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financial
The
rontrie
Bank & Quotation Section
Railway Earnings Section
VOL. 117.
INCLUDING
Railway & Industrial Section
Bankers' Convention Section
SATURDAY, JULY 7 1923
Electric Railway Sectiaa
State and City Sectiest
NO. 3028
side for money led to extensive investment of British
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Subscription includes following Supplements—
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duce general calamity.
plc Thranicit.
The Financial Situation.
As the week closes the security markets show a
tendency towards recovery, after a further slump the
early part of the week which carried virtually all the
leading stocks to new low records in the prolonged
downward movement. Granting that high production costs are bound to cause a reaction in trade,
liquidation on the Stock Exchange has been so general and so pronounced, and the decline in prices has
reached such huge proportions, it would seem to
have more than discounted the very worst that may
happen. If this be a correct view, then we may now
look for a period of relative steadiness in values until
it becomes possible to gauge current tendencies in
the industrial world with greater definiteness.
In the financial world, the dis 'nctive event of the
week has been the advance in the Bank of England
rate of discount from 3% to 4%. This has had little
or no influence on the markets here, and yet, curiously enough, the step is directed against us. There
has been no attempt to con al the . rpose behind
the move. We are told the advance was made necessary by the fact that the cheapness of money in London
has been acting to the detriment of Great Britain's
financial position. On the one hand the low rates
pi evailing in London induced considerable borrowing by "overseas borrowers," nd in particular by
borrowers in the United States, and on the other
hand, the better remuneration to be obtained on this
Insolvencies during June this year in the United
States were the smallest in number of any month
since June two years ago—in fact, going back to December 1920, the number of insolvencies has been
considerably higher each month than that given for
June this year, with the exception of only three
months, and for these three months the difference
was only trifling, March, May and June 1921 being
the months referred to. Likewise, as to the amount
of defaulted indebtedness, the heavy monthly losses
during the past three years, in most instances far exceeding any previous record, are now changed in the
month just closed. Commercial failures during June
number 1,358 and the amount involved is $28,678,276.
These figures contrast with 1,530 similar defaults in
May this year with $41,022,277 liabilities and 1,740
insolvencies June a year ago, when the indebtedness
was $38,242,450. During the past 30 months, or
since 'December 1920, the amount of defaulted indebtedness reported in any month has been under
*40,000,000 only seven times, the lowest other than
last month being $34,639,375 for the month of June
1921; between $40,000,000 and to $50,000,000 ten
times, and between $50,000,000 and $3 , 00,000, the
75
latter for December 1921,13 different months. These
are enormous sums, and as stated above, in most instances far in excess of previous defaults. At times
there was serious strain to the commercial structure,
but it is felt now that all of this has passed, and while
2
THE CHRONICLE
the losses in June must still be considered large it is
gratifying to find that at length there is improvement.
The above remarks relate to strictly commercial
failures as distinguished from the defaults of banking and other fiduciary concerns. Our figures are
taken from the records of R. G. Dun & Co., and this
mercantile agency also subdivides the figures so as
to show the amounts for the different departments of
trade. During June there was improvement in the
three leading divisions, especially in manufacturing,
where 348 insolvencies occurred, with a total indebtedness of $11,660,051. These figures contrast with
409 manufacturing defaults in June 1922 owing a
total of $11,575,842. In the trading division, during
June this year, the insolvencies numbered 970 and
the liabilities were $12,412,517, the figures for the
corresponding month last year being 1,259 defaults,
with an indebtedness of $20,837,492. There is likewise a marked improvement to be noted as to
agents and brokers (other than brokers in the stock
and bond markets, which are included in the quarterly returns among banking defaults); the June report shows 40 such insolvencies, with an indebtedness of $4,605,708, these figures contrasting with 60
similar defaults in June last year, having liabilities
of $5,376,224.
In reference to the large failures last month, those
where the indebtedness in each instance exceeds
$100,000, especially the larger manufacturing defaults, there were 26 insolvencies of manufacturing
•concerns, with total liabilities of $7,052,376. These
figures contrast with 21 similar defaults in the preceding month, with an indebtedness of $10,832,944,
and with 30 in April of this year for more than $27,000,000 of liabilities. The large manufacturing defaults in the first three months of the current year
were for nearly as big sums as for April and May.
Large trading defaults during June were also less
numerous than in the earlier months this year, there
being only 15 defaults in June this year, with a total
indebtedness of $2,919,928. Among agents and brokers (excluding the Wall Street defaults) there were
only six of the larger failures during June this year
and the indebtedness amounted to only $3,776,156.
This makes a total of 47 commercial failures in the
United States during June this year, having $100,000
of liabilities or more in each instance, with an indebtedness of $13,748,460. This is considerably
smaller, both as to number and amount, than for any
preceding month this year, and contrasts with 61
similar defaults for $16,166,970 of indebtedness in
June 1922; 56, for $18,777,019 in June 1921, and 26,
for $25,929,551 in June 1920. The remaining insolvencies for June this year, where the indebtedness
for each failure was less than $100,000, numbered
1,311, with liabilities of $14,929,816, an average for
each default of $11,390, the corresponding figures for
June last year being $13,148; June 1921,$12,549, and
June 1920,$10,897.
Commercial defaults during the second quarter of
this year, which closes with June, and in which the
insolvencies by geographical divisions are enumerated, reflect the improvement over the preceding 10
quarterly periods, going back to the third quarter of
1920, since which time failures have been so numerous and for such large amounts. During the second
quarter of this year the number of defaults in strictly
commercial lines was 4,408 and the amount of inriebtednefis $121,192,494. These figures contrast
[Vol,. 117.
with 5,316 similar defaults in the first quarter of this
year, having liabilities of $138,231,574; 5,867 defaults and an indebtedness of $155,703,973 during the
second quarter of 1922; and 4,163 defaults in the corresponding period of 1921, with $130,273,613 of liabilities. In the New England and Middle Atlantic
States, noteworthy improvement appears in the latest reports, especially for Massachusetts and Connecticut, and for New York, where a very considerable
reduction both as to the number of insolvencies and
the indebtedness appears. For New York, liabilities
are about one-half of what they were a year ago.
There is one less failure in New Jersey this year than
a year ago, and 12 less in Pennsylvania, but the defaulted indebtedness reported in New Jersey for the
second quarter of this year is practically the same as
it was during the corresponding period of 1922, while
in Pennsylvania losses are very much heavier this
year, the increase being quite noteworthy as to both
manufacturing and trading divisions in the last mentioned State. In the South, where losses were exceptionally heavy during the previous two years, owing
to cotton crop conditions, there is a marked improvement this year, although in three or four of
the large Southern and Southwestern States,
where some large failures have occurred during the last three months, failures which had
no bearing on the local or cotton crop situation,
caused a considerable increase in the defaulted indebtedness. In practically every Southern State a
considerable decrease appears in the number of insolvencies during the second quarter of this year as
contrasted with the corresponding three months of
1922, but a single heavy failure in Oklahoma caused
a very large increase in the amount of liabilities reported by that State this year. The indebtedness
shown in the quarterly report this year was also
larger in Arkansas; likewise, for North and South
Carolina, but there was a decided reduction in.the
liabilities reported for Virginia, Georgia and Florida
and in practically all of the other Southern States
for this year.
In the Central section, some large manufacturing
defaults during the second quarter of this year have
the effect of adding to the losses in some of the States
there, notably in Ohio and Indiana, and some large
failures in Missouri and Minnesota, classified as
agents, raised the liabilities reported in those two
States for the second quarter of 1923 very materially
above the amount reported for the corresponding period of 1922. With these exceptions, both losses and
the number of defaults in practically all of the Central States show a very considerable reduction for
the second quarter of this year, as contrasted with a
year ago. As to the mountain district and Pacific
Coast, there is a marked improvement this year.
Colorado reports three more failures in the second
quarter the present year than last, but with this exception: insolvencies in the other States of the Far
West are generally fewer in number than for the corresponding period of last year. In the State of Washington liabilities this year are somewhat larger than
they were a year ago, but in the other States of the
Pacific Coast a reduction appears.
It is almost superfluous to say in view of the failure of Knauth, Nachod & Kuhne and Zimmermann &
Forshay, and a number of others of the same class,
that banking failures make unfavorable comparisons
with the immediate past. According to the figures
of R. G. Dun & Co., banking defaults in the United
JULY 7 1923.]
THE CHRONICLE
States during the second quarter of 1923 numbered
64, with a total indebtedness of P6,699,644. These
figures contrast with 65 suspensions during the first
quarter of 1923, having liabilities $12,052,023, and
with 58 defaults with 14,825,348 of indebtedness
during the second quarter of 1922. Nearly 45% of
the banking indebtedness for the second quarter of
this year comes from the New York financial district.
The Government's estimate of cotton acreage this
year, issued on Monday last, took the trade by surprise. Some increase in acreage over last year was
of course expected, variously indicated at from 6%
to 9%, but a gain of 12.6%, which the Government's
report shows, was not looked for. A later revision of
the figures downward, as was necessary in previous
years, seems therefore not unlikely. As a matter of
fact it is explained by the Department that it has not
been the practice of the Department since 1919 to
take cognizance, in its July estimate, of acreage
planted to cotton in the first instance and then abandoned. The Secretary of the Board is quoted as saying,"Our studies have shown us that the correspondents make allowance for this factor in their condition
figures." On this basis the Department's figures
would necessarily show a much larger increase than
the estimates of other parties, made up on a different
basis, since an unusually large amount of acreage,
after having been seeded down to cotton, had to be
abandoned the present year because of long continued rain and floods, and this counted as an offset to
the increase in acreage brought under cultivation.
Our estimate of acreage, published in the "Chronicle" of June 23, took both factors into consideration,
as perusal of the summaries for the different States
will show, and we accordingly found a net increase
of only 8.57%. We imagine other investigators also
took abandoned acreage into consideration. The
Department's figures are to be accepted therefore
with this qualification in mind. Without allowing
for abandoned acreage, the area of cotton in cultivation this year is fixed by the Department at 38,287,000 acres. These figures contrast with 34,016,000
acres, the revised estimate of acreage in cultivation
a year ago, being an increast for the current year of
4,271,000 acres, or 12.6%, as already stated. The area
for this year, as thus given, is the largest on record.
A year ago the 1922 area was originally placed at 34,852,000 acres, but the revised figures later reduced
this by 836,000 acres to 34,016,000 acres. Furthermore, only 33,036,000 acres of cotton were picked in
1922,so that there was an additional reduction in the
area for that year of 980,000 acres.
The condition of the growing crop of cotton on
June 25 this year is placed at 69.9% of normal in the
report of Monday, which contrasts with 71.0% on
May 25 last and with 71.2% the condition of last
year's cotton crop on June 25 1922. The average condition for the past ten years on June 25 is 76%. The
larger acreage this year, however, gives promise of a
larger crop. The June condition this year forecasts
a yield of 142.6 pounds to the acre, the Department
says, which, applied to its figures of acreage, would
mean a total production of 11,412,000 bales. This is
considerably higher than any of the recent estimates
of cotton production for this year. As is generally
known, conditions developing during the remainder
of the growing season, especially during the vital
month of August, may mean much to the final yield
3
either for an increase or decrease. Last year the production was 9,761,817 bales; two years ago 7,953,641.
In 1920 the yield of cotton was 13,439,603, and in the
preceding year 11,420,763 bales. Previous June 25
forecasts were on six occasions in the past eight
years higher than the final yields per acre, the average for the six times being 14.8% higher. Twice in
these same years the estimate of June 25 of the yield
per acre was below the final yield, on one occasion
3% lower and on the other 13%. For the past eight
years the June 25 forecast has averaged 9.1% higher
than the final yield.
Naturally, much interest centres in the indicated
condition for the different States. The big area for
Texas, 14,077,000 acres this year, promises much
with a condition of 77% on June 25. We have had
frequent occasion to direct attention to the fact that
a variation of 1,000,000 to 2,000,000 bales in the yield
of cotton in Texas on the long side is one of the possibilities in that great State. Last year the area
planted to cotton in Texas was 12,241,000 acres and
the condition on June 25 1922 was 72%. The other
States where the area is large are Georgia, Alabama,
Mississippi, Arkansas and Oklahoma, these six
States, including Texas, having 81.1% of the total
area in cultivation to cotton this year. For Georgia
there are 3,927,000 acres this year, but the condition
on June 25 was only 56%; for the crop of 1922 the
area in Georgia was 3,636,000 acres and the condition
on June 25 1922 was 58%. Alabama, Mississippi and
Oklahoma all report more than 3,300,000 acres this
year, the total of these three States being 10,022,000
acres; last year the total for these three States was
only 8,935,000 acres. The condition on June 25 this
year is for the three respectively,68%,67% and 64%.
As to the first two, a slight deterioration appears in
condition in the comparison with a month earlier,
but for Oklahoma the condition June 25 is one point
better than on May 25 last. For Arkansas, the area
this year is 3,025,000 acres and the condition on June
25 last 66%, the same as in May; last year the area
for Arkansas was 2,827,000 acres. Both of the Carolinas are given as showing a larger acreage this year,
but this is without allowing anything for abandonment and it does not seem worth while going into the
details of the minor States.
Peace in the building trades and in coal mining is
still to come, and not even a temporary truce is
surely attained. At the close of last week the feeling
was that little improvement could be soon expected;
only about one-half the bricklayers had returned to
work since the supposed settlement, and the head of
the governing board of the Building Trades Employers' Association said that before the strike only about
60% of the bricklayers needed for construction already under way was available and now the available
ratio was only about one-half of that 60%. There
was nothing for it, he thought, but for the employers
to wait until the men were ready to return or more
men were to be had.
The mischievous operation of "the same as" continues. On Thursday it was announced that the old
"sympathetic" strike is with us again, such a strike
having been called on seven factory and loft buildings by members of the Master League of Cement
Workers; metallic lathers, ironworkers, carpenters
and hoisting engineers are quitting to assist the concrete strikers. The contractors ventured to put on
some non-union men, and that brought a halt. The
4
THE CHRONICLE
engineers say they will not hoist, the carpenters will
not build forms for pouring concrete, and the lathers
and ironworkers will not do anything until the strikers are satisfied, this being under the tacit understanding that no union man will work with nonunion.
The Secretary of the Builders' Exchange in St.
Paul writes encouragingly of the training school for
bricklayers which the general contractors of St. Paul
and Minneapolis have been conducting since March
of 1921. A fund was subscribed for. and a compeit,
tent bricklayer hired as instructor. The response to
public notices given has been quite ample, and the
school is expected to be permanent. The course is
for six months, at a tuition charge of $5, which is refunded to those who attend 75% of the sessions.
There are no age restrictions, and the best students
are found to be from 25 to 35. The cost of training
a man is about $350; the average time required is
five months, at an average cost of $7 a month; and
100 students are now enrolled. It is charged that
the union restrictions—such as barring all over 21
and requiring a three years' apprenticeship—are the
cause of the decline of about one-fourth in the number of bricklayers in the country during the last census decennium.
In procuring from Judge Anderson of the Federal
District Court in Indianapolis, dismissal of a batch
of indictments obtained in February of 1921 against
coal operators, United Mine Workers' officials and
others for conspiring in violation of the Sherman
law, Attorney-General Daugherty makes the remarkable assertion that many apparent controversies
were "faked," being deliberately concocted as a cover
for extortionate prices exacted from consumers. The
head of the Fact-Finding Coal Commission has
warned the anthracite miners' convention against
any strike in this coming autumn and urged that demands for wage increases should be held in abeyance
until the Commission's report is available; yet the
20% wage boost, a two years' contract on it as a
basis, and the adoption of the"check-off"abuse stand
as some of the demands to be made upon the conference now opening. An interesting reniinder of the
massacre in Williamson County in southern Illinois
last summer is given by the announcement that the
Illinois Mine Workers' Union has bought the Herrin
mine for $726,000, the purchase being understood to
be as a means of satisfying the damage suits intended
by the owner.
Per aspera ad astra; through struggle and murder and bloodshed and injustice to permanent triumph of reason and right—apparently this is the
course. No further wage reductions will be accepted
by labor, said Mr. Gompers in Baltimore, a few days
ago, declaring once more that in our national life
since the Civil War the long series of strikes whereby
wages were prevented from being forced to the starvation level were "the greatest thing that has happened." The struggles of labor, he added, are only
just beginning, and the movement for the open shop
"is really a blow aimed at the vitals of labor, having
for its end the crushing of organized workingmen."
The same old plaint; but the labor union 'itself is
aiming this "blow," and the freeing of enslaved labor
will be its result. Again and again it must be said—
for in this fact is our best assurance of future industrial peace—that the unions are pushing on the cause
of the open shop.
[voL. 117.
The more the French considered the Pope's note
relative to the Ruhr occupation the less they liked it,
according to Paris cable advices. The Paris correspondent of the New York "Times" said that the
note was "resented by all parties, even the leaders of
the Catholic Right Wing." The French Senate, following spirited speeches by Premier Poincare and
several prominent Senators, "registered its disapproval" by a formal vote. At the same session,"with
unanimity," the Senate "voted the credits for the
Ruhr occupation," amounting to 307,000,000 francs.
The Chicago "Tribune" correspondent at Rome cabled that "in Vatican circles it is affirmed that the
Pope is painfully impressed with the 'misinterpretation' of his letter in some quarters, especially in
France and Belgium." The correspondent added
that "it is pointed out that it is his desire to bring
on peace and return to moral and economic well-being for suffering humanity. To accomplish this it
is necessary to solve the reparations problem. It is
said that he felt that there was not sufficient determination shown on the part of responsible statesmen
to smooth out the difficulties and come to the desired
solution, and it was this impression that induced
him to write the letter."
That the French had no intention of lessening their
hold on the occupied area of the Ruhr was shown by
a dispatch from Coblenz June 29, which stated that
"the French to-day extended their occupation in the
Mayence bridgehead to Langen, on the DarmstadtFrankfort railroad line eight miles south of Frank
fort, and to Eschborn, on the Frankfort Bronberg
line, seven and one-half miles northwest of Frankfort. The operation is a penalty for recent sabotage
on the railroads." From Mayence came word under
date of June 29 that "seven Germans were to-day sentenced to death by a French court-martial for sabotage. The court condemned another man to penal servitude for life and still another to five years' imprisonment on the same charge."
Little of a definite character came to light early in
the week relative to the secret negotiations over the
Ruhr situation supposed to be going on between
Great Britain and France. The New York "Tribune" correspondent cabled June 29 that "though the
British Government is honestly endeavoring to bring
its influence to bear on France to answer the questions recently submitted to it by England and prevail upon Premier Poincare to agree to a formula for
a solution of the Franco-German conflict, which the
Cuno Government could accept without making its
position at home untenable, M. Poincare remains intransigeant and still insists on Germany's unconditional surrender. In fact, so far as it can be judged
here, it is declared that there is not the smallest
gleam of hope from France, for M. Poincare still believes he can calmly await Germany's collapse and
dictate peace." The correspondent added, however,
that "despite M. Poincare's intransigeant position, it
still is hoped that the factors now at work for a settlement may succeed in forcing a compromise. The
chief of these factors are summarized as follows:
First, the increased activity by the British Government; second, the visit of the Queen of Holland to
London, which, it is declared, is not without political
importance, especially if it is remembered that
shortly before it the Kings of Sweden and Norway
paid visits to The Hague; third, the Pope's letter to
Cardinal Gasparri, which the 'Tribune' can say on
the highest authority was written in agreement with
JULY 7 1923.]
THE CHRONICLE
5
Commenting upon these measures, the Paris reprethe British and Italian Governments; fourth, the solution of the Belgian Cabinet crisis, due probably to sentative of the New York "Herald" said: "Instead
of trying to appease British feelings, which, accordEnglish pressure."
ing to London newspapers, are on the verge of favorAn untoward incident, such as might be expected ing a separate agreement with Germany, the French
under the circumstances, occurred at or near Duis- and Belgian Governments are determined to put new
berg on the morning of June 30. According to the screws into the Ruhr without delay. For the next 15
cable dispatches from that centre, a bomb was ex- days the Rhineland and the Ruhr will be virtually
ploded on a Belgian troop train crossing the Rhine separated from the remainder of Germany. Not a
bridge there. The Associated Press account stated single German will be allowed to cross the frontiers
that "nine Belgian soldiers were killed outright by of the occupied region in either direction save in rare
the explosion, one died later of his wounds and 43 cases, on special permits from Allied headquarters.
persons were injured, nine of them Germans. The In every town the theatres are to be closed at sunlatter, who were on their way to work, were in a car down, and the most stringent measures are to be
adjoining that occupied by the troops and were hit taken against any one violating the edicts of Generby splinters of wood and metal. Army surgeons to- als Degoutte and Rucquoy."
night said three of the wounded would probably die."
