 26 authorized the company to issue
$1,020,000 5% 1st & Ref. Mtge. Gold bonds, said bonds to be delivered
to the Chicago Milwaukee & St. Paul Ry. to reimburse it for expenditures
of a like amount for additions, betterments, improvements and extensions
to the property of the Terre Haute company.
The Commission also authorized the Chicago Milwaukee & St. Paul
Ry. to assume, as lessee, the obligation and liability of the Chicago Terre
Haute & Southeastern By. in respect of the payment of the principal
and Interest of the $1,020,000 5% 1st & Ref. Mtge. Gold Ponds. In accordance with the terms of the lease.
-V. 118, p. 793.
Cincinnati Indianap. & Western RR.
-Ann. Report.
Calendar YearsRailway operating revenue
Railway operating expenses
1923.
$4,629,344
3.870.014
1922.
1921.
$4,363,693 $3,716,572
3,774,696
4,148.136
Net operating revenues
Railway tax accruals
Uncollectible railway revenues
$759.321
238.180
$588,998 def$431.564
154,297
198.744
59
Net operating income
Total non-operating income
$521.151
49,460
$390,253 def$585.920
855,909
16,205
Gross income
Deductions from gross income
$570.611
228,280
$406,458
330.474
$269.990
217,737
Fixed charges, incl. Int. on fund. debt
$342.331
244,554
$75,984
204,807
$52,253
163,906
Balance
-V. 117, p. 2323.
sur.$97,776 defS128.823 def$111.654
Commonwealth Power, Ry. & Light Co.
-To Redeem Scrip.
The company has elected to redeem all of its outstanding dividend coupon
notes at par and int. on Aug. 1 1924 and payment thereof will be made
upon presentation of said notes with all interest coupons maturing subsequent to Aug. 1 1924 at the financial agency of the company. Hodenpyl.
Hardy & Co., Inc., 14 Wall St., N. Y. City.
-V. 118, p. 549.
Consolidated Railroads of Cuba.
-New Company
Being Formed to Consolidate Railroads of Cuba.
See Cuba Northern Railways below.
Cuba Company.
-Consolidation of Railroads.
-
Bee Cuba Northern Railways below.
-V. 117. p. 1774.
Cuba Northern Railways.
-Bonds Offered.
-The National City Co. is offering at 893/b and interest, to yield over
6%, $4,500,000 First Mtge. 6% 50-Year Sinking Fund
Gold Bonds.
Dated July 1 1916. Due July 1 1966. Authorized and outstanding.
including this issue, $10.000,000. Interest payable J. & J. at the office of
the trustee in Havana, Cuba. or at the agency of Royal Bank of Canada,
New York City. Denom. $1,000 c5. Redeemable, all or part, on any
Interest day at 105. Montreal Trust Co.. trustee. The mortgage provides
for the retirement of the entire issue, before maturity, at 105 and interest
by the operation of a cumulative sinking fund beginning July 1 1927.
Security.-Secured by direct first closed mortgage on the entire railroad
property of the company except rolling stock subject to trust. The railroad
is standard gauge, with roadbed of the main line largely stone-ballasted and
laid with 80-Ibsen on hardwood ties. The mortgaged property includes
the piers and warehouses at Puerto Tarafa Terminal and the shops at Moron.
Company.-Ineorp. in Delaware in 1916; reincorporated in Cuba May 1
1918. Company operates about 213 miles of main line and branches.
extending from Puerto Tarafa on NuevItas Bay westerly to Chantbas, and
between San Fernando on the north coast and Jucaro on the south ,
oast,
furnishing practically the only transportation facilities to a territory possessed of some of the richest soil and favored by the most productive climate
In Cuba. The lines are to be extended westerly to Santa Clara, where connection will be made with the United Railways of Havana.
-The proceeds of $2,690,000 of these bonds, not heretofore
Purpose.
issued, which have been purchased from the company will be used to retire
bank loans now secured in part by these bonds.
Upon completion of the present financing the outstanding capitalization
of the Cuba Northern Rys. will be:
First Mtge.6% Sinking Fund Gold Bonds due July 1 1966--- -$10,000,000
Second Mtge. 7% Sinking Fund Gold Bonds, due July 1 1970_ x540,000
% Equipment Trust Certificates
1,680,000
Preferred Stock, 4% Cumulative ($100 par)
1.000.000
Common Stock (par $100)
y14.000,000
a In addition, $1,000,000 2d mtge. bonds are pledged and $4,380,000 are
In treasury. y This stock will be exchanged for stocks of the Consolidated
Railroads of Cuba, as explained below.
Earnings Years Ended June 30.
1922.
1923.
1921.
1920.
Total operating revenues_$5,111,796 53,654,741 $4,498,880 $3,056,118
Total operating expenses.. 2,487,851
2,159,213
1,953,902
3,342.215
•
Cumberland Valley RR.
-Tentative Valuation.
-
The Inter-State Commerce Commission has placed a tentative valuation
of $15.579,342 on the company's property as of June 30 1916.-V. 108. P
2329.
Denver Sr Rio Grande Western RR.
-Interest.
-The
following statement was issued by the reorganization managers July 1:
The Federal Court. having failed to order the receiver to pay the interest
on the let Consol. Mtge. bonds of the Denver & Rio Grande RR. and the
1st Trust Mtge. bonds of the Rio Grande Western By. maturing July 1,
Kuhn, Loeb & Co. and the Equitable Trust Co. of New York, as reorganization managers, are arranging to provide the funds to pay the maturing
coupon on behalf of the 1st & Ref. Mtge. bonds and Adjustment Mtge.
bonds of the Denver & Rio Grande Ry. deposited under the reorganization
plan which has recently been approved by the I.-S. C. Commission.
V. 118. p. 3196. 3077.
Detroit United Ry.-New Financing.
The stockholders will vote July 21 on authorizing the issuance of a
mortgage securing an issue of 510.000,000 5
-year 6% bonds, of which
$9,000,000 have already been sold by Dillon, Read & Co. of N. Y. (see
V. 118. p. 3196).
President Elliott G. Stevenson, in a letter to the stockholders, says:
The original need of doing this financing results primarily from the
conditions that grew out of the sale of the so-called "City System" of
the company to the city of Detroit under the contract of March 10 1922.
Under this contract, it was provided that the city should pay, presently,
52.770.000 in cash and thereafter the balance of the purchase price-$19,850,000-in payments of $500,000 semi-annually Dec. I and June 1,
after the making of tho contract, down to 19'31, and the balance of the
purchase price-$7.580.000-Dec. 31 1931. The contract also provided
that the city should have the option and right to make increased payments
up to the full amount of the unpaid purchase price at any time upon giving
30 days' notice of intention so to do.
The contract further provided that the company should, when the property should be paid for, either according to the schedule above outlined
or at any earlier date when the city desired to pay the balance of the purchase
price, convey to the city a good title to the property contracted to be sold,
free of all liens and encumbrances. It was tentatively understood between
the company and the city that there should be allocated to the property
to be purchased by the city, approximately $17,000.000 and that the
balance secured by mortgages on the directly owned lines of the company,
about $4,000,000, of the company's bonded indebtedness outstanding at
the time should be allocated to the interurban properties of the company
which were to be retained.
The so-called "Consolidated 434% mortgage" of Jan. 1 1902, secured
the payment of all of the bonds referred to-the bonds to be allocated to
the City System, as well as the bonds to be allocated to the Interurban
properties-and this mortgage covered both properties the City System
and the Interurban properties.
It was agreed at the time that there should be proceedings taken to
obtain judicial authority for the allocation of the bonds to the City System.
as above outlined, and that the company would, when such authority should
be acquired, retire the bonds covering the Interurban properties by new
financing, which would entirely release the city property from the lien of
the 4 34% Consolidated Mtge.securing the bonds on the Interurban property.
The first step, namely, the proceedings to obtain a decree of the court
to allocate the 517,000,000 of bonds referred to, to the city property and
limiting the lien of the 434% Consol. Mtge. as security therefor to the
property to be sold to the city, resulted in a decree of the Circuit Court for
the County of Wayne, Michigan. in Chancery, directing such allocation
the same to become effective as soon as the company should do the new
financing required to discharge the lien securing the bonds allocated to the
Interurban properties.
The decree of the Court referred to was finally appealed from that Court
to the Supreme Court of the State of Michigan, which in March last, affirmed
the decree of the Circuit Court for the County of Wayne, so that the only
think that remained to make the plan outlined effective was for the company
to do the necessary financing to retire the bonds allocated to the Interurban
properties that were still secured by the
% Consol. Attge•
To make the entire decree of the Court effective, providing for tha
allocation of the securities on the properties as between the City System
and the Interurban properties, the present financing was undertaken as
well as to provide for additional requirements of the company for betterments, extensions, Sec., &c.
I think it will be considered by anyone understanding the general market
conditions affecting the sale of traction securities that the arrangement
made for the sale of6% 5
-year bonds was very advantageous to the company
and was only possible because of the fact that in the present condition the
money market for investment in bonds is very favorable.
Entering into the plan of financing referred to, is a pledge of 53,000,000
of the 4 34% consolidated or underlying bonds, which bonds are eligible to
take over payments to be made by the city-payments of $500,000 to be
made semi-annually-and these city payments with a pledge of the 1.3.000,000 of bonds referred to, makes available $1,000,000 per annum ($500.000 semi-annually) for the sinking fund requirements under this new financing. The balance of $500,000 per annum will have to be provided out of
the earnings of the company.
The 53.000.000 of bonds referred to will be made available because of
the following situation: To have available bonds to take over the payment
to be made by the city under the city purchase contract, we had purchased
from time to time in the market something above $2,000,000 of these
bonds, procuring the money by pledging the same at our banks with other
available collateral, and this, as the annual report of March last pointed
out Nee V. 118. p. 20391 accounted for the very considerable amount of
bills payable outstanding then, about $2.500.000 The $2.000,000 of the
collateral for the bills payable referred to, pleciged
as part security with
the banks for such bills payable, is immediately available for the pledge
under the mortgage referred to.
On Dec. 1 next the Detroit Ry. bonds, of which something over $1,000,000
are outstanding, will mature. These bonds, when taken over, are convertible into the 434% Consol. Mtge. bonds and the money provided by
this financing-119.000.000-proyides for the money to take over the
Detroit Ry. bonds on Dec. 1.
When this financing shall have been accomplished, all bonds secured
by liens covering the directly owned interurban properties of the company
will be retired and. In addition, it will provide the money necessary to
take over the st.000.000 of Detroit By, bonds that are a charge against
the property contracted to be sold to the city and also will provide for
retirement of all the bills payable of the company. An issue of $600,000
of bonds, due in 1926, which are a first and underlying lien on the Pontiac
lines of our railways, will also be provided for.
The foregoing, in a general way, outlines the purpose and effect of the
proped financing.
The annual meeting has been adjourned from time to time until June 27
and will be further adjourned to July 21.-V. 118, p. 3196.
Net operating income_ _$2.623,945 $1.495,528 $1,156,665 $1,102,216
Taxes, &c., less other inc_
147,756
124,255
69,751
77,653
Gross income
$2.476,189 $1,371,273 $1,086,914 $1,024,563
charges
Interest
940,364
873,491
569,883
7713,464
Net income
51.535,825
$497,782
$310,450
$454.680
Consolidated Railroads of Cuba.
The Consolidated Railroads of Cuba, a holding company, is now being
the laws of Cuba. This company will acquire all of the
incorporated under
500,000 no par value shareeof common stock a the Cuba RR. (which in
turn owns all the stock of the Camaguey & Nuevitas RR.) and the $14,000.000 common stock of the Cuba Northern Railways.
The Consolidated Railroads of Cuba will presently issue $40,000,000 of
6% pref. stock, cumulative after July 1 1925, and 400.000 shares common
stock without par value.
A large majority of the stocks of the Consolidated Railroads of Cuba will
bq hold by the Cuba Co., which latter company has heretofore owned the
entire Issue of Cuba RR. common stock.
The preferred and common stocks of the Consolidated Railroads will be
Dry Dock East B'way & Battery RR.
-Abandonment.
placed in a voting trust of which the trustees will be the following: William
The stockholders on June 4 voted to abandon the portion of the route of
11. Woodin (Pres. American Car & Foundry Co.) Horatio S. Rubens the company on 1st Ave. between 14th St. and 34th St.. N. Y. City. This
(Pres. U. 8. Industrial Alcohol Co.), Herbert C. Larkin (Pres, and director road is included in the Third Ave. Ry. System.
-V. 118, p. 2703.
74
THE CHRONICLE
El Paso Electric Co.
-Buys Electric Plant.
As a part of its plans to extend its electric power system to include towns
and industries of the upper valley of the Rio Grande. the co:npany is
reported to have acquired the plant of the Las Cruces(N.M.)Electric Light
& Ice Co. The purchase price is said to be $275,000.-V. 118, p.3196.
[VoL. 119.
Co., have sold at 100 and dividend for all maturities,$1,740,
000 5% Equipment Trust Gold Certificates, Series of 1924.
Issued under the Philadelphia plan.
•
Dated July! 1924. Serial maturities of $116,000 per annum July! 1925
to July 1 1939, both inclusive. Denom. $1,000 c*. Dividends payable
J. & J. at the office of
Trust
The I.
-S. C. Commission on June 23 authorized the company to pledge of J. P. Morgan & Co.,UnionYork. Co., Cleveland. trustee, or at office
New
and repledge, from time to time, to and including Dec. 31 1928, all or any
Issuance.
-Authorized by the Inter-State Commerce Commission.
part of $17,217,000 First Consol. Mtge. General Lien 4% bonds, $8,372,000
The certificates are to be issued to provide for part of the cost of the
Gen. Mtge.4% Cony. 50-year bonds, Series "D," and $440,000 Gen. Mtge. standard new railway equipment,
4% Cony. 50
-year bonds, Series "B," as collateral security for any note or cars. The foregoing equipment consisting of 1,000 40-ton automobile box
is to cost approximately $2,203,000.notes which company may issue.
-V. 118, p. 3196.
V. 118, p. 3197, 2034.
-To Pledge Bonds.
• Erie RR.
-
Federal Light & Traction Co.
-Report.
12 Months Ended May 31Gross earnings
Operating, administrative expenses & taxes
1924.
1923.
$5,587,239 $5,308,456
3,484,079
3,331,854
Total income
Interest and discount
Preferred stock dividends:
Central Arkansas R.& Light Corp
Springfield Ry. & Light Co
$2,103,160 $1.976,602
755,419
737.145
Balance
-V. 118, p. 2824.
$1.195,885 $1,095,914
87.603
64,253
87,071
56,472
Florida East Coast Ry.-Equipment Trusts Sold.
-J. P.
Morgan & Co., First National Bank and National City Co.,
New York, have sold at 99% and dividend for all maturities,
$1,875,000 5% Equipment Trust Gold Certificates, Series
"D." Issued under the Philadelphia plan.
Dated July 1 1924. Serial maturities of $125,000 per annum July 1 1925
to July 1 1939. both inclusive. Denom. $1,000 e*. Warrants for the
semi-annual dividends (J. & J.) payable in New York City at the office of
J. P. Morgan dc Co. Bankers Trust Co. New York, trustee.
Issuance.
-Subject to authorization by the 1.-S. C. Commission.
'
The certificates are to be issued to provide for part of the cost of the
standard new railway equipment, consisting of 20 mountain type lostomodyes, 5 switching locomotives, 3 steel passenger coaches, 200 steel underframe ventilated box cars, 20 caboose cars and 100 ballast cars. The foregoing equipment is to cost approximately $2,387.400.-V. 118, p.3197. 2700
Frankford Tacony & Holmesburg Street Ry.-Interest.
The Philadelphia Stock Exchange has been notified that the company
was prepared to honor the coupons on the 1st Mtge. 5% bonds of 1940
which were due Jan. 1 1924. Holders were requested to present them
to the Tacony Trust Co.. Tacony, Pa., for payment not later than June
25 1924. Holders of said bonds are requested to hold the coupons due
July 1 1924 until notified to present them for payment.
-V. 118, p. 84.
Galesburg & Kewanee Electric Ry.-To Resume Service.
A resumption ofrailway service in Kewanee. Ill.. is expected following ths
.sale of the Kewanee municipal electric plant to B. F. Lyons, Vice-Pros. &
Gen. Mgr. of the Beloit (Wis.) Water, Gas & Electric Co. By a vote of
5.800 to 2,117. the citizens of Kewanee. Ill., on June 14 approved the sale.
Mr. Lyons'improvement plans for the Kewanee properties include the consolidation of the municipal and privately owned electric plants, the extension and development of both the electric and gas service and equipment,
,the resumption of railway service, which was discontinued several months
ego, and the rehabilitation of the interurban system connecting Galva and
Kewanee, Ill. Mr. Lyons will form the Kewanee Public Service Co. and
the Kewanee & Galva Interurban Co. to operate the properties. "Electric
Railway Journal."
-V. 118, p. 311.
Galveston-Houston Electric Co.
-Tenders.
The Old Colony Trust Co., trustee, Boston. Mass., will until July 14
receive bids for the sale to it of Galveston Electric Co. 1st Mtge. 5%
gold bonds, due May 1 1940, to an amount sufficient to exhaust $22,719.
-V. 118, p. 2948.
Georgia Railway & Power Co.
-Preferred Stock Offered.Estabrook & Co. and Putnam & Co. are offering at 95,
yielding about 7.37%, $2,500,000 7% Cumul. First Pref.
Stock, Series of 1924 (par $100).
Dividends payable Q.
-J. Preferred as to dividends, and in liquidation
entitled to par and accrued dividends if involuntary, and 115 and divs. if
voluntary, before any payment is made upon any other class of stock.
Not redeemable before Jan. 1 1938. Redeemable thereafter at 115 and dive.
Dividends exempt from the present normal Federal income tax. Transfer
agents, American Trust Co. Boston; Trust Co. of Georgia, Atlanta: Philadelphia Trust Co., Philadelphia. Registrars: Old Colony Trust Co.,
Boston; Atlanta Trust Co., Atlanta; Fidelity Trust Co., Philadelphia.
Data from Letter of H.M. Atkinson,Chairman, Atlanta, Ga.,June 28.
Capitalization Outstanding upon Completion of Present Financing.
Cumulative First Preferred Stock. 7% (this issue)
$2,500,000
000
.
Non-Cumulative Second Preferred, now paying 4%
10,000,000
Common, now paying 4%
15.000.000
Underlying Bonds
1,400,000
First & Refunding Mortgage Gold Bonds
*12,354,000
General Mortgage Gold Bonds
*13,500,000
* General Mortgage bonds secured by $13,500,000 par amount of First &
Refunding Mortgage Bonds.
Company.
-Owns and operates an extensive hydro-electric generating and
distributing system, supplying electric light and power in the northern
portion of the State of Georgia, including the City of Atlanta and 59 other
municipalities and their vicinities, and serving a population of over 760,000.
Company leases the property of the Georgia Railway & Electric Co., which
owns the electric, gas and street railway business in the city of Atlanta.
The Georgia Ry. & Power Co. supplies the Georgia R.& Electric Co..
which Is the largest power customer in Georgia, with electricity under a
power contract.
Upon the completion of a new 20,000 k. w. hydro-electric generating
plant, the company will have a total hydro-electric generating capacity of
160,000 k. w. The new development which it is expected will be completed
in the fall of 1924, will be served by water from the company's two large
storage reservoirs, the water being subsequently utilized successively by
two hydro-electric plants of the company now in operation, which have generating capacities of 72,000 k. w. and 50.000 k. w., respectively.
Property Values.
-The value of the properties owned by the company as
appraised by Parsons, Klapp, Brinckerhoff & Douglas, engineers, as of
Jan. 1 1922, was $40.571,0.0. Expenditures for aditions since that
date, together with the proceeds of this stock, aggregate $13,577,000,
making a total of $54,148,000.
Purpose.
-Proceeds will be used in payment for additions and improvements made and to be made be the company's generating and distributing
system and other water power developments, including the completion of
the 20,000 k. w. Terrors development, which is now so far advanced that it
should be in complete operation in the fall of 1924. The entire output of
this development will be absorbed as soon as it becomes available.
Earnings Years Ended May 311923.
1924.
$15,612,741 $18,749.024
Gross income
5,824,334
Net earnings after operating expenses and taxes- 4,748,372
1,984,984
Rentals
1.537,700
Annual interest on funded debt
$2,101,650
Balance available for dividends and depreciation
Dividend requirement on Cum.First Pref. Stock,incl. this issue
;487,000
-Subject to authorization by the Georgia Public Service ComIssuance.
mission.
-V. 118, p. 2824.
Great Northern Ry.-Guaranty.-V. 118, p. 3077.
See Western Fruit Express Co. below.
Hocking Valley Ry.-Equipment Trusts Sold.
-J. P.
Morgan & Co., Kuhn, Loeb & Co., First National Bank,
New York, Guaranty Co. of New York and National City
Illinois Power & Light Corp.
-To Increase Price of
Stock, &c.
The company on July 1 announced that the 7% Preferred
has been selling at $95 a share will be increased to $96 50 astock which
share after
midnight ol July 31. The stock at the new price will yield 7.25%.
A. F. Campbell has been appointed supervisor of stores for the entire
system of properties of the corporation. His headquarters will be at
Decatur, Ill. The office, which is a new one created by the company,is
effective July 1. It will be under the supervision of the general operating
engineer.
See North American Light & Power Corp. below.
-V. 118, p. 2824.
Inverness Railway & Coal Co.
-Leases Railway.
-
It is announced that the railway portion of the above company has been
leased to the Canadian National Railways for three years at a rental of
$25,000 per annum. An option has been granted to the Canadian National
Railways for this period to purchase the railway for $500.000.-V. 109,
p•
582.
Ironton RR.
-Control.
-
See Lehigh Valley RR. below.
-V. 117. p. 2212.
Kansas City Southern Ry.-To Fight Valuation Placed
on Property by I. C. Commission.
-S.
The executive committee of the company July 2 voted to start a mandamus proceeding to force the I.
-S. C. Commission to place "an economic
value • on the property. A suit will be filed in the Supreme Court of the
District of Columbia alleging that the Commission formed its valuation on
the Kansas City Southern property on an "arbitrary formula."
The final value of the Kansas City Southern property was set at $49,485,907. Officials of the road contend it should be valued at not less than
280,000. as of June 30 1914.
According to the company this case will have a far-reaching effect on the
whole valuation situation. It will be the first mandamus proceeding
instituted in a valuation case which sets up a definite plan for finding the
value of the property. Besides, it will bring out a number of contentions
upon which not all of the railroad fraternity are agreed. Among these is
the part that present earnings should play in the value of the property.
The decision of this question will have a great effect on such railroads as
the Pennsylvania, the New York Central, and the Michigan Central.
In valuing the Kansas City Southern the I.
-S. C. Commission, the railway argues, took the cost of reproduction, less depreciation, plus the market
value of the right-of-way based on the farms adjoining, and added 5% to
this figure. The railway will ask the Court to rule that the Commission
should find the economic value of the property in relation with the financial
returns which its use affords, as well as its future prospects; that consideration be given to property used as well as that owned, and that the original
cost to date be taken into conisderation.
Officials expect that it will require a year at least to fight the case through
the courts. They are preparing to carry it to the U. S. Supreme Court.
V. 118, p. 2948.
Lehigh Valley RR.
-Control of Ironton RR.
-
The I.
-S. O. Commission on June 18 approved the proposed acquisition
by the Lehigh Valley RR. and the Reading Co. of control of the Ironton
RR. by purchase of the capital stock of that company for $1,500.000.V. 118, p. 3197.
•
Louisiana Ry. & Nay. Co. of Texas.
-Securities.
-
The I.
-S. C. Commission on June 20 authorized the company to issue:
(1) not exceeding $400.000 Common stock (par $100): and (2) not exceeding
$750,000 First Mtge.6% bonds: $52.500 of said stock to be sold for cash at
par and the proceeds uscd for capital purposes; and $247,500 of said stock
and all of said bonds to be delivered to William Edenborn in payment for
property to be acquired. The report of the Commission says in part:
In operation of Sherman Shreveport & Southern RR., the Commission
certified that the present and future public convenience and necessity
required the operation by William Edenborn and by the Louisiana Railway
& Navigation Co. of Texas of the line of railroad known as the Sherman
Shreveport & Southern RR. Title to the Sherman Shreveport & Southern
RR. was taken by William Edenborn in his own name. He has since
organized the applicant corporation and proposes to turn the property over
to it, receiving as payment therefor the securities proposed to be issued
herein.
The line is located entirely within the State of Texas and extends from
McKinney to Waskom, the latter on the Texas-Louisiana line, a distance of
182 miles. A number of years ago it was purchased by the Missouri Kansas
& Texas Ry. of Texas, subject to an existing mortgage lien and was operated
by that company in conjunction with its other lines. At the time of the
reorganization of the "Katy" It elected under authority conferred by the
decree of sale not to include the Sherman with its property and it was ordered
sold by the Court. The Snerman was purchased by F. F. Greenman acting
on behalf of a committee of the holders of $3,689,000 first mtge. bonds outstanding, for $700,000. The terms of sale provided for the payment of
$23,546 in cash, the deposit with the master of all of the outstanding bonds,
and the acquisition by Greenman or his nominee of title to theproperty
free from all liens and encumbrances whatever. Under the terms of a prior
agreement Greenman named William Edenborn as his nominee to take
over the property for a consideration of 4750,000 cash which after deducting
the amount of the cash payment to the master, was divided among the
bondholders. Edenborn represents that prior to the purchase of the
property he expended from $75,000 to 8100.000 for expert investigations,
commissions attorney's fees, and general expenses, &c.. In connection with
the negotiations. He further states that since acquiring the property he
has spent from $75.000 to $100,000 for locomotives, box cars, rails, materials and supplies, &c. He now proposes to dispose of the property to the
applicant, receiving in payment therefor $147,500 of stock and $2,963,000
of first mtge. bonds. In order to accomplish this purpose the applicant
proposes to execute its first mtge. dated Jan. 1 1924 to the Farmers Loan
& Trust Co.. New York, trustee, which will authorize the issue of not
exceeding $5,000,000 of bonds and not exceeding $27,500 of bonds per mile
of railroad. The mortgage provide@ for the immediate issue of $2,963,000
of bonds to bear interest at the rate of8% per annum, and to mature Jan. 1
1954, which bonds are to be delivered to Edenborn as part payment for the
property.
The applicant's authorized capital stock is $200.000. of which $52,500
has been subscribed and paid for, the proceeds Used for capital purposes,
and the balance of $147,500 is to be delivered to Edenborn to complete
payment for the property. . . .
The capitalization proposed by the applicant, namely, $3,163,000, is
based upon the valuation of $3,163,34;) placed upon the property by the
Railroad Commission of Texas. The ombtned balance sheet and Income
account submitted with the application covering the period April 1 1923 to
Dec. 31 1923. shows a net income, exclusive of fixed charges, of $44,424,
which is equivalent to $59,232 for the full year.
The fixed charges on the
bonds which the applicant proposes to issue would amount to $177,780 per
annum. Estimates of future revenues submitted by the applicant indicate
that sufficient revenues may be earned not only to pay the full fixed charges
but to show a substantial surplus. These estimates are based chiefly-upon
the opening up of new routes which will include the applicant's line, such
routes not having been available under the "Katy" management because of
the desire of that carrier to restrict routing of traffic to its own lines. While
the applicant's hopes In this respect may be realized, it has no definite
assurance that they will be and the fact remains that the mere opening up
of additional available routes carries no guaranty of increased traffic.
As stated above, the property involved was purchased by William Edenborn for $750,000 cash. Allowing the maximum of $100,000 for negotiations, expenses, &c., and the maximum of $100,000 for equipment, material. and supplies, together with $52,500 received for subscriptions, which
sum has been used for corporate purposes, there appears to be a total invest-
JULY 5 1924.]
THE CHRONICLE
ment of $1,002,500. For tee purpose of this proceeding $150,000 may be
allowed for working capital. including materials and supplies. We will,
therefore, authorize a capitalization of not exceeding $1.150,000, of which
;400,000 will be common capital stock and $750,000 first mortgage bonds.
Our order will also require teat the stock may only be issued subject to the
applicant's securing an amendment to its charter increasing its authorized
capital stock and that a verified copy of the mortgage as executed shall be
on file with us at least ten days before any bonds may be issue...
Michigan Electric Ry.-Report.--
Calendar YearsGross earnings
Operating expenses and taxes
Gross income
Interest and other fixed charges
1923.
1922.
$2,720,142 $2,736,180
2,200.408
2,123,668
$519,734
408.542
$612,512
Net income
$111.192
8612,512
-The company has been operating sice Dec. 1 1923
Note.
purchased the property of the Michigan United Rys. Co.only, it having
at foreclosure
sale. The earnings shown for 1922 and 1923 are after giving effect to
the reorganization of the property and the purchase of equipmen formerly
t
operated under lease.
-V. 117. p. 2653.
Milford-Attleborough & Woonsocket Street Ry.-
Judge Wait in the Mass. Supreme Court has appointe
d Clark V. Wood
of Springfield as receiver.
The trustees of the New England Investment & Security Co. of Springfield petitioned the Massachusetts Supreme Court for the appointm
ent
of a receiver for this company, which operates a 30
-mile road through
towns of Blackstone, Bellingham, Menden, Hopedale, Milford. Franklin,
Wrentham and Plainville. The petitioners declared
own
$315,000 stock of the company;$46,000 of the $300.000they bondsall of the
5%
Oct. 11924: and notes of the company on which they say there is maturing
of $40,000 duo. They also allege that the company owes severala balance
creditors
$19,198: that it is unable to pay this or to meet its fLced charges from
earnings. They further allege company will be unable to pay the principal
or the interest of the bonds Oct. 1 next, or to borrow money anywhere
to do so.-V. 113, p. 293.
75
In consequence of the large expenditures made by the
Haven
during the past few years in the enlargement of its facilities New the improvement of its services, its capacity has become such that and
it can handle
a greater volume of business than at any previous time in its history.
In support of this policy it now contemplates an expansion
or commercial organization with a view of further building of its traffic
up
England business, including the development of foreign traffic its New
through
Boston, Providence and other ports served by its rails and those
of its
connections, all of which will contribute to the promotio
n of a prosperous
New England, in which it has such a vital interest.
The following appointments are made effective July
Freight Traffic Manager: and F. C. Coley, Passenge 1: G. M. Wood.
with headquarters at New Haven. Conn.: Richard r Traffic Manager,
Freight Traffic Manager (effective July 15). headquartHackett, Western
F. P. Kinney, General Freight Agent; H. L. Sheffield ers, Chicago, Ill.:
.
Freight Agent; W. P. Read, General Passenger Agent,Assistant General
and R. L. Price.
Assistant General Passenger Agent, with headquar
ters at New Haven,
Conn.
-V. 118. p. 2305.
New York & Queens County Ry.-Fares.-
The fare increase to six cents recently authorized by
mission went into effect midnight June 29. Mayor the Transit ComCorporation Counsel Nicholson to institute injunctionliylan has directed
diately to restrain the company from collecting theproceedings immeincreased fare.
See V. 118. p. 3198.
Norfolk 8c Western Ry.-Tentative Valuati
on.
The Inter-State Commerce Commission has placed tentative valuation
a
of $237,472,089 on the property of the company
as of June 30 1916.V. 118. p. 3198.
North American Light & Power Corp.
-Notes
Offered.
E. H. Rollins & Sons, H. M.Byllesby & Co., Marshall Field,
Glore, Ward & Co., and Janney & Co., are offering at 100
and interest $6,300,000 30
-Year 7% Sinking Fund Secured
Gold Notes.
Dated July 1 1924. Due July 11954. Redeemab
le on any interest date
on 60 days' notice, at 105 and interest to Jan. 1
1945, and thereafter at par
and interest plus a premium of ;i% for each year
or
unexpired term. Interest payable J. & J. in Chicago remaining fraction of
or New York without
deduction for any normal Federal income tax not
exceeding 2%.
$100,$500 and $1,000 c*. National Bank of the Republic. Chicago,Denom.
trustee
Corporation agrees to reimburse the holders of these
notes, if requested
within 60 days after payment, for the Penn.
4ax, the Maryland 4% mill tax, the District of4 mill tax. the Conn. 4 mill
Columbia 5 mill tax, and for
the Massachusetts income tax not exceeding 6%
per annum.
1 1930. Authoriz
ing. $4,750,000. Int.(M.& S.) payable in New York. ed and outstand- Data from Letter of Pres. Clement Studebaker Jr., Chicago
Red., all or part,
, June 30.
on 30 days' notice on any int. date on or after March 1 1925
Company.
-Organized in Delaware. Controls the Illinois Power
at par and int.
& Light
Denom. $1,000 c. Central Union Trust Co., New York,
Corp. and its subsidiaries, including Kansas Power
trustee.
& Light Co. and Iowa
These notes are secured by pledge of $6,100,000 Prior Lien
Mtge. 6% Power & Light Co., and the Missouri Power & Light Co., which serve a
gold bonds, Series "0." due 1932, having a present market
population of about 150200 in over
value
municipalities
of $6,100,000, or more than 125% of this issue. The collateral in excess
osowa,42ia.erffeaOlOaid Oklahom
a.North
currently selling on the New York Stock Exchange at approxim which is American Light & Power Company
ately 101
will
is therefore pledged at less than 80.
American Light & Power Corporation. control all the stock of the North
The territory served includes the cities of Decatur,
Acquisition Approved.
ton, Belleville, Galesburg, Champaign, Jacksonville. Danville. BloomingCairo. Granite City.
The I.
-S. C. Commission on June 27 issued a certificate authorizi
ng the La Salle, Centralia, Ottawa and Urbana, Ill.; Des Moines and Oskaloosa,
acquisition and operation by the Missouri
-Kansas
-Texas RR. CO. of the Iowa: Jefferson City, Moberly, Mexico, Kirksville and Boonville. Mo.•.
lines of railroad and other properties of the Boonville Railroad
Topeka. Atchison and Wichita, Kan.; Washington Court
Bridge Co.
House. Ohio; and
and of the Missouri Kansas & Texas Terminal Co.
of St. Louis.
-V. 118. Ardmore and Durant, Okla.
p. 3078, 2175.
The electric property includes electric generatin
g stations with an awegate capacity of 273,500 h. p., 1,658 miles of
Missouri Pacific RR.
-Hearing July
and 2,560 miles of distributing lines serving high tension transmission lines
222,969 customer
The Inter-State Commerce Commission will hold 28.
a hearing at New Orleans properties include artificial gas plants with an aggregate dailys. The gas
July 28 before Director of Finance Mahaffie on
capacity of
21,450,000 cu. ft. and
the
pany for authority to acquire control of the New application of the com- The railway propertie 911 miles of gas mains serving 86,206 customers.
Orleans Texas & Mexico
s consist of 540 miles of trunk line electric railroad
By. by purchase of its capital stock, and to issue
connecting
all
000,000 issouri Pacific RR., New Orleans Texas & or any part of $18.- gate of 248central Illinois with St. Louis and city railways with an aggremiles of track. During the year
Mexico Mt. Collateral
Trust 7% 15
-year gold notes.
-V. 118, p. 3197, 2949.
the system amounted to 450,000.000k. w. h., 1923 the sales of electricity of
an increase of over 100% since
1916.
Montreal Tramways & Power Co., Ltd.
-Asks Co-oper
Capita/istfion:
tion of Shareholders-Against Offer of$15 Per Sharefor Stock. a- 30-Year 7% Sinking Fund Secured
Authorized. Outstanding.
- Preferred
Gold Notes__ $7,500,000 $6,300.000
President A. E. Beauvais in a 16
Stock, 7%. Cumulative
-page documen
with the situation affecting the company, seeks t dealing exhaustively Common Stock,shares of
5.000,000
5,000,000
nominal or $5 par value_200.000 abs. 200.000 sh.s.
the co-operation of the
shareholders with the present administration
The companies controlle
opments. After dealing with the affairs of thein the face of the new devel- $88.537,303 funded debt d by North American Light & Power Corp. have
company and its subsidiaries
and $20,441,900 preferred stocks outstanding with
he says in part:
the public.
The new directors have reasonable grounds for
Purpose.
-To refund various securities heretofor
believing that, within a
e issued in the acquisition
period of a few months, all the company's current
of
liabilities will be liqui- & the control of the Illinois Power & Light Corp. and the Missouri Power
dated, and that the company will have about
Light Co. and for working capital.
In fact, the new directors anticipated that the$450,000 cash in its treasury.
Consolidated Statement for Twelve Months
izable assets in excess of $3,400.000 over and company will then have realEnded December 31 1923.
You may reasonably expect, therefore, thatabove all its current liabilities. Gross earnings
within a short period of time Operating expenses, maintena
$30,336,609
the company will have cash and realizabl
nce and taxes
e assets equivalent in value to at
20,471,289
least $25 per share for every share of the company now
issued and outstandNet earnings before depreciation
ing. The above estimate does not include
$9,865,320
development of the water powers held byany prospective profit front the Interest and amortization of debt discount and expense
4,832.138
Ltd., nor a single dollar of the amount whichMontreal Hydro-Electric Co.. Preferred stock divs. of sub. cos. and allowance
for minority
the new directors may recover
common stock
by means of the actions (in court) which
are now pending. If these pend- Depreciation andinterest
1.567,681
ing are successful, the shares of the
sinking fund requirements in accordan
company should increase to approxice with
subsidiary companies' mortgages
mately $40 each in value.
1,390.678
The defendants in these pending actions and
Balance available
ing control of a majority of the issued shares their associates, by obtainof the company, can prevent Annual interest on
you, as shareholders, from realizing the
$6,300,000 -Year 7% Sinking Fund Se- $2.074,823
cured Gold Notes (this issue) 30
can obtain such control, undoubtedly full value of your shares. If they
all these
441,000 •
suspended indefinitely or completely withdrawn, pending actions will be
without any corresponding
Balance
compensation to you; you will be precluded from
$1,633,823
enforcing payment of
Security.-Secured by deposit with the
their personal liabilities, and your shares,
trustee of
of Montreal Hydro-Electric Co.. will then excluding the prospective value Common stock of the Illinois Traction Co. of Maine(a) over 90% of the
(which owns 97M %
have a realizable value of only of the entire Common
about $25 per share.
Stack of the Illinois Power & Light Corp., and,
through Its subsidiaries, controls
The price which is now being offered for your
the remaining 2I4 %), thereby pledging
associated with your old board of directors andshares by those who were voting control, which control must, under the terms of the
thus seek to profit by the temporary difficulties their new associates, who at all times be pledged with the trustee; and (b) the entire trust indenture,
in
Common Stock
placed by its former directors, is we understand, which the company was of the Missouri Power & Light Co. now outstanding,
which may only be
only $15 per share, paya- released at a
ble not in cash but in a proportionate part
of the Preferred and Common sufficient to price approved by the bankers, in no event less than an amount
shares of a new company which they are organizin
redeem one-fifth of the notes then outstanding.
g for the purpose, among
In the
others, of acquiring the properties now or
formerly owned and controlled Common event that the corporation dissolves the Illinois Traction Co., the
by the company. Your present board
stock of
of directors cannot recommend you traction company the Illinois Power & Light Corp. now owned by the
to accept any such exchange for your shares.
will be pledged
(Compare V. 118, p.3198.)
in lieu of the traction company with the trustee as security to this issue
common stock.
Defence Filed in Suit.
Sinking Fund.
-The trust indenture provides for equal semi-ann
Declaring that all the transacti
ual payments of $265,000
& Power Corp., Ltd., as havingons attacked by the Montreal Tramways additional notes (plus the semi-annual interest on any of the $1,200.000
of $4,000,000. were carried out resulted in a loss to the shareholders beginning Jan. which may have been previously Issued), to the trustee
by the directors with the utmost good
11925. This sum Is to be applied, first, to
faith, and that these transactions were
the payment of
Interest on all
in the
Is the outstanding clause of the defence filed interest of the company. ment of notes outstanding notes of this issue, and the balance to the retireby purchase in the open market or by
June 25 by the Imperial
Trust Co., Ltd., and other defendan
call
ts in the suit now pending before the entire issue before maturity, even at the call prices. which will retire
the Superior Court at Montreal.
-The
defendants also reserve the right in Management.
to take action against the plaintiffsThe libel.
the hands of able management of the corporation and its subsidiaries is
for
-V. 118, p. 3198. 3078.
and
successful in the conduct ofexperienced men who have been conspicuously
public utilities for many years. The offices and
Muscatine Burlington 8c Southern RR.
-Abandonment directors include, among others: Clement Studebaker Jr., Pres.; William A.
Operation of the road was abandoned on
Baehr,
JUDO 12 1924, when it was ham, V.-Pres.; P. C. Dings, Treas.; Scott Brown, Sec.; George
found impossible to dispose of the property through
T. BuckingHenry L. Hanley, George M. Studebak
er and representatives of the
1923 and June 6 1924. See also -V. 1181 p. 2573 public sale on July 7 banking interests.
Missouri-Kansas-Texas RR.
-Equip. Notes Offered.
-
White, Weld & Co., New York, are offering at 101% and
int., to yield over 4% to March 1 1925 (the earliest redemption date), or about 58 % to maturity, March 1 '1930,
4
$4,750,000 6% Secured Gold Notes. These notes represent
indebtedness purchased from U. S. RR. Administration.
Dated March 1 1924. Due March
cn
New York Central RR.--Outlook-E
Northern Centra
arnings, dec.l Ry.-To
Vice-Pres. A. H. Harris says in substance: "I look
The $500,000 5% bonds of the SodusPurchase Bonds.
Bay & Southern RR. due July 1,
the autumn. Our freight business is now about 20% for better business in will be_purcased
par at maturity by the Northern
our passenger business is up to what it was last year. off from last year but of the Pennsylvania
Central
RR.in Philadelphia, or 85 Cedar St., New'Ry. at office
Our earnings for the The
first five months of this year have been below 1923
York, N. Y.
but they are ahead of debt Northern Central Ry. as a purchaser thereof will hold the
a similar period for 1920, 1921 and 1922. We
of the Elmira
bonds as a
1924 to be as large as 1923 because that was don't expect our earnings for being operated as & Lake Ontario RR. (the property of which company is
a peak year, but we expect
part of the Northern Central Ry.),
them to be larger than in 1920-21 and 1922.
rights accruing to the bonds
with any
under the mortgage securing the said and all
"We welcome the Van Sweringens with open arms into
bonds,
the railroad com- fullY in all respects as if the said bonds were held by the owners thereof. as
munity. They are bringing new blood and new life
V. 118, p. 1392, 795.
into
are carrying on a constructive program and preventin the industry and
g stagnation. The
consolidation of Nickel Plate, Erie and Pere Marquette Into
Pennsylvania-New Jersey Ry.-Abandonm
one system will
ents Sought.
be a great constructive step in the railroad Industry."
The company has applied to
-V. 118. p. 3198.
thority to abandon service from the Pennsylvania P. S. Commission for auTrenton, N. J., to Newtown, Pa., and from
New York New Haven & Hartford RR.
Trenton, N. J.. to Lambertville,
-To Expand.
N. J. The company states that neither
- line Is
The company on June 30 made the following
announcement of new debt. able to meet operating expenses and provide interest on the bonded
appointments:
The company also asks permission to
of the M
eJftenton division, althoughsuspend the Mill Street line
it asks for the privilege of
76
THE CIlltuytf•LE
continuing service between Trenton and Morrisville, with the Mill Street
line excluded. In Oct. 1923 the corporation abandoned its Bristol-Doylestown line. A bus line is now being operated between these towns by an
-V. 117. p. 2543.
independent concern.
-Bonds Offered.
Pennsylvania-Ohio Power & Light Co.
-Lee, Higginson & Co., National City Co., Bonbright &
Co., Inc., Reilly, Brock & Co. and Graham, Parsons & Co.
are offering at 98 and int., to yield about 5.65%,$19,000,000
1st & Ref. Mtge. 532% gold bonds, Series "A."
[Vor.. 119.
John H. Delaney (Chairman), Daniel L. Ryan and William A. De Ford
have been appointed to the Board of 'rransportation, which will supervise
municipal transit affairs.
On and after July 1 1924 the offices of the Transit Commission will be
at 270 Madison Ave., between 39th and 40th Sts. Under the new law
all work relating to the construction of rapid transit railroads will be
taken over by the new Board of Transportation, to be appointed by the
Mayor of New York.
The Board of Transportation will take over the engineering staff and
related bureaus of th Transit Commission, and will occupy the present
offices of the Transit Commission at 49 Lafayette St., Manhattan.
The Transit Commission will continue its statutory functions of regulating
service, facilities, &c., of transportation lines in New York City, the
elimination of grade crossings, and the development of its plan of readjustment, as well as the administration of the rapid transit operating contracts
between the City of New York and the rapid transit companies. (New
telephone, Caledonia 1600.)-V. 118, p. 3079. 1521.
Dated July 11924. Due July 1 1954. Prin. and int. (J. & J.) 'payable
at offices of Lee. Higginson & Co. in New York, Boston and Chicago.
Denom. c* $1,000 and. $500 and r* $1,000 and authorized multiples. Callable, all or part, at any time on 30 days' notice at 105 and int. prior to
July 1 1930, the premium thereafter decreasing 1% each 6 years to maturity •
,
Int. payable without deduction for normal 1 ederal income tax up to 2%.
Roanoke Traction & Light Co.
-Bonds Called.
Penna. 4 mills tax refunded. Guaranty Trust Co., N. Y., trustee.
Various First Mtge.
gold bonds, dated
-These 1st & Ref. 5%% Series "A" bonds will be secured by Aug. 1 1908, have been Coll. Trust 5% sinking fund 105 and interest at
Security.
called for payment Aug. 1 at
a direct first mortgage on the company's Loweliville power plant having a the Baltimore Trust Co.. Baltimore. Md.-V. 117,p. 88.
present installed generating capacity of 80,000 n.p., a first lien on all of
the high tension transmission lines and a large part of the distributing
-Remick, HodRutland RR.
-Equipment Trusts Offered.
systems, and also, subject only to $1.739.000 outstanding divisional bonds
ges & Co., New York; Merrill, Oldham & Co., and R. L.
by a lien on all the remainder of the system.
-Annual improvement and sinking fund Day & Co. Boston, are offering on a 5% basis,
Improvement and Sinking Fund.
25,000
at rate of 1% per annum of total 1st & Ref. Mtge. bonds issued, of all series
'
then outstanding except bonds retired through issuance of other bonds or Equipment Trust 5% Gold Certificates. Issued under the
securities, to be used, at the company's option, for additions and improve- Philadelphia plan.
ments which could otherwise be made the basis for the issuance of 1st &
Dated June 1 1924. Due June 1 1925-1939. Principal and dividends
Ref. Mtge. bonds, or for retirement of underlying bonds, or for retirement
(J. & D.) payable at Guaranty Trust Co. of New York, trustee. Denom.
of 1st & Ref. Mtge. bonds.
81,00O c*.
These certificates are to•be issued in part payment for standard railway
-The same bankers are
$2,700,000 Debentures Offered.
cars and 200
equipment
-ton
300 40
offering at 97M and int., to yield over 634%, $2,700,000 40-ton steelconsisting ofauto box carssteel underframe box cost in excess
underframe
to be constructed at a
of $1.100,000. The face amount of the certificates will, therefore, represent
15-year 6% gold debentures.
only 75% of the actual cost of the equipment.
Dated July 11924. Due July 1 1939. Callable, all or part, at any time
The issuance of these certificates has been authorized by the Inter-State
on 30 days' notice at 105 and int, during the first 3 years, the premium Commerce Commission.
-V. 118, p. 2950.
payable
thereafter decreasing 1% each 3 years to maturity. Interest
without deduction for normal Federal income tax up to 2%. Penna.
-The
St. Louis Southwestern Ry.-Annual Report.
refunded. National City Bank, New York, trustee.
4 mills tax
Indenture under which these debenttu es are issued will provide that so pamphlet report fo • the year 1923, containing the remarks of
long as any of these debentures are outstanding the company will not Chairman Edwin Gould and President Daniel Upthegrove,
create any further mortgage or pledge of its property,other than the issuance
of additional bonds under its lot & Ref. Mtge., without equally secaring has just been issued. The income account for the year 192
this issue.
was published in the "Chronicle" of May 3 last, p. 2174
Capitalization Outstanding upon Completion of Present Financing.
The balance sheet and other tables will be given another week
Underlying divisional 5% bonds, due 1131 (closed mortgages),-$1,73.000
19,000,000 --V. 118, p. 2706.
1st & Ref. Mtge. 53's % bonds, Series A, due July 1 1954
2,700,000
15
-Year 6% Gold Debentures, due July 1 1939
Sherman Shreveport & Southern RR.
-Successor Co.
2,851,000
Preferred stock,8% cumulative
See Louisiana Ry. & Navigation Co. of Texas above.
-V. 116. p. 1893.
1,450,000
Preferred stock, 7% cumulative.
6.000,000
Common stock
South Side Elevated RR. (Chicago).
-Bonds Retired.
.Data from Letter of Vice-President H. A. Clarke, Dated June 28.
r
The $8,000,000 First Mtge. 43 c7, bonds, due July 1 1924. were retired
Company.
-Owns properties which supply electric power and light, at maturity. The bonds were retired by the proceeds of $66.500,000 First &
within a territory of about 600 sq, miles, in Pennsylvania and Ohio, midway Ref. Mtge. 631% gold bonds, due in 1944, and the sale of stock, and cash
between Pittsburgh and Cleveland, including the city of Youngstown, 0., from the treasury of the new company, the Chicago Rapid Transit Co.
serving a population in excess of 300,000. Company also owns certain (recently organized to merge all the elevated roads in Chicago). See
"Chicago Elevated Railways Collateral Trust" in V. 118, p. 906.-V. 115.
electric railway lines directly or through subsidiary companies.
p. 1533.
Earnings for the 12 Months Ended may 31 1924.
$5,675,171
Gross earnings
Southern Pacific Co.
-Applies to 1.-S. C. Commission
2,706,140
Net, after operating expenses and taxes
for Authority to Acquire El Paso & Southwestern RR.
Annual interest charges on 1st & Ref. Mtge. bonds and under1,131,950
lying bonds
The company proposes to pay $57,400,000 in its own stock and bonds at
162,000 par value for the El Paso & Southwestern RR. properties and subsidiary
Annual interest charges on'15-year gold debentures
companies, according to the petition filed with the I.
-S. C. Commission.
$1,412,190 It has agreed to give 280,000 shares of Common stock of $100 par value,
Balance
The growth of the electric light and power business of the properties and $29,400,000 of 5% Collateral Trust bonds.
These securities are to be given in exchange for all of the stock of the
now owned by the company is indicated by an increase in output from
96,989,498 k.w.h. in 1915 to 313,564,988 k.w.h. for 1923, or more than Southwestern transportation system and all of the interests connected with
and owned by the El Paso & Southwestern Co. but do not include the stock
223% in the last eight years.
Franchises.-Practically all the franchises in Pennsylvania are without of the El Paso & Southwestern Co. or the holding company itself. In other
limit of time. In Ohio the franchises, because of a statutory limitation, words, the Southern Pacific will take over all the operating subsidiary
expire on various dates from 1937 to 1950. As the company is subject companies but not the stock of the parent company.
The El Paso & Southwestern guarantees that it owns all of the Common
.to regulation by the Public Utilities Commission, no difficulty is antitipated
in obtaining extensions of franchises and a substantial part of the company's stock of the transportation system, and that the total funded debt outstanding in the hands of the public is not in excess of $9,100,000.
is delivered over private rights of way.
output
Purpose.
-Proceeds of these $19,000,000 1st & Ref. Mtge. 5%% gold
The following is a condensed statement of the reasons upon
bonds and $2,700,000 15-Year 6% Gold Debentures will provide funds for:
Retirement of all of the 1st & Ref. Mtge. 7% 7', S. F. bonds, due Nov. 1 which the company relies to show that the public interest
-Year 6% Secured Notes. will be, served by the proposed joint operation:
1940 now outstanding: retirement of all of the 3
due June 1 1926, and retirement of all of the 10-Year 8% Bond Secured
1. The lines of the Southern Pacific, the Southwestern System and the
Notes, due Nov. 1 1930.
-Company and its subsidiaries own a modern electric light Chicago & Rock Island SysceM unite to form one of three fiercely competing
• Properties.
routes between Chicago and the Missouri River on the one hand, and southand power system with 3 power plants of a total 98,183 h.p. present installed
generating capacity, transmission lines and distribution systems. The ern California on the other. The Union Pacific and its eastern connections
electric railway lines comprise 61.94 miles, single track equivalent. Of and the Santa Fe system constitute the other two competitors for traffic
this mileage 49.35 miles is interurban, of which approximately 40 miles between the Middle West and southern California. The union of the
are on private right of way. There are 254 miles of new high voltage Southern Pacific and Southwestern and El Paso systems will result in direct
electric power transmission lines and extensive distribution lines in Youngs- physical connection between the Southern Pacific and the lines of the Chi,
town, Girard and Struthers, 0., Sharpsville, Farrell, Elwood City and cago & Rock Island, its essential cistern connection, will reduce the numSharon. Pa., and vicinity. Stone & Webster, Inc., who have examined ber of operating companies comprising the through route, will increase the
the properties, have reported a value which is materially in excess of the competitive strength thereof, will bring about a better co-ordination of
relations to the
total funded debt represented by these 1st & Ref. Mtge. bonds, all un- service between the constituent lines, will simplify theirclaims, and will pubsimlic in the conduct of business and in the settlement of
derlying bonds, and the 15-Year Gold Debentures junior to this issue.
The percentage of gross earnings from electric light and power and mis- plify their relations to the public authorities.
2. The proposed union will insure the preservation of existing routes and
cellaneous business is more than 88%, while the electric railway is less than
12%, most of the latter coming from high speed interurban lines on private channels of trane and commerce In harmony with the policy of the Transportation Act.
-V. 118, p.3198.
right of way.
3. Through the direct operation of the El Paso & Southwestern system
-Sale.
by the Southern Pacific great operating economies will be effected and
Portsmouth (0.) Public Service Co.
greater unification of standards and practices will be made possible.
-V. 118, p. 3198.
See Virginian Power Co. under "Industrials" below.
4. unified- control applied for will result in the substitution of one-line
-Extension.
hauls for two-line hauls in respect to considerable traffic, and hence in inPrescott & Northwestern RR.
which to begin construction of an extension of a line of creased efficiency and economy of operation.
The time within
5. The relief sought is in harmony with the policy and purposes of the
-S. C. Comrailroad in Nevada County, Ark., has been extended by the I.
Transportation Act and is consistent both with the Commission's tentative
mission from July 1 1924 to Jan. 1 1925.-V. 118, p. 908.
consolidation plan and with the accompanying report of ProJessor Ripley.
Pacific system of the lines of the
-Over 75% & 6. The addition to the Southern and Tucson, in connection with El Paso
Public Service Corporation of New Jersey.
certain
Southwestern between El Paso
-The'cor- new construction, which the Commission has to-day been asked to authorize,
of General Mortgage Bonds Have Accepted Plan.
that the
will
poration announces that the holders of over $25,000,000, or der obviate the necessityextensive Southern Pacific would otherwise be unsecond track, thus saving unnecessary
of constructing
more than 75% of Gen. Mtge. 5% Bonds outstanding in the duplication of tracksan avoiding an increase of capital charges.
and
hands of the public, have accepted the offer of exchange for
Mr. Kruttschnitt said that the following extract from the
series due 1949, of joint application of the Southern Pacific and El Paso &
First & Ref. Mtge. Gold Bonds, 5
Public Service Electric & Gas Co. The company states:
Southwestern would explain the connection between this
This, the company states, shows the wide approval which the exchange application and the application contemporaneously filed by
offer contained in the plan of readjustment has already received. The
consummation of the plan, however, is dependent upon the acceptance of the Arizona Eastern RR. for a certificate of convenience and
the exchange offer by the General Mortgage bondholders with substantial necessity to authorize certain new construction in Arizona:
unanimity. It is essential, therefore, in the interest of all, that those who
have not yet deposited their bonds should do so immediately.
A notice of J. P. Morgan & Co. and Drexel & Co., issued
to the holders of the Gen. Mtge. 5% Sinking Fund Gold
Bonds, says:
We beg to advise that we are authorized to receive further deposits of
Gen. Mtge.5% Bonds of Public Service Corp. of New Jersey, until the close
of business on Aug. 11924. The First & Ref. Mtge. 531 % Bonds of the
Public Service Electric & Gas Co., offered in exchange for the present
Gen. Mtge.5% bonds, not only will afford an increase of 34 of 1% in annual
income return, but also, in our opinion, will be better secured intrinsically.
As the plan must become operative to give the holders of the 5% bonds the
oenefits of the offer of exchange, it is important that all such bonds be
deposited promptly.
-V. 118, p. 3198.
-New Board of
Rapid Transit in New York City.
Transportatton.-
'The Arizona Eastern RR., all of the capital stock of which is owned by
the Southern, has contemporaneou.sly filed with this Commission an application for authority to construct a line of railroad from Picacho, on the main
line of the Southern west of Tucson, to a connection with the operated
lines of the said Arizona Eastern at Chandler, Ariz., with a branch to
Florence, Ariz., and also a new line of railroad from or near Hassayampa,
Ariz., a point on the operated lines of the said Arizona Eastern, to a_point
at or near Dome, Ariz., on the Southern's main line just east of Yuma.
The construction of said proposed line, together with control of the lines of
the Southwestern system, if authorized herein, will give the Southern a second line of track between El Paso and Yuma, except between Picacho and
Tucson, a distance of 45 miles, with more favorable grades and curves than
on the existing main line of the Southern between said points, and will
place Phoenix and Tucson, the two principal cities in Arizona, and the Salt
River Valley district, including therein adjacent and proposed irrigation
projects, constituting the chief' agricultural section of Arizona, on the
Southern's main line, and will afford access to other regions in the State
now without railroad communication, and will shorten the haul of important
mining, agricultural and commercial sections alreday served. The Southern
JULY 5 1924.]
77
THE CHRONICLE
represents that if the authority herein sought be granted and the authority
to construct said proposed new lines be likewise granted,construction thereof
will be begun at once and will be completed with all reasonable dispatch
and that construction and operation of said new lines in conjunction with
existing lines of the Southern and with the lines of the Southwestern system
between Tucson and El Paso. all as parts of a single system, will be of great
benefit and convenience to the public and will be productive of maximum
;
efficiency and econom y in operation at the minimum of capital expenditure
for new construction. -V. 118, p. 2950.
-Trustee.
Texas & Pacific Railway.
The Guaranty Trust Co. of New York has been appointed trustee under
an indenture dated Jan. 1 1924, securing an authorized issue of $4,440.583
6% serial gold notes maturing annually on Jan. 1 1930-1939. (See readjustment plan in V. 117, p. 2433.)-V. 118. p. 2706.
Toronto & York Radial Ry.-Sale to City.
American Chicle Co.
-Tenders.
The Bankers Trust Co., 16 Wall St., N. Y. City, will until July 22
receive bids for the sale to it of 6% 5
-Year notes, dated Oct. 1 1922, to an
amount sufficient to exhaust $85,500.-V. 118, p. 2307.
American Fruit Growers, Inc.
-Report.--
Balance, surplus
-V. 110. p. 2076.
The City Council of Toronto has authorized an issue of $2,000,000
General Consolidated Loan debentures, part of the proceeds to be applied
-V. 116. D. 936.
to acquire this company.
Surplus avail. for &wee..cn-ort. A Cem. dies__ 81,337,031
.
-V. 118, p.2951.
$352,467 def$278.081 def$195,383
American Gas Co.
-Guaranty, &c.
See Luzern° County Gas & Electric Co. below.
-V. 118, p. 3200.
American-Hawaiian SS. Co.
-Building Neu' Liner.
-
-Earnings.United Light & Power Co.(& Subs.).
1923.
1924.
12 Months ended may 31Gross earnings. all sources
$12.571,342 812.337,596
8,304,471
Oper. exp. (incl. maint.. gen. & income-taxes)___ - 8,112,151
745,548
Interest and preferred div. charges, sub. cos
521,118
1,213.745
Security charges, U. L. & P. Co
1,701.017
607,473
Class A Pref. divs., $6 50(U. L.& P.Co.)
627.619
232,917
.
272.406
Class B Pref. divs., $4(U. L. & P.Co.)
•
Calendar Years1922.1921.
1923.
Net sales
818,357,282 534,209,086 $30.867.425
50,037
Net profits
def19,697
696,086
233,175
Interest and taxes
212,866
196.658
Amort. of organization exp. & debt
discount & miscell. adjust. of sur.
12.244
account (net)
146,961
45,518
See Wm. Cramp Ship & Engine Bldg. Co. below.
-V. 117, p. 1888.
American Hominy Co.
-Sale.
The Chicago Title & Trust Co. trustee in bankruptcy, is offering the
plants and trade-marts of cempany for sale. The plants include a rolled
'
oats mill at Davenport, Jews.. a wheat :led cern mill at Decatur, Ill., and
a cern products plant at Indienapolls.-V. 118, p. 313, 205.
$1.233.441
Virginian Railw:?y.--Pledge of Bonds.
The 1.-S. C. Commission on June 26 authorized the company to pledge
54,500.000 1st Mtge. 50-Year Gold bonds, Series 'A," and $1,500,000
of Virginian & Western Ry. 1st Mtge. 5% bonds, Series "A ," which have
been guaranteed as to principal and interest, with the National City Bank
of New York as security for two short-term loans aggregating 54.000,000.V. 118. p. 3199, 2951.
Washington Baltimore & Annapolis Electric RR.
Defers Dividend Action.
American Light & Traction Co.
-Stock Dividend
.The directors have declared a cash dividend of 144% on the Preferred
stock, a cash dividend of 1% on the Common stock and a dividend at the
rate of one share of Common stock on every 100 shares od Common stock
outstanding, all payable Aug. 1 to holders of record July 11. Cash dividends of 1% and stock dividends of 1% each have been paid quarterly
on the Common stock since February 1921.-V. 118. p. 2182.
American Radiator Co.
-Purchases Plant.
The company is reported to have purchased the Larkin-Carey Co., plant
at New haven, Conn., which it has been operating in recent years under a
lease. The price paid was said to be about $150,000. The property
consists of a 2-story factory building and al.:00-foot wharf, on the Quinmpiac
River. It will centinue to be tl.e distributlen her dquai ters of the company
for the New England territory.
-V. 118. p. 1388.
The directors on June 27 decided to defer until a later date any action
on the Preferred dividend for the quarter ending June 30. In this connecAmerican Republics Corp.
-Affil. Co. Capital Increased.
tion the following official statement was issued:
The Pennsylvania Car Co. has filed a certificate at Dover, Del.,increasing
"Owing to increased cost of operation, especially increases in wages to
authorized capital stock from
employees, the dividend has not been earned for thedirst 6 months of the itsThe property of this company $1,000,000 to 82.000,00U.
is leased to various subsidiaries of the
year. The company has asked for an increase in rates, which, if granted, American Republics Corp.
-V. 118, p. 2182.
will place the electric-line rates more nearly on a parity with those of the
Until it is known whether the application will be granted,
steanl roads.
American Vitrified Products Co., Dividends.
and if it is, what effect it will have on the revenue of the company, the
The directors have declared two quarterly dividends of 50c. a share
directors believe no declaration of dividend should be mtcle."
has on the Common stock, payable July 15 and Oct. 15 to holders of record
The Preferred stock, which is of $50 par, is 6% non-cumulative and
-V. 118, p. 205.
been receiving dividends regularly at the full rate of $3 a share since 1912. July 5 and Oct. 5, respectively.
-V. 118, p. 1775.
Annapolis & Chesapeake Bay Power Co.
-Merger.
The Maryland P. S. Commission has approved the application of the
Washington Railway & Electric Co.-Bond Offering.
Co. are associated with National City Co. and Harris company to purchase a system for the distribution of electrical energy at
Crane. Parris &
Forbes & Co. in the offering of 8:2.496,000 Gen. & Refunding Mtge. 6% Wardour and West Annapolis and the exercise of any franchise so acquired.
-V. 118, p. 796, 434.
10
-Year Gold bonds. See offering in V. 118, p. 3199.
West Penn Pi3wer Co.
-To Redeem Bonds.
The company has called for redemption on Aug. 1 1924 at the Chase
National Bank, New York City, all of its outstanding 5
-year 6% Cony.
Gold debentures at par and interest. On written request of any holder
of such debentures the company at any time to and including July 31 1924
will issue in payment of the principal of such debentures a certificate for
Cumul. Pref. stock for each debenture of the face amount
ten shares of its
of $1,000 surrendered, and interest and dividends will be adjusted as of the
-V. 118. p. 2951.
date of conversion.
Wisconsin Power & Light Co.
--Abandons Ry. Service.
Railway service has been abandoned by the company on its 11-mile line
connecting the cities of Oshkosh and Otero. The company recently received permission from the Common Council to install and operate bus
service between these two ctiies In addition to its interurban service.
V. 118, p.2951.
INDUSTRIAL AND MISCELLANEOUS.
The following brief items touch the most important
developments in the industrial world during the past week,
together with a summary of similar news published in full
detail in last week's "Chronicle."
Steel and Iron Production, Prices, &c.
The review of market conditions by the trade journals formerly given
heading appears to-day on a preceding page under "Indications
_under this
of Business Activity.
Coal Productioh, Prices, &c.
The United States Geological Survey's report on coal production, together
with the detailed statements by the "Coal Trade Journal" and the "Coal
Age," regarding market conditions, heretofore appearing in this column.
will be found to-day on a preceding page under the heading "Indications
of Business Activity."
Oil Production, Prices, &c.
The statistics regarding gross crude oil production In the United States
compiled by the American Petroleum Institute and formerly appearing
under the above heading, will be found to-day on a preceding page.
Prices, Wages and Other Trade Matters.
New York City Garment Strike Ended.
-Agreement reached regarding
minimum wage scale, retention of present wages and unemployment insurance. Forty thousand workers ulll return to jobs on Monday, July 7.
New York "Times" July 3, p. 26.
Companies Curtail Operations.
-(a) Bethlehem Steel Co. at Lackawanna
shuts down until July 14; about 4,000 workers, including 300 office employees, are affected. (b) William Carter Co. (Springfield. Mass.) cicses
for two weeks, beginning July 2. (c) Torrington Co. (Chicopee, Mass.)
closes for two weeks. (d) Dwight Mfg. Co.closes for two weeks. (e) International l'aper Co.'s chain of newsprint.and specialty mills excepting that
at Niagara Falls, N. Y., have been closed down for one week and will
resume again July 7. (f) Waltham Watch Co. closes for 2 weeks' vacation.
(g) National India Rubber Co. of Bristol closed down on June 30 for about
a month. (h) American Writing Paper Co. at Holyoke, Mars., closes
for one week for inventory. (i) Six plants of Interwoven Mills. Inc., West
Virginia, closed June 27 until mid-July. (j) St. Croix Cotton Mills (Milltown, N. B.) closed until July 8. (k) Naumkeag Steam Cotton Mills,
(Salem, Mass.) CiGS08 for Its usual 2 weeks' vacation, during which repairs
to machinery will be made. (1) Two yarn departments in plants of
American Woolen Co. will close when present stock is used.
-Lee Rubber & Tire Co. announces 10% wage reduction for
Wage Cuts.
all departments, effective July 7. The plant will close July 3 until the 7th.
Phila. "News Bureau" July 2. p. 5.
Northboro Woolen Co. (Woodside, Mass.) cut wages 10%. effective
July 1. Boston "Financial News" Juno 30, p. 5.
Matters Covered in "Chronicle" June 28.-(a) Gasoline consumption
during the first four mouths of 1924, p. 3128. (b) New capital flotations
In May and the five months since Jan. 1, p. 3134. (c) Strike of New York
City clothing workers against wage reduction movement, p. 3144. (d)
6.000 hosiery workers idle; plants of Interwoven Mills, Inc., close for indefinite period, p. 3144. (e) Puddlers' wages cut from $13 13 to $12 63.
p. 3144. (f) Wage reduction by American Wringer Co., p. 3144. (g)
Bricklayers and hoisting engineers leave more jobs, saying iron workers
.
are incompetent. p. 3145. (h) Bearings before Governor a Arbitration
Board on labor dispute in women's wear trades, p. 3145. (H 'rue Rhode
Island cotton mills shut down. D. 3146. (I) General Electric Co. to reduce
electric lamp prices July 1, p. 3146. (k) Fifty oil companies cited in suit
filed by Government; extortion plan alleged; limited production through
agreem nts also charged; officials of companies issue statements; criminal
action not contemplated, p.3161.
Atlantic Gulf & West Indies SS. Lines (& Subs.).
Condensed Statement of Operations Month of April 1924 and Four Months
Ending April 30 1924.
April.
4 Months.
Operating revenues$2.225,253 .88,935.281
Net revenue from operation
1.982.738
552.933
Gross income
2,078.735
571.644
Interest, rents and taxes
815,437
198,142
Net income (before depreciation)
-V. 118. p. 2952.
*373,502 51,263.298
Atlantic Refining Co.
-Equitable Trust
-Notes Sold.
Co., Cassatt & Co. and Blair & Co. Inc., have sold at
prices ranging from 99.20 and int. to 160 and int., to yield
from 43'2% to 43 %, according to maturity, $15,000,000
4
4M% Serial Gold notes.
Dated July 11924. Due S4,000,000 July 1 1926; $4,000,000 Jan. 11927;
$4.000,000 July 1 1927: $3,000,000 Jan. 1 1928. Denote. $1,000 CS.
Principal and interest payable in New York City. Free of Penna. personal
property tax not to exceed 4 mills. Callable in whole or in lots of not less
than $500,000 on 30 days' prior notice as follows: On July 1 1925. on a
4.20% basis; on Jan. 1 1926. on a 4.25% basis; on July 11926. on a 4.30%
basis; on Jan. 1 1927, on a 4.35% basis; and on July 1 1927,on a 4.40% basis.
Equitable Trust Co., New York, trustee.
Data from Letter of 3. W. Van Dyke, President of the Company.
Compang.-13usiness organized in 1870 and subsequently a constituent
part of the Standard Oil Co. until that company's dissolution in 1911.
Company owns 3 refineries in l'ernsylvania and 1 in Georgia; sales stations,
storage plants and other distributing equipment in Pennsylvania and
Delaware; gasoline and motor oil stations time ughout southern IN ow England
and terminal and dockage faciliteis in Recde Island, North Carolina and
on the Natchez River, Tex. Company owns and controls through a subsidiary, production from leaeholds in the Mid-Continent and the Gulf
Coast region to the extent cf 20.000 bbls. of crude oil per day. A substantial
portion of the company's foreign business is conducted through its own
established agenc:es.
Cress Income & Na Earnings After Depreciatiim, Depletion. Inventory, eke.,
adjustments, Available for Interest & Federal Taxes for Calendar
Years
Gross Inc. xNet Earns.
Gross Inc. x Net Earns,
1916
$156,616,146 812,596.367
858.315.710 $9,4430,675 1920
1917
104.521.083 def1,672,515
85.534,1,00 12,931,446 1921
1918
116,507,580
2984 19,609.491 1922
1919
117,624.930 3.775,904
123,168.541e 13,685,084 1923
x After depreciation. &c.. available for interest and Federal taxes.
For the 4 Int-mills ended April 30 1924 the gross income was $38,934.117
and the net earnings, on the above baFIS. were $1.902,322.
Perpes:i.-Proceeds will he used exclusiv ely to retire a like principal
amount. cf existing bank loens.
Eeteite.-Company has outstanding $20,000,000 7% Cumul. Pref. stock
and 850.000,000 Cowmen stock, having a present aggregate market value
et apprexitrately 566,000.000 jun:kr to the funded debt.
Consolidated Balance Shea April 30 1924 (After Present Financing).
Liabilities
AssasCash
53,989,047 Com men stock
£50,000,000
20,000,000
Acccunts rec. less res__ 12,834,986 Preferred stock
1,110,734 15
-year 5% dohs., 1937_ 15.000,000
Notes receivalale
% Serial Gold notes_ _ 15,000,000
41,869.049
Inventories
150,000
715,193 Mtge, on real est. purch_
Investments
566,000
Misr ell. current assets_ _ _
209,760 Marine equipment notes_
5.888,457
Sundry assets
882,399 Accounts payable
245,870
xTotal fixed assets
72.419,513 Fed. tax (incl. 1924 ace.)
Accrued liabilities
536,437
Deferred items
665.951
Ins., &c., reserves,.
4.475,272
Surplus April 30 1924_ _ 21.371.988
Cap. stock of snbsid. net
held (at par)
279,400
Deficit of subsid. a ppl. to
127,764
Total (each Fide)_ __ _8134,051.610
minority Interests__ _ _
x Plant and equipment at cost. 594 920,337;less depreciation $35.231,439
oil lands and leaseholds $5,758,701; ess depletion $2.357.063; investment
in associated companies 89,328,976.-V. 118, p. 3201, 2045.
Antilla Sugar Co. (Compania Azucarera Antilla,
S. A.).
-Definitive Bonds Ready.-
78
THE CHRONICLE
The Guaranty Trust Co.. 140 Broadway, N. Y. City, is now prepared
to deliver definitive 20
-Year 87,, Cony. Gold Debenture bonds in exchange
for the outstanding temporary bonds.
-V. 118, p. 3201.
Baldwin Locomotive Works.
-Receives Polish Payment.
-
[VOL. 119.
year or years;and Pref. stock so acquired shall be canceled and not re
-issued.
The stockholders on June 26 voted to amend the articles of
association
so that the company's present corporate existence will terminate
1924 and be renewed for a further period of 30 years from that July 1
date.
V. 118. p. 2954, 3082.
The Polish Government on June 30 paid the company the second installment of principal due July 1, amounting to $1,203,950 (including $208,950
Calumet & Arizona Mining Co.
-Production.
interest) for 150 consolidation type locomotives, ordered in June 1919.
Month ofJune.
May.
April.
March. February.
The first payment was made June 30 1923 and amounted to $1,238,775, Copper output'
(lbs.)--2,346,000 3.332,000 3,3316,000 2,084,000 2,824,000
including Interest.
-V. 118. p. 2828, 2308.
The company has received an order from Japan for eight large electric
locomotives It will build the mechanical parts and the electrical equipment
Canadian Fairbanks-Morse Co.
will be supplied by the Westinghouse Electric & Mfg. Co.
-Defers Div. Action.
-V.118, p. 2828.
The company has notified the Montreal Stock Exchange that action on
(C. L.) Best Tractor Co.
-Notes Offered.
-Peirce, Fair the semi-annual dividend of 3% on the $1.500,000 6% Preferred stock,
due July 15, has been deferred.
-V. 118, p. 2828.
& Co. recently offered at 100 and int.
$400,000 06%
Serial Gold Notes, Series "A." A circular shows:
Canton Co. of Baltimore.
-Extra Dividend.