London heard on Monday that "the whole of the
The Belgian military authorities took prompt action,
not only closing all public gathering places, but ar- Krupp plant in Essen was occupied to-day and work
resting "the Burgomaster of Duisburg, 12 other city in the plant ceased." It was reported also that "the
officials and four prominent citizens as hostages in big city of Frankfort, on the edge of the blayence
connection with the explosion." In Duesseldorf the bridgehead, now is surrounded by occupied territory
same day General Degoutte, Commander of Occupa- through French military moves, being completely cut
tion Forces, issued a decree by the terms of which off from unoccupied Germany." The advices further
"German towns near which sabotage occurs in the stated that "to the north, in the Ruhr, French infanfuture will be held responsible for the damage in try and cavalry have occupied Schwerte, near Arnsberg, on the Ruhr, and other troops are on their way
every Way."
to Hagen in the same neighborhood." The advices
Word came from Paris Sunday morning that "the the next day indicated that the seizures were not as
French and Belgian Governments will answer on comprehensive as at first reported. Still, the Berlin
Monday the British reparations questionnaire. Af- correspondent of the New York "Herald" cabled July
ter the successes of Premier Poincare before both 2 that,"after 24 hours under the new French reprisal
houses of Parliament, no backdown on his part is act, by which all Germans traveling into and out of
considered to be within the probabilities. If any- the occupied zone, save for food transportation, is
thing was needed to key the Belgians up to the right prohibited for two weeks. Berlin began to see to-day
point the dispatches from Brussels, this afternoon what a far-reaching effect this will have. Aside from
[June 30], indicate that it has been supplied by the cutting off all supplies which trickled out of the
German killing of 10 Belgian soldiers on the eve of Ruhr and the Rhineland, scores of big German busithe Allied reparations negotiations." The corre- ness men find it impossible to travel one way or the
spondent further asserted that "M. Poincare's reply other to attend directorate meetings or business conto the British key questions as to cessation of Ger- ferences, or to do their banking." He also asserted
man resistance and continued occupation of the that "the Ruhr to-night is absolutely isolated, and
Ruhr will, his supporters say, undoubtedly be, as has industrialists like Hugo Stinnes, who has been rushbeen indicated often, first, that German resistance ing about all over central Europe, are virtually prismust cease before France will enter into discussion oners and cut off from all connections, as no telewith Germany,and, secondly, that there must be pre- phone or telegraph is available."
liminary recognition by all the Allies of the right of
France and Belgium to continue the Ruhr occupation."
According to cable dispatches from Rome Tuesday
Following a conference of French and Belgian morning the Pope was continuing his efforts with
military authorities on June 30 an order was issued, respect to the Ruhr situation. It was stated that
"which from midnight to-night [July 1] until July His Holiness had "instructed the Papal Nuncio in
15 completely severs occupied from unoccupied Ger- Munich to protest strongly against the acts of sabotmany. During that period all passenger traffic and age which have been committed in connection with
all transport in any kind of vehicle are forbidden German passive resistance, special mention being
across the whole frontier under control of the Rhine- made of the outrage at Duisburg." The Associated
land Commission. No visas will be delivered and no Press representative at Rome cabled that "the Pope's
permits given for goods or freight other than food message to the Nuncio makes reference to the Duissupplies needed for the population. A previous or- burg outrage and says: 'While the Holy Father by
der issued by General Degoutte will close the Ruhr his letter is endeavoring to induce the Powers-to arborder simultaneously." It was also stated that"the rive at a friendly understanding, he begs them to suslatest decree of General Degoutte issued this after- pend any action which may prevent it and deeply renoon [July 1] may also be regarded as a result of the grets to hear of acts of sabotage in the occupied terriDuisburg outrage. The decree says that interurban tories and other crimes, under the pretext of passive
street car traffic must be reduced to what it was in resistance.'"
1922. The increased number of street cars run since
the occupation between various Ruhr towns has enIn a special Brussels cablegram to the New York
abled the population to circulate fairly freely with- "Times" under date of July 2 it was said that"an imout using French-run trains to any great extent, as portant Council of Ministers was held this afternoon
the street car network completely duplicates the rail- under the presidency of Premier Theunis. After
dealing with the Ministerial declaration which is to
road lines through the whole Ruhr."
6
THE CHRONICLE
be read to Parliament to-morrow, the Council considered the international situation." Continuing his
account of the situation, the correspondent said that
"Foreign Minister Jaspar made statements on the
situation in occupied Germany, which he declared
had become worse from the standpoint of the people's
state of mind than it was two months ago. The orders of Berlin were being obeyed. The Belgian Government is at present occupied with an endeavor to
facilitate Franco-English agreement on the question
of the Ruhr and reparations." He further added that
"the Belgian Government agrees with the broad outline of the note, but is understood to be about to take
active steps to get London and Paris to accept the
idea of restricted conferences, in which two French,
two British and two Belgian Ministers would take
part, to examine the whole question of the Ruhr and
reparations. The Government has decided to request
the Belgian Ambassador at Rome to put certain observations verbally before the Vatican in.connection
with the Pope's letter. The Belgian Government is
gratified to remark that Premier Baldwin and his
colleagues of the British Cabinet are animated with
the desire to facilitate an inter-Allied agreement on
the Ruhr question."
Considerable apprehension was said to have been
caused by "the threats addressed to France from London through newspapers which are known to receive
the official confidence of the British Cabinet." This
was on last Monday. The statements were to the effect, at least they were so construed, that "England
was planning separate negotiations with Germany
if the French stood on their position." Premier Poincare, the next day,"sent Lord Curzon a note stating
that France could not enter negotiations under menace and asking the British Cabinet to deny the reports of its attitude." The Reuter Agency issued a
statement in London saying that "it was incorrect
to state that the British Government was making
any plans before the receipt of the French reply to
the British questionnaire." The New York "Times"
correspondent in Paris observed that the Reuter
statement "indicates some clearing of the atmosphere
or in any event it shows London is not taking any
headlong step. As the Reuter statement says all depends on the French answer, Paris now feels all depends on the British reception of the French statement. Paris insists that Berlin withdraw its resistance orders before reparations negotiations begin."
It became known here Wednesday morning that
the day before in London "both the French and Belgian Ambassadors were received by Lord Curzon at
the Foreign Office, but so far as can be ascertained
their visits passed off without anything in the nature
of a development in the relations between this country, France and Belgium." The New York "Times"
correspondent added that "it is not known to what
extent the French and Belgian Governments have replied to the British questionnaire, but it is believed
no written note was left by the French Ambassador."
According to a Brussels dispatch, however, "Baron
Moncheur, the Belgian Ambassador to London, was
to-day [July 3] instructed by the Government to deliver to Lord Curzon the reply of Belgium to the questions asked by the British Government on the occupation of the Ruhr and passive resistance." In presenting the communication to the Chamber Premier
Theunis was reported to have said: "One thing dom-
[VoL. 117.
inates our policy, and that is the economic and financial situation, which is itself governed by the necessity of obtaining from Germany the reparations she
owes us. Any Government with a sense of its responsibility must take that situation into account." He
added that "the legitimacy of reparations has never
ceased to be recognized, alike by the Allies and by the
Germans themselves. We have been obliged to resort to pressure to compel Germany to carry out her
just obligations. We shall continue that pressure so
long as we have not received satisfaction. The Ruhr
policy is not a policy of aggression. It is founded on
the reparations problem, which is a burden on Europe. It is important that an acceptable and practical formula should be found. It is not possible to
enter into negotiations with Germany so long as she
encourages, excites and remunerates criminal agitation." According to a London cablegram Wednesday morning, "through her Ambassador, Count de
Saint Aulaire, France replied orally this afternoon
[July 3] to the recent British questionnaire which
sought from Paris a clear definition of its reparations policy." The New York "Herald" correspondent said that "it is understood that the French rejoinder has made no essential difference in the situation."
Word came from Berlin Wednesday morning that
Papal Nuncio Pacelli would confer during the day
with Chancellor Cuno and other officials "on the
sabotage in the Ruhr and will communicate the
Pope's plea for a cessation of these acts and for an
easing at least of passive resistance." The New
York "Herald" representative at Berlin said that it
was reported there Tuesday evening that "the Vatican had entertained high hopes that its proposals
for a settlement of the Ruhr reparations problem
would bring early results, until the dynamiting of
the train near Duisburg blotted out this hope." In a
special Rome cablegram to the same paper the assertion was made that "the Italian Government and the
Vatican were firmly united in their attitude toward
the Ruhr situation when Premier Mussolini in a Cabinet meeting to-day [July 3] indorsed the Papal
letter to the Nuncio in Germany, requesting that the
German Government be asked to abandon passive resistance. Thus was created an incident unique in
modern Italian history, for yesterday Mussolini condemned passive resistance in the Ruhr, but in less
drastic fashion, merely observing that sabotage hurt
Germany's prestige abroad, without affecting
France's determination." According to a Berlin dispatch to the New York "Herald" under date of July
4, "Chancellor Cuno this afternoon promised Mgr.
Pacelli, the Papal Nuncio in Munich, that the German Government would formally disavow the acts of
sabotage committed by Germans against the FrancoBelgian forces of occupation in the Ruhr and the
Rhineland." The correspondent added that "this
was the outcome of long conversations between the
Nuncio and Dr. Cuno twice to-day as a result of the
Pope's denunciation of the resistance preached and
practiced by the German Nationalists."
It was gratifying to note in a dispatch from Duesseldorf Thursday morning that at Essen on July 3
"Herr von Bulow, on behalf of the great Krupp firm,
signed an agreement with the French Civil Mission
assuring full co-operation between the Krupps and
the French for the removal of 70,000 tons of coal and
coke seized at the Krupp plant at Segeroth, a few
JULY 7 1923.]
THE CHRONICLE
miles north of Essen. On Sunday the French occupied the plant with its immense coal and coke
dumps." The New York "Times" correspondent said
that he learned "from a high French source" that
"this agreement will most likely be followed by a second one concerning the handling of transportation
of manufactured products over French-run railroad
lines. Several of the big Ruhr industrialists recently
approached the French for this purpose and final
agreements may be expected very shortly."
It became known here Thursday morning that the
day before in London "Prime Minister Baldwin presided over a full Cabinet meeting, when Foreign Secretary Lord Curzon explained the purport of yesterday's oral reply by France to his recent questionnaire, and his long conversations with both French
and Belgian Ambassadors. At the conclusion of the
Cabinet Council no statement was made regarding
what action, if any, was to be taken by this Government in the reparations problem." The New York
"Herald" correspondent in London, in a cablegram
yesterday morning, said that "while Prime Minister
Baldwin is still hoping that in France's expected
written reply to the British reparations questionnaire there will be a modification of her attitude permitting profitable discussions without further delay,
it is believed he has now worked out a plan for separate action by this country, if it is seen eventually
that Premier Poincare is not prepared to make the
necessary concessions." He added that "the Prime
Minister's pronouncement in the House of Commons
last night [July 4] is regarded as very significant,
especially in the financial world, where it was considered to-day [July 5] a broad hint to France that
if this country were forced to take separate action
there would be no chance of the remission of the
French war debt by Great Britain. Mr. Baldwin
very clearly said that rejection of Bonar Law's January plan had left this country's hands free."
Some progress seems to have been made in the negotiations at the Lausanne Conference. On June 29,
according to dispatches from the seat of the gathering, and also from Paris, it was stated that "the Allied delegates at Lausanne had received instructions
from their Governments permitting them to proceed
in unity to the final negotiations with the Turks."
It was explained that "these instructions leave them
free to formulate orally to the Turks the final propositions of the Allies and to give the propositions the
form of a written document." The Associated Press
correspondent at Lausanne outlined the situation, so
far as the United States was concerned, in part as
follows: "The issues between the United States and
the Allies on concessions in Turkey became more
sharply defined to-day when it was learned that the
Allies had reached an accord on a protocol covering
the concessions issue, to one clause of which the
Americans object as a matter of principle. This
clause declares that all contracts and accords on
which, before the war, all formalities had not been
carried out shall nevertheless be deemed valid and
be maintained if by common agreement they have
been partly executed or were the object of an arrangement between Turkey and the foreign Government involved which brought advantage to Turkey."
That still further progress had been made was indicated by Lausanne dispatches dated July 1. The
Chicago "Tribune" correspondent asserted that "the
Allied delegates to the Near East Peace Conference
7
reached an agreement among themselves to-day. They .
will present their final demands to Ismet Pasha iomorrow. They are as follows: First, the Turks
must recognize in the treaty the principle that prewar concessionaires who have suffered damage are
entitled to indemnity, but negotiations are to take
place after the signature of the treaty. Second, the
Turks must recognize in the treaty the principle that
the Ottoman debt must be paid in gold, with actual
negotiations after the signature of the treaty." The
Associated Press correspondent was more reserved
in his statements, saying that "the American and
Turkish delegates have appointed a drafting committee, which is compiling the final text of the clauses
of the new treaty already agreed upon. The exchange of views continues on the clauses not yet settled." He observed also that,"as the treaty with the
United States will renew diplomatic relations, there
is already much interest regarding the new Ambassador at Washington. Dr. Rechad Nisud Pey, Director of the press section of the Turkish delegation,is
prominently mentioned for the post. He wasformerly
Secretary of the Turkish Embassy at Washington."
In some political circles considerable significance
was attached to the resignation of Roland W. Boy-.
den as "American unofficial observer with the Reparations Commission at Paris," announcement of
which was made by the State Department at Washington on July 1. It was said that he wished to resume his legal practice. It will be recalled that he
caused considerable disturbance in political circles
at Washington by a so-called "plan" last winter Rfor
the settlement of the reparations imbroglio during
the Anglo-French crisis." Mr. Boyden's resignation
is effective August 1. He will then be succeeded by
his assistant, Col. James A. Logan Jr. General regret was said to have been expressed in French political circles over Mr. Boyden's resignation.
The financial event of the week in London was the
advance on Thursday in the Bank of England discount rate from 3% to 4%. This action was for the
avowed purpose of bringing about a better balance
in money rates with other financial centres, and was
the first change since July 13 1922, at which time the
Bank lowered its rate from 33/ to 3%. The 332%
rate had then been in effect one month. Aside from
this change, and an advance on July 5 from 12% to
18% in the discount rate of the Bank of Hungary,
official discount rates at leading European centres
continue to be quoted at 18% in Berlin; 6% in Denmark and Norway; 51 % in Belgium; 5% in France
A
and Madrid;4%in Sweden;4% in Holland and 3%
in Switzerland. The open market discount rate in
London is also higher and short bills are now quoted
at 33i.@33'% and three months at 3%@3V1%, in
comparison with 2 3-16@23/% last week. Call
4
money at the British centre is higher also and the
close was 2%, against 1%% a week ago. In Paris
open market discounts have not changed from 4 2
%,
but at Switzerland there has been an advance to 1%,
as against 7 %,the previous open market level.
A
The Bank of England announced another small
gain in its gold holdings, this time of £3,890, although
reserves fell sharply (£1,870,000) as a result of an
expansion in note circulation of £1,873,000. Moreover, the proportion of reserve to liabilities suffered
a further decrease, this time to 14.24%, this corn-
,
THE CHRONICLE
g with 17.39% lasf week and 19.26% the
before. At this time a year ago the ratio
d at 15% and in 1921 11.90%. These changes,
.ch were regarded as the results of the strain
inoidental - to meeting semi-annual disbursements,
were accompanied by large increases in deposits.
Public deposits expanded £5,489,000, while "other"
deposits registered an addition of £9,712,000. The
Bank's temporary loans to the Government increased
£1,360,000, while loans on other securities expanded
£15,743,000. Gold holdings now are £127,624,465,
in comparison with £128,458,962 a year ago, and
£128,369,083 in 1921. Reserve totals £20,397,000,
against £22,385,822 in 1922 and £17,710,798 the
preceding year. Note circulation has reached a
total of £126,977,000, which compares with £124,523,140 and £129,108,285 one and two years ago,
respectively. The loan total is £96,425,000. At
this time last year it was £75,819,578 and £85,102,305 in 1921. The governors of the Bank, as
already stated, increased the Bank's official discount
rate to 4% from 3%, the figure that had been in
effect since July 13 last year. We append herewith
comparisons of the principal items of the Bank of
England returns for a series of years:
rd
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1919.
1922.
1920.
1923.
1921.
July 4.
July 9.
July 5.
July 7.
July 6.
Clreulatdon
126,977,000
19.458,000
Palle deposits
Other deposits
123,784,000
Governm't securities 44,333,000
96,425,000
Other securities
Reserve notes dr coin 20,397,000
Coin and bullIon_127,624.405
Proportion of reserve
14.24%
to liabilities
4%
Bank rate
124,523.140
14,922,857
133,393,567
67,987,920
75,819,578
22,385,822
128,458,962
15%
354%
129,108,285 122,743,815
19,720,551 17,886,048
129,041.060 117,035,455
63,798,078 52,424,853
85,102,305 83,894.614
17,710,798 16,443,887
128,369,083 120,737.702
79,595,430
24,794,687
205,215,935
136,945,806
83,335,770
27,525,015
88,670,445
12.18%
7%
12.30%
5%
11.90%
6%
.
[VOL. 117.
All previous records were again broken by the
changes shown in the weekly statement of the Imperial Bank of Germany, issued as of June 23, and increases totaling over two trillion marks were recorded
in at least two items. Note circulation expanded
2,186,646,683,000 mks., while discount and Treasury
bills registered the huge increase of 2,471,546,033,000
marks. In deposits an enlargement of 1,272,651,587,000 marks was shown. Other large but less
sensational increases were reported in Treasury and
loan association notes 226,197,755,000 marks, bills of
exchange and checks 879,680,140,000 marks and other
liabilities 199,957,817,000 marks. Total coin and
bullion was increased 1,961,937,000 marks, (this now
including aluminum, nickel and iron coin) notes of
other banks 205,230,000 marks, advances 18,995,045,000 marks, and other assets 60,897,153,000
marks. The only reductions were in investments
which fell 227,206,000 marks and gold 1,000 marks,
to 756,912,000 marks, the bulk of which is now deposited abroad, as against 1,003,860,000 marks a
year ago and 1,091,564,000 marks in 1921. Outstanding note circulation has reached the inconceiv.
able total of 13,091,705,109,000 marks. A year ago
it was 167,830,233,000 and the year before that
75,321,095,000 marks.
The Federal Reserve Bank statement, issued at the
close of business on Thursday, showed the effects of
the preparations for the July 1 payments,and changes
in the principal items were larger than for quite some
time. The combined system reported a loss in gold
of $213,000,000, and an addition to bill holdings of
no less than $149,000,000, the result of heavy increases in the rediscounting of both Government
secured paper and "all other," offset by a small
decrease in open market purchases. There was an
expansion in earning assets of $109,000,000, while
deposits gained $38,000,000 and Federal reserve notes
in actual circulation increased $56,000,000. At the
New York bank there was a still larger loss in gold,
namely $51,000,000, the other Reserve banks having
gained at its expense. At the same time increases
in all classes of paper brought about an increase in
bill holdings of $95,900,000, notwithstanding that
bills bought in the open market were reduced $3,600,000. A substantial increase was shown in earning assets—$69,400,000----and $13,000,000 in the
amount of Reserve notes in circulation. Large
additions were reported to member bank reserve
accounts; $64,000,000 to $1,931,762,000 for the system and $25,000,000, to $731,000,000 locally. Because of the heavy loss of gold and increase in deposit
reserve ratios were reduced. That of the twelve reporting banks fell 2.5% to 74.4%, and that of the
Reserve Bank of New York to 79.3%.
The Bank of France continues to report small gains
in its gold item, the increase this week being 39,750
fr&ncs. The Bank's gold holdings, therefore, now
aggregate 5,537,743,825 francs, comparing with
5,529,200,064 francs on the corresponding date last
year and with 5,520,505,183 francs the year previous;
the foregoing amounts include 1,864,344,927 francs
held abroad in 1923 and 1,948,367,056 francs in both
1922 and 1921. During the week increases in the
various other items were recorded as follows: Silver,
327,000 francs; bills discounted, 519,725,000 francs;
advances, 20,688,000 francs, and general deposits,
411,791,000 francs. On the other hand, Treasury
deposits fell off 1,523,000 francs. Note circulation
registered the enormous expansion of nearly 1,000
million francs-972,648,000 francs, to be exact. The
total of notes in circulation is thus brought up to
37,661,951,000 francs, contrasting with 36,798,717,320 franes at this time last year and with 37,667,080,370 francs in 1921. Just prior to the outbreak of
war, in 1914, the amount was only 6,683,184,785
francs. Comparisons of the various items in this
Unusually heavy increases in loans and deposits
week's return with the statement of last week and
were the features of last Saturday's statement of the
corresponding dates in both 1922 and 1921 are as
New York Clearing House banks and trust companies
follows:
and reflected preparations for the July1 interest and
BANK OF FRANCE'S COMPARATIVE STATEMENT.
dividend disbursements. In the loan item there was
Status as of
•
Chances
July 5 1923. July 6 1922. July 7 1921.
for Week.
an expansion of no less than $114,070,000, while net
Francs.
Francs.
Francs.
Francs.
GM Holdings—
39,750 3,673,398,898 3,580,833,008 3,572,138,127 demand deposits increased $65,454,000, to $3,815,In France
Inc.
1,948,367,058 1,948,367,056
1,864.344,927
Abroad
No change
400,000. This total is exclusive of $56,247,000 in
Total
39,750 5.537,743,825 5,529,200,064 5,520,505,183
Inc.
284,942,240
296,092,400
274,562,067 Government deposits, a decline in the latter item of
Sliver
327,000
Inc.
Bills discounted
Inc. 519,725,000 2.785,086,000 2,105,263,857 2,748,690,930 88,521,000. Time deposits showed only a minor
Advances
Inc. 20,688.000 2,091,197,000 2,257,821,382 2,287,275,313
Note Circulation_Inc. 972,648,000 37,661,951,000 36,798,717,320 37,667,080,370 change—a loss of $463,000 to $480,418,000.
Other
22,931,615
22,758,201
Treasury deposits_Dec. 1,523,000
18,642,000
General deposits_ _Inc. 411,791,000 2,774,878,000 2,344,127,125 2,689,395,958 changes included an increase in cash in own vaults of
members of the Reserve Bank of $1,517,000 to $48,
JULY 7 1923.1
THE CHRONICLE
668,000 (not counted as reserve) and small increases
in the reserves of State banks and trust companies,
amounting to $31,000 in own vaults and $175,000 in
reserves kept in other depositories. There was an
increase in the reserves of member banks with the
Reserve Bank of $13,125,000, which counteracted the
addition to deposits and resulted in a gain in surplus
of $4,846,170, bringing the total of excess reserves up
to $12,395,120, as compared with $7,548,950 the
previous week. The above figures for surplus are on
the basis of reserves above legal requirements of 13%
for member banks of the Federal Reserve System,but
do not include cash in own vaults amounting to $48,668,000 held by the Clearing House banks at the close
of business on Saturday last.
9
Mercantile paper rates continue to be quoted at
434@5% for sixty and ninety days' endorsed bills
receivable and six months' names of choice character,
the same as a week ago. The inside figure applies
chiefly to New England mill paper. Names leila
well known require from 5@53.4%. Most of the
limited inquiry was from out-of-town institutions.
Banks' and bankers' acceptances ruled. at the
levels previously current. With the easing in the
call market, a better inquiry was noted and a fairly
large volume of business put through. Both city'
and country banks were in the market. For ealt
loans against bankers' acceptances the posted rate.
of the American Acceptance Council is now down
to 4%, against 432% last week. The Acceptance
Council makes the discount rates on prime bankers'
acceptances eligible for purchase by the Federal
Reserve banks 438% bid and 4% asked for billa
running for 30 days, 4Y % bid and 41 % asked for .
1
,
A
60 to 120 days and 4347 bid and 41 % asked for
0
A
bills running for 150 days. Open market quotations
were as follows:
As was natural and generally expected, call money
at this centre dropped sharply from the high quotations of last week. As early as Tuesday afternoon
4% was reported. This compared with 6% last week.
At the same early date the tone of the time money
market was easier, although rates were not quotably
changed. In view of the fact that the large interest
SPOT DELIVERY.
90 Days.
60 Days.
and dividend disbursements were not received until Prime eligible bills
30 Days434@434
4140414
4)4(4434
Monday the change in the local money market came a
FOR DELIVERY WITHIN THIRTY
DAYS.
Eligible member banks
little sooner than expected in some circles. This was Eligible non-membe
4% bid
r banks
414 bid
the only feature of the situation over which there was
any surprise, as it had been generally assumed that
There have been no changes this week in Federa
l
the higher rates were only incidental to the end of the Reserve Bank rates. The following
is the schedule
month and the half year. Government withdrawals of rates now in effect for the various
classes of paper
from local depositories were not large, $10,000,000 at the different Reserve Banks:
being taken out on Thursday. Naturally, a favorDISCOUNT RATES OF FEDERAL RESERVE
BANKS IN EFFECT
JULY 5 1923.
able impression was made by the official announcement that the Federal Government closed its fiscal
Paper Maturing—
year on June 30 with a surplus of about $310,000,000.
After 901 Afar 6
Days. buil
but
This amount compared with an estimate of approxi- FEDERAL
IVithin 90 Days.
wuhtn 6 Within 9
RESERVE
Months.1 Months.
BANK.
mately $200,000,000 by President Harding on June
Com'rcial Secur. by
Agricul. A °recta.
Agricyl. 1.7. S. Bankers
18;and with an indicated deficit of $823,000,000 a
Trade
and
and
etLivestl Govt.
AccepAccepPaper. &Alga- tances, lances. Livestock Livestock
year ago. Public financing by corporations is going
Paper. Paper.
n.e.s.
dons.
forward on a moderately large scale, but no doubt Boston
434
414414
414
5
New York
434
414
4-i
1
was lessened somewhat by the holiday at mid-week. Philadelphia
414
434
434
434
4%
434
434
i,-Cleveland
414
434
414
It would seem that there can be no further financing Richmond
434
414
416
434
434
434
454
434
454
Atlanta
434
434
454
434
in this country for Europe until the reparations situ- Chicago
434
434
4%
434
434
454
4%
414
434
414
414
454
414
ation clears up. Call money rates should continue St. Louis s
414
Minneapoli
434
414
414
414
414
434
Kansas City
434
434
454
4%
454
454
lower, at least until near the middle of the month, Dalai
434
4%
434
454
454
434
San Francisco
454
4%
454
434
434
and then whatever change there may be is likely to •Including bankers
acceptances drawn for an agricultural ournose
and secured
by warehouse receipts. Ste.
be only temporary. Little attention was paid to
the
somewhat higher quotations on Thursday and FriThe sterling exchange market has continued under
day.
pressure and a further loss of about 23 cents in the
%
pound was sustained, which carried the quotation
Dealing with specific rates for money, call loans
down to 4 547 ,
4 another new low point on the current
this week covered a range of 4@6%. A week
ago downward movement and about 17 cents under
the
call funds ranged between 5@6%. On Monda
y year's high figure. Toward the close, however,
there
6% was. the maximum and 5% the low, with
re- was a rally to 4 57. Trading was
inclined to be
newals at 6%. Tuesday an easier feeling develo
ped spotty. In the early dealings the local market
was
and the highest rate quoted was 53/2%; renewals
adversely affected by the receipt of materially lower,
were negotiated at this figure and the minimum was
cable rates from abroad (just before and after the
4%. Wednesday was a holiday (Independence Day).
Independence holiday). Increased activity developed
Increased ease became evident on Thursday, and for
awhile and commercial bills were in larger supply
the renewal basis receded to 432%, which was also than
for quite some time. On Tuesday pre-holiday
the low, while the high was 51 2%. Friday's range dulness
/
prevailed, and the volume of busine sspassing
was 4%@,53/2% and 44% the ruling rate. The was
3
of very limited proportions. Aside from the
figures here given are for both mixed collateral and freer
offerings of sterling bills, which is regarded as
all-industrial securities alike. For fixed-date maseasonal and due to selling' of futures on the part of
turities the situation was quiet and quotations grain
and cotton interests against autumnal shipremain at 5©5%% for all periods from sixty days ments
of these commodities, an additional factor in
to six months. Offerings were freer, but the demand
depressing sterling values has been, according
to
was light and the market a dull affair. There is some
reports, renewal of buying by the British
Govno longer any differential in rates between regular ernmen
t of Liberty bonds on this market in preparamixed collateral and all industrial loans.
tion for the next semi-annual payment of interes
t due
10'
THE CHRONICLE
proL. 117.
Movements in Continental exchange were closely
on war indebtedness to the United States. Anin sterling, and weakness
no.uncement on Thursday of the advance in the Bank parallel to those existing
throughout, with new
of England discount rate to 4%, while arousing wide- pervaded dealings practically
shed in several of the leading
spread interest, had no appreciable effect on actual low records establi
tone was nervons
market levels. The action of the Bank was ex- European currencies. The general
ty and unsettled with sporadic outbursts of trading,
plained as being necessitated by the sharp dispari
of inactivity.
in money rates between the London and New York usually followed by prolonged periods
has been Speculative manipulation played some part in the
markets. It is claimed that money of late
to the general confusion.
drawn from the British capital rather too freely and week's operations and added
r, was of foreign
s,
that the time-honored expedient of raising the dis- The bulk of the busines howeve
still adhering to their "hands
count rate had been resorted to to protect the Lon- origin, local dealers
of course, routine transnow on,
don market. There are some who feel the advance— off" policy. From
nt proarity in certain quarters—should actions are likely to assume more importa
despite its unpopul
s owing to the advent of the crop moving
have been made weeks ago, and predict that if sterling portion
s are likely to show
levels do not respond in the next few weeks a further season, but speculative interest
considerable caution in the making of anything like
advance may become effective,
until some adjustment has
Fundamentally speaking, no real change has taken extensive commitments
n. What been reached in the reparations dispute. As a result
place in the sterling exchange situatio
in offerings, considerable selling
seems to be a general wave of pessimism has over- of the increase
on French francs which broke
taken the market,for the time being at least, and fail- pressure was exerted
new low on the current downure to bring about a settlement of the Ruhr problem to 5.77%, another
points under last week's low record.
is causing widespread uneasiness. It is recognized swing and 26
appeared at times and fluctuations
that the present strained international political Buying support
very irregular, covering a wide range; the high
position is fraught with danger and apt to lead to were
was 6.043/i and the close 5.783/2. Belcomplications of a serious character. While there for the week
gian francs were similarly affected. A notable feaare still some who take a cheerful view and predict
was the widening in the spread between French
a speedy solution of Franco-German difficulties—the ture
and Belgian francs, which now exceeds 100 points,
many conflicting and unsettling rumors afloat react
ted in part to financial difficulties
is
adversely upon banking sentiment and rates. The and which attribu
s. Reichsmarks suffered a further slump
consensus of opinion appears to be that no material in Brussel
a fraction below the'previous low point,
or sustained advance, or return to genuine prosperity, to 0.0005,
lire quotations, as a result of persistently heavy
is possible so long as the reparations tangle con- while
selling, were forced down to 4.213', a loss of 16
tinues.
The attempt on the part of the Vatican at
Referring to quotations in detail, sterling exchange points.
Rome to bring about a basis for the opening of
on Saturday last was weak and demand declined to
negotiations temporarily halted the declines,
4 573@4 57 15-16, cable transfers to 4 573'@ peace
later on, news of fresh bomb outrages in the
but,
458 3-16, and sixty days to 4 5538@4 55 13-16;
enforcement of punitive
dull and nominal. On Monday weak- Ruhr, and consequent
trading was
measures by the army of occupation, had a sharply
ness set in almost from the opening and there was a
effect on market sentiment. Observance
further lowering to 4 56%@4 57 13-16 for demand, depressing
the Independence Day holiday on Wednesday
to 4 56%@4 58 1-16 for cable transfers and to of
to restrict operations somewhat, especially
4 543(4)4 55 11-16 for sixty days; slightly increased served
early part of the week. At the close a small
activity and larger offerings were the features of the in the
ation of orders gave to the market a brief
day's trading. Pre-holiday dulness characterized accumul
feverish activity but proved shortdealings on Tuesday and quotations were again semblance of
e and the exchanges of the
lowered; the range for demand bills was 4 5532@ lived. Greek exchang
European countries remained without
/
4 56%; for cable transfers 4 559@4 565s, and for minor Central
alteration.
sixty days 4 53%@4 543. Wednesday was a holi- important
The London check rate on Paris closed at 78.30,
day (Independence Day). Renewed weakness de75.10 a week ago. In New York sight bills
veloped on Thursday; prices broke to 4 54%@4 55% against
the French centre finished at 5.783/2, against
for demand, 4 55%@4 56 for cable transfers and to on
cable transfers at 5.7932, against 6.043';
5
4 52%(414 53/i for sixty days; the decline reflected 6.033/2;
commercial sight at 5.763/2, against 6.01%, and cornlower London cable rates and increased offerings. On
sixty days at 5.733/2, against 5.983' last week.
Friday the market responded to the advance in the mercial
Final quotations for Antwerp francs were 4.77 for
Bank of England's discount rate by a steadier tone
checks and 4.78 for cable transfers, in comparison with
and demand bills recovered to 4 553/2@.4 57, cable
3
4 5.133/ and 5.143/ a week earlier. Berlin marks
transfers to 4 553@4 573j, and sixty days to 4 53
53% for sixty finished the week at 0.0005 for both checks and
(4)4 54. Closing quotations were 4
cable transfers, which compares with 0.0005% a
days, 4 56 for demand and 4 56',. for cable transfers.
earlier. No change was noted in Austrian
Commercial sight bills finished at 4 559, sixty days week
kronen, from 0.000143, the level in effect for many
%
at 4 53, ninety days at 4 521 , documents for payweeks past, until Friday, when there was a fractional
ment (sixty days) at 4 531% and seven-day grain bills
decline to 0.00014%. Lire closed at 4.21% for bankat 4 55. Cotton and grain for payment closed at
ers' sight bills and 4.223j for cable transfers. Last
4 55%.
the close was 4.403@4.41%. Exchange on
No gold engagements were recorded, so far as could week
lovakia finished at 3.01%, against 2.98%; on
be ascertained, during the week, either for export Czechos
st at 0.51, against 0.523/2; on Poland at
or import. It is reported, however, that the Danish Buchare
/2 (unchanged), and on Finland at 2.75,
National Bank intends to ship gold to New York in 0.00083
against 2.76 the preceding week. Greek drachma
the near future.
closed at 2.743/i for checks and 2.75 for cable trans..
Rruir 71 2
9 3.1
THE CHRONICLE
11
fers, as compared with 2.941 and 2.95 at the close
4
Far Eastern exchange was as follows: Hong Kong.
on Friday of last week.
52@523I, against 52%@•53; Shanghai, 711 1 @713/,
/
.
2
against 71%@•72; Yokohama, 49@.49%; Manila,
As to the neutral exchanges, formerly so called, 4932@49% (unchanged); Singapor
e, 53M(4)53%,
3
there is very little new to report. Trading was inac- against 53%@54; Bombay, 31@31%
, against 313@
tive for the most part, but the trend was still down- 31Y and Calcutta, 313(0)3
2,
13/ (unchanged).
ward and new low records were again established on
Swiss francs and Spanish pesetas. Losses of more
The New York Clearing House banks in their
than 50 points were recorded. The Scandinavian ex- operations with interior banking
institut
changes were weak, especially Copenhagen and Nor- gained $2,091,860 net in cash as a result ions have
of the curwegian remittances; Swedish currency was relatively rency movements for the week ending July
5.
steady, and the same is true of Dutch guilders, which Their receipts from the interior have aggregat
ed
for a time advanced about 9 points on offerings of $2,999,860, while the shipments have reached
$908,sterling in London by Amsterdam, the result of 000, as per the following table:
special operations. Before the close some of the CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKINC
INSTITUTIONS.
advance was lost.
Bankers' sight on Amsterdam finished at 39.10,
Into
Out of
I Gain or Lou
Week ending July 5.
Banks.
Banks.
to Banks.
against 39.01; cable transfers at 39.19, against 39.13; Banks'interior movement
$2,993.8 0.
8908,000 Gain $2,091.860
commercial sight at 39.05, against 38.96, and comAs the Sub-Treasury was taken over ley the Fedmercial sixty days at 38.80, against 38.71 a week
eral Reserve Bank on Dec. 6 1920, it is no longer
ago. Swiss francs finished at 17.08 for bankers' sight
possible to show the effect of Government operabills and 17.09 for cable transfers, in comparison with
tions on the Clearing House institutions. The Fed17.65 and 17.66 the week before. Copenhagen checks
eral Reserve Bank of New York was creditor at the
closed at 17.40 and cable remittances at 17.44,
Clearing House each day as follows:
against 17.63 and 17.67. Checks on Sweden finished
DAILY CREDIT BALANCES OF NEW YORK
FEDERAL RESERVE BANK
at 26.40M and cable transfers at 26.44Y2, against
AT CLEARING HOUSE.
26.42 and 26.46
while checks on Norway closed Saturday, Monday, Tuesday, Wednesd'y,
Thursday,
Aggregate
at 16.11 and cable transfers at 16.15, against 16.39 June 30. July 2. July 3. July 4. July 5. Friday, for Week.
July 6.
$
8
8
8
$
and 16.43 the week preceding. Spanish pesetas 58.000.000 95,000.000 65.000,000 Holiday.
$
8
96.000.000 -2.000
finished the week at 14.29 for checks and 14.30 for Note.-The foregoing heavy credits reflect the huge mass of.000 Cr. 286.000,000
checks which come
to the New York Reserve Bank
country in he operation of
cable transfers. This compares with 14.53 and 14.54 the Federal Reserve System's parfrom all parts ot the These large credit balances,
collection scheme.
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
a week earlier.
are represented
In the
FOREIGN' EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
JUNE 30 1923 TO JULY 6 1923, INCLUSIVE.
Noon Buying Rate for Cable Transfers in New York.
Value in United States Money.
Country and Mosetary Unit
;June 30. July 2. July 3. July 4. July 5. July 6.
.
EUROPE$
$
$
8
$
S
Austria. krone
.000014 .000014 .000014
.000014 .000014
Belgium, franc
.0514
.0502
.0503
.0495
.0478
Bulgaria, lev
.012075 .012117 .012208
.011958 .0120,a
Czechoslovakia, krone
.029861 .029881 .029986
.030111 .030203
Denmark, krone
.1753
.1753
.1743
.1716
.1737
England, pound sterling- 4.5800 4.5731 4.5625
4.5527 4.5641
Finland, markka
.027575 .027538 .02755
.027559 .027525
France, franc
.0605
.0591
.0594
.0587
.0583
Germany, relchsmark-__ .000006 .000006 .000006
.000005 .000005
Greece, drachma
.029156 .028544 .029367
.028222 .026111
Holland, guilder
.3912
.3917
.3910
.3925
.3928
Hungary, krone
.000114 .000115 .000116
.000118 .000116
Italy, lire
.0439
.0434
•
.0435
.0432
.0428
Norway, krohe
.1637
.1632
.1622
.1603
.1608
Poland. mark
.000008 .000009 .00000
.000009 .000009
Portugal, escudo
.0447
.0438
.0442
.0439
.0437
Rumania. leu
.005229 .005217 .00512
.005075 .005070
Spain, peseta
.1424
.1449
.1419
.1419
.1423
Sweden, krona
.2647
.2645
.2643
.2645
.2644
Switzerland, franc
.1763
.1757
.1746
.1732
.1719
Yugoslavia, dinar
.010972 .01095 .01107
.010989 .010689
ASIA
China, Chefoo tact
.7267
.7267
.7267
HOLI- .7208
.7233
" Hankow tael
.7221
.7221
.7221
DAY
.7163
.7188
" Shanghai tadl
.7054
.7036
.7048
.6967
.7007
" Tientsin tadl
.7325
.7325
.7325
.7267
.7292
" Hongkong dollar__ .5226
.5213
.5205
.5170
.5195
" Mexican dollar_ .__ .5098
.5098
.5077
.5033
.5073
" Tientsin or Pelyang
dollar
.5175
.5179
.5163
.5125
.5129
" Yuan dollar
.5233
.5246
.5238
.6233
.5213
India, rupee
.3076
.3075
.3068
.3059
.3067
Japan, yen
.4889
.4888
.4890
.4885
.4884
Singapore (S. S.) dollar
.5333
.5367
.5358
.5325
.5358
NORTH AMERICA
Canada, dollar
.975590 .975609 .975766
.975648 .97533:
Cuba. peso
.99968 .999625 .999688
.999688 .99968E
Mexico. peso
.483594 .484531 .48375
.4830
.483951
Newfoundland, dollar_ .973125 .973281 .973594
.973125 .972961
SOUTH AMERICA
Argentina, peso (gold)_-. .7999
.8007
.7932
.7913
.7881
Brazil. millets
.1097
.1089
.1080
.1051
.1054
.1313
Chile. Peso (paper)
.1307
.1295
.1294
.1293
Peso
.8183
Uruguay.
.8161
.8134
.8116
.8118
With regard to South American exchange the same
general trend continues to prevail. Argentine checks
were easier but the close was 35.65, with 35.75 for
cable transfers, after a decline to 34.90 and 35.00, as
compared with 35.55 and 35.65 last week. The
Brazilian check rate was considerably lower, finishing
at 10.60, and cable transfers at 10.65, against 10.90
and 10.95 a week ago. Chilean exchange also lost
ground and closed at 13.25, against 13.40, but Peru
remained at 4 29, unchanged.
daily balances. The large volume of checks on Institutions
of New York are not accounted for in arriving at these baiancee, located outside
as
not pass through the Clearing House but are deposited with the such checks do
Bank for collection for the account of the local Clearing House. Federal Reserve
banks.
The following table indicates the amount of bul
lion in the principal European banks:
July 5 1923.
Banks of
Gold.
Silver.
July 6 1922.
Total.
Gold.
Silver.
Total.
£
E
E
E
E
E
England_ 127,624,465
127,624,465128,458,962
128,458,962
France a__ 146,935,956 11,720,000158,655,956 143,233,820
Germany. 41,595,200 b3,475,400 45,070,600 50,061,380 11,360,000 154,593,820
005,250 50,986,630
Aus.-Hun_ 10,944,000 2,369,000 13,313,000 10,944,000
2,369,000 13,313,000
Spain
101,032,000 26,686.000 127,698,000 100,919,001 25,934,000126,853,000
Italy
35,498,000 3.023,000 38,521,000 34,516,000 3,033,000
37,569,000
Netherl'd 48,483,000
.
878,000 49,361,000 50,491,000
628,000 51,119.000
Nat. Bleg_ 10,757,000 2,490,000 13.247,000 10,664,000
1,659,000
Switzeri'd. 20,971,000 4,093,000 25,064,000 21,481,000 4,282,000 12,323,000
25,763,000
Sweden_
15,170,000
15,170,000 15,222,000
15,222,000
Denmark. 12,678,000
194,000 12,872,000 12,684,111
224,001 12,908,000
Norway _
8,115,000
8,115,000 8,183,111
8.183,000
Total week 579,803,621 54.908.400634,712.021 586,858,162
Prey. week 580.309.191 54.729.400 635_038 50115R7 AAA 2R1 50,414,250637,272,412
an 057 IAA AR7 AAA 282
a Gold holdings of the Bank of France this year are exclusive
of
abroad. b It Is no longer possible to tell the amount of silver £74,573,797 held
held by the Bank
of Germany. On March 15 1923 the Relchsbank began
Reserve" not only gold and silver but aluminum, nickel andincluding in its "Metal
iron coin as well. The
Bank still gives the gold holdings as a separate Item, but
as under the new practice
the remainder of the metal reserve can no longer be
Is now no way of arriving at the Bank's stock of considered as being silver. there
sliver, and we therefore carry It
along at the figure computed March 7 1923.