-
An extra dividend of $1 per share has been declared on the stock in addiDated.June 1 1924, due serially $200,000 June 1 1927 and 1928. Int.
payable J. & D. without deduction for normal Federal income tax not in tion to the regular semi-annual dividend of $3 per share, both payable
July 3 to holders of record June 30. Like amounts were paid in July and
excess of 2%. Red. all or part on 30 days' notice on any int. date at par
and int, plus a premium of Yi of 1% for each unexpired year, or portion Dec. 1923.
The outstanding stock consists of 22,000 shares of no specified par value,
thereof, prior to maturity. Beenom. $1,000. Bank of California, N. A.,
though $100 per share is generally recognized as par.
San Francisco, trustee.
-V.117, p. 2894.
Company.-Incorp. in California in 1910. Is the sole manufacturer of
Chicago Motor Coach Corp.
-Merger.
Best 'Tracklayer" tractors, which it manufactures entirely in its own
See Omnibus Corp. below.
shops at San Leandro, Calif., and distributes in the United States and
throughout the world.
Columbia Gas & Electric Co.
-Results or First Five
Capitalization at Conclusion of This Financing- Authorized. Outstanding.
634% Serial Gold notes
$800,000 Months of 1924.
$1,000,000
Capital stock (all one class, par $50)
President Philip G. Gossler, in a letter June 26 to the shareholders,
10,000,000
2,943,600
[The directors in April last called for redemption on May 31 all the Pref. says In substance:
The electrical operations of the companies have expanded very rapidly
stock outstanding. Holders, however, were given an opportunity to
in the past few years, due to the dovelopment of additional business on
exchange their Pref. stock for an aggregate par value of Commonstock
Earnings.
-In 1923 net profits before Federal taxes exceeded $700.000 existing lines through intensive sales effort. During the current year
or more than 133i times the interest requirements on the company's notes we find that the electrical business is still increasing, though at a slower
outstanding at the conclusion of this financing, and for 1924 to date sales rate due to slowing up of industrial activity of which we find wide spread
have materially exceeded those of the corresponding period last year. evidence.
The slackening of demand is particularly noticeable among the larger
Company serves an unusually diversified type of customer, distributing its
tractors in all parts of the world for use in road building, logging, construc- of our power consumers and the fact that the load is still increasing is duo
tion, agricultural and other miscellaneous purposes, thus making the chiefly to the constant addition of new consumers, with the result that
with the resumption of industrial activity we should again experience a
business independent of conditions in any one field of activity.
Purpose.
-Proceeds will be used to reduce floating indebtedness which rapid increase in the demand on our properties for additional electrical
service.
has been incurred to care for increasing volume of business and to reimburse
The expansion of the gas operations has not been nearly as rapid as in
the company for $200,000 Gold notes retired June 1 1924.
Balance Sheet April 30 1924 (After Present Financing & Changes in Capitarn). 'the electrical field until this year, when the gas business of the companies
was greatly increased by the acquisition of the gas properties in the Miami
Assets.
Valley from Cincinnati northward to and including Dayton. Ohio. The
Liabilities
Cash
$324,694 Capital stock
82,943,600 consumption of gas in this territory is both industrial and residential and
Inventory
1,508.769 Debenture serial notes... 800,000 the great possibilities of further development and expansion: particularly
Notes & accts.rec., less res 1,110,580 Notes payable
170,000 in the industrial field, should further tend to improve the load factor of
Patents
1 Accounts payable
164,295 the gas operations resulting in substantial improvement of earnings.
Land, bldgs. & equip_ _ _ _ 1,435,505 Res,for workmen's comp_
The adjustment of operating conditions following the recent acquisition of
20,000
Deferred charges
38.051 Surplus
319,706 new subsidiary properties has resulted in lowering the operating ratio of
the properties taken as a whole as shown in these monthly letters.
Total
The entire benefits of these recent adjustments in our gas operations
$4,417,601
Total
54.417,601
-V. 118, P. 2952.
will not be reflected in our financial statements until they have been in
operation over the winter months so that the winter consumption of gas
Boston Consolidated Gas Co.
-Gas Output.
will be taken into account as well as that of the summer months.
Gas Output (Cubic Feet)June.
The depression in industrial activity is reflected in gas operations more
May.
April.
1924
676,068,000
739,955,000
730,671,000 noticeably than in electrical operations, coming as it does with the begi0ning
1923
655,823,000
741,064,000
742,258,000 of the summer months during which residential consumption of gas is very
Compare V. 118, p. 1669.
low. However,the statement of(amines (below)shows a most satisfactory
result of operations and there is every indication that the earnings for the
Braden Copper Mines Co.
-To Redeem Bonds.
full calendar year of 1924 will show a most gratifying and substantial
All of the outstanding (about 510,071.000) Collateral Trust 15
-Year 6% increase over those recorded for all previous years.
Sinking Fund gold bonds, dated Feb. 11918, have been called for payment Earnings of Properties for the Five
Months Ended May 31 1924, and Twelve
Aug. 1 at 105 and hat, at the Bankers Trust Co., trustee, 16 Wall St.,
Months Ended May 31.
N.Y. City.
-V. 118. p. 2441.
-5 Mos. End. May 31- -12Mos.End. May31British Empire Steel Corp., Ltd.
1924.
1923.
-To Close Plant.
1923.
1924.
513,418,703 $9,525,389 $24,887.700 519,932.053
Vice-President J. E. McLurg, in announcing that with minor exceptions Gross earnings
7,138,242 4,342,208 13,481.158
the plants of the company will be closed on July 19 for an indefinite period, Oper. exp. & taxes
9,985,624
says:
Net operating earnings $6.280,462 $5,183,181 $11,406,632 $9,946,429
"The rolling of the rails contracted for by the Canadian National
has been completed and the rail mill was closed down on June 28. Rys. Other income
845.322
1,887.615
778,152
2,086,369
We
have no other orders on our books for rails and there is no prospect that
Total income
$7,125,784 55,961,334 513,493.001 511,834.045
we will secure further orders for rails for some months.
Lease rentals, &c
"Two batteries of coke ovens will be operating until July 15, after which
$2,196,505 52,123,195 $5,213,361 $5,182,745
Int. charges & Prof. diva.
one battery only will be operated.
of subsidiaries
"Blast furnaces No. 1 and No. 8 will operate on basic iron until July
141,009
175,036
15. Fixed charges (Columbia
when No. 1 furnace will be blown out and No.8 will be operated on foundry
Gas & Electric Co.)
540,042
piq iron from July 15 to July 21.
693,496
287,802
1,005,758
'All open-hearth furnaces will operate to capacity until July
Surplus
they will cease operations. The blooming mill, billet mill, rod, 15, when
$4,248,228 $3,550,337 $7,098,846 $5,957,804
bar, wire
and nail mills will operate until July 19 when all orders on hand and tonnage -V. 118, p. 2184. 1778.
for stocks will be completed.
Commercial Credit Co., Baltimore.
-Registrar.
"Ample stocks are being carried and adequate arrangements have been
The Guaranty Trust Co. has been appointed Registrar of 160,000 shares
made to fill and ship any and all orders received while the plant is shut
of 7% Cumul. Prof. stock, par $25. 160.000 shares of 8% Cumul. Prof.
down.
"The above program means that after July 19 the entire plant will be Class "B" stock, par $25, and 480,000 shares of Common stock of no par
-V. 118. p. 1396.
closed down with the exception of one battery of coke ovens and No. 8 value.
blast furnace, for three months at least. This protracted shut down makes
Commonwealth Finance Corp.
-Protective Committee.
neceakazy the reduction of idle expenses to the absolute minimum, and for
In order to protect the interests of the stockholders of the corporation
this reason only we are forced to dispense with the services of a considerable
number of valued salaried employees to whom notices are being sent the following committee has been formed: A. C. Hindman. Chairman:
advising them that their services will be no longer required after July 31. H. S. Harding, Thomas A. Poole and Harry B. Blessing. P. H. Davis
"The Trenton plant of the Nova Scotia Steel & Coal Co. will complete is Secretary and Samuel A. Mehlman is counsel. Depositary, Central
all orders on hand early in July, and as it also will be closed down, the Union Trust Co.
The protective committee has sent out a circular to all the 16.000 stocksame action is being taken there to reduce idle expenses.
"Operating as it has been, the steel plant used about 80.000 tons of coal holders of the company scattered throughout the United States, asking
per month, but operating as planned after July 15 the steel plant con- their support and the deposit with the committee of their holdings of stock.
sumption of coal will be about 20,000 tons per month. Unfortunately, So far the committee has received deposits representing approximately
this will affect our coal mine in operation, diminishing the amount to be 1,000 shares of stock. The Preferred stock of the corporation, which at
one time sold at $112 a share, is now quoted at $11 to $12 a share and the
mined by about 60.000 tons of coal per month."
-V. 118, p. 2954.
Common stock once selling at 560 is quoted at $1 to $2 a share.
The committee In its letter to stockholders states that it will take immeBurns Bros. (Coal).-Retiring Prior Pref. Stock.
Since the beginning of the fiscal year April 1, $94,400 of Prior Preference diate steps to obtain the following information: (a) How much rroney
stock has been received, leaving $775,000 of the original $1,292,100 out- Is being expended month by month for carrying on such business as the
standing at present. The company is retiring outstanding Prior Preference corporation has left? (b) How far have the assets of the corporation been
stock at 120 and dividends as fast as it is offered at the company's offices dissipated and wasted by mismanagement and unnecessary expense.
with a view to cancelling that issue and making the Preferred issue a first (c) What are the actual assets of the corporation left, if any, which have
real value? (d) What steps should be taken to conserve and liquidate
lien, according to Pres. F. L. Burns.
-V. 118, p. 3082.
the assets of uncertain value in order that some salvage may be obtained
Burroughs Adding Machine Co., Detroit.
-Plan of Re- from the same for the stockholders.
capitalization Approved-Corporate Existence Renewed.
-
The stockholders on June 28 approved the change in the capitalization
of the company from $30,000,000 Common stock (par $100) to $15.000.000
7% Cumul. Pref.(a. & d.) stock (par $100) and 600,000 shares of Common
stock (no par value).
The 300,000 shares of present Common stock will be called in and the
company will issue in exchange therefor the 150,000 shares of new 7%
Pref. stock and 600,000 shares of new Common stock, no par value. Deducting the par value of the Prof. stock ($15,000,000) from the net worth
of the company ($37,500,000) will leave $22.500,1300 as the approximate
book value of the 600,000 shares of non-par value stack, or $37 50 per share.
The ratio of exchange will be: One-half share of new 7% Pref. stock
and two shares of new non-par value stock for one share of the present
Common stock.
The Pref. stock is callable as a whole or In part on any dividend date
after 30 days' notice at the following prices and dividends: During period
beginning July 1 1924 and ending June 30 1934, $105 per share; during
period beginning July 1 1934 and ending June 30 1944. $103 per share:
during period beginning July 1 1944 and ending March 311964, $101 per
share; and all Pref. st,ocx outstanding June 30 1954 and not previously
called shall be then redeemed at $100 per share and dividends.
Beginning with 1925 and annually thereafter, an amount equal to 10%
of the remainder of the net earnings, after deducting dividends on the
Pref. stock, for the previous year, shall be set aside as a sinking fund for
the purchase or redemption of Prof. stock at not exceeding the calling
price then current, or to retire such stock oy call if none can be purchased
rice
lynlee that Ifiritrich t pt:Lopriaiion
ket
a
e
$311020 t e
l ee
iebe not eess tpn a
t ieatd
ed
be
eed
.shall000
sinking fund inany one year in excess of that year s requirements for the
onr
sinking fund may be credited upon the requirements for any subsequent
(John T.) Connor Co., Boston.
-June Sales.
-
Period Ended June 301024-Month-1923, 1924-3Mos.-1923.
Sales
51,199,923 51.036,293 54,002,886 53,439,033
Compare V. 118. p. 2829. 2708.
Consolidated Car-Heating Co. (N. Y.).
-Extra Div.
An extra dividend of 2% has been declared on the stock, in addition to
the regular quarterly dividend of 1%7 both payable July 15 to holders
0,
of record June 30.-V. 117. p. 1466.
Consolidated Gas El. Lt. & Power Co.
Gas,
-Tenders.-
The Bankers Trust
10 Wall St., N.Y.City, will until Aug.I
receive bids for the sale to it of First Refunding Mortgage Sinking Fund
Co..
Gold bonds. Series "A,""D" and "E" at prices not exceeding: Series "A.
10714 and int.; Series "D," 110 and int., and Series "E." 107% and int.V. 118, p. 3202, 2577.
Consumers Power Co. (of Delaware).
-Earnings.
-
For the year ended May 31 1924 the company
$169.790; operating expenses, Including maint
net earnings,$74,533; interest on first lien bonds,
ts gross earnings.
d taxes $95,257;
-v. jj8, p. 3202.
(Wm.) Cramp & Sons Ship & Engine Bldg. Co.-Contr.
Contracts for the construction of the largest electrically propelled seagoing passenger liner have recently been given the above company by the
American-Ilawailan SS. Co., Inc. Turbine-electric drive was selected
by the owner In preference to direct Diesel engine or geared turbine. The
turbine-electric propulsion equipment, consisting of two Curtiss turbines
with a total of 20,000 h.p. will be supplied from water-tube boilers burning
oil. The turbines will drive two alternating current generators of 7,700 k.w.
JULY 5 1924.1
THE CHRONICLE
79
each, which in turn will drive two G-E synchronous motors of 10,000 h.P.,
direct connected to the propeller shafts.
The completed vessel will cost about $5,000,000 and will operate between
San Francisco and Honolulu. Accommodations will be provided for 600
first-class passengers and 250 members of the crew. Two years will be
required before this first large electrically propelled passenger vessel will
be complete.
-V. 118, p. 3202.
shares for shares of the new Common stock and to receive one share of the
new Common stock for each 4 shares of the present Common stock surrendered to the corporation.
Treasurer M. L. Prensky also states: "On account of the large number
of certificates involved, the time required to have the new certificates
prepared, as well as the amount of work involved in exchanging the senior
securities, it has been decided to defer the exchange of Common stock
certificates until on or after Sept. 15 1924, of which due notice will be
Cudahy Packing Co.
-Must Open Books.
given. In the meantime the present stock will be quoted and dealt in on
See Swift & Co. below.
-V. 118. p. 1274.
the New York Stock Exchange, as in the past, and no Common stock.
certificates should be surrendered for exchange until further notice.
De Beers Consolidated Mines, Ltd.
-New Issue.
Alfred P. Sloan Jr.. President of
According to a London cable the company is offering holders of Deferred E. G. Biechler has been appointed General Motors Corp., announces that
General Manager of Delco-Light Co..
stock additional registered Deferred shares of £2 10s. each at the price of Dayton, 0., succeeding R. H. Grant,
who was recently appointed Vice£10 each, at the rate of one such additional registered Deferred share for President and General Sales
Manager of Chevrolet Motor Co.. Detroit.
every 25 Deferred shares already held. Shareholders who are not entitled 0.L. Harrison, who since Jan. 1 has
to apply for new shares because of holding lass than 25 Deferred shares appointed General Manager of the been acting General Manager,has been
may apply for a cash payment at rate of Is. 6d. for every share now held. Drayton, 0. These appointments Dayton Engineering Laboratories Co.,
are effective July 1.
The holders of more than 25 Deferred shares may apply for one of the new
C. W. Matheson, formerly Vice-President of Dodge Brothers, has joined
for every 25 held, and for cash payment at the rate of Is. 6d.for every share General Motors as an assistant
to Alfred P. Sloan Jr., President.
-V. 118.
held in excess of 25 or any multiple thereof. New Deferred shares will P. 3203.
rank, pani passu, with the existing issue, except that they will not participate in dividends for the year ended June 1924.-V. 118. P. 3202.
General Railway Signal Co.
-Receives Contract.
The Southern Ry. awards 3600,000 contract for the installation of auto(The) De Laval Separator Co.
matic train-control to the above company. Two complete locomotive
-Tenders.
The New York Trust Co., trustee, will until July 22 receive bids for the divisions will be equipped for operation under the protection of a system
sale to it of 10
-Year 8% Sinking Fund Gold notes. due March 1 1931, technically known as the 'intermittent inductive control.
One division is
to an amount sufficient to exhaust $150,000 and at a price not exceeding located on the lines west, between Cincinnati, 0., and Somerset, Ky., and
consists of 80 miles of double track and 77 miles of single track; the other
1033i and interest.
-V. 115. p. 187.
is located on the lines east between Spencer, No. Car., and Greenville,
Diado Electric Power Co. of Japan.
-New Financing.
- So. Car., and consists of 153 miles of double track. Automatic train-conIt is reported that offering of bonds in connection with the prospective trol on these two divisions is required by reason of an order issued by the
-S. C. Commission under date of June 13 1922, which requires each of 49
loan of $30,000,000 to be covered by a first mortgage on the properties of I.
this Japanese company will be made next week. The initial offering, it is railroads to equip one complete locomotive division by Jan. 1 1925. See
said, will be for not more than $15,000,000, proceeds of which will be used also V. 118.p. 3204.
to buy equipment for the Japanese hydro-electric company.
Gilliland Oil Co.
-Balance Sheet May 31 1924.-
Dwight Mfg. Co. Boston.
-Omits Dividend.-
The directors have voted to omit the payment of a dividend at this time.
On Jan. 2 last a semi-annual dividend of 2% was paid, while from July
1921 to July 1923 incl. semi-annual dividends of 3% were paid.
-V. 117.
P. 2894.
Eastern Coke Co.
-Tenders.
-
The Union Trust Co. of Pittsburgh, trustee, will until July 10 receive
bids for the sale to it of 1st Mtge. 5% 14
-Year Sinking Fund bonds, dated
Feb. 11917. to an amount sufficient to exhaust $256,268.-V. 116, p. 182.
Eastern New Jersey Power Co.
-Definitive Bonds.
-
The American Exchange National Bank is prepared to deliver definitive
1st Mtge. 6% gold bonds, series 1949. dated Jan. 1 1924, in exchange for
interim receipts. (For offering of bonds, see V. 118, p. 1017.)-V. 118.
p. 2955.
Elder Manufacturing Co.
-Annual Report.
-
Years Ended April 30Net sales
Cost of sales
1924.
1923.
1922.
$3.514.637 $3,456,214 $3,210,208
2,867,154
2,809.658
2.671.230
Grass profit
General expenses, &c
2647,483
415.390
$646,556
476,457
$538,978
442,236
Net profit
Miscellaneous income
$232.093
$170,099
Cr.3,288
$96,742
Cr.12,626
Total income
Depreciation, interest, &c
Shrinkage in merchandise inventory_ _
Provision for bad debts
Losses on contracts, &c
$232,093
82.824
30,395
23,754
3,000
$173,387
75,420
32.337
20,360
3.111
$109,368
120.790
70.077
75,867
20,749
Surplus
-V. 117. p. 93.
$92,120
$42,158 def$178.117
Elgin National Watch Co.--Earnings.-
8 Mos End.
.
Years Ended Apr. 30
PeriodDec. 31 '23. 1922-23.
1921-22.
1920-21.
Earn, from oper. after
deduct. depr. charges_ $2,131,902 $2,587,590 31.504.921 $1,797,754
Earns, from investments
175,016
184,539
210,260
185,448
Total earnings
$2,306,918 82,772,128 $1,715,181 $1,983.203
Res.for Fed.&oth.taxes400,000
595,000
440,000
690,000
Dividends
814,543
769.518
515.833
429.269
Bal.for res.&surplus_ $1,092,375 $1,407,611
$759,348
$863,934
-V. 118, p. 1916.
Fairbanks Co.
-Earnings 4 Mos. Ended April 30.1924.
1923.
1924.
1923.
Gross sales
Less allowances
Cost of sales
1,689,962x2,27S,76i Res. for drprce., Sec_ 132,856 163,902
. ,
60,269 153,559
1,303,974 1,780,845
Net loss
17,747 225,687
Oper. def. begin. yr.4,112,599 3,138.751
Gross profit on sale 325.719 330,364 Altscell. adjust. debit
2,077
Cr.95
• Prof. repair shop op_ 16,384
19,024
--Total gross profit_ 342,103 349,388
Operating deficit_ A
Selling & gen'l exp. 336,407 482,036 Surplus arising from ,132,423 3,364,343
--- --- apprec. of prop, to
Balance
5,696 df132.648 appraisal value_ _ _1,482,415 1,536,228
Miscellaneous income 109,413
70,863
Total income
116,109 df61,785
Deficit
2,650,008 1,828,115
x Includes sales of discontinued limo-V. 118, p. 2185.
Fajardo Sugar Co.
-Extra Dividend of 13%.
-
An extra dividend of 1 q% has been declared on the outstanding capital
stock, par $100, in addition to the regular quarterly dividend of 234%,both
payable Aug. 1 to holders of record July 19. An extra of 234%
was paid
on May 1 last.
-V. 118, p. 1670.
Fifth Avenue Bus Securities Corp.--Mergcr.-
See Omnibus Corp. below.
-V. 118. p. 3203.
Fifth Avenue Coach Co.
-Merger.
-
See Omnibus Corp. below.
-V. 118. p. 3084.
Foote Bros. Gear & Machine Co.
-Extra Dividend,
Assets1924.
Leaseholds, equip., &c.,
less deprec.& depletion _ $7,746,153
Cash
20,834
Accts. & notes receivable_
251.780
Stock of crude oil & gas'ne
54.292
Warehouse mat'ls & suppl 400,971
Deferred charges
448,094
Deficit
1,104,550
Total (each side)
210,026,677
Liabilities1924.
Capital stock
$3,236.600
Bonds issued
4,615.892
Purchase money oblig•ns_
76,416
Accounts payable
247.693
Notes payable
376.860
Due on sink,fund account 101,824
Wages & accrued tax_ _ .. _
49.560
Contingent liabilities
870.889
Deferred liabilities
450.941
x Represented by 32,366 shares of6% Prof.stock at $100 par, and 600,000
shares of Common stock no par value.
-V. 118, P. 2831.
Ginter Co. of Boston.
-Stock Sold.
-Merrill, Lynch &
Co. have sold privately a block of Common stock at $243'
per share. It is understood that this block is a part of the
stock formerly held by officials of the company. Previously
only an issue of $1,617,270 Pref. stock was held by the
general public.
It is expected that the Common stock will be listed in due course on the
New York or Boston Stock Exchanges. There will be no change in the
management.
Data from Letter of Pres. Augustus F. Goodwin, Boston, June 26.
Company.
-Operates a chain of 300 grocery stores located in Boston,
suburban Boston, central and eastern Massachusetts. and New Hampshire,
and 8 large restaurants in Boston proper. Company has a large administration and distribution warehouse, a bakeshop, candy factory, manufacturing and auxiliary plants.
The business was originally founded in 1895. In 1901, when the present
corporation acquired the business, it operated but three stores with total
assets of about $15,000. as compared with total net assets as of Dec.31 1923
amounting to over $2,600,000.
Capitalization as of Dec. 311923Atahorizal.
Outstanding.
Preferred stock, par value $10
$1.617,270
$2.325.000
Common stock, no par value
150,000 shs.
200,000 shs.
The company has no bonds, mortgages or floating debt outstanding.
Dividends.
-Company has paid dividends at the rate of 8% per annum
on its Preferred stock without interruption since incorporation in 1901.
Sales and Profits (After Depreciation), Years Ended December 31.
Net
x Net
y Net
Net
x Net
y Net
Sales.
Profits. Profits.
• Sales.
Profits. Profits.
1914 21.708.248 2129.023 $112.895 1919 26,679.489 $343,038 $300.159
1915 1.860.431 131,008 114,632 1920 9,873,221 203,132 177.741
1916 2,195.052 175,014 153.137 1921
9,629,315 497,246 435,091
1917 3.765.917 271.582 237,635 1922 10.490.523 502.872 440,013
1918 5,402,659 303.790 265,817 1923 11.476,859 615,028 538,150
x Before Federal taxes. y After Federal taxes at present rates.
Consolidated Balance Sheet Dec. 31 1923 (Incl. Sub. Co.)
Assets
Liabilities
Stock invest. accounts_
$150,550 8% Preferred stock
31.617.270
Horses, wagons & autos....
81,904 Common stock (no par)
Real estate, bldgs., &c.. 1,702.092
(150,000 shares)
175,000
Cash
322,312 Accounts payable
242.172
U.S. Govt.,&c.,secur's
87,975 Dividends payable
44,714
Accts receivable
15,773 Accrued profit sharing.. _ _
45,550
Inventories
1.091.267 Reserve for Fed. taxes_ _ _
83,845
Miscellaneous assets
34.767
7.728 Accr.exp.,less adv.(net).
Good-will
740,608
336,299 Res.for deprec.,&c
Res. for Preferred stock
149.216
Total (each side)
$3.795,898 Unappropriated surplus__
662,756
Note. -There is pending a question of additional Federal taxes for prior
years of approximately $35,000.
Gisholt Machine Co., Madison, Wis.-Acquisition.
See Millholland Machine Co.In last week's issue. p.3206.-V.115.p.2911.
(W. T.) Grant Co. (Mass.).
-To Move Offices.
-
This company, which operates stores throughout the United States.
has leased from the 455 Seventh Ave., Inc., two entire floors containing
40,000 square feet, in the 16
-story building now under construction at 445459 Seventh Ave.. 163-167 West 34th St., and 160-166 West 35th St..
N. Y. City, for a long term of years at an aggregate rental, it is said, of
21.250.000. The company will use this new location for its executive
offices and buying headquarters.
-V. 118. p. 2957.
&c.
Harrisburg Light & Power Co.
-Bonds Paid.
The company on July 1 paid the following dividends to holders
of record
The $710,000 1st Mtge.5%
June 20: Quarterly of
% on the Prof. stock, quarterly of 20 cents per at office of the Commonwealthbonds due July 1 were paid off at par and int.
Trust Co.
-V. 118. p. 1526.
share and extra of 20 cents per share on the Common stock.
-V.11843.1526.
General Electric Co., Schenectady, N. Y.
-Contracts.
A new power station is to be constructed by the New York,Edison Co.
with an ultimate capacity of 700.000 k.w., it is announced by the General
Electric Co., with whom the order for the first two turbine-generators has
been placed. Those turbine-generators have a rated capacity
k. w. at unity power factor, 25 cycles, 11,400 volts, three phase,of 60,000
1,500 revolutions per minute. These machines will operate atto run at
350
steam pressure. 700 degrees Fahrenheit maximum temperature. They lbs.
will
be equipped with direct connected exciters and will exceed by 10,000 kilothe present largest single unit machines now operating.
watts capacity
The machines are scheduled for delivery during the spring of 1926.-V.
118,
P. 3084.
General Leather Co.-Mcrger.See Reynolds Spring Co. below.
-V. 118. P. 2709.
General Motors Corp.
-Exchange of Common Shares.
-
Under the terms of the amendment approvel by the stockholders on
June 16 (V. 118. p. 3084) the holders of the present outstanding Common
s tock of no par value will be entitled to exchange their presentCommon
Haverhill Gas Light Co.
-To Change Par.
-
The stockholders will vote July 25 on changing the par value of the
authorized $982,800 capital stock from $50 to $25 per share.
-V.I 18,p.2445.
Heyden Chemical Co. of America, Inc.
-Annual Report.
Calendar YearsNet sales
Cost of sales
Gross profit on sal s
Administrative expense
Selling expense
Net profit on sales
Miscellaneous credits
Interest paid
•
Discounts allowed
Inventory adjustments
Net income from operations
-V. 116. p. 1708,
1923.
$808,336
747.553
1922.
$899,931
745,761
1921.
$1.311,922
1.170.927
$60.783
89.456
$154,170
123,669
$140,995
1117,384
1148.955
1
loss$28.673
28,845
3,336
$330,500 loss$125,344
2.031
Dr.4,967
110,515
def$3,165
2.30,500 loss$238,794
80
THE CHRONICLE
[Vor.. 119.
-13
Holly Sugar Corp.
4% Back Dividend.
The directors have declared a dividend of 131% on account of back divi1
,
regular quarterly dividend of 13 % on the Preferred stock.
dends and the
both payable /uric. 1 to holders of record July 15. Like amounts were paid
May 1 last. Dividends were resumed on the Preferred stock on Feb. 1
last by the payment of a quarterly dividend of 131%. Arrearages will, it
-V.118, p.2709.
is said, total 1714% after payment of the above dividends,
Dillon & Co.. H. M.Byliesby & Co., Inc., and the Federal Securities Corp.,
an issue of $1,250,000 634% Secured Gold Notes of the Jersey Central
Fower & Light Corp. (See offering in V. 118. rt• 3085.)
A. E. Fitkin said that the Coast Gas. Shore Gas and Lakewood Gas companies would be consolidated into one operating company and that physical
connection would be made with the Consolidated Gas Co. of New Jersey
at Asbury Park. The tie-in would result in many economies and operating
-V. 118, p. 3085, 2957.
advantages, he said.
-Chase & Co.,
-Bonds Sold.
Holtwood Power Co.
Boston; Joseph W. Gross & Co., Philadelphia, and Minsch,
Mono!!& Co., Inc., New York, have sold at 99 and int., to
yield over 6%, $2,750,000 First Mtge. Sinking Fund Gold
Bonds, Series "A," 6%. Due Sept. 1 1954.
First 24 Weeks of
1924.
-1923.
$6,322,561 $5.686,821
Sales
-V. 118, p. 3205, 1672.
Interest payable M.& S. in New York without deduction for Penn.4 mills
tax or any Federal normal income tax up to 2%. Denom. $1,000 CS. Redeemable all or part on any interest date on 30 days' notice at 107 and int.
of 1% for each year between
up to Sept. 1 192.9. the premium decreasing
that date and Sept. 1 1952; thereafter at 101 and int. to date of maturity.
New York Trust Co., trustee.
Data from Letter of J. E. Aldred, Chairman Pennsylvania Water &
Power Co., and proposed Chairman of this Company.
-To be incorporated in Pennsylvania. Will acquire and comCompany.
plete the construction of a modern steam electric power plant now being
constructed on the Susquehanna River at Holtwood, Pa., adjacent to the
Pennsylvania Water & Power Co.'s 150.000 h. p. hydro-electric development, the largest water power plant in the United States in operation east
of the Mississippi, excepting those at Niagara Falls. The new plant will
have an ultimate capacity of 135,000 h. p. and an initial capacity of 30,000
h. p. The proceeds from the sale of the above bonds, together with the
stock issue hereinafter referred to, will provide sufficient funds for the
completion of two units of 15.000 h. p. each, the first of which is expected
to be in operation during the summer of 1925, and in addition will pay for
a substantial amount of construction in preparation for the installation of
additional units at a later date. The plant is to be operated in connection
with the hydro-electric plant of the Pennsylvania Water & Power Co.,
which company will own all the capital stock of the Holtwood Poser Co.
(except directors' qualifying shares).
It is contemplated that the bulk of the output of the Holtwood Power Co.
will be distributed over the already existing lines of the Pennsylvania Water
& Power Co. in the important and rapidly growing industrial region of
Northeastern Maryland and Southeastern Pennsyvlania, which includes the
cities of Baltimore, Md.; Lancaster, York and Coatesville. Pa., and vicinity.
Total population of this district is in excess of 900,000.
-year contract, the Pennsylvania
-Under the terms of a 50
Contract.
Water & Power Co. will agree that it will furnish the Holtwood Power Co.
with sufficient earnings or compensation to provide for all its operating
expenses, maintenance, depreciation or renewal and replacement reserve
(in accordance with Public Service Commission of Pennsylvania standards)
and taxes, together with interest and sinking fund requirements on the above
First Mortgage bonds and substantial earnings on the capital stock. As
indicated above, the terms of this contract will be such as to provide fully
for all expenses of the Holtwood Power Co., which include the interest and
sinking fund payments on these First Mortgage bonds.
Authorized. Outstanding.
Capitalization$25,000,000
First Mortgage Sinking Fund Gold Bonds
$2,750,000
Series "A" 6% (this issue)
*1,500.000
Capital stock (par $100)
* All owned by the Pennsylvania Water & Power Co. (except directors'
qualifying shares).
Security.-Secured by a direct first mortgage on the entire plant of the
company (including after-acquired property), and additionally secured by
pledge of the above-mentioned contract of the Pennsylvania Water & Power
Co. These bonds represent less than 65% of the investment now being
made in the plant, the balance of the estimated cost being supplied by the
sale at par of $1.500,000 Holtwood Power Co. capital stock, of which onethird is to be paid in property and the remainder in cash. The issue of
further bonds is restricted to 80% of the actual cost of additional properties
and improvements.
-$50,000 annually, beginning Sept. 11928, to be used to
Sinking Fund.
retire bonds of this series by purchase in the open market at or below the
call price or by calling bonds by lot for this purpose. Through the operation of this sinking fund, it is estimated that $1,250,000, or more than
45% of the Series "A" bonds, will be retired before maturity.
Earnings of Pennsylvania iVater t% Power Co. for Calenaar Years.
Balance.
Gross Earns. Net,aft.Taxes. Bond Int.
Year$443,575
$411.978
$855,552
$1,009,373
1914
1916
737,496
518,340
1.255.836
1.700.900
1918
815,410
1,343,960
528,550
1.867,870 •
1920
921,256
535,144
1.456.400
2,003.478
1922
981.874
548,150
1.530,024
2.124.428
1923
The Pennsylvania Water & Power Co. has a total capitalization of
$23.647,300. In no year since 1911, when the company began commercial
operations, has It failed to show substantial increases in both gross and net
-V. 118, p.
earnings. The prospect for continued increases is excellent.
3204.
-Stock Increase, &c.
Holyoke Water Power Co.
The stockholders have voted to increase the capital stock to $3,000.000.
as permitted by a recent enabling statute, and authorized the issuance of
6,000 shares of stock at $100 a share to the stockholders of record June 26.
See also V. 118, p. 3204.
Jewel Tea Co., Inc.
-Sales.
Joplin Water Works Co.
-Bonds Paid.
The $346,000 1st Sinking Fund Gold 6% bonds due July 1 are being paid
off at the St. Louis Union Trust Co., St. Louis, Mo.-Y. 109, p. 177.
Kentucky Utilities Co.
-Bond Offering.
The offering of $4,500,000 6% 1st Mtge. bonds by Halsey, Stuart & Co.,
,
Inc., is being made on a 6.30% basis, instead of 6.50% as reported.
V. 118, p. 3205.
Keystone Power Corp.
-Coupon Paying Agent.
The American Water Works & Electric Co., Inc., has been appointed
-year 7% Cony. Gold
coupon paying agent for the above corporation's 10
debentures. See offering in V. 118. p. 558.
Laconia (N. H.) Car Co.
-Suit to Stop 1st Pref. Dividend.
H. C. Wainwright & Co. write the "Boston News Bureau" as follows:
"We note that you stated H. C. Wainwright dr Co. are owners of 50 shares
of Laconia Car Co. Preferred stock and are a party to a suit to prevent
the directors from paying $3 50 dividend.
"We beg to Infarm you that the 50 shares belong to one of our clients,
that H. C. Wainwright & Co. is not a party to any suit and that our name
has been used without our permission. Our client informs us that he also
is not a party to any suit."
The "Boston News Bureau" of July 3 says: "When the suit of Robert
Wainwright and the other members of the firm of H. C. Wainwright & Co.
against the Laconia Car Co. came before Judge Wait in the Supreme Court,
counsel for plaintiffs. Thomas W. Morris, admitted that a mistake had been
made In including the name of II. C. Wainwright & Co. as plaintiffs and
filed a motion to dismiss such of the plaintiffs at are members of that firm.
"Counsel for the defendants, Frank L. Favinger, told Judge Wait that
the allegations in the bill were based on a set of facts which really were
not, facts and that he intended to file a demurrer.
"Judge Wait denied a motion for an injunction asked for by the plaintiffs
Wends deto enjoin the First National Bank from paying 1135.000 as
clared by directors of the Laconia Car Co., and he continued the case for
one week, when he will pass upon the motion to strike out the names of the
members of the firm ofIt. C. Wainwright S.: Co. He will also pass on the
-V. 118, p. 3205.
demurrer which is to be filed by the defendants."
-Defers Preferred Div.
Lockwood, Greene & Co., Inc.
The directors have decided to defer payment of the 1 % quarterly Preferred dividend which would ordinarily be paid July 1.
President Edwin Farnham Greene says in part: "The directors have decided to omit the Preferred dividend due July 1, although this dividend and
the one already paid on April 1 will have been earned during the first six
months of the year.
"The income of Lockwood, Greene & Co., Inc., is derived from its
engineering and management business and its investments in mill stocks
The business of the engineering and management corporations has resulted,
so far, in an increase in earnings over the same period last year. The investments of Lockwood, Greene & Co., Inc., are dependent upon the
textile industry, which is passing through a severe depression and the dividends from some textile investments are curtailed.
"The principal investments of Lockwood, Greene & Co., Inc.. are in
the following mill properties: New England Southern Mills; Pacific Mills;
Lancaster Mills; Winnsboro Mills Corporation; Roxbury Carpet Co. All
of these mills are paying the customary dividends this year upon such stocks
as we own excepting the New England Southern Mills. During the past
year Lockwood, Greene & Co., Inc. made a large investment in the under'
lying stocks of the New England Southern Mills in order to acquire new
properties which strengthened and diversified its product. The operations
of the New England Southern Mills have resulted in earnings in excess of the
preferred stock dividends during the first quarter of the year, demonstrating
the basic earning power of these properties under adverse business conditions
nevertheless it was deemed wise by the directors to omit the payment of its
Preferred dividends, which are cumulative, in order to conserve cash for
working capital."
-V. 118, P. 914.
(P.) Lorillard Co.
-Changes in Personnel.
W. B. Rhett has resigned as Secretary-Treasurer and director of the
company. G. T. Minnigerode has been elected Secretary and H. H.
Stout, Treasurer.
H. C. Berkley, W. W. Dreary, G. 'I'. Minnigerode and H. II. Stout
have been elected directors, filling the place of W. B. Rhett and vacancies
-V. 118, p. 1400.
on the board which have been open for some time.
-Guaranteed Bonds
Luzerne County Gas & Electric Co.
-Stroud & Co. and Bioren & Co. are offering at
Offered.
99 and int., to yield 7.09%, $3,000,000 20-Year 7% Sinking Fund Cony. *Gold bonds.
Dated July 11924. Due July 11944. Int. payable J. & J. at New York
Trust Co.. New York, trustee, without deduction for Federal income
taxes not exceeding 2%. Penn. 4-mills tax, Conn. 4-mills tax. Maryland
securities tax not exceeding 434 mills per ann., and Mass. Income tax not
exceeding 6% per annum on income derived from the bonds, refunded.
Denom. $1,000 and $500 c*. Red. all or part at any time on 30 days'
Income Account for Calendar Years.
notice at 105 and int. .
1922.
1921.
1920.
1923.
$402,538 $3557117 surS2663,072 Data From Letter of President Morris W. Stroud, Phila., July 1.
Net loss from oper_ - _ $1.850.413
277.991
353,744
226,566
190,974
Deduct-interest paid__
Company.-Incorp. In Pennsylvania. Owns electric and gas properties
y966,217 supplying without competition territory in the Wyoming anthracite coal
Deprec., depict., &e_
180.177
197,902 district to the north, south and west of Wilkes-Barre; also gas properties
19,429
x19,440
dlvs.(7% p. a.).
Pref.
(16)721,170 supplying Hazleton and surrounding territory in the Lehigh anthracite
Common dividends_ _ _
fields. These properties are serving 21,369 customers with electricity and
$648.533 $4,015,285 sur $424,039 6,276 customers with gas. The growth of the territory served has been
$2.060,827
Balance, deficit
$4,132,291 S2,074,464 $1.422.931 sur$2592,354 rapid and constant, having reached a population estimated at 205.000.
Profit & lass deficit
-Proceeds will provide in part the necessary funds for the satisPurpose.
Results for First Quarter of 1924.
$432,801 faction of the indentures under which are issued $2,686,000 of the present
Gross profit. $1.707.840; expenses, $1,275,039; net earnings
outstanding bonds of the company. In connection with this present financ311,019
Depreciation
4,860 ing, it is proposed that the company will be merged into a new corporation
Central Refining Co. Preferred dividends
which, in addition to the present system of the company, will own a site
$116,022 for a new electric generating station and will immediately erect a modern
Surplus for period
plant thereon. The new station will be constructed to house generating
be
which the first unit of 20,000 k.
x Central Refining Co. to Dec. 31 1923. y Includes taxes, $285.000; equipment of 40.000 k. w., of total generating capacity of thew. will
company
the
inventory shrinkage, $281,431; Central Refining Co. (loss), $60.250; dry installed forthwith, makingis favorably located and offers ample space and
50.000k. w. The new site
p. 317.
holes, leases, dm,written off, $339,536.-V. 118.
water for future expansion. It is proposed that additional funds for the
-volt
construction of the station and approximately 12 miles of 66,000
-Suit for Receiver.
Indiana Bell Telephone Co.
transmission lines to connect with the present system will be provided by
A dispatch from Indianapolis states that Attorney-General U. S. Lesh
1954. of
of 16,000.000 1st &
has filed suit in the Marion County (0.) Superior Court for a receiver for an issuecompany, which willRef. Mtge. Cold bonds,6% Series due secured
be
this company and is asking that its franchise rights be forfeited.-V. 118, the new lien upon the new be presently offered, and which will
plant, and by a direct mortgage upon the reby a first
p.3204.
maining physical properties.
1923.
Earnings Years Ended1923.
International Mercantile Marine Co.-Outlook.arry Brenner, a director, said in substance: "From present indications
895
88 170
0 3
8
6 99 9
to be better than last year. Operating expenses, including maintenance & taxes_31, 05,047 $1, 0;715
I expect earnings of the company for 1924
The company will safely earn its fixed charges and depreciation, amounting Annual int. requirements on $9.500,000 mortgage bonds (in535,000
cluding proposed new 56,000,000 issue)
little more than 57.000.000. It will not, however, be abie to resume
to a
210.000
Ann. int. on 20-Yr.7% S. F. Cony. Gold bonds (this issue)
-V. 118, p. 2820.
dividends this year."
$265.465
-Merger of Gas Cos.
Balance
Jersey Central Power & Light Corp.
Of the above earnings, over 90% is derived from electric light and power
A. E. Fitkin & Co. have purchased four gas properties serving communi14
ties along the Atlantic Coast section of New Jersey, and a gas property in business.
Guaranty.
-The property is under the direct supervision and management
comprise the Coast Gas Co.,
Pennsylvania. The new acquisitions, which
guarantees these bonds as to
Shore Gas Co., Lakewood Gas Co. and City Gas Light Co. ih Now Jersey, of American Gas Co., which unconditionally common stock of American
and
and the Kennett (Pa.) Gas Co., will become a part of the Jersey Central principalas of interest by endorsement. The of over $9,000,000.
June 30 1924 had a market value
Co.
Power & Light Co.. which recently acquired the Consolidated Gas Co. of Gas
In connection with the present financing American Gas Co., owner of the
New Jersey.
convert over $1,400,00111 notes of the
In connection with the purchases the Fitkin interests have sold to a group entire Common stock, has agreed to an equity position in the form of
advances, into
of bankers, including E. II. Rollins St Sons, Blyth, %Vitter & Co., Eastman, company, representing
-Annual Report (Incl. Subsidiaries)
Indian Refining Co.
for Me Calendar Year 1923 and Results for 1st Quarter of 1924.
Preferred stock. The remaining outstanding preferred stock, amountng to over 4,700 shares, has been sold to customers and employees.
-On Jan. 1 1926 and on Jan. 1 of each year thereafter, the
Sinking Fund.
company will pay to the trustee, as a sinking fund, the sum of $30,000.
For a period of 60 days after such payments the money shall be used by the
trustee to purchase bonds at not exceeding the call price and int., and any
money not so used at the end of each period will revert to the company for
general corporate purposes, as will be provided in the indenture.
-Bonds are convertible at any time, after July 1
Conversion Privilege.
1934, at the option of the holder, into no par value $7 per share cumulative
Preferred stock, at the rate of 11 shares of Preferred stock for each $1,000
face value of the bonds, with adjustments for accrued interest and dividends,
as will be provided in the indenture.
Capitalization of New Merged Company upon Completion of Present Financing.
25,000 shs.
Common stock (no par value)
Pref.stock (no par) as of June 30 1924 (divs.$7 per sh per ann.)_20,731 shs.
$3,000,000
-Year 7% S. F. Cony. Gold bonds due 1944 (this issue)
20
1st & Ref. Mtge. Gold bonds,6% Series due 1954 (to be pres6,000,000
ently offered)
' 3,500,000
Underlying 5% bonds (closed)
-V. 116, p. 1420: V. 117. p. 1562.
-Bonds Called.
Maher Collieries Co., Cleveland, 0.
Certain 1st Mtge. Sinking Fund 6% Serial Gold bonds dated Aug. 1
1923, aggregating $16,000, have been called for payment Aug. 1 at 1023i
and int. at the Union Trust Co., Cleveland, 0.-V. 117, p. 1469.
-Bonds Called.
Mahoning Valley Water Co.
Twelve (812,000) 1st Mtge. Gold bonds dated Mar. 1 1914 have been
called for redemption Sept. 1 at the Dollar Savings & Trust Co., trustee.
Youngstown, 0., or the First National Bank. Cleveland. 0.-V. 118, p.91.
-Annual Report.
Maple Leaf Milling Co.
x1923-24. . 1922-23.
March 31 Years1$645.121
Total incaire
349,508
Intert and exchange_ -I Not shown
es
59.773
Federal taxes
Net earning';
Pref. dividends (7%)
Common dividends
Def. Mile End Mill
Bond interavt
81
THE CHRONICLE
JULY 5 1924.1
1921-22.
$543,146
264.883
1920-21.
$917,158
204,785
$712,37:3
3278,263
$334,061
8235,841
205,100
205.100
205,100
205.100
(2%)50,000 (8)200,000 (12)300,000 (12)300,000
37,304
65,063
$207,274
def$23,406 def$169,260 def$226,838
Balance
$1.641,446 $1,664,853 $1.834,111 $2.060,933
Profit & loss surplus
Year milling earnings and investment earnings are bulked and
x This
-V. 117. p. 1562.
likely the income tax provision taken care of.
-Report Year Ended Nov. 30 '23.
Massey-Harris Co., Ltd.
Income from oper., incl. profit from sale of timber lands, but
$1.120,937
before deducting interest and appropriations
Deduct-Int. on borrowings, $616,087: approp. for deprec. of
plants, &c.. $174,708; approp. for possible lasses on receivables, 8e33,308: approp. for foreign exchange and taxes,
1,143.385
$95,834; approp. for pension and insurance funds,$23,447
Net loss
Surplus at Nov. 30 1922
Surplus at Nov. 30 1923
-V • 117. p. 1243.
•
$22,448
772,601
$750.153
Montgomery Ward & Co., Chicago.
-June Sales.
-
Increase.
1924-June-1923.
Increase.
1924-6 Mos.-1923.
813.039,315 $11,612,004 $1.427.3111$75,725,618 $64,437.020 $11,288,598
-ar. 11g, p. 2833, 2188.
-Receivers.
(J. L.) Mott Co.
Judge Rellstab, in the U. S. District Court at Trenton on June 28, on
petition of the Tottenville Copper Co., Inc., of Staten Island. and with
the consent of the defendant company, appointed Charles H. Baker and
Robert K. Bowman, receivers
A statement given out by Victor N. Roadstrum. Executive Manager of
the company, from its Now York offices, stated that the appointment of a
receiver was taken at the instance of the directors in order to conserve the
assets and protect the creditors. The corporation has quick assets of more
than twice its quick liabilities, and, in addition, is the owner of a majority
of the capital stock of many affiliated corporations operating successfully/
in the business of jobbing plumbers' supplies, which will not be at all
affected by the receivership of the parent company.
The nature of the business of the parent company and of some of its subsidiaries has changed materially, owing to changing tastes of the users of
plumbing supplies during the past several years. This change, as well as
the largely increased business of the company, has required and now requires large capital expenditures. The company is not in immediate possession of this required capital. The internal situation in the company
appears to make negotiations for those capital requirements impossible
except through the intermediary of a receivership. It is the purpose and
expectation of the directors that this receivership will be only temporary
and that it will result in a reorganization in the near future which will meet
all capital requirements.
Of a total indebtedness of about $3,798,000, the sum of $1,000,000 is
owed to various banks, including the Guaranty Trust Co. of New York, the
Bank of America, Bank of the Manhattan Co., and the Broad Street National Bank of Trenton, N. J.
A bonded indebtedness of $2,000,000 issued against the company's real
estate is outstanding. The balance of the company's indebtedness consists
of current merchandise obligations widely scattered and in moderate
amounts.
(Chas. F.) Noble Oil & Gas Co. (Tulsa, Okla.)
Balance Sheet Dec. 31.
[Name recently changed to Noble Oil & Gas Co.]
1922.
1923.
1922.
1923.
Liabilities-Assets
Common stock __ _10,428,128 10,428,569
Leaseholds, equipx13,785,105 13,510,619 Preferred stock _ 1,000,000 1,000,000
ment, tt-.c
772.575
601,575
295,794 Funded debt
87,625
Cash
105,999
Contingent liabil
127,805
Notes and accounts
10,000
326,079 Developed prop't.
receivable, kc.._ 289,512
312,075
68,023 Tank car notes_ _ _ 570,000
62,575
Material & supplies
126,033
28,046
80,382
114,828 Accr.,&e. liabilities
Crude & ref. oils._
529,871
Notes & accts. pay 520,399
Organization exp.,
152,135 Reserve for continclaims pend.,&c.
175,090
169,944
gent taxes. &e
91,012
Keystone venture_
Earned surplus. _ _ 1,292,216 1,229,701
Securities purchas.
67,100
(at cost)
64,322
146,704
Deferred charges
286,210
Other assets
Total
14,738,114 14,689,912
Total
14,738,114 14,689,912
x Fixed assets include: Leaseholds, plants and equipment, per appraisal
by Coats & Burchard Co., March 20 1921, plus additions thereto $16,183,,
482, less depreciation, 52,398,376.-V. 118, p. 2834.
-Wm. H.
-Stock Offered.
North American Car Co.
Colvin & Co., Chicago, are offering at $26.50 per share
25,000 shares Class 'A" stock of no par value.
Free from normal Federal income tax. Tax free in Illinois. Cumul.
-J. Preferred
divs. at the rate of $2 50 per share per annum. payable Q.
as to assets to the extent of $30 per share. Callable as a whole or in part
upon 30 days' notice at $35 per share and divs. Transfer agent, First Trust
& Savings Bank,, Chicago. Registrar, Central Trust Co. of Illinois,
Chicago.
Data from Letter of Pres. H. H. Brigham, Chicago Jute 25.
Company.
-Business consists primarily of the ownership, operation and
leasing of standard steel tank cars and refrigerator cars. The business
was started in 1908 with an initial capital of $25,000 and has built up its
properties largely from earnings. At the present time the company owns
and operates 863 all steel standard tank cars and 841 first class refrigerator
cars, or a total of 1,704 cars.
-Company has earned a profit every year since its inception.
Earnings.
For the 5 year period, 1919 to 1923 inclusive, net earnings after all charges.
including liberal depreciation and taxes at present rates, available for dividends averaged $109,205. equal to $4 36 per share on the class "A" stock.
For the year 1923 net earnings available for diva, amounted to $176,788.
or $7 07 per share on the class "A" stock.
Operations for 1924 thus far indicate net earnings for the year, after
depreciation and taxes, applicable to class "A" stock, of $210,000, equal
to $8 40 per share, or over 3 times dividend requirements.
Sinking Fund.-Sinking fund which becomes operative July 1 1925 will
retire tins stock at a rate equivalent to over 5% per annum.
Ptlfpos? -To provide the company with additional working capital to
Insure continued growth and expansion.
Common Stork Warrants.
-Each share of class “A" stock will carry a
warrant which entitles the holder thereof to purchase from the company
on or before July 1 1927 one share of Common stock at $12 50 per share.
Issued.
CapitalizationClass "A- stock (no par value)
25,000 shs. 25,000 shs.
Common stock (no par value)
*100,000 shs. 75.000 shs.
*2.5,000 shares are reserved until July 1 1927 against Common stock
warrants outstanding.
There is no mortgage on any of the company's plants or real estate and
none may be created without the consent of 75% of class "A" stock outstanding. The only funded indebtedness of time company consists of equipment trust obligations secured by liens upon 1.264 of its cars, the revenue
from which largely exceeds both principal and interest requirements.
Balance Sheet March 31 1924 (After Giving Effect to Sale of Stock).
AssetsILiabiletie, ;
x$2,085,619
Land, bltigs., mach'y, &c_ $507.044 Capital stock
Car equipment
2,522,071 Equipment trust notes_ _ _ 1,446,475
Inv.in Nat. Tank Car Co_
124,000 Accts. payable & accr. exp 10:5,943
Cash
400,072 Notes payable
44 676
79 0
:
Marketable securities_ _ _ _
9,550 Reserve for contingencies_
337,631
Accts. & notes receivable_
228,903 Reserve for depreciation
Inventories
160.124
Advances to employees_ _ _
9.942
Prepaid inqurance, int., &c
10,1371 •
$4,028,314
Deferred charges
56,4701 Total (each side)
-x Represented by class "A" stock, 25.000 shares no par value, and Corn.
stock, 75,000 shares issued.
-V.116, p. 1905.
North American Co.(& Subs.).
-Earnings.
12 Months ended May 31Electric output (kilowatt hours)
Electric customers
Gross earnings
Operating expenses and taxes
Net income from operation
Other net income
1923.
1922.
2 229,758,451 1,934,724.213
553.934
619,800
$77,664,279 $65.967,354
42,483,221
48,809,273
828.855,006
677,624
$23.484,133
449,681
Total
$29,532,630 823.933.813
Deduct-Interest charges
87,599.733
$9,777,240
1,587,531
Preferred dividends of subsidiaries
2.032,520
876.383
Minority interest
1,006,709
The company and its subsidiaries report for the six months ended May
'
1,141,824
Annual div. on total Prof. stock outstanding_
1,145.145
31 1924 not income of $18,403 after all charges and Federal taxes.
-V.
118, p. 439.
*15,571.015 312,728.341
Balance
Per share of Common stock outstanding
(J. W.) Murray Mfg. Co.
-Extra Dividend in Stock.
85 60
$5 50
2,313,454
2,782,916
An extra dividend of 2% in Common stock, and the regular quart:Ay Number of shares of Common outstanding---cash dividend of 27 were paid on the Common stock July 1 to holders of -V. 118, p. 3206.
record June 20. Like amounts were paid in the previous five quarters.
-Bonds Sold.
Northern Indiana Gas & Electric Co.
-V. 118, p. 2959.
Munsingwear Inc.-Earnings.-
Nash Motors Co.
-New Subsidiary- Formed.
The Ajax Motors Co., a subaidiary, has been incorporated in Wiscodsin
with an authorized capttal of $3,000.000 7% Cumul. Pref. stock and 30.000
share; of Common stock of no par value, to operate the old Mitchell Motors
Co. plant at Racine, Wis., which was acquired by the Nash Motors Co. in
January last for approximately 8403,000.-V. 118, p. 1673.
-Production (Lbs.).New Cornelia Copper Co.
June.
May.
April.
March. February.
Month ofCopper output (lbs.) _ _4,651,589 4.505,996 5,472,542 5,875,334 4,452,402
-V.118, p. 2834. 2313.
-Distribution.New Dominion Copper Co. Ltd.
Empire Trust Co. has been directed by a judgment of the New York
Supreme Court dated June 19 1924, in an action entitled Edward F.
Blemeyer,suing in his own behalf, &c., pliantiff, against the New Dominion
Copper Co., Ltd., and Empire Trust Co. as trustee, defendants, to distribute pro rata, among the holders of the 10-Year 6% Corry. Income
,
Gold bonds of the Copper company outstanding the net amount of funds
In the hands of the trustee, deposited under the sinking fund provision
after paying expenses and disbursements.
Upon presentation of such bonds, with coupons maturing Sept. 1 1914
and subsequently to the Empire Trust Co., 120 Broadway, New York,
for stamping, the holder thereof will oe paid the amount distributaple
thereon.
-New Power Station.
New York Edison Co.
-V. 118, p. 92.
See General Electric Co. above.
-Merger.
New York Transportation Co.
-V. 118, p. 3206.
See Omnibus Corp. below.
-Acquisition.
North American Power & Light Co.
Soo North American Power & Light Corp. under "Railroads" above.
-V. 118, p. 2834.
Drexel & Co., Philadelphia, and Halsey, Stuart & Co.,
Inc., New York, have sold at 993 and interest, to yield
about 53,%, $4,500,000 Three-Year 5
Secured Gold
Notes, Series "A."
Dated June 2 1924. Due June I 1927. Int. payable J. & D. at the
office of Halsey, Stuart & Co., Inc., in Chicago and New York, without
deduction for Federal income taxes, not in excess of 2%. Denom. $1,000.
$500 and $100c*. Red. all or part, upon 30 days' notice at any time
prior to Dec. 1 1926 at ' and int. and on and after Dec. 1 1926 at 100
101
and int. First Trust & Sdvings Bank, Chicago, trustee.
Issuance.
-Authorized by the Indiana P. S. Commission.
Data from Letter of Pres. Samuel Insull, Chicago, June 27.
Company.
-Incorporated in Indiana. Owns and operates extensive
properties employed principally In the production and sale of electricity
and gas for light, heat and power. Company and its associated companies
serve directly 34 Indiana communities, 17 with electricity and 24 with
gas, having a combined population of over 400,000, and the company
wholesales electricity to two additional municipalities. Hammond,
Whiting, Indiana Harbor, East Chicago, Michigan City and Laafyette
are among the principal manufacturing centres served vv
-ith.both electricity
and gas. South Bend, Fort Wayne, and the neighboring industrial sections
are supplied with gas.
The Calumet Power Co. is acquiring a 150-ft. right-of-way and is about
to construct a 132.000-volt steel-tower, super-power transmission line
extending from the Illinois-Indiana State line south of the Chicago city
limits through the steel district immediately south of Lake Michigan
to Michigan City, a distance of about 35 miles. The cash investment
junior to the 1st Mtge. bonds will be not less than $500,000. This line
will be an important link in the super-power ring of transmission line
being built around the City of Chicago which, when completed, will tie
In all of the large generating stations in Chicago and the surrounding
territory, making possible considerable operating economies and providing further protection to continuous service.
82
THE CHRONICLE
Security.—Secured by pledge of $4,500.000 1st Lien & Ref. Mtge. Gold
bonds, 6% Series March 1924 and $500.000 Calumet Power Co. 1st Mtge.
6% Gold bonds, Series "A." due June 11927, the latter being exchangeable
at the company's option for an equal face amount of its 1st Lien & Ref.
Mtge. Gold bonds.
Purpose.—Proceeds will be used towards the building of additional
facilities, including a now gas plant in Fort Wayne, the largest city served
and to partially reimburse the company's treasury for capital expenditures
heretofore made.
Capitalization Outstanding in Hands of Public after this Financing.
Class "A" 7% Preferred stock
45,500,000
Class "B" 7% Preferred stock
4,000,000
Common stock
z6,000,000
3
-Year 537 Secured Gold notes (this issue)
4,500,000
1st Lien & lief. Mtge.6% bonds, due May 1 1952
x7,000,000
1st Ref. Mtge. 5% bonds, due April 1 1929
y2,455,000
Underlying divisional bonds (mortgages closed)
4,906,000
[VOL. 119.
at the fair value of the physical
in cash for the good-will of the assets taken over, plus the sum of $250,000
manufacturing department willbusiness. The space now occupied by the
be employed to meet the expanding requirements of the operating department.
of the directors of the Omnibus Corp. Certain of the proposed members
are interested in Yellow Coach
Manufacturing Co.
The purpose of the plan is to unify under
following named corporations now controlling a common management the
motor bus lines in the cities
of New York and Chicago, thereby
affording the security holders of those
corporations an opportunity of diversifying
their interest instead of confining
it to one locality alone, and to effect such
readjustments in the organization and capitalization of the enterprise
for the expansion and development of as to provide In an adequate manner
the business.
Corporations the Stocks of Which Are
Dealt With by the Plan.—(a) Fifth
Avenue Bus Securities Corp. (of
majority of the stock of New YorkDel.), which now owns more than a
Transportation Co.
(b) New York Transportation Co. (of
J.)., which owns the entire
capital stock of Fifth Avenue Coach Co.
and manufacture
N'
x Exclusive of bonds to be pledged to secure the present issue of 3
-Year by its subsidiary and for sale to others. Fifth Avenue s buses for use
% Secured Gold notes. y Of the $10,000,000 authorized issue,
Coach Co. owns
$9.- and for approximate
652.000 have been issued—a total of $7.197.000 will presently be pledged on important streetsly ten years has been successfully operating bus line
in the City of
York,
under the 1st Lien & Ref. mortgage—and the remaining $348,000 reserved
(c) Chicago Motor Coach corp. NewDel.), including Fifth Avenue.
(of
to retire underlying bonds, when issued, must also be pledged under the standing stocks of
which owns the entire out1st Lien & Ref. mortgage. z Additional Class "A" Preferred and Common pany), which ownsChicago Motor Coach Co. (the Chicago operating comstock of $1.500.000 and $1,000,000 par value, respectively, has been sold and Cook County, and is successfully operating motor bus lines in Chicago
Ill. On Nov. 22 1923 it
at par under contract calling for full payment prior to July 1 1924.
The minority interest in St. Louis Motor Coach purchased, and now owns, a
Class "B" Preferred is convertible into Class "A" Preferred.
Corp.a corporation which
owns the entire capital stock of Peoples
Motorbus 'Co. of St. Louis, operating motor buses in St. Louis, Mo. Negotiations
Earnings and Expenses for Calendar Years.
are pending for the
sale of the St. Louis company as an
entirety, which, if consummated, will
1922.
1923.
yield to
Gross revenue (including other income)
$6.641,857 $7,806,742 at whichthe Chicago company a sum substantially in excess of the amount
this minority holding is carried on the balance sheet.
Operating expenses, maintenance & taxes
4,332,499
5,273,481
Capitalization of Existing Corporations.
Net earnings before depreciation
Name of Company—
Annual interest on the total funded debt to be $2,309,358 $2,533,262
Shares Outset/
outstanding upon com- Fifth Avenue Bus Securities
pletion of present financing requires $1,010,680.
Corp. (no par value)
368,529
Control.—The outstanding Common stock of the Northern Indiana New York Transportation Co. (par value $10)_ _
235,000
Gas Ss Electric Co. and of the Calumet Power Co. is owned or controlled Chicago Motor Coach Carp. 7% Cum. Prof. stock (par $100)
33,500
Common stock (par $5)
by the Public Service Investment Co.—V. 118, p. 2834.
50,000
The stock of Fifth Avenue Bus
Corp. is deposited under
Northwestern Lumber Co.—Notes Offered.—Lumber- voting trust agreement dated Dec. Securitiesunder which Grayson M. a
20 1922,
men's Trust Co. Bank and Ladd & Tilton Bank, Portland, Murphy, Charles H. Sabin and Frederick Strauss are voting trustees.-P.
The Common stock
Motor Coach
Ore., are offering at 100 and int. $450,000 Collateral Trust voting trust agreement of Chicago 12 1923, underCorp. is deposited under a
dated May
which John Hertz, Charles
A. McCulloch and Edward N. D'Ancona
63% Gold Coupon notes.
are voting trustees.
Omnibus Corporation
Dated June 1 1924. Due serially June 1 1925-1929. Denom. $1,000 in a single corporation,:—Control of the unified properties is to be vested
to be known as Omnibus Corp.. or by some such
and $500 c.
Int. payable J. & D. at Lumbermen's Trust Co.. Portland, suitable name. It is
Ore., trustee. Callable all or part on any int. date on 30 days' notice at used as the Omnibus expected that Chicago Motor Coach Corp. will be
Corp., Its certificate of incorporation being appro101 and int. The trust indenture provides for a sinking fund, the payments priately amended.
of which will be used for the purchase of notes in the open market or for call
Directors of New Company.—Upon the consummati
on of the plan the
of notes at 101 and hit.
Omnibus Corp.'s directors will include John
Data From Letter of Thorpe Babcock, Vice-President of the Company. John A. Ritchie, Leonard S. Florsheim, W.Hertz, Charles A. McCulloch,
Rufus Abbott Otto W. LehCompany.rganized in 1882. Is one of the oldest lumber manufactur- mann, John Borden, John R. Thompson, William Wrigley Jr. and Edward
ing concerns in the Pacific Northwest and for the past 42 years has been N. D'Ancona (being the present directors of Chicago Motor Coach Corp.)
-P. Murphy, Charles H. Sabin, Albert Strauss,
prominently identified with many of the maim timbe: and lumbering oper- and also Grayson M.
Harold
ations on the Pacific Coast. Company's timber holdings consist of some E. Foreman, George A. Green, Harvey T. Woodruff, James B. A. Fos500 million feet of timber situated in the North River country and the Coast burgh, John C. Jay, Emanuel Lascaris and Edmond E. Wise.
'rho Omnibus Corp. will be vested, either
cedar belt.
directly or through a new holdPurpose.—Company has but recently completed negotiations for the dis- ing company, with the entire capital stock of both classes of the Chicago
posal of all its scattered holdings. These combined sales involved approxi- operating company and with Chicago Motor Coach Corp.'s holdings in
mately 200 million feet of timber, in payment for which sales contracts, St. Louis Motor Coach Corp. Upon the consummation of the plan
notes and logging contracts of these various companies were accepted in an stock of New York Transportation Co. participating in the plan willthe
be
amount aggregating $739,727. Taking advantage of an exceptional op- transferred to Fifth Avenue Bus Securities Corp. in exchange for stock
portunity for the purchase of additional timber, the company concluded thereof at the rate of 3.10116 shares of Fifth Avenue Bus Securities Corp.
for each share of New York Transportati
negotiations for a loan for such capital expenditures, hypothecating with
on Co. stock: the Fifth Avenue
the trustee for the bankers the notes and contracts of the various companies Bus Securities Corp. stock so issued and the Fifth Avenue Bus Securities
just mentioned. Company has purchased prior to this financing about Corp. stock deposited under and participating in the plan will be vested
In the Omnibus Corp. and the voting trust
150,000 million feet of timber in one solid block in the North River country
of
Corp. stock under the voting trust agreementFifth Avenue Bus Securities
adjacent to its present holdings in that territory, and arranged
dated Dec. 20 1922 will be
approximately 350 million feet more, which assures them of a 15 to block up terminated: but the interest of the Omnibus Corp. in the stock of New York
-year supply Transportation Co., either
of raw material.
directly or through the pro rata part of such
Security.—Secured by assignment to the trustee of the following collateral stock represented by Fifth Avenue Bus Securities Corp. stock vested in it,
covering timber sales: Notes of the Aloha Lumber Co., Aloha, Wash., shall represent at least a majority of the outstanding stock of New York
$131.727: sales contract of Schafer Bros. Logging Co. Montesano. Wash.. Transportation Co.
$49,900; sales contract of Saginaw Timber Co., Aberdeen, Wash., $252,000;
x Capitalization of the Omnibus Corporation.
logging contract of Poison Logging Co., Hoquiam, Wash., $316,000.
In addition, the timber covered by the last three contracts, cruising 159.Authorized.
Issued.
Cumulative Prof. stock (par $100)
878,000 feet, is deeded to the trustee.
y250,000 shs. 106.378 shs.
Common stock (without par value)
x The figures given are based upon the assumVirnrhatB l'of
Ohio Brass Co., Mansfield, Ohio.—Extra Dividend
als th5 outstand6e
h
'
ing stock of New York Transportation Co. and Fifth Avenue Bus2195tilis
An extra dividend of $1 per share has been declared on the
Securities
stock, no par value, in addition to the regular quarterly dividend Common Corp. will participate in the plan, and to the extent that they do not. the
of $1 per amount of stock of the Omnibus Corp. to
share, both payable July 15 to holders of record June 30. Like amounts
be presently issued under the plan
will be correspondingly reduced.
were paid on the Common stock on April 15 last.—V. 118. p. 1402.
y The Preferred stock will also be issued in sub-shares
at the rate of ten
sub-shares for each share.
Ohio Public Service Co.—Earnings Year Ended Dec. 31
Pref. Stock of Omnibus Corp.—The Prof. stock presently to
be
1923.—
under the plan will be of Series "A": will carry diva, at the rate of issued
8%
payable quarterly, cum.from July 1 1924: will be red, on any per
Gross operating revenue (including $14,684 other income)
$7,767,930 annum,115 and divs.:
div.
date at
Operating expenses, maintenance and taxes
will be entitled to receive on liquidation, dissolution
4,771.554 or winding up, in
Interest on funded debt and other obligations
913,277 redemption price: priority to the Common stock, an amount equal to the
Amortization of bond and note discount
and will
59,035 three shares of Common be convertible into Common stock at the rate of
stock for each share of Preferred stock.
For
Balance, surplus
$2,024.063 shares convenience in making the exchanges provided for in the plan subof the Pref. stock, Series "A," will be issued with a par value of $10
—V. 118, p. 2959.
each. I. e.. at the rate of ten sub-shares for each Pref. share. Such subshares will have, proportionally, the same rights as the Pref. stock, except
Old Colony Gas Co.—Earnings.that, whenever the Pref. stock shall be entitled to vote for any purpose
12 Months Ended May 31—
1924.
1923.
ten sub-shares shall be necessary for one vote, and the sub-shares will
Grosssales
$368.118
$339,462 convertible into
be
Discount
Pref. stock In amounts aggregating $100 par value or
33.388
30,108 multiples
thereof.
Operating expenses
207.075
195,637
Listing of Stocks.—Application will be made to list the Pref. and Common
Net earnings
$127.655
$113,717 shares of the Omnibus Corp. on the New York Stock Exchange. The
Other income
11,985
11,619 Chicago Stock Exchange has admitted to the list the 106.378 shares.
Basis on Which Stock of Omnibus Corp. Will Be Issued in Place of
Total net
Stock of
$139.640
$125.336
Existing Corporations.
Interest charges
33.641
34.590
Stockholders of Fifth Avenue Bus Securities Corp., New York
Transportation Co. and Chicago
Balance
$105,999
$90,745 present holdings, stock of theMotor Coach Corp. will receive, for their
Omnibus Corporation as follows:
—V. 118, p. 3206.
Omnibus Corp. Stock.
For Each 10 Shares of—
Omnibus Corporation.—Merger of New York and Chicago Fifth Avenue Bus Securities
Preferred.* Conimon.*
Corp. stock
1 share
•
loo shs
ham .
Bus Cornpanies--Financial Plan—Extension in Other Cities Ndw York Transportation Co. stock
3
1 For Each
Contemplated.—The organization of the Omnibus Corp., Preferred Share of Chicago Motor Coach Corp.— 1-10 shs. 4 135,s
stock (par $100)
1 share
formed through the consolidation of Fifth Avenue Bus Common stock
Securities Corp., New York Transportation Co. and Chicago
• For fractional amounts o(Preferred stock In multiples 1-10 share,subof 6
Motor Coach Corp., has been announced by J. & W. Selig- shares (1-10th share each) will be issued: for lesser fractional 8hares of
amounts
Preferred stock and fractional amounts of Common stock:there will be
man & Co.and G. M. Murphy & Co., managers under the Issued non-dividend bearing scrip
-P.
full share amounts, for
plan dated June 25, for the unification and reorganization the respective kinds of stock, withexchangeable, inpaid thereon.
any dividends
Stockholders of Fifth Avenue Bus Securities Corp. and New York Transof the properties.
portation Co. may at
The proposed directors of the Omnibus Corp.(see below)and the managers plan to the syndicate their option sell their new stocks issuable under the
for cash, payable when the new stocks are ready for dounder the plan are convinced that the operations of Fifth Avenue Coach
Co. in New York, and Chicago Motor Coach Co. in Chicago, have demon- livery. at a price equal to: $10 flat for each share of their holdings of Fifth
Avenue Bus Securities Corp. stock; $31 flat for each share of their holdings
strated that the motor bus,under the system for its operation developed by of New York
Transportation Co. stock.
them, has reached a stage where it is able with complete success to meet
Stockholders who desire to exercise this option must, however, deposit
the difficult urban transportation requirements of to-day and that similar their stocks on or
before July 18 1924, and at the time of such deposit give
operations can be successfully established in many other
the notice of such election in writing. Stockholders electing so to sell to the
United States and Canada. In pursuance of thisconviction, the
localitskniOgf the
Omnibus Corp, will be to expand, by investing either directly or through syndicate will not be entitled to subscribe for Common stock of the Omnibus Corp.
the securities of holding companies or otherwise, in bus lines in places
Offering of Additional Omnibus Corp. Common Stock to Stockholders of
the demand for them is apparent, and in doing so to follow the policy where Existing Corporation
of cos.—There will be offered to holders of certificates of
operating fully with sand supplementing) existing transportation companies. deposit for stock
Heretofore New York Transportation Co. has been manufacturing at its Transportation of Fifth Avenue Bus Securities Corp. and of New York
Co., registered on the books of the depositary at the close
garages its own equipment, and, incidentally, to a limited extent, similar of business on the
10th day after the date of first publication of notice that
equipment for general sale. It is contemplated that, upon the consumma- the plan has
been declared
tion of the plan. Yellow Coach Manufacturing Co., which is the owner of a new stocks for cash, the operative and who have not elected to sell their
right to subscribe, at the price of $10 per share,
modern and fully equipped plant newly constructed for the purpose and for not exceeding
producing in quantity an improved type of motor omnibus, will enter into at the rate of one 72,878 shares of Omnibus Corp. Common stock, namely,
share of Omnibus Corp. Common stock for each ten shares
a contract with Fifth Avenue Coach Co. to supply Fifth Avenue Coach Co. of Fifth Avenue Bus Securities Corp.stock and of 3
1-10 shares of Omnibus
with omnibuses on the most favorable terms granted to other buyers and Corp. Common stock for each
ten shares of New York Transportation Co.
to take over the manufacturing business of New York Transportation Co. stock represented by their respective certificates of deposit.
•
•
JULY 51924.]
THE CHRONICLE
There will also be offered to Common stockholders of Chicago Motor
Coach Corp.registered at the close of business on the 10th day after the date
of first publication of notice that the plan has been declared operative, the
right to subscribe, at the same price, for 100,000 shares of Omnibus Corp.
Common stock, namely, at the rate of 20 shares of Omnibus Corp. Common stock for each share of Chicago Motor Coach Corp. Common stock
held.
The proceeds of these offerings will go into the treasury of the Omnibus
Corp. for its corporate purposes.
Sate and Option on Additional Stock.
-40.000 shares of Common stock of
the Omnibus Corp. will be sold to certain officers and directors of the
Omnibus Corp. and the firms acting as managers under the plan, and
options will be granted on an additional 30.000 shares to certain of the
executive officers. The price of this stock will be the same as that at which
such stock is offered for subscription to stockholders and at which it is
underwritten by the syndicate, i. e., $10 per share. The proceeds of the
sale of this stock will go into the treasury of the Omnibus Corp. for its
corporate purposes.
Voting Trust.
-The Common stock of the Omnibus Corp. issuable to
depositors and assenting stockholders or sold under the plan will be deposited under a 5
-year voting trust agreement, under which John Hertz,
Chairman, Edward N. D'Ancona, Harold E. Foreman. Charles A. McCulloch, Grayson M.
-P. Murphy, Charles H. Sabin and Frederick Strauss will
be voting trustees.
John Hertz, Chairman of Chicago Motor Coach Corp.. and John A.
Ritchie, Pres, of that corporation, have agreed to serve as Chairman
and President, respectively, of the Omnibus Corp.
Underwritten.
-A syndicate is to be formed by Guaranty Co. of New
York, G. M.
-P. Murphy & Co. and J. & W. Seligman & Co., of which they
will be syndicate managers,and in which they and members of the proposed
board of the Omnibus Corp. and officers and directors and voting trustees
of stock of the existing corporations (or corporations in which they are
interested) may participate, (a) to purchase the new stocks which stockholders of Fifth Avenue Bus Securities Corp. and New York Transportation
Co. elect to sell, and (b) to underwrite the offering to stockholders of Common stock of the Omnibus Corp.
The syndicate will receive from the Omnibus Corp. a commission of 6%
upon its maximum cash obligation, out of which it will pay its expenses,
including the compensation of the syndicate managers.
Method of Participation in Plan.
-Holders of stock of Fifth Avenue Bus
Securities Corp. and of New York Transportation Co. may participate in
the plan by depositing the certificates for their stock with Guaranty Trust
Co., depositary, New York. on or before July 31.
Stockholders of Fifth Avenue Bus Securities Corp. and of New York
Transportation Co. who,instead of taking Pref. and Common stock of the
Omnibus Corp. elect to sell the same for cash, must, however, so deposit
their stock certificates on or before July 18 and at the time of such deposit
give notice of such election in writing.
Preferred and Common stockholders of Chicago Motor Coach Corp.
should on or before July 31 deliver their proxies, consents and authorizations for the appropriate corporate action to Foreman Trust & Savings
Bank, Chicago.
Consoliaated Balance Sheet Dec. 31 1923 (Omnibus Corp.)
[after giving effect to the provisions of the plan, including the net proceeds
of financing provided for therein, and on the assumption that all shares of
Fifth Avenue Bus Securities Corp. and New York Transportation Co.
stock become subject thereto.]
Assets
Liabilities
Real estate
$747,807 Net worth
Y811.022,666
Buildings
2,241,106 Deferred payments
:680,966
Vehicle equipment
4,238.601 Notes payable
475,000
Shop, tools, machinery, &c_._ 246,492 Accounts Payable
447,248
Cash
1,773,323 Deposits on orders for coaches
8,520
U.Sand municipal securities. 3,132,482 Dividends payable
176,513
Accts.& notes rec., less reserve 158,371 Pay-rolls accrued
98,942
Accrued Interest
33,929 Taxes accrued
140.496
Inventories
1,061.792 Federal tax accrued
227,079
Advance on motor coach pur8.324
Interest accrued
chase contract
522,340 Reserves-Injuries& damages
311,656
Investment in St. Louis Motor
50,007
Workmen's compensation_
Coach Corp
Depreciation
:466,680
1,650,082
Franchise rights, dm
514.849
Deferred charges
159,748
Total
$15,297,499 Total
$15,297,499
x 11,667 shares Class "A" and 5.834 shares Class "B" stock. y Represented by Pref. stock, Series "A,"8% cumulative and convertible, 106,378
shares of a par value of $100 each, and 622.195 shares of no par value
Common stock. z On coaches purchased under contract, secured by lien,
payable during 1924.
Ottawa-Montreal Power Co., Ltd.
-Bonds Offered.
Nesbitt, Thomson & Co., Ltd., are offering at 100 and int.,
carrying a bonus of 2% shares of Common stock of no par
value with each $1,000. bond, $1,250,000 6%% 1st Mtge.
Sinking Fund Gold bonds.
The company has just been organized for the purpose of acquiring the
Hawkesbury Electric Light & Power Co., Ltd., and the Western Quebec
Power Co., Ltd.
Pacific Gas & Electric Co.
-To Issue Stock.
-
The California RR. Conunission has authorized the company to issue
$5,000,000 Common stock at not less than $92 per share, the proceeds to
be used to finance improvements on Mt. Shasta power projects and elsewhere.
-V. 118, p. 3206. 3088.
Packard Motor Car Company.
-Earning...
Period Ended May 311924Net earnings after all charges
-V. 118, p. 3207. 2314.
3 Months.
(approx.) $2,325.000
9 Months.
$4,756,975
Park City Mining & Smelting Co.
-Earnings.
-
Calendar YearsOre sales
Int.,dim.& sundry receipts
1923.
1922.
41,816,086 $1,216,446
40.243
20,024
Total receipts
Deduct
-Mine & mill account, ore expense. &c_ _
General expense, taxes and legal expense
Dividend
$1.856,329 $1,236,470
631,669
966.753
95.055
121,642
459.900
87,600
Balance,surplus
-V. 117. p. 2551.
$308,034
$422,146
Passaic Consolidated Water Co.
-Bonds.
--
The Now Jersey P. U. Commission has approved the Issuance of $1,505,0006% mortgage bonds
.-V. 118. p.3088.
Pennsylvania Water & Power Co.
-Stock Allotment.
-
The stockholders of record July 14 will be entitled to subscribe at $112 50
share for 10% of the amount of stock hold. Toe subscription price of
12 50 per share will be payable in cash or in New York exchange, or in
salmon)exchange, on or lmfore Aug. 15 at the office of Fidelity Trust Co.,
Baltimore, Md.
ir
New Subsidiary Company Financing-Contract, &c.
-
See Holtwood Power Co. above.
-V. 118. p. 2712.
Pierce, Butler & Pierce Mfg. Corp.
-Omits Extra Div.
-
The directors have declared the regular quarterly dividend of 1% on the
Common stock payable July 15 to holders of record July 5. On Jan. 15
and April 15 last, extras of 1% were paid in addition to the usual quarterly
-V. 118, p. 1784.
dividends of j%.
(Thos. G.) Plant Co.
-Report.
-Calendar YearsNet earnings
Dividends paid
Balance
1923.
$211,647
164,227
1922.
1921.
1920.
$187,004loss$1288123 loss$367,128
163,632
212,500
325,000
147,420
523,372df$1,500,623 def$692,128
83
Balance Sheet December 31.
Assets
Liabilities-1922.
1922.
1923.
1923.
Real estate
846,411
859,720 1st Pref. stock
Mach., equip. &
(outstanding) -$2,321,400 $2,442,800
leaseholds
623,573
122,100
551,982 1st Pref. In tress_
Cash & receivables 1,389,047 1,567,310 2d Preferred
2,500,000 2,500,000
Merch'se inventory 2,897,891 3,274,968 Common stock_ _ _
1,000
11.000
Prepaid Charges..._ 102,485
Notes& accts. pay.
Div. In other cos.,
dr accrued Items 2,019,054 2,511,855
sundry assets,&c 228,406
291,015 Surplus
350,340
397,760
Goodwill, pats. &c 1,273,500 1.261,000
Total
$7,361,314 $7,805,995
Total
$7,361,314 $7,805,995
100,000 shares of no par value.
-V. 118, p. 2190.
Pusey & Jones Co. (Shipbuilders).
-Sale.
-
At the sale of the company's property conducted by Joseph P. Day,
auctioneer. Henry J. Fort, Henry Goldberger. A. Perez St Son, Jacob Goldwater, all of Philadelphia, and Mayor II. J. McNally, of Gloucester City.
N.J.. submitted a lump bid of $516,000 for the Gloucester, N.J., shipyard.
The bid is said to be for speculation, and if the United States Court should
accept the bid, it is the belief that all of the machinery will be sold to junk
dealers or others.
-V. 118. p. 2835.
Radio Corp. of America.
-Exchange of Shares.
-
Stockholders are requested to at once send in all of their present stock
certificates to the transfer agent, Corporation Trust Co., 37 Wall St.,
N. Y. City. for exchange into the new "A" Common and "A" Preferred
stocks. This exchange is undertaken to reduce the large number of outstanding shares of Common and Preferred stock, through correspondingly
Increasing the book value of the Common stock and the par value of the
Preferred stock, thereby reducing the inconvenience and heavy expense
Incident to disbursing dividends on the present $5 par value Prof. stock.
The basis of exchange will be one share of the new "A" Common for 5
shares of the present Common, and one share of the new "A" Preferred for
10 shares of the present Preferred stock. Fractional certificates will be
issued to cover holdings of less than 5 shares of Common or less than 10
shares of Preferred of the present issues representing either small individual
holdings or the odd shares resulting from present holdings not in exact
multiples of 5 shares of Common or 10 shares of Preferred.
Stockholders having fractional certificates should convert their holdings
Into entire shares of the new stocks either by the purchase of additional
fractional or outstanding original shares, followed by the proper exchange,
or by the sale of their fractional holdings.
The following firms of brokers, members of the New York Stock Exchange, have signified their willingness to advise stockholders in this matter and to execute orders for the purchase or sale of the new fractional shares
or outstanding original shares, namely, Jas. B. Colgate & Co.. 36 Wall St.,
N.Y.City: Foster & Adams,71 Broadway, N.Y.City.
-V.118. p. 2713.
Replogle Steel Co.
-May Buy Pipe Cornpany.The company is reported to have secured a 60
-day option on a large majority of the stock of the Warren Foundry & Pipe Co.of Phillipsburg, N.J.,
one of the largest pipe producers in the country.
-V.118. P. 2833.
Reynolds Spring Co., Jackson, Mich.
-Reduces Div.
Capital Increased-To Acquire General Leather Co.
A quarterly dividend of 25 cents per share was declared on the Common
stock, payable Aug. 1 to holders of record July 10. In Nov. 1923 and Feb.
and May 1924. quarterly dividends of 50 cents per share were paid on the
Common stock.
The stockholders on June 26 authorized an increase in the authorized
Common stock from 200,000 shares(no par)to 500.000 shares(no par value),
for the purpose of acquiring the General Leather Co. Pres. Wiley R. Reynolds, in a letter to stockholders, says that 210.548 shares of the no par
Reynolds stock will be the full purchase price of the entire Common capital
stock of the General Leather Co. No cash will be involved. See also V.
118,9.2713.
James T. Smith, President of the General Leather Co., has been elected
a director of the Reynolds Spring Co.
-V. 118, p. 2713.
(Dwight P.) Robinson & Co., Inc.
-Contract.
-
The company has been authorized to design and construct an extension
to the Seward plant, built by them in 1920 for the Penn Public Service Corp.
near Seward, Pa. This extension will consist of the installation of two new
boilers equipped with preheaters and fans, one new stack and new boiler
feed pumps. The stoker equipment will be the exact duplicate of that
already installed.
-V. 118, p. 92.
Rochester Gas & Electric Corp.
-Report.
Cal. Years1923.
Cal. Years1922.
1923.
Oper. revenues_ _ _$9,098,199 $8,108,754 Other interest_ _
18.090
Oper. expenses..._ 5,345,744 4,932,963 Miscell. deductions
56,665
1922.
8,550
53,825
Balance
$1.695.254 81,256,675
Net Income_ _ _ $3, 52, 55 $3,175,791 Previous surplus 1,567,196 1,316,231
7 4
Non-oper. income_
82,801
103,973
Total surplus..43,262,450 52,572,906
Dividends paid_ _ _ 1,359.457 1,273,351
Total income.._$3,835,256 $3,279,764 Surplus charges_ _ _
45,965
47,240
Taxes
944,890
826.505 Surplus credit_ _ _ _
313,606
7,313
Uncollectible bills_
32,340
39.788
Int.on fund. debt_ 1,088,017 1.094,419
P.& L.surpluS_S1,863,065 $1,567,196
-V. 118, p. 2315.
(William A.) Rogers, Ltd.
-Back Dividend.
The company on July 2 paid to Preferred stockholders of record of
June 18 a regular quarterly dividend of 1 % and a dividend 1%% on
account of accumulations.
-V. 118, p. 2835.
Rome (N. Y.) Gas, Electric Light & Power Co.
-Bonds
Offered.
-Samuel McCreery & Co., Philadelphia, are offering
at 94% and int. to yield about 5.42%, $606,000 1st Ref.
Mtge. 30
-Year 5% Gold bonds, assumed by the Northern
New York Utilities, Inc.
Date Dec. 1 1916. Due Dec. 1 1946. Denom. $500 and $1,000c5
.
Red.at 102% and Int. on four weeks' notice. Int. payable J. & D. without
deduction for the normal Federal income tax of 2%. Pennsylvania fourmills tax refunded. Rome Trust Co.. Rome, N. Y., trustee.
The Rome Gas, Electric Light & Power Co. was incorporated in New
York May 4 1901. succeeding the Rome Gas Light Co. In October 1923
the entire capital stock of the company, consisting of 4,000 shares (par
$100) was purchased by the Northern New York Utilities, Inc., at a
price of $557,000. or $139 22 per share, and the company merged with the
Northern New York Utilities, Inc., which merger was approved by the
New York P. S. Commission on April 22 1924.
There are outstanding $656,1:100 bonds of this issue, secured by a direct
mortgage, subject to only $400,000 1st Closed Mtge. 5% bonds, upon the
maturity of which in June 1931 these bonds will become a first mortgage
upon the entire property and franchises of the Rome Gas, Electric Light
& Power Co. These bonds are assumed by the Northern New York
Utilities, Inc., and are followed by $8,090,500 bonds, and $4.938,000
Prof. stock and $3,200.000 Common stock of the Northern New York
Utilities, Inc. and by $6,950,000 bonds and $3,000,000 Pref. stock and
370,000 shares (no par value) Common stock of the Power Corp. of New
York.
Royal Typewriter Co., Inc.
-Annual Pref. Dividend.
-
The directors have declared an annual dividend of 7% on the Preferred
stock, payable July 17 to holders of record July 16.-V. 115. p. 2592.
Salt Creek Producers' Association, Inc.
-Extra Dividend.The directors have declared an extra dividend of 3% in addition to the
regular quarterly dividend of 2%, both payable Aug. 1 to holders of record
July 15. Like amounts were paid May I last. An extra dividend of 2%%
was paid Feb. 1 last, while extra dividends of 2% each were paid May 1,
Aug. 1 and Nov. 1 1923.-V. 118, p. 2052.
Schulte Retail Stores Corp.
-To Increase Capital.
-
The directors have voted to increase the capital stock from its present
300,000 shams to 500,000 shares of no par value. The stockholders will
vote July 14 to ratify the increase.
-V. 118. p. 3208.
ts
-Balance Sheet Dec. 31 1923.
Scovill Manufacturing Co.
Liabilities
Assets$17,700,000
Land, bkigs. & machinery _.$12,171,618 Capital stock
-Year 5% gold debenture
Cash in hand and In banks__ 1,971,870 5
300.000
1,150,000
notes, due Jan. 1 1929....
Call loans
17,800
U. S. Government securities_ 5,025,061 Mortgages payable
382,153
Other marketable securities__ 2,398,943 Accounts payable
Accts. & notes reede less res 2,587,976 Dividends-Oakville Co. and
114,000
American Pin Co
Merchandise Inventories__ __ 8,844,903
206,258
156,410 Accrued wages and salaries
Stocks in other companies_ _ _
324,000
98,016 Provision for income taxes_ _ _
Deposits with basun cos_ _ _ _
16,326
59,953 Other liabilities
Advances to subsidiaries. ___
171,510 Surplus reserves
Mtge. notes and investments
103823,41
5;1 639
Surplus
Equities in building and real
297,320
estate contracts
66,308
Patents
$35,020,029
Total (each side)
Deferred charges
20,139
* Land, buildings and machinery, $27,311,574; less reserve for depreciation. 815,139.956.-V. 118. p. 3088
Scranton (Pa.) Electric Co.
-Tenders.
The United States Mortgage & Trust Co., trustee, will until July 16
receive bids for the sale to it of First & Ref. Mtge. bonds dated July 1 1907,
to an amount sufficient to absorb $125,490, and at a price not exceeding
110 and interest -V. 117, p. 97.
-June Sales.
Sears, Roebuck & Co., Chicago.
-June--1923.
1924
$13.938.752 813.333,349
-V. 118, p. 3208, 2836.
[Void. 119.
THE CHRONTCLE
84
Decrease.
Increase. j 1924-6 Mos.-1923.
3605,403 11104917781 1106.777.257 $1.859.476
-Stone & WebSierra Pacific Electric Co.-Notes Sold.
ster, Inc., and Peirce, Fair & Co. have sold at par and int.
$700,000 1-Year 5% Gold Coupon notes.
Dated July 11924. Due July 11925. Int. payable J. & J. at the office
of the State Street Trust Co.,trustee, Boston, without deduction for normal
Federal income tax not in excess of 2%. Denom. $1,000 and $5,000 c*.
Callable all or part upon 30 days' notice at par and interest.
Company.
-Owns all the capital stock of the Truckee River Power Co.,
which,does the entire electric lighting and power business in Reno, Sparks.
Virginia City, Carson City and Minden, Nev., and furnishes power to the
surrounding mining district of western Nevada. Company and its subsidiary also do the entire gas business in Reno, Sparks. and Carson City,
and supply water for domestic purposes in Reno and Sparks.
Power is supplied by hydro-electric plants with a combined capacity of
11,500 h. p. A high-tension transmission line recently completed, connects this system with the Pacific Gas & Electric Co. This allows the purchase of additional power generated in hydro-electric plants of the latter
company and the more advantageous sale of the full capacity of the Truckee
River plants during periods when water is plentiful.
Consolidated Capitalization Outstanding.
1470408:000000
67 divisional bonds of subsidiaries
.57 Gold Coupon notes (this issue)
9
e
3,500,000
Preferred stock,6% cumulative (par $100)
8,000,000
Common stock (par $100)
Earnings 12 Months Ending April 30 1924.
51,034,104
Gross earnings
546,667
Operatng expenses and taxes
Net earnings
Interest on outstanding bonds requires
Interest on these notes requires
$496,437
$26,880
35,000
$431,557
Balance
Management.
-Company has been under Stone & Webster executive
management since organization in 1909.-V. 116, p. 1771.
Simmons Co.
-Results for 6 Mos. Ended May 31 1924.
Net profit for the 6 months ended May 31 totaled $1.174,120. After
deducting $447.011 for Common dividends and $226,419 for Pref. dividends,
there remained a surplus of $500,690 for the period. Profit and loss surplus
at May 31 1924 amounted to $2.744,770, as compared with 12,109,254
at May 31 1923.-V. 117. p. 2899.
(Howard) Smith Paper Mills, Ltd.
-Operations, dec.-President Howard C. Smith, in connection with the cut in dividend
during the next 10 years and at 4 of 1% less for each succeeding year.
Irving Bank-Columbia Trust Co.. New York, trustee.
Issuance.
-Authorized by the New York Public Service Commission.
Data from Letter of President J. H. Pardee, New York. June 28.
Company.-Incorp. Feb. 14 1923 in New York. Does the entire electric
light and power business in the Borough of Richmond (Staten Island),
N. Y. City, supplying over 27,000 consumers. Over 66% of the corporation's total operating revenue and over 91% of the net operating income are
derived from the sale of electric light and power. Population estimated,
130,000.
The corporation owns over 98% of the outstanding capital stock of the
Richmond Light & RR., which company. in turn, owns all o( the capital
stock and bonds of the New Jersey & Staten Island Ferry Co. and over
51% of the capital stock of the Southfield Beach RR. The Richmond
Light & RR. owns and operates 20 miles of electric railway, comprising 30
single track miles. New Jersey & Staten Island Ferry Co. owns and
operates the ferry system between Howland Hook, Staten Island and
Elizabethport, N. J., linking the traction lines of the Richmond Light &
RR. with those of the Public Service fly, in New Jersey.
The sound value of the physical properties of the corporation and subsidiaries. based on valuations as of Dec. 31 1922, by the Public Service
Commission, plus subsequent net additions at cost to May 31 1924, is
$11.687,780, or $4,523,280 in excess of the $7,164,500 total funded debt
outstanding in the hands of the public. To this will be added the new
construction to be paid for from the proceeds of this issue.
Purpose.
-Proceeds will be used to pay in part the cost of a new 15,000
k.w. unit, anti for other corporate purposes.
Sinking Fund.
-II authorized by the P. S. Commission, a sinking fund
will be provided, amounting annually to 1% of the maximum amount
‘
of Series 'B" bonds at any time issued, which will be used to retire bonds
of this series.
Capitalization Outstanding Upon Completion of This Financing.
Ref. & Impt. Mtge. 647, Series "A," due 1953
83.770.500
Ref. & Impt. Mtge. 6%, Series "B," due 1964 (this issue) _ _ 1:700: 0
6 000
70 50
Underlying funded debt
-Closed mortgage
x1.442.000
Equipment Trust certificates
Capital Stock
Preferred stock (no par value-dividend $7 per annum)
613 shs.
Common stock too par value)
y57.333 shs.
Minority stocks not owned
x $700.000 additional are deposited and pledged with the truste5123 3
3 e of thn
Ref. & Impt. Mtge. gold bonds as further security for that issue, and
$58,000 additional are held in the treasury of the Staten Island Edison Corp.
y•Incl. shares reserved to exch. for Richmond Light & RR,stock not owned.
Consol. Earnings, (Incl. Subsidiaries All Inter-Corporate Items Eliminated).
Years Ende2 June 30-12Mos.end.
l9 d
2
1921.
2
Ma637: 19
$2 a 1 1 44.
Total operating rev enue_ _ _ _12,203,613 $2,211.101 $2,1397243,407
Operating expenses and taxes
(excluding Federal tax)_ _ _ 1,804,382 1,611,591 1.5;41,887 1,757,112
Net operating income_ _ _ _
Net non-operating income__
$399,231
885
$599,510
3,203
1792,520
13,210
$860,307
8,885
Net earns. avail, for int.,
deprec.. Federal income
tax and dividends
$400.116 $602,713 $805,730 1869,192
421.133
Annual int, requirements of total funded debt,incl.this issue_ .._
Management.
-J.G. White Management Corp.
-V.118, p. 3089, 2317.
Steel Co. of Canada, Ltd.
-Tenders.
The Royal Trust Co., trustee, up to June 30 received bids for the sale to
It of 6% 30-year bonds due 1940, to an amount sufficient to exhaust $266.108.-V. 118, p. 1531.
-Packers Must Open Books.
Swift & Co.
The books of the packing companies must be opened to the Department of
Agriculture. Judge Adam C. Cliffe of the Federal District Court ruled at
Chicago June 28, in dismissing a petition for a permanent injunction against
the Department brought by Wilson & Co., Cudahy Packing Co. and Swift
& Co. last fall. The Department officials attempted to examine the company records during an investigation of an alleged monopoly of food products. Attorneys for the companies announced they would appeal to the
-V. 118, p. 1924.
U. S. Supreme Court.
-Resumes Divs.-Listing-Earnings.
Telautograph Corp.
The directors have declared a dividend of 34% on the Preferred stock
for the first six months of 1924. payable July 10 to holders of record Juno 30.
(from 1 34 % to 1% quarterly) announced last week, says:
Holders of the Preferred stock on Jan. 21 last waived their rights to the
"The company's mills are presently operating under advantageous con- dividends accrued on their respective Aoldings up to an including Jan. 1
ditions. The construction work which has been under way for more than
(see V. 118, p. 918).
a year at Cornwall is approaching completion. Already these improve- 1924 New York Stock Exchange has authorized the listing of 189.000
The
ments are being reflected in the earnings of the company. The Cornwall shares of Common stock without par value (authorized, 207,500 shares).
and Crabtree mills are operating at capacity. The Beauharnois mill.
Company was incorporated in Virginia Nov. 26 1915. Business is the
making the higher grades of paper, is operating at about 80% capacity.
manufacturing and leasing of mechanical machinery and devices by which,
"The directors have recognized that there is a marked depression in In the operation of what is known as the telautograph system, lines or
business, both in Canada and the United States, which has continued for characters drawn or written at one place are simultaneously reproduced
several months. While in every respect the manufacturing costs of the in fax-simile at another.
company, improved as they have been by the introduction of new classes
Consolidated Income Account
-Period Ended
of paper and the reduction through additions to plant, are such as to allow
4 Mos. to ---Calendar Years
us to meet all competition and normal fluctuations in price, yet as business
1921.
Apr. 30'24.
1922.
1923.
conditions for the remainder of the year are still uncertain, the directors
$376,133
$453,432
$166,855
$405,648
require further assurance of the maintenance of the company's volume of Rentals
3,677
6,670
5,716
1,706
business. Until this assurance is obtainable the directors believe that they Paper sales
6,238
4,066
2,486
10,508
should conserve the company's profits and make provision for building up Miscellaneous income .__ •
a larger reserve. In the position which the convany has reached, bringing
5386,048
5416,384
$469,656
Total Income
$171,046
about more diversified activities, a larger working capital is required than
$27,430
$35,026
$38.225
Expenses-Admin
213,293
In previous years.
52,480
62,373
72,067
Selling
22.855
'The company's business for the first five months of the current year
19,849
24,611
28,267
Installation
9,517
has exceeded that of the corresponding period of 1923 and in fact the earn102.191
111,148
115,179
Maintenance
43,575
ings after setting aside the estimated amounts required for depreciation are
12,305
13,923
14,423
Engineering
5,400
more than sufficient to pay the dividend at a 6% rate. Having in view,
88,002
79.991
81.286
Depreciation
33.117
however, the factors above set forth, the directors have decided to conserve
6,898
12,428
7,634
Experimental
2,087
cash resources and strengthen the company's position by declaring a divi3.652
14,661
2.174
53
Legal
dend for the past quarter of 1% on the Common shares.
6,510
4.249
3.288
1,963
Special
"If business continues during the remainder of the year without abnormal
8,762
14,829
3.701
698
Miscellaneous taxes
recession below the present volume, the directors are of the opinion that this
28,040
27.192
27,839
3,061
Interest
reduction will be quite sufficient to meet all the company's requirements."
-See also V. 118, p. 3209.
176.220
$32,183
113,054
$35,427
Prof. before Fed. taxes
9.419
3,799
917
Fed. taxes paid or aces
-Dividends.
A.) Soden & Co.
The company on July 1 last paid the following dividends: 1 4% on
$66,800
$28,383
$12.137
Net profit
the Participation Certificates).
the Common stock (equivalent to $1 on
554% on the 1st Preferred and 2% on the 2d Preferred; in addition an -V. 118. D. 918.
extra dividend of
of 1% was paid on the 2d Preferred stock. The
-New Issue of $2,500,Toledo (0.) Machine & Tool Co.
latter declaration is in line with the requirements that the company distribute to holders of the 2d Preferred stock an extra dividend equal to 25% 000 7% Cumulative Pref. Stock-No Par Value Shares Created.
.-V. 118, p. 2961.
of the rate declared on the Common stock
The stockholders on June 20 approved a plan to reorganize the comunder the so-called no par value corporation law of Ohio, so as to
-Purchase o'" Properties. panythe Corn. hares, par $50 each. into shares having no par value,conSouthern New England Tel. Co.
and
vert
The L-S. C. Commission on June 21 authorized the company to acquire authorized the issuance and disposition of shares of Common stock of no
the properties of the East Haven Telephone & Electric Co.
par value in addition to those which will be issued in exchange for the ComOn May 14 1924 the companies made a contract by which the New mon shares now outstanding, and authorized the issuance and disposition
England company agrees to purchase the properties of the East Haven at one time or from time to time, in the discretion of the directors, of $2 company for $6,403. Any amount due from the East Haven company to 500,000 7% Cumul. Pref. (a. & d.) stock.
the New England company on the date of transfer of the properties is
It is proposed to immediately issue 53,638 hares of Common stock of no
to be credited on the purchase price, and the balance, if any, is to be paid par value in exchange for a like number of $50 shares of Common stock now
-V. 118. p. 677.
outstanding. The remaining 46,362 shares of no par value Common stock
In cash.
price as
one
-Creditors' Dividend.-' are to be issued and sold at115. time Or from time to time at such
Standard Parts Co., Cleveland.
the directors may fix -V.
p. 2057.
Another dividend of 5%, and what is said may be the last to be paid
Transue & Williams Steel Forging Corp.-Bal. Sheet
creditors from the liquidation of the company, was paid June 11. This
-V. 118. D• 1678, 1280.
May 31 '24 Dec. 31 '23
Liabilitieswill make 75% that creditors realized.
Assetsas
Property Az plant,
CaLital declared._ $500,000 2i50,000
-Marshall Field,
-Bonds Sold.
Staten Island Edison Co.
less deprec'n._ .$1,146,328 81,154,433 Capital surplus__ 2,500,000 2,450,000
Reserve for continGlore, Ward & Co., Spencer Trask & Co. and Estabrook Prepaid Items and 112,954
58,053
supplies
124,758 gencies, &e
249,058
,
& Co. hr ve s-.41 at 98% and int., to yield about 6.10%, Other armets
31,290 Accounts payable_ 172,572
15,757
76,734
418,544
38,046 Taxes
$1,600,000 Ref. & Impt. Mtge. 6% gold bonds, Series "B." Cash
530,059 Profit and loss, stirIn New Acc'ts & notes sec_ 432,298
Dated July 11924. Due July 1 1964. Interest payable J. &
685,611
721,042
T.lus
493,097
and Chicago without deduction for the normal Federal income tax, Mdse. inventory__ 422,633
York
1,437,591 1,636,796
not to exceed 2%. Penna. and Conn. 4 mills taxes and the Mass. Income Securities
tax not exceeding 6% refunded. Denom.c* $500 and $1.000 and r* $1,000,
$3,970,348 $4,008,479
Total
Total
$3,970,348 24,008,479
$10,000. Red. all or part on the first day of any month upon
$5,000 and
0 days' notice, at 10736 and int, during the first 10 years, at 105 and int. -V. 118. p. 3090.
3
;rimy 5 1924.]
85
THE CHRONICLE
Union Electric Light & Power Co.,Unionville,Conn.
The directors have voted to increase the capital stock from $400,000 to
the
$450,000. The privilege of subscribing for the new stock belongs to and
stockholders of record June 19 1924. Subscriptions expire July 9
payment for new stock must be made in full at par ($50) on July 16.V. 116, p. 2780.
-Note Redemption.
Union Tank Car Co.
The company has elected to redeem on Aug. 1 next $2,500,000 of its
Equipment Trust 7% Gold notes, Series "A," due Aug. 1 1930. at 10255
and fnt. Payment will be made at the Equitable Trust Co., trustee, 37
-V. 118, p. 1678.
Wall St., N. Y. City.
-Pays 100th Consecutive Div.
United Fruit Co., Boston.
A statement issued by the company in connection with the payment on
July 1 of a quarterly dividend of 2Y.4% says: This is the 100th consecutive
quarterly dividend and is at the rate of 10% per annum (see V. 117, p. 2662).
The company paid its first quarterly dividend Oct. 16 1899. The dividend
e n um
iaigentsrpar i uarter for thewhole period have averaged at the rate of
-Annual Report.
Utah Securities Corporation.
1922.
1923.
Calendar Years$238,326 $1.678,488
Gross income
Expenses, taxes and int. of
218,555
102,730
Utah Securities Corp_ _
295,462
9.876
Interest
1921.
$757,223
1920.
8726,192
229,427
491,274
180,533
496.320
549.339
$36,522
$125,720 $1.164,471
Balance Sheet December 31.
1922.
1923.
1922.
1923.
Assets118.938
Investments
$3,724,368 $3,724,368 Accounts payable_ $43,362
460,000
153,614 Notes payable_ _
22,227
Cash
:1,258,020 1,256,020
Capital stock
Notes receivable_ _ 740,500
89,351
6,081
Reserves
55,390
Accounts recelvle_
2.779,875 2,570,885
Surplus
Accrued Interest dr
55,338
dividends mole_
1,874
2,844
Prepaid accounts.
Balance, surplus
$4,545,338 $3,935,194
Total
$4,545,338 93,935,194
Total
In
x $30,775,100 par value outstanding, issued under the laws of Virginia.
addition, quarterly dividends of $2,500,000 each have been declared paya- for assets valued at $1,256,020.
The Utah Securities Corporation controls the Utah Power & Light Co.
ble Oct. 1 1924 and Jan. 2 1925, respectively, making a total of 190.319.983
cash dividends. In addition the company declared extra dividends of 10% through the ownership of all its outstanding Second Preferred and Common
each in 1908. 1909, 1910 and 1911, and simultaneously offered to stock- stock, except directors' shares. Utah Power & Light Co. controls Western
holders the right to subscribe for new shares at par. The value of these Colorado Power Co. through the ownership of all its issued securities and
rights in 1908 averaged $13 50 per share; in 1909. $14 50 per share; in 1919. the Utah Light & Traction Co. through the ownership of all its capital stock
-V. 118. P. 1786.
$18 06 per share,and in 1911.S17 87 per share. 1n1921 the company rnade except directors' shares.
a stock distribution of 100%.
-Renews Erie Oil Contract.
Vacuum Oil Co.
Record of Earnings and Disbursements from 1899 to Dec. 31 1923.
The company has renewed for a period of two years its contract with the
% to Total.
Erie RR. covering the latter's entire requirements for lubricating oil and
_$260.687,073
Operating income after depreciation & charges_
-V. 118, p. 3210. 2318.
3.87 greases for locomotives, rolling stock, shops, &c.
10, 85,960
Paid in interest charges
22.74
59,296,440
Taxes
-Equipment Trusts Sold.
Co.
34.65
90,319.983
Western Fruit Express
x Cash dividends declared
38.74
100,984.690
Earnings put back into property
& Co., First National Bank and the National
g The total cash disbursed in dividends to July 1 1924 is $85,319-,983.
100.00
1260.687,073
1923.
1899.
311,118,700$100,000.000
Capital stock
20,469
361
Number of stockholders
x Includes dividends declared for 1924.-V. 118. p. 548, 563.
Total
J. P. Morgan
City Co. have sold at 100 and dividend for all maturities
$4,400,000 5% Serial Trust Certificates, Series "A." - Issued
under the Philadelphia plan.
Dated June 15 1924, due annually June 1925 to 1939. both inclusive.
First National Bank. New York,trustee. Denom.$1,000 c*. Certificates
and dividend (J. & J.) payable in New York City at the office of the trustee.
-Unconditionally guaranteed by endorsement, jointly and
Guaranty.
The directors have declared an extra dividend of 2% and the regular
severally, by Great Northern Railway CO. and Western Fruit Express Co.
dividend of 2%.-V. 116, p. 2286.
quarterly
The guaranty of these certificates by the Great Northern Railway Co. has
been authorized by the Inter-State Commerce Commission.
-Resignation.
United States Rubber Co.
Western Fruit Express Co. is controlled by the Great Northern Ry
Lester Leland has resigned from the company and all associated comoutstanding capital stock. It provides
panies. Mr. Leland has been Vice-President or Vice-Chairman and a mem- through the ownership of all its service for perishable freight originating
refrigerator cars and refrigerator
ber of the executive committee of the United States Rubber Co.for 25 years. on
the lines of the Great Northern Ry.
-V. 118, p. 1925.
The equipment trust certificates are to be issued to provide for part of
the cost of 3.000 refrigerator cars, 2,000 of which will be cars bought from
-Earnings.
U. S. Smelting, Refining & Mining Co.
latter
the railway company by the express company and rebuilt by thewill be
Consolidated (estimated) earnings for 5 months ended May 31
total cost of these cars when rebuilt
$2,116,674 with steel underframes. The
1924, after providing for all interest
remaining 1,000 cars will be new steel
905.829 approximately $3,200,000. The built by the express company at a total
Reserve for depreciation, depletion and amortization
be
709,260 underframe refrigerator cars to The total cost of all the cars included in
Preferred dividends
approximate cost of $2,400,000.
the equipment trust will thus be approximately $5,600,000. The title to
$501.585 this
Balance, surplus, available for Common dividends
equipment is to be vested in the trustee, which is to lease the equipment
The report of the directors says in part: "Although productioa of metals to the Western Fruit Express Co. at a rental sufficient to pay the face
at the mines and smelter in Utah has been smaller than in the corresponding amount of the certificates and the dividend warrants and other charges as
period last year, higher prices for lead have ttsulted in fairly satisfactory they mature.
earnings. The coal operations remain curtailed owing to the small demand
-Notes Called.
for coal in the Western States. The output for the five months was 266,278
Western United Gas & Electric Co. Series "E" and"F,"
tons as compared with 329,078 tons in the corresponding period last year.
Collateral 6% Gold notes,
All of the
"The increased production at the Mexican properties, where th•3 tonnage dated Feb. 1outstanding been called for payment Aug, 1 at 10034 and
1921, have
of ore milled was 98,700 tons per month as compared with 87,100 tons per Interest at the Northern Trust Co.. Chicago,
117, p. 1673.
month in the same period last year, has resulted in larger earnings, notwithstanding a lower average price of silver during the period under review."
-Notes Sold.White Eagle Oil & Refining Co.
-V. 118, p. 2584, 2318.
-Extra Dividend.
United Illuminating Co., New Haven.
United States Steel Corp.
-Number of Stockholders.
The number of holders of Common stock for the second quarter of 1924
totaled 99,189, an increase of 477 compared with the first quarter. The
number of Preferred stockholders declined 296 to 79.264.-V. 118, p. 2962.
Dillon, Read & Co. have sold at 99 and interest, to yield
-Year 53/2% Sinking Fund Gold
about 5.72%, $3,000,000 5
Notes.
Dated July 11924. Due July 11929. Denom. S1-000 c•. Interest payable, J&J,at the office of Dillon, Read & Co.. NewYork City. Company will
pay the Federal normal income tax up to 2%. Redeemable, all or part. on
any interest date after 30 days' notice: at 102 and interest to and including
July 1 1927: thereafter at 101 and interest to and including July 1 1928:
thereafter at 100% and interest. Seaboard National Bank, N. Y.. trustee.
-A sinking fund to purchase in the market or call by lot
Sinking Fund.
Dated March 1 1920. Due June 15 1949. Int. from June 15 1924. $200,000 of notes semi-annually, beginning Jan. 1 1925, will be provided.
payable J. & D. 15, without deduction for,any Federal income tax not ex- sufficient to retire 60% of the entire issue prior to maturity.
ceeding 2%. Callable on any int, date on not less than 45 days notice at
June 28.
105 and int. through June 15 1934: thereafter at 104 and int. through Data from Letter of Pres. L. L. Marcell, Kansas City, Mo.,
Company.
June 15 1938; thereafter at 103 and int. through June 15 1942; thereafter at
-Organized in 1919 as a consolidation of six companies operatint. through June 15 1946. and thereafter at 101 and int. Denom. ing in the mid-continent field. Is one of the leading companies in that field
102 and
in the refining and marketing of petroleum and its products. Company has
$1,000 and $500 c*. Central Union Trust Co., New York, trustee.
-Subject to authorization by New York P. S. Commission.
Issuance.
472 distributing and service stations in Kansas, Nebraska, Minnesota. the
power Dakotas, Colorado and other mid-Western States, including one-half in-Conducts the entire commercial electric light and
Company.
business and the entire gas business in Utica. Little Falls and numerous terest in 28 stations of a subsidiary company. Its refineries, located at
other communities located in the Mohawk Valley, serving a total popula- Augusta, Kan., Fort Worth, Texas, and Casper. Wyo.. have a daiiy cation estimated to be approximately 220.000. The territory served is in the pacity of 14.000 bbis. In addition to its refineries and marketing properheart of the great manufacturing district of New York State.
ties, the company's holdings comyrise approximately 38,000 acres of oil
Upon completion of a new 30,000 k.w. steam plant and other work now lands and leases. 246 miles of pipe line, 619 tank cars, and storage facilities
in progress, the company will operate electric generating plants with a at refineries and stations for more than 1,700,000 bbls. of crude oil and
capacity of84.300 k.w. approximately 40% of which will be hydro-electric. refined products.
The gas manufacturing plants now operated have a daily manufacturing
The company sells the greater part of its refined products through its own
capacity of 6.000,000 Cu. ft., which is being increased to a daily manu- widely distributed bulk and service stations. It also purchases a considerplant. able quantity of gasoline for export.
facturing capacity of 9.500,000 Cu. ft. by the construction of a now
which it is expected will be ready for operation on Oct. 1 1924. The
Earnings for Calendar Years.
capacity of the present hydro-electric plants can be materially increased
I921.
1923.
as needed, and in addition the company owns hydro-electric power sites
3
19428
$14.693,387 $13,8. 2,.18 $9.251,382
Net sales
which have a potential capacity of from 30,000 k.w. to 40,000 k.w.
1.640,442
Net income before deprec'n & deplet'n 2,720.190 3,156.186
737,810
967,101
Earnings Years Ended April 30.
1.203,733
Depreciation and depletion
1924.
1923.
$3,771,440 $4,148.499
Gross earnings
for interest
Net income available
S902:632
$1,516.457 $2,189,085
Operating expenses, current maintenance and taxes_ 2,076.116 2,389.966
and Federal taxes
For the three years net earnings available for interest and Federal income
Net earnings
$1,695,324 $1,758,533 taxes, as shown soiree, averaged $1,536,058 per annum, or more than eight
667.050 times maximum annual interest charges on funded debt upon issuance of
Annual int, on mtge. bds. with public (incl. this issue)
these notes. For the five months ended May 311924. net income available
$1,091.483 for interest and Federal income taxes amounted to $1,010,816.
Balance
Authorized. Outstanding.
CapitalizationPurpose.
-Proceeds will be used by the company to retire equipment
Common stock, paying 8%
$8,500,000 $4,000.000 certificates, to increase working capital, and for other corporate purposes.
Preferred stock, 7% cumulative
4,500,000 2,812,900
Sinking Fund.-A sinking fund beginning Jan. 1 1925 will be provided to
7% notes, due Nov. 1 1924
x1.500,000 purchase in the market at not exceeding the current redemption price, or.
$2,000,000 so far as not so obtainable, to call at that price $200,000 principal amount
Gen. Mtge. gold bonds, Bar. "A." 7% %. 1925- -1
do Series "13," 77, due 1935 (all reserved for
of notes semi-annually. The sinking fund is sufficient to retire 60% of
None the entire issue prior to maturity.
conversion of Series "A" bonds)
a
do Series "C," 5Li %. due June 15 1949 (this
Issue)
3.300.000 Balance Sheet May 31 1924 (Adjusted to Give Effect to Issuance of These Notes).
Underlying and divisional bonds
66,681,000
Liabilities
Assets$635,864
1680,721 Accounts payable
Cash
103.031
Total bonds
$11,981,000 Notes & acets receivable. 1.069,256 Other accruals
278.573
3,554,804 Deferred notes payable_ _
a Unlimited except by the conservative restrictions of the mortgage. Inventories
Five-years ji% gold notes 3.000,000
$319,000 additional held alive in a sinking fund. c Closed except for Warehouse materials and
b
5.192
133.334 Deferred credits
supplies (at cost)
refunding $390.000 divisional bonds. x Arrangements are being made for
157,648 Res.for depr. & deplet'n_ 6,782.072
the retirement of these notes from the proceeds of the sale of additional Investments
498,703
19,067,138 Other reserves
Fixed assets
Preferred stock.
-Proceeds will be used to reimburse the company in part for Deferred charges
293,193 Capital stock and surplus 13,652,659
Purpose.
expenditures made and now being made in connection with various addi$24,956.094
$24,956,094 Total
Total
tions and extensions to substations, distribution systems, &c., and for the
construction of a new 30,000 k.w. generating station at Harbor Point.
The above balance sheet is subject to reserve for Federal income tax in
a new gas manufacturing plant. These additions are respect of the five months ended May 31 1924. Surplus as shown above
Utica, N. Y ., and of
made necessary by the great increase in the consumption of gas and electric includes 32,973,944,representing discovery values and appreciated values of
-V. 117, p. 2224.
energy in the territory served by the company.
property and equipment in excess of original cost -V.118, p.3210, 2714.
-Harris,
-Bonds Offered.
Utica Gas & Electric Co.
Forbes & Co. and Coffin & Burr, Inc., are offering at 100
and int. $3,300,000 53/2% Gen. Mtge. gold bonds, Ser. "C."
-Dividend Date.
Utah-Idaho Sugar Co.
The oompany on June 30(not June 20, as previously stated) paid an extra
dividend of 1% on the Common stock, par $6, in addition to the regular
quarterly dividend of 1%.-V. 118, p. 2838.
-Must Open Books.
Wilson & Co., Inc.
-V. 118. p. 3090.
See Swift & Co. above.
For other Investment News, see page 93.
86
THE CHRONICLE
[VoL. 119.
gleltorts andparitntrixts.
MMUS..AS Wall I 4IENTS
PACIFIC GAS AND ELECTRIC COMPANY
EIGHTEENTH ANNUAL REPORT
-FOR THE FISCAL YEAR ENDED DECEMBER 31 1923.
San Francisco, Calif., April 1 1924.
To the Stockholders:
Your Board of Directors submits herewith a statement of
the affairs of the Company and its subsidiaries for the year
1923.
CONSOLIDATED INCOME ACCOUNT.
(Including Operations of Mt. Shasta Power Corporation and
California Telephone and Light Company.)
1923.
1922.
gas customers 343,690, and of water and steam customers
18,389. During the past 16 years the net addition of customers to the Company's distribution system was 527,419, or
289%, as shown by the following summary:
Gas Customers
Electric Customers
Water Customers
Steam Customers
Increase. Decrease.
Number of Customers at Dec.31 -Net Gain
1907.
1922.
1923. /n 1923./n15 Yrs.
_122,304 316,268 343,690 27,422 221,386
54,772 311,615 347,955 36,340 293,183
5,539 16,985
17,810
825
12.271
542
579
37
579
Total Customers
(1) Gross operating revenue„.39,321.535
Deduct
(2) Operating and Administrative Expenses
15.584,323
(3) Taxes
4,029,887
(4) Maintenance
3,442,979
(5) Uncollectible accounts and
casualties
436,221
38,593.562
727,973
15,946,068
3.690,213
3,117,531
339,674
325,448
Gross operating revenues amounted to $39,321,536, thus
reaching a new peak and exceeding last year's gross by $727,973, despite the fact that, dating from February 20 1923, the
Company's electric customers were given the benefit of rate
reductions aggregating approximately $2,500,000, while the
gas customers also benefited to the extent of $970,000 from
the lower rates effective in 1923, compared with 1922 averages. This increase of $728,000 in operating revenues in the
face of rate reductions aggregating approximately three and
a half millions of dollars signifies the addition of practically
$4,200,000 worth of new business, of which slightly less than
$270,000 was received as a result of the acquisition on May
1 1923 of the California telephone and Light Company.
Emphasizing the substantial industrial development of
the territory served by this Company, it is noteworthy that
sales of power for manufacturing purposes increased by
43,281,768 kw. hrs., or 18.76%. The steadily expanding field
for the utilization of electricity for miscellaneous power,
heating and cooking purposes is indicated by an increase of
25,001,649 kw. hrs., or 23.56%. These exceptional increases in
sales, as measured by physical output, while not quite sufficing in a few instances to overcome during 1923 the effect of
the lower rate schedules on certain branches of service, were
yet sufficient in the aggregate to yield a gross revenue almost three-quarters of a million dollars more than in the
preceding year. The outlook is favorable for a continuation
of this growth and for a complete recovery from these rate
reductions.
The following table shows the growth in gross operating
revenue derived from each department of the Company's
business during the past five years:
76,534
651.439
39.164
(9) Total net income
16,478,332 15,787,729 690,603
(10) Bond and other interest.__ 6.165,817 5,148,614 1,017,203
(11) Balance
10,312,515 10.639,115
(12) Bond discount and expense 331.464
449,757
326.600
118,293
(13) Balance
9.981.051 10,189,358
(14) Reserve for depreciation__ 3,224,757 3.602.199
208,307
377,442
169,135
(15) Surplus
6.756,294 6,587,159
(16) Dividends paid on preferred
stock (6%)
3,103,847 2,574,157
529,690
(17) Balance
3,652,447 4,013,002
(18) Cash dividends paid on
common stock*
2,310.498 1,820,431
64,624 527,411)
(1) GROSS OPERATING REVENUE.
226,843
663,064
(6) Total deductions
23,493.410 23.416,876
(7) Net earnings from operation15,828,125 15,176,686
(8) Add-Miscellaneous income 650.207
611,043
182,615 645,410 710,034
The above figures are exclusive of 2,455 telephone patrons
receiving service from the California Telephone and Light
361,745 Company.
ANALYSIS OF INCOME ACCOUNT.
490.067
360,555
(19) Balance
1.341,949 2,192,571
850,622
*Dividends paid at annual rate of 6% during first three quarters of 1923
and 8% rate during last quarter. Common stock now on 8% cash basis.
Income and Surplus Accounts and Balance Sfieet certified by Messrs. Price, Waterhouse & Co., appear on a subsequent page.
CUSTOMERS.
A new record of growth was achieved in 1923 through the
net addition of 64,624 active meters. While 6,359 of these
'were on the lines of the California Telephone and Light
Company at the date of its acquisition in May 1923, the remaining 58,265 represented, nevertheless, an actual growth
entirely unprecedented in the Company's history, exceeding
the 1922 record of 46,297 new customers by 11,968, or at the
average rate of 1,000 per month.
The total number of customers at the close of 1923 was
710,034. The number of electric customers was 347,955, of
GROWTH OF' GROSS OPERATING REVENUE, BY DEPARTMENTS.
Gas.
$8,923,484
9.933.334
11,161,682
12,570,042
12,861,214
13,240.656
211 AR9 924.
1918
1919
1920
1921
1922
1923
Electricity.
$12,384,499
14,474,884
21,577,909
22.502.192
23,774,223
24,066,783
Year-
24 R17 172
Street
Railway.
$534,068
671,105
753,028
779,009
798,430
783,075
2940 Any
(2) OPERATING AND ADMINISTRATIVE EXPENSES.
It is satisfactory to note that this item, which amounted
to $15,584,323, showed the substantial decrease of $361,745,
compared with the previous year. This result was achieved
in spite of the larger number of operating employees and the
more extensive use of material and supplies naturally associated with furnishing service ot 64,624 new customers.
The largest single item of expense was that of wages,
which absorbed slightly in excess of 25 cents out of each
dollar paid by our customers. The average monthly wage
paid to all employees was $142 84, or very slightly in excess
of the 1922 average rate of $139 32. The total operating
payroll aggregated $9,968,720, the average number of employees being 9,272.
Material and supplies other than oil used in the Company's business for operating purposes, rental of leased
properties, current purchased, etc., accounted for 121-3 cents
of the customers' dollar. The Company's index of the cost of
Water.
Steam.
$509.273
540,607
638,336
699,198
730,043
744,176
$244,193
318,442
351,005
389.033
429.652
418.736
5254 005
2174 AAR
Telephone.
Total.
$68,110
*RR 11 n
Increase
Each Year.
$22,595,517
25,938,372
34,481,960
36,939,474
38.593,562
39,321,536
515 795 nt o
3,342,855
8.543,588
2,457,514
1,654,088
727.974
tie. 01n
7oa
materials and supplies used in its business showed average
prices at the end of 1923 to be 5.3% in excess of the 1922
figure, and 62.6% higher than pre-war levels.
(3) TAXES.
Slightly over 10 cents of each dollar of revenue was absorbed by taxes, which aggregated $4,029,887, an increase of
$339,674. Almost three-fourths of this amount is payable to
the State of California, 7% cents of every dollar received by
the Company for sales of gas and electricity finding its way
into the State Treasury. Next to the transcontinental railroads, the Pacific Gas and Electric Company is the largest
contributor towards maintaining the expense of the State
Government. Federal taxes aggregated $1,061,674, State
taxes $2,805,371 and franchise and ad valorem taxes
$162,842.
(4) MAINTENANCE AND (14) DEPRECIATION.
In the realization that sound business principles, as well
as the obligation imposed upon your Company as a public
JULY 5 1924.]
THE CHRONICLE
servant, dictate that the requirements of your Company's
710,000 customers shall be met in the fullest degree, no effort has been spared to achieve a standard of service which
is irreproachable. To this end the Company's properties
have been consistently maintained on a high plane of efficiency, expenditures for maintenance in 1923 amounting to
$3,442,979, or $325,449 more than in 1922, while $3,224,757
was set aside as a reserve for depreciation. This latter
amount was calculated in conformity with engineering tables
compiled by the State Railroad Commission, based on the
probable life of various classes of property.
As indicated by the last column of the appended tabulation of maintenance expenditures and depreciation reserve,
the Company's provision for the adequate upkeep of
its
properties, in relation to the amount of its revenue
s, has
shown remarkably little variation for a number
of years:
Maintenance Depreciation Total Upkeep % of
OperYear—
Expenditures.
Reserve.
Provision. &Inc Gross
.
1918
81,170,841
$2,700,000
83,870,841
17.1%
1919
1,748,483
2,500,000
4.248,483
16.3%
1920
2,740,639
2,788.302
5,528.941
16.0%
1921
3.437.673
3,069,078
6,506,751
17.6%
1922
3,117,530
3,602,199
6.719,729
17.4%
1923
3,442.979
3,224,757
6,667,736
16.9%
Nearly sixty-six million dollars have been expende
d for
maintenance or appropriated for depreciation in
the past
eighteen years, as indicated by the following table:
Expended for Maintenance
$29,945,149
Appropriated for Depreciation
36,991,845
Total
$65,936,994
Average per year
$3,663,166
(5) UNCOLLECTIBLE ACCOUNTS AND CASUALTIES
RESERVES.
These reserves represent the provision made
out of revenues for bad debts and for the unavoid
able accidents incident to operation, such as fires, injuries to
workmen or to
the public, and other contingencies. The
amounts so set
aside in 1923 aggregated $436,221, the balance
accumulated
In these reserves amounting at the close
of the year to $630,412 15, or $97,126 17 more than at Decemb
er 31 1922.
87
1923. Interest charges during the year aggregated $6,165,817, these charges being earned slightly more than 22-3
times. It is indicative of the sound position of these secured obligations that during none of the past ten years has
interest expense been earned less than twice over, the average for the decade being two and one-half times. Due to the
very substantial increase in the amount of operative property, such as Pit Plant No. 1 and other income producing
additions and extensions, these charges showed an increase
of $1,017,203 over the 1922 figures.
(15) SURPLUS.
After the payment of all fixed charges and deducti
ng a
reserve for depreciation of $3,224,757, to which referen
ce
has already been made, there remained a surplus of $6,756,294 available as a return upon the investment of
the 27,000
stockholders who are the actual owners of the
property.
This was $169,135 more than the corresponding figure
In
1922.
(16) PREFERRED STOCK DIVIDENDS.
•
Preferred dividends at the established rate of
6% were
paid during the year, these dividends in 1923 amount
ing to
$3,103,847, and being earned 2.2 times.
In the past five years the balance remaining
for the payment of preferred stock dividends, as indicated by the
following table, has increased by $3,684,184,
while preferred
dividends paid in the same time have increas
ed only $1,613,384, leaving an increased balance of
$2,070,800 available
for the common stock.
Surplus Available
for Dividends
after Prior
Preferred
Charges and
Stock
Year Ended December 31—
Depreciation.
Dividends.
Balance.
1918
$3.071,303
$1,490,463
$1.580,840
1919
3,340,353
1,528,961
1.811,392
1920
3,922,061
1,777,933
2,144,128
1921
4,969,230
2.132.283
2.836,947
1922
6,587,159
2.574,156
4,013,003
1923
6,756.294
3.103,847
3.652.447
(7) NET EARNINGS FROM OPERATION (8)
Increase in 5 years
MISCELLANEOUS
$3,684,991
$1.613,384
$2.071,607
INCOME (9) TOTAL NET iNoOmE.
(18) COMMON STOCK DIVIDENDS.
After deducting from operating
From the $3,652,447 remaining after
revenues the expenses
the payment of preenumerated under items (2) to (5)
inclusive, there remained ferred stock dividends, there were paid to
the common
a balance of $15,828,125, in addition to
which the Company stockholders cash dividends aggregating $2,310,498,
these
received $650,207 of miscellaneous income,
dividends being at the rate of $1 50
composed mainly
for each of the first
of profits on sales of gas and electric
appliances, income three quarters and $2 per share for the last quarter
, the
from investments, and rentals from
non-operative proper- latter rate establishing this stock upon an annual
8% cash
ties; net income available for interest
charges, depreciation basis. A balance of $1,341,949 remaining after
all these disand dividends thus amounting to $16,478,
332. This amount bursements was carried to the Company's surplus
account.
was $690,603 in excess of 1922, the best
previous year in the
CONSERVATION OF ASSETS.
Company's history.
(10) BOND AND OTHER INTEREST (12) DISCOUN
T AND EXPENSE.
Bond interest, which absorbed 15.7 cents
of each dollar
of gross operating revenue, is the return
paid to the Company's 41,500 bondholders for the loan of
funds secured by
mortgages on the property, represented
by $129,600,000 par
value of bonds in the hands of the
public at December 31
Of the aggregate gross revenue of $381,62
4,507 received in
the past eighteen years, as shown in the
first of the two
following tables, $90,395,524 represe
nts the balance remaining after the payment of interest charges
. Of this amount
$33,925,000, or about 37%, was paid
out in cash dividends,
the remainder being retained in the busines
s as indicated in
the second of the tables given below:
CONSERVATION OF ASSETS.
•
Gross Revenue,
Including
Miscellaneous
Income.
Year.
1906
1907
1908
1909
1910
1911
1912
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
$8,947,162
11,342,140
12,657,305
13.491.288
14,044,596
14,604,809
14,651,786
16,094,514
17,100,534
18,778.446
18,941,427
20,118,990
22.870,194
26,309,671
34.985.791
37.509,707
39.204.605
39,971,742
$381,624.507
To Retire Bonds
-.Reinvested in Property
•
For Replacements and RehabilItation
Cash Dividends
Other Purposes
Maintenance,
Operating
Expenses and
Reserves.
$4,139,233
5,978,967
6,517,930
7,211,517
7,538,461
7,697,370
7,808,592
8,655,044
8.170,874
8,356,148
8.586.318
10,351,452
11.247,391
14,287.089
20,898,531
21,013,190
19.726.663
19.463.523
$197.645.293
$16.127,000
21,520,000
17,970.000
33,925,000
853,000
Total
890 395 0
. . °°
RESERVES.
Reserves at Decembe 7 31 1923, after charging
off real-
ized losses, stood as 'ollows, compared with Decemb
er
31 1922:
Taxes.
$283,886
247,262
274,789
320,059
382,880
516,702
622.969
676,163
743,047
849.445
972,565
1,253.239
1,782,939
1.962.038
2,559,109
3,265,895
3.690,213
4,029,887
524.433.1W
Net Earnings
Before
Depreciation.
$4,524,043
5,115,911
5,864,586
5.959,712
6,123,255
6,390,537
6.220.225
6,763,307
8,186,613
9,572,853
9,382,544
8,514,299
9,839,864
10.060,544
11.528.151
13,230,622
15.787,729
16.478,332
11M) MR 127
Interest
$2,784,908
2,854,264
3,021,722
2,988,521
3,006,256
3,254,133
3,476,078
3,794,222
4.071,432
3,819,676
3,660,976
3,898,169
3,881.542
4,012,240
4,511,251
4.797,782
5,148,614
6.165,817
Sfig 147 RA2
Balance.
$1,739,135
2,261,647
2,842,864
2,971,191
3,116,999
3,136,404
2,744,147
2.969,085
4,115,181
5,763,177
5,721,568
4,616,130
5,958.322
6,048,304
7,016,900
8.432,840
10,639,115
10,312.515
tan aGg g9A
+ Increase
Description of Reserves.
Dec.31, 1923. Doc. 31. 1922. — Decrease.
For Depreciation
insurance and Casualty $15,310,073 53 $13,049,320 57 +82,260,752 96
Funds
510.660 35
341.410 88
+169,249 47
Uncollectible Accounts Re119.751 80
191.875 10
ReTrve for Earnings in
er ve
—72.123 30
Litigation
Reserve for Northers Cali- 1,820.134 09 1.820.134 09
fornia Power Company
Consolidated Plant Al
bepreciation
1.651,232 85 1,648,265 73
+2.967 12
819.411.852 62 $17,051.006 37 +82.360.
84625
[VOL. 119.
THE CHRONICLE
88
NOTES ON BALANCE SHEET.
Net Cost of Additions to Plants and Properties, after deduction of all realized depreciation, 1913-1923
$94,714,234
Increase in Net Current Assets
16,017,698
PLANTS AND PROPERTIES.
An active program of construction to meet the ever-grow.
ing demands of the service was continued throughout the
year, gross expenditures for additional facilities being
$19,980,711, the largest in the history of the Company. In
the Pit River region, work was begun upon the boring of a
tunnel four miles in length and twenty feet in diameter,
with other developments incidental to the construction of
the fourth power plant of the Company's program in that
locality, to be known as Pit Plant No. 3, with an installed
capacity of over 108,000 h. p. The estimated annual output
of this single plant will be about 400,000,000 kw. hrs., or
approximately equivalent to the entire quantity of- electric
energy sold annually by the Company ten years ago. Many
other items of construction work involving expenditures of
considerable magnitude are briefly outlined on page 22
[pamphlet report].
The Company on May 1 1923 enlarged its field of business
activities through purchase of the properties of the California Telephone and Light Company, which owned and
operated an electric distribution and telephone system serving a territory contiguous to that covered by your Company
and yielding an annual gross revenue somewhat in excess
of $350,000. The purchase was effected through an exchange of stock. Reduced to a cash basis, the cost of the
properties was approximately $1,400,000, as compared with
an historical cost of the acquired properties of about the
same amount, and of a present-day cost largely in excess of
the cash cost.
These various .
expenditures for construction and acquisitions brought the total investment in plants and properties
at the close of the year, as shown on the balance sheet, up
to $219,020,176. The value of these properties exceeds this
figure by many millions of dollars.
The Plants and Properties Account, at the close of the
$200,250,877 54
previous fiscal year, stood at
Gross Expenditures for additions, betterments and improvements during the year
$19,980.710 83
1923, amounted to
Of which there was charged to Operating Expenses through the medium of Deprecia1,211,412 36
tion Reserve
Leaving Balance carried to Plants and Properties Account_
The Total of which at December 31. 1923. stood at
18,769,298 49
$219.020,176 03
In the eighteen years since its organization, at which
time it took over extensive properties with a corporate existence dating back to 185.3, the Company has increased its
plant account by $146,240,342 31 through construction and
the acquisition of additional properties. So rapid has been
the development of recent years that upwards of $79,700,000.
or 54.5% of this total, has been added to plant account in
the last five years.
Year-1906
1907
1908
1909
1910
1911
1912
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
Total
Other Properties
Construction.
Acquired.
$3,860,243 84 $13,820,125 00
3,674,474 69
47,861 17
2.099.996 91
1,746,705 64
90,632 46
2,879,158 45
593.766 29
2,248.521 31
4.768,949 31
7,495,763 69
404,285 15
7.406.415 80
389.208 36
2,733,949 35
4,181 50
2,089,447 17
120,478 44
3,658,426 33
12,681 31
2,778,535 82
1,800,055 76
1,555,578 93
256,719 48
11,631,540 89
3,106,667 71
1,210 60
10.600.208 89
333 00
18,040.060 51
1,132.581 99
16,422,278 07
1,079,255 98
17,690,042 51
$110.731.932
49,106,800
Excess of Cost of Added Tans,lble Assets over increase in
par value of Funded Debt
$61.625,132
Increase in par value of Preferred Stock
44.299,084
Excess of Cost of Added Tangible Assets over increase in
par value of Funded Debt and Preferred Stock
$17,326,048
Increase in par value of Common Stock
3,521,585
Excess of Cost of Added Tangible Assets over increase in
par value of Total Capitalization, created through reinvestment of Surplus and Reserves
$13,804,463
The following table shows in comparative form the strong
and hnproving relationship between net income and interest and dividends, over this ten-year period, notwithstanding
the rapid growth of the Company's business and the necessity imposed thereby for the investment of large amounts
of new capital:
Increase in
Ten Years.
1913.
1923.
Net Income available for Bond Interest_$16.478.332 $6,763,307 169,715,025
Bond Interest Expense
6,165.817 3.794.222 2,371.595 Margin over Bond Interest
$10,312,515 $2,969.085 $7,343,430
Per Cent earned on all Bonds outstanding at close of respective years
8.4%
4.3%
12.7%
Net Income available for Preferred Stock
Dividends, after depreciation
$1,260,582 $5,495,712
$6,756,294
Preferred Stock Dividends paid
600,000 2,503.847
3.103,847
Margin over Preferred Stock Dividends
$3,652,447
Per Cent earned on all Preferred Stock
outstanding at close of respective
years
12.4%
Net Income available for Common Stock
Dividends, after depreciation
$3,652,447
Per Cent earned on all Common Stock
outstanding at close of respective
years
10.3%
Per Cent earned on Total Capitalization outstanding at close of respective years, before depreciation_
7.5%
$660,582 $2,991,865
12.6%
*0.2%
$660,582 $2,991,865
2.1%
8.2%
5.5%
2.0%
*Decrease.
FUNDED DEBT.
During the year $20,000,000 face value of First and Refunding. Mortgage Bonds were sold upon favorable terms in
order to insure an ample supply of ready cash so that construction work might be carried forward without delay.
These bonds, which were sold in two blocks of $10,000,000
each, were designated as Series "C" and bear interest at the
rate of 51/
2%, compared with a 6% rate on the Series "B"
bonds issued in 1921 and a 7% rate on the issue of Series
"A" bonds sold in 1920, the lower rate being primarily a
reflection of the improved condition of the general financial
market for high grade investment issues. In addition, $742,400 California Telephone and Light Company 6% bonds
were assumed in connection with the purchase of that Company's properties, and $2,850,500 par value of underlying
bonds were retired through the operation of sinking funds
and the redemption at maturity on July 1 1923 of $1,380,000
South Yuba Water Company 6% bonds.
CAPITAL STOCK.
Total.
$17,680,368 84
3,722,335 86
2,099,996 91
1.837,338 10
3,472,924 74
7.017,470 62
7,900,048 84
7,795,624 16
2,738,130 85
2,209,925 61
3,671,107 64
4,578,591 58
1,812,298 41
14,738,20860
10,601,419 49
18,040.393 51
17,554,860 06
18.769,298 49
$110,086,475 62 $36,153,866 69 $146,240 342 31
CAPITALIZATION.
There were outstanding in the hands of the public at the
close of 1923 $219,522,569 par value of stocks and bonds,
ownership of which was vested in approximately 68,500 investors, including 40,000 residents of California. The fact
that in the past ten years alone the increase in tangible
assets, after writing off $11,751,859 for abandoned and obsolete units, has exceeded by upwards of $13,800,000 the total
increase in capitalization, affords convincing evidence of
the strong and steadily increasing physical equities supporting these securities.
Total Increase in Net Tangible Assets
Increase in par value of Funded Debt
During the earlier months of the year the Company sold
$2,543,700 par value of its First Preferred 6% Stock to 3,314
local purchasers, the amount of stock thus disposed of in the
past nine and one-half years aggregating $38,500,000. The
cost of selling this stock averaged 88.5 cents per share, including all expenses up to the point of entry onalle stock
ledger.
Year-
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
No. of
Sales.
3,739
1,712
617
650
192
52
3,669
6,399
9.314
3,314
No. of
+.
Par Value of Stockholders
Stock Sold.
Dec. 31.*
$8.801,300
4,128
3,785,100
7,226
1 123,100
7,880
890,000
8,141
War 156.000
8,242
Perlodt 35,900
8.813
3,634,650
14,020
7.491,550
18,204
10,038,700
25.265
2.543,700
26,294
29.658
Total
$38,500,000
*Excluding duplications due to same individual holding both common
and preferred stocks.
The signal success which has attended the adoption of
this policy is the logical result of its recognition of the
fundamental principle of the mutuality of Interest of the
utilities and of the public which they serve. Its demonstrated value as a most effective means of financing is possibly of secondary importance to the fuller understanding of
utility matters and the more cordial relationship between
the public service corporations and their patrons which have
been evoked as a result of "customer-ownership."
The extent to which persons in the most widely divergent
financial circumstances have availed themselves of the opportunity to become partners in this enterprise is revealed
•••
by the following table classifying our stockholders with
respect to the size of their holdings. Of the 27,013 shareholders, 2,177 or 8.06%, own only one share each and 14,643,
or 54.21%, own ten shares or less; while at the other end
of the financial scale there are 76 holders of upwards of one
thousand shares each.
CLASSIFICATION OF INDIVIDUAL HOLDINGS.
Size of Holdings.
Stockholders with
share each
1
shares each
2
shares each
3
shares each
4
shares each
5
6- 10 shares each
11- 25 shares each
26- 50 shares each
51- 100 shares each
101- 200 shares each
201- 500 shares each
501-1.000 shares each
Over 1.000 shares each
No.
of
Stockholders.
Accumulative Total.
Per Cent
Per
No. of
of
Total. Stocichold'rs Cent.
2,177
1,780
1.047
726
2,964
5,949
6,068
3,174
1,746
863
363
80
76
8.06
6.59
3.88
2.69
10.97
22.02
22.46
11.75
6.46
3.20
1.34
.30
.28
*27.013
Total
89
THE CHRONICLE
JULY 5 1924.1
2.177
3.957
5,004
5.730
8,694
14.643
20,711
23,885
25,631
26,494
26,857
26,937
27,013
8.06
14.65
18.53
21.22
32.19
54.21
76.67
88.42
91.88
98.08
99.42
99.72
100.00
100.00
*Including 719 owners of both preferred and common stocks.
In addition to the $2,543,700 Preferred Stock sold to the
public, $539,687 was issued in exchange for an equal amount
of the stock of the California Telephone and Light Company, $253,620 par value of Common Stock being also exchanged for the outstanding Common of that Company on
the basis of one share of the Pacific Company's stock for
three of the California Telephone and Light Company.
The 2% stock dividend paid in 1923 to common stockholders of record at the close of 1922 called for the issuance
of $693,231 par value Common Stock, and during the year
$13,325 First Preferred was issued in exchange for Original
Preferred, only $24,100 of the latter issue being still outstanding at the close of the year.
The following table shows in comparative form the status
of stock outstanding at December 31:
been set up. This matter is now before the United States
Supreme Court and an early disposition is anticipated.
By taking advantage wherever posssible of cash discounts
offered for the prompt payment of bills, a saving of $80,564
was effected.
Current Assets:
Materials and Supplies
_ Bills and Accounts Receivable(Less
Reserve for Uncollectible Accounts;
Due on First Preferred Stock Subscriptions
Underlying Bonds bought in advance for Sinking
-_ _
General and Refunding 5% Bonds
Funds_issued against Construction
Cash
Interest accrued on Investments
Other Investments
Funds Available for Construction_
Advances to Construction Account
including Construction Materials
and Supplies
Total Assets
Dc 31
Inc (+) Or
Dec 31
1922
Dec (-)
1923
54,704,338 $3.709,041 +5995,297
4,539,883
3,881,792
+658,091
222,420
1,155,696
-933,276
541,500
-102,500
439,000
1.000,000
10,234,619
37,455
1,219,461
1,152,275
1.000,000
5,300.716 +4.933,903
6,143
+31,312
1,680,344 -160,883
+768.779
383,496
4,433,122
6,956,589 -2.523.167
527,982,573 521,615.317+53,327.256
Current Liabilities:
Accounts Payable_
52,323,815 51.886,976 +5436.839
Drafts Outstanding
596,451
+4,440
592,011
Meter and Line Delimits
+148,681
847.773
699.092
Unpaid Coupons
+62,768
366,033
303,265
Interest Accrued, but not due
1,705,871
1,600,106
+105 765
Taxes Accrued, but not due
2,343,255
+241.625
2.101.630
Dividends Declared but not yet
paid
71,2.149
+191,941
520,208
Total Liabilities
$8,895,347
Net Working Assets
$7,703,288+51.192,059
.
519,087.226 516.912,029 +$2,175,197
OPERATING DEPARTMENTS.
Matters relating to the operating departments are more
fully dealt with in the following abstract of report presented at the annual meeting of stockholders by Mr. F. A.
Leach, Jr., First Vice-President and General Manager.
REPORT OF FIRST VICE-PRESIDENT AND
GENERAL MANAGER.
Following is a brief description of the more important
Items of new construction completed and placed in operation during the year:
January 12th-New 6,000,000 cubic foot gas holder was placed in service
December 31 December 31 +Increase.
in Oakland.
1922.
1923.
-Decrease.
Capital StockFebruary
First Pref. Stock.6% Cumulative_ *$54,274,984 *$51,178,273 +$3.096,711 was charged 5th-Carquinez cable section of Vaca-Claremont No, 2 circuit
for the first time at 110 KVs after being re-insulated and new
24,100
37,100
Original Pref. Stock, 6% Cumul_
-13,000
35,630,885
34.684,034
Common Stock
+946.851 anchor houses at North and South Towers placed In service.
February 6th-One cIrcul,, of 110 K.V. line between Vaca-Dixon and
$89,929,969 $85.899,407 +54.030,562 Claremont placed in service.
Total
March 21st-Oakland gas liquid purification plant placed in operation.
*Includes stock subscribed for, but not fully paid.
April 4th-An all day test of wireless communication system between
Pit and Vaca-Dixon was made. Experiment satisfactory and now operSINKING FUNDS.
ating on 9,200 meter wave length.
April 14th--Ground broken on railroad to Pit No 3 Power Plant.
In conformity with sinking fund provisions contained in
April 30th-Site for San Jose office building was purchased at Third
a number of its mortgages your Comnany in 1923 purchased Street, near San Fernando.
May 1st
-Acquired by purchase the property of the California Telebonds of underlying issues aggregating $1,470,500, at a cost phone and Light Company, operating electric and telephone properties in
Lake, Sonoma, Napa and Mendocino Counties.
of $29,359 47 less than their redemption price at maturity.
May 18th-Ground broken for construction of new General Office
San Francisco.
As in preceding years, all payments into sinking funds dur- Building in -Sacramento gas liquid purification set placed in operation.
June 21st
June 25th-Oakland Office moved to new building 17th and Clay Streets.
ing 1923 have been treated as a part ot the Company's deJuly 24th-Work started on intake portal of Pit No. 3 Tunnel.
preciation reserve and are included in the revenue deducAugust lst-Work started on 20,000 ft. tunnel and 128 ft. diversion dam.
Pit Plan No. 3.
tions made for that purpose.
September 7th-San Rafael-Petainma gas transmission line completed.
September 18th-Liquid purification set at Potrero Plant put into
The condition of sinking funds is summarized in the foloperation.
lowing table:
September 21st
-500.000 cubic foot gas holder at San Rafael placed in
operation.
Character of Sinking
December 31
December 31
Additions
October 5th-10.000,000 cubic foot gas holder in San Francisco Placed
Fund Assets1923.