The Government and Branch Banking.
On account of the possible effect of the development of State branch banking upon the national
banking system and indirectly upon the Federal Reserve System, the controversy regarding branch
banking, which has now found its way to the United
States Supreme Court, possesses more than academic
interest. From the Comptroller of the Currency's
report of last December it appears that twenty-two
Stets permit State banks to establish branch banks
or branch offices. In some of these States this privilege is limited to the confines of the city or county of
the parent bank, whereas in other States State-wide
branch banking is permitted.
•
On the other hand, the national banking laws do
not by express terms permit national banks to establish branches-neither, apparently, do they ex-
12
THE CHRONICLE
[VOL. 117.
is divided on the subject.
pressly prohibit them. It has, nevertheless, until the ever, that Congress itself
only makes the Comptroller's act the more
year 1922 been the settled policy of the Comptroller But that
present Comptroller, so far as
of the Currency not to permit a national bank to es- reprehensible. The
we are aware, has not as yet made any public uttertablish a branch bank or office.
He has been in office only a
The recent growth, however, of State branch bank- ance on this subject.
States and in couple of months and is no doubt awaiting a definite
ing has led the national banks in those
Bank in St. Louis vs.
other States as well to seek similar privileges. As a decision in First National
the authority
consequence some of them have given up their char- State of Missouri, which case involves
to establish a branch, and is
ters and entered the State system. A notable exam- of a national bank
in the Supreme Court of the United
ple of the State-wide aspects of this situation is the now pending
State of California, where branch banking is assum- States.
The Federal Reserve Board faces the situation
ing unheard-of proportions. As to cities where
with reference to branch banking from a different
State branche3 are permitted the Comptroller menarises as to what attitude
tions Detroit, in which there are now only three na- angle. There the question
the Board should take toward the application of
tional banks with one branch office, but fourteen
for membership in the
State banks with 189 branches; Cleveland, with only State banks with branches
offices and Federal Reserve System. In the annual report of
three national banks with two branch
the subject was briefly meneighteen State banks with seventy-five branches; the Board last January
banks and one tioned but no definite policy laid down. Generally
Buffalo, with only four national
-ate banks with forty speaking, the argument is that the Federal Reserve
branch office and twelve S'
situation if the
branches; and New Orleans, with only one nation- System would find itself in,a curious
of a given State should beal bank and nine State banks with thirty-six entire banking system
come absorbed by two or three State banks, each of
branches.
at will. Yet
While the absence of explicit authority to estab- which could withdraw from the system
to us the danger appears fanciful rather than
lish branch banks manifestly operates to the disadvantage of the national banks in some instances, it real.
The Agricultural Credits Act of 1923 provides for
would be stretching things to say it will eventually
sys- the appointment of a Joint Congressional Committee
result in the extinction of the national banking
and
tem. The advantages the State banks possess they to be composed of three members of the Banking
system was established Currency Committee of the Senate and five members
have had since the national
of the
some sixty years ago and yet the latter has not failed of the Banking and Currency Committee
into
to
to achieve prodigious growth. This fact weakens House. This committee is authorized inquire
the validity of the argument that since all the effect of the present membership of State banks
somewhat
Reserve System
national banks are compelled to be members of the and trust companies"in the Federal
the financial conditions in the agricultural
Federal Reserve System, and in truth constitute the upon
eligible banks and trust
backbone of that system, in any community where sections; the reasons why
companies have not become members of the Federal
the national banks are eliminated the Federal Retive measures
serve System will be left with only voluntary Reserve System; and what administra
have been taken by the Federal Reserve Board with
members who may withdraw upon six months'
reference to the increase of membership in the Fednotice.
er eral Reserve System. No doubt this joint committee
It was in fear of such apossibility that Comptroll
of
Crissinger, during the year 1922, felt constrained to will find it necessary to discuss the question
on to the National Bank branch banking.
give a more liberal constructi
At the close of the last session of Congress there
Act by holding that, within the discretion of the
Comptroller, a national bank might open an addi- were several bills relating to branch banking, some
ng
tional office or offices'in the city in which it is es- prohibiting national banks from establishi branchStates where branches are prohibited, and othtablished. A clear exposition of his policy in this es in
respect was contained in a letter which he wrote to ers permitting national banks to establish branches
such privileges and
the Chairman of the House Committee on Banking in States permitting State banks
upon the same conditions. No action, however, was
and Currency under date of August 15 1922,in which
reference to the aphe expressed himself as being entirely opposed to taken upon any of them beyond
propriate committee. The decision of the United
branch banking, but that so long as certain States
permitted State banks to establish branches he in- States Supreme Court will doubtless help to clarify
do not believe the
tended to the best of his ability to protect the na- the situation. For ourselves, we
in those States by permitting world would come to an end or the national banking
tional banking system
banks
national banks to establish branch offices in the city system go to pieces even though the national
It is our view that the Comptroller should be denied the privilege of organizing branch
of their location.
regard it of much more importance to
ought to have been guided by precedent and have fol- banks. We
system of independent banks
lowed the course of his predecessors and that his have the American
'
, and what as been going on in Califorassumption of authority was ultra vires and exceed- maintained
is an object lesson of what may happen elsewhere
ingly dangerous. If the national banking system is nia
unrestricted aumenaced, it is for Congress to provide the remedy sl-ould the national banks be given
thority to organize branch banks.
and not for the Comptroller to arrogate to hiinself
powers which none of his predecessors for sixty
The Collapse of the Mark.
years past have ventured to assume. The idea
Really, it seems not worth while to talk about it.
of having an official, however good his motives, read
only one more exsomething into the law not plainly to be found there, Inevitable from the first, we have
needs amend- ample that paper is not money, and is not even the
should never be tolerated. If the law
ing it should be done by Congressional Act and not representative of money unless backed by something
by official interpretation. It is well known, how- tangible, that will readily transform into money
JULY 7 1923.]
THE CHRONICLE
13
a proporwhich the commerce of the world will accept as final tried by Governments, weak or strong,
be like tional failure will ensue. Gold is the accepted money
and absolute—gold! Germany has come to
Governments
the Ancient Mariner, with "Money, money, every- of world commerce. Nothing else is.
growth and
where; and not a coin to use," to paraphrase a little. only conform themselves to the historic
through experiBanks have a term for our currency—(note, it is demands of commerce. Gold money,
requirebacked by gold)—it is "baled money," money tied up ence,is found best to withstand the changing
of value. This
in packages and labeled as to amount, for conveni- ments of time as to a stable standard
controls
ence in counting. This they keep in burglar proof is the natural law of its being. And the law
o fthe "resources" and "power" of Govand mob proof steel vaults. But imagine, if you can, independent
banks attempting to do business with so-called paper ernments.
You may say that for a limited amount of fiat
currency, which, in its smaller denominations, if
only money conversion need never take place. But there
baled, would vie in size with bales of cotton, fit
can be no limitation unless there be a fixed and availfor storage in huge warehouses.
"of sorts." able gold backing, in which case there is no fiat. And
Yes, Germany is a republic, as we say,
machinThese paper marks, that have been issued in unlim- even in such a condition, unless there is the
the short weight coins ery for redemption in full operation, the good money
ited quantities, are not like
increasing
tyrannic princes once forced upon their subjects. will drive out the cheap, and cause an
result, some
They have all the fiat of a Government of the people issue of fiat paper, with the inevitable
is this
behind them, yet they are so close to the vanishing time, of repudiation. Otherwise, and there
the Government will have to
point, they are, practically, worth nothing. There one other alternative,
may have been a time when a temporary fixed value tax the people in toil to go out into the markets of the
could have been affixed by a Government edict. But world and buy gold—a process in itself exhausting
on a
the moment it was issued, one step in repudiation and contradictory. For the United States,
sound "gold standard" base, these spectacular atwould have been taken. And as long as the presses
continued to print paper marks this would have had tempts of war-weakened Governments to print money
by an
to be repeated. Allowed to continue to the inevitable on paper, and give the worthless result value,
gradual, in a sense—the edict already exhausted, only serve to convince us
end, the decline has been
final catastrophe falls on all the people, not only in that we are right and should continue in the good
proportion to the individual's possession of paper way.
marks, but in proportion to property values acquired
The Great Problem of the Railroads.
along the way, with all the complications this entails.
The railroads are a problem because so many opSo that, while property continues to exist, its value
depends for expression almost upon barter—and posing opinions are held concerning them. The
awaits some new medium and denominator. This problem is great because the railroads are the largest
can properly be only gold—and unfortunate Ger- and in some respects our most important industry.
It demands attention because the Government and
many has no gold, or an inaufficient amount.
men can- the people as well as the roads themselves are in"All the King's horses and all the King's
not set Humpty Dumpty up again." There is no volved.
Quite recently, two experts, quite apart from each
power in any Government that will transform unliminto gold. It is sometimes said other, both eminent and in a way standing outside
ited paper currency
that "there are things which even God cannot do"— and who will be accepted as impartial and weighty
for example: make two parallel lines, however far authority, ex-President Hadley of Yale University
extended, meet; or so at least it seems to our finite and Mr. Walker D. Hines, the. National Director of
understanding. But those who believe in "fiat Railways during the war, have dealt with the submoney," and there are a few believers in our own ject at length, President Hadley in the "Yale Review"
country, point to the fact, as they aver, that all the for April and Mr.Hines in an address before the City
resources of the Government and all its power lie be- Club of Toledo.
President Hadley reviews the history of legislahind the paper money, and that these are sufficient
to make it pass current. This will be true, in a lim- tion in connection with the railroads and regards
ited way (guardedly we admit this) for a little while. change in some recent action highly important, but
But the stock of paper money, increasing indefin- does not believe that this would in itself be sufficient
itely, though it may pass current in the limited ter- to settle present difficulties and secure permanent
ritorial boundaries of the country of issue, having peace. For this he thinks that to prevent the public
back of it "resources" and "power" that are incon- interest being sacrificed to the immediate demands
vertible, has no value in another country. It is not of groups of shippers or laborers or bankers we must
money recognized by the commerce of the world have, to represent the Government, "a body of men
).
(gold) It soon cheapens. The cheap money drives with exceptional previous knowledge and underout the good. Knowing its inconvertibility, the standing of railroad business"; corresponding to the
holder of the paper, so vaguely and indeterminedly members of the Federal Reserve Board in the realm
"secured," seeks to get rid of it as soon as possible. of finance; with whom the railroad managers can
And the time inevitably comes when there is nothing deal.
On the other hand, Mr. Hines holds this year 1923
left but property and paper, that cannot be brought
to each other.
to be "the first approximately normal railroad year
into any fixed relation
downfall of the German paper mark since the war began ift 1914," and contends that there
The certain
has been hastened and aggravated by war repara- is no occasion to wait for better conditions, that
tions requirements. But the lesson of fiat money "above everything else the situation should be reremains for every other country. It is proven by the lieved of the benumbing influence of the doctrine
recent history of Austria. It is amply demonstrated that railroad managers have no longer any initiative
and confirmed by the Russian ruble. It is a delusion or opportunity"; that the great railroad men of the
and a snare. And wherever and whenever it shall be past were those who found ways to . overcome oh-
14
THE CHRONICLE
[VoL. 117.
stacles, and, in fact, many railroad executives and wages,to meet the situation; serious strikes threatmanagers are doing that now. The worst possible ened, with demands which the railroad's felt unable
policy is a constant shift in policy on account of tem- to meet, 4pd in 1916 the Adamson Law created the
porary discouragements. The Transportation Act Railroad Labor Board with power to fix rates of
should be recognized as a gradual evolution of the wages. [This is a slip by Dr. Hadley, as the Railroad
thought of the country that there ought to be an ade- Labor Board was created by the Transportation' Act
quate effort to make a success of private operation of 1920. It was the ,eight-hour day that was estabof the railroads and should be given a sincere and lirhed by the Adamson Law.—Ed.] The investing
sympathetic trial. His last word is that it should be public, which took alarm at the Acts of 1910,
remembered all the time that the cost of the service was more disturbed; money was difficult to obtain;
must be paid for, and that, if this cannot be done out railroad facilities failed to keep up with the counof the rates, it will eventually be paid out of the pro- try's growing needs, until, with our entry into the
ceeds of taxation. In this he echoes Professor Selig- war in 1917, the Government intervened and took
man's maxim that "public debts are in reality noth- over the management of the roads. Thereupon costs
ing but anticipated taxes."
went up and revenues went down. In no year of GovIt is of interest to observe the steps by which these ernment operation did the roads pay interest on the
conclusions are reached. President Hadley points capital invested; in one year they failed to pay curout that more than in any other country America rent operating expenses; and the roads were eventudepends upon the railways for getting her products ally returned to the companies, short of current asto market. Boats and automobiles serve in part, but sets, short of equipment and short, as things stood, of
not at all adequately. If the railroads have to meet present credit or prospective income.
In 1920 the Esch-Cummins Law was enacted to rethis heavy responsibility two things are necessary:
the managers must be given both freedom and en- lieve the situation by providing for immediate incouragement in handling and developing the busi- crease of rates. It was of great use at the time, but
ness; and railway administration must be made at- it was not a solution of existing difficulties; it left
tractive to men of brains. Forty years ago this was the control of rates in the hands of one Board and of
the case, to-day comparatively fewer young men of wages in another.
the first class are secured. Distrust of the business
Here, then, is the situation to-day; when wages
has been created. Indeed, the Inter-State Commerce and receipts are determined by two bodies considerCommission "has made it a jail offense for a railroad ing different interests and looking from different
man to seek to know more about the economy of his standpoints, the margin between receipts and exbusiness than the Commission thinks good for him," penses gets too small to attract the necessary capital.
People used to recognize that the prosperity of the The Inter-State Commerce Commission is put in an
country was bound up in the prosperity,of railways, impossible position and is overworked, especally as
that shippers and stockholders had closely allied in- few of its members have had practical experience in
terests; that individual enterprise was needed for the difficulties and perils of railroad management.
development, and that the Government should seek The immediate need is evident.
to restrain specific abuses rather than to deprive
Mr. Hines devotes himself mainly to reviewing the
property owners of their freedom and initiative on a effect of Federal Railroad legislation as established
large scale.
by the Transportation Act of 1920. He recognizes
The Granger movement in 1870 was a natural reac- that there is much public confusion of thought, and
tion against recognized abuse of power. It was for a prevailing feeling in railroad quarters that the
the hour effective, but it hurt all concerned, and Labor Board should be abolished. This he does not
taught the dangers of indiscriminate railroad legis- think necessary. There is bound to be a certain
lation in a lesson which lasted through a whole gen- measure of public intervention in fixing railroad
eration, the lesson that it was as essential for the wages. This is true because it is now widely believed
shipper as for the railroad to have rates high enough that the employers are entitled to a voice.in fixing
their wages and working conditions, and the manageto attract capital.
The Inter-State Commerce Act was passed in ment must secure broadly the concurrence of the em1887 to secure the equalizing of charges. For ployees themselves. Rates must cover cost. When
twenty years, 1887-1906, it accepted the general disagreement arises, there must be inquiry, with posprinciples that the railroad must serve its district by sible intervention. The labor situation is capable of
adapting rates to the needs of bu mess in view of com- taking a form where some outside power may fix
petition; and also that even apart from competition wages and working conditions. The Labor Board is
additional capital put into railroads means lowering only now begining to face normal conditions; and as
of rates. It secures low operating cost per unit of the labor difficulty is principally, if not wholly due
traffic. The Commission confined itself to correct- to factors that would continue despite a fundamental
ing abuses rather than to actual rate making. In change in legislative policy, the Board may prove
spite of two severe commercial crises, the railroads helpful. It is certain that there are great opportuniwere able to keep pace with public needs, freight ties for securing increased productiveness of labor
rates fell to three-quarters of a cent a ton a mile, good through promoting better understanding and co-opwages were paid, net income rose from 4 to 6% on eration.
Railroad consolidation as conceived by the Transcapital and money was available for new tracks and
portation Act promises economy and improvement
equipment.
Two or three instances of conspicuous abuse in in public service; the Act should have fair trial, and,
stock watering created a change in public attitude broadly, the choice is between that Act and Governand several Acts increased the power of the Inter- ment subsidy or Government operation.
State Commerce Commission. A series of strenuous
To close this article and bring together the views
measures were successively introduced; the railroads of the two expert authorities we quote these senstruggled by increased freight loads and reduced tences from a recent essay on "American Individual-
JULY 7 1923.]
THE CHRONICLE
ism," by Herbert Hoover. He says: "To curb the
forces in business, which would destroy equality of
opportunity, and yet to maintain the initiative and
creative faculties of our people are twin objects we
must attain. To preserve the former we must regulate that type of activity which would predominate..
To preserve the latter, the Government must keep out
of production of commodities and services. This is
the deadline between our system and Socialism. Regulation to prevent domination and unfair practices,
yet preserving rightful initiative, are in keeping with
our social foundations. Nationalization of industry'
or business is their negation."
And this sentence from Mr. Kruttschnitt's recent
letter to Senator Cousens: "The remedy is not to be
found in additional legislation nor ceaseless agitation, but in permitting the railroads to earn a reasonable return and thus enable them to put at the service
of the public adequate capital, and in protecting the
freedom of initiative of trained railway management."
For Permanent Peace in the World.
A somewhat curious incident of the week is Mr.
Edward W. Bok's offer of $100,000 for a plan
whereby to insure permanent peace in the world.
One-half the award is to be paid when the judges
have decided which of the offered plans is intrinsically best; the other half is to be due when the winning plan has been officially adopted by the Senate
or when, in the opinion of the judges, it has evoked a
sufficiently large and influential acceptance by our
people.
Plans have begun coming immediately, although
the committee in charge will take several weeks to
formulate conditions for the contest. These early
plans are said to be lacking in the prime essential of
"practicability," some being founded upon a change
in human nature, and one harking back to the time
of Goliath and proposing that differences be fought
out in an arena by one or more picked champions of
the nations involved. Plainly the difficulty centres
in practicability. War will never end until the atmosphere of land lust and hatreds in which it breeds
is dispelled; therefore, change human nature. Bring
in fraternity, as befits children of one Father; dismiss all thought of conquest, except by friendly emulation in the arts of peace; let the desire to help replace that to destroy. It is as simple as Christianity
itself, which is the one mode of living the world has
not yet tried; try that for a single year, and
see whether its results do not warrant continuance.
Such a plan could come, appropriately and authoritatively, even out of the mouths of babes and sucklings; it is perfect, and its working would be perfect.
Millions could propose it simultaneously; but the
world will not have it—yet.
There must be conflicting claims, as there must be
differing opinions, and men will continue to insist,
with or without threats of violence, that their side
of a case shall prevail and their opponents shall give
way. Therefore, nations will continue to quarrel,
and continue to fight, and so there is no peace
plan; seeking one is like looking for a fifth dimension.
And yet, when men have a difference they take it
to arbitration, in or out of a court; they do so, because the power of the many in human society will
not allow them to fight. It is therefore inconceiv-
15
able that there is awaiting discovery any new "plan"
or formula which disagreeing nations will consent to
the old plan
substitute for the ancient one of war;•
of arbitration remains, and its failure,s thus far do
not condemn it., -Nations, which areruen in the mass
and permitting themselves to be .misruled by rulers,
must find some way of making the.old plan takeon a
binding power. '
f
We are now talking of a World Court, but the idea
has been before the world many years.. In 1907, when
44 nations were represented at the second Hague conference, there were advocates of "the idea of a Supreme Court of the World, sitting in judgment above
44 nations as the Supreme Court ofthe United States
sits above the 44 States of the American Union," but,
as was pointed out in a review of the proposition by
Mr. T. W.Balch of Philadelphia, the weak.point was
in accepting the findings when reached. .Controversies between individuals, between corporations, between individuals and corporations, and even between a State and citizens of another State (these
being the cases covered by the provisions of our own
Constitution regarding the jurisdiction of our final
tribunal) are manageable fairly well, because outside the contending parties there are a majority and
a weight sufficient to make resistance hopeless. But
—and here is the rift in the plan—when the contestants are nations the noble Court has only power to
advise and none to enforce. This cannot be better
put than Mr. Balch put it:
"The great difficult of enforcing peace throughout
the world, however,is that there is no force outside of
the world to drive the peoples of the earth to remain
united, in order to avoid war among themselves.
And this is true, whether the peoples are organized
as separate nations, as at present, or according to
any other scheme that may be devised. If the peoples of the world are once united into a World Confederation or a World State, in t4e absence of any
outside force to make it their mutual interest to hold
together for protection against outside aggression
the desire of the people to gain more than their fair
share will, judging from history, result in war. This
is the weak point in all plans for obtaining world
peace."
There being no force outside of this globe, at present available, the people of the world must restrain
themselves or else peace must be kept by the fear of
restraining force; the ugly-tempered nation must be
in fear of other nations, as the ugly-tempered individual is in fear of the community where he lives. So
reasoned the advocates of the League to Enforce
Peace, as organized by President Lowell of Harvard
and Mr.Taft and others,in old Independence Hall in
Philadelphia, eight years ago. This was its substance:
"The members of the League shall submit disputes
with one another, if justiciable, to an international
tribunal; second, in like manner they shall submit
non-justiciable questions (such as cannot be decided
on the basis of strict international law) to an international council of conciliation, which shall recommend a fair and amicable solution; if any member of
the League wages war with another before submitting the question in dispute to the tribunal or council
all the other members shall jointly use forthwith
both their economic and military forces against the
State that so breaks the peace; the signatory Powers
shall also endeavor to codify and improve the rules
of international law."