1922.
During 1923. In operation.
Bonds of Company
-at par_ _$18,184.290 00 $17,028,290 00 51,456,000 00
October 18th--Liquid purification apparatus at Fresno placed in operation.
Cash and Accrued Interest
November 16th-The Pit-Vaca No. 2 circuit at 220.000 V. was first
not yet invested
137,568 25
128.903 37
8,664 88
paralleled with the system at 11:53 a. m. Circuit was placed into complete
Total Assets
$18,621,858 25 517.157,193 37 $1.464.664 88 operatirn on November 28th.
November 18th-60 K.V. line built and connected to system of Truckee
Not Annual Interest Saving-- 5908.026 50
$821,926 50
$86,100 00 River Power Company.
November 19th-Liquid purification apparatus at San Jose Gas Plant
The $18,484,290 par value bonds held in Sinking Funds at plaeed in operation.
December 25th-Eleven miles of railway to Pit Plant No.3 completed.
the close of 1923 were acquired by the following means:
December 31st
-Two 600 H. P. boilers at Oakland Gas Plant placed
in operation.
From Revenues
516,950,090 00
In Exchange for overlying bonds
493,000 00
ELECTRIC DEPARTMENT.
From proceeds of sale of Common Stock
1.041,200 00
518.484,290 00
CURRENT ASSETS AND LIABILITIES.
The Company for many years has maintained a strong
cash position, with a working capital adequate to insure
the safe and economical conduct of its business. The following statement reveals a satisfactory position in this
respect, current assets amounting to $27,982,573, including
a free cash balance of $10,234,619, and an additional amount
of $1,152,275 held by the trustees of the First and Refunding Mortgage to be utilized for reimbursing the Company
for capital expenditures, actual cash on hand thus amounting to $11,386,894. Current liabilities, including all accounts
payable in the ordinary course f businesss and interest,
dividends and taxes accrued but not due, aggregated
$8,895,347, or somewhat less than one-third of current
assets, leaving a net working capit 1 of $19,087,226. Against
these assets there was a contingent liability, representing
revenues involved in rate litigation which has been pending
for several years, against which a reserve of $1,820,134 has
The Company last year ranked second in the United
States in its output of hydro-electric energy and fourth in
the output of power generated in both hydro-electric and
steam electric stations. It now operates 26 hydro-electric
plants with a combined capacity of 415,348 horsepower, and
4 steam electric generating plants with an installed capacity
of 173,592 horsepower, the aggregate installed capacity of
all plants, as detailed in the following table, being 588,940
horsepower:
HYDRO PLANTS.
H.P.
Alta, Placer County
2,681 Halsey, Placer County
8,579 Insist), Tehama County_ _ _ _
Centerville, Butte County
Coal Canyon, Butte County_ 1,340 Kilarc. Shasta County
Coleman. Shasta County_ _ _ _ 20,107 Lime Saddle, Butte County_
20,878 *Phoenix, Tuolumne County
Colgate. Yuba County
2,011 Pit No. 1. Shasta County_
Cow Creek. Shasta County
De Sable, Butte County__- 17,426 South, Tehama County
Deer Creek, Nevada County.. 7.373 Spaulding No.1. Nevada Co_
Drum, Placer County
50.268 Spaulding No. 2, Nevada Co
Electra, Amador County_ _ _ _ 26,810 *Spring Gap, Tuolumne Co_
Folsom, Sacramento County_ 4,022 *Stanislaus, Tuolumne Co
Hat Creek No. 1, Shasta Co_ 16,756 Volta, Shasta County
Hat Creek No.2, Shasta Co_ 16,756 Wise, Placer County
Total Hydro
H.P.
16,756
8,043
4,021
2,681
2,513
93.834
5.362
5.027
1,340
10,054
45.576
8.378
16.756
415,348
90
San Francisco
Oakland
THE CHRONICLE
STEAM PLANTS.
H.P.
85,791 Sacramento
44,906 *North Beach
H.P.
6,702
36.193
Total Steam
173.592
Total Hydro and Steam
588,940
* Leased properties.
Electric service is furnished to 288 cities and towns in California with a combined population of 1,740,000. Of these
communities 239, with 1,540,000 inhabitants, receive direct
service, and the remaining 49 cities and towns, with a total
population of 200,000, are being supplied indirectly.
In 1923 the total output of electric energy was 1,724,049,236 kw. hrs., an increase of 115,108,501 kw. hrs., or 7.15%.
The volume of business represented by this one year's addition may be Judged by the statement that a central station
with a total annual output of 115,000,000 kw. hrs., would
easily be one of the hundred largest electric companies in
the United States.
The system peak during 1923, that is the largest simultaneous demand on the Company's electric facilities, was
306,945 k. w., and occurred in the evening of December 12.
The average monthly load was 196,989 k. w., the load factor
being .642. In other words, the average load throughout
the year was 64.2% of the highest simultaneous load. This
condition demonstrates convincingly'the economic advantage
of the extremely diversified load carried by your Company,
which results in a remarkably uniform demand continuing
every hour of the day and night throughout the year. In the
case of service to a single municipality this uniformity of
demand is necessarily lacking, requiring relatively a much
larger installation to supply the same average load. It is
clearly a measure of economy to keep the capital invested in
productive enterprise working as many hours in the year as
possible, and your Company, with its highly varied demand
for current for almost every conceivable purpose for which
electricity may be utilized, is able to meet this requirement
in an unusual degree.
GAS DEPARTMENT.
The year 1913 was the most active in the history of the
gas department. The unprecedented growth of gas sales
made heavy demands upon existing equipment, and only by
the very zealous efforts of this department's entire staff was
the Company enabled to supply the demand during the winter peak. The total generating capacity of the eighteen gas
plants in service was 68,000,000 cubic feet per day, while
the total of all the peak day send-outs was over 64,000,000
cubic feet, this narrow margin of excess capacity calling for
the most skillful operation in order to meet the demand.
Additional generators now under construction will, when
completed, increase the Company's generating capacity to
over 91,000,000 cubic feet per diem.
A complete survey of gas meters was made in all territories of the Company. This survey has resulted in the establishment of standardized methods which will not only
materially reduce the cost of repairs to meters, but will
tend to maintain the highest attainable standard of accuracy in measuring the commodity delivered to consumers,
with a consequent betterment of public relations.
The sale of gas in districts served during 1923 was as follows:
Plant—
Territory Served.
Sales in cu. ft.
San Francisco
(2 plants)
18 cities and suburban_ - _ 6,876,459,000
Oakland
9 cities and suburban_ _
4,224,994,100
San Jose
2 cities and suburban_ _ _ _
542,354,600
Fresno
Fresno
598,509,200
San Rafael
12 cities and suburban___- 176,587,900
Santa Rosa
2 cities and suburban---175,729,300
Napa48,004.900
Vallejo
tfahljo
a
118,896,300
Chico
Chico and suburban
54,522.800
Grass Valley
2 cities and suburban____
23,319,300
Sacramento
4 cities and suburban___- 673,984,600
Marysville
2 cities and suburban.-59,988,200
Colusa
Colusa
19,366,300
Oroville
Oroville
29.699,300
Red Bluff
Red Bluff
15.565,900
Redding
Redding
20.098,900
Willows
Willows
16,713,700
Total Sales in Cubic Feet 1923
13,674,794;300
[VoL. 119.
tion facilities to supply the added demand created by its
Intensive sales campaign, in addition to the normal growth
naturally incident to operating in an unusually progressive
territory.
As previously indicated, sales of electricity increased
9.1% during the year, while gas sales increased 10.7%.
There has been a marked increase in recent years in sales
per consumer through the installation of improved appliances such as ranges, water heaters, and particularly househeating devices, as well as the sale of specially designed
equipment for industrial installations.
Illustrative of the extent and character of the new business connected to the Company's lines in 1923, primarily as
the result of educational and creative sales effort, may be
mentioned the following:
Estimated
Annual Revenue.
1,704 Electric ranges and 794 electric water heaters
$135,000
50 Electric industrial heating installations
18.000
268 Store and window lighting installations (effected during
a single campaign)
122,000
Electric advertising signs
56,000
24 Isolated electric plants closed down and loads connected
to Company lines
116,000
2,900 Residential basement gas furnaces)
1.500 Floor furnaces
925.000
5,600 Gas heaters
129 Hotels, restaurants and institutions equipped with gas
heating and cooking installations
70,000
498 Industrial gas installations
210,000
The foregoing installations alone give practical assurance
of a permanent additional annual revenue of approximately
$1,600,000, entirely aside from the large increase in business
which, as a matter of course, accompanies the accession of
many thousands of new customers annually by reason of
increase of population.
PUBLIC RELATIONS.
Your Company realizes that satisfactory public relations
are based fundamentally upon satisfactory public service.
Good public service involves not only efficient production,
but also efficient use. The latter in turn demands educational work on the part of the utility, and the co-operation
of the consuming public. Every effort has been made to
secure this co-operation.
Candor and frequency in making its announcements to the
public and to its own organization are effective aids in
cementing sound public relations. In addition to mailing
the well-established "Pacific Service Magazine" monthly to
its thousands of stockholders, there was inaugurated in
December 1923 a publication known as "P. G. & E. Progress,"
of which a copy is sent regularly to each of the Company's
customers. The aims of this publication were set forth by
the President in the first issue as follows:
Greetings to Customers and Owners
of Pacific Gas and Electric Company:
With. this issue the "P. G. and E. Progress" makes its
initial bow to the public and announces its regular appearance in the future.
"The P. G. and E. Progress" will be published by the
Pacific Gas and Electric Company as a routine of Company
operation for the mutual benefit of the Company and its
many, many thousands of customers and owners.
The aim of the Company has been to win the public goodwill by deserving the public good-will.
To this end the Company has intelligently developed the
gas and electric industries to meet the prodigious growth of
a vast section of the State of California, and in that work
"Service to the Public" has been its watchword.
To this end the Company will never hesitate to "speak up"
and tell its story in order that the public it serves may know
and understand its purposes, its accomplishments and its
policies.
The "Progresss" is put forth as a natural and logical development of the old and tried policies of the Company.
It will be primarily a journal of fact.
It will record the growth of the State and the territory
the Company serves, the growth of the hydro-electric industry, the development plans of the Company—the problems
involved in building the Commonwealth of Destiny.
It will present the facts involved in financing and operating the great gas and electric industries, and any and an
other facts which may prove useful and serviceable to the
To supply this amount of gas required 3,608 miles of gas
mains of various sizes from 2 inches to 36 inches, both high
and low pressure, operated at pressures varying from 1-7th
of a pound to 70 pounds.
The increase in sales over 1922 was 1,320,945,300 cu. ft.,
In short, the "Progress" pledges itself to be an anthoi itaor 10.69% increase, as against an increase of 7.58% for 1922. tive source of
accurate information for the public.
SALES ACTIVITIES.
During the year there was mailed to each customer a reThe Company's efforts throughout the year to increase turn postal card inquiring as to the quality of service renthe volume of its sales are reflected in some measure in the dered, and asking that the Company be advised of any irreglarge development program necessary to enable its produc- ularities. This procedure, promoted as it was by a sincere
j
I
4
4
.
THE CHBONICLE
JULY 5 1924.]
91
ACCOUNTANTS' CERTIFICATES.
desire to render the best possible service, was productive of
an even closer relationship between the Company and its
Messrs. Price, Waterhouse & Co., certified public accustomers than has existed in the past.
countants, have made the usual audit of the Company's
EMPLOYEES AND WELFARE WORK.
books and their certified statements covering Balance
With a full recognition of the fact that an able and well Sheet at December 31 1923 and Income and Surplus Acdisciplined operating force is essential to the successful counts for the year 1923, follow:
conduct of any business, and is particularly desirable in an
PACIFIC GAS AND ELECTRIC COMPANY AND
Industry dedicated to the public service, the Company is
SUBSIDIARY COMPANIES.
sparing no effort to maintain the highest standard of indiCONSOLIDATED INCOME ACCOUNT—YEAR ENDING
vidual and collective efficiency among its employees, both
DECEMBER 31, 1923.
through the most careful selection by a centralized bureau Gross Revenue
$39,321.535 55
Deduct:
of applicants for employment, and through a system of proMaintenance
$3,442.978 84
Orating, Distribution and Administration
motion based on merit and experience. Selection of emExpenses
16,020.544 35
Taxes
ployees is primarily dependent upon character, health and
4,029.886 90
Depreciation
3,224,757 06
reliability. The training of the new employees is designed
26,718.167 15
to equip him for more effective work in the fulfillment of
312,603.368 40
Add:
the duties assigned to him, and to enable him to develop the
Miscellaneous Income
650,20696
scope as well as the quality of his work. During the year
$13,253,575 36
10,047 applicants were interviewed by representatives of the Deduct:
Interest on Bonds Outstanding
$6.551.427 23
Personnel Department, of whom 953 were placed in posiMiscellaneous Interest Payable
39.281 58
tions with the Company.
36.590,708 81
All applicants before being placed are required to pass Less:
Interest charged to Construction
424.891 56
a physical examination. Over ten thousand such examina$6,165,817 25
tions were made throughout the entire system in 1923, resultProportion for year 1923 of Discount and
Expenses on Funded Debt
331.463 68
ing in the rejection of 471, or 4.7%.
6.497.280 93
Service records of all members of the organization are
Net Income carried down
$6,756.294 43
accurately kept and, as a mark of distinction, those who
have remained in the employ of the Company continuously Balance January 1 1923 SURPLUS ACCOUNT.
38.593,388 06
$6,756,294 43
for a period of 10 years or more receive a silver badge indi- Net Income from above
Add—Miscellaneous Adjustments
29,498 78
period of service. By means of impressing a
cating such
6,785,793 21
star for each five years of added service and the insertion
$15.379,181 27
Deduct—Dividends:
of a diamond for each ten years of added service, the disOn Preferred Stocks (6%)
83.103.846 68
On Common Stock:
tinction increases with added years.
6%% paid in Cash
.310.498 53
$2
2% paid in Stock
At December 31 1923 1,283 of the Company's 10,000 em693,231 00
3,003.729 53
ployees were in possession of service badges indicating ten
6.107,576 21
years or more of continuous service.
Balance to Balance Sheet
$9,271.605 06
Under the pension system established in 1916, $50,092 74 Represented by—
Amount invested in Sinking Funds
was disbursed to pensioners last year, making a total of
$1.077,914 26
Balance Unappropriated
8,193,690 80
$274,641 57 thus paid in recognition of loyal and enduring
$9,271,605 06
service since the pension system was established.
It is a pleasure to express once more our appreciation of
We have audited the books of the Pacific Gas and Electhe fine spirit of loyalty and co-operation which has char- tric
Company and subsidiary companies for the year ending
acterized the Company's organization throughout the year, December
31 1923, and certify that in our opinion the above
and of the effective work performed by all officers and em- income
account and surplus account are fair and correct
ployees.
statements of the operations of the companies for the year.
, FOR THE BOARD OF DIRECTORS.
PRICE, WATERHOUSE & CO.
W. E. CREED, President.
San Francisco, Cal., March 31 1924.
PACIFIC GAS AND ELECTRIC COMP ANY AND SUBSIDIARY COMPANIES.
CONSOLIDATED BALANCE SHEET DECEMBER 31. 1923.
ASSETS.
LIABILITIES,
Capital Assets:
Capital Stock of Pacific Gas and Electric Company:
Plants and Properties
$219,020,176 03
Common:
Discount and Expenses on Capital Stock Issued
8,587,300 08
Issued
567,327,751 66
Investments
1,219,460 77
Less—Owned by Subsidiary Companies 31,696,866 66
Trustees of Sinking Funds:
Cash
$49,672 27
$35,630,885 00
Interest accrued on Bonds held in Sinking
First Preferred
a54,274,984 41
Funds
124,349 00
Original Preferred
24,100 00
174,021 27
$89,929,969 41
Cash in Hands of Trustees—For redemption of Gold
Capital Stock of Subsidiary Companies not held by the
Notes and Bonds matured
Pacific Gas and Electric Company and Unpaid Dividends
18,847 50
Current Assets:
thereon
18.553 26
Materials and Supplies on hand and in
Funded Debt:
transit
$4,704,338 32
Pacific Gas and Electric Company Bonds_$86,542,000 00
Installments receivable from Subscribers
Bonds of Subsidiary Companies
43,050,600 00
to First Preferred Stock
222,419 89
129.592.600 00
Bllis receivable
$165.449 02
Current Liabilities:
Accounts receivable
4,494,186 41
Accounts Payable and Unaudited Bills__ $2,323,815 21
Drafts Outstanding
596,450 9
$4,659,635 43
Meter and Line Deposits
847.773 55
Less—Reserve for bad Debts 119,751 80
Unpaid Coupons
366,032 75
4,539,883 63
Interest accrued but not Due
Cash
1,705,870 58
Taxes accrued but not Due
2,343,255 17
Construction Funds in hands of trustees 10,234,618 80
Dividends Declared
of First and Refunding Mortgage
712,149 00
1,152,274 91
Interest accrued on Investments
8,895,347 16
37.455 04
20,890.990 59 ws For Northern California Power Company
Deferred Charges:
1111 Consolidated Plant Adjustments and
Discount and expenses on Funded Debt_ - 86,824,411
67
accrued Depreciation
Unexpired Taxes and Undistributed Sus81.651,232 85
Depredation
pense Items
15,310,073 53
264,967 80
Insurance and Casualty Funds
510,660 35
7,089,379 47
Reserve for amounts charged during 1913.
Treasury Bonds, not included in Assets or
1914, 1915, 1916 and 1917 to Consumers
Liabilities:
In excess of rates allowed by City OrGeneral and Refunding Bonds
*334,640,000 00
dinances
Bonds of Subsidiary Companies
1,820,134 09
439,000 00
19,292,10082
Surplus:
$35,079,000 00
Invested in Sinking Funds
81.077,91426
Balance Unappropriated
8,193.690 80
9,271,605 06
$257,000,175 71
$257,000,175 71
•$875,000 00 General and Refunding Bonds pledged in San Francisco Rate Cases.
$33.640,000 00 deposited with Trustee of First and Refunding Mortgage.
a Includes stock subscribed for but not fully paid and issued.
We have audited the books of the Pacific Gas and Electric Company
and subsidiary companies for the year ending
December 31 1923, and certify that in our opinion the above
balance sheet is properly thawn up so as to show the true
financial position of the companies at December 31 1923.
San Francisco, Cal., March 31 1924.
PRICE, WATERHOUSE & 00.
92
THE CHRONICLE
[Vol,. 119.
THE CLEVELAND CINCINNATI CHICAGO AND ST. LOUIS
RAILWAY COMPANY
THIRTY-FIFTH ANNUAL REPORT OF THE BOARD OF DIRECTORS
-FOR THE YEAR ENDED DEC. 31 1923.
PROFIT AND LOSS ACCOUNT.
To the Stoelcholders of The Cleveland Cincinnati Chicago
Balance to credit of profit and loss, December 31 1922
823,115,845 54
and St. Louis Railway Company:
Additions:
Surplus for the year 1923
The Board of Directors herewith submits its report for
$9,195,112 31
Adjustment of accounts (net) in connection
the year ended December 31 1923, with statements showing
with final settlement with United States
Government covering the Federal control
the income account and the financial condition of the comand guaranty periods
1,017,243 10
Accumulated warefundable overcharges__
49,011 76
pany.
Profit on sale of land
ROAD OPERATED.
Main line and branches owned
Leased lines
Lines operated under contract
Lines operated under trackage rights
Total road operated
1923
Miles.
1,685.45
205.06
326.84
190.55
18,634 25
17,321 82
48,775 46
Reacquirement of securities below par
Adjustment of sundry accounts (net)
The mileage covered by this report is as follows:
10,346,098 70
1922
Miles.
1,685.45
205.06
326.84
192.08
Decr.
Miles
------_- -1.53
2,407.90 2,409.43 1.53
$33,461,944 24
Deductions:
Surplus appropriated for investment in physical property
$215.422 71
Depreciation prior to July 1 1907 on equipment retired during year
585,827 00
Road property retired and not replaced_ _ _ _ 189,265 93
990,515 64
The decrease of 1.53 miles in lines operated under track- Balance to credit of profit and loss. December 31 1923
$32,471,428 60
age rights is due to change in classification of a portion of
REVENUES, TONNAGE AND PASSENGERS.
the Louisville and Jeffersonville Bridge and Railroad ComThe total operating revenues were $94,941,444 28, an inpany tracks in Louisville, Kentucky.
crease of $10,275,754 12.
MAXIMUM TONNAGE, OPERATING REVENUES AND NET INCOME.
Freight revenue was $69,395,847 28, an increase of $7,798,Previous records were broken by the performance for 903 18. Tons of freight carried 44,856,746, an increase of
9,028,655 tons. Of this increase, bituminous coal accounts
1923 in the following respects, among others:
for 5,888,201 tons, the remainder being well distributed
Previous
Increase in 1923
Record Year. over Previous Record Year among the various other commodities.
Revenue tonnage
1918
14.38 per cent
Passenger revenue was $17,891,954 72, an increase of
Railway operating revenues
1920
6.84 per cent
$1,552,665 67. The total number of passengers carried was
1922
Freight revenue
12.66 per cent
•
Net income
1916
39.44 per cent
6,561,591, an increase of 316,989. Interline passengers carThe passenger revenue was greater than in any previous ried increased 192,529, commutation 260,700; local passengers decreased 136,240. The increase in commutation pasyear except 1920, being 8.95% less than in that year.
sengers is due to the cancelling of miners' trains April to
INCOME ACCOUNT FOR THE YEAR.
July 1922, on account of the coal strike. Automobile compeYear Ended
Year Ended Increase -F) or tition is the principal reason for the decrease in local passen(
Dec. 31 1923. Dec. 31 1922. Decrease ().
Operating Incomegers.
2,407.90 miles 2,409.43 miles
-1.53 miles
Mail revenue was $1,687,598 58, an increase of $84,333 14,
operatdd.
operated.
$
Railway operations:
$
principally due to increased allowances for movement of
Railway oper. revenues_ _ _94,941,444 28 84,665,690 16 +10,275,754 12
Railway oper. expenses___72.114,740 94 64.858,313 54 +7.256,427 40 emergency storage mail cars.
Express revenue was $2,006,504 59, an increase of $91,Net revenue from railway
operations
22,826,703 34 19,807,376 62 +3.019,326 72 084 51. Increased business in 1923 added $257,851 39, which
does not fully appear in a comparison with 1922, as the revePercentage of exp. to revs_ _
(75.96)
(76.61)
nue of that year included $166,766 88 representing adjust-(0.65)
Railway tax accruals
5,124,227 11 4,226,814 61
+897,412 50 ments for prior years.
Uncollectibla railway revs_
13,206 10
10,962 98
+2,243 12
Demurrage revenue was $488,595 64, an increase of $209,17,689,270 13 15,569.599 03 +2,119,671 10 085 17. This is due to scarcity of labor and inadequacy of
Railway oper. income
Equipment rents, net debit 269,865 79 1,230.728 94
-960,863 15 storage facilities resulting from greater volume of business,
Joint facility rents,net deb_ 727,503 06
591,641 10
+135,861 96 which caused delays in unloading. The remaining items conNet railway oper. income16,691.901 28 13,747,228 99 +2,944,672 29 stituting railway operating revenues amounted to $3,470,943 47, an increase of $539,68245, attributable largely to
Miscellaneous operations:
Revenues
29.512 99
27,954 57
+1,55842 the heavier business of the year.
Expenses and taxes
22.175 23
19.703 33
+2,471 90
7,337 76
8.251 24
-913 48
Total operating income16,699,239 04 13.755,480 23
+2.943,758 81
Misc, operating income_
Non-Operating Income
Income from lease of road_ _ _
income__ _
Miscellaneous rent
Misc. non-oper. phys. prop_ _
Dividend income
Income from funded securities
Income from unfunded securities and accounts
Release of premiums on funded debt
Miscellaneous income
220.768 92
168,616 01
196,432 50
484,553 90
403.757 52
321,843 23
223,894 06
194,042 24
74,105 89
447,176 09
-101,074 31
-55,278 05
-24390 26
+410,448 01
-43,41857
319,701 69
397.031 92
-77,330 23
1,10004
805.428 73
1,16544
*26,32889
-'--6540
+831.757 62
Total non-oper. income.. 2,600,359 31
1,632,929 98
+967,429 33
19,299,598 35 15,388.410 21
+3,911,188 14
Gross income
Deductions from Gross Income
Rent for leased roads
134,458 16
110,990 00
Miscellaneous rents
262,779 42
271,663 81
Miscellaneous tax accruals__ 18,302 87
15,207 74
Separately oper. prop.
-loss_
65,310 55
39,867 57
Interest on funded debt
6,729,744 25 6.400.594 87
Interest on unfunded debt
267,812 84
807.864 92
Amortization of discount on
funded debt
158.982 17
206,551 04
Maintenance of investment
organization
51 17
311 20
28,908 43
Miscellaneous income charges
22.416 67
+23,468 16
-8,88439
+3,095 13
-25,442 98
+329,149 38
-540,052 08
+47.568 87
+260 03
-6,491 76
Total deductions from
gross income
7,682.244 02 7,859,573 66
-177,329 64
11,617.354 33 7.528.836 55
+4.088,517 78
Net income
Disposition of Net Income
Dividends declared:
On preferred stock, 5%
499.925 00
each year
499.925 00
On common stock, 4% in
1923:5% charged to 1922
1.881,14800 2,351.435 00
income.a
39,175 10
Sinking funds
41,169 02
55,898 62
Investment in physical prop_
OPERATING EXPENSES.
The increase of $1,532,175 64 in expense for maintenance
of way and structures is largely due to a more extensive program for the year of track laying and ballasting involving
10,000 more tons of new rail laid than in 1922 and 427,625
more cubic yards of ballast applied.
The increase of $3,678,540 64 in expense for maintenance
of equipment is to a substantial extent due to the inactivity
at the Beech Grove shops during the shut-down period extending through the months of January and February and
Into March 1922 and curtailment of repair work during July,
August and September of that year on account of the shopmen's strike.
The increase of $1,884,83969 in transportation expenses
Is attributable largely to the heavier traffic handled during
the year. While there was an increased consumption of fuel
In 1923 to the extent of 282,000 tons, lower prices resulted in
an outlay for fuel $455,000 less than in the previous year.
Operating expenses, by groups, were as follows:
GroupMaintenance of way and structures
Maintenance of equipment
Traffic
Transportation
Miscellaneous operations
General
Transportation fcr investment-credit
Total operating expenses
Amount.
Increase.
$10,984.411 95 $1,532,175 64
22,407.724
1,330,102 84
*2,973 75
34,558.724 95 1,884,839 69
13,674 93
687,237 73
165,299 18
2,227,211 72
*15,128 93
80,672 98
$72.114,740 94 $7.256,427 40
* Decrease.
RAILWAY TAX ACCRUALS.
The increase in railway tax accruals was $897,412 50, reflecting provision for larger income tax payments incident
to the Increasein net income.
-470.287 00
+1,993 92
-55,898 62
EQUIPMENT AND OINT FACILITY RENTS.
The net debit to equipment rents decreased $960,863 15.
Of this decrease, approximately $858,000 was in interchange
Total appropriations of
2,422,242 02 2,946,433 72
income
-524,191 70 of freight cars as to which there was a net debit of $44,600 in
1922 incident to the coal strike, while in 1923 there was a
Surplus for the year called to
9.195,11231 4,582,402 83 +4.612.709 48 net credit of $813,400. Contributing causes for the credit
profit and loss
balance in 1923 increased car ownership, efficiency in car
* Debit.
a See below and also report for 1922.
handling by shippers and improved weather conditions.
THE CHRONICLE
JULY 5 1924.]
93
debits and credits arising
Separate tables, setting forth the details of equipment and taking into account the various theretofore made by each
joint facility rents will be found in another part of this under the contract and payments
party to the other. The total amount of compensation which
[pamphlet] report.
accrued in the company's favor for use of its owned and
NON-OPERATING INCOME.
leased lines during the period of Federal control was $21,The decrease of $101,074 31 in income from lease of road 855,470 57. Prior to the final settlement there had been paid
is due to adjustment of accruals for interest on additions to the company from time to,time on account of compensaand betterments completed during Federal control.
tion and as cash advances $15,534,500 and the company had
The increase of $410,448 01 in dividend income is due in paid to the Director-General $3,000,000 upon open accounts
part to the receipt during 1923 from the Indianapolis Union and for additions and betterments. The total amount exRailway Company of $200,000 as a dividend for the period pended by the Director-General for additions and betterMay 31 1915 to December 31 1922, and in part to an increase ments upon the company's owned and leased lines was $11,from 3% to 6% in the dividend rate on stock of The Cincin- 967,529 54, including $1,694,474 75 representing initial cash
nati Northern Railroad Company.
payment upon allocated equipment included in an equipment
The decreases in income from funded securities and from trust.
unfunded securities and accounts, aggregating $120,748 80,
GUARANTY PERIOD SETTLEMENT.
are principally due to sale of investment securities and deDuring the year the Inter-State Commerce Commission
creased bank balances and reserve fund deposits.
determined the amount due to the company by the United
The increase of $831,757 62 in miscellaneous income is States Government for the so-called Guaranty Period, March
due to an adjustment made during the year in con- 1 to August 31 1920, under the provisions of Section 209 of
largely
nection with final settlement with the United States Govern- the Transportation Act 1920, to be $3,434,911 86, of which
ment for the guaranty period, March-August 1920.
there had been paid on account prior to 1923 $470,000, leavDEDUCTIONS FROM GROSS INCOME.
ing a balance of $2,964,911 86, which was received during
There was an increase of $329,149 38 in interest on funded the year in full settlement.
debt, of which $160,000 is due to the transfer of the $4,000,CHANGES IN ORGANIZATION.
000 demand note held by The New York Central Railroad
The Board records the appointment of the following:
non-negotiable debt
Company from loans and bills payable to
John K. Graves, Assistant Vice-President, January 1:
to affiliated companies and the balance to net increase in
Sidney B. Wight, Assistant to President. November 14:
William C. Bower, Manager Purchases and Stores. November 14:
funded debt outstanding as shown elsewhere in this report.
Henry A. Stahl, Assistant General Treasurer, December 1.
There was a decrease of $540,05208 in interest on unAppreciative acknowledgment is made to officers and
funded debt of which $160,000 is explained by the statement
in the next preceding paragraph, the balance being due to employees of their loyal and efficient co-operation and serpayment during thp year of a note for $3,500,000 held by the vice.
For the Board of Directors,
Director-General of Railroads and to adjustment of interest
ALFRED H. SMITH, President.
in connection with final settlement with him.
[For comparative balance sheet, &c., see "Annual Reports" in
NET INCOME BEFORE DIVIDENDS AND OTHER APPROPRIATIONS. "Investment News" columns.
The net income of the company was $11,617,354 33, an increase of $4,088,517 78.
DIVIDENDS.
Dividends declared and charged against net income of
the year were as follows:
Preferred stock:
Date Declared.
Mar. 14 1923
June 30 1923
Sept. 12 1923
Dec. 12 1923
Date Payable.
Apri120 1923
July 20 1923
Oct. 20 1923
Jan. 10 1924
Total
Common stock:
Date Declared.
Mar. 14 1923
June 13 1923
Sept.12 1923
Dec. 12 1923
DatePayable.*
AprI120 1923
July 20 1923
Oct. 20 1923
Jan. 19 1924
Total
Rate.
134%
15I
114
ineo
Amount.
$124,981 25
124,981 25
124,981 25
124,981 25
5%
$499,925 00
Rate.
1%
1%
1
1
Amount.
$470,287 00
470,28700
470,287 00
470,28700
4%
$1,881,148 00
NET CORPORATE INCOME.
After charges for dividends aggregating $2,381,073 and
other appropriations amounting to $41,169 02, there remained a surplus of $9,195,112 31, which was carried to the
credit of profit and loss.
PROPERTY INVESTMENT ACCOUNTS.
Increases in the property investment accounts for the
year, as shown in detail elsewhere in this report, were as
follows:
Road
Equipment
Miscellaneous physical property
Improvements on leased railway property
Total
$5,151,458 85
4.161,07347
39,242 24
113,836 99
$9,465.61155
pr• Dividend of 1% paid Jan. 20 1923. was declared in December 1922 and
charged against 1922 income.
NEW YORK CENTRAL LINES EQUIPMENT TRUST OF 1923.
This trust was created by agreement dated June 1 1923,
to which The New York Central Railroad Company, The
Michigan Central Railroad Company and The Cleveland
Cincinnati Chicago and St. Louis Railway Company are
parties. Under the trust $17,340,000 of 5% equipment trust
certificates maturing in equal annual installments of $1,156,000 over a period of fifteen years were issued, representing
approximately 75% of the cost of the equipment leased by
the Trustee to the railroad companies. The equipment allotted to this company under the trust, estimated to cost $1,263,877 28, consists of 26 coaches, 5 passenger and baggage cars,
15 baggage cars and 2 dining cars. The certificates are prorated among the railroad companies in proportion to the
cost of the equipment allotted to each, this company's share
being $930,000.
White Rock Mineral Springs Co.— Warns Stockholders.
11. A. 0. Smith, Chairman of the board, declared June 27 that his company had taken steps in what he deemed the interest of the stockholders in
the matter of a syndicate. According to advice received at the office of
the company, a number of the stockholders had been induced to advance
$20 a share by the White Rock Syndicate, which gave its address as 149
Broadway.
Attention of the officers of the company was directed to the operation of
the syndicate by stockholders who had paid in the $20 a share requested and
then applied to the company for further information. This brought to
light that the syndicate was sending letters to a list of stockholders which
read as follows:
"We are pleased to announce the formation of a syndicate comprised
entirely of stockholders of the White Rock Mineral Springs Co. With
reference to the details pertaining to each of the stockholders' syndicate
privileges' we have accordingly authorized a representative to call on you
to explain same, and we trust you will extend to him every courtesy in
regard to the above."
These letters were followed by visits from salesmen who offered to permit
the stockholders to join the syndicate to purchase shares of Common stock
provided they would subscribe $20 for each share they now held. As soon
as the plan was disclosed to the officers of the company a telegram of
caution was sent to stockholders in all parts of the country.
Mr. Smith said yesterday that the company realized that it was perfectly
right and proper for any one to form a syndicate if they deemed it advisable
to purchase shams of the White Rock Mineral Springs Co. in the market.
—V. 118, p. 3210.
Wills-Sainte Claire, Inc.—Operations Satisfactory.—
C.Harold Wills,Pres.& Gen. Mgr.,states that the company has operated
at a profit since the inception of the new models in January. Mr. Wills
further states:"We are closing the plant for two weeks beginning June 28
for the purpose of taking our annual inventory and in order to make some
changes in the different departments in the rearrangement and installation
of new machinery. As a result of not being stampeded during the early
spring months we have no cars stored in warehouses anywhere in the country
and only a very small number of cars completed here at the factory, all of
which are being held on distributors' orders for delivery. Orders on band
and retail sales indicate that our production for the summer will be but
little less than the schedule maintained during the spring months. The
company is in a very satisfactory situation from every angle and the future
•
Is exceedingly bright."—V. 118, p. 2592.
Wisconsin Telephone Co.—Purchase of Stock.—
The I.
-S. C. Commission on June 21 approved the acquisition by the
company of control of the LaFayette County Telephon Co. by purchase
of its capital stock. The Wisconsin company proposes to purchase 250
shares of the capital stock of the Larayette company for $25 a share, which
Is the par value. The purchase price will be paid in cash and no additional
securities will be issued—V. 118, p. 2206.
Worcester (Mass.) Gas Light Co.—To Pay Notes.—
The $750.000 5
-year 6% Coupon notes. due July 1, were paid at
maturity. Payment was made at the Worcester Bank & Trust Co.,
Worcester, or at the National Shawmut Bank, Boston. The company
has already sold $350,000 of Common stock at par and has borrowed of
the First National Corp. of Boston $350,000 1-year notes. The balance
of $50.000 to make up the $750,000 will be made up from company's cash
balance and demand notes at local banks, which will be paid off within a
short period,leaving the outstanding notes but $350,000.—V. 118, p. 3090.
2838.
CURRENT NOTICES.
—The American Bond & Mortgage Co. of Chicago and New York, has
published a bookler entitled "Our Successful Record" which, it is said, contains a complete list of all of the bond issues of this company for a period of
two decades and more. This list gives the name of each issue, the total bond
Issue, the bonds paid, the balance unpaid, if any, and the appraised valuation. Copies of this booklet will be sent on rqquest.
FINAL SETTLEMENT WITH RAILROAD ADMINISTRATION.
—Two new vice-presidents have been added to the executive staff of
Agreement was reached with the Director-General of Rail- Stephens & Co., Pacific Coast investment house, with the election of F. B.
roads under which the company paid to the United States Campbell and R. D. Crippen to these positions. Campbell and Crippen
organization for about eight
Railroad Administration $5,000,000 in full settlement for have both been associated with the Stephens
years.
the Muncie Belt Railway Company, which was initself and
—The firm of Degener & Burke has been dissolved. George L. Degener,
cluded in its contract, of balance due for the Federal control Edmund L. Munson & Joseph M. Adrian Jr. have formed the firm of Deg$5,000,000 payable to the Railroad Administra- ener & Co. Members of the New York Stock Exchange to transact a bond
period. The
tion was distributed between the two companies as follows: and stock brokerage business.
Net amount payable by the C. C. C. & St. L. Ry. Co_ _ _ -S5,004,818 05
—Hill Joiner & Co. of Chicago have opened an office at 111 Broadway,
4,818 05
Net amount receivable by the Muncie Belt Ry. Co
Now York City, with John Grimm Jr., Vice-President in charge. This
by this company, $5,004,818 05, is company has also opened an office in the Shawmut Bank Building, Boston,
The net amount payable
the final balance agreed upon in general settlement after under the management of Carleton D:Morse.
94
THE CHRONICLE
[VOL. 119.
The Commercial Markets and the Crops
COTTON
-SUGAR-COFFEE
-GRAIN-PROVISIONS
PETROLEUM-RUBBER-HIDES
-METALS
-DRY GOODS
-WOOL
-ETC.
COMMERCIAL EPITOME
may throw some light on the situation in Central and South
America. It was pointed out that although the withdrawals of granulated kept up well and promised to continue
to do so during the hot weather the quantity of Cuban raws
offered on any bulge was rather large. On the 1st inst.
Friday Night, July 4 1924.
the
COFFEE on the spot has been firm with a fair demand. London market was 1 Md. to 3d. lower. Spot granulated
No. 7 Rio, old irregular, quoted at 1534' to 163/2c. nominal; was quoted 38s. 103/2d. and June 38s. 9d.
Recently England, France and Holland bought at prices
8
new 7s nominally 15% to 153/sc.; No. 4 Santos at one time
was nominally 183/2 to 193 c. On Thursday some quoted ranging from 3.39c. to as high as 3.50c. f.o.b. for cargoes
%
it at 1934' to 200. Fair to good Cucuta nominally 20 to of first half and all July shipment. In addition to these
210.; Medellins, 26 to 263/2c.; Bogota, 2434 to 25c. Some sales for July shipment, there have been many small and
quoted genuine Medellin at as high as 273/20. Mild coffees ex-warehouse sales in England at heavy premiums. It
were very firm and steadily rising. Firm offers on Thurs- was striking testimony to the urgent need of prompt sugar
day were scarce and reported very much higher. Santos 4s there. The export refined market has recently been brisk
19.60c. and 4-5s 18.85c. Futures advanced early in the at rising prices. The world has been buying, especially
week 35 to 70 points on a sharp demand from shorts and Spain. Sugar, however, has been sold to most Continental
others and a scarcity of contracts. Strong cables from both markets and as far east as Constantinople; South American
Santos and Rio helped. Prices on the Santos terme market has been rather quiet but some sigar has been purchased
advanced 525 reis to 750 reis, the spot position being quoted for both the east and west coasts.
Cuban sugar statistics cabled from Havana for the week
at 34$450 reis. The sterling quotation fell 1-16d. to 6 3-32d.,
with the dollar rate up 100 reis to 98100 reis. At Rio July ending June 30 were: Receipts, 24,270 tons, against 28,874
ran up 1,300 reis to 29$150 reis and September 1,225 reis in the previous week, 23,755 in the same week last year, and
to 284E600. Sterling exchange later fell to 6 1-16d., but 94,051 two years ago; exports, 79,327 tons, against 72,684
the dollar rate conformed with the Santos figure gain 150 in the previous week, 42,525 last year, and 166,949 two
reis to 9$100. Switching from December to May was at a years ago; stock, 788,141 tons, against 843,198 in the pre50 points and December to July at 114 to 113 points. Crop vious week, 590,209 last year and 844,622 two years ago.
movement to July for 1923-24 for Rio was 3,620,000 bags, Centrals grinding numbered 5 against 6 in the previous week,
against 2,669,000 in 1922-23;from Santos 10,325,000, against 6 last year and 20 two years ago. Of the exports, U. S.
6,808,000 in 1922-23, totaling 13,945,000 for both, against Atlantic ports received 53,606 tons, New Orleans 13,732,
Savannah 5,857, Galveston 4,204, and Europe, 1,928.
9,477,000 in the previous season.
On the 2d inst. futures were irregular but with something Havana cabled: "Rain wanted in some parts.' Receipts
of an upward turn. The trading was light with a holiday at U. S. Atlantic ports for the week ending July 2 were
in Brazil. Europe and outsiders bought to some extent. 48,601 tons, against 92,297 the week before, 27,107 last
Rib was 475 to 625 reis lower, with July 288674; September, year and 73,263 two years ago; meltings were 81,000, against
278975. Exchange on London was 1-32d. lower, 6 1-32d.; 86,000 the week before, 36,000 last year and 80,000 two
the dollar rate 50 reis higher at 93150. Santos was 100 reis years ago; total stock, 192,025 tons, against 224,424 the
lower on July at 34$350; unchanged on August at 33$925, week before, 164,417 last year, and 193,015 two years ago.
and 50 reis higher on September at 33$550. Laneuville On Thursday prices advanced for futures on pre-holiday
made the world's visible supply 5,026,000 bags, against covering. The British cables were quiet. Refined was dull
4,367,000 on June 1 and 5,330,000 a year ago. World de- at 6.70 to 7c. Some reselling was reported at 6.75c. Cuban
liveries were put at 1,462,000 bags, against 1,190,000 in raws were offered at 33/2c. with buyers holding off and
May, 1,415,000 a year ago. Total deliveries for the year bidding around 33/2c. to 3 7-16c. Prices ended for the week
were 22,020,000, against 19,092,000 last year and 19,717,000 10 to 16 points lower.
Spot
two years ago. Receipts at Rio during June were 263,000 July (unofficial)_ _3;ic. I September3.52c. March
3 @3.23
.22
.
3 @nom.
.42
'December
3.44c.I May
.30
3 @nom.
bags; since July 1 1923, 3,620,000 tons, against 2,669,000
LARD on the spot advanced with a fair demand and grain
in the same time in 1922-23 and 3,695,000 in 1921-22. Receipts at Santos during June were 847,000 bags; since higher. Prime Western, 11.55 to 11.65c.; refined ContiJuly 1 1923, 10,325,000 bags, against 6,808,000 in the same nent, 12.25c.; South American, 12.75c.; Brazil, 13.75c.
time in 1922-23 and 8,188,000 in 1921-22. Total receipts Futures felt the effects to some extent of July liquidation.
at Rio and Santos combined during June were 1,110,000 Many sold July and took September. Packers sold Septembags; since July 1 1923, 13,945,000, against 9,477,000 in the ber. Export demand was still small. Stocks are accumusame time last year and 11,883,000 two years ago. Laneu- lating. Hogs, however, advanced 10c. on June 30 and corn
vine estimates the world's production of coffee as follows: 3c., something that made traders think twice before selling
Rio, 3,798,000 bags; Santos, 10,195,000; Victoria, 596,000; short at all aggressively. On the 1st inst. prices fell off 10
Bahia, 275,000; other kinds, 6,888,000, making a total of points with deliveries of 7,100,000 lbs. of lard on July con21,752,000 bags. G. Duuring & Zoon of Rotterdam put tracts, hedge selling by packers and easier prices for grain
the arrivals in Europe during June at 734,000 bags, of which Moreover, hogs were 10 to 25c. lower. To cap the climax,
384,000 were Brazilian; deliveries 824,000, of which 493,000 lard stocks at Chicago increased nearly 21,000,000 lbs. for
were Brazilian. He puts the stocks in Europe on July 1 the month and are about 30,000,000 larger than at this time
at 1,693,000 tons, and estimates the world's visible supply last year. The June report of the Department of Agriculon July 1 at 5,071,000 tons, an increase of 317,000 for the ture shows that the hog production in the corn belt, which
reached its peak point in the spring crop of 1923, has now
month and compares with 5,340,000 last year.
On Thursday futures made a sudden upward spurt to practically settled back to a normal. A decrease of 8,000,000
new "highs." July was at the highest price since 1920. pigs in the spring crop in the corn belt is indicated. Des
Again cables were strong. They were the motive power. Moines wired: "The Iowa pig crop is 11% smaller than last
Rao advanced 600 to 750 reis and Santos 375 to 900. Offer- year; sows for fall farrowing 18% less." Live hogs at Chiings here were small. The demand was sharp. Prices ran cago on the 2d inst. were 5 to 10c. higher. More meat was
up 62 to 90 points. There was a scramble among the shorts exported from the United States in 1923 than in any other
to cover in September and December, which led the advance. year since 1920. The total value in 1923 was 11% higher
Bullish private advices from Brazil, a scarcity of offerings than in 1922, according to the Chamber of Commerce of the
here and an oversold condition of the market, together with United States. On Thursday futures were practically unbullish statistics, combined to electrify the speculation in changed. They ended 5 to 10 points lower for the week.
coffee and push up prices with irresistible force. The rise DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Sat.
Mon. Tues.
for the week is 150 points. Stop orders of late have been July dellverY
Wed. Thurs. Fri.
Cts-10.85 10.87 10.80
BonSeptember delivery_ __ _11.15 11.17 11.07 10.82 10.82
caught on the short side in large numbers.
11.05
day
11.05
[The introductory remarks formerly appearing here will now be
found in an earlier part of the paper immediately following the
editorial matter, in a department headed "INDICATIONS
OF
BUSINESS ACTIVITY."
Spot (unofficial)_ _ _16c. I Sept_ _ _ _ c_14.94015.00 March _ _ c _14.20
®14.25
July
15.65@nom.I December _14.50@
May
i3.90©13.95
SUGAR was about 33/2c. and 5.28c. for Cuba duty paid
on the 2d inst., with sales rumored of 100,000 bags, Cuba,
Philippines and Porto Ricos. The London market was easy
and 3 to 734c. lower. Speculation in futures as a rule was
rather small.Some falling off in the demand for refined is
emphasized by the shorts. Others think the .
downward
swing has been illogically sharp getting below intrinsic value
of the actual sugar. September at one time, for instance,
was at a price that represented only 3 5-16c. for the actual
raw sugar. Refined was 6.70 to 7c. on the 2d inst. Some
think it is significant that Western coast packers have
recently been buyers of refined sugars in New York. This
October delivery
11.25
11.30
11.20
11.17
11.17
PORK quiet; mess, $26 to $27; nominal; family, $27 to
$28; short clears, $20 to $25. Beef quiet; mess, $16 to $17;
packet, $17 to $18; family, $19 to $20; extra India mess,
$31 to $33 nominal; No. 1 canned corned beef, $2 35; No. 2,
$4;6 lbs., $15; pickled tongues, $55 to $65 nominal per bbl.
Cut meats steady; pickled hams, 10 to 24 lbs., 14% to 161 2c.;
/
pickled bellies, 6 to 12 lbs., 11. to 12c. Butter, creamery,
lower grades to high scoring, 343/2 to 41%c. Cheese, flats,
19 to 260. Eggs,fresh gathered trade to extras, 243/2 to 320.
OILS.
-Linseed was rather more active early in the week
and firmer. A better demand is expected in the near future
for distant deliveries. Spot car lots, July-August, 960.;
tank's, 90e.; less than car lots, 99c.; less than 5 barrels,
JULY 5 1924.]
T II E
CHRONICLE
$1 01. There is a large movement on old contracts. Available stooks for prompt delivery are reported as not burden%
some. Cocoanut oils, Ceylon, barrels, 93 c. Corn, crude,
tanks, mills, 93,4c.; edible, 100 barrels, 1214(4)12%c. Olive,
$1 20@$1 25. Cod, domestic, 59@60c.; Newfoundland,
61@62c. Lard, prime, 14c.; strained, New York, 12',c.
Spirits of tuprentme, 833/2@880. Rosin, 5.55@7.65e. Cottonseed oil sales to-day, including switches, 14,700 P. crude,
S. E. 925 nom. Prices closed as follows:
10.75011.251September 10.64§10.661December _ 8.961 8.9:1
Spot
July
August
10.7511.00 October__ 9.90
0
10.70010.78 November- 8.96
__
9.92 January_ 8.98
9.04 February-- 9,00
9.03
9.10
PETROLEUM.
-Gasoline was in better demand for
export early in the week and prices were rather steadier.
The demand for cased gasoline has also improved, although
Far Eastern consumers are not anxious to purchase far
ahead. Later in the week, however, the foreign inquiry
for gasoline fell off. Advices from Mitchell, So. Dak., on
the 1st inst. said that a gasoline war between dealers had
started and that a reduction of 5c. a gallon had already been
made. Local prices remained steady, however. Tulsa,
Okla., on the 1st inst. stated that lhe Prairie Oil & Gas Co.
the leading crude purchasing company in the Mid-Continent field, had decided to purchase only half of the crude
oil production on the leases with which it is affiliated and
that the other half will be stored at 3c. per barrel a month.
The Sinclair Oil Co. took similar action, and other large
companies are expected to follow, owing largely to the heavy
production in the new fields. Bunker oil has been quiet
and easier. Refiners quote $1 75 per barrel refinery.
New York prices: Gasoline, cases, cargo lots, U. S. Navy
specifications, 28.15c.; bulk, per gallon, 14c.; export naphtha,
cargo lots, 15.250.; 64-65 deg., 17c.; 66 to 68 deg., 18.50c.;
kerosene, Cargo lots, cases, 16.90c.; petroleum, tank wagon
to store, 14c.; motor gasoline (garages, steel barrels), 20c.
$3 25 Bradford
Pennsylvania
83 75 Bull-Bayou32-34.9 El 50
1 90 Ragland
2 07
1 00 Illinois
Corning
170 Corsicana,lgt 1 500200 Crichton
1 65
°shell
1 45
1 80 Lima
2 28 Plymouth
Somerset, light
1 95 Indiana
1 50@200
208 Mexia
Wyoming
Princeton
2 07 Calif..35 & above.. 1 40
Braackover,26 deg.
1 20 Canadian
2 00
2 63 Gulf Coastal
Mid-Continent
Oklahoma,Kansas and Texas
$090
39 and over
Under 28 Magnolia
$2 25
1 00
33-35.9 deg
1 75
28-30.9
110
30-32.9 below
31-32.9
1 45
1.35 Caddo
33-35.9
1 50
Below 32 deg
1 50
36 and above
Below 30 Humble
1 25
32-34.9
1 65
33-35.9
1 75
38 and above
1 85
36-38.9
2 00
2 25
39 and above
RUBBER was quiet early in the week with prices about
unchanged. On the 30th ult there was some switching of
%
Spot to August and September at 185 c., while July was
switched to these months at a premium of 3.4c. Closing
%
prices on that day were 185 e. for spot, 189.c. for July,
/
185gc. for August and 183 0. for Septmeber. London was
/
/
quiet and unchanged at 101 id. Singapore was dull and
easier. On the 1st inst. the market advanced slightly on a
better demand from manufacturing interests for spot and
nearby rubber. Smoked ribbed.sheets wera quoted at 18%c.;
%
4
-Dec. 19%c.,
July, 185 c.; Aug., 18%e.; Sept., 187 c.; Oct.
-Mar., 19%c. First latex crepe spot, 19 1,43.;JulY,
and Jan.
/
4
-Dec., 20%c., and
19%c.• Aug. 193 0.; Sept., 197 c.; Oct.
Jan.-Mar., 21)%c. On the 2d inst. prices both here and in
-Sept. sheets
London advanced. Manufacturers took Aug.
and some spot. Ribbed smoked sheets, spot-July, 19e.;
-Dec.. 19 ic.; Jan.
-Mar.,
Aug., 19Ho.; Sept., 1934c.; Oct.
20c. First latex crepe, spot-July, 20c.; Aug., 20X
3c.;
-Mar., 21c. SingaSept., 205.4e.; Oct.
-Dec., 203/2c.; Jan.
pore cabled July 1: "The Rubber Exports Office, Kuala
Lumpur, announces that rubber can be exported only from
the following ports: Pant, Buntar, Kuaja, Kurau, Port
Weld, Lumut, Telok Anson, Utan Melintang, Port Swottenham, Port Dickson, Pangkalen Kempas, Kuantan,
Beserah, Sungel Ular, Kuala Pehang, Pekan, Bebar, Mer.
chong, Rompm, Pontian, Engau and Tioman. The ex
godown market was quiet." In London on July 2 a fair
business was done. Prices were slightly higher. Spot
103'd. to 105 gd.; July, 103 to 10%d.; July-Sept., 105 to
/
4
10 Xid.; Oct.
-Dec., 11 toll M. The o. 1. f. market was firm.
July-Aug. shipment from Singapore, 103a; Aug.
-Sept.,
10 d.,13uyers c. i. f. New York. Singapore cabled on June
2: 'A message from the Colonial Office to the Planters'
Association to-day discourages the petition recently addressed
to Government for revision of the Stevenson plan, saying,
'A plan so deliberately decided upon could not be lightly
abandoned.'" Spot, July, 954d.; July-Sept., 95 d.; Oct.
%
Dec., 10d.
. HIDES have remained quiet as a rule, though city packer
have been somewhat more active. Sales are reported of
5,000 to 6,000 branded steers at 103.c. for the butt brands
and 9%c. for Colorados. Country hides have been quiet.
In River Plate section business has been slow. Common
dry hides have been dull and weak. In Chicago sales are
reported of 60,000 June hides at a decline of %c. Two
packers are still holding their June production at %c. higher.
It is reported that there are orders for fully 100,000 more
hides should sellers care to accept the new decline. Independent packers were quiet. Some lots are selling down to
934c. and others up to 103c., the last price paid locally
for June all weight native cows and steers. Skins are
decidedly quiet. Kipskins were weak on account of the
increased production. As to country hides, a good demand
95
is reported for country buffweights at 73'c., but practically
nothing is available at this level except some of poor quality.
Sellers are at 8 to 83c. for choice buffs. Offerings of
extreme weight country hides are small, with a brisk demand
at 93 to 10c., the outside for good quality. All weights
of country hides were wanted at 7% to 8c. as to quality.
Recent sales included 5,000 Campana frigorifico steers and
4,000 Anglo steers at $35, or 123 c. c.&f. Common hides
4
here are nominally as follows: Orinocos, 16c.; Bogotas,
4
183' to 19c.• Tampico, 153c.• Vera Cruz 16% to 17c.;
Bolivian, 17Mc.; Peruvian, 174c.; Central America, 15 to
'
153'c.; Laguayra, 153c. In Chicago on July 2 a sharp
demand sent big packer hides Mc. higher. Some 100,000
June hides sold, including heavy native steers, at 123'c.;
butt branded steers, 12c.; Colorado steers, 11c., and extreme
light Texas steers and branded cows bringing 9c.
OCEAN FREIGHTS have been dull and rates have declined. The great rise in grain is believed to account in
some degree for this.
CHARTERS included coal from Hampton Roads to Rio, $3 15, August
loading; petroleum from Gulf to north of Hatteras, 24c., July; lumber.
cargo switch ties from Jacksonville to Perth Amboy, 25c., standard tie
basis, July loading; 17.000 standard switch ties from Jacksonville to
Perth Amboy and Weehawken, 25c. delivered on open cars. July loading;
20,000 cases oil from Port Arthur to Porto Rico, 30c._ case. Juiy-August
loading: 23,000 cases oil from Port Arthur to Santo Domingo and Port
au Pr nce, 30c. one port with lc. addidonal each extra port used, August
loading; coal from Atlantic range to west coast of Italy, 13; sugar from
Cuba to United Kingdom, 21s.' sugar from Cuba to United Kingdom.
'
one port, 21s. two ports, 21s. 6d., July 20; coal from Hampton Roads
,
to Rio, rate $310; lumber from Gulf to Plate. $14 50, August.
TOBACCO has been steady and Porto Rico in particular
seems likely in the general judgment to sell at somewhat
higher prices than have heretofore been expected. At any
rate the new crop has sold at higher quotations than most
people had anticipated. Business has for the most part,
however, drifted to Java and Sumatra tobacco. Other
descriptions have been in fair demand. There has been no
real activity but the feeling in the trade is somewhat more
hopeful. Manufacturers are looking for a better trade this
summer.
COAL has been quiet and about steady. Dealers think
it would be futile to ease prices in order to gain trade. They
believe a steady market will sooner or later attract business.
Stocks at Hampton Roads are reported large and prices fairly
steady. Anthracite prices are 10e. higher among the large
producers, partly to make up for the cut of 50c. on April 1.
COPPER was in better demand early in the week for both
domestic arid foreign account. England, France and Germany have purchased quite heavily of late, though much of
this was reported to be speculative. It was estimated in
the forepart of the week that 5,000,000 lbs. changed hands
in two days. One inquiry was reported from a wire mill
for 2,000,000 lbs. and another for 500,000 tons Later in
the week the market became quieter and easier. The export
price declined to 12%c. f.a.s. on the 2d inst.. due largely
to a fall of about 10s. at London. Stocks increased in
June. A further gain in supplies in producers' hands is
expected in monthly figures.
TIN early in the week advanced V on a higher London
ic.
market. Prices there on the 31st ult. advanced .E1 12s. 6d.
Business has been quiet however. Deliveries in une were
4,310 tons of which 210 tons were made from Pacific ports.
Stocks on June 30th totaled 3,507 tons and the amount landing was 550 tons, a total of 4,067 tons. Of the total imports
last month 3,215 tons were shipped from the Straits. For
the first half of this year imports have totaled 37.885 tons.
LEAD has Peen quiet and slightly easier. East St. Louis,
6.70c.- New York, 7c. East St. Louis receipts for the week
were '
60,250 pigs, against 51,730 in the previous week;
receipts since Jan. 1, 1,419,300 pigs, against 1,463,820 in
the same time last year. Shipments for the week were
34,670 pigs, against 42,900 in the previous week;since Jan. 1
they were 1,034,700, against 753,340 in the same period
last year.
ZINC has been firm but quiet. Zinc ore in the Joplin
district is unchanged at $39 per ton. East St. Louis, 5.80 to
5.85c.; New York, 6.15 to 6.20e. Receipts at East St.
Louis for the week were 23,760 slabs, against 40,680 the week
before; since Jan. 1, 1,618,360, against 1,716,940 last year.
Shipments were 47,880 slabs, against 44,880 in the previous
week; since Jan. 1, 1,507,300, against 1,378,440 last year.
STEEL has remained quiet, with prices still sagging,
it appears, here and there. Pittsburgh reports a rather
more cheerful feeling with a slight increase in business.
But, significantly enough, production is still curtailed there,
despite some increase in sales of structural material and a
very fair business in pipe. Sheets, however, continue quiet.
Ship steel has sold rather better, Cleveland reports. The
Standard Oil Co. is building two tankers in British yards,
however. Prices have been more or less depressed, taking
the market as a whole. The general idea seems to be that
during the summer months there is not likely to be very
.
much improvement. Yet it is possible that a better state
of things may get slowly under way in July or August.
July is apt to be the dullest month of the year.
PIG IRON has been quiet and weak with nominal prices
$20 to $21 for eastern Pennsylvania and $19 to $19.50 for
Buffalo. It is said that 200 tons of Virginia iron have sold
at $25 furnace. Foundry business has recently declined
sharply. Some furnaces are willing to sell for the fourth
96
THE CHRONICLE
quarter, it is said, if deliveries start at the close of the third
quarter. Trade is still unsatisfactory. The remarkable
thing is that the sales recently estimated at half a million
tons or more should have had so little influence. It speaks
volumes for the conservative attitude of new buyers. The
tide will turn sooner or later but there are no signs of it turning as yet. The June output is stated at 2,026,221 tons,
the lowest total since August 1922 when it was 1,816,170
tons. In May this year it was 2,615,110 and in April 3,233,428 tons. In June last year it was no less than 3,668,413
and two years ago 2,361,028 tons. The "high" was 3,867,694
tons in May 1923. Birmingham says that Southern furnaces
have cut prices, that they are down to $18 50 per ton for
No. 2 foundry. It is added, however, that quite a little
business is being done at that price. Thisfall there may be a
change for the better. It is considered by no means likely
At Pittsburgh, it is stated, orders are confined to 100 tons to
carload lots. The prices are $19 base valley for 1 75 to 2 25
silicon, $19 50 for 2 25 to 2 75 silicon, and $20 for 2 75 to
3 25 silicon.
[VOL. 119.
COTTON.
Friday Night, July 4 1924.
THE MOVEMENT OF THE CROP, as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
20,167 bales, against 35,721 bales last week and 49,228 bales
the previous week, making the total receipts since Aug. 1 1923
6,607,322 bales, against 5,663,020 bales for the same period
of 1922-23, showing an increase since Aug. 1 1923 of 944,302
bales.
Receipts atSat.
Mon. Tues. Wed. Thurs. Fri.
Total.
Galveston
618 1.215
384
278
232 3,233
506
Texas City
------------------Houston
------------Port Arthur, &c_
New °Aeons
82 3.(
-583
-lg.;
-886
569
- 48 fc.fail§
Gulfport
Mobile
200
347
195
-461 ---i :::: 1i47
Pensacola
---------Jacksonville
Savannah
1,447
849 1.420
-iie
K§ ____ 4:818
Brunswick
WOOL has been quiet and still more or less depressed with Charleston
22
185
131
185
--------523
goods dull. Until they improve, raw wool is not expected Georgetown
Wilmington
144
517
103
48
-§ii :::: 1.039
to. Interest centred in the opening of the London sales in Norfolk
212
616
450
104
399
---- 1.781
the fourth series of the Colonial wool sales on July 2. Most N'port News,&c.
__
350---------------of it is said to be crossbred stock. Americans are not ex- New York
Boston
-------100
-78
--------178
pected to take much, especially as prices are lower in the Baltimore
United States. German and French buying may dominate Philadelphia
this sale. The offerings will total 128,000 bales of wool, of Tntals this yaw&
n MA 7 717 2221 0 420,
7
0 ar.ni
077 On ,a'
which 54,000 bales are New Zealand, 47,000 bales are AusThe following table shows the week's total receipts, the
tralian, 9,000 bales are Capes and 18,000 bales are Punta
Arenas wools. Boston is surprised at the steadiness of total since Aug. 1 1923 and stocks to-night, compared with
prices at the wool auctions in Brisbane, which closed to-day last year.
with 40,000 bales offering. The lower prices recently at
1923-24.
Stock.
1922-23.
Antwerp and London seemed to point to a decline at BrisReceipts to
This Since Aug This Since Aug
July 4.
bane. France has been the largest buyer there, though all
Week. 1 1923. Week, 1 1922.
1924.
1923.
other countries except America have been represented among
3,233 2,823,425 4.506 2,327,274
the buyers. Best combings, 64-70s, at the opening were on Galveston
38,249
35,375
18,606
-r r
, 69.798
19
13
the basis of $1 25 and $1 27 clean basis in bond Boston, while Texas City
Houston
1.065.789
905 723.413
topmaking wools cost $1 20.
Port Arthur, &c_
New Orleans
6.562 1.336.037 4,245 1,351.106
73,923
56,097
To the Department of Agriculture, reports indicate con- Gulfport
1,147
79,779
tinued dulness in June in the Western producing States Mobile
1,438
894
89,286
718
Pensacola
11,521
9,220
and prices in general were weak. Approximately 2,500,000 Jacksonville
4,227
_1,838
9.156
2,614
4,510 439,643 4.734 435,424
pounds were moved at Del Rio, Texas, at a range of 38 to Savannah
33,647
18,590
Brunswick
944
4
28,524
243
44c. for short and 45c. to 48c. for long wool, while about Charleston
523 190,995
422 131,578
14.242
25,443
500,000 pounds of long wools remamed umold. Some Georgetown
-Wilmington
1,039 134.084 4.021 101.017
12,848
1,250,000 pounds were sold at Merizon and practically all Norfolk
7.897
1,781 412,628 2,590 279,713
31.403
32,094
the accumulated at Kerryville. California wools were quiet; N'port News,Stc-_ _
924
17,386 1,000
8,000 fleeces brought 34c. and 5,000 fleeces 37c. Ninety per New York
83,512
46.898
9,460
Boston
178
42.813
695
4.572
74,944
7,053
cent of the Washington clip was estimated to have been Baltimore
210
28.139
456
1.400
18,165
1,548
1.306
shipped out of the State and 70% sold. Speculators bid Philadelphia
-_-_
3,919
3.419
4.942
30 to 34c. Most of the Idaho wools have been sold at
Totals
20.167 6.607.322 24.472 5 am n9n 252 AAR 275.118
prices prevalent on June 1.
Forty-five to fifty per cent of
In order that comparison may be made with other years,
the accumulation in Union Pacific territory has been sold.
In Wyoming offers and sales at 32c. to 36c. were 5 to 6c. per we give below the totals at leading ports for six seasons:
pound under sales made earlier in the season. Growers
Receipts at1924.
1923.
1922.
1920.
1921.
1919.
displayed a tendency to hold for higher prices.
Washington wired June 30: "Approximately 25% of Galveston_ __ _
3,233
4,506
21.340
5,211
40,944
35,517
905
966
361
7.506
21,861
the wool clip this year is to be graded on the basis of Federal Houston, ace_
New Orleans_
6,562
4.245
16,277
11.471
23,070
13,120
grades. George T. Willingmyer, specialist in wool market
1,147
894
- Mobile
971
599
565
2.671
4,510
4,734
7,352
mg and standardization, U. S. Department of Agriculture, Savannah
3,781
15,298
28.064
Brunswick _
4
5,000
reports that the grades are being used by prominent wool Charleston_....
523
422
905
10
3,681
575
1,039
4.021
dealers in Chicago, St. Louis, Philadelphia and Boston, Wilmington15
719
1.390
3.419
Norfolk
1,781
2,590
924
2,273
1,176
8,131
by the Southwestern Farm Bureau Wool and Mohair AssoportN'o N., &c.
29
36
148
others1,372
ciation, the Pacific Wool Growers' Association, members
2,151
6.730
2.018
2,306
1,166
of the National Association of Wool Manufacturers, who Tot, this week
20,167
24.472
56.184 100,186
24.959 116.267
are standardizing their products in conformity with official
grades, the National Wool Warehouse and other licensed since Aug.1 6,607,322 5.663.020 5.976,817 6.432.310 6,741,321 5.744.592
warehouses. Several States through their Legislatures have
The exports for the week ending this evening reach a total
adopted the grades as State grades."
of 53,757 bales, of which 9,929 were to Great Britain,
At Brisbane on July 1 the wool sales opened with an 9,582 to France and 34,246 to other destinations. Below
average selection and firm prices compared with the May are the exports for the week and since Aug. 1 1923.
prices. At Perth on June 30 out of 3,000 bales of wool
offered 2,500 bales were sold. The prices obtained were
Week ending July 4 1924.
From Aug. 1 1923 to July 4 1924.
Exported toExported toequal to the prices at the May sale. In London on July 1
Exports
the Colonial wool auctions were resumed with sales of 10,339
Greet
from
Great
Britain. France. Other. Total. Britain. France. Other.
bales. Prices were slightly lower than at the close of the
Total.
last sales. During the last two auctions there was a decline Galveston2,853
5,074 9,8 • 541,661 3i3,3491,193,0172,048.027
352,574 188,454 519,141 ,060,169
of 5 to 10% and in some few uncles of 15% under the open- Houston _ _ _
Texas City_
1,754
1,754
ing prices. Demand is not satisfactory. Higher prices New Orleans 4,104
9.444 19,381 2.'6,383 86,126 503,278 885,787
were paid for some small lots of the better grades than at Mobile
13,770
1,051
7,172 21,992
Jacksonville
1,519
735
2,254
the last sales. The bulk sold at a small decline. Details Pensacola _
10,124
291
800 11,214
Savannah .... 1.164
were:
1
12,440 13,60- 100,816 18,139 198,414 317,369
Brunswick
.._50
ao
New South Wales,1.186 bales:scoured merinos.'40 to 56;scoured crossbreds.
75,538
311
79,272 155,110
30 to 44: greasy merinos:16% to 354; crossbreds. 124 to 2934. Queens- Charleston
1
8,
9,i i
67,150 85,050
land. 169 bales: scoured merinos. 50 to 56; crossbreds, 56 to 5634; greasy Wilmington. 1,028
__
Norfolk_
1:628 98,348
4,975 113,725 217,048
merinos. 19 to 35. Victoria,356 bales:crossbreds,32 to 47; greasy merinos, N'port New
19
19
1
20 to 3714. South Australia, 350 bales: scoured crossbreds. 20 to 33: New York.._
-350
7,288 9,443 126,833 83,44 281,424 491.760
greasy xnerinos, 1814 to 3734: crossbreds, 15 to 28. West Australia, 51 Boston
430
430
10,672 16,219
5,547
bales:scoured merinos,45 to 5334:greasy crossbreds. 16 to 27c. Tasmania, Baltimore-.
2
3,071
106
2,96
327 bales: scoured merinos, 35 to 50; crossbreds, 30 to 39. New Zealand, Philadelphia
2,892
1,471
1,355
66
3,453 bales: scoured merinos, 34 to 4434; crossbreds, 1434 to 27%; greasy Los Angeles
11,302 29,076
17,074
7
merinos, 15 to 28; crossbreds, 12 to 2234. Cape Colony,899 bales:scoured
Fran_ _ _
77,986 77,986
merinos, 45 to 56: crossbreds, 30 to 47: greasy merinos, 16 to 2834. Punta San
Seattle
47,134 47,134
Arenas, 3,554 bales: greasy merino, 13 to 23; crossbreds 9 to 21.
San Diego1,231
1,231
In London on July 2, 10,166 bales were sold, largely New
Total -- 9,92 9,582 34,246 53.7671.053,043 709,476 3,112,693 5,475,212
Zealand. Prices were somewhat higher. Details:
New South Wales, 422 bales: scoured merinos, 32059; crossbreds, 200 Total'22-'23 16,035 11,325 32,135 59,4951,276,809 614,8382,601,535 4,493,182
39; greasy merinos, 1434 036: crossbreds. i134@8. Queensland, 31 bales: Total'21-'22 37,455 17,930 114,350 169,735 1,699,923 739,824 3,391,324 5,831,071
scoured merinos, 50063: greasy crossbreds, 22@29t. Victoria, 1,270
-Exports o Canada.
NOTE.
bales: scoured merinos, 4206434: crossbreds. 3004934; greasy merinos,
-It has never been our practice to include in the
18(842;crossbreds,14029. South Australia,437 bales:scoured crossbreds, above table exports of cotton to Canada, the reason being that virtually all the
18049: greasy merinos. 153402834; crossbreds, 1234 02534. West cotton destined to the Dominion comes overland and It Is Impossible to get returns
Australia. 196 bales: greasy crossbreds. 1502734. Tasmania, 92 bales: concerning the same from week to week, while reports from the customs districts on
greasy merinos, 3004034; crossbreds. 23030 New Zealand, 6,239 bales: the Canadian border are always very slow In coming to hand. In view, however,
scoured merinos. 30054:crossbreds. 1736(85034:greasy merinos, 15(8(2936. of the numerous inquiries we are receiving regarding the matter, we will say that for
crossbreds, 1102134. Cape Colony. 1.479 bales: greasy merino, 1502834. the month of May the exports to the Dominion the present season have been 10,703
THE CHRONICLE
JULY 51924.]
bales. In the corresponding month of the preceding season the exports were 11,930
bales.
For the ten months ending May 30 1924 there were 141,476 bales exported, as
against 181,544 bales for the corresponding ten months in 1922-23.
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named.
On Shipboard, Not Cleared for
July 4
Galveston
New Orleans
Savannah
Charleston
Mobile
Norfolk
Other ports*
Total 1924
Total 1923
Total 1922
*Estimated.
Great
GerOther CoastFrance. many. Cont'nt. wise.
1,000
2,292
1,200
1,067
5,500
1,000
1,000 1,200
1.123 14,494
4.300
700 5,100
2,056 21,032
500 4,800
1,500
8,792 3,267 2,623 22,094
8,270 4.588 4,600 6.434
20,153 11,167 17,654 22,202
Leaving
Stock.
8,750
33,149
52.891
28,847
14,242
838
31.403
62,244
3,506 40,282
1,350 25,242
3,053 74,229
223,614
249,874
549,473
-666
(366
500
Total.
250
97
200-point rule is siispended on trading in the spot month
beginning on the 15th inst., according to custom. And the
technical position is inclined to tighten from time to time
with everybody bearish, North and South. There is a deepseated conviction that the crop is going to be larger than for
years past. It is encouraged by the latest Government estimate of 12,144,000 bales, the largest in four years. But
veterans in the trade-do not forget that the crucial months,
after all, are July and August. A portion of September has
also a certain effect oftentimes on the size of the crop. There
is usually a decrease in the condition between June 25 and
July 25. Last year it amounted to 2.7%. The ten-year average for July 25 is 71.2, against 74.8 for June 25, a decrease
of 3.6%. Sometimes, indeed, there is an improvement in
July. There was in 1920, when it amounted to 3.4%. But
Improvement is rare in July. Of course, too, there is a sharp
decline in the condition between June 25 and Aug. 25. Last
year it amounted to 6.4%; in 1922 it was 14%; in 1921, 20%.
Of course, no such deterioration will necessarily occur this
year. There has been no great damage thus far, either by
weevil or grasshoppers. But the fact is not blinked that the
crop is something like 10 days to two weeks late. In some
parts of the belt it is said to be even later. There is no hope
of entirely escaping the weevil scourge. The weather, after
all, may easily be the deciding factor. With hot dry conditions and occasional showers, the weevil may be kept under.
But the kind of weather that awaits the plant is for time to
determine. As the case now stands the short account, as
already intimated, is large. Manchester is doing a somewhat better business. And for a time, at any rate, if theze
should be a further squeeze in July, something by no means
impossible, new crop months would be for a time at least
more or less affected. It is a fact that the carryover of
American cotton in the world on Aug. 1 this year is estimated at only 1,600,000 to 2,000,000 bales,against 2,573,000 on
Aug. 1 last year, 4,904,000 on the same date in 1922 and
9,194,000 in 1921. People keep these things in the back of
their minds while they watch the crop and the weather and
the condition of trade. To sum up the statistical and technical position is bullish. The trade and crop news is bearish.
On Thursday prices declined some 20 to 25 points, with
the weather in the main good, the cables weak, cotton goods
dull and a general feeling of apprehension of lower prices
following the memorable Government report on Wednesday.
Manchester showed more or less depression. In Liverpool
bulls unloaded even if the Continent bought to some extent.
In Manchester yarns were weaker. Worth Street was dull
and more or less dazed by the condition report of 71.2%,
with the big acreage and the implications of a big increase
in the crop. Wall Street, New Orleans and the South sold.
But on the decline shorts deemed it prudent to cover. They
were afraid something might happen in the way of bad
weather over the holidays, as the Exchange adjourned until
Monday. And of course they had no means of telling what
Liverpool might do over Friday and Saturday. The sober
second thought recalled the fact that the crop is made in
July and August and not in June. Mills bought 25,000 to
30,000 bales of October and December. Liverpool bought.
Contracts became rather scarce. Prices ended at a net decline for the day of only 12 to 18 points. July maintained a
premium of 470 points. At one time this week it was 500
over October. Final prices show, however, a decline for the
week of 55 points on July and 104 to 115 on other months.
Spot cotton ended at 29.75c. for middling, a decline for the
week of 50 points.
The following averages of the differences between grades,
as figures from the July 2 quotations of the ten markets,
designated by the Secretary of Agriculture, are the differences
from middling establishea for deliveries in the New York
market on July 11, 1924.
Speculation in cotton for future delivery was quiet until
July 2, when it burst into the greatest activity seen for
many months. The Bureau report on condition of 71.2, a
crop of 12,144,000 and an acreage of 40,403,000 acres, caused
heavy selling and a decline of 100 to 120 points, the latter
on July. Previous to that prices had been steady, mainly
owing to a rising tendency of the price for July, in which
there was a large short interest among the mills, dry goods
merchants, spot cotton merchants, and speculators. There
is, for that matter, a good deal of calling still to be done.
New crop months had a sagging tendency owing to good
weather and generally favorable crop accounts. On Tuesday, it is true, new crop months advanced 30 to 40 points,
while July moved up 75 points. There were reports of too
much rain in Georgia, Alabama, Mississippi and the Carolinas and fears of injurious rains in the Rio Grande Valley.
Some parts of Texas appeared to need rain. And there
.were complaints of low temperatures in various parts of the
belt. In many cases they were down in the 50's and in rare
instances below 50. The general idea was that the crop
condition would be estimated by the Government at 68.5 to
69%. The range of exports was 69.3 to 70.3%. The highest crop estimate was 11,900,000 bales and the lowest about
11,100,000. On July 2, the day on which the Government
report appeared, prices were at first a little higher on rains
and cooler temperatures and preliminary covering of shorts.
But the report itself at 1.30 p. m. was literally a bolt from
the blue, when it turned out to be 71.2%. This condition
was compared with 65.6% a month ago, 69.9 last year and
71.2% in 1922, 69.2% in 1921, the lowest on record for June
25; 70.7 in 1920; 20 in 1919; 85.8 in 1918; 70.3 in 1917; 81.1
In 1916; 80.2 in 1915; 75.6 in 1914, and the ten-year average
of 74.8%. The crop was estimated at 12,144,000 bales,
against 10,080,000 last year. Moreover, the acreage for the
first time in Government records reached 40,403,000
bales, including 15,595,000 in Texas, 3,767,000 in
Georgia; 3,672,000 in Oklahoma, 3,256,000 in Mississippi,
3,190,000 in Alabama and 3058,000 in Arkansas. The tendency is to get above 40,000,000 acres. And it is hoped by
all conservative interests that the condition in July and
August will make it possible to raise a crop of 12,500,000
to 13,000,000 bales. Such a crop is needed to replenish the
world's supplies of American cotton and bring conditions
back to something like the normal as to stocks, prices and
consumption. There has been a long period of trade dislocation in one shape or another and the natural aspiration
of forward-looking and conservative people interested in
the maintenance of America's supremacy in the world's cotton trade is a return to good-sized crops and reasonable
prices. This will be to the best interest of all concerned.
The South is hopeful. It is bearish on the outlook. Mean3 03 off
Middlingrak
1 95 on *Middling "yellow" stained
while cotton goods are quiet here and in Fall River. Now Strict good middling
1.57 on *Good middling "blue" 8tained__1.30 off
and then a mill in isolated cases resumes full time, but this Good middling
1 24 on *Strict middling "blue" stained_ _1.78 off
2 70 off
80 on *Middling "blue" stained
is an exception which proves the rule to the effect that cur- Strict middling
41 on
Strictlow middling
1,30 off Good middling spotted
tailment is widely prevalent and increasing rather than Low middling
.13 off
Strict middling spotted
3 10 off
1 10 off
4.53 off Middling spotted
diminishing. It is said that some cotton will be shipped *Strict good ordinary
2.55I0ff
*Strict low middling spotted
*Good ordinary
back from Bremen to New York, presumably for delivery Strict good mid."yellow" tinged_5 90 off *Low middling spotted
3.931off
.20 on
on July contracts. Some interests in Wall Street. which re- Good middling "yellow" tinged__ .30 off Good mid, light yellow stained .88 off
Strict middling "yellow" tinged__ .80 off *Strict mid,light yellow stained.1 48 off
cently were aggressively bullish, have latterly reversed their *Middling "yellow" tinged
2.03 off *Middling light yellow stained__2.2810f1
35 off
position. On Wednesday the unexpectedly favorable report *Strict low mid."yellow" tinged _3.50 off Good middling "gray"
Low
.86 off
*Strict middling "gray"
from Washington was greeted with a storm of selling from ' middling "yellow" tinged_ _4.90 oft *Middling "gray"
Good middling "yellow" stained.1.50 off
1.48 off
Wall Street, uptown, the South as well as the West from *Strict mid."yellow"stained
2 13 off • These grades are not deliverable.
local interest. It was felt that such a report would have a
The official quotation for middling upland cotton in the
tendency to make buyers both of raw cotton and cotton goods New York market each day for the past week has been:
June 28 to July 4Sat. Mon. Tues, Wed.Thurs. Fri.
more cautious than ever. It is recalled that on June 25 1920
Middling upland
30.05 30.20 30.90 29.90 29.75 Hol
the crop was estimated at around 11,500,000 bales, but it
NEW YORK QUOTATIONS FOR 32 YEARS.
turned out to be 13,439,000, according to the Government
The quotations for middling upland at New York on
computation on an acreage of 37,043,000 planted and 35,878,July 3
32 years have been as follows:
of the
000 picked, the yield being stated at 178.4 lbs. to the acre. 1924 for each 1916 past
9.91c.
12.95c. 1908
11.40c. 1900
29.75c.
13.50c, 1899
6.12c,
9.60c. 1907
This, as already intimated, makes people hopeful for the 1923
27.25c. 1915
10.80c. 1898
13.25c. 1906
6.250.
23.75c. 1914
future of this year. There is a notion among some people 1922
10.80c, 1897
1921
12.350. 1905
7.88c.
12.00c. 1913
10.85c, 1896
11.95c, 1904
that the situation is in some sense analogous to that of four 1920
7.440.
39.750. 1912
1919
12.75c. 1895
14.70c. 1903
7.19c.
34.350. 1911
years ago. It is believed that conditions on July 2 were bet- 1918
7.31c.
9.31c. 1894
15.50c. 1902
30.70c. 1910
ter than on June 25. The weekly report on the weather and 1917
12.60c, 1901
8.88c. 1893
8.o0c.
25.65c. 1909
the condition of the crop was exceptionally favorable. On
MARKET AND SALES AT NEW YORK.
the other hand there is the July situation. Trading in July
The total sales of cotton on the spot each day during the
will run for about three weeks. Already the Clearing House week at New York are indicated in the following statement.
Committee of the New York Cotton Exchange has announced For the convenience of the reader, we also add columns
that original margins of $12 a bale will be called on after which show at a glance how the market for spot and futures
Monday, July 7. Of course, it is well known, too, that the closed on same days.
98
THE CHRONTME
[VOL. 119.
Continental imports for past week have been 73,000 bales.
The above figures for 1924 show a decrease from last week
of 33,995 bales an increase of 289,520 from 1923, a decline
Saturday___ Quiet. 20 pts. dec
Barely steady
of 1,783,523 bales from 1922, and a falling off of 3,786,636
Monday --- Quiet. 15 pots. adv
_ Steady
Tuesday --- Steady,70 pts. adv___ Steady
15.000 15,000 bales from 1921.
Wednesday_ Quiet, 100 pts. dee---- Barely steady
700
700
AT THE INTERIOR TOWNS the movement
Quiet, 15 pts. dec---- Very Steady
Thursday
-that is,
16,800 16.800
Friday
HOLIDAY
the receipts for the week and since Aug. 1, the shipments for
Total_
32.500 32.500 the week and the stock to-night, and the same items for the
corresponding periods of the previous year-is set out in
FUTURES.
-The highest lowest and closing prices at detail below:
New York for the past week have been as follows:
Spot
Market
Closed.
Saturday,
June 28.
Futures
Market
Closed.
Monday,
June 30.
SALES.
Spot.
Contet. Total.
Tuesday, Wednesday, Thursday,
July 1.
July 2.
July 3.
Movement to July 4 1924.
Friday,
July 4.
Towns.
I Ship- Stocks
meats. July
Week. I Season. (Week.
4.
July-
Range- _ 28.98-29.28 28.82-29.22 29.25-29.95 28.80-30.00 28.65-28.97
Closing _ 29.03-29.05 29.20-29.22 29.90-29.95 28.84-28.90 28.72-28.77
AugustRange_.26.80-26.80- - -26.92-27.10 25.85-27.20 26.00-26.00
Closing_ 26.60 26.5027.10 -26.10 --26.00September
Range__ 25.67-25.67 25.38-25.45 - - - -- - Closing_ 25.67 -25.42 -- 25.80 -- 24.85 -- 24.55
-9clober
Range__ 24.95-25.15 24.70-25.02 24.98-25.24 24.15-25.32 23.93-24.17
Closing_ 24.95-24.98 24.83-24.86 25.18-25.19 24.18-24.20 24.00-24.04
November
Closing _ 24.45 --24.40 -24.65 -23.7023.60December
HOLIDAY
Range__ 24.23-24.43 24.02-24.32 24.30-24.53 23.50-24.60 23.30-23.53
Closing- 24.26-24.27 24.17-24.20 24.48-24.50 23.52-23.55 23.35-23.37
tannery
Range __ 24.05-24.18 23.83-24.04 24.12-24.32 23.28-24.40 23.11-23.33
Closing 24.05 -23.97.
24.26-24.3223.3323.18-23.20
February
Closing _ 24.13 --24.05 -24.35 -23.41 -23.25WarchRange __ 24.20-24.33 23.97-24.1724.25-24.45 23.50-24.55 23.29-23.53
Closing_ 24.21 24.1223.5224.4523.36-23.40
4pritClosing. 24.24 --24.16 --24.5023.4023.57W
Range__ 24.26-24.40 24.04-24.17 24.38-24.52 23.60-24.60 23.40-23.64
Closing. 24.27 -24.20 -24.53-23.62 -- 23.47lune(engine
Movement to July 6 1923.
Receipts.
Receipts.
Week. Season.
Ship- Stoats
meals. May
Week.
6.
Ala.,Birming ..
56
34.0411
9
110
978
2 41,268
__
Eufaula
9,3
_
2,117
8,73
Montgomery.
107 53,266
600j 6,017
2
60,954
Selma
99 35.146
140 1,855
4 54,316
Ark., Helena
---15,144 -___ 1,494
____
34,544
Little Rock
18 112,848
63 5,647
103 170,837
Pine 13Iuff_
356 61,341
711 9,656
200 133,14.
Ga., Albany
--_2.081 -_ 1,897
_ __
6,255
Athens
11. 45,569
506 7,313
23
45,837
Atlanta
888 161,373 1.997 7,991
275 274,271
Augusta
1,23 198,972
618 14,258 1,02: 295,90
Columbus_ _ _
212 78,579
103 6,942
432 124,76.
Macon
234 32.641
370 2,790
118 56,884
Rome
29,872
-___ 3,482
21.
48,278
La., Shreveport
--__ 114,000 ---- 7,600
74,1.1
___
5liss.,Columb
-___
19,973 -___ 1,218
__
24,786
Clarksdale
178 79,524
627 7,483
97 128.910
Greenwood
547 98,759 1,139 14,520
10e,733
Meridian_
49 31,374
94 5,553
34,316
214
Natchez
3 31,395
13 1,738
5 32,476
Vicksburg_
____
17,188
101 1,149
23.137
1
Yazoo City
__
19,337
_ 4,148
28.126
1
110., St. Louis_ 2:045 561,110 2:900 4,459 3,372 712,305
N.C.,Gensboro
58 63,157
34 5.217
190 106.586
28 14,341
Raleigh
100 1,620
11,261
Dkla., Altus.__
1 119,365
269 12,809
-__ 102,729
Chickasha
____
98,826
87 3,473
____
81,38
Oklahoma__ _
____
62,282
278 6,502
78,127
___
3.C.,Greenvill
---- 159,093 - 12,533
500 173,159
Greenwood
..-10,752_ _ 10,291
8,11.
Penn..Memp
1,330 916,218 2:1145 36,455 2:7981,101.611
____
Nashville
291
____
rotas. Abilene_
63,534
____
208
____
45,797
Brenham
28 26,691
35
18,481
621_
Austin
39,801
-....
81
-35,591
Dallas
8 127,449
31 2,058
287 85.621
Houston_ _
1,5443,461,555 2,876 46,115 3,1762,677,111
Paris
77,238
35
71,639
15
____
____
San Antonio_
49,416
___
513
____
41,188
Fort Worth
401
92,644
433
64,174
537
____
54 3,440
...
629
369 6,866
2 1,399
- 8,005
5114 15,199
1,200 25,664
8 2,075
.11 14,320
2,657 18,341
408 18,603
741 4,246
1,1!: 7,145
21. 5,283
---200
232
644
1,117 19,851
438 18,232
144 1,361
482 2,830
41 3,435
128 8,325
4,173 8,023
1.138 13 228
.
143
25
115 1,143
---354
_ 1,945
3,000 20,778
___ 6,100
4:317 80,844
---23
_
186
____ 3.883
--308
563 1,781
5,560 24,213
---42
--- _
30
____
439
--
Range of future prices at New York for week ending
June 26 1924 and since trading began on each option.
Option for
July 1924_ 20.65
Aug. 1924._ 25.85
Sept.1924_ 25.38
Oct. 1924_ 23.93
Nov. 1924
Dec. 1924.... 23.30
Jan. 1925__ 23.11
Feb. 1925..
Mar. 1925__ 23.29
Apr. 1925
May I925__ 23.40
Rarge Since Beginning of Option.
Range for Week.
July
July
June
July
3 30.00
2 27.20
30 25.67
3 25.32
July
July
June
July
2 22.05
2 25.25
2824.20
2 23.45
23.84
3 24.60 July 2 23.15
3 24.40 July 2 23.11
23.85
3 24.55 July 2 23.19
Aug. 4 1923 36.50
Mar. 27 1924 34.50
Mar.28 1924 31.00
Mar. 27 1924 30.00
Mar.27 1924 28.60
Mar. 27 1924 28.40
July 3 1924 27.85
Apr. 8 1924 23.85
Apr. 22 1924 26.65
Nov.30 1924
Nov. 30 1923
Nov.30 1923
Nov.30 1923
Dec. 1 1923
Jan. 2 1924
Feb. 4 1924
Apr. 8 1924
June 2 1924
.tal 40 towns
9 53217.225 MR IR fll A 9M) Anft
1q
one no,,,al
,
90 '7111951 RAA
The above total shows that the interior stocks have decreased during the week 7,383 bales and are to-night
72,260 bales less than at the same time last year. The
July
July
receipts at all towns have been 4,362 bales less than the
same week last year.
July
OVERLAND MOVEMENT FOR THE WEEK AND
July 3 24.60 July 2 23.40 July 3 1924 25.95 June 3 1924
SINCE AUG. 1.
-We give below a statement showing the
THE VISIBLE SUPPLY OF COTTON to-night, as made overland movement for the week and since Aug. 1, as made
up by cable and telegraph, is as follows. Foreign stocks, as up from telegraphic reports Friday night. The results for
well as the afloat, are this week's returns, and consequently the week and since Aug. 1 in the last two years are as follows:
all foreign figures are brought down to Thursday evening.
-1922-23--1923-24July 4Since
But to make the total the complete figures for to-night
Week. Aug. 1.
Week. Aug. 1.
(Friday), we add the item of exports from the United States, Shipped-LOWB
Via St.
2,900 586,384
4.173 701.519
,
including in it the exports of Friday only.
Via Mounds, eze
1,080 200.480
2,520 238,488
Via
Via
Via
Via
Rock Island
Louisville
Virginia points
other routes, lac
21.2497,926
56.408
-5i8
26,628
3,619 178,182
204,645
8,521 474,870
468,247
July 41924.
Stock at Liverpool
bales_ 516.000
Stock at LondonStock at Manchester
54
.000
1923.
454.000
2.000
42,000
1922.
1921.
875,000 1.117,000
1,000
2.000
56,000
93.000
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Ghent
Stock at Antwerp
570.000
6,000
133.000
86,000
14.000
94,000
12,000
4,000
1,000
498.000
19,000
47,000
57.000
6,000
81.000
9,000
15.000
3,000
350,000
237,000
Total gross overland
15,144 1,507.633
932,000 1,212,000 Deduct Shipments
33.000
30,000
Overland to N. y.. Boston. &c
1,372
89,535
203,000 693,000
Between interior towns
517
27,599
143.000 136,000
Inland, &c., from South
4,527 622.779
12.000
10,000
84.000 116,000
Total to be deducted
6.416 739,913
11.000
25,000
8.000
26,000 Leaving total net overland •
8,728 767,720
1,000
•Including movement by rail to Canada.
495.000 536.000
920,00..."
111.000
169.000
101,000
77.000
732,000
263.896
259.406
/35,000 1,427.000 1,748,00
80.000
84,000
38.000
119.000 346,000 344,274
47,000
77.000
42,000
165.000 243,000 271,000
591.000 1.114.000 1,202,000
275.116 623.702 1,515,542
331,666 498.935 1.240,354
3,188
18.768
Total Continental stocks
Total European stocks
India cotton afloat for EuropeAmerican cotton afloat for Europe
Egypt,Brazil,&c.,afloatforEurope
Stock in -Alexandria. Egypt
Stock in Bombay.India
Stock in U. S. ports
Stock in U. S. interior towns
U. S. exports to-day
426
3.210
7,528
19,208 1,657,393
2,151
492
2.780
107.931
27,856
475,039
5,423
610.626
13.785 1,04,,,567
The foregoing shows the week's net overland movement
this year has been 8,728 bales, against 13,785 bales for the
week last year, and that for the season to date the aggregate
net overland exhibits a decrease from a year ago of 278,847
bales.
In Sight and Spinners'
Takings.
-1923-24
Since
Week. Aug. 1.
--1922-23
Week.
Receipts at ports to July 4
20,167 6,607,322
24,472
Total visible supply
2 633,302 2.343,782 4,416,825 6.419,938 Net overland to,July 4
13,785
Of the above, totals of American and other descriptions are as follows: Southern consumption to July 4_* 68:000 3,963:000 102.000
American
Liverpool stock
Total marketed
bales 222.000 170,000 519,000 711,000
96.895 11,338,042 140,257
Manchester stock,...
43,000
23,000
41,000
*7,383
76.000 Interior stocks in excess
123 *15.810
Continental stock
247.000 144,000 409,000 463,000 Excess of Southern mill takings
American afloat for Europe
over consumption to June 1--169.000 119,000 346,000 344,274
108,055
U. S. ports stocks
263.896 275,116 623,702 1,515,542
U. S. interior stocks
Came into sight during week-- 89.512
259.406 331,666 498.935 1,240,354
124,447
Total in sight July 4
U. S. exports to-day
3,188
18,768
11,446,220
Total American
East Indian, Brazil,
Liverpool stock
4London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt. Brazil, Ste.. afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
Total East India, &a
Total American
1,204.302 1.062,782 2.440.825 4.368,938
294,000
11.15156
103.000
111.000
101.000
77.000
732.000
284.000 356,000 406,000
2,000
1.000
2,000
19,000
15,000
17,000
93.000
86,000
73,000
80.000
84,000
38,000
47,000
77,000
42,000
165,000 243.000 271,000
591.000 2.114.000 1,202.000
1.429.000 1,281,000 1,976,000 2,051,000
1.204,302 1,062,782 2.440.825 4,368,155
Nor. spinners' takings to July 4-- 7,979 1,777,577
*Decrease.
5,663.020
1,046,567
4,149,000
10,858,587
*18.405
384,072
--11,224,254
21,042 2,316.931
NEW ORLEANS CONTRACT MARKET.
-The closing
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
July
Total visible supply
2.633.302 2.343.782 4.416.825 6,419,938 October _
December_
Middling uplands. Liverpool
15.92d. 15.62d. 13.50d.
7.84d. January _ _
Middling uplands. New York..
29.75c. 28.05c.
22.90c. 12.20c.
Egypt, good Sakai, Livemool
24.151. 17.150. 22.250. 18.006. March_ _
Tone
Peruvian, rough good. Liverpool_ 24.00d. 18.751.
14.50d. 11.00d.
fine, Liverpool
Broach,
12.706. 12.706.
12.05d.
7.551. spot
Tneinvelly. good. Liverpool
13.850. 13.850. 12.950.
8.050 options-
Since
Aug. 1.
Saturda
June 28.
Monday,
June 30.
Tuesday, Wednesday. Thursday,
July 3.
July 2.
July 1,
Friday,
July 4.
27.40 27.4527.46-27.48 27.91 --27.01-27.03 26.95-26.97
24.22-24.24 24.10-24.13 24.42-24.44 23.3823.40 23.12-23.46
23.97-23.98 23.87-23.89 24.20-24.23 23.21-23.23 23.23-23.07
23.90
.id 23.81 bid 24.15 -23.1723.03 bid HOLIDAY
23.90
Id 23.81 bid 24.14-24.17 23.15 bid 23.04-
Quiet
Steady
Steady
Quiet
Steady
Steady
qt
.5v
01,9•/1 v
Rt91u19
RtitlitIV
JULY
THE CHRONICLE
51924.]
QUOTATIONS FOR MIDDLING COTTON AT
OTHER MARKETS.
-Below are the closing quotations for
middling cotton at Southern and other principal cotton
markets for each dalr of the week:
Closing Quotations for Middling Collies on
Week ending
July 4.
Galveston
New OrleansMobile
Savannah
Norfolk
Baltimore
Augusta
Memphis
Houston
Little Rock_ -- _
Dallas
Fort Worth_ _ _ _
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
29.35
28.80
28.00
28.75
29.38
29.00
29.75
29.30
29.25
28.55
29.45
28.80
28.00
28.75
29.38
29.50
28.50
29.50
29.30
29.25
28.45
28.50
30.00
29.25
28.00
28.70
29.88
29.50
28.75
29.75
29.60
29.75
29.00
29.00
29.00
28.35
27.25
27.75
28.00
30.00
27.88
29.25
28.50
28.75
27.80
27.90
28.55
28.35
27.25
27.54
28.50
2'1.00
27.63
29.25
28.25
28.75
27.65
27.60
HOLIDAY
AGRICULTURAL DEPARTMENT REPORT ON COTTON ACREAGE AND CONDITION.
-The Agricultural
Department at Washington on Tuesday of this week (July 2)
issued its report on cotton acreage and condition as of
June 25, and the following is the complete official text of
the report:
UNITED STATES DEPARTMENT OF AGRICULTURE,
Bureau of Agricultural Economics.
Washington, D. C., July 2 1924. 12:30 P. M.(R.T.)
The Crop Reporting Board of the United States Department ofAgriculture estimates,from the reports and data furnished by crop correspondents.
field statisticians and co-operating State Boards (or Departments) of
Agriculture and Extension Departments, that the area of cotton in cultivation this year (1924) in the -United States is about 40.403,000 acres, as
compared with 38.701.000 acres, the revised estimate of acreage in cultivation a year ago, being an increase of 1,702,000 acres, or 4.4%.
The condition of the growing crop on June 25 was 71.2% of normal.
as compared with 65.6 on May 25 1924. 69.9 on June 25 1923 and 74.8
the average condition for the past ten years on June 25.
From past experience the June 25 condition of 71.2% indicates a yield
per acre of about 143.8 pounds and a total production a about 12.144,000
bales of 500 pounds gross. But the final outturn of the crop may be larger
or smaller, as developments during the remainder of the season prove more
or less favorable to the crop than usual. Last year the production was
10,128,478 bales, two years ago 9,761,817, three years ago 7,953,641 and
four years ago 13,439.603 bales. The average production for the five
years 1910 to 1914 was 14,259.231 bales and for 1915 to 1919 the average
was 11,481,084 bales. Details by States follow:
Area June 25 1924.
Preliminary Estimate.
State.
Condition.
June 25.
Per Cent
Compared
lath
1923.
Acres.
125
108
109
98
65
100
96
105
108
98
97
115
108
113
138
200
257
92,000
1,822,000
2,185,000
3,767,000
111,000
3,190,000
3,256,000
1,537,000
15,595,000
3,058,000
1,184,000
453,000
3,672,000
266,000
179,000
140,000
36,000
Virginia
North Carolina
South Carolina
Georgia
Florida
Alabama
Mississippi
Louisiana
Texas
Arkansas
Tennessee
Missouri
Oklahoma
California_a
Arizona
New Mexico
All other
Change Between May 25
and June 25.
Ten
1924 1923. Year 1924. 10-Yr.
Aerie.
arm
61
73
69
75
79
70
74
78
70
68
67
60
72
90
92
80
72
90
80
64
se
65
68
67
69
77
66
67
62
64
91
92
80
82
78
73
70
74
72
75
75
75
77
77
79
76
92
Mg
c86
-1
+2
+1
+7
+2
+8
+4
+10
+13
+8
+14
-1
+2
--9
-1
+2
+3
-2
+3
+3
+2
+2
+3
+4
+4
+8
104.4 40.403.000 71.2 69.9 74.8 +5.6 +2.0
United States total_ a
a About 140,000 acres In Lower California (Old Mexico) included in California
figures, but excluded from United States total. 5 Seven-year average. c Fiveyear average.
The acreage in other States is made up of 16.000 in Illinois, 18,000 in
Kentucky and 2,500 in Kansas. The acreage last year in these States is
revised to 14,000 instead of 22,000 acres, as shown in the May 25 report.
The acreage in Arizona of Pima Egyptian long staple is estimated at
8,000 acres compared with 40,000 in 1923.
Notes on the cotton crop in other countries are attached.
CROP REPORTING BOARD.
Wm. A. Schoenfeld, Chairman;
W. F. Callender,
S. A. Jones,
Z. R. Pettet,
H. H. Schutz,
Approved:
C. F. MARVIN,
D. A. McCandliss,
R. E. Blair.
Acting Secretary.
-The Bureau of AgriculCOTTON CROP IMPROVES.
tural Economics of the United States Department of Agriculture, on July 2 made public the following:
Marked improvement of the cotton crop is reported by the United States
Department of Agriculture on July 2, for the date of June 25, improvement
during the last week of the pieriod being especially marked. The condition
of the crop is found to be 71.2% of normal, or 5.7% above the condition
of 65.5% on May 25. The ten-year average June improvement has been
2%, consequently the improvement during June of this year a as nearly
three times as much as average. Compared with June 25 of last year,
also, the condition of the crop on the same date this year is higher by 1.3%.
Notwithstanding the June improvement, the 71.2% condition of June 25
Is 3.6% below the ten-year average of 74.8 on June 25.
The outlook for the cotton crop is more hopeful than it was at this time
last year. The season is still late, but comparatively not everywhere as
late as it was a month ago. There has been some "catching up." The
crop is growing well, it has good color, and is well cultivated, except where
there has been excessive rain. The stand is about average, but somewhat
ragged on account of replanting.
Boll weevils are much less numerous than they were last year. except in
Southern and Central Texas. If there is dry hot weather in the Eastern
and Gulf States during the next few weeks. it will probably mean a material
improvement in the prospects of the crop. On the other hand, the crop
Jeing late, if weather conditions are favorable for the development of the
weevil, very serious damage may occur, as the weevil will probably becomt
prevalent before the crop has advanced sufficiently to be safe from danger.
Much more calcium arsenate than in any previous year is being usea to
combat the weevil. The fertilizer used is of higher grade and greater in
amount than last year.
Fields in Texas are very spotted and in many instances it was found
cheaper to replant than to work out the grass and weeds. This added to
the lateness of an already late season. The crop in that State Is being
made at great expense, owing mostly to replanting, high wages, and high
feed prices. Hot winds, lice, worms, "fleas," and grasshoppers, following
a cold, wet spring, have retarded the development of the crop. Where it
has been possible to work the crop out in time it looks well, but most of it
is still small and chopping is not completed. Weevils are reported to be
less numerous than they were last year, at this time, except in the southern
and central regions of the State.
99
Georgia's cotton crop is in better condition and the prospects are brighter
than in several previous years. Few weevils are found in Northern Georgia.
In Southern Georgia they are less than they were last year, but may be
present in sufficient number to cause much damage under later conditions
favorable to them. About twice as much poison is being used this year
as last, and it is being applied more thoroughly.
The month has been favorable to cotton in Oklahoma, with the exception
of hot winds for a few days, which retarded growth somewhat, but did not
seem to injure the plant. The crop is two to three weeks late. The plant
Is healthy and tap roots are long enough to insure safety during a moderate
period of hot, dry weather. Grasshoppers are doing considerable damage
and some fields have oeen completely destroyed. If they do not disappear
within a short time material damage to the crop may be expected.
In North Carolina, the cotton plants have grown slowly during the month
preceding..une 25,and on account of rain many fields in the Northeast have
not been kept clean. However, the major portion of the heavy cottonproducing counties have a favorable outlook. Weevils have so far been few.
Although some of the cotton fields in Tennessee are very grassy and foul,
and some others may be abandoned on this account, the great bulk of the
crop is now cleaned out, looks healthy, is in a good state of cultivation, and
is growing rapidly. There was decided improvement during the two weeks
before June 25.
In Alabama the crop is doing very 'well in all sections. In spite of poor
stands in Mississippi, the crop is in much oetter condition than it was a
year ago. Improvement in Louisiana during the month has been sufficient
to make the crop look well almost everywhere. The crop has improved
remarkably during the month in Arkansas, owing to the favorable dry
weather.
The area of cotton on June 25 is estimated at 40,403,000 acres, or 4.4%
above last year. This increase is found largely in border States and in
new regions, out it would have aeon greater there and elsewhere had not
the lateness of the season and cool, wet weather prevented. Notwithstanding these obstacles, the acreage increase in Virginia is 25%, in North Carolina. Texas and Oklahoma 8%, in Missouri 15%, in California 13%. in
Arizona 38%. in New Mexico 100%. Decrease of cotton acreage is estimated for five States
-2% in Georgia, 4% in Mississippi, 2% in Arkansas.
3% in Tennessee and 35% in Florida.
Cotton planting has extended this year into Kansas and expanded in
Illinois and western Kentucky.
WEATHER REPORTS BY TELEGRAPH.
-Reports to
us by telegraph from the South this evening indicate that
generally the weather during the week has continued favorable for cotton. Rainfall has been scattered and in most
cases precipitation has been light, although a few localities
report too much rain. As a rule, cultivation and progress
of cotton have been very good.
Galveston, Texas.
-Progress of cotton has been generally
very good and the condition of the plant is quite satisfactory. Very good progress has been made in chopping
and cultivation. Weevil, fleas and grasshoppers are still
active locally but damage, as a whole, has been slight.
There have been some complaints of shedding in the extreme
South.
Mobile, Ala.
-There have been scattered showers during
the week and a few localities report heavy rains. Some
fields are badly grassed, but the majority are clean. Cotton
growth has been good. It has been unusually cool. There
are very few complaints of weevils. /
Galveston,Tex
Abilene
Brenham
Brownsville
Corpus Christi
Dallas
Henrietta
Kerrville
Lampasas
Longview
Luling
Nacogdoches
Palestine
Paris
San Antonio
Taylor
Weatherford
Ardmore, Okla
Altus
Muskogee
Oklahoma City
Brinkley, Ark
Eldorado
Little Rock
Pine Bluff
Alexandria, La
Amite
New Orleans
Shreveport
Okolona, Miss
Columbus
Greenwood
Vicksburg
Mobile,Ala
Decatur
Montgomery
Selma
Gainesville, Fla
Madison
Savannah.Ga
Athens
Augusta
Columbus
Charleston,5.0
Greenwood
Columbia
Conway
Charlotte, N.C
Newborn
Weldon
Memphis. Tenn
Thermometer
Rain. Rainfall.
dry
high 90 low 72 mean 81
dry
high 98 low 60 mean 79
1 day 0.62 in. high 93 low 63 mean 78
high 90 low 74 mean 82
dry
1 day 0.52 in. high 90 low 74 mean 82
dry
high 97 low 66 mean 82
2 days 0.06 in. high 106 low 60 mean 83
dry
high 93 low 51 mean 72
dry
high 99 low 57 mean 78
dry
high 96 low 61 mean 79
1 day 0.48 in. high 98 low 63 mean 81
dry
high 97 low 56 mean 77
dry
high 92 low 62 mean 77
2 days 0.62 in. high 104 low 58 mean 81
dry
high 94 low 64 mean 79
dry
low 62
dry
high 97 low 59 mean 78
2 days 2.80 in high 104 low 55 mean 80
1 day 0.34 in. hign 108 low 58 mean 83
1 day 0.40 in. high 97 low 73 mean 75
2 days 0.59 in. high 100 low 58 mean 7.9
1 day 0.36 in. high 97 low 53 mean 75
1 day 0.08 in. high 98 low 55 mean 77
1 day 0.18 in. high 94 low 58 mean 76
1 day 0.63 in. high 100 low 56 mean 78
dry
high 100 low 60 mean 80
3 days 3.40 in. high 96 low 56 mean 76
mean 81
,--3 days 0.64 in
high 97 low 61 mean 79
dry
2 days 1.84 in. high 100 low 54 mean 77
high 99 low 33 mean 56
dry
1 day 0.02 in. high 100 low 53 mean 77
high 93 low 59 mean 76
dry
4 days 2.54 in. high 90 low 63 mean 80
1 day 0.50 in. high 96 low 57 mean 77
4 days 1.02 in. high 94 low 63 mean 79
2 days 0.53 in. high 96 low 59 mean 76
5 days 1.28 in. high 93 .ow 69 mean 81
4 days 1.64 in. high 92 low 68 mean 80
4 days 2.07 in. high 93 low 70 mean 82
high 99 low 65 mean 82
dry
5 days 3.2.in. high 97 low 65 mean 81
3 days 2.22 in. high 97 low 65 mean 81
6 days 1.21 in. high 93 low 62 mean 76
4 days 0.81 in. high 93 low 62 mean 78
5 days 2.63 in.
low 64
6 days 5.61 in. high 93 low 65 mean 79
5 days 3.68 in. high 92 low 60 mean 76
5 days 5.15 in. high 93 low 40 mean 67
4 days 2.97 in. high 97 low 60 mean 79
dry
high 92 low 60 mean 76
The following statement we have also received by telegrapgh, showing the height•of rivers at the points named at
8 a. m. of the dates given:
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Above zero of gauge_
Above zero of gauge_
Above zero of gauge.
Above zero of gauge_
Above zero of gauge-
July 3 1924.
Feet.
12.3
24.7
8.7
9.6
38.1
July 6 1923.
Peet.
14.9
15.3
8.5
11.3
35.9
-The folRECEIPTS FROM THE PLANTATIONS.
bwing table indicates the actual movement each week from
the plantations. The figures do not include overland receipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations ofthat
part of the crop which finally reaches the market through
the outports.
100
Receipts at'Ports:
.
Stocks at Interior Towns.
1923-24 1922-23 1921-22 1923-24
April
11-- 60,709 34.990 114,106
18-- 69,43 34,681 101,999
25_ - 58,548 35,743 86,760
May
64.783 28,589 94.458
9__ 44.272 35,332 124.013
52,39 26,647 106,558
23_ - 50,868 36,894 109,273
30__ 50.424 28,322 113,448
June
43,377 25,060 94,570
13_ - 35;702 31,651 70.575
49.228 30,728 75,711
27. 35,721 29,371 72,514
July
19,890 20.167 56,184
Receiptsfrom Plantations
[Vol.. 11g.
1923-24.
1922-23 1921-22 1923-24592223,1921-22
555,542 665,834 1,096,517 29,902 10,199 65.555
517,534 631,756 1,043,089 31,427
67 48,571
486,199 604,340 1,008,857 28,821 10.436 52,528
443,328
420.213
392.200
372,553
347,017
572,660
540,812
508.435
471,972
447,224
965.883
898.218
838.360
782.196
715,192
21,912
21,157
24,482
31,121
24,888
51,484
5,420 56.348
47,588
1.983 53,109
5,568 46,444
333.056
312.127
283.651
266,789
419,670
391,675
360,047
348,278
666,798
674,463
568.3a2
540,737
29,416
14.773
20,752
18,859
133
5.244
9.950
8.046
264.855 331.666 498.935 12,784
45,767
31.240
36,580
24.919
8,662 14,382
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1923 are 6,535,204 bales;
in 1922-23 were 5,139,198 bales,and in 1921-22 were 5,261,859
bales. (2) That although the receipts at the outports the
past week were 20,167 bales, the actual movement from
plantations was 12,784 bales, stocks at interior towns
having decreased 7,383 bales during the week. Last year
receipts from the plantations for the week were 8,662
bales and for 1922 they were 14,382 bales.
1922-23.
83' lbs. Shirt- Cot'n
'Mos, Common Mid.
to Finest.
UN's,
32.1 Cop
Twist.
32s Cop
Twist*
811 lbs. Shirt- Coen
ings, Common Mid.
to Finest.
Upl's
April d.
d. s. d.
a. d. U. 1 d.
d. s. d.
11 27
2911 18 1 018 4 18.96 233' (4 244 17 0
18 263' (4 2834 18 3 @18 6 18.35,2234 @ 23/4 17 0
25 26% ® 2834 18 4 019 0 17.702234 @ 2434 17 0
May
2 263'
2834 18 3 018 7 17.35,223' 85 2334 16 6
9 253'
2834 18 3 018 7 17.37213' 85 2251 16 0
16 253'
2834 18 3 018 7 17.892134 1.4 2234 16 0
23 2514
2834 18 1 018 5 17.46213' (41 2234 16 0
30 253'
2834 18 1 @18 5
17.991223 @ 2334 16 3
'
June
6 $31
2834 18 1 018 5 17.30223' @ 243' 6 3
13 534
2834 18 0 @l8 3 17.14 22,1 85 24,1 17 0
20 541
273' 18 2 @18 5 16.99 2234 85 243‘ 170
27 5.11
2734 18 2 1018 5 16.88223' 85 24 16 6
July
4 5
27 181 8518 4
15.92'22
@232 165
P @Gee COCOS
Week
ending
THE CFERONTCIT,E
s. d. d.
(417 4 15.95
8517 9 15.18
017 4 15.46
017 2
@16 4
@/16 4
@16 4
Et 16 9
.
:
14.76
14.08
14.74
15.50
15.96
@l7 0
017 4
@173
017 1
16.33
16.61
16.57
16.52
85170
15.62
SHIPPING NEWS.
-Shipments in
detail:
Bales.
NEW YORK
-To Havre
-June 27-Suffren, 1.649-Ju1y 2
Paris, 156
1,805
To Genoa-June 27
-Conte Rosso, 50., ..June 27
-West Cawthorn, 100_ _June 28
-West Lashaway, 250--June 30
Colombo, 50
450
To Venice-June 27
-Alberta, 50
50
To Antwerp-June 28
-West Arrow. 100
100
To Japan-June 27
-City of Yokohama,500
500
To Barcelona
-June 27
-Segundo, 188
188
To Manchester-June 27
-Crosby Hall, 350
350
To Bremen-June
WORLD'S SUPPLY AND TAKINGS OF COTTON.
- NEW ORLEANS 28-Luetzow. 945__July 1-Republic, 5,055 6,000
-To Rotterdam-Jun
-Emergency Aid,
25
The following brief but comprehensive statement indicates
500.._,June 27-Spaarndam, 78
578
To Havre
-Salvation Lass, 5.833
-June 28
at a glance the world's supply of cotton for the week and
5,833
To Ghent
-Salvation Lass, 822
-June 28
822
since Aug. 1 for the last two seasons, from all sources from
To Hamburg
-June 28
-Ingram. 706---July 1-West Tacook,
600
which statistics are obtainable; also the takings, or amounts
1,306
To Bremen-June 28
-Ingram, 1,316---Ju1y 1-West Tacook,
gone out of sight, for the like period.
1,293
2,609
To Copenhagen-June 28
-Ingram, 100
100
To Liverpool
-July 1-Matador, 1,997__ _June 30
Cotton Takings.
1923-24.
-West
1922-23.
Wauna, 1,806
Week and Season.
3,803
To Manchester
-July 1-Matador,&..
Season.
Week.
Week.
Season.
-West Wauna,
.June 30
295
301
To Genoa-July 2-Fert. 3.829
Visible supply June 27
2,667,297
2,465,674
3,829
To Savona-July 2-Fert. 200
Visible supply Aug. 1
2,024,671
3,760,450
200
American in sight to July
89,512 11,446,220 124.447 11,224,254 GALVESTON-To Genoa-June 28-Jolee, 172
172
To Venice
-June 28-Jolee. 920
Bombay receipts to July 3
13.000 3,275.000
920
27,000 3,603.000
To Liverpool-June 30
Other India shipm'ts to July 3
-West Ivis, 2.853
624,000
4.000
9.000
348,550
2.853
To Havre
-June 30-Polybius, 1,923
Alexandria receipts to July 2
200 1.278,000
1.600 1,333.000
1,923
To Antwerp-June 30-Polybius. 200
Other supply to July
412,000
6.000
4.000
200
373,000
To Ghent
-June 30-Polybius, 400
400
To Bremen-June 30-Co4y, 3,282
Total supply
2,780,009 19.059,891 2,631.721 20,642,254
3,282
To Rotterdam-June 30
Deduct
-Cody,100
100
Visible supply July 4
-June 14-Collamer, 2
2.633,302 2.633.302 2.343.782 2,343,782 BA-TIMORE-To Havre
2
BOSTON
-To Liverpool-June 19
-Mercian, 430
430
Total takings to July 4_a
-To France(7)
146.707 16.426,589 287,939 18,298,472 NEWPORT NEWS
(7)
, 19.-19
NORFOLK
-To Liverpool-July 2-Valemore, 1,028
Of which American
108.507 11.095,589 170,339 12,112.010
1,028
Of which other
-Tulsa, 1,164
38,200 5.331.000 117,600 6,186,462 SAVANNAH-To Liverpool-June 28
1,164
To Murmansk-June 28
-John Blume'', 8,050
8,050
*Embraces receipts in Europe from Brazil, Smyrna. West Indies, &c.
To Bremen-June 28-Westerwald, 2.980
2,980
a This total embraces since .Aug. 1 the total estimated consumption by
To Hamburg
-June 28-Westerwald, 143
143
Southern mills, 3,963,000 bales in 1923-24 and 4,149.000 bales In 1922 -23
To Japan-June 28
-Lisbon Meru. 900
900
takings not being available
-and the aggregate amounts taken by Northern
To Genoa-July 2
-West Modus,367
367
and foreign spinners, 12,463,589 bales in 1923 24 and 14.149.472 bales in
1922-23, of which 7,132.589 bales and 7,963,010 bales American.
53,757
b Estimated.
INDIA COTTON MOVEMENT FROM ALL PORTS.
1923-24.
July 3.
Receipts as
1Veek.
Bombay
1922-23.
I
Since
Since
Aug. 1.1 Week. I Aug. 1.
1921-22.
Week.
13.000 3.275 0001 27.00015 en; 000 77,01011.136.001
For the Week.
Exports.
Since
Aug 1.
Great
is
Since August 1.
Conti- Japandc;
Great
neat. China.; Total. Britain.
Conti- 1 Japan
neat. I China.
Bombay
-24_ _ 1,000 24,000
1923
1922-23_ _
7,000
1921-22_ _
37,000
Other India1923
-24_ _ 1,000 3,000
1922-23_ _ 4,000 5,000
1,00
1921-22_ _
Total all
1923
-24_ _ 2,000 27,0001
1922-23_ _ 4,000 12,000
_ _ _ 38.0001
1921-22_ _
Total.
24,000 49,000 151,000 935.000;1,515,000 2,601.060
_ _ 7,000 127,000 603,50012,015,500 2,746,000
39,000 76,000 37,000 502,000 1,698,000 2,237,000
4.0001
9,00
1,00
24,000 53,000
_ _ __ l6,000j
39.000 77,0001
COTTON FREIGHTS.
-Current rates for cotton from
New York, as furnished by Lambert & Burrows, Inc., are
as follows, quotations being in cents per pound:
High
Density.
Liverpool .25c.
Manchester.25c.
Antwerp .25c.
Ghent
.350.
Havre
.25c.
Rotterdam .25c.
Genta
.30c.
Christiania .400.
Standard.
.40c.
.40c.
.40c.
.500.
.40c.
.40c.
.35c.
.55c.
High
StandDo sty.
ard.
Stockholm .50c.
.650.
Trieste
.450. .60c.
Fiume
.45c. .60c.
Lisbon
.50c. .65c.
Oporto
.75c. .90c.
Barcelona .300.
.456.
.423.46. .573-4c.
Japan
Shanghai .423'c. .573'c.
High
StandDensity.
ard.
Bombay .500.
.65c.
Gothenburg
.30c.
Bremen
.450.
Hamburg .27340. .42 Mc.
Piraeus
.600.
75c.
Salonica .50c. .756.
LIVERPOOL.
-By cable from Liverpool we have the following statement of the week's sales, stocks, &c., at that port:
June 13.
11,000
7,000
3.000
30,000
495,000
233,000
29,000
10,000
122,000
28,000
Sales of the week
Of which American
Actual export
129,000 405,000
624,000 Forwarded
80,000 268,550
348.550 Total stock
10,000 197,000
18,00C 225,000
Of which American
- Total imports
Of which American
280,000 1,130,600 1,515,06 3,225,060 Amount afloat
207,000 872,050 2.015,500 3,094,550
Of which American
47.00( 699.000 1.716.000 2,462,060
June 20.
21,000
12,000
5,000
3d,000
484,000
211,000
34.000
6,000
128,000
43.000
June 27.
24,000
16,000
3,000
44,000
480.000
201.000
46,000
23,000
111,000
21.000
July 4.
25,000
15,000
7.000
48,000
516.000
222,000
28,000
8,000
119,000
24,000
The
of
According to the foregoing, Bombay appears to show a each tone of the Liverpool market for spots and futures
day
decrease compared with last year in the week's receipts of spot cotton the past week and the daily closing prices of
have been as follows:
14,000 bales. Exports from all India ports record an increase
of 37,000 bales during the week, and since Aug. 1 show an
Spot.
Saturday. Monday.
Tuesday. Wednesday. Thursday.
Friday.
increase of 130,450 bales.
Market, I
A fair
A fair
12:15 1
business Moderato business
Good
Barely
ALEXANDRIA RECEIPTS AND SHIPMENTS.
-We
P. M. 1
demand,
doing,
doing.
inquiry.
steady.
now receive a weekly cable of the movements of cotton at
16.43
16.59
Alexandria, Egypt. The following are the receipts and Mid.UpE HOLIDAY 16.44
15.97
15.92
shipments for the past week and for the corresponding week Sales
5,000
5,000
5,000
5,000
4,000
of the previous two years.
Futures.
Alexandria. Egypt,
July 2.
Receipts (cantars)Tots week
Since Aug. 1
1923-24.
1922-23.
1921-22.
1,000
6,393.347
7.500
6.672,401
50,000
5.377,104
Sin&
Week. Aug. 1.
Since
Week. Aug. 1.
Since
Week. Aug. 1.
To Liverpool
214.886
To Manchester, &c
209.544
To Continent and India- 3.000365,237
To Amerim
106,829
229,423
---- 170.329
5,700 319,079
208.098
7,000 171,581
5,000 148,127
3,500 225,409
50164.542
Exports (bales)-
Total exports
3.000 896,496 5.700926.029 15,550 709.659
Note.
-A cantar is 99 lbs. Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ending July 2 were
1.000 canters and the foreign shipments 3,000 bales.
MANCHESTER MARKET.
-Our report received by
cable to-night from Manchester states that the market in
both cloths and yarns is easy. Merchants are buying very
sparingly. We give prices to-day below and leave those for
previous year for comparison: -
Quiet but
Steady
steady
Easy
9 to 'note. 2 to 7pts. 62to 72pts.
advance, advance.
decline.
Marktt I
opened 4
1
Quiet
13 to 3Opts
decline,
Market, 3
1
4
P.M. 1
steady
steady
Quiet
Steady
18 to 41pts. 18 to 27pts. 5 pts. adv. 55 to 65pts.
decline,
advance. to 1 pt. dec. decline.
Quiet.
Quiet.
Prices of futures at Liverpool for each day are given below:
Sat.
,28
Junetol
July‘.4.
d. I d,
July
August
September__ _
October
November _ _
December
January
February
MarchApril
May
June
Mon.
1
Tues.
Wed.
Thurs. I
Fri.
12111 123.51 123'p 4:00 12M 4:00 1231 4:00 12341 4:001123' 4:00
p. m.'p. m.p. m.p. m.p.m.p. m.p. m.p. m.p. m. 214.,12• m•P• En.
111•
d.
d.
d. I d.
d.
d.
d.
d.
it.
U.
16.4316.32 16.48 16.59 16.64 16.64 6.02116.0955.97 15.95
15.85 15.80 15.94 16.05 16.12 16.08 5.40,15.4%15.31 15.25
15.27 15.23 15.38 15.48 15... 15.47 4.75114.84114.70 14.66
. 14.7 14.66 14.78 14.88 14.91 14.87 4.18114.24114.12 14.09
14,4614,41 14.51 14.62 14.6 14,6213,04114.01 13.89 13.86
1
HOLI- 14.32 14.27 14.37 14.49 14.51 14.49 3.8213.89,13.77 13.74
DAY
14.22 14.17 14.27 14.3• 14.41 14.30 3.73 13.80,13.68 13.65
14.14 14.0914.19 14.31 14.33 14.31 3.65 13.73113.61 13.58
14.1 14.0 14.1 14.27 14.29 14.27 3.61 13.6%13.57 13.54
14.0.1 13.99 14.08 14.20 14.23 14.20 13.55 13.63113.51 13.48
13.99 13.94 14.02 14.14 14.17 14.14 13.50,13.57113.45 13.42
13.9 13.8 13.93 14.02 14.0,14.02 3.38113.4553.33 13.30
JULY
51924.]
THE CHRONICLE
101
district and drouth is unabated west of the Rockies." Wheat
on passage this week is 56,536,000 bushels, against 59,520,000
Friday Night, July 4 1924.
last week and 50,472,000 last year. Broomhall cabled: "An
Flour has remained quiet. Buyers refuse to depart from official report states that cereal outturn in Russia will be
what now seems almost like a time-honored custom of buy- sufficient for home consumption, seeding and moderate
ing merely from hand to mouth. Late last week there was a exports. Famine threatens some areas, but relief measures
fair amount of business in some quarters, but it was the are already operating." Winnipeg wired: "Intense heat
exception rather than the rule. Prices in the main have over prairies and numerous showers for 48 hours enorbeen firm for the reason that cash wheat has been firm. mously improved crop conditions. There are continued reStocks are not burdensome. That seema to be generally ports of cut and wire worms in the fields of Saskatchewan,
recognized. Meanwhile, however, the foreign dmand as well but otherwise the news is optimistic. In some sections
as the home trade is light. Nothing more than small lots wheat has actually approached the stage of shot blade, so
are reported sold from time to time. Yet on June 30 there rapid is the forced growth. With rush of grain to Vancouver
were clearances from New York of 67,213 sacks, mostly for and the Lakes, the stocks on the prairies are rapidly being
the Near East. Last week the total clearances were 131,018 depleted, with exporters still in the market. Tonnage is at
sacks from New York and 64,000 from Montreal.
a premium in both ports." Winnipeg wired later: "Many
Wheat weakened a little last Saturday, but in the fore bad reports are coming in and some indicate the damage will
On June 30, be serious, regardless of whether it rains or not. Immediate
part of the present week it advanced sharply.
indeed, it moved up about 2c. at Chicago and 214 to 3c. at relief would not guarantee the crop and every day without
Winnipeg. Bad reports continue to come from Canada and precipitation means greater damage. The Saskatchewan
Russia. Drouth and hot weather were complained of in crop is too weeks late now." The bi-monthly crop report of
Russia. Liverpool cabled that press reports from Russia the Alberta Government says: "The growth of crop in all
were becoming worse. In the Ukraine the Agriculture De- parts of the Province has been retarded by cool weather and
partment predicts reduced yields. The American visible sup- in many districts grain has been almost at a standstill. The
ply last week fell off 2,620,000 bushels, against 2,030,000 past week, however, has seen the advent of warmer weather,
bushels in the same week last year. This reduces it to 34,- and during the past five days crops have been brought to
716,000 bushels, against 26,313,000 a year ago. At the same the stage where more rain is necessary to maintain healthy
time crop news from the American West and Northwest was growth. In some districts the need of moisture is urgent.
in the main better. This tended to hold any advance in The southwestern part of the Province has had abundant
check. On • the other hand, Winnipeg has naturally been rain, but the southeastern is still much in need of it. In
strong, braced by the Canadian crop outlook. It may be central and northern districts grain, though greatly retarded
said, too, that the crop advices from some other countries by backward weather, is showing fairly healthy growth and
than Russia have not been entirely satisfactory. In the has been benefited by warm weather, but is now in need of
United Kingdom native supplies are practically exhausted. rain. Most of this territory needs rain within the next week
The British acreage was reduced by winter killing, although if the grain is to make satisfactory progress." The "Modern
It is added that the crop is heading favorably at the present Miller" said harvesting of winter wheat is making good
time. In Germany the season is still backward, although progress in the Southwest and crop is being cut as far north
the crop is growing well. Scarcity of money hampers trad- as central Illinois and southern Nebraska. East of the Mising and native offerings have increased. In Italy drouth souri many fields were too wet to work in. Good yields are
has reduced the crop and a provisional official estimate puts reported in Oklahoma and Kansas. Spring wheat is making
the yield this year at only 176,000,000 bushels, against 199,- good progress and crop is heading in northerly districts.
4)00,000 last year. In Spain the condition is poor and in Condition in Dakotas is materially better than last month.
North Africa the crop is short, owing to drouth. The same The Kansas weekly crop report said that the week's weather
is true of Greece. Reverting to the statistics, world's ship- favored rapid ripening of wheat. Harvesting has begun to
ments for the week were large, but in spite of this fact the the Nebraska line in the eastern third and is starting in the
quantity on passage fell off 3,000,000 bushels. Winnipeg extreme southwest counties and by July 7 in the northwest
prices have been up to the best premiums over Chicago for corner of the State. On Thursday prices at first advanced
the season. The United States bonded stock decreased about %c., then reacted on pre-holiday realizing. The early
970,000 bushels. Liverpool has been stronger at times than rise was due to higher prices in Winnipeg, owing to persis.
was expected. Exporters have been in the American tent bad weather in the Canadian Northwest. Liverpool
market on a fair scale, with daily business at was higher, supposedly owing to bad Canadian crop advices.
around 500,000 to 600,000 bushels. There has been Also, it looked as though the Argentine exports this week
a fair domestic demand. The strength of corn and would not be over 4,440,000 bushels. It was added hereafter
Among commission houses they are likely to decrease. The weather in the American
oats has helped wheat.
speculation has increased. Wheat attracts more at- Northwest was good. New wheat is beginning to arrive at
tention in the speculative world. On July 1 prices weak- several markets. Argentine cables were rather weaker.
ened a little under favorable crop accounts from this coun- Some of the coarse grains were easier. There was only a
try and July deliveries of 1,138,000 bushels, though all of fair cash demand. Sales were estimated from 500,000 to
this was promptly taken by two houses. Snow put the total 700,000 bushels, including some durum and new crop winter
winter crop at 535,000,000 bushels, against 509,000,000 bush- wheat. Europe is showing more inclination to bid for Gulf
els in the Government report of June. He estimates the wheat. Minneapolis had rumors of black rust. Prices show
spring wheat yield at 202,000,000 bushels, against 184,000,000 a rise for the week of about lc. on July, but on other delivin the last Government report in June. This makes an in- eries at net decline at Chicago of 1 to Ihc. At Winnipeg
4
.crease in the two crops over the Waashington report a month July wheat closed on Thursday at 12314c., after selling durago of nearly 44,000,000 bushels. But Winnipeg and the ing the day at 124%c. October ended at 118%c., after
coarse grain markets acted as kind of a brake on any tem- touching 12014 earlier. December closed at 113% after
porary downward turn in wheat. Prices advanced on July 2, reaching 115%. A year ago at Winnipeg July was 111%,
with Winnipeg and Buenos Aires both higher. Buenos Aires October 101% and December 9914.
2
1
/
rose 4%c. Winnipeg advanced 2% to 3 c., with offerings
DAILY CLOSING PRICES OF WHEAT IN NEW YORK. Fn.
Sat. Mon. Tues. Wed. Thurs.
small and demand sharp on complaints of hot dry weather
Hol.
132 1313 133% 132
cts_131
in Alberta. At Chicago, with higher cables and fears of No.2 red
WHEAT FUTURES IN CHICAGO.
black rust, buying was heavy. July wheat acted tight and DAILY CLOSING PRICES OF Sat. Mon. Tues. Wed. Thurs. Fri
touched 116%. At Chicago July at one time was at the same July delivery in elevator
cts_114$ 115H 115% 116% 115% Holt
115%
11634
in
price as September. Deliveries were very small, or only September deliveryin elevator—A lb 116% 119% 117 118% day.
120
118 120
December delivery elevator
14,000 bushels. A fair export demand was reported. ReIndian corn advanced 3 to 35c. on June 30, with an agceipts were moderate. The weather at the Southwest continued favorable for harvest, and arrivals of new wheat in- gressive demand. December corn reached a new high record.
creased. Winnipeg reached the best premium over Chicago Crop advices have been bad. This was the kernel of the
on the crop, Winnipeg July selling as high as $1 25, or about whole affair. The trouble is they are bad from almost every
8%c. over Chicago. At Winnipeg on July 2 there was an section of the belt. People expect bullish private crop reactive market, with good buying by exporters the feature, ports and also think that the next Government report, which
which, combined with a dry weather map, carried prices to will appear shortly, can hardly fail to be distinctly bad.
new high levels. Offerings were large, but well absorbed. Moreover, there is a big speculative business going on. ComAt the opening the pit appeared full of buying orders which mission houses are active. They are having good times after
carried July up to $1 25. The undertone was called strong, a long lull. Shorts are covering. Some of it is on stop orbut some believed the market would need new buying to ad- ders. As it never rains but it pours, there are such other
vance prices. Chicago wired that reports from Europe in- bull points as small receipts, light country offerings, poor
dicate better inquiry for wheat, and said many of the for- weather forecasts, strong cash markets and a rather remarkeign countries would have shorter crops than last year. St. ably bullish visible supply statement. The decrease in this
Louis wired that a car of new wheat here from Oklahoma country last week was no less than 2,225,000 bushels, against
grades No.1 hard,75% dark and tests 62 lbs. The Minnesota an increase of 202,000 bushels in the same week last year, or
weekly crop report said progress of corn poor, due to cool a difference of 2,427,000 bushels. The total is now only
weather. Crop very weedy in localities, as cultivation is re- 3,279,000 bushels, against 3,367,000 last year. The stock in
tarded by heavy rain; condition fairly good, but crop is two Chicago alone fell off last week 1,300,000 bushels. It is
weeks late. Sales on the Chicago Board of Trade on the hardly necessary to say that it is largely a weather market.
2d inst. totaled 29,505,000 bushels, against 26,689,000 on But the generality of the trade are deeply imbued with the
world's
June 24. The Washington weekly summary said: "Nights Idea that the crop Is going to be small and that the
cool and lack of opportunity for cultivation pre- demand is likely to be something out of the ordinary. Snow
are too
on
vented progress of corn over considerable areas. Moisture- put the condition on July 1 at only 75.6%, or the lowest
1
Is needed in the West, Central and Southwestern Plains that date on record. The previous low was 79.4% for July
BREADSTUFFS
102
THE CHRONICLE
[VOL. 119.
in 1903. The tentative crop estimate on this condition DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO
.
Sat. Mon. Tues. Wed. Thurs. Fri.
would be about 2,600,000,000 bushels, against requirements July delivery
in elevator
as_ 53% 54% 54% 53
in this country estimated at 400,000,000 bushels larger than September delivery in elevator__ - 46% 47% 46% 454 50% Roll44% day.
this total, to say nothing of a possible demand from Europe. December delivery in elevator
48% 49% 48% 47% 46
Rye advanced.2 to 21
Speculation became very active at times. Corn is the big
4c. early in the week. It reached a
speculative attraction at the West. Private estimates of new high for the season. Foreign crop reports continue to
2,529,000,000 bushels to 2,850,000,000, with an average of be unfavorable The season is backward in Germany. In
three reports of 2,633,000,000 bushels, made a sensation, Russia the outlook is becoming worse. In the Ukraine the
contrasted as they were with the estimate of 3,046,000,000 Agricultural Department predicts a smaller crop than that
bushels by the Government last year. Country offerings in- of last year. There has been some export demand. Indeed,
creased slightly on the advance, but the receipts at Chicago at times the inquiry has been on quite a liberal scale. Acon Tuesday were only 36 cars and there were no deliveries. tual business, however, has been moderate, at least as far
Sales on the Chicago Board of Trade on July 2 were 22,267,- as transactions reported are concerned. On June 30 export000 bushels, against 23,736,000 on June 24. On the 2d inst. ers, however, took 100,000 bushels. That may be an earnest
prices at Buenos Aires advanced 2c. July shorts in Chicago of still better business to come. On the other hand the vistried to cover. Receipts were again small and the country ible supply statement this week was undoubtedly a surprise.
offered little. The "Price Current" said: "Not in years To the bulls it was certainly a disappointment. It showed
have prospects for,the corn crop been so poor and uncertain an increase in the United States last week of 359,000 bushas at present. The outcome depends on the weather and els, whereas in the same week last year there was an actual
moisture conditions for the balance of the season. Farmers decrease of 1,091,000 bushels. Here Is a difference of
1,450,are not satisfied with the crop outlook said are not selling 000 bushels. The total is 17,228,000 bushels, against 14,329,their old grain. Owing to high prices corn industries have 000 bushels a year ago. On the 1st inst. there was a rise
bought Argentine corn within the past week. This corn can with a sharp demand in Chicago and at the Northwest.
Debe handled at the Atlantic seaboard and the product ex- liveries were 243,000 bushels, which went to cash houses.
ported on a somewhat lower basis than by the use of do- About 2,500,000 bushels were sent out to a leading
cash
mestic corn." The Kansas weekly crop report said that in house of Duluth. Chicago Board of Trade sales on the
2i1
the eastern half of Kansas the week was favorable for corn. inst. were 4,029,000 bushels, against 1,034,000 on June 24.
In the northwest quarter the ground is fast becoming too Deliveries on July contracts at Winnipeg were 464,000 bushdry and in the southwest quarter rain is badly needed for els on July 3. At Minneapolis 205,000 bushels were delivcorn and other spring planted crops in a large number of ered on Thursday on July contracts. On Thursday prices
places. As a rule fields are clean, except in comparatively closed 1% to 2Y
4c. lower for the day. There was some
few eastern sections, where there has been too much rain of export business reported. It was estimated at 200,000 to
late. The amount on passage this week is 32,153,000 bush- 300,000 bushels, including a cargo, it was asserted, for Norels, against 34,960,000 last week and 23,085,000 last year. way. Final prices at Chicago showed July unchanged for
At the low rates Argentine corn has been worked to the the week and other months % to lc. lower.
North Atlantic and Pacific and rumors that at least three
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
cargo shipments had been arranged were generally credited.
Sat. Mon. Tues. Wed. Thurs. Fri.
July delivery in elevator
as81% 81% 81% 7934 Boll-Broomhall of Liverpool said: "The heavy Argentine sup- September delivery in elevator- 80
- 80% 8234 8234 81
79% day.
plies of corn are influencing values, but a better demand December delivery in elevator
83% 85% 85
83% 82
has developed and lower prices for nearby corn are attractThe following are closing quotations:
ing buyers." On Thursday prices, after an early small adFLOUR.
vance on most months and about %c. on July, turned down- Spring Patents;
87 00( 37 50 Rye flour. patents
85 00@35 60
ward. Pre-holiday .liquidation told. The weather was Clears,first sprhag
5 50
Semlnola No. 2.lb
4%
5 40
75
3 404 3 45
much better than it has been for several weeks, aside from Soft winter straights_ _ _ 650 5 00 Oats goods
Hard winter straights
7
2 80© 2 90
being rather cool. On the other hand, receipts were still Hard winter patents .._ _ 7 00 7 50 Corn flour Barley goods
Hard
600 Nos. 2, 3 and 4
5 25
small and country offerings did not increase much. The Fancywinter clears
400
Minn. patents_ ... 820 8 95 Fancy pearl, Nos.2.3
weekly weather report from leading States was in the main City mills
8 356 885
and 4
650
unfavorable. The cash demand, however, was slow. Cash
GRAIN.
prices gave way. It was feared that stocks might increase Wheat. New York:
Oats:
No. 2 red,f.o.b
132
No. 2 white
over the holidays. For the week there was a rise of 3c. on
63
No. 1 Northern
154
No. 3 white
62
July, 14c. on September and lc. on December.
/
No. 2 hard winter. f.o.h----131 Rye. New York:
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No.2 mixed
cts_112
112% 112
114
110% Bal.
DAILY CLOSING PRICES OF CORN FUTURES IN
CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
July delivery in elevator
cts 93% 96% 96
97
9534 HollSeptember delivery in elevator__
92
94% 9434 93% 92% day.
December delivery in elevator
82
84% 84% 83%
823
Oats were in active demand early in the week and prices
moved up 1 to 1c.by Tuesday. Commission house business
was on quite a liberal scale. People take more interest
iv
oats. At times the weather has been better. But
in spite
this a new high level of prices has been reached for the
season. The demand was so sharp as to sweep everythin
g before it. Shorts covered partly on account of the rising prices
of corn. Besides, the receipts were small. There was no
pressure to sell from the interior. The weather is
watched
keenly as the crucial period of the season is near at hand.
The visible supply decreased only about one-third as much
as in the same week last year. In other words last week
the reduction in this country was only 424,000 bushels,
against 1,206,000 bushels in the same week last year. But
on the other band the total is now down to only 5,264,000
bushels, against 8,522,000 a year ago. That is to say, the
statistical position certainly looks strong. Prices declined
later with crop reports more cheerful pointing, apparently,
to 1,300,000,000 bushels as the crop, or the mine as last year,
or an increase of nearly 70,000,000 bushels over the Government's total of last month. But sales of No. 2 white
oats
in the sample market at 6014c. were the highest of the year.
/
On the 2d inst. 3,363,000 bushels were sold on the Chicago
Board of Trade, as compared with 2,478,000 on June
24.
The Kansas weekly crop report stated that oats harvest
is
following that of wheat closely and is now under way
north
of the Kaw Valley. Threshing will soon begin in the south
central counties. Advices from Lincoln, Neb., stated
that
oats made a wonderful crop in that territory. Deliveries on
July contract at Winnipeg were 580,000 bushels. On Thursday prices ended 112 •to 2c. lower. Liquidation, owing
/
to
better weather, was a feature. Support was lacking after
some increase in recent crop estimates. Cash oats were reported 3 to 4c. lower, with little demand. Chicago feared
some increase in stocks over the holidays. At Winnipeg
July
closed at 43c. after touching 44c. earlier. October wound up
on that day at 43%c., though earlier it was 45c. A year ago
July oats there were 46%c. and October 40c. Chicago
prices finally showed a decline for the week of 1 to 21
%c., the
latter on July.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wad. Thurs. Frt.
ats_ 63
63
63
63
63
Hol.
No. 2 white
No 2 c.i.f
Chicago. No. 2
11004 Barley. New York:
112% Malting
Chicago
For other tables usually given here, see page 48.
Corn:
No. 2 mixed
No. 2 yellow
.
87
.90 4195
73 (84
WEATHER BULLETIN FOR THE WEEK ENDING
JULY I.—The general summary of the weather bulletin
issued by the Department of Agriculture, indicating the
influence of the weather for the week ending July I, is as
follows:
The week was characterized by considerable cloudiness and rather
frequent local showers and thunderstorms in the central and eastern portions of the country, with heavy rains in much of the South
Atlantic
area and moderate to locally excessive falls in central and northern
east of the Plains. The outstanding weather feature of the week, districts
however
was a series of severe local storms occurring from the upper Mississippi
Valley eastward, resulting from a barometric depression which
moved
from the Rocky Mountain area to the upper St. Lawrence Valley
from
the 25th to the 29th. The storms were especially severe in northern
Ohio. where much loss of life and destruction of property occurred
on
the 28th, when the general storm area was central over the western Lakes.
Moderate to rather low temperatures for the season were the rule throughout the week, with the latter part cool in Northern States, though high
day temperatures prevailed in the Southwest, with readings of 100 deg.
or higher on most days in parts of the lower Great Plains. For the week,
as a whole, the temperature averaged below normal from the Ohio Valley
and central Great Plains northward, especially in central-northern districts,
where the minus departures were 6 to 8 deg. In the South the
averages
were near normal, but west of the Rocky Mountains they were again
abnormally high. The total rainfall for the week was moderate
to
heavy from the middle Mississippi and Missouri valleys eastward. locally*
Very
little rain fell in the Southwest, and it was again dry in the more
western
States.
Night temperatures were rather too low for the hest growth
of
weather crops in Northern States east of the Rocky Mountains,warmwhile
continued rain in many interior sections, especially in the
lower Missouri, upper Mississippi. and parts of the Ohio valleys, delayed
the cultivation of row crops. There was considerable damage by
high winds,
washing and flooding of bottm lands in the interior valley
States.
Good growing weather prevailed in the Atlantic Coast area
and conditions, on the whole, were favorable, although it was
too wet for field
work in some localities especially in central-eastern
general improvement in the South Atlantic area. districts; crops showed
Rain was needed in
some localities of the central Gulf sections, but the weather,
on the whole,
was favorable and crops mostly did well. In the west
local rains occuired and there was a high percentage Gulf districts only
of sunshine, which
favored threshing and haying, but the progress of most crops
was irregular,
depending on local rainfall.
The cool, moist weather in central-northern States was very favorable
for grass and small grains, but rather unfavorable for corn, while rain
was needed in the west
-central and southwester Plains area, especially
in southwestern Nebraska, western Kansas, and n
northwestern
West of the Rocky Mountains there was almost an entire absenceOklahoma.
of rainfall,
and the severe drought is growing steadily worse in all sections. Irrigated
crops did fairly well with the prevailing high temperatures, but water was
exceptionally short in many districts, while dry-land crops suffered severely.
SMALL GRAINS.—The harvest of winter wheat progressed northward
during the week to southern Maryland, extreme northern Kentucky, central
Illinois, and extreme southern Nebraska. The weather was ver.v favorable
for harvest in the extreme western portion of the Winter Wheat Belt,
but was rather unfavorable in many central localities, especially in Missouri, where most fields were ripe, but the ground was too wet for binders;
the last couple of days of the week brought improvement in these sections.
Wheat continued to make rather satisfactory progress in the northern
portions of the belt, although there was some complaint of lodging, while
the warm weather favored rapid ripening in the central Plains area. West
of the Rocky Mountains it continued too dry for all small grains.
A
JULY 5 1924.]
THE CHRONICLE
Cool weather and mostly ample rainfall favorably affected spring wheat
and satisfactory progress was reported quite generally. Early wheat is
heading in North Dakota, while the crop mostly looks well in South
Dakota, and is fair to good in Minnesota. Oats made good growth and
show improvement in most interior and northern sections of the country,
but the crop is uneven, short, and weedy in parts of the Ohio Valley.
Rice is well advanced in California and did well in Texas, but more rain
Is needed for this crop in Louisiana. Flax made good progress in the
northern Great Plains, while the preparation for seeding buckwheat advanced in the Appalachian Mountain sections.
CORN.—Because of the prevailing cool weather, corn grew slowly In
the northern Great Plains and to the eastward, while cultivation was
further hindered by too much rain in the central and eastern portions of
the principal producing area. Progress was very good where cultivated
in Iowa, but many fields were weedy and the condition of the crop is poor
to only fair, while cultivation is badly needed in Missouri where much
corn ground is overgrown with grass.
On the whole, growth was very good in Illinois and was fair in southern
Indiana though slow in the north. The early-planted corn made fair
growth in Ohio, except on lowlands where it was too wet and the general
condition of the crop is poor to fair. Better weather prevailed in Kentucky,
Tennessee, Arkansas, the eastern portions of the Plains area, and generally
in Atlantic Coast sections. It was too dry in the western portion of the
Plains, however, while progress varied greatly in Texas depending on
local rains.
COTTON.—The moderately warm weather with local showers favorably
affected cotton in nearly all portions of the belt. While there was some
interference with cultivation in limited areas in the central and more eastern
portions of the belt, conditions, on the whole, were favorable for field work
and cultivation made good progress.
Cotton made very good growth in Texas and its general condition is fair,
though insects are still active, but with small damage; first bale marketed
at Houston on June 28. Progress and condition were very good in Oklahoma. though the plants continued late, with some weevil reported in the
southeast. Good to excellent advance was reported from Arkansas where
fields are generally clean and cotton shows steady improvement. The
dry, warm weather in Louisiana was helpful in combatting the weevil and
these conditions also favored fair to very good growth.
Progress of the crop was fair to very good in Mississippi and Alabama,
though some local shedding was reported from southeastern Mississippi,
and stands are irregular in Alabama with a slight increase in weevil activity.
The warm, sunny weather and local showers promoted rapid growth in
Georgia where fields are well cultivated, while the hot sunshine and application of poison are holding the weevil in check. Growth was fair to very
good in the Carolinas. as a rule, though excessive rains occurred in some
sections which were unfavorable. Early plants were beginning to bloom
in North Carolina with weevil reported In a few scattered place. The
weather was generally favorable for cotton in Tennessee, the more western
States, and in Florida, except It was too wet in the western portion of
Florida.
The Weather Bureau also furnishes the following resume
of the conditions in the different States:
North Carolina.—Raleigh: Mostly very favorable in west and unfavorable in east. Corn, tobacco, sweet potatoes and minor crops good to
excellent growth, but lowlands becoming grassy and considerable damage
by heavy to excessive rains, washing and flooding in east-central latter
part of week. Growth of cotton very good in west, but too much rain in
east and central; much land too wet to cultivate. First blooms reported
and weevil appearing in some scattered places.