16
THE CHRONTCLE
That is, in substance, the members join in saying
to one another, Bring your cases to arbitration, but
if you strike before doing so we will make common
cause against you with arms. But to state such a
plan is to demonstrate its futility. Who in this
broad land of ours would be willing to commit this
country to the use of force against another nation in
au outside controversy with which the United States
has no direct concern? Without force nothing can
be accomplished. Include force and the idea becomes
repugnant and unpractical.
The Railroad Labor Board Again Rebukes
the Pennsylvania.
The members of the Railroad Labor Board find
their sense of official dignity not satisfied by one solemn rebuke of the Pennsylvania road's executives
and therefore return to deliver another blow. Possibly in order that a sort of average might be had between the two, the gods gave to Socrates a Xantippe, whose frequent tongue lashings lacked somebody to preserve them for the world as Douglas Jerrold preserved the "curtain" lectures which Mrs.
Caudle delivered almost nightly to her spouse. Socrates took the scoldings philosophically, as he took
everything else, including the final hemlock, probably reflecting that they relieved Xantippe's feelings
and did not hurt his. So the public will take the
scoldkugs of the Labor Board.
In this latest outburst, the Board avers that the
road's position "is devoid of intrinsic merit, violative
of the will of Congress, and destructive of the rights
of the employees," who were not seeking any advantage over the carrier. The question of open or closed
shop was not an issue; "there was no proposal to
arbitrarily require the carrier to deal with any particular labor organization, and the only issue was
one of such insignificant import to the carrier as to
make its flagrant course one of astonishment to disinterested citizens." Correct as to the mention of
closed or Open shop, but a matter of insignificant import would hardly lead 80 important a system as the
Pennsylvania to take a "flagrant" course. The
Board boils it down to this:
"Question: - Simply drawing this distinction, that
if they will agree to deal with you as individuals you
will deal with them; but if they deal with you as officials representing employees' organizations you will
not deal with them?
"Answer: You have stated it correctly."
Something more than "insignificant" is involved.
As the "Chronicle" has summarized it (and so recently that repetition at length is unnecessary) the
substance is that the road insists upon the mutual
and reciprocal right of direct dealing between itself
and its men, without having the latter under a compulsory representation (so-called) by outsiders; this
is held to be a matter of principle, therefore not insignificant, and whether it is or is not democratic
and American may be left to the judgment of the
brisiness public.
This latest rebuke relates particularly to the case
of alleged misconduct towards a clerks' organization.
Inconsistencies are charged, in that the road has
dealt with the four large brotherhoods- and with a
Pennsylvania System Fraternity, through agreements "signed by the officials of such organizations
as such and not as individuals." There is no inconsistency here, for collective bargaining involves hav
[Vol,. 117.
ing persons act officially "and not as individuals";
all considerable transactions might be impracticably
hampered if each signer could sign only for his individual Self.
As for the declaration that the road's course is
"violative of the will of Congress and destructive of
the rights of employees" and that the road is trying
"to nullify the Transportation Act," we must repeat
that the tree is known by its fruits and the comparative peace and content on the system give the answer
to all charges of injustice and oppression; it is absurd, in these times, for any benevolent outsider to
try to expose to bodies of workers who have not discovered it their assumed condition of suffering. The
Board justly says that the Act "is predicated on the
idea that the rights of neither carrier nor employees
should be dependent upon force and power, but upon
justice and reason." As the "Chronicle" has so often
pointed out, Title III attempts keeping peace
through discussion and arbitration, and the Board's
complaint has been that it was empowered only to
appeal to justice and reason through public opinion
and did not have weapons of compulsion entrusted
to it. It is true that the Supreme Court dissolved an
injunction obtained by the road "and sustained the
Board's contentions," but not as this statement
would,linply, for the Court found the Board empowered to find a violation of an order and make public
the fact, but Without power to do anything more, this
lack of power to "do" anything about it being the
pebble in the official shoes of the Board.
As for "attempting to nullify" the Act, this is a
finding by the Board,and not, as yet, by the Supreme
Court. The statement that the road is acting "In
contempt of the unanimous opinion of the U. S. Supreme Court sustaining the jurisdiction of the
Board" needs an explanatory note thus: "The contempt is according to our interpretation of that decision." The Board also says that when Congress reconvenes it will "surely take proper steps to guaranty to employees and the public that no carrier,
however great and powerful, will again propagate industrial discord and endanger public tranquillity
by flouting the will of Congress as interpreted by the
established courts and tribunals of our country."
This is a step into the mists of prophecy, and he is
rash who ventures to foretell what Congress will
"surely" or even possibly attempt to do. Such language as this also deserves reprobation, as tending of
itself to the propagating of industrial discord and
the menacing public peace which are wantonly
charged upon the Pennsylvania. We have, unhappily, so much violent radicalism and so much rabid
hat red of railroads in Congress that men whose positions give entrance in the public press to their utterances ought to keep a guard upon themselves, even
though they may inwardly feel chafed.
So it appears to President Rea, who replies that
the Supreme Court plainly left the company free to
decline compliance with the Board's order if it
judged—as it did judge—that such compliance
would invade constitutional rights. Further, says
Mr. Rea—and with entire justice—the company is
law-abiding and has not denied, but instead has
maintained, the rights of the men. There is no dispute between road and men which cannot be amicably settled by the direct method. The company
intends to secure and hold their confidence by fair
dealing,.and "the only real discordant note is that
being sounded by the Labor Board."
JULY 7 1923.]
THE CHRONICLE
17
Indications of Business Activity
to the Ruhr quesTHE STATE OF TRADE—COMMERCIAL EPITOME. England rate of discount to 4%, and also
tion which to all appearances is becoming more tense than
Friday Night, July 6 1923.
tendered its good
There is a midsummer quiet in the primary branches of ever, so much so that the Vatican has
in Europe is that
American trade. This is due not alone to the usual slowing offices towards a settlement. The feeling
be exthis time of the year, but to a disposition apart from until this matter is adjusted European trade cannot
down at
to reach a normal level. And anything that affects
this to go slow for a time until the commercial community gets pected
Taking American
its bearings. Production is still active, notably of iron and Europe undoubtedly affects this country.
trade as a whole, it is in very fair shape, and would be in
steel, but it is mostly on old orders. New business is another
settled, or in
matter. For the most part it is slow. Retail trade, to be still better shape if the labor question could be
and wholesale other words, if the • cost of production could be 'reduced.
sure, is on the whole very good. But jobbing
of everybusinses reflects the cautious spirit which now dominates the Civilization concededly works toward production
States. Collections are none thing, ranging from the Most primary to the highest wants
world of business in the United
misfortune
too prompt. In fact, in some parts of the country they are known to civilized man. And it is certainly a
fuel . and
as might be expected, indeed, from the slowness of the that the four primary things, I. e. food, clothing,
slow,
shelter, should at the present time cost so much as to be a
turn-over. There is still a noticeable disinclination to purchase for distant delivery on anything like a liberal scale. tax on the great bulk of the population.
Only about 50% of the bricklayers employed by the Mason
And it is notceable, too, that for the fourth month in succesto work
sion prices during June showed a decline; that is, a little Builders' Association before the strike had returned
in
March 1, though they are 8% higher at $150 an hour or $12 a day, according to estimates
over 2%, or 6% since
building circles, up to last Saturday: as independent buildthan a year ago, and some 23% above the level of June 1
$14. They
1921, when the tide turned. It is still a fact, too, that prices ers pay $15 to $16 a day, after recently paying
the raised the pay to get jobs finished. According to a survey
are over 50% higher than they were nine years ago, at
Association, the jobs of the independbeginning of the Great War. On the other hand, mercantile of the Mason Builders'
The feeling among ent and speculative builders will begin to be "topped out" by
failures are now on a diminished scale.
be released to bebusiness men in this country is not unhopeful. In fact, it is July 15, at which time the bricklayers will
In the main cheerful. And this feeling is also shared to a gin work for the larger operations being erected by members
in the
very large extent by bankers, though curiously enough, on of the assoclation. As the new apartment houses
work is
the other hand, speculators in commodity and security mar- Bronx and in Brooklyn are finished, so far as brick
work
kets have for the most part been pessimistic as to the gen- concerned, the mechanics are expected to go back to
is promised
eral outlook. In the main the weather of late has been fa- for the mason builders. Relief for the schools
mason
vorable for the .crops. The Government will issue its next only after time bricklayers complete their work on the
operations in the fall. The bricklayers have shown
monthly grain report on Monday. Recent private estimates builders'
the contracshow some increase in the wheat crop over the total for June reluctance to work on school buildings, where
tors are paying $12 a day.
of 817,000,000 bushels. The idea of the corn crop is someThe Masters' League of Cement Workers reported that it
thing like 2,800,000,000 bushels to 3,000,000,000, as against
es- was manning many jobs at $7 a day instead of $7 50 desome 2,890,000,000 bushels last year. Time Government
workers
timated time cotton crop on July 2 at 11,412,000 bales, as manded by the union. Approximately 6,000 cement
year, with the acreage the highest in have been on strike for an increase of $1.a day. The men
against 9,775,000 last
Members
'Government records. The Texas crop promises to be the now receive $6 50. The employers offered $7 20.
of the Allied Building Metal Industries declared that the
largest for years past.
Meanwhile there is some slowing down of steel and iron large employers' shops had not been greatly inconvenienced
production, though it is still very high, and here and there by the strike of time inside workers. Time men demand recog-hour week instead of one of 48
Prices have eased of late. Cotton has advanced during the nition of time union and the 44
week and also wheat. A project has been suggested of hold- hours . They claim 3,000 mechanics are on strike. The eming back some 200,000,000 bushels of wheat in order to keep ployers say the number is not more than 750.
Many Massachusetts and Rhode Island cotton mills closed
up the price, but if wheat production is being overdone in
this country it will have to be reduced, and plans to keep up down for a few days to two weeks. Time Amoskeag Co. of
the price artificially will in time end do more harm than good. Manchester, N. H., closed until July 16. At Calais, Me..
Canadian as well as American farmers are complaining of some 50 mill workers took part in the influx of immigrants
low prices. Bituminous coal has declined and the tendency into the United States. They had been living on the border
of anthracite prices seems to be downward. They have re- for several weeks awaiting the opening of time July quotas.
cently been so high that, significantly enough, New England The mill operators, most of whom are English, plan to go to
Is beginning to buy Welsh anthracite at prices considerably New England and New York industrial centres. The immiunder those asked by Pennsylvania producers, I. e. 35 to 45c. gration at New York Increased sharply. At Gardiner, on
per ton. It is hoped that an anthracite strike on Sept. 1 June 29, the factory of time shoe firm of R. P. Hazard Co.
may be averted, and to all appearances time prospects are closed down, throwing more than 700 hands out of work.
favorable. Mail order sales for June, though about 15% The cause of the shutdown is said to be labor trouble, but
smaller than those for May, are some 27% larger than in the complete closing of the factory was not expected locally.
June last year, while for the half year there is a gain of Longshoremen here ask a 'Saturday half day and are said to
37% over the same period in 1922. Wool has been fairly have demanded overtime compensation. The Shipping Board
-hour
steady In price, but it was noticeable that at the big London and private lines will insist on compliance with time 48
auction sales frequent withdrawals of offerings have been agreement with the union. Wages have been increased in all
necessary for the reason that the limits of prices could not the Government navy yards 10 to 12% for all grades.
As to the immigration laws, "instead of being scientific
always be obtained. Many of the cotton mills are still running on short time. Woolen mills are busier than the cot- our present system is absurd and contemptible," said U. S.
ton mills. It is noticeable that the lumber market shows a Senator Copeland of New York. "Not only so, but it is cruel
tendency towards smaller business, not only in this country, and heartless. We will never go back to free and unrebut in Canada. Owing to the present very high wages ex- stricted inunigration." We will insist on strict limitation.
acted from builders by the labor unions, It would not be at But our officials abroad should be in a position to encourage
all surprising to see a considerable falling off in building the immigration of desirable and needed persons. There is
after present contracts have been filled. The tendency, at a demand in certain quarters for untrained labor, and it is
any rate, seems to be that way. Silk goods meet with a slow a demand which, if it be founded on truth, should be satissale for future delivery. Woolen goods for the spring trade, fied. Whatever percentage is fixed, there should be power
however, have advanced. Merchants have latterly been given the President to make exceptions."
June. as in the three preceding months, witnessed a downheartened by a stronger stock market, though 'there is no use
disguising the fact that in London there has been a certain ward turn in prices and the reactionary trend, it is pointed
amount of unsettlement due to a 1% rise in the Bank of out, was more pronounced and vitidely distributed than at
18
THE CHRONICLE
[VoL. 117.
any time since the great deflation of 1920 and 1921. The stocks, even of goods having a style appeal, must
be carried through selling
percentage of decrease shown in June was the heaviest since seasons, and it is reported that in some lines these are larger than desirable,
due to the slowness of retail trade
during the period of poor spring weather.
May 1921, decreases exceeded increases by nearly 6 to 1 and Some manufacturers
are disposing of these at
prices to retailers, who
all but one of the groups of commodities declined between In turn are able to maintain a large volume lowsales through
of
attractive
mark-downs. The statement is generally made
June 1 and .7'uly 1.
that the total volume of
manufactured stocks of all kinds is not large,
but such a statement is
Car loadings in the week ending June 23 were again over usually heard during a period
of great activity, and can neither be proved
the million mark, I. e. 1,002,740. The total thus far this nor disproved by statistics at the time. It seems certain, however, that
stocks of raw material are nowhere nearly
year is without a parallel in the history of the country. •
as large now as they were at
the peak in 1920, yet
Fears continue to be entertained of an anthracite coal The present problem production is as large as at that time, or even higher.
before business men is quite different than it was in
strike on Sept. 1. An Atlantic City dispatch Friday said the last boom, for, in addition to having large stocks, shipments were
delayed
that the miners would demand a new contract to replace that came during the winter of 1919-1920 through storms and strikes, and
on the market in a flood in the
which expires Aug. 31. One hundred men, representing the to get and money rates very high. spring, at a time when credit was hard
These adverse factors are absent now
and the present problem seems to be one of
companies, and 155,000 miners in the anthracite fields of
restoring confidence in the
future rather than of consuming excessive
Pennsylvania met. The miners want 20% increase in the easing
stocks of merchandise and
strained credit conditions.
contract wage scale and $2 per day increase for all men
paid by the day.
A decrease is again noted In the business of the lumber Chicago Federal Reserve Bank Reports Record Receipts
of Live Stock—Business Conditions.
industry, as shown in the report of the National Lumber
Record receipts of live stock for May were established
Manufacturers' Association for the week ending June 23.
this
With 385 mills operating as against 423 in the preceding year, says the Federal Reserve Bank of Chicago in its
week the total cut for all associations was 262,558,515 feet, "Monthly Review" issued July 1, which also says:
The totals for cattle and calves and for hogs were the largest
as against 281,008,687 feet. Shipments totaled 236,173,281
for May since
statistics of receipts and
feet, as against 253,671,719 feet, and orders amounted to the beginning of 1916; shipments at public stock yards were established at
sheep receipts were somewhat less than in May 1921,
196,578.518 feet, as against 213,886,945 feet in the previous but were larger than for the corrosopnding month of the other years.
week.'
Slaughter in May.
Columbia,'S. C., wired July 5: "South Carolina, long a
Cattle.
Hogs.
Sheep.
Calves.
State in which the negro greatly outnumbered the white, is Eight yards in district. May 1923- 254,834 1,055,331 220.253 173,672
Public stock yards in United States:
experiencing a decrease in its colored population that is
May 1923
711,984 3,072,396 888,189 460,960
April 1923
gradually gaining in volume, according to railroad and other
680,307 2.923,601 855,323 399,800
May 1922
698,522 2,571,537 852,298 387.445
officials in position to observe. One railroad official reThe
cently estimated that fully'22% of the negro population of Showed movement of feeder cattle, calves, and sheep back to the farms
a large Increase over April. Compared with a year ago,
the State had left far Northern points, and a newspaper in ment increased for sheep, but declined for cattle and calves. the movea recent article estimated that for the first time in more than
The following relative to business conditions in the dis100 years the white population of the State exceeded the trict is also taken from the July 1
report issued by the Federal
negro."
Reserve Bank of Chicago:
Paris advices say that a rapid advance in coal is due to
Money and Banking.
the cost to the French of the Ruhr occupation. It is 20%
Business sentiment during the greater part of May veered
more strongly
higher than last year and the same increase is reported in toward conservatism, with a feeling of uncertainty and caution manifesting
In the latter part of May and early June, however,
business men,
other merchandise. France, too, it is noticed, is obliged to itself. proceeding
while
cautiously, apparently gathered confidence
buy a three months' supply of wheat in foreign markets to for the immediate future. The agricultural community has in the outlook
gained courage
last until its own harvest becomes available, and this will and is more optimistic, generally, than a year ago, although the drop in
hog prices and in some localities the effect of the backward spring
season
probably mean that the French Government, which fixed on crops are discouraging
factors. Farmers did not receive the full benefit
the price of bread at 1.20 francs a kilogram, will have to of the recent increase in price of corn because most of them had already
disposed of the greater part of their available supply. In agricultural
raise-it.
sections the slackening in business is partly duo to the activity of farmers
The week has been in the main clear and cool, but on July in field work.
Reports from agricultural
4 there were heavy showers and wind storms. Thursday
it change in the trend of credit and industrial sections indicate no marked
conditions on the whole in the district during
was warmer here, I. e. 83 degrees. To-day began warm
and May. In some localities increased:demand for accommodations appeared,
close here, but in the afternoon two violent thundersto
while in others the demand slackened. The banks continue able,
rms
in most
Instances, to meet the increases without borrowing.
passed over New York. To-night it is cloudy and cooler.
Although May business
failure statistics for the district show an increase
in the number of defaults of some 16% over the previous month,
continued
improvement in business conditions during the month is reflected by
a
decrease of more than 46% in the total liabilities involved. Little
change is
seen in figures for the country as a whole, with the exception of a
slight drop
in total liabilities.
Business Conditions in Boston Federal Reserve
District.
According,to Frederic H. Curtiss, Chairman and Federal
Reserve Agent of the Federal Reserve Bank of Boston, "less
talk about resistance to high prices and the poor volume of Federal Reserve Bank of Kansas City on Increased
Activity in Colorado Gold Mining with
incoming business is heard now in New England than was
Passing of Pittman Act.
common a month or two ago." Mr. Curtiss, whose remarks
In referring to mining conditions in Colorado and
to this effect appeared in the "Monthly Review" dated
.
the
suspension of the Pittman Act by the Government, the
July 1, continued:
FedA somewhat more confident view is being taken. Both the volume of eral Reserve Bank of Kansas City, in its "Monthly Review"
production and the movement of goods in the markets continue to
be dated June 26, said:
large, and even the volume of unfilled orders on the books of many
manufacturers is considerable. Freight car loadings for the entire country
are
in larger voleme than ever before at this time of the year, and, What
is
equally important, although not so generally appreciated,
is that the
number of tons of goods carried per loaded car is also exceptionally
large.
This is a symptom of greater efficiency on the parts of both shippers
and
the railways. The extent of unemployment in New England is not significant at the present moment. The employment offices report that there
are fewer vacancies to be filled, and yet at the same time there are fewer
applicants for work.
A rather poor volume of retail trade during April and early May, which
was undoubtedly due in part to adverse weather conditions, helped to
generate some of the pessimistic sentiment then prevalent. There has
recently been an improvement in retail trade, and according to latest
reports, the volume of sales is comparatively satisfactory, even allowing
for the fact that some of the volume has heed forced by means of attractive
prices. More seasonable weather recently unquestionably has been a
great help..
It would have been strange, and really a cause for considerable alarm,
if the combination of falling security prices, declining commodity prices,
and a volume of incoming orders considerably loss than current output,
had not caused both manufacturers and distributors to plan for the next
two or three months rather more carefully than is usually the case in a
period vf prosperity and great activity such as the present. The tendency
is stronger than-it was a month ago to cut production to a point where it
is only sufficient to meet actual orders and not allow stocks offinished goods
to be increased excessively. ThiS is almost inevitable under present
conditions, JACO/Ise the value of so many lines of merchandise fluctuates
rapidly, wip- tha vaelems seasons of the year, and, wittounv styles. The
rapid change to the prevailing vogue In women's colored hosiery and shoes
s one example of the haiards'euriwnducirig for stock. Naturally, some
Metal mining conditions in Colorado, on the whole, improved
during the
month of May, and further improvement was reported in
the early part
of June. Although the shortage of skilled miners and
the expiration of
the Pittman Act were expected to work a hardship in
some particular
cases, it was reported that many new operations were
starting or preparing
to start for the season.
Under the Pittman Act, by which the Government
has for some time
stabilized the price of silver, there has been a
considerable revival of
activity in mining.
Many of the silver mine deveolpments have
"brought in" deposits of
lead, zinc, and other metals which, at the prevailing
high prices of these
ores in the past eighteen months, have been
mined at a fair margin of
profit, and indications point to continued mining
activity in these camps.
It is also reported that with the passing of
the Pittman Act increased
activity in gold mining in the pioneer camps of
Colorado is now in evidence.
Federal Reserve Bank of New York on Postponement
of Building Operations.
The policy of postponing building operations on account
of high costs of labor and of materials, which was evident
in New York City during April, extended to othdr sections
of the country during May, as indicated by a general decrease
in the value of building permits granted in the principal cities
of the country, says the Federal Reserve Bank of New
York in the July 1 number of its "Monthly Review of Business Conditions," which adds:
JULY 7 1923.]