South Carolina.—Cohunbla: Showery with excessive rains in sections
of central and north, with grass accumulating rapidly but elsewhere
amounts insufficient. Condition and progress of cotton fair; squares forming rapidly in early crop. Weevil rather numerous and increasing to some
extent due to showers. Corn vigorous; much of early crop laid by. Tobacco
generally excellent; curing begun in some sections. Other crops improved.
Georea.—Atlanta: Warm, sunny weather with occasional beneficial
showers very favorable; in some few places too wet or too dry with minor
damage. Growth of cotton continued excellent; mostly well cultivated and
forming squares freely in all sections. Hot sun and poisoning holding weevil
In chmk. Progress of corn excellent, but large areas need rain. Threshing
wheat and oats not finished; some spring oats yet to harvest. Curing tobacco continues with excellent results.
Florida.—Jacksonville: Growth and condition of cotton very good,
except in west where rain unfavorable; weevil inactive and fewer than
last year for same period; few complaints of shedding. Cane, corn and
peanuts mostly good. Setting sweet potatoes continued. Melons poor
In west. Citrus doing well, except rain needed In south. Harvesting
tobacco made good Progress, but some local damage by budworrns.
Alatiama.—Montgomery: Favorable for growth of all crops, but showers
interferred with cultivation locally and fields grassy in some sections.
Growth and condition of corn, truck, fruits and minor crops mostly fair
to good; stands of corn irregular. Progress and condition of cotton mostly
fair to good; stands Irregular; blooming and squaring in south and central
portions where weevil also increasing somewhat with moderate to considerable damage locally.
Mississippi.—Vicksburg: Warm, with mostly light showers, except
moderate to heavy rains in southeast. Growth of cotton and corn mostly
fair, except early corn needing rains in northwest. Cotton shedding some
in southeast. Progress of cane, fruit, gardens, pastures and•truck generally
good.
Louisiana.—Now Orleans: Needed rains fell towards close of week in
extreme south, but insufficient central and drought serious in north, with
considerable damage in northwest to corn, fruit and truck. Dry weather
and warmth favorable for combating boll weevil. Progress of cotton fair
to very good: condition mostly fair to good ahd blooming in south. More
rain needed for rice, pastures, sweet potatoes and minor crops.
Texas.—Houston: Moderate temperature with excessive sunshine and
effective rains at one-third of reporting stations. Favorable for threshing
and cultivation. Progress of ranges, corn, truck and minor crops ranged
from poor to very good depending on local rainfall; condition rather poor to
fair. Growth of cotton mostly very good; general condition fair; very good
progress in chopping and cultivation. Weevil, fleas and grasshoppers still
active locally; damage, as a whole, slight. Some complaints of shedding in
extreme south. Amarillo: Range and livestock good.
Oklahoma—Oklahoma City: Very het early part week; moderate to
heavy rains in south and east, but rains needed in north-central and northwest. Harvesting winter wheat and oats progressed rapidly in northern
portion under Ideal conditions; threshing under way In southern. Growth
ant condition of corn generally fair to excellent in central and east, but poor
to fair in west where rain needed. Progress and condition of cotton gen
orally fair to very good; crop late; some bloom and few weevil reported in
southeast. Grasshoppers doing much damage in central and west, especially
to cotton.
Arlansas.—Littte Rock: Growth of cotton very good to excellent:
greater portion clean, chopped and well cultivated, but still grassy some
localities; improvements continues; blooms and some bolls reported in
south and west. Few weevil reported. Condition of cotton poor some
localities; fair to very good elsewhere. Progress and condition of corn
very good to excellent, except in few southern localities where too dry.
Other 'Tops good to excellent.
Tennessee.—Nashville: Favorable generally, but some small droughty
areas. Growth of cotton very good and condition fair to very good; fruiting
In most advanced fields and first blooms reported. Progress and condition
of corn fair to excellent; well cultivated and some laid by: few tassels. Winter wheat fair to very good; nearly all in shock. Tobacco generally doing
well. Sweet potatoes poor to very good; late plants scarce.
Keniiicky.—Louisville: Warm, with local showers: heavy in north whore
cultivation delayed; more favorable in central and south. Feed
baaly
behind, but situation improving slowly. Wheat barvoit advancet in snub
and beginning in north. Grow,h of corn exce.lent .ind condition N'or,.decided Improvement. Growth of tobacco eitisfac,ery; stand fair
but acreage somewhat reduced.
THE DRY GOODS TRADE
Friday Night, July 4 1321.
With the exception of silks, for which there has been a
more active demand, markets for textiles ruled generally
quiet during the past week. The popularity of silks is at-
103
tributed as much to cheapness as to other things. Many lowpriced garments of silk or cotton, as well as other mixtures,
have held the attention of consumers to the exclusion of fabrics of a more staple character. As a result of the very low
relative price on raw silk, merchants look forward to a continued vogue for the made-up articles. Furthermore, it has
brought about a condition that makes cotton seem very high,
and woolen goods higher than consumers want to pay. In
regard to cotton goods, however, the Government July cotton
report, issued on Wednesday this week, which placed the
condition of the crop as of June 25 at 71.2, compared with
65.6 on May 25, left the cotton goods trade more or less on
the anxious seat. The sharp decline in cotton values following the publication of the report again suggested a steady
decline in cotton prices at a time when wholesalers should
be booking business for the future. Although cotton goods
have been selling far under the parity of raw cotton, there
Is now a fear that any persistent cotton decline will encourage buyers to hold off and cause further weakness and hesitation until the normal influence of the heavy curtailment
of production begins to be felt more acutely. Nothing of
Interest developed in the market for woolens and worsteds,
which remained inactive. The Government reports, however, to the effect that the supplies of world's wool are not
increasing, gave reason for thought to those in the trade who
have been expecting a break in prices for the manufactured
product based upon raw material conditions. Buyers have
been confining purchases to small lots covering immediate
needs in the hope of lower values. In view of the raw wool
situation together with the outlook for settlement of several
threatening labor disputes, many are now of the opinion
that better times are near at hand for the woolen and worsteds trade.
DOMESTIC COTTON GOODS: Demand for domestic
cotton goods has been less active during the week. Retailers
have been more inclined to confine their purchases to small
filling-in lots, while wholesalers have been ordering in
trifling quantities when doing any business at all. The
quietness has been partly attributed to the fact that many
buyers left the markets during the early part of the week
for vacation purposes, acting on the assumption that little
new business would come forward until After the holiday.
The Government cotton report, issued during the week,
which encouraged hopes for a larger yield this season and
which caused a sharp decline in cotton values, likewise
dampened the ardor of buyers. The cloth markets also
weakened as a consequence of the drop in cotton prices following the publication of the Government report. Many
traders, however, rather welcomed the break in cotton, as it
gave them the impression that it will eventually assist in
getting cloths down to a basis at which buyers will be willing to operate. There has been very little doing in sheetings. Prices are soft and most current quotations can be
shaded on firm bids or in second hands. The low end of
ginghams and chambrays continues depressed, the best business passing being confined to goods for export. Many reports of further curtailment were received during the past
few days, and a number of mills will take the occasion of
the holiday to shut down three extra days. Print cloths, 28
inch, 64 x 64's construction, are quoted at 7%c., and 27-inch,
64 x 60's, at 6%c. Gray goods in the 39
-inch, 68x 72's, are
quoted at 10c., and the 39-inch, 80 x 80's, at 13c.
WOOLEN GOODS: Although the markets for woolens
and worsteds failed to develop any activity during the week
the feeling was more cheerful during the early part owing
to the outlook for a settlement of the clothing workers'
strike which would eliminate the only threatening influence
overhanging the men's wear division of late. At the present
time, however, business is confined to small lots covering
immediate needs. On the other hand, there has been freer
buying of women's wear fabrics during the week resulting
in increased operations at a number of mills. Piece goods
factors could no doubt do a large business, but with a strike
becoming more apparent again as a settlement of the differences between garment manufacturers and the workers'
union becomes unlikely,' the immediate future Is again
clouded.
FOREIGN DRY GOODS: A sustained demand for dress
linens from retailers all over the country continued to feature the market for linens. The color wh'te was in particular request, and was said to represent about 25% of the total
turnover. The remainder was distributed among other high
colors which importers reported as moving out of their
hands at a very good rate. On account of the phenomenal
Fide of custom linens the market is turning its attention to
next season's style and selling prospects. Leading hnporters
are agreed that the new season will feature novelty effects,
such as weaving effects in self colors as well as some conts ast 1117 combinations of woven yarns and printed effects.
A good demand was noted for glass towelings, while huck
towels were quiet, as was the household linen section. It is
expected, however. that buyers will soon re-enter the market on a more liberal scale. Burlaps were firm during are
early part of the week, but became easier during the laLter
part in sympathy with the downward tendency of the Calcutta market, and the temporary withdrawal of ,tuyers.
Light weights are quoted at 5.90c. and heavies at 8.7)C.
104
THE CHRONICLE
ffitate anti Titg Department
MUNICIPAL BOND SALES IN JUNE.
Because of large borrowings by several States and municipalities, principally New York City, during June the
output of State and municipal bonds for that month broke
all records for any single month so far, an aggregate of $268,133,094 having been issued. The previous high record was
made in December 1921 when a total of $220,466,661 was
reached. The previous high record for June was made in
1923, when the awards aggregated $161,070,397. A comparison of number of issues and municipalities for each month
follows: June 1924, 576 separate issues, made by 431 States
and municipalities; December 1921, 751 issues, by 552 different States and municipalities; and June 1923, 472 issues,
by 656 places.
New York City's issue, $137,500,000 in amount, consisting of long-term corporate stock and serial bonds, and bearing 43% interest, was easily the biggest piece of municipal
financing done during the month. $67,400,000, representing $37,000,000 long-term corporate stock and $30,400,000
serial bonds, were offered publicly and sold on June 3 to a
syndicate managed by the National City Company of New
York and which included many other institutions and bond
houses of prominence, at 101.1861, a basis of about 3.99%
for the serial bonds and a basis of about 4.19% for the longterm corporate stock, while the other $70,100,000 were
taken by the Sinking Fund and Pension Fund of the city.
Large issues were also successfully marketed by the following:
$11.433,000 City of Los Angeles, Calif., bonds (made up of eight separate issues), disposed of to a syndicate composed of First National Bank,
Hallgarten & Co., Blair & Co., Inc., Kissel, Kinnicutt & Co., Redmond &
Co., Eldredge & Co., Anglo-London-Paris Co., the Detroit Company,
Bank of Italy, Stevenson, Perry, Stacy & Co.. Phelps. Fenn & Co., taking
$2,200,000 as 4345, maturing serially on July 1 from 1925 to 1964. and
$9,233,000 as 4345, maturing serially from 1924 to 1964, incl.
$11.000,000 43,4% State of New Jersey bonds awarded to Lehman Bros.
of New York, J. S. Rippel & Co. of Newark, and various New Jersey banks
and trust companies, which took the major portion.
$10.000,000 434% State of North Carolina highway bonds, which went
to the First National Bank, William R. Compton Co., Eldredge & Co.,
Redmond & Co.. the Detroit Co., B. J. Van Ingen & Co., Kissel, Kim-dent& Co., Blodget & Co., F. E. Calkins & Co., E. II. Rollins & Sons, Hornt
blower & Weeks, Curtis & Sanger and Taylor, Ewart & Co., at 100.05, a
basis of about 4.49%.
State of Illinois 4% highway bonds, $9,000,000 in amount, taken by a
syndicate headed by the First National Bank of New York, at 96.524,
an average interest cost to the State of about 4.285%•
$5,816,500 5% bonds of the State of Mississippi, placed with a group
headed by the Equitable Trust Co. of New York at 102.34.
Other issues brought out during June large enough to
merit special mention were:
City of Winston-Salem, No.Caro., bonds.$2,391,000 4
and $1,100,000
534s, sold at 101.837. a basis of about 4.68%, to Harris, Forbes & Co. of
New York and associates.
$3,000,000 434% State highway bonds of the State of California, bought
by a syndicate managed by the First National Bank of New York at 106.05.
a basis of about 4.19%. These bonds are the last portion of a total authorized issue of $40,000,000.
An issue of $3,000,000 4% Chicago South Park District, Ill., bonds.
awarded to a Chicago banking group headed by Illinois Merchants Trust
Co.. at 98.17, a basis of about 4.23%.
Two issues of 434% Jersey City. N. J., bonds disposed of to the Trust
Co. of New Jersey, of Jersey City, one for $1,963,000 for water, bought at
105.08, a basis of about 4.355%. and the other for $672,000 for general
Improvement purposes, at 103.94. a basis of about 4.36%.
$2.400.000 434% Denver (City and County of) School District No. 1,
Colo., bonds awarded to the Bankers Trust Co. of New York and associates
at 102.189, a basis of about 4.33%.
Mercer County, N. J., bonds, $2,263,000 in amount,for road and bridge
Improvement, and bearing 434% interest, sold at 101.43, a basis of about
4.345%. to B. J. Van Ingen & Co. of New York and others.
Two issues of Nassau County, N. Y., bonds, $1,400,000 for road and
$750,000 for county buildings, both bearing 434% interest, awarded to
B. J. Van Ingen S; Co. of New York and associates. at 101.87, a basis of
about 4.02%.
$1.946,000 454% county building bonds of Camden County, N. J.,
bought by Eldredge & Co. and N.E. Calkins, both of New York, at 103.04,
a basis of about 4.265%.
$1,800,000 43 % State of Maryland certificates of indebtedness ($1,500,000 Lateral and Post Road Loan and $300,000 Bridge and Grade Crossing
Loan), purchased by a syndicate headed by the Mercantile Trust & Deposit Co. of Baltimore at 102.537. a basis of about 4.18%.
$958,000 water bonds and $719,000 Port Newark improvement bonds,
both issues bearing 434% interest, of Newark, N. J., bought by a syndicate
managed by the Guaranty Company of New York at 104.36, the cost of
the money to the city at that price being approximately 4.19%.
$1,540,000 434% Yonkers, N. Y., bonds (representing three separate
issues) awarded to Remick, Hodges & Co. and Roosevelt & Co., both of
New York, at 101.635. a basis of about 4.215%•
An issue of $1,120,000 4.1.4% bonds of Knoxville. Tenn., sold to the First
National Bank of New York and associates on their bid of 100.32, a basis
of about 4.71%.
Baltimore County, Md., 434% bonds and certificates sold as follows:
$1,010,000 water and sewerage assessment bonds to a Baltimore group
heade4 by Colston. Heald & Trail at 103.348. a basis of about 4.22%,
and $1t0,000 sewerage loan certificates to Alex Brown & Sons of Baltimore
at 105.4s a basis of about 4.195%•
[VOL. 119.
Two issues of 534% bonds of De Soto County, Fla. ($60,000 Jail bonds
and $1,000,000 county-wide road bonds), the former going to Pauly JailBuilding Co. and the latter to Caldwell & Co. of Nashville and associates.
$1,050,000
% bonds of Denver, Colo., turned over by the city to the
Antero & Lost Park Reservoir Co. In payment of property purchased. The
company resold $980,000 of the bonds to Boettcher, Porter & Co. of Denver
at 101.50, the highest price, it is stated, ever paid for bonds in Denver
"on a basis of comparison."
Besides the long-term bonds successfully floated during
June there were also negotiated securities of a temporary
nature in the aggregate of $51,161,933. This includes
$23,350,000 revenue bonds and bills and corporate stock
notes issued by New York City.
New Canadian long-term bond disposals during June
aggregated $8,816,952. Large contributors toward the total
were the Montreal Metropolitan Sewer District, Quebec;
Province of Manitoba, and the Greater Winnipeg Water
District, Manitoba, the amounts being $2,612,000, $1,118,000 and $1,040,000, respectively.
Below we furnish comparison of all the various forms of
obligations sold in June during the last five years:
1924.
1923.
1921.
1922.
1920.
3
Perm't loans (11. S.)_268,133,094 161,070,397 118,969,285 110,412,059 45,113,020
5Temp'y loans(U.5.) 51,161.933 56,289,124 23,321,465 50,651,500 31,894,225
Canadian l'ns(perm't):
Placed in Canada__ 6,111,952 9,597,246 10,514,539 10,818,561 7,660,752
Placed in U. S__ _ _ 1,705,000 3,155,000
150,000 4,002,000 1,500,000
Bonds U.S.Posses'ns
None
None 4,700,000
180,000
None
Total
327,111,979 230,111,767 157,955,289 176,064,120 86.167,997
•Includes temporary securities (revenue bonds and bills and corporate stock
notes) Issued by New York City, $23,350,000 In 1924, $30,629,000 In June 1923,
$11,000,000 In June 1922.$38,944,500 In June 1921,and $21,145,000 In June 1920.
The number of municipalities in the United States issuing
permanent bonds and the number of separate issues made
during June 1924 were 431 and 576, respectively. This
contrasts with 413 and 614 for May 1924, and 472 and 656
for June 1923.
For comparative purposes we give the following table,
showing the aggregates for June and the six months for a
series of years. In these figures temporary loans and bonds
issued by Canadian municipalities are excluded:
Month of
For the
June.
Six Months,
1924
$268,133,094 5801,262,222
1923
161,070,397 583,932,304
1922
118.969.285 655,086,150
1921
110,632,059 466,415,487
45,113,020 322,661,532
1920
1919
100,378,461 305,650,839
1918
27.821,083 151.766,284
1917
28,510,832 221,579,100
1916
47,555,691 283,464,572
1915
z108,976,230 322,928,610
1914
54,403,737 357,557,177
1913
39,386,230 218,879,270
1912
49.485.807 246.289.293
1911
27,470,820 223,262,370
1910
19,369,775 162,846,110
1909
*62,124,450 207,125,317
1908
31,606,064 169,082,579
* Incl. $40,000,000 46 of N. Y. City.
1907
1906
1905
1904
1903
1902
1901
1900
1899
1898
1897
1896
1895
1894
1893
1892
For the
Month of
Six Months.
June.
521,390,486 5115,347,889
21,686,622 .102,338,245
19,016,754 111,723,054
24,425,909 137,869,155
79,576.434
16,926,619
87,628,395
28,417,172
61,223,060
13,468,098
77,943,665
19,670,126
63,345,376
29,348,742
44,078,547
9,704,925
16,385,065
73,275,377
43,176,964
12,792,308
15,907,441
56,991,613
16.359,377
66,426,992
32,663,115
1,888,935
12,249,000
49,093,291
z Incl. $71,000,000 4348 of N. Y. City.
In the following table we give a list of June 1924 loans in
the amount of $$268,133,194 issued by 431 municipalities.
In the case of each loan reference is made to the page in the
"Chronicle", where accounts of the sale are given.
Page.
Name.
Rate. Maturity. Amount. Price. Basis.
108-Abilene, Tex
$150,000 98.31
108-Abilene, Tex
5
50,000 98.31
10R-_Adams Co.. Wash
65,000 100.87 _
2987_ _Adrian, Mich
434
16,500 103.62
3104A1ioskie, No. Caro
6
15,000 101.33 5:8e
1927-1951
2987_ _Aitken County, Mirm--___ 1927-1939 100,000 100.10
2858_ _Akron, Ohio (20 issues) _ -534 1925-1933 339,700 102.41
4.95
2858_ _Akron, Ohio
5
1925-1948 350,000 103.38 4.65
3223- _Albemarle, No. Caro
5h 1927-1944 100,000 101.06
2987__Alexander Co. S. D.
No. 1, Ill
1925-1944 300,000 102.53 4.67
5
3223__Allen County, Ind
12,000 102.15
5
2858_ _Altoona, Pa
200,000 100.75
434
2987_ _Anderson Co.,Kan
18,000
434 1-10 year
108-Anderson Co. S. D. No.
20, So. Caro
20-years
40,000
6
3104--Ann Arbor S. D., Mich_ -4ii 1949-1951 150,000 101.71
4.39
108- _Antigo S. D.. Wis
100,000
3223 __Arlington. Mass
4
1925-1942
90,0001 100.899 _ --3223_ _Arl:ngton, Mass
80,0001
434 1925-1932
2987Asheville, No. Caro. (2
Issues)
5
1925-1949 600,000 101.03 4.88
3104__Ashtabula, Ohio
534 1925-1947 215,000 105.91 4.615
3223_ _Ashtabula, Ohio
534 1925-1948 125,000 105.72 4.64
108--Ashtabula Co., Ohio
5
1925-1933
33,000 101.81 4.625
2987_ _Athens Co. Ohio
534 1925-1933
28,000 103.10 4.80
3104-Atkins Drainage District,
So. Caro
6
75,000
3104-Atlanta, Ga. (14 iss.)
5
1926-1933 164.000 102.77 4.43
108_ - Augusta S. D. Ky.
30
-Years
24,000 101.60
5
2989_ _ Bainbridge Twp., Ohio_ _534 1925-1933
67,325 100.61 1.37
3223--Baltimore County, Md--4
1929-1953 1,000.000 103.34 4.22
3223__Baltimore County, Md434 1954-1960 100,000 105.42 4.19
3224_ _Baxter Ind. S. D.,Iowa- _5
r _
1928-1934
7,000
2987__Bennetsville, So. Caro.
(2 issues)
534 1925-1949 115,000 101.31
108- _Beverly Hills S. D.,Calif-5
50,000 101.85 :1.84
1924-1963
2987-13iltrnore, No. Caro
6
40,000 100.06 5.99
1927-1964
3104-Bloomfield Twp. Frac.
S. D. No.1 Mich
434 1925-1939 150,000 100.03
3104Blownfield l'12. Frac.
1, ich
120,000
4%
2858--Bluefield, W. Va _____ __ _5
1927-1941 100,000
3105_ _Boonvllle, N.Y
8.500 101.55 4.76
6
1925-1941
2988-Boulder, Colo
25,000 104.24 4.46
5 d1934-1939
2988--Boulder Paving District
27,500
No. 33, Colo
1924-1936
6
3224__Bourne. Mass
75.000 100.03
1-15 year
4
3224__Bowle Co. Road District
490,000
No. 1, Tex
K66
33.000 100r
108-Bridgeport, Neb
1929-1944
5
50,000 100.138 3.95
3224-Braintree, Mass
1925-1929
4
JULY
5 1924.]
THE
CHRONICLE
105
Name.
Page.
Rate. Maturity. Amount. Price. Basis. Page.
Rate. Maturity. Amount. Price. Basis.
Name.
29a0 _ _Harper Co., Kan
50.000 100.32
-year
3204_ _Bristol, Tenn.(3 iss.)_---5
71,0001 102.70
4% 1-20
111_ _Harrison S. D.,N.J
22.000;
-_
6
4% 1926-1945 161,000 102.86 4.42
4.30 3226_ _Hastings, Mann
3224_ _Bronss%ille, N.Y
62,000 100.94
40,000
1925-1939
1925-1944
43
3107_ _Helena, Ark
25.000
3224_ _Buchanan Co., Mo
1944
143,000
5
5
- - 3107_ _Hempstead Un.Free S. D.
35,000
2858__Broadwater, Neb
No. 14, N.Y
250.000
50,800 100.03 4.49
4% 1925-1929
115_ _ rooks Co., Tex
5%
4.015 3226_ _Henry Co. S. D. No. 125.
1925-1944 124,000 109
108_ _Buffalo, N.Y.(2 issues)-4
Ill
12,000
108_ _Buffalo Co. S. D. No. 7,
534 1925-1939
2860_ _Highland Park, Mich_ _ _ _4% 20
325,000
-year
150,000 100.21_
Neb
5
3
a4 3226--Highland Falls, N.Y.....-4% 1925-1941
48.000 101.40 .
35,000 102.18 4.47
2988_ _Burlington, N. J
4% 1925-1944
4.62 2860- _Highland Park. Tex. (2
40.000 101.02
4% 1925-1944
2988_ _Burlington, N. J
5
1929-1953 225,000 _
108_ _Butler Co. S. D. No. 70,
3
111--Hillsboro, Ohio
97.50 5.65
10,000
Kan
44
1927
25,000 103.60_
53,1
2990-Hollister, Okla
16,000
2988_ _Caddo Co. S. D. No. 106,
---- 2990--Holmes Co., Ohio
4,000
1925-1934
36,000 100.509 4.89
5
Okla
6
2990--Homer,Mich
5
-years
24,000 100
5.00
5
3105_ _Calhoun Falls S. D.,
50,000 100.652990_ _Hopkins Co., Tex
43,000
5%
So. Caro
53
4;:i4 3226_ -Hudson. Mass
4
1925-1944 230,000 100.37 3.95
108-California (State of)
434 1963-1965 3.000,000 106.05 7
4.50
111 _ _Huerfano Co.S.D.No.9.
1925-1940
39.000 103.91
3224__Calumet Twp., Ind
5
4.46
Colo
3224_ _Camden Co.,N.J
4,000
434 1926-1958 1,946.000 103.04
3107_ _Hughes Springs Ind.
2858Cambridge Springs Sch.
65,000
S. D., Tex
27.000 100
Dist., Pa
414 1925-1945
100.53-4..ie
102.20
3105-Campbell Co., Ky
1934-1940 250,000
111-Huntington Co., Ind----4% 6 inst.
60.000 100.86r
5
209,063 100.46
3227_ Huntington Park Union
3105-Canon City, Colo
5
High S. D.,Calif
5
1926-1964 750,000
3224Carbon Co. S. D. No. 3,
4
Wyo
1935-1944 9,000,000 96.o44 4.285
2860- _Illinois(State of)
25 years 275,000
_ 1-10
3105 _ _Carrick 8. D., Pa
-year
31.788 100
4% 1934-1954 115,000 103.04 4. 2990--Independence, Kan
9,500
3224__Central City. Pa
111-Independence, Kan
4%
64,050 100.05
434 31926-1944
2860_ _Indiana, Pa
50,000 101.22 4.37
43,1 1925-1944
108„Centralia S. D. No. 9,
Wash40,000
4% 1926-1953 280,000 105.00 4.31
3107_ _Indianapolis, Ind
4.
30,099 10J.34
3224-Charlotte, Mich
3227_ _Indianapolis Park Dist.,
4i
5 i 1925-1934
3.97
43,1 1926-1955
3224__Chatham, Mass
1925-1944 100,000 100.26
Ind
90,000 106.12 3.74
4
4.23 3107- _Ipswich, Mass.(2issues)-43,1
2859_ _Chautauqua Co., N. Y..5
1930-1931 250,000 104.38
37,000 100.71 ---3227_ _Isabella Co., Mich
5 *1925-1934
108.-Cherryville S. D., No.
41.500 100.58
5.78 3227Jackson, Miss
30,000 101.76
1927-1946
181.000 100.16 _--Caro
6
5%
3105...Chicago So. Park Dist..
1929-1944 390,000 102.30 4.74
3227_ _Jackson,Tenn.(3 issues)-5
4.23 2990-Jefferson City, Mo
98.17
1925-1944 3,000.000
Ill. (2 issues)
4
100,000
200,000 101.03 ---- 3107-Jeeobo Co. S. D. No.8.
2859__Clackamas Co., Ore
5
fferson
_
2988_ _Claiborne Parish, La_ _ _ _ __
1-20 year 800,000
60,000 101.35
5
3224_ _Clairton S. D.,Pa
434 1928-1953 550,000
7,500 100.56 5.29
z 3107--Jefferson Twp.,Ohio_ __ -5% 1925-1929
60.000 101.07 4.366 2990_ -Jersey CitY.N J
2988__Claremont N. H
4%, 1925-1962 1.963,000 105.08
4% 1925-1943
4.35
4.78 2990-Jersey City, N.J
3105.Clevelandheights. 0h1o_5 it 1925-1930 258.000 102.36
.Cleveland
4% 1925-1950 672.000 103.94 4.36
4.32
2988_ -Cohoes, N.Y.(3 issues)_ _4% 1925-1938 123,000 101.15
111- -Joliet Twp. High S. D.
4.73
3224_ _Colorado (State of)
31926-1937 500,000 102.10
5
Ill
4% 1935-1943 250,000 102.29 4.295
2859_ _Columbus, 0.(5 issues)--5
4.55 3107_ _Junction City, Kan
1925-1937 787,000 104.41
40.000 100
4.50
4% dl9O4-1944
4.50 3227_ _Kalama, Wash
2988...Columbia Co., Wis
1944
1926-1930 100,000
75,000
6
5
4.00 3107_ _Kansas City, Kan
3225_ _Concord, Mass
18.000 101.89
43( 1925-1942
137.100 101.10
5
2988_ _Conway Water Works
3227.-Karnes City Ind. S. D.,
Dist. No. 2, Ark
78,000
40,000 105
534
Tex
3105_ _Cook Co. S. D. No. 97,
3108--Knoxville, Tenn
4% 1926-1948 1,120,000 100.32 :CH
3
500.000 105.30
Ill
450,000 101.28 4.16
4%
1944
3227_ _Lackawanna Co., Pa--- -4%
45,000 101.72
109--Cooper Co., Mo
5
1926-1940
50,000 101.85
3227--La Crosse, Wis
4%
20,000 101.50 4.82 3227--La Crosse, Wis
109--Corvallis, Ore
5
1930-1939
50,000 102.51
4%
4.48 2990_ _Lamar Paving Dist. No. 1 3225_ _Coshocton, N. Y
414 1925-1934
20,000 100.10
50,000 98.69 _
3105-_Crestline, Ohio
5.08
12,000 103.76
6
1925-1933
112_ _Lansing, Mich
434 1925-1929 250,000 101.20 4.05
4.56 3108--Las Vegas, N.Max
109_ _Croghan S.D.No.3.N.Y.6
1925-1929
5,300 103.94
20,000 101.22 5.38
6 31943-1954
4.49 2860_ -Lawrenceburg, Tenn.-2988_ _Cross Creek Twp., Pa
4% 1929-1949
43,000 100.13
25,000 100.50y
99.33r 4.05 3227_ _Laurel, Miss
3225_ _Cumberlaaid Co., Me..._ _4
125,000
1944
37,500
6
County, Ind
4.52 3108--Laurenburg, No. Caro---5% 1926-1960
3105__Davies
5
64.170 102.35
20.000 101.50 5.36
1925-1934
3105„Daviess Co. Cons. S. D.
4.14
112--Lebanon S. D., Pa
434 1934-1954 235,000 101.14
No. 3, Mo
35,000
534 1926-1944
60,000 100.57
4.41
3108- _Le Roy (Town). N. Y
414 1925-1939
2988_ _Dawson Co. 8. D. No. 4,
1939-1954 210.000
3108_ -Letcher Co., Ky
s
Neb
85.000
24,950 100.59
3108Lexington. Mass
411 1925-1929
3105-Dayton, Ohio (2 issues)
4.42 3108-Lima, Ohio
-5
1925-1944 648,000 103.77
114,505 101.6.1
2988_ _ Defiance, Ohio
5
1928-1944
58.000 100.90r 4.905
112-Lincoln, Neb
4% 1925-1934 423.110 100.96
3225_ _Delaware Co., Ind
5.37
6
1924-1928
13.469 101.46
31,590 100.16
112_ _Lincoln, Neb
4% 1925-1934
109_ _Denmark, So.Caro
6
31944-1964
33.000
2860_ _Little Rock Impt. Dist.
109_ _Denmark, So. Caro
6
33,000
1930-1946
10
-years
195,000 101.56
6
No. 94, Ark
3105_ _Denver (City & Co.) Co1-434
4:86 3227_ _Lincoln Co.. Miss
1944
1,050,000 100
1925-1928
75,000
6
3225.._Denver (City & Co. of)
S. D. No. 1, Colo
43,1 1934-1953 2,400.000 102.189 4.33 3108-Lincoln Co. S. D. No.65,
1940-1944
20,000
Neb
s
3106._De Pere, Wis
5
4.66 3108-Little Valley, N.Y
1925-1944 100,000 102.60
10.500 100.07 4:85
4.90 1925-1934
3106_ _De Soto Co., Fla.(2 is.)_ _5% 24 years 1,060,000
300,000 101.81
_ _ _3227-Logan County, W.Va
109_ _Dodge Co., Wis.(5 issues)5
1925-1943 337,000 105.12
75.000 101.011 3.85
112_ _Lowell, Mass
411 1925-1929
200.000
3106- _Douglas Co., Neb
1944
5
36,000
112- -Lloyd Tsvp.,Iowa
---4% 1925-1944
190,000
109_ _East Aurora, N. Y
434
125,000 97.46 -112- _Lubbock Ind. 8. D.,Tex_5
3106__Eastchester Union Free
32,000 100.10 --.534
S. D. No. 3, N. Y---4% 1926-1953 600.000 101.95
4.35 3108-Lynden,Wa.sh
90,000
112--Lyon Co., Minn
434
98.76 ---- 2860--Long Beach, N.Y.(3 is.) 5% 1929-1938 175,000 101.002 _
3106_ _East Lansing, Mich
434
45,000
100.69
5.16
109_ _Eddy Co. S. D. No. 27,
2860--Longview S. D.,No.
N. Mex
6
4,000
d1929-1934
33,000 106.23 6
Car.
-Edgewater S. D.. N. J---5
157.000 101.98 4-.'.78
31061925-1944
2860- -Los Angeles, Calif.(6 is.) 434 1925-1964 2,200,0001 100.01 ---6
25,000
109_ _Electra, Tex
1924-1964
41
6.23 2860- _Los Angeles, Calif.(2 is.) 6% 1926-1934 9,233,0001
98
2989_ _Ellenton S. D., Ga
6
10,000
1925-1943
30,000
-.
112--Macomb Co., Mich
2989__Ellis Co. Rd. Dist. No. 1,
4,432
i12-McComb, Ohio
6 '
Texas
1925-1954
30,000 100.05 ---- 2991- _McKeesport S. D., Pa _ --4% 1924-1933 125.000 102.79
1930-1953
4.29
3105-_El Paso Co. S. D. No. 11,
4.47
_Macon, Ga. (5
4.41 3108_ -Madison, Wis issues)-- -414 1929-1948 600,000 100.41
Colo
1941
43,1
100,000 101.08
112_
4% 1925-1944 100.000
109-Elyria, Ohio
1926-1946
41,000 110.42 4.84
6
4% 1925-1944
60,000
112--Madison, Wis
3225_ _Emmet, Idaho (2 issues)_6
28.406 101.58
d1934-1944
02
1949-1956 500,000
99.67 413108--Maine (State of)
4
109-Escambria Co. Spec. Tax
112_ _Marion Co., Ind
434 1925-1940 800,000 102.57r 4.12
S. D. No. 4. Pia
95
6.75 2991_ -Maryland
6,000
6
1926-1940
(State of)(2is.)434 1927-1939 1,800,000 102.53 4.18
2989_ _Evanston 8. D. No. 75,
3.80
31084.35 3108- _Malden. Mass.(5 iss.)_ _ _4 4 1924-1938 103,000 102.13 4-35
in
434 1932-1944 175,000 101.72
_Mamaroneck,N.Y. is.)
(2
.434 1925-1949 100,000 101.41
2989_ -Fairbury S. D., Neb_ _ _.4% 1925-1949
99.72
50,000
4.80 3108_ -Marine
1925-1931
7.000 100.73
6
City, Mich
3.92
3225_ _Fairfield. Conn
4
1926-1947 220.000 100.79
16.867 103.21 1:95
5% 1926-1936
5.56 3228-Marietta Ohio
1944
200.000 105.32
110--Fort Lauderdale, Fla_ _ _ _6
1926-1945 140,000 100.81
110 .Fort Scott, Nan
5
1924-1933
55.000 101.45 4.70 2860-Maxton. No. Car
101.43 4.34
2860-Mercer Co., N.J
4
3225__Frankfort 8. D., Ill
23.500 102.60% 1926-1945 2.263,000 101.72 4.90
30.000
-.-4g 2860-Mercer Co., Ohio
4.
534 19254929
3225_ _Franklin Co.,0.(4. iss.)-5ii 1925-1934 164,850 103.73
4.50
50,410 100
2991--Miami Co.,Ind.(5 in.) 414
39,900 102.10 ---3106-Franklin Co., Ohio
531
--_
48,000 100.01
5
53,1
3106...Franklin Co.. Ohio
19,500 102.08 ---- 3108-Michigan (State of)
15,000 100.01 -3108-Michigan (State of)
s
3106_ _Franklin Sch. Twp., Ind_4%
50,000 101.11
24,000 100.56
4
3108-Michigan (State of)
5
2989-Frederick, Md
43,1 1925-1959 225.000 101.54 - 75g 3228--Middletown,
5,000 102.57
4.98
534 1925-1934
Ohio
3106-Frederick Co., Md
50,000 101.38 ---9
1 31-1939
24.921 104.46
5.02
1925-1933
2991-Middletown, Ohio
6
110--Frederick Co., Md
95,000 104.57 --- 13t
i
75,000 102.12
_
112-Midland, Tex
110-Fredericka Ind. S.))., la_5
30,0J0 102.84
30,000 101.04 _
- -a5 2991--Mineola Ind. 8. D., Tex4
.
3106_ Freeport, N. Y
46,000 100.07
42-5 1925-1944
640,822 100.14
112--Minneapolis, Minn
4%
2859_ _Gallup, N. Max
d 20-30 yrs. 125.000 103 61
15,000
3226-Galveston. Texas
4.96 3228- _Minocqua Wis
1925-1964 480,000 100..40
5
5,816,500 102.34 ---2861-Mississippi (State on__ _ -5
2859__Gardner, Mass
4.08
17,000 101.29
434 1925-1941
33,000 100.87
-2989-Garner 8, 13., No. Caro_ - -- 1927-1954
18,000 100.55 ---- 3108-Montgomery Co.. Md-- A% 1929-1954
40,000 100.49 - .46
4
2991--Moon Twp. S. D., Pa_ _ _4%
3226_ _Garfield Heights, Ohio
1925-1940 150
'70 004 102.82
4.59
(10 issues)
95,808 101.02
5.53 3109-Moorestown Twp., N. J-5
53( 1925-1934
103.83
3109-Moorestown Twp., N. J..5
2989--Garrett Co.. Md
31,000
1941-1943
5
00
40 0
6 0
4% 1925-1939 44 :00 100.89 :CH
110-Gary lad. Sch. City, Ind-5
150.000 102.27
4.33 3228-Morris Co., N.J
1044
101.04
113--Moscow, Idaho-....,
2989-_Geneseo, N.Y
7,500 101.517 4;i6
1925-1939
5
2859-Geneva, N. Y
62,733100.
9
4.45 3109-Mount Kisco, N.J.(218.44 1925-1944 121.000 100.81 4.403
2
43,1 1924-1933
75.000 102.09 4.335
2859-_Geneva, N. Y
50,000 100.85
4.38 2991--Mount Lebanon Twp.,Pa.434 1929-1954
4
1925-1941
4.69
2991.-Mount Olive, No. Caro--4% 19274944 100,000 100.53
3226_ _Gilmer, Texas(2 Issues)
-5
50,000 103
4.02
3228--Nassau Co., N.Y.(2 is.)-4g 1925-1946 2,150,000 101.87
2989-Glades County, Fla
6
1939-1954 277.000 100.50
75,000 100
2989_-Glen Rioige, N. .1
60,000 101.30
4.39 3228--Natchez, Miss
43
1926-1955
4.19
3228--Newark, N..1. (2 issues) 434 1925-1963 1.677,000 104.36
3107-Glenville Un. Free S. 13.
4.22
No. 2, N. Y
4.47 3109--New Castle Co., Del----4it 1928-1944 250,000 100.26
43,1 1926-1349
70.000 100.29
60,000 103.24
II113--New Castle Co., Pa
414
3226_ _Glenwood Springs,Colo_ _4% 1925-1958 130,000
3,000,000
4.11
1939
109--New Jersey rtate of)----4%
2989__Graettinger I. S. D.. Ia_ _5
1934-1944
10,000
1939
2.000.000
4.09
__-- 3109- _New Jersey State of)_ -4 it
Ill.-Grand Rapids, Minn_ _ _ _534
20,000 103r
31119- _New Jersey State of)--- -4 ii 31939-1954 6,000.000
111_ _Grand Rapids, Mich.
60,000 102.66 4.245
434 1925-1954
4% 1925-1953 550,000 103.64
4.20 3229--New London, Conn
(2 issues)
210,000 103.13 4.80
1954
6
2861--Newport News, Va.(2 is.)5
3107. Grand Saline. Texas
50.000
1974 15,000,0001 101.186 3.99
286l-New York City, N.Y----4
Dist. of
111_ _Great Neck Park
1974 22,000,000)
NorthHempstead,N.Y.5
4.37 286l..NewYorkClty,N.Y.-431
1933-1947
15,000 107.15
1925-193930,400,000 101.186 4.19
280.000 101.31
---- 2861--New York City, N.Y----4
3226_ _Greene Co., Iowa
70,100,000
1925-1934
22,000 103.20 _ _ 2861- _New York City, N.Y111__Greene Co., Ind. (3 iss.)..5
60,000
534
3226.
..Greensburg S. D., Pa.... _414 1927-1953 250,000 103.33 4:24 3109- _Nixon Ind. S. D.. Tex
1925-1934 100,000 100.267 3.94
4
3229_ _North Adams, Mass
Caro_5
1944
4.72
200,000 103.51
2989_Greenville Co., So.
ca
5.07 2861-.Northampton Co., No.
3226_ _Greenwood,Miss.(2iss.)_5it 1925-1944 208,000 101.28
1927-1940
45,000 100.12
5
Caro
58,000 100
5.00
111_ _Griffith Sch. Twp., Ind.-5
13,200 100
6:156
1925-1932
2992--North Canton,0.(2 iss.) 6
.
3226-Haddon Heights S. II ,
4.49
6
1926-1964 147,000 102.32 4.82 3109-North Carolina (State of) 414 1934-196310,000,000 100.05
N. J
4.96
434 1925-1942 129,862 100.34
6
1927-1949
23,000r 101.81
5.13 2862._ North Pelham, N. Y
3226_ _Haines City, Fla
3229- _Norwich(Town and City)
1925-1954
42.000
3226_ _Haines City, Pia.(2 iss.)_6
Union Free S. D.No. 1,
3107_ _Hamburg Un. Free S. D.
4.41
50,000 100.68
43,1 1924-1942
N. Y
1925-1954 343,000 105.47
4.55
5
No. 1, N. Y '
45,000 100.77 ---3229._ Oak Grove, La
1932-1943 150,000
5
111-Harford Co., Md
-,5-ie
106
THE CHRONICLE
[VOL.
9.
Name.
Rate. Maturity. Amount. Price. Basis. Page.
Page.
Name.
Rate. Maturity. Amount. Price.
asis.
3229-0don Town & Madison
2994_ _Venango Co.,Pa
434 1929-1954 450,000 100.66 4.20
Twp. Schools. Ind. (2
2863Vernon Un. Free S. D.
Issues)
5
1925-1934
39.833 101.87 4.58
No.6, N. Y
5
1925-1944
75,000 103.14 4.59
3109-0kmulgee Co., Okla
400,000 100.506 --- - 3111_ _Vigo Co., Ind. (2 issues)_5
1925-1934 116.800 102.17 4.56
3229--O'Fallon Twp. High S. D.
3111_ _Wade High S. D., No.
5
No. 203, El
1926-1943
92.000
Caro
6
1927-1953
35,000 105.41
2862--Old Fort, No.Car
60,000 100.86 ---- 2995_ _Wake Forest, No. Caro.
2862-_Orange Co. Spec. Tax
(2 issues)
1926-1955 125,000 100.70
S. D. No. 7, Fla
6
1954
5.45 3231_ Wabs,sh Co., Ind
35,000 108.53
90,000 102.79
2992-Orange Co. Spec. Tax
3231_ _Wabash Co., Ind
102,000 102.72
S. D. No. 3, Fla
6
1954
25,000 107.64 5.48 3231_ Wabash Co. Ind
44,000 102.66
(State of)
2862--Oregon
43.1
1943
41,5201 100.16 ---- 3231_ _Wabash Co., Ind
65,000 102.67 _
434 1944-1954 164,400J
2862-_Oregon (State of)
3111_ Wallington, N. J
5
125,000
3229- _Ouachita Parish Rd. Dist.
3111_ _Waltham, Mass
4
1924-1939
60,000 100.134 _
No. 1, La
6
1959-1960 107,000
2994_ Wapello, Iowa
5
1931-1944
36,500
_
3109-_Owosso, Mich" 2994_ Warren Co., Miss
4X 1942-1946
20,000 103.22 4".8i
5
206,000 101.39 _
2992_ _Paragould, Ark
534 1928-1947 150,000
3231- Warren Co., Tenn
5
1929-1944
90,000 101.93 5
:30
3229-_Park Co. S. D. No. 51.
3231_ -Waseca Co., Minn
4
1935-1944 250,900 101.20 4 39
Mont
6'
d5-16 yrs.
6.00 2994- Wasco Co., Ore
1,600 100
5
250,000 100.36 _
3229--Parkersburg, W. Va
5
1925-1929 100,000 101.42
3231_ -Washington Co., Ohio_ _ _554 1925-1933 111.000
5
3109- _Park Rapids,Minn
53.1 1930-1936 14,000 101.46r 8:68 3231- _Washington Co., Md-_-454 1925-1954 600,000 103.65 4 68
103.17
20
2862_ _Parsons, Kan
5
1942
400,000 100.31
3111- _Washington S. D., Pa__ _4% 1928-1945 150.000 102.46 4 26
3109-Pennsauken Twp. S. D.,
115_ _Wayne Co., Ohio
554 1-9-years
171,000 104.72 -N. J
5
1925-1963 390,000 102.66 4.79 2883.. _Wayne Co., Ohio
554 1925-1933
72,000 103.03 4.
88
113--Perry. Kan
5
1925-1934
20,000 100.30 4.93 2994_ Wayne Co., Miss
6
42,000 100.25
113-Perth Amboy,N.J
4.48
4% 1926-1963 169,000 103.81
115_ _Westchester Twp., Ind--554 1926-1930
15.000 98.50 5.
2992-_Pike Co.,Ind
5
21,344 103.04 4.40 3231_ _West Creek Sch. Twp.,
3229_ _Placentia San.Dist.,Calif.6
---1925-1941
85,000
Ind
5
1925-1934
25,000 102.53 4. 6
113-_Piatt S. D. No. 42, Ill_-_5
5,500
1925-1932
3111_ _Westerville, Ohio
534 1925-1933
18,000 100
3229-Pocatello, Ida.(5 issues)-5
72,000 100.61 ---- 2994_ _West Palm Beach, Fla_ _6
93.358 104.05
3229-Pocatello, Ida
654
125,000
2863__Wichita Co. Road Dist.
3229-rocotaligo Rd. Dist. No.
No. 1, Tex
5.54 1925-1954 500,000 98.50
1, W.Va
750,000 100
3111_ _Wicomico Co., Md
5
24,000 103.16 4.3
1930-1935
8
113--Portage Co., Ohio
5
31,242 101.28
3231_ _Wilkinson Co. Supervisors'
3229--Portage Co., Ohio
5
101.07
31.242
Dist. No. 3, Miss
554 1925-1949
75,000
3229_ _Port Huron,Mich
320,000 101.81
454
3111--Williams, Ariz
6
50,000 100.53 5.94
1929-1944
2992--Port of Olympia, Wash--5X
155,000 101.07
3111--Williams hr. Dist., Calif_6
17,000 95.00
113--Port of Portland, Ore_ _ --4X 1930-1944 500,000 99..35 184 2863__Winiamson County. Tex-534
30,000
2862_ _Port Washington Water
3111-Wllna Un. Free S. D. No.
Dist. of the Town of
1, N.Y
5
60,000 105.79 4.5
1928-1957
4.33
NorthHempstead,N.Y.4.35 1929-1943 165.000 100.11
115__Wilson Grad. S. D., No.
2992_ _Powers Lake S. D.No.27,
Caro
5
35,000 100.80 4.94
1927-1953
No. Dak
---- 3111_ _Winfield S. D., Kan
9,000
6
1934-1944
5
1924-1934
5,000 100
5.00
3109- _Prince Georges Co., Md-5
29,000
1944
3111--Winter Park, Fla
6
61,000 101.03
43% 1925-1948
.
3230__Putnam Co., N. Y
47,000 104.29 1 5i 3231-Winston-5alem, No. Caro554 1925-1934 1.100,000)101.837 5.75
4.68
1926-1935
3109--Queen Annes Co., Md__ _5
19304936
21,000 104.89 4.31 3231-Winston-Salem, No. Caro
2992__Quincy, Mass
52.000 101.47 4.00
434 1925-1927
(6 issues)
4X 1926-1972
3230--Ranchito S. D.,Calif_ __ _5
25,000 100.28 4.97 3231-Woodbridge Twp., N.J-4X 1926-1947 2,391,000 102.40 4.52
1925-1945
2992_ _ Ravenna, Ohio (2 issues)_5% 1925-1932
5.50 3231--Woodbridge Twp., N.J_ -4X 1925-1934 111,000 100.93 4.56
38,000 100
170,000
3230_ _Reading, N.Y5 5 years
15,000 100.97
2995--Woodland High S. D.,
3109_ _Reading.Pa
1925-1934 400.000 101.12 4.26
4
Calif
5
1926-1941 124,000 101.31 -_-2992_ _Redwood Co., Minn
1930-1944 140,000 100
4.75 3231--Woodfin S. D., No. Caro_554 1925-1954
4
75,000
3230....Redondo Beach, Calif.. _ _6
50.000 105.40 _ --- 3111_ -Yonkers, N.Y.(3 issues)_434 1925-1939 1,540,000 101.63 4.21
114-Reading, Mass
22,000 100.470 3.935 3231--Yuma Co. S. D. No. 90,
1930-1944
4
3109__ Redford S. D., Mich__ _ 4%_
85,000
--,..Colo
22,000
100,000
3109_ _ Redford S. D., Mich_ ---455
114_ _Redford Un. S. D., Mich.
Total bond sales for June (431 municipaliissues)
1936-1944 245,000
(2
ties, covering 576 separate Issues)
k$268,133.094
3109_ _Redondo Beach City Sch.
d Subject to call in and during the earlier year and to mature in thelater
Dist., Calif
1925-1954 275,000
5
year. It Not including $51,161,933 temporary loans. r Refunding bonds.
145,000
2862_ _Rhode Island (State of)_
114_ _Rialto, Calif
1930-1954 125,000 100.54
g And other considerations. *But may be redeemed two years from
5
date of issue.
3109 Richardson Park S. D.
No. 20, Del
85,000
3110_ _Richmond, Va.(2 issues)_454
1958
700,000 102.59 4.35
The following items included in our totals for previous
3110_ _ Ridgewood,N.J
1925-1933 134,000 101.86 4.56 months should
5
be eliminated from the same. We give the
3110_ _Ridgewood, N.J
1925-1930
13,000 101.35 4.58
5
3230-Rio Hondo Ind. S. D.,
page number of the issue of our paper in which reasons for
Tex
70,000 101.09
534
3230_-Rock Co., Wis
•
5
1934-1935 200,000 104.41 -4-.86 these eliminations may be found.
Name.
2862_ _Rock Mart, Ga
6
1935
13,000 102.55 5.67 Page.
Amount.
3110.. _ Rome,N.Y
4.40 1925-1929
25,000 100.20 4.33 3224_ _Clinton Co., Mich.(May list)
$41.000
2854-Cambridge Springs S. D., Pa.(May list)
3230_ _ Rose City, Mich
6
10,000 103
65,000
2992_ _Ross Twp.S. D..Pa
2856--Saginaw, Mich. (May list)
534 1929-1953 100,000
30,000
2862_ _Royal Oak, Mich
2993- _Troy. Ala. (January ist)____________________________ 300.000
30 years
15,000
114-Russell, Kan
5
5.00 2480-Weld County Sch. Dist. No. 29, Colo. (April list)
1925-1934 100,000 100
18,000
3230_ _St. Clair Co., Mich
534 1926-1934
81,500 102.85
2992_ _St. Joseph Co.,Ind.(41s.)5
1925-1934 301,000
We have also learned of the following additional sales for
3110_ _ St. Louis S. D., Mich_ _ _ _5
40.000 101.63
previous months:
2992St. Louis Co. Cons. Ind.
S. D.No.18,Minn_ ___551 1925-1939 200,000 100.27
Name.
5.21 Page.
Rate. Matto By. Amount. Price. Basis.
114....St. Petersburg, Fla
108- _Alden Ind. Sch. Dist.,
534
1954
1.453,000 103.77 5.01
2993__St. Tammany Parish Rd.
Iowa (Feb.)
4% 19264929
$6,000
Dist. No.3, La
3104_ Antelope Co., Neb
5
1925-1944 200,000
5 d1929-1932
5.00
8,500 100
114--Saginaw, Mich
108_ _Beaufort,No.Caro.(Apr.)6
434
400,000
1925-1934 150,000 06.40 6.47
114- _ Salem, Ore
108- _Belle Vernon S. D., Calif.
5
16,000 101.52
3110_ _Salem S. D.No.24. Ore_ -5
415
(Jan.)
1925-1934 220,000 100.69 -- .
5.50 1925-1934
5.49
95,000 100.01
114_ _Sandusky Co.,0.(3 iss.)-554
108--Board of Education of the
72,000 104.14
2993_ _Sanford, Fla
Village of Kief, N. D.
5:86
534 1925-1939
72,000 100
114-_ San Miguel Co. S. D.No.
(April)
634
15,500 101.72 6.35
1944
96, N. Mex
108-_Bronston, Kan
6 d1934-1944
8,000
5
34,000
1925-1934
3110_ _ Sanilac Co., Mich
3105-..Buffalo, N. Y
5
48,000 100.01
4
36,000 100
4.00
1925-1944
3230_ _Santa Barbara Co., Calif_
3105--Cedar Co. S. D. No. 64,
300.000
•
3230.._Santa Fe Irr. Dist.,Calif_6
Neb
1933-1949 500.000
5
5.00
10,000 100
1939-1943
114-Scarville, Iowa
3224_ _Clinton Co., Mich
5
1927-1934
4,000
534
38,500 97.26 _ _
3230_ _Schenectady, N.Y.(2is.)4 X 1925-1934 160,000 100.70 4.09 3225_ -Crosby, No. Dak.(Mar.)6
12,000
1944
6
109-Dow City, Iowa
3230_ _Seattle, Wash
102,334
5
6,500
1925-1937
5
109--East Cleveland S. D.,
114--Seattle. Wash
1930-1944 1,500,000
2993_ _Seneca Co..Ohio
5
Ohio (March)
1925-1929
8,300 101.25 4.40
554 1925-1939
35,000 103.43 5.02
2993_ _Shaker Heights, Ohio_ _ --534 1925-1934
109....Eckman Spec. S. D. No.
82,490 102.52 5.00
49. No. Dak. Feb.)---7
3230_ _Sharon, Pa
434 1929-1953
75,000 102.30 4.31
2,000 100
7.00
10 Years
5
109_-Eldorado, Kan. March)_
2993_ _Sheboygan, Wis
1925-1935
50,000 101.40 4.75
73,210 100.70
109-Emporia, Kan. Jan.)._
2993_ _Sierra Madre, Calif
5
50,000 100.76
78,000
1926-1933
3230_ _Smithfield, No. Caro----6
1924-1939
30,000 103.85 5.40 3225-Fremont Co. S.0.No. 1,
Cob.(Feb.)
3230„Sodus Un. Free S. D. No.
60,000 100
454 d1939-1954
4, N. Y
:0
1800
434 1924-1953 190 000 100.37 4.47 3225--Fremont Co. S. D. No. 1,
Colo.(Feb.)
3110--South Greensburg, Pa_ -5%
434 d1939-1954 190,000
114--Spokane Co. S. DP. No.
3226- _Geuda Springs, Kansas
(Jan.)
35,000 100.276
1928
143, Wash
6
13,000 100
6.00
114-Spokane Co. High S. D.
3226- _Greene Twp.,Pa
434 1934-1953
30,000
95,000 100.76
No.202, Wash
111- _Greenville, Miss
5
534 1934-1944
26,000
2993--Spokane Co. S. D. No.
111- _Hamilton Co., Kansas
(April)
88, Wash
4,000 100.12
1924-1954
5
75,000 98
534
2993--Spokane Co. S. D. No.
3226-Haywood t ounty, Tenn.
32,000 100.27
(Feb.)
143, Wash
5)6
150,000
6
2993--Spokane Co. S. D. No.
3227-Independence, Ohio
5% 1925-1933
4,458 100
5.50
202, Wash
95,000 100.75
3227-Ironton City S. D., Ohio
6
3230_ _Springville, N. Y
(March)
554 1924-1931
4
434 1925-1938' 42,000 100.70 - :45
72.182 101.11
5.19
3110-Springville S. D. No. 3,
3108-Litchvil1e S. D.,No.Dak.5
*1944
11,000 100
5.00
Mich
10,000 99.83
3228--McCall,So. Car.(Apr.).- .534
50,000 98
2993--Stamford, Conn434 1925-1931
14,000 101.29 4.14 3228-Madison Co., Miss
5% 1-20 yrs.
20,000
2993-Sterling, ni
80,000
1927-1934
434
112--Malone, Tex. (April)----6
1930-1964
40,000 96.25
2993-Stockdale, Pa434
20,000 101.65 4.40
1954
112--Manuel Point Blue Drain.
2862__Superior, Wis
Dist.. La.(Mar.)(2 is.) -- 1925-1954
4% 1925-1944 190.000 101.15
35,000
3110-8tar, No. Caro
85,000
3228- _Miami Co., Ohio(2issues)
5
114--Stevens Point Wis
40,000 102.59
(March)
5
534 1926-1930
5.50
13,500 100
114_ _Strasburg, Ohio
4,200 100
5.00 3109__Norway Lake S. D., No.
5
114--Stromsburg, Neb6,000 100.50 5.47
Dak
1944
5.00
5
5%
5,000 100
*1944
114_ _Summit Twp.,Pa
12,000 102.69 4.84 2992- _North Little Rock, Ark.
554 1926-1931
3110--Sumner Co., Kan
(March)
225,000 104.25 _ _ _ _
6
4% 1-20-year
59.500
3230--Sumter Co., Ala
25,000 97.90 ---- 3229--Oakes, No. Dak. (Mar.)_554 1929-1944
5.50
68,000 100
2993_ _Talladega, Ala534
75,000
3229--0akes Special S. D., No.
1954
2993__Tarrytovrn. N. Y
Dak. (March)
15,500 100.19 4.47
5.50
20,000 100r
434 1925-1940
534 1930-1934
3231--Texarkana, Tex
1929-1950 197,000 95.58 5.33
113-.,Odessa S. D. No, 15,
5
3110..-Texas rtate okr issue?
j
110,350
No. Dak. (4arch)
5,000 100
6.00
6
1944
3110_ _Texas State o 2 issues 5%
4.400
2992- _Oklahoma City, Okla.
3110-Texas State o 5 issues 6
29,900
(Jan.)
1936-1943 1,100,000
5
115--Tonawanda,N
83,000 100
4.75
10,000 101.53 4.32 3229--Ottawa, Kan. (Feb.)_ _ _ _4 X 1-10m.
434
1935
45,000
3231__Tonawanda Un. S. D.
3229- _Plant City. Fla. (April)--6
1943
No 1 N.Y
99,750 103.92 4.47 3109--Reed S. D. No. 15, No.
1929-1938
5
4,000 100
5.00
2993__Tujunga S. D., Calif
Dak
1925-1935
10,500 101.23 5.23
*1944
5
2863--Trafford, Pa
15,000 101.50 4.38 3230- _Roosevelt Co. S. D. No.
gtt 1937-1950
11,974
2863_ -Traverse Co., Minn
164,000 101.34
9, Mont. (Jan.)
434
6
25,000 101.50 --__
2863-Tucumcari, N. Max
100,000
6
3230_ _Rosco Ind. S. D., Tex- -6
292,950 100.56 5.05
3231-Valeria,Iowa
3236_ _Saginaw Co., Mich
1929-1939
2.900
5
534
JULY 51924.]
THE CHRONICLE
Page.
Name.
Rate.
114-Santa Rosa Co. Spec. Rd.
& Bridge Dist. No. 3,
Fla.(Feb.)
6
114_ -Seattle. Wash
6
3230-Sheridan, Wyo. (3 issues)
(April)
6
3110--Slab Fork Magisterial District, W. Va
5
3110-Somerville, N. J
53i
3231_ _Upper Freehold Twp. S.
li) •, N.J.(March)
4(
3111--Webster Co. S. D.No.31.
5
Nob
115.._ Yellow Medicine County,
Minn. (April)
5
Maturity. Amount. Price.
107
Basis.
Bonds are coupon bonds in denominations of $1,000 and
$500, registerable as to principal only. Dated July 1
1949
50,000 100
6.00 1924. Interest payable January 1 and July 1. Principal
85,612
1936
and interest payable in time of war as well as in time of
1925-1933
90,000
peace, irrespective of the nationality of the holder, at the
principal office of the Chase National Bank of the City of
400,000
1926-1943 137.000 100
5.25 New York, fiscal agent for the loan, in United States gold
coin, without deduction for any Norwegian taxes, present
2-24 yrs.
4.75
78.000 100
or future. Due July 11944. Redeemable, at the option of
d1929-1944
5.00 the city, on any interest date, as a whole only (except
10,000 100
through operation of the sinking fund) at 100 and accrued
1930-1954 349,726 101.77
d subject to call in and during the earlier year and to mature in the later interest, after 60 days' notice. Sinking fund, commencing
Oct. 11928, operating semi-annually, sufficient, it is stated,
year. •But may be redeemed two years from date of issue.
to retire not less than one-sixteenth of total issue each year
All of the above sales (except as indicated) are for May. through purchase in the market at not exceeding 100 or
These additional May issues will make the total sales (not through call by lot at 100. It is further stated that the
including temporary loans) for that month $114,096,217. sinking fund is sufficient to retire entire issue at or before
maturity. Other particulars issued in connection with this
DEBENTURES SOLD BY CANADIAN MUNICIPALITIES IN
loan may be found in our "Department of Current Events
JUNE.
and Discussions" on a preceding page.
Page.
Name.
Rate. Maturity. Amount. Price. Basis.
116__Alberta (Prov.of)
$750,000
15 yrs.
3232-Alberta Sch. Dists., A1ta_7
20
-years
20,000 102.35
-years
7
15
1,500
99
6% 10
700 100
-years
6.50
7
20,000 100.12
15
-years
7
15
-years
12.000 97
2995_ _Barton Twp.,Ont.(2 iss.)5%
25,527 101.91
3232_ _Barton Twp.S. D.,Ont_ _5% 20
15,000 103.17
-years
5.24
116- _Biprost, Man
6
20 inst.
11.000 102.20
116--Cochrane, Ont
53
40,000 100.78
20 install.
5.40
116_ _Dartmouth, N. 5
5
25,000
5 yrs.
97
5.70
116- _Dorval Que
6
50,000 101.13
10 yrs.
5.85
3112_ _Dufferlin Co., Ont
15
-years
53
48,000 101.719 5.24
3112_ _Eastview. Ont
5% 20-install't
43,210 97.02
5.87
3112__Edmonton, Alta
5
40
-years
145.000
116 _Greater Winnipeg Water
District
5
1,040,000
1944
97.28
3112_ _Grey R. M , Man
5% 30-install't
5,000 100.10
5.49
116_ _Huntsville, Ont
30 inst.
35,500 100
5.50
2995__Kindersley S. D., Sask_ _6
30-install't
20.000 100.55
116__Kenora, Ont_
6
1944
20.0001 97.34r
116__Kenora. Ont_
53i
11,2121
1953
116Manitoba (Province of) 5
1943
1.118,000
3232__Moncton, N. B
5
20
-years
75,000 97.29
5.22
1 116__Montrea1 Met. Water
seNip.. District, Que
5%
1949
1,462,001
, -Montreal Met. Water
.165.23
102.17
mesa District. Que
5%
1951
1.150.000
5
3112-.New Glasgow, N. S
ars
000
96.61r
3232- _Ontario Co.,Ont
53. i0 stall't 164%000 102.17
-g
3112- _Peterborough, Ont
10-20-30-yr 154,680 103.27
5.29
3232_ _Peterborough Co., Ont- _5% 20-install't
20,000 101.92
5.27
3232__Quebec, Que
5
30-install't 590,000 97.63
3232 St. Jerome, Que
5X 30
-years
80,000
98.81
116--St. Joachim de Chateauqua. Que
6
18,000 100.85
18 yrs.
5.42
2995__Sandwich, Ont
6
20-install't 85,573
99.27
6.08
116_ _Saskatchewan S. D.Sask f6
7,700
6%
GOO
3232.. Saskatchewan Sch. nista.,
ps-ow iii Sask.(4 issues)
63i
5,950
3232__Saskatchewan S. D.,
Sask.(2 issues)
0.......
,
63
31.800
3232-Victoria, B.0
5
20
-years
665,000
93.19y __-116. _Wentworth Co., Ont_
5
20 yrs.
547.000
3112__ Westbound R. M., Man-6
30
-years
10,000 105.10
2995_ Windsor Roman Cath.
Sep. Sch. Board, Out....53
30
-years
275,000
96.57
5.75
1
Georgia (State of).
-State Legislature Convenes.
-The
Georgia State Legislature convened in a regular yearly seson June 25.
Hungary (Kingdom of).
-Part of State Loan Allotted to
United States Offered by Bankers.
-Speyer & Co., the Equitable Trust Co. Hayden, Stone & Co. and Hambleton &
Co., all of New York, this week offered and quickly sold
'
$7,500,000 73/2% sinking fund gold bonds termed 'State
Loan of the Kingdom of Hungary 1924," at 87.50 and accrued interest, to yield about 8.85%. Bonds are coupon
bonds in denominations of $1,000, $500 and $100. Dated
Aug. 1 1924. Interest payable Feb. 1 and Aug. 1. Principal and interest payable in New York at the office of
Speyer & Co., in U. S. gold coin of present standard of
weight and fineness, without deduction for any Hungarian
taxes, present or future. Due Feb. 1 1944. Not subject to
redemption before Feb. 1 1934, except for sinking fund.
Redeemable at any time on and after that date, at the option
of the Government, with the consent of the trustees, as a
whole (but not in part except for sinking fund), upon not
less than six months' notice at par and accrued interest.
Cumulative annual sinking fund, beginning Feb. 2 1925,
'
1.8§ sufficient to redeem the entire issue at or before maturity,
to be applied to redemption of bonds through purchase in
the market, if obtainable at less than par and accrued
interest, or, if not so obtainable through annual drawings
by lot at par and accrued interest.
'
The above bonds and E7,902,700 Sterling bonds offered simultaneously in London by Baring Brothers& Co.,Ltd., N.M.
Rothschild& Sonsand J.Henry Schroder & Co.at88,an average
yield of 8.16%(also quickly taken up,)are part of an International Loan to be issued also in Czechoslovakia, Holland,
Italy, Sweden, Switzerland, Hungary and other countries,
Total amount of debentures sold during June_$8,816,952
in various currencies, for amounts sufficient to yield to the
Government in the aggregate an effective sum not exceeding
r Refunding bonds.
the equivalent of 250,000,000 Hungarian gold crowns, or
about $50,650,000.
For further information on this loan the reader is referred
NEWS ITEMS.
to our department of "Current Events and Discussions" on
Avoca Drainage District (Sub Drainage District a preceding page.
No. 1), La.
-Final Date for Deposit of Bonds Further Ex-Announcement has been made by the bondholders'
tended.
Lorain, Ohio.
-City Laid in Ruins by Tornado-Property
protective committee that the time for the deposit of the Damage Estimated at $25,000,000.
-On Saturday afternoon
5% bonds, dated Aug. 15 1911 and Aug. 15 1914 (interest on last a tornado which swept across northern Ohio took
which for Aug. 15 1923 and Feb. 15 1924 and principal due many lives and caused a property loss which, it is said, will
Feb. 1 1924 are in default, mentioned in V. 118, pp. 2984 run over $301000,000. Lorain was the hardest hit of a numand 3104), has been further extended until and including ber of municipalities visited by the tornado and her property
July 15 1924, after which date no further deposit will be loss is estimated at $25,000,000. Sandusky has a property
accepted, except upon such terms as may be imposed by loss estimated at $1,500,000, Akron $1,000,000 and Youngsthe committee. Approximately 80% of the entire issue of town $1,000,000. Other municipalities damaged include
bonds has already been deposited, it is stated.
Cleveland, Mantua, Port Clinton, Alliance, Cedar Point,
Vermilion, Elyria, Bay Village and Rocky River. The
Pe Canada (Government
BeliefExpressedHere That tornado also visited the cities of Pittsburgh and Erie in
Proposed $300,000,000 Government Loan Will Be Floated In
Canada.
-An extract from the New York "Times" of Pennsylvania, where it was deflected into the Alleshanies.
An early estimate indicated that the property loss in PittsJuly 3 said:
YSI"Canada will be able to handle its refunding operations of 1924 without burgh would probably be small and in Erie the loss is
recourse to foreign markets. New York bankers said on July 2. While estimated at $150,000.
the House of Commons passed a resolution on Tuesday night (July 1)
authorizing an issue of $300,000,000 of bonds to meet maturing obligations,
it is not expected that more than $110,000,000 of these bonds will be issued
this year. The balance will be available for future requirements.
lo•V"According to Canadian bankers, the market in the Dominion is under
the same influences as that in New York, and current offerings are being
absorbed readily. It was thought that a Canadian National Railways
issue might be offered here, but the institutional demand for Government
bonds has been so strong that it is expected little new capital will have to
be_drawn from.outside countries.
Macon Ga.--City's Bonds Placed on Legal List for Savings
Banks in New York.
-This week, as a result of a ruling made
by the New York State Banking Department, the City of
Macon, Ga. bonds were added to the list of securities considered legal investments for savings banks in New York
State.
Fir On July 1 Hon. James A. Hobb, Acting Minister of
San Antonio, Tex.
-Supreme Court Overrules Motion of
Pinance, gave out the following as a list of maturing obliga- Contestants for Rehearing in City Bond Election Case.
-The
tions during the next three years:
Dallas "News" on June 29 had the following to say regarding
r On Nov. 1 1924 Victory bonds to the amount of 8107,955.150 will this matter:
fall due. In addition there are Treasury bills outstanding to the total sum
At its final session of the term Saturday (June 28), the Supreme Court
ofapproximately $91,000.000. On May 1 1925 a bond issue will become due
in London amounting to $24,333,000 On July 1 of toe same year there will
be a maturing obligation of 860,800.000 and on Dec. 1 $42,014,000. On
the first of April 1926 a loan of $25,000,000 falls due; n Nov. 1927 $29,680.000 and in December of the same year $65,000,000. T.Ae total obligations
to be met up to the end of 1927 is $382.184,000.
-City Loan Offered in
City of Trondhjen (Norway).
U. S.
-This week White, Weld & Co., Brown Brothers &
Co. and Blair & Co., Inc., all of New York, offered $2,500,000 63% Sinking Fund External Loan gold bonds of
this,city, priced at 96 and accrued interest, to yield 6.85%.
.
overruled motions for rehearings in the cases of H. F. Wendover and E. B.
Garess, contesting the San Antonio 84.350,000 bond election held last December (see V. 118, p. 2680), but this does not end the litigation, because the
Court did not pass upon the motions of Wendover and Garess for leave to
file petitions for mandamus to require the San Antonio Court of Civil Appeals to certify law questions to the higher Court. The mandamus motions
go over to the next term, which opens Oct. 6. Not until the litigation is
entirely disposed of will the Attorney-General approve the bonds, and without such approval the City of San Antonio will not be authorized to sell them.
The motion for rehearing overruled Saturday was on the applications of
Wendover and Garess for writs of error from the Judgments of the San Antonio Court of Civil Appeals, which upheld the validity of the bond election.
The Supreme Court on June 12 dismissed the applications for want of jurisdiction and the contestants then asked for a rehearing.
108
THE CHRoNICLE
City Attorney Joseph Ryan of San Antonio was present during Saturday's session of the Supreme Court.
Mention of previous steps in the above case was made in
V. 118, p. 2342.
BOND PROPOSALS AND NEGOTIATIONS
this week have been as follows:
-Bosworth. Chan-BOND SALE.
ABILENE, Taylor County, Texas.
ute & Co. of Denver have purchased $150,000 school and 550.000 street
Improvement 5% bonds at 98.31.
-According
-BOND SALE.
ADAMS COUNTY(P.O. Ritzville), Wash.
to the "Commercial West" of June 28 Cantrell, Richards & Co. of Spokane
recently purchased $65,000 bonds for Donoghue Road No. 10 at a premium
of $646 50, equal to 100.87.
-Lawrence J. Ehrhardt, City
-BOND OFFERING.
ALBANY, N. Y.
Comptroller, will receive sealed bids until 11 a. m. July 14 for the purchase
issues of coupon or registered bonds:
of the following
$433,000 public improvement bonds, Series B. maturing $21,650 on June
1 from 1925 to 1944 inclusive.
246,000 public improvement bonds. series C. maturing $16,400 on June 1
from 1925 to 1939 inclusive.
87,500 public improvement bonds, Series D. maturing $8,750 on June 1
from 1925 to 1934 inclusive.
578,000 street improvement bonds for the year 1923, maturing $95,700 on
June 1 from 1925 to 1929 inclusive. and 819,900 on June 1 from
1930 to 1934 inclusive.
700,000 water supply bonds, maturing $17,500 on June 1 from 1925 to
1964 inclusive.
Date June 1 1924. Prin. and semi-ann. int. (J. & D.) payable in gold
coin of the United States of America of the present standard of weight and
fineness at the Chemical National Bank of New York. The water supply
bonds will bear interest at 4%. the other issues will bear interest at 4%%.
The City Comptroller will purchase for the city's sinking fund all of the
above described bonds not of $1,000 or $500 denomination. Each bid must
be accompanied by a certified check upon an incorporated bank or trust
company for 2% of the face value of the bonds bid for, payable to the City
of Albany. Purchasers will be required to pay accrued interest to the date
of delivery of the bonds. The purchaser or purchasers will be furnished
with the opinion of Gilbert V. Schenck, Corporation Counsel, Albany, and
of Reed, Dougherty & Hoyt, Attorneys. New York City, that the bonds are
valid and binding obligations of the City of Albany.
ALDEN INDEPENDENT SCHOOL DISTRICT (P.O. Alden), Hardin
-The White-Phillips Co. of Davenport has
County, Ia.-BOND SALE.
purchased $6,000 43, % school bonds. Denom.$1,000. Date Feb. 1 1924.
Prin. and semi-ann. int. M.& N. payable at the office of the above named
firm. Due May 1 as follows: $1,000, 1926; 52.000, 1927 and; 53,000, 1929.
ALSEN SPECIAL SCHOOL DISTRICT, Cavalier County, No. Dak.
-The $4,000 certificates of Indebtedness
-CERTIFICATES NOT SOLD.
-were not sold. Due in 18 months.
offered on Feb. 9-V. 118, p. 577
ANDERSON COUNTY SCHOOL DISTRICT NO. 20 (P. 0. Wil-Local investors have purchased
-BOND SALE.
liamston), So. Caro.
$40.000 6% coupon school bonds. Denom. 51,000. Date July 1 1924.
payable at the office of the County
Prin. and semi-ann. int. (J. & J.)
Treasurer. Due in 20 years.
ANTIGO SCHOOL DISTRICT (P. 0. Antigo), Langlade County,
-The Continental 8z Commercial Trust & Savings
Wis.-BOND SALE.
Bank of Chicago has purchased 5100.000 school-building bonds.
-According
-BONDS VOTED.
ARLINGTON, Gilliam County, Ore.
to the "Commercial West" of June 28, the voters recently authorized the
Issuance of $25,000 water supply bonds by a count of 62 to 23.
ASHTABULA COUNTY (P. 0. Ashtabula), Jefferson County,
-The 533.0005% Whiting road improvement bonds
-BOND SALE.
Ohio.
offered on June 30 have been sold to the Detroit Trust Co. of Detroit for
8,33,601. equal to 101.81. a basis of about 4.625%. Date April 1 1924.
Due each six months as follows: $1.000. April 1 1925 to April 1 1926 incl..
and $2,000. Oct. 1 1926 to Oct. 1 1933 incl. Other bidders were:
Premium.
Premium.
W.K.Terry & Co., Toledo__$577 00 Stevenson, Perry, Stacy &
Co., Chicago
396 00
Braun, Bosworth & Co., Tol_ 523 75
518 78 N. S. Hill & Co., Cinc
395 00
Title Guar.& Tr.Co.,
Prov.S. B.& Tr.Co.,Cinc_ _ 392 70
Stranahan, Harris & Oatis,
364 00
465 30 Seasongood & Mayer. Clue
Inc., Toledo
Bonbright & Co., Chicago_ _ _ 356 00
Kauffman, Smith & Co., St.
455 00 Second Ward Secur. Co., Mil. 346 00
Louis
447 81 Spitzer, Rorick & Co., Toledo 341 00
W.L. Slayton dr Co.. Tol
The Herrick Co., Cleveland_ 341 00
Guardian Says. & Trust Co.,
442 20 A. E. Aub & Co., Cincinnati_ 301 00
Cleveland
Hanchett Bond Co., Chicago 433 50 Citizens' Trust Jr- Savings
Bank, Columbus
426 00
252 52
Prudden & Co., Toledo
Well, Roth & Irving. Cinc- _ 425 70 David Robison & Co., Toledo 251 00
AUGUSTA SCHOOL DISTRICT (P. 0. Augusta), Bracken County,
-The $24,000 5% school bonds offered on June 26Ky.-BOND SALE.
-were purchased by the Well. Roth & Irving Co. of CinV. 118, p. 3104
cinnati at 101.60. Date July 11924. Due serially for 30 years.
•
BARBOURSVILLE. Cabell County, W. Va.-BOND OFFERIIVG.Thomas Woodroffe, Village Recorder, will receive sealed bids until 8 p. m.
July 22 for $2_ _„3 000 5%% coupon second series street impt. bonds. Denom.
8500. Date May 10 1924. Prin. and semi-ann. int.(M. & N.) payable at
the State Treasurer's office or at the National City Bank. New York City.
Due on May 10 as follows: 52.500, 1926 to 1933 incl., and $3,000, 1934.
A cert. check for $500 required.
-The
-BOND SALE.
BEAUFORT, Carteret County, No. Caro.
5150,000 6% registerable as to principal only or both prin. and int. street
-were purchased by Caldoffered on April 24-V. 118. D. 1699
impt. bonds
well & Co. at 96.40-a basis of about 6.47%. Date April 1 1924. bue on
April 1 as follows: $5.000. 1925 to 1934 incl.. and $10.000, 1935 to 1944 incl.
BELLE VERNON SCHOOL DISTRICT, Los Angeles County,
-The 59,500 544% school bonds offered on Jan. 21
Calif.
-BOND SALE.
-were purchased by the Tanner-Stephenson Co. at a pre-V. 118, p. 227
mium of $1. equal to 100.01-a basis of about 5.49%. Date Jan. 1 1924.
Due on Jan. 1 as follows: 51,000. 1925 to 1933 incl., and $500, 1934.
BELLINGHAM SCHOOL DISTRICT NO. 301 (P. 0. Bellingham),
-The proposition to
-BONDS DEFEATED.
Whatcom County, Wash.
Issue $425,000 school bonds, submitted to a vote of the people at the
election held on June 21 (V. 118, p. 2602), failed to carry.
-BOND OFFERING.
-Sealed bids will
BERLIN, Coos County. N. H.
be received until 7 p. mJuly 7 by W. B. Gendron, City Treasurer, for
.
public Impt. bonds. Denom. $1,000. Date July 1
175.000 coupon 4j4
1924. Prin. and semi-ann. int. (J. & J.) payable at the Old Colony Trust
Co., Boston. Due 55.000 yearly on July 1 from 1925 to 1939 hid. A certified check upon an incorporated bank or trust company for 2% of issue,
payable to the above official. required. The bonds will be prepared under
the supervision of the old Colony Trust Co.. Boston, Maas., whose certificate as to legality will be signed thereon. The legality of the bonds will be
examined by Ropes, Gray, Boyden & Perkins of Boston, Mass. whose
favorable opinion will be furnished to the purchaser. Bonds will be delivered at the office of the City Treasurer, Berlin, N. H., or the Old Colony
Trust Co., Boston, Mass., at purchaser's option.
Financial-Condition July 1 1924.
$705,300
Total bonded debt
20,175,000
Assessed valuation, 1923
Population (1920). 16,104.
BEVERLY HILLS SCHOOL DISTRICT,Los Angeles County Calif.
-The $50,000 5% school bonds offered on June 16 '4r. 118.
-BOND SALE.
p. 2987) were purchased by the Bank of Italy at a premium of $928. equal
to 101.85. a basis of about 4.84%. Date Dec. 1 1923. Due on Dec. 1 as
follows: 52.000 1924 to 1933 incl.. $1,000 1934 to 1963 incl. The following is a list of bids received:
Premium.
Premium.Prem
$731
52501E. H. Rollins & Sons
Security Co
313
331 Wm. R. Stoats
& Co
R. H. Moulton
928
102 Bank of Italy
Stevens, Page & Sterling
[Vol.. 119.
BEXAR COUNTY COMMON SCHOOL DISTRICT NO. 25 (P. O.
San Antonio), Tex.
-The J. E. Jarrett Co. has pur-BOND SALE.
chased $15,000 6% school bonds at par. Denom. 51,000. Date April
1924. Due 1944, optional in 10 years.
BIG STONE SCHOOL DISTRICT NO. 59, Williams County, No.
Dak.-BONDS NOT SOLD.
-The $10.000 554% building bonds offered on
March 29-V. 118, ti. 1173
-were not sold. Denom. $1,000. Date March
1 1924. Int. J.
-J. Due March 1 1944.
BLAIRSVILLE, Indiana County, Pa.
-BOND SALE.
-On July 1
the $25,000 4).% municipal building and paving bonds offered on that
day
-V.118,p.3224
-were sold to the Mellon National Bank of Pittsburgh
at 103.44. Date July 1 1924. Due 1936, 1948 and 1954.
BLUE ASH SCHOOL DISTRICT, Hamilton County Ohio.-BOND
OFFERING.
-Sealed proposals will be received until 12 m.July 16 by W.F.
Kennedy. Clerk Board of Education, for $35,000 53.1% school bonds.
Denom. $500. Prin. and semi-ann. int. (F.
-A. 10). payable at the First
National Bank of Norwood. Due serially. Bonds are issued under
authority of Sections 7630-1 of the Gen. Code. A certified check for 5%
of amount bid for, payable to the above official required.
BOARD OF EDUCATION OF THE VILLAGE OF KIEF(P.O. Kief),
McHenry and Sheridan Counties, No. Dak.-BOND SALE.
-The
$15,500 negotiable coupon funding bonds offered on April 30 (V. 118. P.
-Dickey Co. of Minneapolis at
2091) were purchased as 64s by Wells
0
iflue Ap 5 1e1944
D 5,767r11, qual to 101.72. a basis of about 6.35%. Date April 1 1924.
.
-A temporary loan of $2,000.BOSTON, Mass.
-TEMPORARY LOAN.
000 has been sold to the National Shavrmut Bank of Boston on a 2.14%
interest basis. Date July 11924. Due Nov. 6 1924.
-BOND OFFERING.
-L.L.
BRADENTOWN, Manatee County, Fla.
Hine, City Clerk, will receive sealed bids until 7:30 p. m.July 18 for $20,000
park bonds bearing interest at a rate not to exceed 6%. Denom. $1,000.
A cert. check for $500 payable to Whitney Curry, Mayor, must accompany
all bids.
BIRANDYWINE SCHOOL TOWNSHIP(P.O. Fairland R. R. No. 2),
Shelby County, Inp.-BOND OFFERING.
-Sealed bids will be received
until 12 m. July 28 by W.G. Bush. School Trustee, for $14.000 5% school
Improvement bonds. Denom.$500. Date July 28 1924. Prin. and semiann.int.(J. 28), payable at the Fairland National Bank. Fairland. Due
-J.
on July 28 as follows: $1,000 1925 to 1928, incl., and $2,000 1929 to
1933, incl.
-R. M.
-BOND SALE.
BRIDGEPORT, Fairfield County, Conn.
Grant & Co. of New York have been awarded 5450,0004)(% school bonds
2t
0 17
at 102.665. Date July 15 1924. Due July 15 1925 to 1954 inc1.10 1 9
bidders were:
Harris. Forbes & Co
101.815
Bridgeport Trust Co
101.78
a
Dy & Co_
101.587
E. H. Rollins & Sons and Putnam & Storer. jointly
101.52
Lampert & Co
101.269
Hincks Bros. & Co., Bridgeport
:7
008
100 909
National City Co
Estabrook & Co
BRIDGEPORT, Morrill County, Neb.-BOND SALE.-Benwell &
Co., of Denver, have purchased 333.000 5% refunding bonds at par. Due
52,000, 1929 to 1943. and $3,000, 1944.
-The $34,000
BRONSON, Bourbon County, Kan.
-BOND SALE.
5% improvement bonds offered on May 6(V. 118, p. 2091) were purchased
by Branch-Middlekauff. of Wichita. Date Jan. 1 1924. Due $3,400,
1925 to 1934. inclusive.
-At a recent election
BRYAN,Brazos County, Tex.
-BONDS VOTED.
the voters authorized the issuance of 515.000 improvement bonds.
BUFFALO N. Y.
-RECORD OF BORROWINGS MADE DURING
-During the month of June, this city sold 4% shortJUNE BY CITY.
term and long-term securities at par to the Commissioner of Finance and
accounts for the account of various funds of the city as follows:
$24,000 00 playground bonds for the account of the park bond sinking fund.
Date June 1 1924. Due Juno 1 1925 to 1944 incl.
437,061 67 certificates of indebtedness for the account of the general fund.
Date June 2 1924. Due July 1 1925.
13,942 38 monthly local work bonds for the account of the W. N. Y. &
P. R. R.grade crossing bond sinking fund. Date June 16 1924.
Due June 15 1925.
100,000 00 grade crossing bonds for the account of the water bond sinking
huid. Date June 30 1924. Due June 15 1925 to 1944 incl.
419.928 89 certificates of indebtedness for the account of the general fund.
Date June 30 1924. Due July 1 1925.
BUFFALO COUNTY SCHOOL DISTRICT NO. 7 (P. 0. Kearney),
-The $325.000 5% negotiable bonds offered on
Neb.-BOND SALE.
June 23(V. 118, p. 2988) were purchased by the Peters Trust Co., Northern
Trust Co. and Bosworth. Chanute & Co. Due serially.
-BOND OFFERING.
BURLINGTON, Mount Holy County, N. J.
Walter W. Marrs. City Clerk, will receive sealed bids until 8 p. m. July 15
coupon or registered bonds:
for the following two issues of 4% %
5104,000 temporary improvement.
22,000 temporary fire apparatus.
Denom.$1,000. Date June 11924. Prin. and semi-ann. in (J. & D.),
payable at the Mechanics National Bank of Burlington. Due June 1
1930. No more bonds to be sold than will produce a premium of $1.000
over each of the above issues. Legality approved by Hawkins, Delafield
& Longfellow of New York. Certified check for 2% of the amount of
aonds bid for, payable to the city required.
BUTLER COUNTY SCHOOL DISTRICT NO. 70 (P. 0. Whitewater
-The $10,000 4%% school bonds
R. F. D. No. 1), Kan.
-BOND SALE.
offered on June 21 (V. 118, D. 3105) were purchased by the First Trust
Co. of Wichita at a discount of $250, equal to 97.50-a basis of about
5.65%. Date June 1 1924. Due July 1 1927.
-A syndicate headed by the
-BOND SALE.
CALIFORNIA (State of).
First National Bank of New York and including Kissel. Kinnicut & Co..
& Co., Detroit Co. and Stevenson, Perry,
Redmond & Co., Eldredge
Stacy & Co., all of New York, and the Anglo-London-Paris Co., and the
Bank of Italy bidding par plus a premium of $181,500, equal to 106.05-a
basis of about 4.19% was awarded the 53.000,000 43'i% State highway
bonds offered on June 26-V. 118, p. 2603. Coupon bonds fully registered
in denominations of $1,000 each. Date May 3 1924. Prin. and semi-ann.
-J. 3) payable at the State Treasurer's office or at the National City
int. (J.
Bank. New York City. Due $1.000,000 yearly on July 3 from 1963 to
1965 incl.
CAMDEN SPECIAL SCHOOL DISTRICT, Ouachita County, Ark.
-All bids received for the $125,000 school bonds
-BIDS REJECTED.
offered on June 28 (V. 118, p. 2988) were rejected. Date Aug. 1 1924.
Due serially.
CARBON COUNTY SCHOOL DISTRICT NO. 15 (P. 0. Rawlins),
-Bids will be received until 2 p. m. July 25
Wyo.-BOND OFFERING.
for 315,000 6% school building bonds. Denom. $500. Date July 1 1924.
Int. payable at Kountze Bros. in New York. Due July 1 1949.
CENTRALIA SCHOOL DISTRICT NO. 9 (P. 0. Centralia), Lewis
-BOND SALE.
County, Wash.
-The State of Washington has purchased
$40,000 school bonds as 5%s.
CHERRYVILLE SCHOOL DISTRICT (P. 0. Cherryville), Gaston
-BOND SALE.
County, No. Caro.
-The $30,000 6% coupon school
bonds offered on June 24 (V. 118, p. 3105) were purchased -by DrakeJones Co. of Minneapolis at a premium of $1,530, equal to 101.76. a basis
of about 5.78%. Date June 11924. Due June 1 as follows: $1,000. 1927
to 1936. and 32,000, 1937 to 1946.
-SLIT FILED AGAINST
CLAIBORNE PARISH (P. 0. Homer), La.
5800.000 ROAD BOND ISS&E.-We take the followicg from the New Orregarding the proposed suit: "A suit to
"Times
leans
-Picayune" of June 30,
block the issuance of $800,000 in bonds to build roads in Claiborne Pariah,
voted at an election April 25, has been filed by a group of Haynesville citiAllegations in
zens. The suit was filed in the Third District Court here. member
of
one
the suit, which seeks to annul the election, charge that the ward whichthe
he
which called the election had moved from
,
Police Jun
represented. Proponents of the road-building program deplore the suit as
needlessly delaying the work. They point out that a majority of the jury
favored calling the election, disregarding the vote in question."
JULY 51924.]
THE CHRONICLE
The bonds now being attacked were offered on June 26 and sold to the
Home National Bank of Homer and the Planters Bank of Haynesville
(see V. 118, p. 2988).
-BONDS NOT SOLD.
CLAREMONT, Catawba County, No. Caro.
The $10,000 6% electric light and power system bonds offered onJune 25
-V.118, p. 3105
-were not sold.
CLAWSON SCHOOL DISTRICT (P.O. Clawson), Oakland County,
Mich.
-The issue of $135.000 school bonds sold to
-INTEREST RATE.
interest.
the Detroit Trust Co.of Detroit (see V.118. p. 1049) bears 5
-BOND OFFERCLEVELAND HEIGHTS, Cuyahoga County, Ohio.
ING.
-Sealed bids will be received by Chas. C. Frazine, Director of Finance,
until 11 a. m. (Eastern standard time) July 19 for $59,168 5% special assessment bonds issued under authority of Ordinance No. 98-1924. Date
July 1 1924. Int. semi-ann., payable at the office of the Director of Finance, or at the legal depository of the city in Cleveland. Due as follows:
$5,168 Oct. 1 1925 and $6.000 Oct. 1 1926 to 1934 incl. A certified check
for 3%, payable to the above official, required.
CLERMONT INDEPENDENT SCHOOL DISTRICT (P. 0. Cler-Sealed bids will be
mont), Fayette County, la.
-BOND OFFERING.
received by B. C. Grimm, Secretary of the Board of Education, until 1
p. m. July 17 for $40,000 4%% coupon school bonds. Denom. $1,000.
Date Sept. 1 1924. Int. M.
-S. Due serially 5 to 20 years.
-BOND OFFERING.
CLINTON COUNTY (P.O. Wilmington), Ohio.
-Sealed proposals will be received by Harry Gasidll. Clerk Board of
County Commissioners, until 12 m. July 15 for $166,700 514% county
township and property owner's share I. C. H. No.8 road bonds. Denom.
$1.000 and $700. Date June 15 1924. Int. A.-0. Due on Oct. 1 as
follows: $16,700 1925, $17,000 1926. $16,000 1927, $17,000 1928 to 1930.
Incl.: $16.000 1931. $17,000 1932. $16,000 1933 and R17,000 1934. A
certified check for 5% of amount bid ft, payable to the County Treasurer
required.
CLINTON SCHOOL DISTRICT NO. 116 (P. 0. Clinton), De Witt
-INTEREST RATE.
County, Ill.
-The 5100.000 school bonds sold to
C. W.McNear & Co. of Chicago, as stated in V. 118. p. 1305, bear interest
at a rate of 535%•
-Sealed
COLUMBUS, Muskogee County, Ga.-BOND OFFERING.
bids will be received until 10 a. m. July 15 by Walter A. Richards, City
Manager, for the following 5% coupon bonds registerable as to both principal and interest:
$450.000 school bonds. Due $15,000. 1925 to 1954 incl.
240,000 sewer bonds. Due $8,000, 1925 to 1954 hid.
105,000 park bonds. Due $4,000, 1925 to 1939 incl., and $3,000, 1940 to
1954 incl.
60,000 fire station bonds. Due $2,000. 1925 to 1954 hid.
45,000 street paving bonds. Due $1,500, 1925 to 1954 incl.
Denom. $1,000. The 845,000 street paving bonds will be in denomination of $500. Date Aug. 1 1924. Prin. and semi-ann. int. (F. dr A.) payable at the office of the City Treasurer in Columbus or at the office of the
Fiscal Agent of the City of Columbus in New York. A cert.check for 2%
of bid required.
-The
COOPER COUNTY (P. 0. Boonville), Mo.-BOND SALE.
$45,000 5% road bonds offered on June 30(V. 118, p. 3225) were purchased
by the Harris Trust & Savings Bank of Chicago at a premium of $777.
equal to 101.72. Date Aug. 15 1924. Due Aug. 15 1926 to 1940.
CORTLAND, Cortland County, N. Y.
-BOND SALE.
-The $50,000
414% coupon or registered water bonds offered on July 1 (V. 118, 13. 2988)
were purcsed by Geo. B. Gibbons & Co.. Inc., of New York at a premium
of $927 50, equal to 101.855. a basis of about 4.29%. Date July 11924.
Due on July 1 as follows: $2,000, 1925 to 1934 incl., and $3,000, 1935 to
1944 incl.
Financial Stqt'inmt.
Assessed valuation (1923)real estate includ.special franchises $11,542.440 00
Estimated actual value
15,795,171 00
Bonded debt,exclusive of present issue and exclusive of bonds
due in 1924 for which appropriation has been made and
taxeslevied
1,204.577 90
Floating debt
45.657 23
Total debt
Deduct from total debt:
Water bonds issued since Jan. 1 1910
$1,250.235 13
216.000 00
DANVILLE TOWNSHIP INDEPENDENT SCHOOL DISTRICT
-BOND ELECTION.
NO.7(P.O. Northwood), Worth County,Iowa.
A special election will be held on July 7 to vote on the question of issuing
school improvement bonds. George Hayter, Secretary.
$4,000
-Sealed bids will be
DELAWARE (State of).
-BOND OFFERING.
received until 1 p. m. (standard time) July 16 by Thomas S. Fouracre.
State Treasurer, in Dover, for $500.000 4% coupon or registered highway
bonds. Denom. $1,000. Date Jan. 1 1924. Prin. and semi-ann. hit.
(J. & J.) payable at the Farmers Bank of Dover. Due Jan. 1 1964. optional
at 105 after 1 year. Cert. check for 5% of the par value of the bonds bid
bid for. payable to the State Treasurer, required
-J. H.
DENMARK, Bamberg County, So. Caro.
-BOND SALE.
Tinsman & Co., Inc. of Atlanta have isurchased the following 6% bonds:
$33,000 sewer bonds. Due July 1 1964, optional July 1 1944.
33.000 paving bonds. Due $2,000 yearly on July 1 from 1930 to 1945
incl., and 51,000, 1946.
-.T.)
Denom. $1,000. Date July 1.1924. Prin. and semi-ann. hit. (J.
payable at the Hanover National Bank. New York City.
-At the
VOTED.
DILLON, Beaverhead County, Mont.
-BONDS
election held on June 26 the voters authorized the issuance of 5100.000
water bonds by a vote of 115 for to 3 against.
DOBBS FERRY, Weschcster County, N. Y.
-BOND OFFERING.
Sealed bids will be received until 3 p. m.(daylight saving time) July 17 for
$36,000 4 % registered Main Street paving bonds. Date Aug. 1 1924.
Int. F. & A. Due $2.000 yearly on Aug. 1 1925. to 1942 incl Legality
approved by John C. Thomson of New York. All bids must state after
price bid. par and accrued interest or equivalent words. Cert. check for
2% of the amount of bonds bid for, payable to the Village Treasurer. requ red.
-The folDODGE COUNTY (P. 0. Juneau), Wis.-BOND SALE.
-were purlowing 5% county bonds offered on June 27-V. 118. p. 3106
chased by the First Wisconsin Co. of Milwaukee at a premium of $17,260.
equal to 105.12, a basis of about 4.43%:
$100,000 bonds. Denom. $1,000. Date April 1 1913. Due April 1 1930.
80,000 bonds. Denom. $1,000. Date April 1 1923. Due April 1 1941.
102,000 bonds. Denom. $1,000. Date April 1 1923. Due April 1 1943.
30,000 bonds. Denom. $500. Date April 1 1924. Due April 1 1925.
25,000 bonds. Denom. $500. Date April 1 1924. Due April 1 1926.
The following bids were received:
$17,260 00
First Wisconsin Co., Milwaukee
16,051 31
Second Ward Securities Co., Milwaukee
15,938 00
Illinois Merchants Trust Co., Chicago
15,216 00
Old National Bank, Beaver Dam
15.16500
A.C. Allyn & Co.. Chicago
14.60594
Marshall & Ilsley Bank, Milwaukee
14,457 00
Harris Trust & Savings Bank, Chicago
14.38800
The Minnesota Loan & Trust Co., Minneapolis
14.265 25
A. G.Baxter & Co., Chicago
14,056 10
E. H. Rollins & Sons. Chicago
13,58300
Halsey, Stuart & Co., Inc., Chicago
13,931 24
.
Stevenson, Perry, Stacy & Co., Chicago
13.005 00
The National City Co.. Chicago
-The White-BOND SALE.
DOW CITY, Crawford County, Iowa.
Phillips Co. of Davenport has purchased $6,500 5% funding bonds. DePrin. and semi-ann. int. (M. & N.)
nom. $500. Date May 1 1924.
payable at the office of the above named firm. Due $500 Nov. 1 1925 to
1937.
-Clark. Williams
-BOND SALE.
EAST AURORA,Erie County, N. Y.
& Co. of New York have been awarded an issue of $190.000 paving bonds
as 434s at 100.63.
EAST CLEVELAND SCHOOL DISTRICT P. 0. East Cleveland),
-BOND SALE.
-The $35,000 5)4% school
Cuyahoga County, Ohio.
bonds offered on Mar. 17 (V. 118, p. 1050) were purchased by Prudden &
Co. of Toledo at a premium of $1,202 50. equal to 103.43, a basis of about
5.02%. Date Apr. 1 1924. Due yearly on Apr. 1 as follows: 52,000, 1925
to 1934 incl., and $3.000. 1935 to 1939 incl.
ECKMAN SPECIAL SCHOOL DISTRICT NO. 49, Bottineau
-The $2,000 7% funding bonds offered
County, No. Dak.-BOND SALE.
on Feb. 23(V. 118. p. 697) were purchased on March 1 by Geo.B. Keenan
& Co. of Minneapolis at par. Due in ten years.
EDDY COUNTY SCHOOL DISTRICT NO. 27 (P. 0. Carlsbad),
-Bosworth, Chanute & Co. of Denver have purN. Mex.-BOND SALE.
chased $4,000 6% school building bonds. Due in 10 years, optional in 5
years.
-The $73.210
ELDORADO, Butler County, Kan.
-BOND SALE.
-were purImprovement bonds offered on March 18-V. 118, p. 1306
chased by the First Trust Co. of Wichita at par plus a premium of $515
equal to 100.70. Date Feb. 1 1924. Due serially.
Total net debt
$1.034.235 13
Population. 1920 census. 13.294. Estimated present population. 14,000.
CORTLAND AND YORKTOWN UNION FREE SCHOOL DISTRICT
NO. 2 (p. o. Croton-on-Hud son), Cortland County, N. Y.
-BOND
-Sealed bids will be received by Otis M. Barker, Clerk Board
OFFERING.
of Education until 4 p. m.(daylight saving time) July 17 for $400,000 434%
school bonds. Denom. $1,000. Date July 1 1924. Prin. and semi-ann.
int. (J. & J.), payable at the First National Bank. Croton-on-Hudson or
at the National Bank of Commerce of New York. Due yearly on Jan. 1
as follows: $3,000 1927 to 1930, incl.; $4,000 1931 to 1934,
l.• $5,000
1935 to 1938,incl.;$9.000 1939 to 1942,incl.: $10,000 1943 to 1946,$11,000
inc.
1947 to 1950, $13,000 1951 to 1954, incl.: 814,000 1955 to 1958, $15.000
1959 to 1962, incl., and $16,000 1963 to 1966, incl. Legality approved by
John C. Thomson of New York. All bids must state after the price bid
plus accrued interest to date of delivery' or equivalent words. Certified
check for 234% of the bonds bid for, payable to the Board of Education
required.
CORVALLIS, Benton County, Ore.
-BOND SALE.
-The $20,000
5% coupon improvement bonds oftered on June 30 (V. 118, P. 2988) were
purchased by Pierce, Fair & Co. of Portland at 101.50. a basis of about
4.82%. Date July 11924. Duo $2,000 July 1 from 1930 to 1939 incl.
-NOTE SALE.
CRANSTON, Providence County, R. I.
-F. S. Moseley & Co. of Boston have been awarded $200,000 school notes, due Mar. 2
1925, $100,000 highway and bridge notes due Dec. 1 1924, and $50,000
temporary notes due Jan. 1 1925. taking the $200,000 school notes at
2.58% discount and the balance on a 2.48% discount basis.
CROGHAN SCHOOL DISTRICT NO. 3 (P. 0. Croslutn), Lewis
County, N. Y.
-On June 16 the Croghan National Bank
-BOND SALE.
of Croghan was awarded an issue of 85.300 6% school building bonds for
$5,517 82. equal to 103.94, a basis of about 4.56%. Denom. 81.060.
Date July 1 1924. Interest payable annually on July 1. Due $1,060
yearly on July 1 1925 to 1929, inclusive.
DAYTON, Montgomery County, Ohio.
-BIDS.
-Following is a list
of the bids submitted for the purchase of the two issues of 5% coupon bonds
which were awarded to a syndicate headed by Estabrook & Co. at 103.77a basis of about 4.42% as reported in V. 118, p.3105:
$300.000 $348,000 For the Two
Water
Street
Issues
Bonds.
Bonds. Combined.
Estabrook & Co.; Hannahs, Ballin & Lee;
Curtis & Sanger; Otis & Co.
$14,730 59,710 00
Detroit Trust Co.; Blodgett & Co.; W. A.
Harriman & Co.
13,613
9.127 00
Kountze Bros.; Lehman Bros
$22,032 00
Wm. R. Compton Co.
21,519 20
Gibson & Leefe
20,664 72
Savings & Trust Co.', Hayden,
Dayton
Miller & Co.; National City Co.; Harris
Forbes & Co.
20,360 72
Old Colony Trust Co.; Edmonds Bros.;
A. E. Aub & Co.
20,15600
Co
Eldredge &
18,986 40
William A. Pendergast; Whitis & Co.;
12,096
Prudden & Co
6,793 00
J. VanIngen & Co.- 12,060
Northern Trust Co.;B.
6.124 00
11,486
6,46000
The Herrick Co.
Stranahan, Harris & Dads, Inc
do
11,406
5,883 00
Seasongood & Mayer
11.091
5.81930
A.G.Becker & Co
Halsey, Stuart & Co.
E.B. Rollins & Sons;
16,670 45
R. N. Grant & Co., Inc.
16.660 00
A. B. Leach & Co., Inc.; Keane, Hlgbie
& Co.
16,980 00
6,750
7.83000
Well, Roth & Irving Co.
R.L. Day & Co
5.707 20
The.Title Guarantee & Trust Co.
109
-The 325,000 6%
ELECTRA, Wichita County, Tex.
-BOND SALE.
improvement bonds registered on June 10 by the State Comptroller of Texas
(V. 118, p.3106) were purchased by the Brown-Crummer Co.of Wichita.
-BOND OFFERING.
ELKHART COUNTY (P. 0. Goshen), Ind.
Roy M. Starck. County Treasurer, will receive sealed bids until 10 a. m.
July 12 for the following two issues of 5% road bonds:
536.000 Martin V. Cripe et al. Denom. $500 and $400. Due $900 each
six months from May 15 1925 to Nov. 15 1944 incl.
13,000 Jacob C. Brown et al. Denom. $325. Due $325 each six months
from May 15 1925 to Nov. 15 1944 incl.
Date June 15 1924.
EL PASO COUNTY SCHOOL DISTRICT NO. 11 (P. 0. Colorado
Springs), Colo.
-BOND OFFERING.
-Sealed bids will be received until
2% coupon
12 m. July 8 by T. J. Fox, District Secretary, for $100.000 4 Y
school bonds. Denom. $1,000. Date Jan. 2 1923. Prin. and semi-ann.
int. (J. & J.) payable at the County Treasurer's office or at the Guaranty
Trust Co. in New York. Due Jan. 1 1942. A cert. check for 52.500 payable to the Treasurer of School District No. 11 required. The legality of
this bond issue has been passed upon by Pershing, Nye, Fry & Talimadge.
Attorneys of Denver. Colo., and their approving opinion will be furnished
the succes.sful bidder, together with properly prepared and executed bonds.
-The 541.000 6%
-BOND SALE.
ELYRIA, Lorain County, Ohio.
water works impt. series "X" bonds offered June 27-V. 117. is. 2989
have been sold to the Detroit Trust Co. of Detroit for $45,273 plus cost of
printing bonds, equal to 110.42-a basis of about 4.84%. Date April 1
1924. Due yearly on Oct. 1 as follows: $1.000. 1926, and 82,000. 1927 to
1946 incl. The bids were as follows:
Premium.
*51.273 00
Detroit Trust Co., Detroit
3,952 40
Well. Roth & Co., Cincinnati
3,851 00
Seasongood & Mayer. Cincinnati
3,60200
Stranahan, Harris & Oatis,Toledo
3.573 00
Prudden & Co., Toledo
3.425 00
Benjamin, Dansard & Co., Detroit
3.375 00
A.E. AIM & Co., Cincinnati
3,20540
Citizens Trust & Savings Bank,Columbus
3.092 00
Otis & Co., Cleveland
3,087 30
Title Guarantee tz Trust Co., Cincinnati
3,011 00
Braun.Bosworth & Co., Toledo
3,005 30
Provident Savings Bank & Trust Co., Cincinnati
2,892 00
Herrick & Co Cleveland
W.L. Slayton & Co., Toledo
2,75520
* Plus cost of printing bonds. All bids included accrued interest.
-BOND SALE.
-The Central Trust
EMPORIA, Lyon County. Kan.
Co. of Topeka has purchased R78.000 improvement bonds. Due on Feb. 1
as follows: 86,000. 1926 and 1927; 811,000, 1928; 510,500, 1929; $11,000.
1930 to 1933 incl.
ENGLEWOOD IMPROVEMENT DISTRICT NO. 2 (P. 0. Engle-BOND OFFERING.
wood), Arapahoe County, Colo.
-Sealed bids will
be received until 8 p. m. July 14 for 510.000534% paving bonds.
ESCAMBIA COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 4
(P. 0. Pensacola), Fla.
-BOND SALE.
-The $6,000 6% school bonds
-were purchased by Wright, Warlow
offered on June 16-V. 118, p. 2604
& Co. of Orlando at 95-a basis of ab,Ilt A 75%. Date July 1 1924. Due
$400 yearly on July 1 from 1926 to 1940 hid.
110
THE CHRONICLE
[VOL. 119.
ESSEX COUNTY (P. 0. Newark), N. J.
-BOND OFFERING.
- 20.500 South Lake Shore Boulevard paving bonds. Denom. $1,000
and
Phillip Lindeman, Chairman Finance Committee, will receive sealed bids
one for $500. Due yearly on Oct. 1 as follows: $1,000, 1925 to
until 12 m. (standard time) July 11 for the purchase at not less than par
1928, inclusive; $2,000, 1929; $1,000, 1930 to 1933, inclusive, and
and accrued interest, of the following 434% coupon (with privilege of regis52,000. 1934.
tration as to principal only or as to both principal and interest )bonds:
20,500 South Lake Shore Boulevard paving bonds. Denom. $1,000 and
one for $500. Due yearly on Oct. 1 as follows: 52,000, 1925 to
$1,000,000 hospital bonds. Date July 1 1924. Due yearly on July 1 as
follows: $20,000 1925 to 1944. incl., and $30,000 1945 to
1933. inclusive, and $2,500. 1934.
1964. incl.
21,000 East 228th Street paving bonds. Denom. $1,000. Due yearly
150,000 park bonds. Date May 1 1924. Due $3.000 yearly on May 1
on Oct. 1 as follows: $2.000, 1925 to 1933, inclusive, and $3,000,
1925 to 1974, incl.
1934.
100,000 park bonds. Date May 1 1924. Due $4,000 yearly on May 1
10,200 Seabring Drive paving bonds. Denom. $1.000 and one for $200.
Due yearly on Oct. 1 as follows: $1,000, 1925 to 1933, inclusive,
1925 to 1949, incl.
200,000 park bonds. Date May 1 1924. Due yearly on May 1 as
and $1,200. 1934.
follows: $7.000 1925 to 1952, incl., and $4,000 1953.
10,200 Guymont Drive paving bonds. Denom. $1,000 and one for $200.
Denom. $1.000. Principal and semi-annual interest, payable in gold
Due yearly on Oct. 1 as follows: $1,000, 1925 to 1933. inclutdve.
coin of the United States at the United States Mortgage & Trust Co. of
and $1,200, 1934.
New York. Bidders for 81.000.000 hospital bonds and $150,000 park
10,200 On. Drive paving bonds. Denom. $1.000 and one for $200.
bonds shall offer to pay not less than the amount necessary to be raised by
Due yearly on Oct. 1 as follows: $1,000, 1925 to 1933, inclthose respective issues and to take therefor the least amount of bonds
usive. and $1.200. 1934.
offered for sale commencing at the first maturity, and unless all bids are
22,300 Donald Road paying bonds. Denom. $1,000 and one for $300.
rejected, the bonds will be sold to the bidder or bidders complying with the
Due yearly on Oct. 1 as follows: $2,300, 1925: 82.000, 1926 to
terms of sale and offering to pay not less than the amount necessary to be
1928, inclusive; $3,000, 1929; $2,000, 1930 to 1933, inclusive, and
raised by said respective issues, and to take therefor the least amount of
$3,000. 1934.
bonds offered for sale, and if two or more bidders offer to pay the same
40,000 East 264th Street paving bonds. Denom. $1,000. Due $4,000
amount of bonds, then to the bidder offering to pay therefor the highest
yearly on Oct. 1 from 1925 to 1934, inclusive.
additional price. The $100,000 park bond issue and the $200.000 park
9,500 Alberton Road paving bonds. Denom. $1,000 and one for $500.
bond issue will be sold to the bidder or bidders complying with the terms
Due yearly on Oct. 1 as follows: $500, 1925. and $1,000, 1926 to
of sale and offering to pay therefor the highest price for the issues. Bonds
1934. inclusive.
will be delivered to the purchaser at the U. S. Mtge. & Trust
N. Y. 22,100 Hartland Road paving bonds. Denom. $1,000 and one for $100.
City. on July 17 1924. The bonds have been prepared underCo.. superthe
Due yearly on Oct. 1 as follows: $2,200. 1925;82,000, 1926 to 1928,
vision of and will be certified as to their genuineness by the U. S. Mtge. &
Inclusive; $3,000, 1929; $2,000, 1930 to 1933, inclusive, and
Trust Co. in the City of New York, and the validity of the bonds will be
$3,000. 1934.
approved by John C. Thompson. N. Y. City, and a copy of his opinion
49,000 East 270th Street paving bonds. DPflOM. $1,000. Due yearly
as to the legality of the bonds will be furnished to the successful bidder
on Oct. 1 as follows: $4,000, 1925. and 55,000. 1926 to 1934, incl.
without charge.
21,500 East 226th Street paving bonds. Denoms. $1,000 and $500.
Financial Statement of the County of Essex, New Jersey.
Due yearly on Oct. 1 as follows: 52.000, 1925 to 1927. inclusive;
Average valuation real property 1921, 1922. 1923
$737,372,128 00
52.500. 1928; 52.000. 1929 and 1930; $2,500, 1931: $2,000, 1932
Net debt (computed as provided by Chapter 252 Laws of
and 1933, and 52,500, 1934.
New Jersey 1916, as amended)
22,500 East 196th Street paving bonds. Denom.$1,000 and one for $500.
16,569,801 91
Population Essex County, U. S. Census 1920
Due yearly on Oct. 1 AS follows:$1,500, 1925: $2,000, 1926:$3,000,
652.089
1927: $2,000, 1928; 53.000. 1929; $2,000, 1930. and $3,000. 1931
EUCLID, Cuyahoga County, Ohio.
-BOND OFFERING.
-Sealed
to 1933. inclusive.
bids will be received until 12 m. July 21 by Chas. II. Cross, Village Clerk,
17,500 East 200th Street paving bonds. Denom. $1,000 and one for
for the purchase of the following issues of 6% special assessment bonds:
$500. Due yearly on Oct. 1 as follows: $1,500, 1925, and $2,000,
$3,100 Haddon Road sidewalk bonds. Denom. $300 and one for $400.
1926 to 1933. inclusive.
22,500 East 199th Street.paving bonds. Denom. $1,000 and one for
Due yearly on Oct. 1 as follows: $300, 1925 to 1933, inclusive, and
$400, 1934.
$500. Due yearly on Oct. 1 as follows: $1,500. 1925: 52,000, 1926;
6,400 East 204th Street sidewalk bonds. Denoms. $500. $1.000, and
53.000, 1927;$2,000, 1928; 53,000, 1929; 52,000, 1930, and $3,000,
one for $400. Due yearly on Oct. 1 as follows: $400, 1925; $500,
1931 to 1933. inclusive.
17,500 East 200th Street paving bonds. Denom. $1,000 and one for
1926 and 1927: $1,000, 1928: $500. 1929 to 1931. inclusive; $1,000.
$500. Due yearly on Oct. 1 as follows: $1,500, 1925. and $2,000,
1932; $500, 933, and $1,000, 1934.
1926 to 1933. inclusive.
4,000 East 265th Street sidewalk bonds. Denoras. $250 and $500.
22,500 East 199th Street paving bonds. Denom. $1,000 and one for
Due yearly on Oct. 1 as follows: $250, 1925 to 1928, inclusive, and
$500. Due yearly on Oct. 1 as follows: $1.500, 1925: 52,000. 1926:
$500, 1929 to 1934, inclusive.
53.000, 1927;$2.000, 1928; 53,000, 1929; $2,000, 1930, and $3,000,
4.000 Ardwell Drive sidewalk bonds. Denoms. $250 and $500. Due
1931 to 1933. inclusive.
yearly on Oct. 1 as follows: $250, 1925 to 1928, inclusive, and
22,500 East 197th Street paving bonds. Denom. $1,000 and one for
5500, 1929 to 1934, inclusive.
$500. Due yearly on Oct. 1 as follows: $1,500, 1925: 52.000.
2,800 Roberts Ave. sidewalk bonds. Denoms. $200, $500 and $100.
1926: 53.000, 1927; 52,000, 1928: $3,000, 1929; $2,000, 1930, and
Due yearly on Oct. 1 as follows: 5100, 1925 to 1928. inclusive;
53.000. 1931 to 1933. inclusive.
5200, 1929 and 1930, and $500. 1931 to 1934, inclusive.
29,000 Edgecliff Boulevard paving bonds. Denom. $1,000. Due yearly
5,500 East 221st Street sidewalk bonds. Denoms. $500 and $1,000.
on Oct. 1 as follows: $3,000. 1925 to 1928, inclusive; $4,000. 1929:
Due yearly on Oct. 1 as follows: $500, 1925 to 1933,inclusive, and
$3.000, 1930 to 1932. inclusive, and $4,000. 1933.
51.000. 1034.
Dated day of sale. Interest semi-annual. Certified check for 10% of
4,200 East 204th Street water bonds. Denoms. $300 and $500. Due
yearly on Oct. 1 as follows: 5300, 1925 to 1928, inclusive, and the amount of bonds bid for, payable to the Village Treasurer, required
Purchaser to take up and pay for bonds within ten daysfrom time of award.
5500. 1929 to 1934. inclusive.
2.500 Haddon Road water bonds. Denom. $250. Due $250 yearly on
EVERETT, Middlesex County, Mass.
-BOND LOAN OFFERING.
Oct. 1 1925 to 1934, inclusive.
William E. Emerton, City Treasurer, will receive proposals until 10 a. in.
3.400 East 265th Street water bonds. Denoms. $200, $500, and one (daylight saving time)
July 9 for the purchase at discount of a temporary
for $100. Due yearly on Oct. 1 as follows: $100, 1925; $200. loan of
$200,000 issued in anticipation of revenue for the current year.
1926 to 1929, inclusive. and $500. 1930 to 1934. inclusive.
maturing $100,000 March 2 1925 and $100,000 April 1 1925. This loan
3,300 Ardwell Drive water bonds. Denom. $300 and two for $500. will be in the
denom. of 525.000, $10,000, and $5,000, and will be engraved
Due yearly on Oct. 1 as follows: $200, 1925; $300, 1926 to 1932.
under the supervision of the Old Colony Trust Co., Boston. The said
inclusive, and $500, 1033 and 1934.
trust
5,600 Arms Ave. water bonds. Denom. $500 and one for $100. Due notes company will guarantee the signatures and will certify that the
are issued by virtue and in pursuance of an order of the City Council
yearly on Oct. 1 as follows: $100. 1925; $500, 1925 to 1933, inclus- the validity of which
order has been approved by Ropes. Gray. Boyden ,St
ive, and $1,000. 1934.
5,500 East 221st Street water bonds. Denoms..$500 and $1,00. Due Perkins of Boston. Tne legal papers incident to tnis issue will be filed
yearly on Oct. 1 as follows: $500. 1925 to 1933, inclusive, and with the Old Colony Trust Co., where they may be Inspected.
$1,000, 1934.
FALL RIVER. Bristol County, Mass.
-TEMPORARY LOAN.
-A
4,200 Haddon Road curb connection bonds. Denom. $1,000 and one temporary loan of $500,000 payable Nov. 12 1924 has been awarded to the
for $200. Due yearly on Oct. 1 as follows: $200,1925,and $1,000, First National Bank of Boston on a 2.37% discount basis. Other bidders
1926 to 1929,inclusive.
were: Old Colony Trust Co., 2.40% plus 53 75 premium, S. N. Bond &
1,600 Perry Road curb connection bonds. Denom. $1,000 and $600. Co., 2.46% plus $1 25.
Due yearly on Oct. 1 as follows: $600, 1925, and 51.000. 1926.
FORT ATKINSON SCHOOL DISTRICT (P. 0. Fort Atkinson),
3,000 Zeman Ave. curb connection bonds. Denom. $1,000. Due
Winneshiek County, lowa.-BOND ELECTION.
-A special election
$1,000 on Oct. 1 in 1925. 1926 and 1927.
2,000 Farringdon Drive curb connection bonds. Denom. $1,000. Due will be held on July 14 to vote on the question of issuing $1,000 school improvement bonds. Clara Kurish, Secretary.
$1,000 on Oct. 1 1925 and 1926.
3.000 Drakfield Ave. curb connection bonds. Denom. $1,000. Due
FORT LAUDERDALE, Broward County, Fla.
-BOND SALE.
$1,000 on Oct. 1 1925, 1926 and 1927.
The $200,000 6% municipal improvement bonds offered on June 25-V.
3.000 Shore View Ave. curb connection bonds. Denom. $1,000. Due 118. p. 3106
-were purchased by the Fort Lauderdale Bank Sr Trust Co. of
51.000, 1925, 1926 and 1927.
Fort Lauderdale at a premium of 510,840
-equal
2,500 Pasnow Ave. curb connection bonds. Denom. $1.000 and one about 5.56%. Date June 1 1924. Due June 11944. to 105.32-a basis of
for $500. Due yearly on Oct. 1 as follows: $500,1925, and $1,000.
FORT SCOTT,Bourbon County, Kan.
-BOND KALE.
-The $55,000
1926 and 1927.
2,800 East 206th Street curb connection bonds. Denom. $1,000 and 5% international improvement bonds offered on June 23 (V. 118. P. 3106)
one for $800. Due yearly on Oct. 1 as follows: $800, 1925, and were rnirchased by the Citizens' National Bank of Fort Scott at a _premium
of $800, equal to 101.45. a basis of about 4.70%. Date Mar. 1 1924. Due
$1,000, 1926 and 1927.
12.100 Arms Ave. sewer bonds. Denom. $1,000 and one for $100. Due 55.500 1924 to 1933 incl.
yearly on Oct. 1 as follows: $1.100, 1925: $1,000. 1926 to 1928.
FRACKVILLE SCHOOL DISTRICT, Mich.
-BOND OFFERING.
inclusive; 82.000.1929;$1,000, 1930 to 1933,inclusive, and $2,000. Sealed bids will be received
until 6 p. m.(standard time) July 14 by John E.
1934.
Beddow, Secretary of the School Board, for $100.000 414% coupon or
18,000 Haddon Road sewer bonds. Denom. $1,000. Due yearly on registered school
bonds.
Oct. 1 as follows: $1,000, 1925; $2,000, 1926 to 1929, inclusive; semi-ann. Due yearly on Denom. $1,000. Date July 1 1924. Int.
July 1 as follows: 83,000 1930 to 1938, incl.,•
$1.000. 1930, and $2,000, 1931 to 1934. inclusive.
1946 to 1954,
10,500 East 204th Street sewer bonds. Denom.$1,000 and one for $500. *4.0001939 to 1945,incl.. and $5,000Philadelphia.incl. Legality approved
Townsend, Elliott & Munson of
by
Certified check for 2%
Due yearly on Oct. 1 as follows: 11,000, 1925 to 1933. inclusive, a the par value of the bonds bid for, payable to
Benjamin Moyer,required.
and $1.500. 1934.
8,500 East 265th Street sewer bonds. Denoms. $1,000 and $500. Due
FREDERICK COUNTY (P. 0. Frederick), Md.-BOND SALE.
yearly on Oct. 1 as follows: $500. 1925; 81.000, 1928 and 1927: A Baltimore banking group. consisting of Baker. Watts St Co., Nelson
$500. 1928; $1.000, 1929 and 1930; $500, 1931, and $1,000, 1932 Cook & Co.,and Townsend, Scott St Co.. were awarded an issue of $95.000
to 1934, inclusive.
4Si% Public school bonds at 104.57 on June 28. Coupon bonds in denomi5,600 Ardwell Drive sewer bonds. Denom. 51.000 and one for $600. nation of $1,000. Dated July 11924. Int. J. & J. Due yearly on Jan. 1
Due yearly on Oct. 1 as follows: $600, 1925; $500, 1926 to 1933, as follows: 55,000, 1945, and 810,000. 1946 to 1954 incl. Other bidders
were: John P. Baer & Co., Colston, Heald & Trail, Equitable Trust Co.
inclusive, and $1,000. 1934.
11,200 Farringdon Ave. sewer bonds. Denom. $1.000 and one for $200. of Baltimore, Frank B. Cahn & Co. and J. S. Wilson Jr. & Co.,at 103.546:
Due yearly on Oct. 1 as follows:$1,200, 1925;81,000, 1926 to 1933. Hamilton Sr Co. and the Baltimore Trust Co.. at 103.91: J. A. W.Iglehart
inclusive, and $2,000. 1934.
& Co., C. T. Williams & Co. and the Century Trust Co., at 103.476, and
11.100 East 221st Street sewer bonds. Denom. $1,000 and one for $100. Weilepp-Bruton & Co., at 103.261.
Due yearly on Oct. 1 as follows: $1,100, 1925;$1,000, 1926 to 1933,
FREDERICKA INDEPENDENT SCHOOL DISTRICT (P. 0. Fredinclusive. and 82.000, 1934.
-The $30,000 5% school
23,100 Arms Ave. paving bonds. Denom. $1,000 and one for $100. ericka), Bremer County, la.--ROND SALE.
building bonds offered on June 27-V. 118, p. 3106
-were purchased by
Due yearly on Oct. 1 as follows: $2.000, 1925 to 1927, inclusive:
-equal to
88.000, 1928: 52.000. 1929 and 1930; 53,000, 1931; 52,000, 1932 and Geo. M. Bechtel & Co. of Davenport at a premium of 8852
102.84.
1933. and $3.000, 1934.
16,000 East 204th Street paving bonds. Denom. $1.000. Duo yearly
GARY SCHOOL CITY (P. 0. Gary), Lake County, Ind.
-BOND
on Oct. 1 as follows: $1.000. 1925; 52,000, 1926: $1,000. 1927; SALE.
-The $150,000 5% coupon school bonds offered on June 2652.000, 1928: 51.000. 1929: $2,000, 1930 and 1931, and 81,000, V. 118. P. 2989
-were purchased by the Fletcher Savings & Trust Co. of
1932; $2.000, 1933 and 1934.
Indianapolis as 4s for 8153,410 10, equal to 102.273, a basis of about
13,000 East 265th Street paving bonds. Denom. $1,000. Due yearly 4.33%. Date July 1 1924. Due July 1 1944. The following bids were
on Oct. 1 as follows: 51,000. 1925 to 1927, inclusive: $2,000, 1928: received:
$1.000, 1029 and 1930; 82,000, 1931; $1,000, 1932 and 1933, and
For 414% Bonds.
'Merrill, Oldham & Co_ _ $150_
Fletcher Say & Tr. Co--$153,410 10 Halsey,Stuart & Co.,Inc 150:
52.000, 1934.
90000
35,500 Shirley Road paving bonds. Denom. 51,000 and one for $500. Fletcher-American Co-_ 152,731 00 National City Co
152,218 50
Due yearly on Oct. 1 as follows: $3.000, 1925; 54.000. 1926: $3,000, J. F. Wild & Co
151.275 50 Stevenson, Perry. Stacy
1927: 54.000. 1028: 13.000, 1929: $4,000, 1930; 53.000, 1931; City Trust Co
12 367 00
151,515 00 & Co
Meyer-Kiser Bank
$4,000. 1932: $3,000, 1933. and $4,500, 1934.
For O% Bonds.
151.905 501
34,500 East 211th Street paving bonds. Denom.$1,000 and one for $500. Hanchett Bond Co., Inc.. 151,915 00 Fletcher Say. &4'r. Co-3157,610 10
Due yearly on Oct. 1 as follows: $3.000, 1925:53.500. 1926:$3.000, Illinois-Merchants Trust
153.489 00
Geo. H. Burr & Co
1927: 543)00, 1928: 53.000, 1929: $4,000. 1930; $3,000, 1931;
Co
For 5% Bonds.
152,282 00
$4,000. 1932: 53,000, 1933. and 54,000, 1934.
R. M.Grant & Co
150,804 50 Fletcher Say. & Tr. Co-5161,510'10
12,000 Ardwell Drive paving bonds. Denom. 51,000. Due y'early on C. W.McNear & Co-180,82300
151,175 00 City frust Co
Oct. 1 as fellows: 51.000, 1925 to 1928. Inclusive; $2,000, 1929; Bonbright & Co
149,803 46 Halsey,Stuart & Co.,Inc 159.150100
$1.000, 1930 to 1933, inclusive, and $2,000, 1934.
Nat.Bank of America
151.179 00
JULY 5 10241
THE CHRONICLE
GENESEE COUNTY (P.O. Flint), Mich.
-CORRECTION IN INTEREST RATE.
-The $75,000 road bonds offered on May 5(V. 118. p. 2219)
were awarded as .5Yls to Braun, Posworth & Co. of Toledo at 101.12, and
not as 5s as stated in V. 118. p.
Date May 1 1924. Due May 1
1926 to 1934 incl.
Financial Statement.
Assessed valuation
$176.500,615
Total bonded debt
1.399.800
Population. 125.668.
GRAND RAPIDS, Kent County, Mich.
-BOND SALE.
-The following issues of 415 V bonds offered on June 26-V. 118. p. 3107
, °
-have been
sold to Eldredge & Co. of New York at 103.64. a basis of about 4.2070_:
$250,000 water extension bonds. Date July 1 1924. Int. J. & J. Due
July 1 1944.
300.000 sewer disposal system bonds. Date April 1 1924. Int. F. & A.
Due yearly on Aug. 1 as follows: $20,000 1925 and $10.000 1926
to 1953, incl.
The bids received were as follows:
Pre illy'.
R. L. Day & Co
$11.773 50
Seasongood & Mayer
15.821 00
Geo. H. Burr & Co. ard Str,nah•n.'Eras & Otis, Inc
1264750
The NationalThe National City Co
6,539 50
.Harris, Small & Co
14,300 00
Otis & Co., on $250.000 water bonds
5,718 00
Halsey, Stuart & Co
9.780 00
Leach & Co., Inc
13.185 00
Curtis & Sanger
11,993 00
Weil. Roth & Irving
12.155 00
Eldredge & Co
20,020 00
Kean, Taylor & Co. and F. E.Calkins & Co
16.91800
J. G. White & Co. and Van Ingen & Co
14,630 00
Kean. Higbie & Co. and the Guarantee Co
9,130 00
Howe, Snow & Bertles
10,840 50
Austin, Grant & Co
19.354 50
First National Co., Ames, Emerich & Co. and First Trust &
Savings Bank
12.540 00
Old Colony Trust Co.,Edmunds Bros. and Win. R.Compton Co 17,217 00
Taylor Ewart & Co. and Harriman & Co
9.790 00
C. W. cNear & Co
16.775 00
Harris Trust & Savings Bank
10,411 00
Detroit Trust & Bankers Trust Co
15,616 00
Bonbright & Co
13.333 33
GRAND RAPIDS, Itasca County, Minn.
-BOND SALE.
-The First
National Bank of Grand Rapids has purchased $20,000 refunding bonds
as 53is at a premium of $600, equal to 103.
GREAT NECK PARK DISTRICT OF NORTH HEMPSTEAD (P.
0. Manhasset), Nassau County, N. Y.
-BOND SALE.
-The $15,000
5% coupon park bonds offered on June 30-V. 118. p. 3107-were purchased by the Bank of Nassau Co. at 107.15-a basis of about 4.37%.
Date May 11924. Due $1,000 yearly on May 1 from 1933 to 1947 incL
The following bids were also received:
Sherwood & Merrifield, Inc_.J07.091Union Nat. Corporation _ _ _ _105.89
Geo. B. Gibbons & Co., Inc_ _106.701
GREENE COUNTY (P. 0. Bloomfield), Ind.
-BOND SALE.
-The
First National Bank of Linton was awarded the following 5% coupon
bonds offered on June 26--V. 118, p. 3107
-at par plus a premium of
$720. equal to 103.20:
$5,000 FIenry D. Bredewig et al. road bonds. Denom. $250. Due $250
each six months from May 15 1925 to Nov. 15 1934 inclusive.
5,000 Thomas Foster et al. road bonds. Denom. $250. Due $250 each
six months from May 15 1925 to 1934 inclusive.
12.000 Rhebottom Road in Taylor Township bonds.
Date July 15 1924.
GREENVILLE, Washington County, Miss.
-BOND SALE.Sutherlin, Barry & Co. of New Orleans have purchased $26,000 5
%
direct obligation bonds. Denom. $1,000. Date May 1 1924. Prin. and
semi-ann. int.(M.& N.) payable at the American Trust Co. of St. Louis.
Due May 1 as follows: $2.000. 1934 and 1935: $3.000. 1936; $2,000, 1937:
$3,000, 1938: $2,000, 1939; $3,000, 1940; $2,000. 1941; 33,000, 1942:
$2,000, 1943 and 1944.
GRIFFITH SCHOOL TOWN (P. 0. Griffith), Lake County, Ind.BOND SALE.
-On June 1 the $58,000 5% school bonds, for which bids
were originally called for April 2-V. 118. p. 1575
-were sold to Thompson,
Kent & Grace. Inc., of Chicago, at par. Date Feb. 15 1924. Due yearly
on Feb. 15 beginning 1925.
GUERNSEY COUNTY (P. 0. Cambridge), Ohio.
-BOND OFFERING.-Blds will be received until 11 a. in. July 15 by B. F. Deselm, Secretary of Board of County Commissioners,for $109,400
% coupon L C. H.
No. 352 road bonds Issued under authority of Sec. 6956 of the General
Code. Denom. $11,000 and $10,400. Date July 5 1924. Int. M.& S. 5.
Due on March 5 as follows: $10,400. 1926, and $11,000. 1927 to 1935,incl.
A certified check for $3,000. payable to the County Treasurer, required.
HAGERSTOWN, Washington County, Md.-BOND OFFERING.
Sealed bids will be received until July 7 by the Mayor for 355.000
44%
street construction and improvement coupon bonds. Denom. $1.000.
Date July 1 1924. Int. semi-ann. Due yearly on July 1 as follows:
$10,000 1936 to 1940, incl., and $5,000 1941.
HAMILTON COUNTY (P. 0. Syracuse), Kan.
-BOND SALE.
$75.000 6% funding indebtedness bonds offered on April 8-V. -The
1701-were purchased by the Fidelity National Bank & Trust Co.of118, p•
Kansas
City, Mo. on June 2 as 5s. at 98. Denom. $1,000. Date June 11 1924.
Due 10 to 30 years.
HAMLET TOWNSHIP, Renville County, No. Dak.-CERTIFICATE
OFFERING.
-Bids will be received until 2 p. m. July 12 by Earl Johnson,
Clerk at the County Auditor's office in Mohall for $2,000 certificates of
indebtedness. Interest not to exceed 7%. Due July 20 1925. A certified check for 5% of bid required.
HARRIS COUNTY (P. 0. Houston), Tex.
-BOND ELECTION.An election will be held on July 26 to vote on the question of issuing $500,000
channel, fire boat and public railway extension bonds.
HARRISON SCHOOL DISTRICT(P.O. Harrison), Hudson County,
N. J.
-BOND SALE.
-The First Trust Co. of Harrison has
the issue of 431% coupon or registered school bonds offered been awarded
on June 26V. 118, p_, 310'7
-bidding 102.86 (for $161.000 bonds), a basis of about
4.42%. Date June) 1924. Due yearly on June 1 as follows: $8,000.
1926
to 1931, Incl.: $9.000. 1932 to 1943, and $5,000. 1944.
HARFORD COUNTY (P. 0. Bel Air), Md.-BOND SALE.
-The
$150,000 5% public school improvement coupon bonds offered
on June
30-V. 118, D. 3226
-have been sold to Baker, Watts & Co. of Baltimore.
Denom. $500 and $1.000. Date July 1
Prin. and
(J. & J.) payable at the Second National1924. of Belaire. semi-ann. int.
Bank
Due $12,500
yearly on Jan. 1 1932 to 1943, incl. Legality approved by Niles,
Wolff,
Barton & Morrow.
Financial Statement.
valuation, estimated
Real
000
,0
Assessed valuation _ - _ _ _ _ ___
$ 0 1,152
10
8
Total bonded debt, including this Issue
237,500
Net bonded debt.0.007916 assessed valuation Population 1920 Census.
29,291; present, estimate, 30.000.
111.
HIGHLAND FALLS, Orange County, N. Y.
-OTHER BIDDERS.
We are in receipt of the following list ofother bids submitted for the purchase
of the $35,000 coupon or registered street impt. bonds sold to Rutter & Co.
of New York, as stated in V. 118.p. 3226:
Clark, Williams & Co.__ _ -335,76300 Geo. B. Gibbons & Co.,
Sherwood & Merrifield,Inc.35,655 20
Inc
335.4.5850
Farson. Son & Co.
35,649 50 Fidelity Trust Co
35,289 50
Union National Corp.__ - _ 35,556 50 First National Bank
35.000 00
HILLSBORO, Highland County, Ohio.
-A. E. Aub
-BOND SALE.
& Co. of Toledo were awarded 325,000 5 Ji% village's share street impt.
bonds on June 28 for $25,901, equal to 103.60.
HOPKINS COUNTY (P. 0. Sulphur Syringe), Tex.
-BONDS DE-The proposition to issue $100.000 hospital bonds submitted to
FEATED.
the vote of the people at the election held on June 21-V. 118, p. 2605
failed to carry.
HOWARD SCHOOL TOWNSHIP (P. 0. Kingman R. F. D. No. 1),
Parke County, Ind.
-WARRANT OFFERING.
-Sealed bids will be
received by C. N. Burkhart, School Trustee, until 1
m. July 19 for
$5,000 5% school warrants. Denom. $500. Date July 1 1924. Prin.
p.
and semi-ann. int. (J. & J.) payable at the Citizens Bank of Marshall.
Due $500 each six months from July 1 1925 to Jan. 1 1930.
HUERFANO COUNTY SCHOOL DISTRICT NO. 9(P. 0. La Vita),
-BOND ELECTION.
Colo.
-BOND SALE.
-Joseph D. Grigsby & Co. of
Pueblo have purchased 34.000 school building bonds subject to their being
voted at an election to be held on July 9.
HUNTINGTON COUNTY (P. 0. Huntington), Ind.
-BOND SALE
-J. F. Wild & Co. of Indianapolis have been awarded the $60.000
%
coupon refunding court house bonds offered on June 27-V. 118. p. 2605
for 360.516
-equal to 100.86. Date July 1 1924. Payable in 6 installments
of 10 bonds each. Other bidders were:
Prem.
Prem.
1st. Nat. Bk., Runtington____$31611City Trust Co., Indpls
$139
Fletcher, Amer Co., Indpls____ 150
HUNTINGTON PARK UNION HIGH SCHOOL DISTRICT, Los
Angeles County, Calif.
-BIDS.
-The following is a list of bids received
for the $750,000 5% school bonds purchased by the Anglo-London-Paris
Co., M. H. Lewis & Co.. Hunter. Dulin &
Banks. Huntley & Co..
Freeman. Smith & Camp Co., as stated in V.Co.. p. 3227:
118,
Bank of Italy
$17,498 premium
Citizens National Co
19.530 premium
Blyth, Witter & Co
22.750 premium
IDAHO (State of)
.-BIDS.-The following is a list of bids reeeived
for the $567.000 Treasury notes purchased by the Ralph Schneeloch Co.
of Portland, as stated in V. 118, p. 3107:
Int. Rate. Prem.
Ralph Schneeloch Co
3.50' $11 91
F. S. Moseley & Co
3 69%
Palmer Bond & Mtge. Co. and Old Colony Trust Co
3.75%
5100
Boise City National 'Bank, the Guaranty Co.,and Bosworth.
Chanute & Co
68 04
4.25%
Ferris & Hardgrove; Wallace Bank & Trust Co: National
Bank of Commerce. Seattle; First National Bank, Seattle.
and Binh, Witter & Co., Seattle
4.00'7
S. N. Bond & Co
3.85%
°
U. S. National Co., Denver, and Central Savings Bank &
Trust Co
4.50% 856 17
First National Bank, Boise, and T. G. White & Co
22880
4.15
Bankers Trust Co. and the International Trust Co
283 50
4.00
National City Co
4.0030 00
George H.Burr & Co
67 00
4.25.7
9
0
Curtis & Sanger
4.20%
Childs Bond & Mtge. Co. and First National Corp
500
4.10
Stranahan. Harris & Oatis
4.00%
65 00
INDEPENDENCE, Montgomery County, Kan.
-BOND SALE.The Guarantee Title & Trust Co. of Wichita Falls has purchased 864.050 23
% sewer disposal plant bonds at a premium of $38
-equal to 100.05.
JAMESTOWN, Chautauqua County, N. Y.
-BOND AND CERTIFICATE SALE.
-The following issues of bonds and certificates offered on
July 1-V. 118. p.3227-have been sold to Sherwood & Merrifield, Inc., of
New York, as 4.355 at 100.35. a basis of about 4.27%:
$21.267 86 paving bonds. Due yearly on Aug. 1 as follows: 82.367 86.
1925. and $2.t00. 1926 to 1934 incl.
93.937 10 paving certificates of indebtedness. Due yearly on Aug. 1 as
follows: $9.337 10. 1925. and $9.400. 1926 to 1934 incl.
18.00000 bridge bonds. Due $1,800 yearly on Aug. 1 1925 to 1034 incl.
Date Aug. 1 1924.
JOLIET TOWNSHIP HIGH SCHOOL DISTRICT (P. 0. Joliet),
Will County, 111.
-BOND SALE.
-Halsey, Stuart & Co. of Chicago have
been awarded the $250,000 4%% school bonds offered on June 25-V. 118,
-for $255.735. equal to 102.89-a basis of about 4.295%. Date
p. 3107
July 1 1924. Due yearly on July 1 as follows: $25,000. 1935 to 1941,incl.:
$38.000, 1942. and $37.000. 1943. Other bidders were:
Wm.R. Compton Co
$255.730 rorthern Trust Co
$255.375
First Trust & Savings Bank.. 255,700 Harris Trust & Savings Bank 255,200
National City Co
255,685 Emery,Peck & Rockwood__ 252.500
JUNCTION CITY, Geary County, Kan.
-The
-BOND SALE.
$90,000 4 I% refunding bonds registered by the State Auditor on May 28V. 118, p. 3107
-were purchased by the Commerce Trust Co. of Kansas
City on April 7 at par, less expenses. Denom. $500. Date May 1 1924.
Due 34.500 May 1 1929 to 1948.
KEYSER, Mineral County, W. Va.-BOND SALE.
-Baker. Watts
& Co. of Baltimore have purchased $175,000 coupon water works bonds
at par. Denom. $1,000 and $500. Date April 1 1923. Due on April 1
as follows: 82.500 1927 to 1929, $3,000 1930 to 1932. $3,500 1933 to 1935.
$4.000 1936 to 1938. 34,500 1939 and 1940. 35.000 1941 and 1942, 35.500
1943 and 1944. $6,000 1945 and 1946. 86,500 1947. 37.000 1948 and 1949,
87.500 1950. $8,000 1951. $8,500 1952, $9,000 1953 and 1954, 89,500 1955.
$10,000 1956.
KITTITAS COUNTY SCHOOL DISTRICT NO. 28 (P. 0. Ellensburg), Wash.
-BOND OFFERING.
-Sealed bids will be received until
2 p. m. July 12 by the County Treasurer, for $12,000 6% school bonds. A
cert. check for 5% of bid required.
LAKELAND, Polk County, Fla.
-Sealed bids
-BOND OFFERING.
will be received until 11 a. m. July 18 by J. L. Davis, City Clerk, for
3530.000 6% street improvement bonds. Date July 1 1924. Prin. and
semi-ann. int, payable at the Hanover National Bank. Due serially Ito
10 years. Legality approved by Caldwell & Raymond of New York. A
cert. check for $7,500 required.
LAKE VIEW, Hall County, Tex.
-BONDS VOTED.
-At a recent election the voters authorized the issuance of $14,000 school bonds.
LAKE WALES, Polk County, Fla.
-BOND OFFERINO.-Sealed bids
will be received until 1 p. m. July 10 by J. F. Woods, Town Clerk, for the
following 6% bonds:
850.000 refunding bonds. Due $10,000 July 1 1929 to 1933.
55.000 golf course bonds. Due $11,000 July 1 1937 to 1941.
25,000 park bonds. Due July 1 as follows: $10,000 in 1947 and 1948.
and 85,000, 1949.
Date July 1
HENRY COUNTY SCHOOL DISTRICT NO. 183 (P. 0.
Prin. and semi-ann. int. payable at the Hanover
Hooppole). National Bank,1924. York. Legality approved by Caldwell & Raymond,
-An issue of $5,000 5% school bonds has
111.
-BOND SALE.
New
been sold to New York. A cert,
the White-Phillips Co. of Davenport. Denom. $500. Date July
check for 3% of bid required.
1924.
Prin. and semi-ann. int. (J. It J.) payable at the office of the above1named
LANSDOWNE, Delaware County, Pa.
-ADDITIONAL INFORMAfirm. Due $500 yearly on July 11031 to 1940 incl. Legality approved by TION.
-Frank C. Wieweg, Borough Secretary, furnishes the following
P. C. Dune'n of Davenport.
information in connection with the sale of the $60.000
% coupon bonds
sold to the Lansdowne National Bank of Lansdowne, as reported in V. 118,
HENRY SCHOOL DISTRICT NO. 18, Golden Valley
No. Dak.-CER7IFICA7R SALE -The $2,300 certificates of County, p.1576. Denom.$1,000. Date March 1 1924. Int. M.& 8. Due 1954.
ness offer, d on March 24 (V. 118, p. 1307) were purchased by the indebtedLANSING, Ingham County Mich.
Farmers--BOND SALE.
-The $250.000
Merchar ts Bank of Beach. Due in eighteen months.
4%% public improvement bonds offered on June 30-V. 118. p. 3108
'
-The $2,000 certificates of indebtedness have been awarded to
CERTIFICATES NOT SOLD.
Hemphill, Noyes & Co. and P. F. Cusick & Co. of
offered on Feb. IS (V. 118, P. 698) were not sold.
New York at 101.20, a basis of about 4.05%. Due $50,000 yearly on
HERMON (P. 0. Hermon), St. Lawrence County, N. Y.
Jan. 1 1925 to 1929 Inclusive
-BOND
OFFERING -Sea I'd bids will be received unt'l 12 m. to-day
LAWRENCE
M. L. Knox, Town Clerk, for $9,000 town bonds. Denom. (July 5) by las County, SCHOOL DISTRICT NO. 60 (P. 0. Lawrence), Doug-Sealed bids will be received
Aug. 1 1924. Prin. and semi-ann. int. payable F. & A. 31.000. Date r until 2 p. in. Kam-BOND OFFERING.
Duo 31.000
July
Feb.1 1926 to 1934,Incl. Bidder to name rate of interest bonds are to bear. tion, for $100.000 8 by (Mrs.) C. E. Esterly. Clerk of the Boerd of Educa434 W., school bonds. Denom. $1,060. Date July 1 1924.
112
rim. CHRONICLE
Prin, and semi-ama. int. (J. & J.) payable at the State Treasurer's office.
Due on July 1 as follows: $25,000. 1929: $6,000. 1930: $7,000. 1931 and
1932: $8,000, 1933 and 1934; $9,000. 1935: $10,000. 1936 to 1938 incl. A
cert. check for $1,000, payable to the Treasurer of the Board of Education,
required. The successful bidder may supervise the printing of said bonds,
provided such bidder will pay the expense of such printing. The bonds
should be ready for delivery on or about Aug. 1 1924.
-BOND
LEAVENWORTH COUNTY (P. 0. Leavenworth). Kan.
-Sealed bids will be received until 11 a. m. July 11 by J. E.
OFFERING.
Voorhees, County Clerk,for $171.000 434% road bonds. Date July 1 1924.
Due on July 1 as follows: $11.000. 1925 to 1934 incl.: 312.000, 1935 to 1938
incl.. and $13,000, 1939. The county will print bonds and furnish the
approving opinion of Bowersock & Fizzell, attorneys. A certified check for
2%,, of bid required.
LEBANON SCHOOL DISTRICT(P.O.Lebanon),Lebanon County,
-The $235,000 44% school bonds offered on June 30
-BOND SALE.
Pa.
(V. 118, p. 3227) were purchased by Fteeman St Co. of Philadelphia at
7. Date July 1 1924. Due on July 1 as
101.148, a basis of about 4.140
follows: 340.000. 1929. 1934. 1939, 1944 and 1949, and $35,000. 1954.
LE ROY TOWNSHIP (P. O. Painesville), Lake County, Ohio.
-Sealed bids will be received by 8. B. Baker. Clerk
BOND OFFERING.
Board of Trustees, until 8 p. m. July 8 for $9.250 534% Center-ICniffen
Road improvement bonds. Denom. $1,000 and 2 for $625. Date June 1
1924. Principal and semi-annual interest (A. & 0.), payable at the office
of the Painesville National Bank of Painesville. Due each six months as
follows: $1,000 April 1 1925 to Oct. 1 1928. incl.. and $625 April 1 and
Oct. 1 1929. Certified check for $200 required.
-BOND SALE.-Estabrook
LEWISTON,Androscoggin County, Me.
& Co. of New York have been awarded $80.000 434% refunding bonds,
dated July 1 1924 and maturing 1925 to 1940 incl., at 102.393. Other bidders were:
101.2
102.29 'Merrill, Oldham & Co
E.Fl. Rollins & Sons
102.03 'Brandon, Gordon & Wadell_100.717
Harris. Forbes & Co
R.L.Day & Co
101.29
-The notes,aggregating
-DESCRIPTION.
LIMA,Allen County,Ohio.
1114.505, awarded to Well, Roth & Irving of Cincinnati, at 101.64 (see
-a description of which follows:
V. 118, p.3108) are composed of 4 blocks
35.676 Park Ave. paving notes in the denomination of $1,000 and 1 note
of $676. issued in accordance with Ordinance No. 1939, passed
May 26 1924.