THE CHRONICLE
value of permits
An index prepared by this bank shows that in March the
was 44% above and
granted was 82% above estimated normal. in April it
estimated normal. In
in May there was a further decline to 22% above
in the cost of
computing this index, allowance has been made for changes
growth of the
construction, for seasonal variations, and for year to year
industry.
above the
Recent increases have brought wages of building workers
under the 1920
highest point of 1920. Prices of materials are about 30%
that maximum,
maximum and the total cost of construction is 21% under
shows recent
but about double the pre-war cost. The following table
changes in this bank's indexes of building costs:
Building Total Cost of
Building
Materials. Wag's. Construction
100
100
100
average
1913
254
195
300
Maximum, 1920
165
179
155
Low,1922
194
189
198
March 1923
200
194
204
April 1923
201
199
202
May 1923
19
Potters Lose Protracted Strike in Trenton.
saniAfter eight months of bickering, approximately 1,500
on June
tary potters in Trenton, N. J., and vicinity decided
their strike and return to work if the potteries
20 to call off
or workwould give them jobs. No agreement on either wages
in
ing conditions is requested by the brotherhood officials
benches. The men,if they
ordering the strikers back to their
condican find work, will return under the wage scale and
g for unskilled casters. The pressers,
tions now prevailin
kilnmen, dippers, packers and sagger makers will all go back
•to their benches, it is stated, with practically a 10% reduction. The dippers and kilnmen will accept a price per piece
instead of per kiln. The mouldmakers will lose approximately. 5%. At a conference In Philadelphia the board
reached its decision to abandon the strike.
Indexes of Business Activity Prepared by Federal
Plasterers Win $14 a Day in St. Louis Building Trade
Reserve Bank of New York.
Union plasterers in St. Louis, Mo., announced on June 26
The following is from the July issue of the "Monthly Re- they had won their fight for $14 for the eight-hour day. This
view" of the Federal Reserve Bank of New York:
is said to be the highest wage paid these craftsmen in the
published in the
In the past few months this bank has prepared and
measure various phases
"Review" a series of index numbers designed to
the production indexes
of business activity. These indexes supplement
of 1921. In each
which have been published regularly since the summer
s and for year to year
case allowance has been made for seasonal fluctuation
percentages of an estimated
growth, and the current figures are expressed as
been made for price
normal. Wherever necessary, allowance has also
figures for recent
changes. For convenience in reference the available
months are brought together in the following table:
1923
1922.
May. Jan. Feb. Mar. Apr. May.
(Estimated Normal .--- 100%.)
118
119
112
111
109
95
Car loadings
103
105
111
119
114
99
Wholesale trade
104
99
105
102
104
100
Postal receipts
122
144
182
170
155
137
Building permits
83
82
83
79
74
90
Exports
129
122
105 125
110
99
Imports
150
142
134
125
115
107
Automobile production
115
115
115
113
101
Electric power production
102
103
103
88
98
132
Business failures
Many Bricklayers, Granted $12 a Day, Are Now Demand
ing and Getting More from Independent Builders.
Despite the'fact that the mason builders acceded to the
demand of the striking bricklayers for $12 a day, many of
g to
the workers are not satisfied with this wage, accordin
ent
current reports, and are getting more from independ
regard to this aspect of the situation in
operators. With
30
the building trades the New York "Times" on June
following to say:
had the
Mason Builders'
United States.
Wage Increases in New York Building TradesSince 1916:
An added labor burden of approximately $18,600,000 will
be borne by building construction in New York City in the
next six months as a result of bonuses and wage increases
granted recently to 115,000 workers in the building trade, it
was estimated on June 24, according to the New. York
"Times." The "Times" in discussing the basis for this estimate says:
Most of the workers received additional compensation of Si a day, but
Increases of $2 a day in the basic rate were awarded the bricklayers, plasterers, hoisting engineers and one or two additional crafts. The estimated
Increase of $18,600,000 excluded overtime pay, which will probably increase
the labor costs in the next six months an additional $1,400,000, making the
total wage increase until Jan. 1 1924 approximately $20.000.000.
A comparison of building trades wages between 1903 and 1923 indicates
that the highest percentage increases went to the composition roofers and
the house shorers, whose rate of pay in twenty years has increased 264%.
The rate of pay for mosaic workers has increased 186%,and next come the
bricklayers' helpers, whose rate has increased 185%.
of
Of the major trades, eleven are receiving more than double the wages
and'
1916. six trades are receiving twice the amount they received in 1916
the others are getting a substantial increase. Most of the trades are now
,
being paid $8 to $10 a day with $12 a day for several crafts. Bricklayers
the
mosaic workers and tile layers are being paid bonuses of $2 to $6 above
scale because of a shortage of workers in these trades.
Increases Since 1916.
The cement and concrete laborers have had ten wage increases since 1916,
day
beginning with $2 80 and going up to $7 20. They received $6 50 a
the
Not more than half the bricklayers employed by
The emwork since the employers until a few days ago, when they demanded a dollar increase.
Association before the strike have returned to
or $12 a day, according ployers offered $7 20 and the men went on strike.
granted the mechanics' demands of Si 50 an hour
The following trades have obtained the largest of the daily wage increases
to estimates in building circles yesterday.
was called on May 21 the mason builders' jobs were since 1916:
When the strike
55 50
$6 001 Composition roofers
said to be but 30% Brocklayers
60% manned by bricklayers. At present they are
5 25
7 00 Mosaic workers
Stone masons
strike approximately Plasterers1 Mo
manned. Of the 2.000 bricklayers who went on
500
600 Painters
1,000 have returned, it was reported.
5 50
strike of mechanics on the buildings of the Mason Stone setters
Settlement of the
independent builders
One of the outstanding features in the rise of building trade wages has
Builders' Association embarrassed the speculative and
men informed these been the value set upon the common laborer. A dollar an hour, or $8 a
Who had employed the strikers at $14 a day. The
most of whom were day, is the pay now awarded common laborers, many of whom ordinarily
builders they preferred to work for their old employers,
bonus of $2 a day. earn higher wages than mechanics in the skilled trades, who are laid off
Willing to pay the basic wage scale of $12 a day and a
jobs nearing the frequently because of' weather and other conditions.
Some of the independent and speculative builders, with
scaffolds,
offered the men $15
Bricklayers' helpers, who pile the brick and mortar on the
"topping out" process, became panic-stricken and
, for when
receive $1 an hour and have steadier employment than bricklayers
a day and, in some cases, $16.
of the Mason the skilled men are laid off on account of rain or shortage of material on the
Tempted by the higher pay, many of the former employees
the speculative and inde- job the laborers are used in the interior of the building to clean up and do
Builders' Association remained on the jobs of
of the Mason Builders' Associa- other odd jobs. It developed during the recent strike of bricklayers that
pendent builders. According to a survey
will begin to be the laborers assisting the mechanics were quite satisfied with their lot and
tion, the jobs of the independent and speculative builders
will be released had no desire to become bricklayers because of the time hazards in the skilled
"topped out" by July 15, at which time the bricklayers
of the trade. The laborers receive $44 for a forty-four-hour week, excluding overto begin work for the larger operations being erected by members
the Bronx and in Brooklyn time.
Association. As the new apartment houses in
Here is a comparison of building trades wages in 1903 with the presentare finished, so far as brick work is concerned, the mechanics are expected
day rates and the percentage increases during the last twenty years:
to drift back to work of the mason builders.
Per Cent
So far as concerns the hope for expediting of construction
Increase
Since
the settlement of the
Wages
on a score of unfinished public schools
1923. 1903.
1903. 1913.
rs' strike two weeks ago on a $12 a day basis has
bricklaye
$4 00 $4 75 310 00 150%
Asbestos workers
10 00 127%
been a dismal failure.
4 40 4 50
H. Bluestone cutters
1200 129%
520 560
tHricklayers
"It has not advanced our work at all," said William
8 00 1$5%
2 80 3 00
Gompert, architect to the Board of Education, on June 28. tBricklayers' laborers
1000 122%
4 50 500
schools now Carpenters
1000 127%
4 40 500
4'There are fifteen or sixteen of the public
Cement masons
7 20 164%
3 00
2 80
under construction in the several boroughs which are actually aCement and concrete laborers
1000 264%
2 75 3 25
of bricklayers. On Composition roofers
suffering for lack of adequate forces
1000 150%
400 4 50
Electrical workers
10 00 135%
4 25 5 20
them we could use to advantage from 350 to 400 more men Elevator constructors
5 00 6 00 12 00 140%
Portable engineers
than we have. But we do not seem to be able to get them.
10 00 135%
425 600
Plumbers
10 01) 264%
"Our reoords show that where contractors have made House shorers
2 75 3 68
1000 150%
4 00 500
requisitions for additional bricklayers since the agreement Metallic lathers
1000 186%
3 50 4 50
l in tMosaic workers
the representatives of the unions have not been successfu
10 00 150%
400 400
the men needed. It is also true in some instances Painters
1200 118%
5 50 5 50
supplying
tElasterers
850 161%
325 3 25
jobs have not asked for additional Plasterers' laborers—
that contractors on school
10 00 122%
4 50 550
can.not Steamfitters
men, one of the reasons advanced being that they
5 00 5 50
1000 100%
tTile layers
enget brick fast enough to warrant employing a greatly
larged force. But the fact remains that there has been
virtually no increase in numbers within the fortnight." .
,
on strike
t 1923 wage is the minimum and excludes bonusess. n Now
for 57 50.
20
THE CHRONICLE
[VOL. 117.
Offset by Cost of Living.
Roswell 13. Tompkins, Secretary of the old Building Trades Council,
commenting on the wage increases of the last twenty years, said:
"In compiling these figures you must consider the cost of living. The
prices oral! commodities began to rise after the war and conditions made it
necessary for the men to have more money. Even with the high wages paid
to
-day it is nothing but a gamble as to whether a workingman is better off
to-day than he was twenty years ago.
"At $25 a room working people cannot get cheap homes and everything
costs in proportion. High wages have helped the men a bit to pay the
high rents. Wages always lag behind living costs.
"Twenty-two years ago when I was earning $3 50 as a tile layer, I lived
as well as I could live to-day, when tile layers are paid $10 and a bonus.
A good suit now costs between $60 and $80 and twenty-two years ago a
fine suit made to order cost $25. Other commodities have gone up in proportion."
The table shows a decline of 80,000 skilled workmen when there should
have been an increase of at least 100,000 to keep pace with the growth of
population. One of the chief reasons for this shortage of mechanics lies in
the policy of labor unions of enforcing onerous rules and conditions which
have had the effect of restricting the number of apprentices.
The result has been that the requirements for building construction in
Greater New York (as well as practically throughout the country) are not
regulated by the needs of the industry and of the public, but by a small
group of workers, the number governing the situation in New York being
certainly not more than 4,000, since the bricklayer is the key to the building situation, and the shortage in this trade controls the program.
This group has followed the principle' that it will not materially add
to its number and will fill just as much of the building requirements as the
organization is pleased to do and at rates and under conditions that it Is in
position largely to regulate.
This is a condition that can and must be corrected. And how? Similar
situations are now being met in many cities throughout the United States,
particularly in the West, where schools for training building mechanics are
Schools to Train Mechanics for Building Trades to In operation, notable examples being Cleveland, Chicago, Los Angeles and
San Antonio. In San Francisco there are seven such schools. While there
Relieve Shortage of Help Suggested by James Baird.
are a few
inadequate schools scattered through the East, there
James Baird, President of the George A. Fuller Co., alld is none ofvery small,like sufficient capacity.
anything
chairman of the emergency committee of the Mason Builders'
The method of expediting work in New York has been for a builder who
Association, in a statement Issued on June 10 declared that requires men to go across the street to a competitor's job and offer a higher
wage. One of the leaders in labor comments on this by asking,"What could
the problems attendant on the shortage of mechanics in the be expected of a workman when a contractor meets him coming off work
building trades in New York would be solved if the owners and invites him to come across the street to his job for twice as much money
of the $100,000,000 building projects now delayed by scarcity and half as much work?"
This gets no more building done, but
of skilled labor would invest $500,000 to establish schools for some other remedy must be found. it adds to the cost to the public, and
training mechanics. In an analysis of the present situation,
coupled with a survey of the number of bricklayers now at
work, made by the Mason Builders' Association, Mr. Baird
said that the extent of the building that can be done at any
time in New York is limited by the amount of work that can
or will be done by 3,500 or 4,000 resident bricklayers. Mr.
Baird's statement follows:
The Emergency Committee of the Mason Builders' Association has just
completed a careful survey covering all building operations in Greater New
York (the exact number being 781). This survey has developed the fact
that the total number of bricklayers working in Greater New York on June 1
was 4,642.
Further inquiries indicated that approximately 500 men were not working,
due either to illness or lack of inclination. This demonstrates that the number ofavailable bricklayers at present in Greater New York is approximately
5,000. Of this number, the reports indicate that from 1.000 to 2,000 are
transients. In other words, the building that can be done in New York is
limited by the amount of work that can (or will) be done by approximately
3.500 or 4,000 resident bricklayers, though in times like the present, when
bonus payments are added to the basic wage, an increment known as
"floaters," to the extent of 1.000 to 2.000 (depending upon the amounts
oS the bonus paid) comes to the city.
Sees Need for More Bricklayers.
At the present time there is work for at least 2,000 to 4.000 more bricklayers than are available. The entire country has a shortage of trained men
in the building trades. The records of the Department of Labor covering
a ten-year period are as follows:
Classes of Mechanics—
1910.
1920.
Brick and stone 'reasons
161.000
131,000
Plasterers
47.000
38,000
Roofers and slaters
14,000
11,000
Stonecutters
35,000
22,000
Painters, glaziers, varnishers
273,000
248,000
Total
530.000
450.000
Suggests School Plan.
Besides the 2.000 to 4,000 additional bricklayers needed in New York
there are proportional added requirements in other trades. Training schools
are needed. I may suggest a way in which the necessary schools could be
supplied. A committee of public-spirited citizens could raise the necessary
funds (the amount needed certainly not exceeding $500,000) to secure quarters and instructors competent to train the necessary number of young men
much more easily and expeditiously than It was during the war to train a
much smaller number of young men as soldiers. Young men can become
fairly good working mechanics, in most of the industries, within a six months
period, after which they can be further instructed in the finer details for a
period of perhaps two years, and during this time they can also be working
producers at good pay.
The fact is so obvious that there is a shortage of trained mechanics in
New York that In all probability the unions would not contend against taking trained men into their organization as fast as they are developed. If
the unions should refuse, then, of course, the young men that are trained
would of necessity have to undertake work on their own account, following
which the unions would without doubt take them into their organizations
immediately.
As there is at present work in New York to the extent of,say.$100,000,000
help up waiting an adequate supply of mechanics, it can readily be seen that
an investment of $500,000 to establish training schools would be money well
invested. I would urgently suggest that the situation be considered by a
committee appointed by the business interests of New York now affected
by the shortage of men.
As to stability of employment at good wages, it is obvious that if an
adequate supply of mechanics were continuously available in the City of
New York, wages would remain stable, for there would be no unnecessary
bidding among the contractors on a "snowballing" basis. Nor would there
be the dissatisfaction and inclination to strike among the workers.
So far is the country behind in its building, so rapidly is the country developing and its population increasing, and so great is the volume of new
buildings needed to replace work out or obsolete buildings, that employment would remain continuous indefinitely. The shortage problem can
be solved in the very simple way suggested: but unless it is solved, the menace not only in the building industry but to all industries will become perpetual.
Current Events and Discussions
The Week with the Federal Reserve Banks.
Wednesday, July 4, being observed as a legal holiday by
all Federal Reserve banks, the weekly bank statement made
public on July 5 shows the condition of the Reserve banks
as at close of business on Tuesday, July 3 1923. The
statement, which, as always, deals with the results for the
twelve Federal Reserve banks combined, shows an increase
of $154,900,000 in discounted bills and reductions of
$5,300,000 in purchased acceptances and of $40,300,000
in Government securitier. Deposit liabilities increased by
$37,700,000 and Federal Reserve note circulation by $55,100,000. Cash reserves of the Reserve banks show a
reduction of $35,600,000 and the reserve ratio declined from
76.9 to 74.4%. After noting these facts the Federal
Reserve Board proceeds, as follows:
Increased holdings of discounted bills are shown for all the Reserve
banks. except Richmond and Chicago, the largest increases being reported
for the New York, Cleveland and St. Louis banks. Increases in Federal
Reserve note circulation, wnich reflect the demand for currency in connection witn the July 4 holiday, are shown for every Federal Reserve bank.
Of the total decline In cash reserves, 823.000,000 represents a reduction
in gold resemes and $12,600,000 a reduction in reserves other than gold.
Smaller gold reserves are reported by the New York, Cleveland. Richmond,
and St. Louis banks, the reduction at the New York bank being about
$51.000,000. Of the eight banks reporting increases in gold reserves,
the largest increase, amounting to $24,900,000, is shown by the Federal'
Reserve Bank of Chicago.
Holdings of paper secured by Government obligations increased during
the week from 8383,300,000 to $477.100,000. Of the total held on July 3,
$267.800,000.or 56.1%,were secured by United States bonds,$188,700,000,
or 39.8%, by Treasury notes. and 820.500,000. or 4.3%, by Treasury
certificates, compared with 8243.000.000. 8121,500,000 and
$18.800,000
reported the week before.
The statement in full in comparison with preceding
weeks and with the corresponding date last year will be
found on subsequent pages, ;namely pages 61 and 62.
A summary of changes in the principal assets and liabilities
of the Reserve banks, as compared with a week and a year
ago, follows:
Increase (+) or Decrease (—)
Since
June 27 1923.
July 5 1922.
Total reserves
—S35.600,000
+$33,000,000
Gold reserves
—23,000.000
+67,000,000
Total earning assets
+109,300,000
+19,000,000
Discounted bills, total
+154,900,000
+431,000,000
Secured by U.S. Govt. obligations_
+93,800,000
+291,700,000
Other bills discounted
+81.100,000
+139,300,000
Purchased bills
—5,300,000
+43,800,000
United States securities, total
—40,300,000
—455,800,000
Bonds and notes
—18,400,000
—126,500,000
U. S. certificates of indebtedness_ _
—329,300.000
—21,900,000
Total deposits
+89,500.000
+37.700,000
Members' reserve deposits
+142,700,000
+64,100,000
Government deposits
—29,300,000
—22,000.000
Other deposits
—1,200,000
+2,soo,00o
Federal Reserve notes in circulation_
+87,700,000
+55,100,000
F. R. bank notes in circulation—net liab_
—86.800,000
The Week with the Member Banks of the
Federal Reserve System.
Aggregate increases of $60,000,000 in loans and of
$29,000,000 in accommodation at the Federal Reserve banks
are shown in the Federal Reserve Board's weekly consolidated statement of condition on June 27 of 774 member
banks in leading cities. It should be noted that the figures
JULY 7 1923.]
THE CHRONICLE
21
for these member banks are always a week behind those for
the Reserve banks themselves.
Increases of $52,000,000 in loans secured by stocks and
bonds and of $11,000,000 in all other, largely commercial,
loans, as against a reduction of $3,000,000 in loans secured by
United States obligations, are shown in the report. Member
bank holdings of United States securities declined by
$16,000,000, while their other investments increased by
$18,000,000, so that the total investment holdings increased
by $2,000,000 and total loans and investments by $62,000,000. Member banks in New York City report an increase
of $42,000,000 in loans secured by stocks and bonds and
decreases of $1,000,000 and $4,000,000, rspectively, in loans
secured by Government obligations and in all other loans.
Government security holdings show but a nominal change,
while other investments increased by $12,000,000, so that the
total of loans and investments for the New York members
was $48,000,000 larger than the week before. Further comment regarding the changes shown by these member banks is
as follows:
The Prime Minister paid tribute to the friendliness with which Congress
confirmed the terms agreed upon. He said it was true that a large proportion of this debt and of others was incurred at inflated prices, but that it
would pass the wit of man to determine that amount accurately.
Alluding to Great Britain's privilege of paying in United States bonds
at par, Mr. Baldwin said that at the present time, when these securities
could be acquired at a slight discount it was to Britain's advantage to
purchase them for payment,and she had done so. He hoped the debt funding agreement, of which he had just received official copiesfrom Washington
would be submitted to the House in the official papers within the next
fortnight.
With regard to the other Allied debts, the Premier said the situation was
quite unchanged, adding: "The offer we made in January, which was not
accepted, has left our hands free to deal with all these matters as we think
best,"
Mr. Baldwin asserted that whatever might be said about the American
settlement, he was convinced of two things: First, that as business terms.
they were fair and honest, giving him no cause for complaint, and he
desired to express his gratitude to the members of the American Commission, who did everything possible to make payment easy and convenient:
second, he wished to remind any one doubtful of the wisdom of what he
had done that if the debt had not been funded. Great Britain would have
been liable to interest at 5% on the whole outstanding sum year after year,
and that she would not have been a bit nearer the date on which she would
have been free from the obligation of the principal.
Borrowings of the reporting institutions from the Federal Reserve banks
Increased from $462,000,000 to /491,000,000, or from 2.8 to 3% of their
combined loans and investments. For member banks in New York City
an increase from $78,000,000 to $92,000,000 in their borrowings from the
local Reserve bank and from 1.5 to 1.8% in the ratio of these borrowings
to total loans and investments is noted.
Government deposits of the reporting banks remained practically unchanged, while demand deposits Increased $10,000,000 for all banks combined and $34,000.000 for the New York City banks. Time deposits
Increased $4,000,000 for all banks, but declined about $1,000,000 at the
New York banks.