10.905 Dewey Ave. paving notes in the denomination of 31.000 and 1 for
1905. issued in accordance with Ordinance No. 1940, passed May
26 1924.
5.613 Leland Ave. paving notes, in the denomination of $1.000 and 1 note
of $613. issued in accordance with Ordinance No. 1941, passed
May 26 1924.
92.311 Main Street paving notes in the denomination of $1,000 each and
1 of $311. issued in accordance with Ordinance No. 1942, passed
May 26 1924.
Date June 1 1924. The bonds bear interest at 6%. payable J. & D.
Due June 1 1926. Legality of bonds to be approved by Peck, Shaffer dr
Williams at purchaser's expense. The bids submitted are as follows:
$1,888 88
The Well. Roth & Irving Co.. Cincinnati
1.65459
David Robison & Co., Toledo
1,651 00
Prudden & Co.. Toledo
1,51200
Seasongood Se Mayer. Cincinnati
1.34538
Stranahan, Harris dr Oatis, Inc., Toledo
1,27547
Ryan, Bowman & Co.. Toledo
-The two issues
LINCOLN,Lancaster County, Neb.-BOND SALE.
-were
of special assessment bonds offered on June 28-V. 118, p. 3108
purchased as 44s. by R. M. Grant & Co., Inc. of New York as follows:
$423,110 paying district bonds at 100.96.
31.590 water district bonds at 100.16.
Due serially 1925 to 1934 incl.
LINCOLN COUNTY SCHOOL DISTRICT NO. 7(P. O. Carrixozo),
-An election will be held on June 30 to vote
N. Mex.-BOND ELECTION.
Stodtman,
on the question of issuing 36,000 heating plant bonds. W. W.
District Clerk.
-BOND OFFERING.
LITTLETON, Arapahoe County, Colo.
Sealed bids will be received until 8p. in. July 7 by H. F. McArthur, Town
Treasurer, for $8,500 coupon sidewalk improvement bonds. Denom.
$500. Date June 1 1924. Prin. and semi-ann. int, payable in New York.
Due in 10 years. A cert. check for $1,000 required.
-BOND OFFERING.
-Della Bishop,
• LOGAN,Hocking County, Ohio.
City Auditor, will receive sealed proposals untiI.12 m. July 26 for $7,300
534% improvement bonds issued under authority of Sec. 3939 of the General
Code. Denom. 1730. Date April 10 1924. Principal and semi-ann. int.
(A. & 0. 10) payable at the office of the City Treasurer. Due $730 yearly
on Oct. 10 from 1925 to 1934. incl.
LLOYD TOWNSHIP (P. 0. Terril), Dickinson County, Iowa.
BOND SALE.
-The White Phillips Co. of Davenport has purchased
$36.000 44% school refunding bonds. Denom. $1,000. Date July 1
1924. Principal and semi-ann. int. (J. fic J.) payable at the office of the
a_Wve named firm. Due July 1 as follows: 32,000, 1925 to 1932 and
1937 to 1941; 33,000, 1942 and 1943, and 34.000. 1944.
LONDON,Britain Township(P.0.Londenberg)),Chester County,
-Seared bids will be received by George F.
-BOND OFFERING.
Pa.
Holton. Secretary of Board of Supervisors. until 6 p. m. July 10 for $15.000
534% coupon road bonds. Denom. $500. Date July 1 1924. Int.
semi-ann. Due 35.000, 1925 to 1954, incl. Certified check for $500,
payable to the township, required.
LOOUEMONT TOWNSHIP, McLean County, No. Dak.-BONDS
-The 34.5007% coupon funding bonds offered on March 3NOT SOLD.
V. 118, p. 1051-were not sold.
LOS ANGELES COUNTY FLOOD CONTROL DISTRICT, Calif.
-Sealed Proposals will be received until 2 p. m. July 7
BOND OFFERING.
E. Lampton, County Clerk (P. 0. Les Angeles). for $5.000,000 5%
by L.
flood control bonds. Denom. 31.000. Date July 2 1924. Prin, and semiann. int. (J. .k J. 2) navable at the County Treasury or at Kountze Bros.
in New York. Due 1125,000 yearly on July 2 from 1925 to 1964 incl. A
certified copy of an opinion by O'Melveny. Millikin, Tuner & Macneil of
Los Angeles, Calif.. favorable to the validity of the bonds, will be furnished
to the successful bidder. A certified or cashier's check for 3% of bid, payable to the Chairman of the Board of Supervisors, is required. The assessed
valuation of taxable real nroperty in said Los Angeles County Flood Control
District for the year 1923 was S1,398.764.970, and the amount of bonds
Previously issued and now outstanding is $3,893.750.
-BOND SALE.
-Curtis & SanLOWELL, Middlesex County, Mass.
% coupon fire-equipment loan bonds
ger were awarded on July 1 $75.000
at 101.011_, a basis of about 3.85%. Denom. $1,000. Date July 1 1924.
Int. J. & J. Due 115.000 yearly on July 1 from 1925 to 1929 incl.
LUBBOCK INDEPENDENT SCHOOL DISTRICT (P. 0. Lubbock),
-The $125,000 school bonds
-BOND SALE.
Lubbock County, Tex.
-were purchased by Garrett & Co. of
offered on June 20-V. 118. p. 3108
Dallas as 5s. at 97.46. Date July 1 1924.
-BOND
LUGO SCHOOL DISTRICT, Los Angeles County, Calif.
-Sealed proposals will be received until 2 p. m. July 7 by
OFFERING.
L. E. Lampton, County Clerk (P. 0. Los Angeles) for $21,000 5% school
bonds. Denom. $1,000. Date July 1 1924. Prin, and semi-ann. int.,
payable at the County Treasury. Due $3.000 yearly on July 1 from 1933
to 1939, incl. A certified or cashier's check for 3% of bid, payable to the
Chairman Board of Supervisors is required. The assessed valuation of
the taxable property in said school district for the year 1923 is $1.592.750,
and the amount of bonds previously issued and now outstanding is $57,000.
-The
-BOND SALE.
LYON COUNTY (P. 0. Marshall), Minn.
$90,000 county road bonds offered on June 21 (V. 118, p. 3108) were purchased by the Northwestern Trust Co. of St. Paul as 434s at a premium of
$902. equal to 101.002. Date June 1 1924.
LYON AND YELLOW MEDICINE COUNTIES JUDICIAL DITCH
-BONDS NOT SOLD -The 8554,945
NO.10(P.O. Granite Falls),Minn.
-were not sold.
drainage bonds offered on April 23-V. 118, p. 1820
-The 14,432 28
-BOND SALE.
McCOMB, Hancock County, Ohio.
6% street impt, bonds offered on June 16 (V. 118, p. 2606) were awarded
to Durfee, Niles & Co. of Toledo. Denom. $450 and one for $382 28.
Date Nov. 1 1923. Due yearly on Nov. 1 as follows: $382 2811924 and
3450 1925 to 1933 incl.
[VoL. 119.
-MACOMB COUNTY JUNCTION TILE DRAINAGE DISTRICT
(P. 0. Mt. Clemens), Mich.
-BOND SALE.
-Ramsey, Gordon & Co.
of Detroit have purchased an issue of $33.000 6% sewer construction
coupon bonds. Denom. $1,000. Date July 1 1924. Prin. and semi-ann.
int.(A. & 0.) payable at the First National Bank in Detroit. Due yearly
on April 1 as follows: $3,000, 1926; $4,000. 1927: $3,000, 1928, 1929 and
$4,000, 1930 to 1934. Legallty approved by Miller, Canfield, Paddock
& Stone of Detroit.
MADISON, Dane County, Wis.-BOND SALE.
-The Harris Trust &
Savings Bank of Chicago has purchased the following 434% impt. bonds.:
1100,000 school bonds. Due $5.000 July 1 1925 to 1944.
60,000 water works bonds. Due 33.000 July 1 1925 to 1944.
Denom. $1,000. Date July 1 1924. Prin. and int, payable at the City
Treasurer's office.
BOND OFFERING.
-Sealed bids will be received until Sept. 12 by
C. Buser, City Clerk, for $100,000 43407 contagious hospital coupon
bonds. Denom. $1,000. Date Oct. 1 1924. Prin. and int. payable
at the City Treasurer's office. Due 35,000 Oct. 1 1925 to 1944. A certified
check for $500 required.
MADISON SCHOOL DISTRICT NO. 48 (P. 0. Madison), Madison
-At a recent election the voters authorCounty, Neb.-BONDS VOTED.
ized the issuance of $6,000 building bonds.
-BOND SALE.
MALONE, Hill County, Tex.
-The 140,000 6% water
bonds offered on April 21-V. 118. p. 1702
-were purchased by Prudden
& Co. of Toledo on April 1 at 96.25. Due Feb. 1 as follows: $1,000, 1930
to 1959 incl., and 52,000. 1960 to 1964 incl.
MANUEL POINT BLUE DRAINAGE DISTRICT (P.O. Ville Platte),
-BOND SALE.
Evangeline Parish, La.
-The following Improvement
bonds offered at a rate not to exceed 6% on March 22-V. 118. p. 934
were sold:
325.000 improvement (ad valorem tax) bonds. Due on April 1 as follows:
$500 1925 to 1940, incl.; 11,000 1941 to 1948, incl.. and 31,500
1949 to 1954. incl.
10,000 improvement (acreage tax) bonds. Due $500 yearly on April 1
from 1925 to 1944, incl.
Date April 1 1924.
-BOND OFFERING.
-Sealed
MARION COUNTY (P. 0. Ocala), Fla.
proposals will be received by T. D. Lancaster Jr., Clerk Board of County
Commissioners, until 11 a. m. July 14 for $1.500,000 5% road bonds.
-J.) payable at the Hanover 'National Bank.
Prin. and semi-ann. int. (J.
New York City. Due $375.000 every 5 years. A cert. or cashier's check
for 1% of amount bid for, required. The successful bidder will be furnished
with the opinion of one of the following attorneys: Chester B. Masslich,
John C. Thomson. Caldwell & Raymond, all of New York, and Wood &
Oakley of Chicago.
-BOND SALE.
MARION COUNTY (P. 0. Indianapolis), Ind.
The $800.000 434% refunding bonds offered on June 27-V. 118, p. 2991
have been sold to the Fletcher Savings & Trust Co.of Indianapolis at 102.57
-a basis of about 4.12%. Date June 27 1924. Due 350.000 yearly on
July 11926 to 1940 incl.
MARION AND CLINTON COUNTIES SCHOOL DISTRICT NO.
-The sale of the
-BOND SALE DEFERRED.
135 P. 0. Centralia), 111.
160.000 school bonds which had been scheduled to take place on June 24
(V. 118, p. 3108) has been deferred.
-BOND OFFERING.
MARSHALL COUNTY (P. 0. Plymouth), Ind.
-Sealed bids will be received by Rolland E. Cook,County Treasurer, until
2 p. m. July 5 for the following issues of 434% road construction and improvement bonds:
$15,200 John P. Miller et al. Denom. $760.
13.300 Lewis Schmaltz et al. Denom.$666.
14.000 Christian Enders et al. Denom. 8700.
Date June 16 1924. Int. M.& N.15. Due one bond of each issue each
six months from May 15 1925 to Nov. 15 1934 incl.
-BOND SALE.
-The $270,000
MEMPHIS. Shelby County, Tenn.
general liability negotiable coupon bonds offered on July 1-V. 118, p.
2991-were purchased by the Harris Trust & Savings Bank of Chicago
as 5s at 101.69, a basis of about 4.29%. Date Jan. 1 1924. Due Jan. 1
1925 to 1929 inclusive.
-BOND OFFERING.
MIDDLEPORT, Niagara County, N. Y.
Bernard J. Maher, Village Clerk, will receive sealed bids until 2 p. in. July 8
for 134.500 paving bonds not to exceed 5% interest. Denom. 31,000 and
one for 1500. Date Aug. 1 1924. Int. F. & A. Due yearly on Aug. 1
as follows. 3500. 1925 and 32,000, 1926 to 1942 incl. Legality approved
by Clay & Dillon of New York. Certified check for 2% of the amount
of bonds bid for required.
-The Com-BOND SALE.
MIDLAND. Midland County. Texas.
merce Trust Co of Kansas City has purchased $75,000 sewer bonds at a
premium of $1.595, equal to 102.12.
-Charles F.
-BOND OFFERING.
MINEOLA, Nassau County, N. Y.
Quinn. Village Clerk, will receive sealed bids until 8 p. m. July 10 for the
following 5% bonds:
310,000 triple combination fire engine pumper bonds. Due 32,000 1925 to
1929 incl.
10,000 motor hook and ladder bonds. Due $2,000 1925 to 1929 incl.
Denom. $1.000. A cert. check for 5% of amount of bid, payable to the
Village, must accompany all bids.
-BOND SALE.
-The $640,822 29 coupon
MINNEAPOLIS, Minn.
-were purspecial street impt. bonds offered on June 25-V. 118, p. 2734
-Dickey Co. of Minneapolis
chased Jointly by Eldredge & Co. and the Wells
-equal to 100.14. Date June 1 1924. The
at a premium of 3930
as 44s.
following bids were received:
Interest
Rate Bid. Premium.
Bidder3930 00
434%
Eldredge & Co. and Wells-Dickey Co
925 00
44%
Bankers Trust dz Savings Bank
Kean, Taylor & Co., Bankers Trust Co. of New York
775 00
434%
and Lane,Piper & Jaffrey
44
200 00
Ballard & Co.
1
4
er
Howe, Snow & Btles,for $240,000 00
177 71
434%f
and 400,822 29
9.550 00
1st. Nat. Bk., New York and 1st. Nat. Bk., Minneapolis-44%
9.50000
434%
E. H. Rollins & Sens for 3640,822 29
44%
8,795 00
Seasongood & Mayer, for 3640,822 29
A. B. Leach .k Co., Halsey. Stuart & Co. and Merchants
434%
7,35300
Trust & Savings Bank
Accrued interest included in all bids.
MISHAWAKA SCHOOL CITY (P. 0. Mishawaka), St. Joseph
-Sealed bids until 7:30 p. m. July 16
-BOND OFFERING.
County, Ind.
will be received by the Board of School Trustees(W. H. Tupper, Secretary)
purchase of 1193.000 434% school bonds. Denom. $1.000. Due
for the
yearly on July 15 as follows: $10,000, 1928 to 1930 incl.: 312,000, 1931 to
1941 incl., and .811,000,1942.
MONTGOMERY COUNTY (P. 0. Mt. Sterling), Kv.-ROND'OFFER/NG.-Sealed bids will be received until 10 a. m.July 5 by E. W.Senff,
County Judge, for $22,500 5% turnpike bonds. Denom. 1500. Date
April 15 1924. Due 32,000 1937 to 1941 and 82,500 1942 to 1946. A certified check for $500, payable to the county, is required.
-BOND OFFERMONTGOMERY COUNTY (P. 0. Dayton), Ohio.
-Until 10 a. m. July 18 F. A. Kilmer, Clerk Board of County ComING.
missioners, for the purchase of an issue of coupon 6% Short Hills Water
Supply inapt. bonds amounting to 111.000, issued under authority of
Secs. 6602-1 and 6602-20 et sen. of the General Code of Ohio. Denom.
$1.000. Date July 1 1924. Prin. and semi-ann. int. (A. & 0.) payable
at the County Treasurer's office. Due on Oct. 1 as follows: $1,000,
1925 to 1933 incl., and $2,000. 1934. A certified check for 8500 on a
solvent bank or trust company in Ohio. payable to the County Treasurer,
recmired. D. W. & A. S. Iddings, Dayton, Ohio, and Peck, Schaffer
& Williams, attorneys, of Cincinnati, Ohio, have been employed to assist
in the preparation of legislation and the issue and sale of these bonds and
will certify as to the legality thereof.
MONTGOMERY SCHOOL DISTRICT (P. 0. Montgomery), Ham-Wm. L. IS(pss. Clerk Board
ilton County, Ohio.
-BOND OFFERING.
of Education, will receive sealed proposals until 12 in. Jay 16 for 125.000
% school bonds issued under authority of Sections 7625 to 7627 incl.
and 7630-1 of the General Code. Denom. $500. Prin. and semi-ann.
int. IF. & A. 10) payable at the First National Bank of Norwood. Due
serially. A certified check for 5% of amount of bid, payable to the above
official, required.
JULY 5 1924.1
TILE CHRONICLE
-Cantrell. Richards
MOSCOW, Latah County, Ida.
-BOND SALE.
& Co.of Spokane nidding 101.04 for 534s. were awarded the $40,000 coupon
improvement bonds offered on June 23-V. 118, p. 2991. Date July 15
1924. Purchasers to furnish blank bonds.
MUD LAKE IRRIGATION DISTRICT, Jefferson County, Idaho.
BOND SALE.
-On June 1 Thos. L. Matkins & Co. of New York. bidding
-see V. 118.
par, were awarded $720,000 (of an authorized issue of $750,000
p. 18203 6% irrigation bonds. Date July 1 1924. Denom. $1.000. $500
and $100. Prin. and semi-ann. int. (J. & J.) payable at the County
Treasurer's office or at the Manufacturers' Trust Co., N. Y. City. Due
on July 1 as follows: $36,000, 1935; $43.200, 1936: $50,400. 1937: $57,600,
1938:$64,800, 1939: $72,000. 1940: $79,200, 1941; $93,600, 1942; $108,000,
1943, and $115,200. 1944.
-The $210,000
-BOND SALE.
NASHUA, Hillsboro County, N. H.
434% coupon school bonds offered on July 1 have been sold to Putnam &
Storer of Boston at 100.534, a basis of about 4.18%. Date July 1 1924.
Due $11,000 on July 1 1925 to 1934,incl., and $10,000 1935 to 1944, incl.
-Biddle &
NEW CASTLE, Lawrence County, Pa.
-BOND SALE.
Henry of Philadelphia have been awarded an issue of $60,000 414% improvement series of 1924 bonds at 103.24.
NEWPORT, R. 1.
-The Aquidneck Nat. Bank
-TEMPORARY LOAN.
of Newport has purchased a temporary loan of $100.000 payable at the
First Nat. Bank of Boston on Sept. 5 1925 en a 2.29% discount basis.
NEW YORK CITY.
-During the month of
-TEMPORARY LOANS.
June the city issued short-term securities in the aggregate of $23,350,000,
consisting of revenue bonds and bills and corporate stock notes, as follows:
Corporate Stock Notes.
Revenue Bills of 1924.
Sold.
Maturity.
Amount. Ira.
Maturity.
Amount. Int.
Sold.
For Water Supply.
$10,000,000 236% July 25 1924 June 25
11,000,000 234% July 28 1924 June 27 $120,000 3% Sept. 19 1924 June 20
Rapid Transit.
Special Revenue Bonds of 1924.
500,000 334% Feb. 6 1925 June 11
530,000 3% Sept. 19 1924 June 20
Dock Purposes.
800,000 334% Nov. 12 1924 June 11
400.000 334% Nov. 12 1924 June 16
NOTTINGHAM SCHOOL TOWNSHIP, Wells County, Ind.
-BOND
OFFERING.
-Bids will be received until 1 p. m. July 15 by. James W. Carter, Township Trustee, for $70,000 5% coupon school bonds. Denom.
$500. Date July 1 1924. Prin. and semi-ann. int. (J. & D. 15) payable at
the Bank of Petroleum. Due $2,500 each six months from June 15 1925 to
Dec. 15 1938. A certified check for 35,000, payable to the above official.
required.
ODESSA SCHOOL DISTRICT NO. 15, Pierce County, No. Dak.BOND SALE.
-The 85,0006% building bonds offered on March 22(V. 118.
p. 1178) were purchased by Geo. B. Keenan & Co. of Minneapolis at par.
DI ate April 1 1924. Due April 1 1944.
OMAK, Okanogan County, Wash.
-BOND OFFERING.
-Sealed bids
Will be received until 8 p. m. July 10 by D.J. Dolsen, City Clerk. for $8,000
not to exceed 6% water bonds. Denom. $100 or multiples. Bidders are
requested to submit a bid specifying (A) the lowest!, rate of interest and
premium if any, above par at which bidder will purchase said bonds; (B)
the lowest rate of interest at which the bidder will purchase said bonds at
par. A cert. check for 5% of bid required.
ORMSBY, Watonwan County, Minn.
-Until
-BOND OFFERING.
2 To. m. July 5 sealed bids will be received by Tore Olson, Village Clerk, for
$5,000 5% coupon town hall bonds. Denom. $1,000. Date July 10 1924.
Int. J.
-J. Duo July 10 1934. A cert. check for 10% required.
OX CREEK SCHOOL DISTRICT NO. 14, Rolette County, No. Dak.
-CERTIFICATE SALE.
-The $3,000 certificates of indebtedness offered
on Jan.5(V.117, p.2915) were purchased during February by De Nault Co.
of Jamestown at par. Date Jan. 5 1924. Due Jan. 5 1925.
OYSTER BAY COMMON SCHOOL DISTRICT NO.8(P.O. Mineola)
Nassau County, N. Y.
-BOND OFFERING.
-Until 5 p. m.(daylight saving time) July 17. sealed bids will be received by Alice C. Martling, Clerk.
Board of Trustees. for $76,000 414% coupon or registered school bonds.
Denom. $1,000. Date Mar. 1 1924. Prin. and semi-ann. int. (M. & S.)
payable at the Nassau Union Bank Co.of Glen Cove. Due yearly on Mar.1
as follows: $5,000, 1926 to 1939 incl., and $6,000. 1940. The bonds will
be prepared under the supervision of the U. S. Mtge. & Trust Co. of New
York. which will certify as to the genuineness of the signatures of the officials and the seal impressed thereon, and the validity of the bonds will be
approved by Hawldns, Delafield & Longfellow of New York. Due yearly
on Mar. 1 as follows: 85,000, 1926 to 1939 incl., and $6,000, 1940. Certified check for 2% of the amount of bonds bid for, payable to the District
Treasurer, required.
PASADENA CITY HIGH SCHOOL DISTRICT,Los Angeles County,
Calif.
-BOND OFFERING.
-Sealed bids will be received until 2 p. m.July
14 by L.E.Lampton,County Clerk (P.O. Los Angeles).for $900,0004%%
school bonds. Denom. $1,000. Date July 1 1924. Prin. and semi-ann.
int., payable at the County Treasury. Due semi-annually as follows:
$17,000 July 1 1926 to Jan. 1 1928 and $16,000 July 1 1928 to Jan. 1 1954.
A certified or cashier's cneck for 3% of bid, payable to the Chairman
Board of Supervisors is reqtrired. The assessed valuation of the taxable
property in said high school district for the year 1923 is $86,645.875 and
the amount of bonds previously issued and now outstanding is $420.000.
PAWNEE COUNTY SCHOOL DISTRICT NO. 12 (P. 0. Pawnee
City), Neb.-BOND ELECTION.
-An election will be held on July 7 to
vote on the question of issuing $1,500 building bonds. Clyde Huzeker,
Moderator.
PELICAN RAPIDS. Otter Tail County, Minn.
-BONDS VOTED.
At the election held on June 27 the voters authorized the issuance of $18,000
water works bonds.
PENNSAUKEN TOWNSHIP SCHOOL DISTRICT (P. 0. Delaire),
Camden County, N. J.
-CORRECTION IN PURCHASER'S NAME.
In V. 118. p. 3109. we reported the name of the purchaser of $390,000 5%
coupon school bonds of this district as the Mercantile Trust Co. of Jersey
City,when itshould have been the Merchantville Trust Co.of Merchantville
PENNSYLVANIA (State of).
-BOND OFFERING.
-Sealed proposals
will be received until 12 m.July 22 by Gifford Pinchot, Governor: Samuel J.
Lewis, Auditor. or Chas. A. Snyder, State Treasurer, at the office of the
Governor for the purchase of an issue of 515.000.000 434% series "E"
bonds, "part of a total loan of $50,000.000. authorized by an amendment
to Article IX, Sec. 4, of the Constitution of the Commonwealth of Pennsylvania, approved by vote of the people at the November elections 1923,
and by Act approved the 6th day of June 1923" (sett V. 118. 13. 2455).
Date May 1 1923. Prin. and semi-ann. int. (M. & N.), payable at
office of the Fiscal Agent of the Commonwealth in lawful money on the
respective maturity dates. Due on May 1 as follows: $2,000,000 their
1929,
1932, 1935. 1940, 1943, 1947, 1950 and $1,000,000 1953. Certificates in
registered form will be issued in such amounts as the purchasers
may
and
t ni
?
oDd0! antlins ottpgfi
71Wre n t
be interchangeable as to form. Negotiable interim certificates will be
Issued. if desired, pending the engraving of definitive certificates, and may
be obtained from the Fiscal Agent on the day that payment is made for the
loan, or thereafter. Proposals must be made upon the prescribed form of
blanks, copies of which may be obtained upon application at the office of
the Governor or from the Fiscal Agent. No bid will be considered unless
accompanied .by a certified check or certificate of deposit drawn to the
order of the Commonwealth of Pennsylvania. for an amount equal to 2%
of the principal of the loan for which the bid is made. Checks or certificates
of deposit accompanying bids not accepted will oe returned by mail to the
bidders within 48 hours from the time of opening the bids. Deposits of
successful bidders will be applied in partial payment of the amount of the
loan awarded to them. No allowance will be made for interest on an
advance paymentfrom the time a bid is submitted to the time of settlement.
Settlement for the bonds awarded must be made in full, with the Philadelphia
National Bank. Fiscal Agent for the Commonwealth of Pennsylvania. on
Aug. 11924. All proposals must include accrued interest to date of settlement. The above officials reserve the right to reject any or all proposals
or to award all or any portion of the loan for which bids shall be received,
as may be deemed for the best interests of the Commonwealth of Pennsylvania.
With the exception of $49,888,000 of bonds issued under an Act approved
the 18th day of April 1919. the State is free of all bonded indebtedness not
now provided for by Moneys in the sinidng fund, Of the aforesaid issue
kinn; the sum $10,000, $25,000,
113
of $49,888.000,the State has repurchased bonds to the amount of $1,500,000
and on July 1 1924 will retire matured bonds to the amount of $2,000,000
and in addition, has in the State Bond Road Sinking Fund other investments
of a par value of $337,000 and cash amounting to $136,854 89. The bonds
now offered are a legal investment for trust funds in Pennsylvania.
The above supersedes the notice that appeared in our issue of June 21.
on page 3109.
-The $20.000 5%
PERRY, Jefferson County, Kan.
-BOND SALE.
Internal improvement bonds offered on June 24 (V. 118. 1). 3109) were
purchased by the Prudential Trust Co. of Topeka at par plus a Premium
of $60, equal to 100.30-a basis of about 4.93%. Denom. 81.000. Date
July 1 1924. Due $2,000 July 1 1925 to 1934.
-M. M.
PERTH AMBOY, Middlesex County, N. J.
-BOND SALE.
Freeman & Co. of Philadelphia purchased the issue of 434% coupon or
registered school bonds offered on June 27-V. 118, p. 2862-for $175.44444 (for $169,000 bonds), equal to 103.81-a basis of about 4.48%,
Date July 1-1924. Due yearly on July 1 as follows: $4,000. 1926 to 1945
incl.; $5,000, 1946 to 1962 incl., and $4,000. 1963. Other bidders were:
Price Bid. Amt. Bid For.
$170,000
Raritan Trust Co
$175,665 00
170,000
First National Bank. Perth Amboy
175,387 00
170,008
Perth Amboy Trust
175.385 00
170.000
B. J. Van Ingen & Co.
175.058 00
Batchelder. Wack & Co.)
171.000
175,400 00
C. W. Whitis & Co.
172,000
H. L. Allen Sr Co.
175,108 04
172.000
175.04500
R. M.Grant & Co.
Frank Dorsey, City Treasurer.
PIATT SCHOOL DISTRICT NO. 42 (P. 0. Monticello), Piatt
-BOND SALE.
County, Ill.
-The $5,500 5% school bonds have been sold
to the White-Phillips Co. of Davenport. Denom. $500. Date June 1
1924. Prin. and annual int. (July) payable at the State Bank of Hammond. Hammond, or at the office of the above named firm. Due year.v
on July 1 as follows: $500, 1925 to 1929 incl.. and $1,000. 1930 to 1932 inci
PLATT SCHOOL DISTRICT NO. 60, McLean County, No. Dak.CERTIFICATE OFFERING.
-Sealed bids will be received until 2 p. m.
July 9 by Ira Houtcooper, Clerk, at the County Auditor's Office in Washburn for $3,000 certificat,es of indebtedness. Interest not to exceed 7%.
Denom. $1,000. Due in 18 months. A certified check for 5% of bid
required.
POLK COUNTY SCHOOL DISTRICT NO. 2 (P. 0. Dallas), Ore.
-Sealed bids will be received until 8 p. m. July 9 by
BOND OFFERING.
the District Clerk for $70,000 5% school bonds. Denom. $1,000. Date
July 1 1924. Int. semi-ann. (J. & J.). Due July 1 as follows: $2,000 in
1927. and 54,000 in 1928 to 1944. A cert. check for 93.500 required.
-BOND SALE.
-An
PORTAGE COUNTY (P. 0. Ravenna). Ohio.
Issue of $31,242 5% road bonds has been sold to Stranahan, Harris & Co.
of Toledo at 101.28. Interest A. & 0.
PORTLAND SCHOOL DISTRICT, Multnomah County, Ore.
-the
BONDS VOTED.
-At the election held on June 21-V. 118, p. 2608
voters authorized the issuance of $5.000,000 434% school bonds by a vote
of 11,699 for to 4,980 against.
-A syndicate composed
-BOND SALE.
PORT OF PORTLAND, Ore.
of the Title Guarantee & Trust Co., H. M. Byllesby & Co., both of Cincinnati; R. M.Grant & Co.of Chicago and Robertson & Ewing of Portland.
has purchased the $500,000 414% coupon Series E port improvement and
-at 99357. a basis
equipment bonds offered on June 26-V. 118, pr. 2992
of about 4.56%. Due as follows: $38,000 on July 1 1930 and $33,000 on
July 1 of each year, 1931 to 1944 incl.
The following is a list of bids received:
$491,500
A. B.Leach & Co., Inc., Northern Trust Co.
490,850
George H.Burr,Conrad & Broom,Inc
488,975
Bljrth, Witter & Co
Title Guaranty & Trust Co., Cincinnati; H. M. Byllesby & Co.,
Chicago: R. M. Grant & Co., Chicago; Robertson & Ewing.
49926:859750
4
Portland
Carstens & Earle% Inc., William R.Compton Co
Union Trust Co. of Spokane; C. W. McNear & Co., Chicago;
496,350
Austin. Grant & Co., New York City
John E. Price & Co. Seattle; Bankers' Trust Co., New York:
Hannahs, Bailin &Lee. New York
'
9 .'18
93 95
4 29 0
Peirce. Fair & Co
Security Savings & Trust Co., Ralph Schneeloch Co., Freeman,
Smith & Camp Co., Clarg. Kendall & Co., Inc., Lumbermons Trust Co.. Ladd & Tilton bank, Western Bond & Mortgage Co.,Bond & Goodwin & Tucker
492,400
490.505
Ferris & Hardgrove, Halsey, Stuart & Co
Harris Trust & Savings bank
487.300
PORTO RICO (Government of).
-BOND OFFERING.-Bidslwill be
received until 2 13. m. July 22 by Frank McIntyre. Major-General U. S.
Army and Chief Bureau of Insular Affairs (Room 3042 Munitions Bldg..
Washington. D.C.), for the purchase of 5200,000434%_
coupon series "A"
to "J" Munoz Rivera Park gold loan bonds. Denom. $1.000. Date
Jan. 1 1924. Prin. and semi-ann. int.(J. & J.) payable at the 13. S. Treasury at Washington, D. C. in gold coin. Due $20.000 Jan. 1 1929 to 1938.
The right is reserved by the people of Porto Rico to redeem all or any number of said bonds maturing subsequently to Jan. 1 1934 at par with accrued
Interest on Jan. 1 1934. or on any interest-paying date thereafter, upon
giving at least 60 days' public notice of its desire to do so. A bank draft
or certified check for 2% of amount bid for, payable to the above official.
req.
lOND OFFERING.
u
-Bids will also be received by the above official at
the same time for $634.000 of bonds of the following municipalities of Porto
Rico, the proceeds from which are to be used in the construction of public
works in said municipalities:
$51,000 Carolina bonds. Due $1.000. 1931 to 1949; $2.000, 1950 to 1955:
$3,000. 1956 to 1961, and 82.000, 1962.
83.000 Humacao bonds. Due $3,000. 1929 to 1943; $4,000. 1944 to 1950:
11111
$5.000, 1951 and 1952.
.4
100,000 Isabella bonds. Due $1.000, 1935 to 1941: 52.000. 1942 to 1956;
33.000. 1957 to 1961:54,000, 1962 to 1967.and 56.000. 1968 to 1971.
170.000 Litres bonds. Due 52.000, 1928 to 1935; 53.000. 1936 to 1945;
84.000, 1946 to 1949; $6,000. 1950 to 1958: $8,000, 1959 to 1961.
and $10,000, 1962 to 1964.
70,000 Las Marias bonds. Due 31,000, 1930 to 1932; $2,000. 1933'ot
1938: 83,000, 1939 to 1946; $4,000, 1947 to 1949; 85,000. 19501to
•
III
**PAO
1952, and $4,000, 1953.
80,000 Toa Alta bonds. Due $1,000, 1930 to 1943: $2,000, 1944 to 1956;
44
$3,000. 1957 to 1960: 54,000. 1961 to 1967.
80,000 Yanca bonds. ,Due 51.000. 1929 to 1943: 52.000, 1944 to 1952:
to 1965.1953 to 1960; $4,000, 1961 and 1962, and $5.000. 1963
S3.000
.
Denom. $1,000. Date Jan, 1 1924. Principal and semi-ann. interest
(J.
-J.) will be payable at the office of the Treasurer of Porto Rico, San
Juan, Porto Rico, or at some bank or trust company in New York City,
to be hereinafter designated,in gold coin of the United States of the present
standard of weight and fineness. Each bid must be accompanied by a
bank draft or certified check for 2% of the par value of the bonds bid for,
said bank draft or check to be payable to the Chief. Bureau of Insular
Affairs, in New York City funds. Accepted subscriptions will be payable
on Aug. 1 1924 at a bank in New York City to be designated by the Bureau
of Insular Affairs, and the bank so designated will make delivery of interim
certificates exchangeable for definitive bonds at the office of the Treasurer
of Porto Rico, San Juan, Porto Rico, at any time after Nov. 15 1924. 4 id
PRESIDIO COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Marfa),
Tex.
-BOND ELECTION.
-An election will be held on July 8 to vote on
the question of issuing $75.000 514% school bonds. Denom. $625.
PUTNAM COUNTY SPECIAL ROAD AND BRIDGE DISTRICT
-BOND OFFERING.
NO. 6 (P. 0. Palatka), Fla.
-Sealed proposals
will be received by J. W. Hart. Secretary Board of Bond Trustees, until
12 m. July 17 for $700.000 514% coupon registerablo as to principal road
and bridge bonds. Denom. $1,000. Date1
July 1 1923. Prin. and semiann. int, payable at the Hanover National Bank, N. Y. City. Dile
July 1 1953. A certified check for 2% of amount of bid required. Approving opinion of John C. Thomson. N. Y. City, together with certificate
of judicial validation, will be furnished the successful bidder.
411
PUTNAM COUNTY SPECIAL ROAD AND BRIDGE DISTRICT
NO. 7 (P. 0. Palatka), Fla.
-BOND OFFERING.
-Sealed proposals
Will be received until 12 m. July 17 by J. W. Hart, Secretary Board of
114
THE CHRONICLE
, o
Bond Trustees, for $500,000 535.7 coupon registerable as to principal
road and bridge bonds. Denom. $1,000. Date July 1 1924. Prin. and
semi-ann. int. payable at the Equitable Trust Co., N. Y. City. Due
serial* July 1 1927 to 1953 incl.: optional in 10, 12 and 15 years. A
certified check for 2% of amount bid for required. Approving opinion of
John C. Thomson, N. Y. City, together with certificate of judicial validation. will be furnished successful bidder.
RAVENNA, Portage County, Ohio.
-BOND OFFERING.
-W. A.
Root, City Auditor, will receive sealed bids until 12 m. (eastern standard
time) July 12 for the purchase of the following issues of 535% special
,
assessment bonds:
$5,000 Clinton St. bonds. Denom. $625. Due $625 yearly on Oct. 15
from 1925 to 1932, inclusive.
4,400 Main St. bonds. Denom. $550. Due $550 Oct. 15 1925 to 1932,
inclusive.
Date April 1 1924. Prin. and semi-ann. bit. (A. St 0. 15), payable at
the Second National Bank of Ravenna. Certified check for $175 for the
$5,000 issue and $150 for the $4,400 issue, payable to the City Treasurer
required. Purchaser to take up and pay for bonds within 10 days from
time of award.
READING, Middlesex County., Mass.
-BOND SALE.-Harris Forbes
at Co. of Boston have been awarded $7,000 4% sewer bonds, maturing 1934
to 1940, and $15,000 4% sewer bonds maturing 1930 to 1944 incl. at 100.470
-a basis of about 3.955%
REDFORD UNION SCHOOL DISTRICT (P. 0. Redford), Wayne
-BOND SALE.
County, Mich.
-The following two issues of school bonds
have been sold to Harris, Small & Co. of Detroit:
$160,000 school bonds. Due yearly on June 20 as follows: $10,000, 1939.
and $30,000. 1940 to 1944 Incl.
85,000 school bonds. Due yearly on June 20 as follows: $20,000, 1936
and 1937; $2_ 5,000, 1938; and $20,000, 1939.
Denom. $1,000. Date June 20 1924. Prin. and semi-ann. int. payable
at the Detroit Trust Co. of Detroit. Legality approved by Miller, Canfield, Paddock & Stone of Detroit.
RED WING,Goodhue County, Minn.
-TEMPORARYINJUNCTION
AGAINST CITY'S LIGHT & POWER BONDS MADE PERMANENT BY
THE STATE SUPREME COURT.
-Reporting the above the Minneapolis
"Journal" on July 1 said: "Judge Albert Johnson, in a decision filed in district court, orders that the temporary injunction Epranted last winter to
D. M. Neill, taxpayer, restraining the city of Red Wing from selling $360,000 worth of light and power bonds and preventing the city from constructing such a plant, be made permanent. The temporary injunction was
appealed to the State supreme court by the city and sustained there. The
permanent injunction just issued follows a hearing of the case on its merits.
RHAME SCHOOL DISTRICT NO. 17, Bowman County, No. Dak.CERTIFICATE OFFERING.
-Bids will be received until 3 p. m. July 8
by Elsie M. Dahl, Clerk, at the County Auditor's office in Bowman for
$5.000 7% certificates of indebtedness. Due Jan. 1 1926. A certified
check for 5% of bid required.
-BOND SALE.
RIALTO, San Bernardino County, Calif.
-The
Citizens ....Tational Co. has purchased $125,000 5% municipal water works
bonds at a premium of $676, equal to 100.54. Due serially 1930 to 1954
incl. Other bidders were the First National Bank of Rialto, bidding a
premium of $573, and Banks, Huntley & Co., offering $450.
RIDGEVILLE TOWNSHIP RURAL SCHOOL DISTRICT (P. 0.
-BOND OFFERING.
Rlyria R. P. No. 1), Lorain County, Ohio.
E. M. Knowles, Clerk Board of Education, will receive sealed bids until
m. July 17 for $9,300 6% coupon school bonds issued under authority
oSections 7629 and 7630 of the Gen. Code. Denom. $1,000 and $300.
7?.
Date April 1 1924. Prin. and semi-ann. int.(A.-0.), payable at the Lorain
County Savings & Trust Co. of Elyria. Due on Oct. 1 as follows: $300
1925 and $1,000 1926 to 1934, incl. A certified check for 5% of amount
bid for, payable to the above official required.
-BONDS VOTED.
ROBY. Fisher County, Tex.
-At the election held
on June 21 (V. 118, p. 3110) the voters authorized the issuance of $40,000
5% school bonds.
-NOTE OFFERING.
ROCHESTER, N. Y.
-Sealed bids will be received
by J. C.Wilson, City Comptroller, until 2:30 p. m.July 7for City of Rochester subway railroad notes for $400.000. Notes will be made payable eight
months from July 10 1924 at the Central Union Trust Co., N. Y. City,
will be drawn with interest, and will be deliverable at the Central Union
Trust Co., 80 Broadway, N. Y. City, July 10 1924. Bidder to name rate
of interest, designate denominations desired, and to whom (not bearer)
notes shall be made payable. No bids will be accepted at less than par.
RUSSELL, Russell County, Kan.
-BOND SALE.
-The Home State
Bank of Russell was the successful bidder for the $100.000 5% paving
bonds offered on June 25-V. 118.1).3110. The price paid was par. Date
Aug. 1 1924. Due serially, 1 to 113 years.
-BOND ELECTION.
ST.BERNARD PARISH(P.O.St. Bernard),La.
-An election will be held on July 15 to vote on the question of issuing $30,000 6% road bonds.
ST. EDWARD, Boone County, Neb.-BONDS DEFEATED.
-The
proposition to issue $25.000 internal improvement bonds submitted to the
vote of the people at the election held on June 17 (V. 118, p. 2736) failed
to carry.
-BOND SALE.
-The
ST. PETERSBURG, Pinellas County, Fla.
81.453,000 53j% municipal improvement bonds offered on June 30(V. 118,
p. 2862) were purchased by Caldwell SE Co. of Nashville and Otis & Co. of
Cleveland at a premium of $54.923 50, equal to 103.77, a basis of about
6.01%. Date June 1 1924. Due June 1 1954.
-BOND SALE.
,
-The $400,000
SAGINAW, Saginavi County, Mich.
% paving bond issue, notice of the authorization of which appeared in
p.
V_. 118,, 3110, "was sold on June 26 over the counter to various purchasers.
-BOND SALE.-Hattrem, Nelson It
SALEM, Marion County, Ore.
Co.of Portland have purchased $16,000 5% fire equipment bonds at 101.52.
-BOND SALE.
SANDUSKY COUNTY (P. 0. Fremont), Ohio.
The $36,000 535% coupon William Betler road improvement bonds offered
-have been sold to the Union Trust Co. of
on June 30-V. 118, P. 2993
Cleveland, together with issues of $16,000 Townsend Township road and
$20,000 Napoleon Street 535% bonds at 104.14. Date July 1 1924.
,
SAN MIGUEL COUNTY SCHOOL DISTRICT NO. 96 (P. 0. Las
-Bosworth, Chanute & Co. of Denver
Vegas), N. Mex.-BOND SALE.
have purchased $8,000 6% school building bonds. Due 20 years, optional
10 years.
SANTA ROSA COUNTY SPECIAL ROAD AND BRIDGE DISTRICT
NO. 3, Fla.
-The $50,000 6% road and bridge bonds
-BOND SALE.
offered on Feb. 12 (V. 11/4. p. 458) were purchased by the First National
Bank of Milton at par. Date Sept. 1 1919. Due Sept. 1 1949.
-BOND OFFERING.
SCARSDALE, Westchester County, N. Y.
Sealed bids will be received until 12 m. July 9 for the following issues of
43. % coupon bonds at the office of Wm.C. VMite,20 Liberty St., New York
City:
3150,000 water bonds. Denom. 81,000 and $750. Due $3,750 July 1
1925 to 1964, incl.
75,000 highway oonds. Denom. $1,000 and $500. Due $7,500 July 1
1925 to 1934, incl.
22,000 sewer bonds. Denom. $1,000. Due $1,000 July 1 1925 to 1946,
inclusive.
Date July 11924. Int. J. tic J. Legality approved by John C. Thomson
of New York. Certified check for 2% of the par value of the bonds bid
for, payable to the Village Treasurer, required.
-BOND SALE.
SCARVILLE. Winnebago County, Iowa.
-The
White-Phillips Co. or Davenport lizs purchased $4,000 5% electric light
bonds. Denom. $500. Data July 1 1924. Prin. and semi-ann. int.
(J. & J.), payabl: at the office of the above named firm. Due $500 July 1
1927 to 1934.
-BOND OFFERING.SCRANTON. Lackawanna County, Pa.
Philip V. Mattes, City Solicitor, will receive sealed bids until 12 m. July
15 for $150,000 43 % coupon or registered "municipal impt. bonds 1924.
Denom. $1,000. Date June 1 1924. Prin. and semi-ann. in (J. & D.)
U
yearly on
greathniitceaIre2ue
ttl954icrPaileo bonds:llOe
as
and certified to by the United States Mortgage & Trust Co. of New York.
guaranteed
[VOL. 119.
Bidders are to state whether coupon or registered bonds are desired. The
legality of this issue will be pass... on by the counsel mutually acceptable to
,
the city and the purchaser. No bids to be considered unless accompanied
by cash or a certified check on an incorporated bank or trust company to
the order of the City Treasurer equal to 3% of the amount of bonds bid
which is to be a,pplled as part payment of the successful bidder for the bonds.
Bonded debt, May 1 1924
Assessed valuation for 1923
107,772,215
SCOTT COUNTY SCHOOL DISTRICT NO. 25 (P. 0. Scott City),
Kan.
-BOND OFFERING.
-Bids will be received until July 6 by Floyd
Helfrick, District Clerk, for $25,000 5% school bonds. Denom. $300.
Date July 1 1924.
SEATTLE, King County, Wash.
-BOND SAL -On June 30 Geo.
H. Burr & Co. of New York purchased 31,500.000 5% coupon registerable
as to prin. only or both prin. and int. municipal light and power plant
system bonds. Denom. $1,000. Date July 11924. Prin. and semi-ann.
int. (J. & J.) payable in gold at the City Treasurer's office or at the fiscal
agency of the State of Washington in N. Y. City, at option of holder.
Due $100,000 yearly on July 1 from 1930 to 1944 inclusive.
BOND SALE.
-During the month of May the City ofSeTtliriOrd
the following 6% Improvement District bonds, aggregating 985,612 41:
Dist. No. Amount.
Purpose.
Due.
3703
$19,263 47
Paving
May 3 1924
May 3 1936
3628
11,77449
Grading
May 5 1924
May 5 1636
Sewer
5,347 39
May 5 1924
May 5 1936
33679°8
Grading
3,212 73
May 6 1924
May 6 1936
Paving
16,875 95
May 8 1924
May 8 1936
3 66
3 °1
6
7
Sewers
21,364 92
May 24 1924
May 24 1936
Watermains
3,466 85
May 24 1924
May 24 1936
4.306 34
Watermains
May 26 1924
May 26 1936
3367B3275
Bonds are subject to call yearly.
SOMERSET,Somerset County,Pa.
-BOND OFFERING.
-Sealed bids
will be received until 2 p. m. July 16 by Richard Pile, Borough Secretary,
for $30000 5% water-works improvement Third Series bonds.Denom.
$500.bate July 1 1924. Int. J. & J. Due July 1 1934, optional July 1
1929. Certified check for 2% of the amount of bid, payable to the borough,
required.
SOUTH HADLEY, Hampshire County, Mass.
-BOND OFFERING.
-Until 5 p. m. (daylight saving time) July 7, Martinus Madsen, Town
Treasurer, will receive sealed proposals for the purchase of 967,000 4%
coupon school bonds. Issued in denomination of $1,000 each, dated
July 15 1924, and payable $4,000 on July 15 each year 1925 to 1940, incl.,
and 33„000 July 15 1941. Principal and semi-ann. int.(J. & J. 15) payable
at the First National Bank of Boston, in Boston. These 'ponds, it is stated.
are exempt from taxation in Massachusetts and are engraved under the
supervision of and certified as to genuineness by the First National Bank
of Boston: their legality will be approved oy Ropes. Gray, Boyden &
Perkins, whose opinion will be furnished the purchaser. All legal papers
incident to this issue will be filed with said bank, where they may be inspected at any time. Bonds will be delivered to the purchaser on or about
July 15 1924 at the First National Bank of Boston.
Financial Statement July 1 1924.
Net valuation for year 1923
$6,002,081 50
Debt limit 3% of average valuation three preceding years--- 171,765 65
Total gross debt including this issue
145,000 00
Exempted debt (municipal building oonds, $10,000; municipal light bonds, $22,000)
32,000 00
Net debt
$113,000 00
Borrowing capacity
$58,765 65
SOUTH SAN JOAQUIN IRRIGATION DISTRICT (P.O. Manteca),
San Joaquin County, Calif.
-Sealed bids will be
-BOND OFFERING.
received until 11 a. m.July 8 by S. L. Steele, Secretary Board of Directors,
for $430,000 534% irrigation bonds. Denom. $1,000 and MOO. Date
Nov. 6 1923. Prin, and semi-ann. int. (J. & J.) payable at the office of
the Treasurer of the District. Due $17,000, 1948; $22,000, 1949 to 1951;
827,500, 1952 to 1955; 333,000, 1956 to 1959; 338,500, 1960 and 1961, and
$28,000, 1962. The bonds have been approved by the California Bond
Certification Commission. A certified check for 5% of bid required.
SPARTANBURG SCHOOL DISTRICT NO.34(P.O. Spartanburg),
Spartanburg County, So. Caro.
-Sealed bids will
-BOND OFFERING.
be received until 11 a. m. July 10 by W. W. Jenkins, Secretary School
District, for $250,000 6% school coupon bonds. Denom. $1.000. Date
July 1 1924. Prin. and semi-ann. int. (J. & J.) payable at the Hanover
National Bank, New York. Due July 1 1944. Legality approved by
Thorndike, Palmer & Dodge, Boston. A certified check for $5,000, payable to C. C. Kirby. Treasurer, is required.
SPOKANE COUNTY SCHOOL DISTRICT NO. 143 (P. 0. Mill.
wood), Wash.
-BOND SALE.
-Peirce, Fair & Co. of Seattle have purchased $35,000 school bonds at 100.276.
SPOKANE COUNTY HIGH SCHOOL DISTRICT NO. 202 (P. 0.
Millwood), Wash.
-BOND SALE.
-A syndicate composed of Ferris &
Ilardgrove of Spokane, Blyth, Witter & Co.and Bond & Goodwin & Tucker
of Spokane have purchased $95,000 5% school bonds at a premium of $722.
equal to 100.76.
SPRINGFIELD TOWNSHIP RURAL SCHOOL DISTRICT (P. 0.
Box No. 47A. East Market Street Ext., Akron), Summit County,
Ohio.
-BOND OFFERING.
-Until 1 p. m. July 10 sealed bids will be received by C. S. Reeves. Clerk of the Board of Education.for $60.000 53.5%
school bonds. Denom. $1,000. Date July 1 1924. Int. semi-ann. The
maximum maturity of the bonds is 23 years.
STEVENS POINT, Portage County, Wis.-BOND SALE.
-The
Harris Trust & Savings Bank of Chicago has purchased $40,000 5% bridge
bonds at a premium of $1,036, equal to 102.59.
STFtASBURG, Tuscarawas County, Ohio.
-BOND SALE.
-On June
26 the Citizens' Bank of Strasburg purchased 34,200 5% water works repair bonds at par. Denom. $500 and $200. Date June 1 1924. Int.
STROMSBURG, Polk County, Neb.-BOND SALE.
-The $6,000
534% fire truck and extinguishing apparatus bonds offered on June 10
-V. 118, p. 2993
-were purchased by Burns, Brinker & Co. of Omaha
at a premium of 330, equal to 100.50, a basis of about 5.47%. Due
Aug. 1 1944.
SUGAR NOTCH, Luzerne County, Pa.
-BOND OFFERING.
-The
Borough Secretary will receive sealed bids until 7:30 p. m. July 14 for
340,000 5% street imtp. bonds. Denom. $1 000. Date July 1 1924.
Interest J. & J.
SUMMIT TOWNSHIP(P.O. Waterford R.F.D. No.4), Erie County,
Pa.
-BOND SALE.
-The $12,000 535% coupon road bonds offered on
,
June 30(V. 118, p. 3110) have been sold to M. M.
Freeman & Co. of Philadelphia at 102.69,a basis of about 4.84%. Date July 1 1924. Due $2,000
yearly on July 1 1926 to 1931 incl.
SUNBURY VILLAGE SCHOOL DISTRICT (P. 0. Sunbury) Delaware County, Ohio.
-BOND OFFERING.
-Sealed proposals will be received by P. S. Stanforth, Clerk Board of Education, until 12 in. July 26
for $50,000 534% school bonds issued under auhtority of Section 7630-1
of the Gen. Code. Date, $25,000 June 1 1924 and $25,000 Sept. 11924.
Prin. and semi-ann. int. (M. & S.) payable at the office of the above official. Due $2,000 each six months from Mar. 1 1925 to Mar. 1 1037.
Certified checks for $500 for each issue, payable to the Board of Education,
required.
SUSSEX COUNTY (P. 0. Georgetown), Del.
-BOND OFFERING.
W. Ellwood Wright, Secretary, Highway Improvement Commission, will
receive sealed bids until 1 p. in. July 22 for $25,000 5% highway bonds.
Denom. 31,000. Date Jan. 1 1922. Prin. and semi-ann. Int. (J. & J.)
payable at the Farmers Bank of Georgetown in gold. Due yearly on Jan. 1
as follows: 36,000, 1931 to 1940 incl.; $7,000, 1941 to 1950 incl.. and $6,000,
1951 to 1970. Any bond remaining unpaid on Jan. 1 1932 may be redeemed
by the Levy Court of the county at any interest period at a premium not
to exceed 5%. Certified check for 5% of the bid, payable to the County
Treastwer, required.
SYKES SCHOOL DISTRICT NO, 39, Wells County, No, Dale.
BOND OFFERING.
-Bids will be received until 2 p. m. July 7 by Forrest
Daniel, Clerk, at the County Auditor's office in Fessenden for $11,000
6% funding bonds. Due May 1 1944 A certified check for 5% of bid
required.
JULY 5 1924.]
THE CHRONICLE
TABLE ROCK, Pawnee County, Neb.-BOND ELECTION.
-A
special election will be held on July 7 to vote on the question of issuing
$1,500 bonds.
TONAWANDA, Erie County, N. Y.
-BOND SALE.
-The $10,000
434% street impt. bonds offered on June 30-V. 118, p. 3111-were
purchased by Sherwood & Merrifield, Inc.. of New York, at 101.53 a
basis of about 4.32%. Date July 1 1924. Due July 1 1935. The following
bids were also received:
Bid. I NameNameBid.
Geo. B. Gibbons & Co., Inc.,
First Tr. Co. of Tonawanda_101.258
101.07 1Fidelity Tr. Co. of Buffalo_ _100.778
New York
Union National Corp., N. Y.100.89 Parson, Son & Co., N. Y_ _101.376
TROY, Lincoln County, Mont.
-BONDS VOTED.
-At a recent
election toe voters authorized the issuance of $36.000 water works bonds.
UHRICHSVILLE, Tuscarawas County, Ohio.
-BOND SALE.
-On
July 1 the $71,014 60 534% street iprovement assessment bonds offered
on July 1-V. 118, p. 2993
-have been sold to the Detroit Trust Co. of
Detroit at 102.53, a basis of about 4.86%. Date July 1 1924. Due yearly
on Dec. 1 as follows: $11,014 60 1925 and $12,000 1926 to 1930, incl.
UPPER ARLINGTON (P.0. Columbus), Franklin County, Ohio.
BOND SALE.
-The two issues of 534% special assessment bonds offered
on July 1 have been sold as follows to the Citizens Trust & Savings Bank
Columbus:
of
$42,009 District No. 4 sewer addition bonds offered on July 1-V. 118,
-at 101.14. a basis of about 5.27%. Due yearly on
p. 2863
Oct. 1 as follows: $4,000 1925 to 1933. incl., except in 1929 when
$5.000 matures and $5,000 1934.
322,000 certain streets Improvement bonds offered on July 1-V. 118.
-at 100.78. a basis of about 5.34%. Due $32,000 yearly
p. 2993
on Oct. 1 1925 to 1933,incl., excepting the year 1929, when $33,000
becomes due and $33.000 1934.
Date July 1 1924.
VIGO COUNTY (P. 0. Terre Haute), Ind.
-BOND OFFERING.
A. F. Davis, County Treasurer, will receive sealed bids until 10 a. m.
July 10 for $14,000 5% Chas. Acton et al. highway construction bonds.
Denom. $700. Date July 1 1924. Int. M. & N. 15. Due $700 each six
months from May 15 1925 to Nov. 15 1934. incl.
WALLINGTON,Bergen County, N. J.
-CORRECTION IN AMOUNT
OF BONDS SOLD-PRICE.-Geo. B. Gibbons & Co. of New York were
awarded $250.000 534% coupon or registered school bonds on Jan. 15,
and not $125,000 as was stated in V. 118. p. 3111. The bonds were sold at
par and accrued interest. Denom.$1,000. Date Dec. 151923. Due 1964.
WARREN, Trumbull County, Ohio.
-BOND AND NOTE OFFER-Frank S. Watters. City Auditor, will receive sealed proposals
ING.
until 12 m. (Central standard time) July 25 for the following bonds and
notes:
$84,400 534% coupon property share notes issued under authority of
Ordinance No. 1523. Date June 2 1924. Int. J. & D. 2.
Due June 2 1925. Denom. $1,000 and $1,400.
45,000 5% cou..n city's share paving bonds issued under authority of
Ord .ance No. 1537. Denom. $1.000. Date April 11924.
Int. semi-ann. Due $5,000 yearly on Oct. 1 from 1925
to 1933 inclusive.
4,500 534% coupon city's share water main construction bonds issued
under authority of Ordinance No. 1557. Denom. $1,000
and $500. Date April 11924. Int. semi-ann. Due $1,000
yearly on Oct. 1 from 1925 to 1928 incl., and $500 Oct. 11929.
56,000 5'7., coupon city's share paving bonds issued under authority of
Or&nance No. 1558. Denom. $1,000. Date April 11924.
Int. semi-ann. Due on Oct. 1 as follows: $6,000, 1925 to
1927 incl.: $7,000. 1928: $6,000. 1929: $7,000. 1930. and
$6,000. 1931 to 1933 incl.
1,900 534% coupon city's share sanitary sewer bonds issued under
authority of Ordinance No. 1559. Denom.$1,000 and $900.
Date April 1 1924. Int. semi-ann. Due $1,000 Oct. 1
1925 and $900. Oct. 1 1926.
137,000 534% coupon city's share water main construction bonds issued
under authority of Ordinance No. 1565. Denom. $1.000.
Date April 1 1924. Int. semi-ann. Due on Oct. 1 as
follows: $7.000, 1925 to 1930 incl.: $8,000, 1931 to 1934
incl., and $7,000, 1935 to 1943 incl.
Prin. and int. payable at the City Treasurer's office. A certified check
for $500, payable to the City Treasurer, required.
WASHINGTON SUBURBAN SANITARY DISTRICT, Maryland.
-Sealed bids for the purchase of Series "I" of the
-BOND OFFERING.
Washington Suburban Sanitary District bonds, issued under the authority
of Chapter 122 of the Acts of the General Assembly of Maryland of 1918,
and amendments at the January Session of the General Assembly of 1924.
in the sum of $500,000, bearing 434% interest payable semi-annually, and
dated July 1 1924, maturing in fifty years, redeemable in thirty years, will
be received by the commission at its office in the Evans Building. Washington, D.C., until 3 p. m. July 11. These bonds, according to notice of offering, carry all the exemptions as to taxes of Maryland municipal bonds.
Application has been made to the Public Service Commission of Maryland
for approval of this issue. A cert check for $5,000 must accompany each
bid. Circular furnished upon request and bids must be submitted on information contained therein.
WAYNE COUNTY (P. 0. Wooster), Ohio.
-On
-BOND SALE.
June 17 an issue of $171.000 5349 road improvement bonds was sold to
W.L. Slayton & Co. of Toledo for $179.087 60
-equal to 104.72. Denom.
$1,000. Date April 1 1924. Int. A.& 0. Duel to 9 years.
WELDCOUNTY SCHOOL DISTRICT(P.O. Master), Colo.
-BOND
ELECTION.
-An election will be held on July 14 to vote on the question
of issuing $7,000 building bonds.
WELLESLEY, Norfolk County, Mass.
-A
-TEMPORARY LOAN.
temporary loan of $100,000 has been sold to the First Nat. Bank of Boston
on a 2.43% discount basis. Payable in 5 months.
WESTCHESTER TOWNSHIP (Chesterton), Porter County, Ind.
BOND SALE.
-On June 26 the $15,000 536% coupon school bonds for
which bids were called until May 24-V. 118. p. 2349
-were awarded to
the Chesterton Bank of Chesterton at 98.50, a basis of about 5.92% •
Date June 26 1924. Due $3,000 yearly on July 10from 1926 to 1930,incl.
WEST ELIZABETH, Allegheny County, Pa.
-BOND OFFERING.
Sealed bids will be received until 7 p. m.(Eastern standard time) July 21
by C. F. Montgomery, Borough Secretary, for $8,500 434% impt. bonds.
Denom. $500. Date July 1 1924. Int. semi-ann. Due $1,000 yearly
1934 to 1937, incl., and $1,500, 1938 to 1940, incl. Certified check for
$500 required.
WILSON GRADED SCHOOL DISTRICT (P. 0. Wilson), Wilson
County, No. Caro.
-BOND SALE.
-The $35,000 school bonds offered
on June 27-V. 118, p. 2995
-were awarded as 5s at 100.80. a basis of
about 4.94%, to Braun, Bosworth dr Co. of Toledo. Date July 1 1924.
Due on July 1 as follows: 31,000, 1927 to 1945 incl., and $2,000, 1946
to 1953 incl.
WINFIELD, Cowley County, Kan.
-BOND OFFERING.
-Sealed
bids will be received until 7:30 p. m. July 8 by H. H.Hanlen, City Clerk,
for $333,980 84 5% paving bonds. Denom. $1,000 and $500, except one
bond for $480 84. Date July 1 1924. Due serially in ten years. A
certified check for 2% of bid required.
WINNETT, Fergus County, Mont.
-BONDS NOT SOLD.
-The
$20.000 6% refunding bonds offered on Feb. 5 (V. 118, p. 338) were not
sold. The bonds are still for sale.
WOODSVILLE FIRE DISTRICT (P. 0. Woodsville), Hillsborough
County, N. H.
-BOND SALE.
-The following two issues of 4;4% coupon
bonds offered on July 1-V. 118. p. 3231-were purchased by Harris,
Forbes & Co. at 100.48. a basis of about 4.42%:
325,000 "Electric Loan" bonds. Denom. $1,000. Date May 1 1924.
Payable $2,000 May 1 1926 to 1937. incl., and 31,000 May 1 1938.
15.000 "Water" bonds. Denom. 31,000. Date May 1 1924. Payable
31.000 May 1 1926 to 1940, incl.
WOOSTER CITY SCHOOL DISTRICT (P. 0. Wooster), Wayne
County, Ohio.
-BOND OFFERING.
-Until 12 m. (Eastern standard
time) July 10 L. A. Woodard, Clerk Board of Education, will receive sealed
bids for $53,000 5% coupon building and equipment bonds Issued under
authority of Sections 7625 to 7628 incl. of the Gen. Code. Denom. 31,000.
Date June 1 1924. Prin. and semi-ann. int. (J.
-D.) payable at the office
of the Sinking Fund Commission of the district. Due on Dec. 1 as follows:
35,000, 1925 to 1934 incl., and $3,000. 1935. A cert. check drawn upon a
solvent bank or trust company, other than the bidder, payable to the order
of the Board of Education for 2% of the amount of the 'bonds bid for, must
accompany each bid. The proceedings for the issuance of these bonds have
been taken under the direction of Squire, Sanders & Dempsey. bond attorneys of Cleveland. Ohio, and their approving opinion will be furnished to the
purchaser without additional cost.
YAKIMA COUNTY (P.O. Yakima), Wash.
-BOND SALE.
-John E
Price & Co. of Seattle have purchased $35,000 7% road bonds. Denom.
$500. Date July 1 1924.
YELLOW MEDICINE COUNTY (P. 0. Granite Falls), Minn.
BOND SALE.
-The $349,726 drainage bonds offered on April 23-V. 118.
p. 1824
-were purchased by the Minneapolis Trust Co. on April 23 as 84
at a premium of 36.305, equal to 101.77. Denom. $1,000. Date May 1
1924. Int. semi-ann.(M. & N.). Due 6 to 20 years.
YORK, York County, So. Caro.
-BOND OFFERING.
-Sealed bids
will be received until 12 m. July 15 by E. A. Hall, Mayor, for $35,000
not exceeding 6% water and sewerage bonds. Due in 20 years. A certified
check for $500 required.
NEW LOANS
FINANCIAL
The great resources of this institution form
but one reason why it is selected by so many
out-of-town banks, corporations and individuals who desire a Pittsburgh banking
connection.
Our intimate knowledge of
financial conditions throughout the world and
the comprehensiveness of Mellon Banking
Service have very definite value to such clients.
We invite your correspondence.
We Specialize in
City of Philadelphia
38
325
/
1
4s
44/s
4
41/ s
2
5s
5145
/
51 2s
/
115
Capital and Surplus
$12,000,000.00
MELLON NATIONAL BANK
PITTSBURGH, PA.
Biddle & Henry
104
South Fifth Street
Philadelphia
Private Wire to:VVetelYork
Cali Cana) 8437
STOCKS AND BONDS
BALLARD & COMPANY
Bought and sold for cash, or carried on
conservative terms.
Inactive and unlisted securities.
inquirinr. invited.
Members New York Stock Exchange
FINCH, WILSON & CO.
Formerly Finch
HARTFORD
Members New York Stock Exchange.
120 BROADWAY
NEW YORK
Connecticut Securities
& Teirbell
Mortimer & Co.
149 Broadway
New York
116
THE CHRONICLE
CANADA, its Provinces and Municipalities.
-An issue of $750.000
ALBERTA (Province of).
-BOND SALE.
-year bonds was awarded, on June 30 to a Toronto syndicate, composed
15
of A. E. Ames & Co.. Dominion Securities Corp. and Wood, Gundy & Co.,
on a bid of 96.88. Other bids included Gairdner, Clarke & Co., McLeod.
Young, Weir & Co.. 96.78; Bell, Gouinlock & Co., Matthews & Co., R. A.
Daly It Co., 96.72.
BIPROST, Man.
-BOND SALE.
-C. H. Burgess & Co. during the
-installment bonds at 102.20.
month of June purchased $11,000 6% 20
COCHRANE, Ont.-DEBENTURE SALE.-Gairdner, Clarke & Co.
have purchased $40.000 535% 20-instahnent debentures, guaranteed by the
province of Ontario, at 100.783. the money costing 5.40%. Bids were as
follows:
Gairdner, Clarke & Co.
100.7831A. E. Ames & Co.
100.09
Bain. Snowball & Co
100.647 Dyment, Anderson & Co_ _ 100.07
Wood, Gundy & Co
100.32 Macnell, Graham & Co
99.37
DARTMOUTH, N. S.
-BOND SALE.
-It is stated that an issue of
-year bonds has been sold to the Nova Scotia Trust Co. at
$25,000 5% 5
97, the money costing 5.70%. An issue of $5,000 5% 20
-year debentures
was awarded to J. C. Mackintosh & Co. at 97.17, which is equal to a cost
basis of 5.23%. Tenders for both issues were as follows:
5 Years. 20 Years.
Nova Scotia Trust Co
95.25
97.00
J.C. Mackintosh & Co
97.17
W. F. Mahon & Co
96.19
96.19
Johnston & Ward
95.72
96.80
Eastern Securities Co
95.42
96.64
H. M. Bradford & Co
96.67
DORVAL, Que.-BOND SALE.
-An issue of $50,000 6% 10
-year
bonds, reports say, has been sold to Rene T. Leclerc, Inc., at 101.13, the
money costing 5.85%. Tenders were as follows:
Rene T. Leclerc,Inc
101.13 'Municipal Debentures Corp_ 99.79
Wood, Gundy & Co
101.11 Dominion Securities Corp--- 99.635
Credit Anglo Francais, Ltd-101.03 Versailles. Vidricaire & BouA.P.B.Williams, Mead & C100.77
lois, Ltd
99.26
A. E. Ames & Co
100.38 Le Fret Municipal
98.52
L. G. Beaubien & Co
100.05
GREATER WINNIPEG WATER DISTRICT, Que.-BOND SALE.
A syndicate composed of Kissel, Kinnicutt & Co., First National Bank of
New York and McLeod, Young, Weir & Co., Ltd., has purchased an issue
-year gold water works system bonds at 97.287 New
of $1,040,000 5% 20
York funds. Denom. $h000. Date July 1 1924. Principal and semiannual interest (J. & J.), payable in gold at the Bank of Montreal in
Toronto. Montreal, Winnipeg or New York City. Due July 1 1944. The
bonds are coupon bonds. registerable as to principal. The legality of the
bonds is to be approved by E. G. Long. Esq., K.C. Alternative bids were
called for 20 and 3 year bonds. The bids were as follows:
20
-Year. 3
-Year.
Kissel, Kinnicutt & Co.,First National Bank of New York,
McLeod, Young, Weir & Co., Ltd
97.287
99.41
A.E. Ames & Co.. Bankers Trust Co., Old Colony Trust
Co. and Coffin & Burr
96.29
09.59
Wood.Gundy & Co.and National City Co
95.839
99.29
Harris. Forbes & Co
96.17
100.10
Dominion Securities Corp. and Dillon, Read & Co
99.329
Montreal
Bank of
100.27
FINANCIAL
[VoL. 119.
Financial Statement (Greater Winnipeg Water District).
Assessed value for taxation
$173.835,820
Total debenture debt
17,073,112
Less sinking fund
904.250
Net debenture debt
16.168,862
Population. 246,476. Area. 52.34 square miles.
HUNTSVILLE, Ont.-BOND SALE.
-An issue of $35,500
30-installment bonds has been sold to the Dominion Bank at par. 53%
KENORA, Ont.-BOND SALE.
-C. H. Burgess & Co. on June 23
purchased the following issues of refunding bonds at 97.34:
$20,000 00 6% public impt. bonds. Date March 1 1924. Due March 1
1944. Int. M.& S.
11.217 94 5)% road construction bonds. Date July 19 1924. Due
Dec. 1 1953. Int. J. & D.
Denom. $500.
MANITOBA (Province of).
-BOND SALE.
-An issue of
bonds has been sold to Wood, Gundy & Co. Due Aug. 18 $1,118,000 5%
1943.1
MONTREAL METROPOLITAN WATER DISTRICT, Que.-BASIS
-BIDS.-The two issues of 53 % municipal bonds awarded to a syndicate
headed by Rene T. Leclerc, Inc., at 102.17, as stated in V. 118, p. 3232,
at that price mean a cost basis of 5.23% to the district. The bids were as
follows:
Canada
U. S.
Funds. Funds.
Harris. Forbes & Co.; Hanson Bros.; Rene T.Leclerc,
Inc.;
R. A. Daly & Co.; Matthews & Co
96.819
A. E. Ames & Co.; Wood, Gundy & Co.; National
City
Co.; Greenshields & Co
96.689 97.03
Dominion Securities Corp.; Dillon, Read & Co
97.049
Gairdner. Clarke & Co.; McLeod, Young, Weir & Co.; 96.033
C. H. Burgess & Co
E. H.Rollins & Co.; R.A. Daly & Co.; Wm.R.Compton 95.637
& Co
96.9578
National City Co.; Harris, Forbes & Co
95.9066
Union Bank; Sisto & Co.; Brandon. Gordon &
Waddell;
Miller & Co
95.01
Financial Statement (Greater Winnipeg Water District).
Assessed value for taxation
$173,835,820
Total debenture debt
17.073,112
Less sinking funds
904,255
Net debenture debt
16,168,857
Population
246,476
ST. JOACHIM DE CHATEAUGUAY, Que.-DEBENTURE SALE.
It is stated that an issue of $18,000 6% 18
-year debentures has been
Municipal Debentures Corp. at 100.85, the money costing 5.42%.sold to
Tenders were as follows:
Municipal Debentures Corp--100.85 IL. G. Beaublen & Co
99.61
J. C. Trudeau
100.201
SASKATCHEWAN SCHOOL DISTRICTS.
-DEBENTURE SALES.
-The"Monetary Times" gives the following as a list debentures reported
sold by the Local Government Board from June 6 of
Kinley, $5,000
654%, 10 years, to Regina Brokerage & Investmentto 13:
Co.; La Plaine, $600
6A %,5 years. to Regina P. S. Sinking Fund;
McPherson. $2,700 6%.
15 years, to Rosetown Sinking Fund,
WENTWORTH COUNTY, Ont.-BOND SALE.
Harris & Co. were awarded an issue of $547.000 -Bidding par, Bird,
-year bonds on
June 29. Other tenders were received from A. E. 5% 20 Co.,
$98,334;
Nesbitt. Thnmi--• r'n VW 89; Macneill, Graham & Ames &
Co., $98 07; Gairdner.
Clarke & Co.. $98 09; Bain, Snowball Co., $97 967; McLeod, Young,
Weir & Co., $98 19.
PHILADELPHIA
SPARTANBURG, S. D.
A. M. LAW & CO., Inc.
Chartered 1836
E.W.Clark*Co.
DEALERS IN
BANKERS
Stocks and Bonds
Southern Textiles a Specialty
321 Chestnut St., Philadelphia
SPARTANBURG, S. C.
Established 1837
COLUMBUS, OHIO
Members
W. W. CARY kit CO.
New York and Philadelphia
Members Columbus Stock Exchange
Stock Exchanges
COLUMBUS SERVICE
so
BOLES E.WESTWOOD
Institutions Desiring
5iock ExchanSe
Membefs Phila.j
Philadelphia Connections
BONDS
OF PROVEN
are invited to avail themselves
the Banking, Trust, Real
Estate and other facilities of
this Company, which is now
serving many clients in other cities.
of
The continued growth of this
Company, without consolidation,
since its establishment under perretual charter in 1336, is evidence
of the satisfactory service rendered.
Capital and Surplus . . 510,000,000
Resources _. . . . . . 61,000,000
Individual Trust Funds . 550,000,000
Corporate Trust Funds $1,459,000,000
VALUE AND
'READILY sapoks
East Broad
COLUMBUS, OHIO
ATLANTA
THE ROBINSON-HUMPHREY CO.
Established 1894
MUNICIPAL AND CORPORATION
BONDS
ATLANTA
GEORGIA
Land:ritle f)10,,Philadelphia
PHONE:LoCIAST 4123
AMERICAN MFG.CO.
ROPE & TWINE
Pennsylvania Tax Free Bonds
PAUL & CO.
embers Philadelphia Stock Exchange
MANILLA, SISAL, JUTE
Plobl• End West Streets, Brooklyn, N.Y.Ctty
Pennsylvania Building
PHILADELPHIA
GIRARD
TRUST COMMY
Rroad & Chestnut Sts., Philadelphia
WARREN A. TYSON & CO.
USE AND CONSULT
Investment Bonds
The Financial Chronicle
Classified Department
1427 Walnut Street
PHILADELPHIA
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