Reserve balances of the reporting institutions with the Federal Reserve
banks show a decline of $7,000,000 for the week, while the New York banks
show an increase of $5,000,000 in this item. Cash in vault increased by
$3,000,000 for all reporting banks and by $2,000,000 for the New York
banks.
Treasury Department Says Higher Bank of England
Rate Will Not Have Tendency to Increase Rates
.
of Federal Reserve System.
Press dispatches from Washington yesterday (July 6)
said:
Action taken by the Bank of England in increasing its rediscount rates
will not have a tendency to increase the present rates maintained by the
Federal Reserve system in this country, it was reported at the Treasury
to-day. Officials of the Board declared they could see no need for similar
action being taken by the American banking system and is not anticipating
any change at this time.
Denmark Sends Gold to United States
On a subsequent page—that is, on page 62—we give the
to Aid Exchange.
figures in full contained in this latest weekly return of the
The following London advices July 5 appeared in the
member banks of the Reserve System. In the following is "Journal of Commerce":
furnished a summary of the changes in the principal items
The National Bank of Denmark, according to a Central News dispatch
as compared with a week and a year ago:
from Copenhagen to-day, shipped a large sum of gold to the United States
Increase (+) or Decrease (—) In its attempt to stabilize the buying value abroad of Danish currency.
Since
June 20 1923. June 28 1922.
Loans and discounts—total
+$60,000,000 +$1,067,000,000 Calculating German Values on Gold Basis—Savings
Secured by U.S. Government obligations —3,000,000
—35,000.000
Banks' Introduction of Ten-Cent "Gold Mark"
Secured by stocks and bonds
+341,000,000
+52,000,000
Accounts.
All other
+761,000,000
+11,000,000
Investments, total
+288,000,000
+2.000,000
A special cablegram (copyright) to the New York "Times"
U. S. bonds
+153,000.000
+10,000.000
Treasury notes
+399,000,000 from Berlin July 1 said:
—10,000,000
Treasury certificates
—117,000,000
In private business, calculations of values in the gold mark or the dollar
—16,000,000
—147.000,000 continues to make headway. All branches of the textile trade, including
Other stocks and bonds
+18,000,000
Reserve balances with F. R. Banks
—50,000,000 the retailers, have adopted dollar exchange as a basis for price-fixing.
—7,000,000
+4.000.000 Several banks are attracting large paper mark deposits on the new "gold
Cash in vault
+3.000,000
+132,000,000 mark basis."
Government deposits
Net demand deposits
—20,000,000
This system, as regulated by the Prussian and Bavarian laws, is as
+10,000,000
Time deposits
+20,000,000 follows: The "savings gold-mark," whose value is not that of the old
+4.000.000
+326,000,000 gold mark, but ten American cents. is selected as the unit., Paper mark
Total accommodation at F. R. Banks_ _ _ +29.000,000
deposits are valued in the "savings gold-mark" according to the day's
Boerse quotations of new dollar Treasury bills and they are so booked.
savings bank undertakes to
United Kingdom Bonds to Amount of $4,600,000,000 Thedeposit, in paper marks of therepay the depositor, when he withdraws
his
same gold value.
Turned Over to United States in Debt Funding
The bank covers its own risk by investing its paper mark deposits in
dollar Treasury bills, or in some other stable security. This protects
Settlement—Stanley Baldwin on Debt Adjustment
the
as the rye or gold loan
The final proceeding incident to the carrying through of the depositor preciselymark falls in value, the system protects will investor:
get back
because the more the
more marks he
the agreement for the funding of Great Britain's war debt on repayment.
to the United States was witnessed on July 5, when the
COunsellor of the British Embassy at Washington turned
Report on Policy of Chinese Consortium.
over to the Treasury Department $4,600,000,000 United
A statement, issued in the form of a report, regarding the
Kingdom bonds, the Treasury at the same time surrendering
was one
demand obligations of Great Britain held by the Treasury general policy of the Consortium in China, which
of the matters considered at a meeting of the Council of the
Department since the loans were advanced. Acting SecreChina Consortium, held in Paris May 28, was issued on
tary Gilbert in making this known July 5 said: .
The Treasury this afternoon received the $4,600,000,000 aggregate July 1 at the office of Thomas W. Lamont of J. P. Morgan
principal amount of bonds of the United Kingdom issued pursuant to the & Co. Besides Mr. Lamont, who represented the American
proposal dated June 18 1923 for funding the debt of Great Britain to the
the meeting
United States, and the acceptance thereof, dated June 19 1923. The group of the Council, there were present at
Treasury thereupon cancelled and surrendered to the British Government. Sir Charles Addis, K. C. M. G., representing the British
through the Counsellor of the British Embassy at Washington. demand group; Rene Thion de la Chaume, representing the French
obligations of Great Britain in the principal amount of $4,074.818.358 44,
group, and Kanji Yano, representing the Japanese group.
in accordance with the provisions of the proposal and acceptance.
made public
The signing of the debt funding agreement between the With reference to the meeting the statement
in this city this week said:
United States and Great Britain was noted in our issue of
June 23, page 2834.
Regarding a statement made by the British Prime Minister,
Stanley Baldwin, in the House of Commons on July 4,
anent the refunding of the debt, we quote the following
Associated Press advices from London July 5:
Prime Minister Stanley Baldwin, in his address in the House of Commons
on the finance bill yesterday, took occasion to review in detail his work
towards the funding of Great Britain's debt in the United States, lie
expressed a conviction that no action any British Government had ever
taken with regard to the United States had such an effect in helping America
to understand this country better than she ever had done before and in
paving the way to a more complete understanding between the two peoples
in the future.
The debt agreement. Mr. Baldwin added, also served to make America
more willing than she ever had been to "work hand in hand with us wherever
any work is to be done for the regeneration of the world."
A discussion ensued on the proposed consolidation of China's unsecured
obligations, and instructions were issued to the group representatives at
Peking to examine,in consultation with the four Ministers of their respective
Governments, the existing floating debt of China, including all loans which
are un.secured or of which the security seems likely to prove inadequate in
the near future, with a view to formulating in due course a comprehensive
scheme of debt consolidation.
The Council had next under consideration the general policy of the Consortium in China, a statement of which it was decided to publish in the
form of a separate report.
This report, which we give further below, points out that
the Consortium is not designed as a permanent organization, but rather as a temporary bridge, by which China may
be assisted to pass in comparative safety through the difficult period of transition from an unsettled to a settled state
of Government. The report further sets out:
22
THE CHRONICLE
[VOL. 117.
It has repeatedly been stated that interference with the domestic politics
17. There appears to be some misunderstanding in China with regard
of China has no part in the program of the Consortium, that the reorganiza- to the suggestion that the land tax might at some future date be utilized
tiaa of China's finances must come from China herself, and that the role of as a source of security for a supplementary administrative loan should the
the Consortium is limited to an endeavor to assist the Chinese authorities, other revenues of the country prove insufficient for that purpose, or be
ifrequested to do so,in re-establishing economic and financial equilibrium.
already fully pledged. That the collection of land tax should be remodelled
We give the report herewith:
on the lines of that of the maritime customs,i.e., placed under foreign super1. The Council of the China Consortium, having under review recent vision, formed no part of the suggestion, and was not even discussed.
telegrams from their representatives in Peking, as well as press messages Neither the application of foreign control to the collection of land tax, nor
and comments bearing on the present economic and political situation in specific hypothecation of that security, came within the scope of the
China, consider that a general statement of the policy of the Consortium conclusions reached at the Consortium Conference at Now York in October
may be at this time of interest to the public.
1920. The project of a loan secured on the land tax was not then and is
2. The policy of the Consortium, namely the substitution of international not now under consideration by the Consortium.
co-operation for international competition in the economic and financial
C. S. ADDIS.
affairs of China, has been definitely affirmed and endorsed in a larger sense
R. Th. De La CHAUME,
by China and the Powers in the Treaty signed at Washington on Feb.6 1922.
THOMAS W. LAMONT,
3. The Treaty is in effect an undertaking by the Powers to respect the
K. YANO.
sovereign rights of China, to preserve her territorial integrity and to provide
According to the "Journal of Commerce" of July 2,
her vrith a free and unembarrassed opportunity to develop her economic
leaders of the Consortium foresee little possibility of complicaresources and maintain for herself an effective and stable Government.
4. The Consortium is an appropriate instrument for giving effect to this ions with China from the recent attempts of E. Birch Crisp
policy. It is not' designed as a permanent organization, but rather as a & Co. of London
to float a Chinese loan.
temporary bridge by which China may be assisted to pass in comparative
safety through the difficult period of transition from an unsettled to a
settled state of Government.
Chinese Government's Overdue Foreign Debts of
5. What has already been accomplished appears to justify the belief that
$180,000,000 Discussed at Meeting of Advisory
the Consortium has been constructed on sound lines, and may reasonably
Council of Far Eastern Division of United
be expected to fulfil the purpose for which it was designed with due regard
to the natural susceptibilities of the Chinese on the one hand and the
States Department of Commerce.
security of the foreign investor on the other.
On June 8 the Advisory Council of the Far Eastern
6. It is popularly supposed, and occasionally asserted, that the main
object of the financial groups composing the Consortium is to harves undue Division of the United States Department of Commerce
profits reaped from loans forced upon China under the protection of their
held a conference in this city at the Lawyers' Club at
respective governments. This is not the case. On the contrary it has
been by their consistently refraining from lending that their principal which was discussed the question of the $180,000,000 overdue
success has been achieved in encouraging the utilization of native savings foreign obligations of the Chinese Government. No definite
before recourse is had to foreign capital, and in arresting the profligate
expenditure which was heading the country straight for bankruptcy. It plans were arrived at, it is understood. E. S. Glines, of
is not too much to say that the Consortium has helped to stimulate and Lam, Glines & Co., this city, Chairman of the Council,
foster a sane and independent public opinion in China, and, by putting presided at the meeting, and
at its conclusion issued a statea stop to the menace of financial penetration arising from indiscriminate
and unproductive foreign borrowings, is helping to conserve the integrity ment saying:
It is my opinion that the Chinese Government has no acceptable security
of the country.
which could be offered for a new loan at this time.
7. Much still remains to be done, and until their work has been accomThose of us who have large interests in China, or who might be attracted
plished the several groups of the Consortium are convinced that they
to this field in a large way,are confronted with two lines of thought. First.
would not be justified in having regard merely to their own convenience
do we desire to see our Government become more deeply involved in China
by resuming their freedom of independent action. They are reinforced in
as a government in the protection of such interests as we now have or might
this conviction by the consideration that the Consortium appears to form
have? This might be in co-operation with other governments or independthe chief barrier between China and the policy of Sphere of Interest which
ently; and is this a support upon which we could rely? Or, would we like
prevailed during the last decade of the nineteenth century. It will be
to see less foreign interference, leaving the Chinese to themselves to work
remembered that it was during that period, known as the "Battle of the
out their own salvation?
Concessions," that definite claims to exercise preferential rights over
Should the foreign holders of the overdue obligations of the Chinese Govspecific geographical areas of China were advanced by different Powers.
ernment Railways exercise their rights and take over these lines, our GovIf these claims had been maintained the disintegration of China must have ernment
would be inevitably involved and tremendous pressure would be
followed. Any backward step towards the resumption of a similar policy
brought to bear to protect American interests. This would virtually result
might well be expected to produce similar results.
in the Americans and Japanese taking over the Pekin Suiyan; the British
8. The pressure upon modern nations to discover and develop outlets the Tientsin-Pukow
and Pekin-Mukden: the Chinese bankers, in cofor their trade is increasing, and China presents to-day by far the largest
operation with the Japanese, the Pekin-Hankow, &c.
undeveloped field for commercial expansion. If the restraint at present
In the event of the French ratifying the "Nine Power Chinese Customs
exercised by the co-operative action of the Consortium is removed, the Treaty" I
would recorrunend that this be funded for the purpose of taking
resort to the pressure of individual agents in competition with each other up
overdue foreign obligations, including those of the Ministry of Comwould appear to be inevitable. From that it might be but a step to the munications.
No new money would be involved; securities could be issued
intervention of foreign governments in order to protect the vested interests in
exchange for outstanding obligations. This Would relieve the Governacquired by their nationals in different parts of China, and Spheres of ment
of foreign pressure, their governmental income would then depend
Interest, with consequences disastrous to China, would once more be upon
their efficiency in operating their utilities, and since the internal
established.
native loans would have to look to this entirely, there would be considerable
9. It is more in the interests of China for the Powers to deal with her pressure brought to
bear by the Chinese for a government that could funcas a whole rather than separately, in co-operation rather than in competition tion
as a government, which might lead to the Chinese creditors taking over
with one another. It is the aim of the Consortium to assist China in the the
roads and operating them in effect as private utilities.
building up of her credit until some day like other nations she can borrow
In the event of the funding of this 23 % customs increase becoming a
,
6
for her requirements on the strength of her national credit, without the reality, another
source of income to the Government and native creditors
necessity of recourse to specific security or supervision of expenditure. would be to follow
a plan put forward by Mr. Eldridge, Chief of the Far
When that day comes it will be time enough to talk of disbanding the Eastern Division of
the Department of Commerce, and that is the organizaConsortium. Until then the Consortium must remain intact and, with tion of the wine
and tobacco tax functioning like the Salt Cabello with
the approval and support of the governments, continue to perform with foreign supervision at the source,
if desirable, and the imposition of internal
patience the functions assigned to it.
revenue taxes, under foreign control,if desirable, at the place of manufacture
10. It is the settled policy of the Consortium to refrain from interference and entry.
In the internal political affairs of China. The present political upheaval in
It is to be remembered, however. that China is in political chaos, and that
that country precludes the immediate hope of giving practical effect to any the lives and property of
all foreigners are in danger. We all want to see a
Consortium proposals for an administrative loan. Conditions, however, stable and prosperous
China run by the Chinese; the question is how to
change so rapidly that the groups must always stand prepared for action bring this about,
whether by steps that might lead to wholesale foreign inin anticipation of the time when China shall have again attained to such tervention or by leaving the Chinese measurably
to themselves to work out
degree of political peace and security as to afford a reasonable prospect of their own solution. Unfortunately,
a middle ground at this time seems
a stable Government.
very difficult.
11. Industrial loans,in which railway loans are included, are in a different
All business interests are in agreement that a first-class business man like
category. Provided adequate security can be obtained there seems to be Eliot Wadsworth or W. D. Gibson of the Treasury
Department, Cameron
no reason why the further development of railway communication in Forbes or Frederick W.Stevens, should be appointed as one
of the American
China, in itself a potent means of political unification, should wait upon members of the special conference on increase in
Chinese customs duties to
the solution of her administrative problem.
meet in Peking within three months after ratification by the French of the
12. It is recognized that an essential part of any scheme for the financial "Nine Powers Customs Treaty." We are all very much
afraid that it will
reorganization of China is the consolidation of the floating debt, and a be a political appointment, which would be
disastrous to American business
scheme for such consolidation is at present under consideration by the interests in China.
group representatives in Peking.
The meeting was attended by Howard Cole, Vice-President
13. A certain portion of the Chinese public appears to be under the
delusion that in some way or other the object of the Consortium is to of the Standard Oil Co.; Martin Egan,of J.P. Morgan & Co.;
obtain control of China's finances and railways. If such a delusion really E. P. Thomas, President of the United States
Steel Products
exists, it can only be due to a mistaken reading of every public announcement
Corporation;.T. W. Stedman, Peking representative of the
which has been made on the part of the groups.
14. It has repeatedly been stated that interference with the domestic United States Steel Products Corporation; Arthur Evans, of
politics of China has no part in the program of the Consortium, that the the Department of Commerce; and F.
R. Eldridge, Chier of
reorganization of China's finances must come from China herself, and
that the role of the Consortium is limited to an endeavor to assist the the Far Eastern Division of the Department of Commerce.
Chinese authorities, if requested to do so, in re-establishing economic and
financial equilibrium.
$18,000,000 Expended By United States in Near East.
15. It would be futile to ask the foreign investor, to whom the Consortium
The following copyright cablegram from Constantinople
stands in the relation of quasi-trustee, to subscribe to a Chinese loan until
he is satisfied that its proceeds will be properly expended and his capital June 24 appeared in the New
York "Times" of June 25:
duly returned to him at maturity. It is indisputable that this necessitates
The United States has spent $18,000,000 for relief work in the Near East
some measure of supervision, but no more control than the minimum since the Smyrna disaster,
according to the Athens newspaper "Logos."
actually required to provide the adequate degree of security without which organ of the Revolutionary
Government. The total was divided as follows:
it would be impossible to issue a foreign loan.
Near East relief, $8,000,000; the American Women's Hospital and other
16. It is the policy of the Consortium to assist in building up the general specialized organizations,
$1,000,000; the Admiral Coundouriotis fund and
credit of China on such secure foundations that all outside intervention organizations supported by
Greeks in America, $1,000,000; the Red Cross
may be gradually eliminated and the entire control of loan service and expended $3,000,000
and individual remittances from America were $5,expenditure may finally pass into the hands of China herself.
000,000.
23
THE CHRONICLE
JULY 7 1923.]
America's contribution is eight times the amount received from all other Farm Loan Act, the bonds are exempt from Federal, State,
countries for Near East relief. Half of the American money was devoted to municipal and local taxation, and are acceptable as security
work in Greece and the rest in Asia Minor, Syria, Palestine, Armenia and
deposits of Government funds.
Persia. The "Logos" says the two most striking features of the American for postal savings and other
administration were, firstly, the honest and efficient supervision insured by The following information, credited to official sources, is
the experienced Americans placed in charge of the distributions, and, se- taken from the offering circular:
condly, that the major part of the money was spent in America for supplies
The Kentucky Joint Stock Land Bank was chartered by the Federal
Which were transported to the Near East. thus not only helping American Farm Loan Board on April 1922, and has a capital of 5500,000. and surpreventing depletion of the Near Eastern markets at a time plus
producers but
and ,undivided profits amounting to $178.959. Its operations are
'when the demand greatly exceeded the supply.
confined to the State of Kentucky and Ohio, and the policy of the bank is
The Greek Government, in recognition of the work of the administration, to restrict its loans to the best agricultural districts of these two States.
voted the award of the highest civil honor, the Cross of Saint Xavimir, to A large
portion of the bank's loans have been made in the famous "Blue
one hundred members of the American Relief Missions. The first of these Grass" section of Kentucky, and is also operating actively in Ohio, where
awards, announced to-day, went to Charles Fowle of New York, Foreign about 40% of the present loans have been made. The total loans in
Secretary of the Near East Relief.
Kentucky to date are $5,387,500 and in Ohio 53.351.100. . . . Of the
loans closed to date, the average amount loaned per acre including the
assessed
Comparative Figures of Condition of Canadian Banks. buildings and improvements is $47 43, which is but 38.86% of thebonds in
valuation of the property. . . . The bank may not issue
Canadian excess of fifteen times the amount of its capital and surplus. Including
In the following we compare the condition of the
banks under the May 1923 statement with the return for this issue it has outstanding 58,200.000 of bonds. . . .
April 1923:
Statement of the Kentucky Joint Stock Land Bank.
(As officially reported May 31 1923)
ASSETS.
Gold and subsidiary coin—
In Canada
Elsewhere
May 31 1923. Apr. 30 1923.
t
58,842,766
58,649,486
11,838,291
12,314,557
.
70,681,057
70,964,043
Total
166,619,535
169,722,840
Dominion notes
Deposited with Minister of Finance for se6,454,339
6,454,339
curity of note circulation
56,552,533
57,452,533
Deposit of central gold reserves
121,560,255
107,394,647
Due from banks
1,429,355.036 1,447,541.916
Loans and discounts
403,080.300
397,332,710
Bonds, securities, &c
94,021,385
94,350,470
Call and short loans in Canada
211.109,821
Call and short loans elsewhere than in Canada 214,916,288
107,580,690
110,289,451
Other assets
Total
2,658,232,357 2,685,201,831
LIABILITIES.
Capital authorized
Capital subscribed
Capital paid up
Reserve fund
Circulation
Government deposits
Demand deposits
Time deposits
Due to banks
Bills payable
Other liabilities
187.175.000
125,572,300
125,356,154
126,425.000
187.175,000
125,572,300
125,351.873
130,675,000
166.255,925
157,379,291
78.447,634
86.301,290
856.427,984
835,499.516
1,227,253.431
1,231,001,480
52,584.175
48,726,659
9.808.611
7,618.649
20,793.738
22,849,205
Total not including capital or reserve fund_2.389,376,090 2.411,571,498
Note.—Owing to the omission of the cents in the official reports, the
footings in the above do not exactly agree with the total given.
Offering of Bonds of Minneapolis-Trust Joint Stock
Land Bank.
An offering of $600,000 5% farm loan bonds of the Minneapolis-Trust Joint Stock Land Bank of Minneapolis was
announced on July 1 by the Union Trust Co. of Chicago, the
Illinois Merchants Trust Co.of Chicago and the Minneapolis
Trust Co. of Minneapolis. The price at which the bonds
were offered was 102 and interest to yield 4.55% to the
optional date and 5% thereafter. Dated May 1 1923, and
due May 1 1953, the bonds are redeemable at par and interest
on May 1 1928 or any interest date thereafter. They are
coupon bonds in denomination of $1,000; principal and
interest is payable May 1 and Nov. 1. The bonds are
exempt from Federal, State, municipal and local taxation,
are legal investment for all fiduciary and trust funds under
the jurisdiction of the Federal Government and are acceptable
at par as security for postal savings and other deposits of
Government funds. The capital stock of the MinneapolisTrust Joint Stock Land Bank is owned by the Minneapolis
Trust Co., affiliated with the First National Bank in
Minneapolis. Previous offerings of bonds of the Minneapolis-Trust Joint Stock Land Bank were referred to by us
Nov. 4 1922, page 1905, and Dec. 23, page 2738.
Offering of Kentucky Joint Stock Land Bank Bonds.
Harris, Forbes & Co. of New York and the bond department of the Harris Trust & Savings Bank, Chicago, offered
on July 2 $600,000 5% bonds of the Kentucky Joint Stock
Land Bank of Lexington, Ky. The bonds were offfered at
103 and interest, to yield about 4.625% to the redeemable
date and 5% thereafter to redemption or maturity. The
bonds are dated May 1 1923, are due May 1. 1953, and are
redeemable at par and interest on any interest date on or
after May 11933. Interest is payable semi-annually, May 1
and Nov. 1, and principal and interest are payable at the
Kentucky Joint Stock Land Bank, or the fiscal agencies
of the bank in Chicago or New York at the holders' option.
The bonds, coupon, fully registerable and interchangeable,
are in denomination of $1,000. Issued under the Federal
Acres of real estate security loaned upon
Total amount loaned
Appraised value of real estate security
Average appraised value per acre
Average amount loaned per acre
Percentage of loans to appraised value of security
184.250
$8,738,600 00
$22,489,491 00
$12206
1.47 43
38.86%
Previous offerings of bonds of the Kentucky Joint Stock
Land Bank were referred to in these columns Dec. 9 1922,
page 2524 and April 28 1923, page 1843.
Credit Banks to Float $10,000,000 of
Bonds—Loans of Credit Banks.
Wheat appears to be a definite announcement regarding
the amount of bonds which the Federal Farm Loan Board
will issue on account of the newly ereated intermediate
credit banks came from Washington this week, this indicating that a $10,000,000 issue had been decided upon.
Earlier advices to the effect that an issue of between $5,000,000 and $10,000,000 would be floated were referred to in
these columns June 23, page 2836. Washington advices
to the New York "Commercial" July 2, in stating that the
decision had been reached to put out $10,000,000 debentures, said:
Intermediate
Decision has been reached by the Farm Loan Board to make the total of
the first issue of debentures for the new intermediate credit banks $10,000,000. The maturity will be in six months,and the interest will be 434%.
The debentures will be placed on the market the middle of this month.
Arrangements for marketing the debentures are in the hands of Charles
-day,has accepted the position of fiscal
E. Lobdell, who,it was announced to
agent and general counsel for the twelve Federal Land banks and the twelve
Intermediate Credit banks with headquarters in Washington.
Announcement of the appointment of Mr. Lobdell was made by R. A.
Cooper, who, at the close of business to-day succeeded Mr.Lobdell as Farm
Loan Commissioner and head of the Farm Loan Board. Mr. Cooper, who
has been a member of the Board for several years, is a former Governor of
South Carolina.
Mr. Lbdell is resigning as head of the Farm Loan Board originally had
expected to become connected with a New York investment house.
In making known the details of the first issue of debentures for the Intermediate credit banks, it was stated that the sum of $10,000,000 is expected
to be ample to finance the needs of the new banks for some time to come.
The total loans made by the twelve banks to date amount to only about
$500,000. One of the first banks to make a loan was that at Springfield.
Mass., which started off with a loan for $50,000. Later it made a second
loan for the same amount. Ten of the twelve banks have made loans.
Those with the largest loans include the Houston, Texas, Spokane. Wash..
and Berkeley, Calif., banks. The Berkeley Bank has received applications
for loans from California co-operative aggregating about $5,000,000. The
Bank at Baltimore has had an application for loans amounting to $1,000,000
from organizations of tobacco growers.
Although the Agricultural Credits Act creating the Intermediate Credit
banks authorizes the Treasury to subscribe $5,000,000 in cpaital for each of
the twelve banks, only $1,000,000 has been furnished each bank, and indications are that there will be no immediate increase in this amount. Each
bank is authorized to make loans up to ten times its paid-in capital, plus the
amount of the capital. On the basis of the present combined capital of
$12,000.000 for the twelve banks debentures aggregating $120,000,000
might be issued.
Issues Tax Exempt.
While the law authorizes the issuance of debentures for periods as long as
five years, members of the Farm Loan Board are fearful that it might be
difficult to market the securities of this character with maturities of more
than six or nine months. At present loans of the new banks are limited to
nine months, although the law authorizes live stock loans for as long a
period as three years.
The new debentures will bear the same rate of interest as the recent issue
of $45,000,000 of Federal Land Bank bonds. Both the debentures and
bonds are tax exempt. While the debentures will mature in six months
the Land Bank bonds run for thirty years. The debentures are secured by
the capital of the banks and are based on so-called personal credits for
agricultural purposes while the Land Bank bonds are based on farm mortgages.
Mr. Lobdell's new position takes him out of the Government's service,
even though the Land Banks and Intermediate Credit Banks are under
Government supervision.
"The Farm Loan Board," said Mr. Cooper,"regards this arrangement as
peculiarly fortunate for the interests of the banks concerned, as well as the
system as a whole. Judge Lobdell has been a member of the Farm Loan
Board since its organization and commissioner and executive officer for
more than three years, and understands, perhaps better than any other
person in the United States, the many problems connected with the development and operation ofthe system. It was necessary that the banks procure
the services of some one for this work.
24
THE CHRONICLE
"Judge Lobdell resigned his position on the Board with a view to accepting
an offer from a financial institution, not associated in any way with the
Farm Loan system. When the presidents of the twelve Federal Land
banks learned of his purpose to retire, they immediately offered him the
position, which he finally decided to accept. The arrangement has the
unqualified endorsement of the members of the Farm Loan Board,including
the Secretary of the Treasury."
Loans Raised in United States For Sisal Planters.
The following is from the New York "Times" of June 30:
To prevent a serious shortage of sisal from which the American farmer
derives his binder twine the Sisal Sales Corp., 27 Cedar St., has undertaken
to finance impoverished planters in Yucatan and Campeche to the amount
of $1,500.000.
F. W. Black. Vice-President of the corporation, explained yesterday
that the fund would be made available to the Comision Exportadora de
Yucatan in installments, against which drafts would be drawn on New
York for the assistance of many planters in conserving the supply of sisal
In future years. He denied a report that $1,500,000 in gold was to be
shipped to Yucatan to cover the loans to be made by the Comision Exportadora de Yucatan.
"It is merely an every-day transaction, involving no gold except that
the obligation is expressed in gold," said Mr. Black. "As the funds are
provided from time to time to enable the planters to refresh their fields,
drafts will be drawn on New York for the amounts loaned. The Sisal
Sales Corp. is the distributing agent for theso sisal Interests and have
come to the aid of the planters in this way. While the transaction Is
probably unique it can have no pcesible affect on this country's gold
supply. The loans will be distributed over a period of probably a year
or more. No part of these loans has, as yet, been made.
"As the situation stands with regard to the production of sisal, American
stocks have been greatly reduced in the last two years. Plantations in
Yucatan and Campeche have run down greatly since the war until a
serious shortage is threatened. It is necessary to replenish the fields
every few years. as the sisal plant does not survive more than twenty years.
"During the past year the Sisal Sales Corp. has loaned the Comision
Exportadora large sums which have in turn been advanced to the planters
foe the purpose of cleaving their plantations, thus bringing into active
bearing thousands of acres which were not producing. Some time next
year the cleaning of all the plantations In Yucatan will have been completed, and it is hoped by this means the Comision Exportadora will be
able to supply all the sisal that will be needed."
Bill Prohibiting Branch Banking in Illinois Signed
by Governor—Other Banking Measures Approved.
A bill prohibiting Illinois banks from operating branches
or having any offices except at their regular places of business,
was signed by Governor Small at Springfield, Ill., on June 28.
Other measures approved by the Governor on June 28 are
indicated as follows in the Chicago "Journal of Commerce"
The Governor also signed a bill which prescribed the minimum capital of
neighborhood banks; compels each stockholder to make an affidavit that he
owns property which is worth as much as his bank stock, and forbids
organization of neighborhood banks except after presentation of petitions
signed by residents.
The Governor approved the Cuthbertson measure, which requires persons
and firms doing business in foreign exchange to obtain State licenses. Any
person or firm which deals in foreign exchange or transfers money to foreign
countries is required to supply a $25,000 bond. This requirement is not
made of banks. The bill Is aimed at get-rich-quick operators such as l'onzi.
Proposed Formation of Export Association of Silver
Producers to Effect Higher Level of Silver Prices—
Senator Pittman's Letter to Secretary Hoover
Regarding Silver Prices in India and China.
According to Washington advices to the New York "Commercial" July 4 the formation of an export association
composed of silver producers of North, South and Central
America appears to be the chief hope of the special Senate
silver and gold investigation committee for bringing about
a higher level of silver prices. The "Commercial" adds:
[Vol,. 117.
Disadvantages of our Oriental trade arising from unstable silver exchange
and advantages which would arise if silver exchange were to be stabilized.
The effect of a silver bullion loan to China upon the financial condition of
that country and upon our trade with China.
The inquiries directed to Secretary Hoover give a line on the trend of the
general investigation into the silver situation.
Senator Key Pittman's
Recommendation To Treasury
Treatment Loss of Silver.
Contending that the letter and spirit of the Pittman Act
have not been complied with, Senator Key Pittman, Chairman of the Sub-Committee of the Senate Commission of
Gold and Silver Inquiry has recommended to the Treasury
a metal loss of 43% in refining as a basis of settlement in
determining the amount of silver presented for sale to the
Government at $1 an ounce. According to a statement
issued by the Commission on July 3 "should the Treausry
adopt Senator Pittman's recommendations for settlement,
it will mean the purchase of an estimated additional amount
of from 6,000,000 to 8,000,000 ounces of domestic silver."
We give the Commission's statement herewith:
Regarding
• Important revelations in connection with silver purchases by the Government under the Pittman Silver Act of 1918, have been disclosed by Senator
Key Pittman of Nevada, Chairman of the sub-committee of the Senate
Commission of Gold and Silver Inquiry, of which Senator Oddie of Nevada,
is Chairman.
Summarizing testimony of Treasury officials and representatives of mining
and smelting companies, and an audit of records of purchases, Senator
l'ittman says the letter and spirit of the Act have not been complied with.
It has not been proven that all of the silver sold to the Government was domestically produced as required under the terms of the Act. The smelting
companies, handling the greater part of the silver, allowed the miner 95
cents an ounce under the theory that there was a treatment metal loss of5%,
while they deducted an estimated metal loss of only from one-fifth one 1%
to 2% in determining the amount of silver prresented for sale to the Government at $1 per ounce. If these metal loss estimates are low, it must result
in the sale of silver of foreign origin contained in bullion composed of both
foreign and domestically produced silver to the Government.
As a result of the Commission's investigation, Senator Pittman has recommended to the Treasury a metal loss of 5% in refining as a basis of settlement. "This has been the practice in the mining industry since the
inception of the smelting business," said Senator Pittman,"the miners being
paid for 95% of the silver content of the ore on the theory that an average
of 5% was lost in reduction and refining. So-called treatment losses and
gains are based upon estimates made by employees and managers of plants,
who sometimesfudge In their desire to show greater gains or smaller losses.
"The smelting companies stated that it was necessary to fix an arbitrary
average of 5% estimated loss so as to be on the safe side. Would the
Government be safe in accepting any lower estimate in buying ore from the
smelters, than the smelters are willing to fix in buying ore from the miners?
The Treasury is commanded by law to require proof of the American origin
of the silver, and in the absence of absolute proof, It is its duty to fix an
estimated metal loss that will insure that the Government does not purchase
foreign silver."
Senator Pittman referred to the impracticability, if not impossibility.
of the Government checking up the estimated losses and gains at individual
plants, and said the 5% deduction should be proportioned between the
foreign and domestic silver purchased. "The smelting companies cannot be
injured by this method, as if they have any gains over the 5% deduction
charged the miner, they have the open market on which to sell such gains,"
said the Senator. "Representatives of smelting companies by their past
actions, by their customs in purchasing from miners, and by testimony
before the Commission, showed that no less deduction than 5% of metal
loss is a safe basis upon which to buy silver in ores. The Treasury should
hold vendors of silver to settlement on the universal and accepted basis of
5% metal loss."
Subsequent to the hearing a company selling the second largest amount
of silver under the Pittman Act offered to settle with the Government on the
same basis it settled with the miner
-5% metal loss. Should the Treasury
adopt Senator Pittman's recommendation for settlement, it will mean the
purchase of an estimated additional amount of from six to eight million
ounces of domestic silver.
In referring on June 8 to the silver purchases of the Gov-
Such an association, it Is claimed, would be able to insure the orderly ernment, the "Journal of Commerce" of this city, said:
marketing of silver In European countries and in the Orient where the chief
The Government will receive up to June 15 tenders for the remaining one
consuming markets are located.
million ounces of silver it must buy under the requirements of the Pittman
The Senate Committee,of which Senator Oddie of Nevada,is Chairman,is Act. The Treasury Department is taking the silver now at the
foreign or
arranging to call a conference ofsilver producers of the Americas to be held in non-Pittman Act price of about 66c. As soon as the exact amount of
silver
Reno, Nevada. about the middle of August. The exact date has not been accepted from each producer and offerer is determined the difference
between
set. The invitations to producers of Central and South America are being the present figure and the dollar price specified in the Act will be paid to the
Issued under a provision of the law creating the commision which author- seller by the Mint Bureau.
izes conferences with citizens of other countries.
No legislation has been proposed as yet under which the silver producers
would be assured a price such as prevailed when the Government was making Guaranty Trust Company Says Bank
Credit is •Larger
purchases tinder the Pittman Act at a flat rate of $1 per ounce. Since the
Than Ever Before But Banking Conditions Sound.
Government ceased its purchases the world market price of between 60 and
70 cents has prevailed.
The volume of bank credit now employed in this country,
The committee just at present is devoting itself to an effort to induce
Indicated by the consolidated report of the member banks
Treasury officials to revise their basis of silver purchases under the Pittman as
of the Federal Reserve System for April 3 1923 is larger than
Act.
Continue Hearings To-Dag.
in any previous period, states the current issue of "The GuarThe sub-committee headed by Senator Pittman will continue hearings anty
Survey." published June 25 by the Guaranty Trust Co.
on the question to-morrow with Treasury officials in attendance. Officials
of the Mint appeared before the Committee yesterday and were cross exam- of New York. The total loans and investments of these
ined by Senat w Pittman as to methods used in silver allocations.
banks, which have about three-fourths of the commercial
Senator Oddie has sent a letter to Secretary of Commerce Hoover requestbanking resourrces of the country, have increased $2,900,000,ing the following information relative to silver movements:
.Monthly exports of silver in ounces from the United States, separately, to 000 since March 1922 and now exceed $20,300,000,000, or
India and China, and monthly imports of silver in ounces into India and $600,000,000 more than
in the spring of 1920. Banking reChina from all sources for the past decade.
Whether a low price of silver results in the dumping of India's wheat on sources, however, are not strained. Interest rates are relawothe world's market in competition with the wheat of the United States, tively low, and there has been no pyramiding of credit
thereby reducing the price and export volume of our wheat, and whether a
through excessive borrowing at the Federal Reserve banks,
high price for silver results in the ability of India and China to purchase a
as was the case three years ago. The "Survey" continues:
larger volume of cotton goods at a higher price.
The mechanics of Oriental exchange and the factors which most greatly
Perhaps a larger volume of industrial production has been financed recently
Influence fluctuation in the price ofsilver.
than in any previous period. The Federal Reserve Board's Index of produe•
JULY 7 1923.]
THE CHRONICLE
25
operation of
tion of basic commodities in April was Sc above that for the peak month in not from the application of artificial remedies, but from the
natural laws.
1920.
The most significant difference between the condition of bank credit now
and in 1920 is the smaller volume of loans, as distinct from investments in Organization of Nassau County Bankers' Association.
securities. Member bank loans on April 3 were $1,388,000,000 less than the
maximum in 1920.
A new organization—the Nassau County Bankers AssociaThe financing of a larger volume of business in 1923 with a reduced volume tion—was formed at a meeting in Mineola on June 21 of
Of loans is a reflection not only of the present lower price level, but of the
representatives of 37 of the 41 banking institutions in the
increased stock of gold. •
Banking conditions in the country to-day are sound and may be kept so by county. The Brooklyn "Eagle" states:
the continued exercise of an intelligent conservatism which has made possible
The association adopted by-laws and decided on semi-annual meetings. At
without general inflation a volume of business nearly or quite the maximum special meetings a quorum of one-third the membership must be present to
ever reached.
make action legal. The association voted to appoint a committee to call
Better Bemis for Prosperity.
upon the Board of Supervisors to ask that the County Treasurer turn over the
The belief that excessive caution is now curtailing prosperity has sup- 1922 bank tax, which was held illegal by the Court of Appeals recently. This
planted in some quarters the earlier fear that general inflation of prices and money had not been apportioned.
The association will adjudicate the bank tax for the three previous years
bank credit was developing, to be followed in due time by the familiar liquidation and depression which boom activity has usually induced. The relaxa- which had been apportioned to the towns, villages and school district at a
tion is forward buying of important classes of commodities in recent weeks, later period. The association also voted to admit banks on or near the borthe halt in expansion of bank loans, and recessions in prices have been cited der line of the county.
Dr. Frank T. DeLano, President of. the Bank of Rockville Centre, was
as reasons for the present anxiety.
These developments, however, have apparently established a better basis elected President of the association; D. N. Gay, President of the Bank of
for continued prosperity than would have resulted from an uninterrupted in- Glen Cove, was elected First Vice-President; George S. Emery of Garden
crease in prices such as charaoterized the first quarter of the year. They City, President of the Nassau County Trust Co., Second Vice-President; Dr.
have demonstrated the strength of influences making for even progress, as J. Carl Schmuck, President of the Bank of Lawrence, Third Vice-President;
contrasted with those which lead to extremes of activity and depression. Un- J. W. Stanley of the Lynbrook National Bank, Secretary; Charles P. Valendoubtedly repeated warnings and reminders of the losses sustained in 1920 tine of the Roslyn Savings Bank, Treasurer, and the board of trustees: John
Carl, President of the First National Bank of Rockville Centre; James
and 1921, when drastic deflation was under way, have been an important factor in preserving an intelligently cautious attitude on the part of bankers II. Cocks of the Nassau Union Bank of Glen Cove, and George D. Smith, VicePresident of the First National Bank of Mineola.
and business men generally.
Conditions of Continued Activity.
How fully the possibility of maintaining active business in coming months
will be realized, in the face of expected seasonal slackening in some lines,
will depend largely upon the developing prospects of the harvests. The extent to which competitive bidding up of wages continues will also he a factor.
The disparities in prices which affect adversely the buying power of important sections of the agricultural population and the uncertainties of the European situation are not new phenomena. These may constitute TIO greater obstacles to continued prosperity than they have been for many months; and
in the absence of marked crop failures, seasonal purchases in the fall, even
without higher prices for farm products, should help materially in sustaining generally active business in the latter half of the year. The progress of
the railroads in reconditioning and increasing their equipment since the beginning of the year, while maintaining a record movement of freight is a
gratifying factor in the business outlook.
Inventories Replenished.
Heretofore production as a whole has exceeded current consumption, while
inventories were being replenished. The fact that stocks of commodities in
most cases are now apparently adequate for the current requirements of trade
eliminates an extraordinary stimulus to expanding production. A further
general expansion of production may be expected only in the event of increased domestic consumption or a growth in the export trade, in the absence
of a disposition to speculate for a rise in commodity prices. This is a condition making for more stable, even if less intense, busineis activity.
It is not safe to assume, however, that every unfavorable element in the
industrial and financial situation has been eliminated. Ample bank reserves
and easy money rates would still invite inflation, in the absence of restraining influences. And there are many who believe that prosperity is chiefly
dependent upon cheap money and rising prices. The recent demonstration of
the fact that the fortunes of business are the reflection of human behavior,
rather than the results of blind forces which drive men involuntarily into
alternating conditions of prosperity and depression, is not unprecedented.
Men have learned and forgotten before. Failure to maintain the discriminating conservatism which is now a wholesome influence upon business and banking policies would remove the strongest existing support of sound economic
progress.
J. L. Johnston of Liberty Central Trust Co. of St. Louis
Says Any Business Reaction at This Time is
Probably Only Temporary.
"Any business reaction at present is probably temporary,
and should be regarded as a favorable omen," says President
J. E. Johnston of the Liberty Central Trust Co., St. Louis,
In his monthly business review, issued June 19. Continuing,
he said:
Recent developments have been due to well-defined causes which in themselves fail to indicate any fundamental weakness in the situation. Progress
was too rapid, and the often-repeated warnings against "boom" prosperity
seem to have had some effect in checking "runaway" tendencies. It cannot
be denied that feelings of apprehension toward the future exist in more than
one quarter; for our own part, however, we still hold to the belief that caution rather than fear should be the watchword. It is better to apply the
brakes gradually and in time than to wait until our speed has passed beyond
control.
Some of us are giving too literal an interpretation to the "business cycle"
theory, and for this reason feel that a general depression is imminent. We
overlook the fact that the cycle cannot be measured in quite such definite
terms. To attempt to forecast the duration of a period therein, or to predict
the depth or height which the business curve will reach, is practically out of
the question. It is useless to say that conditions are "due" for a decline
merely because they have been favorable for a certain number of months—
particularly at present, when there are so many special influences at work
of whose importance we are still somewhat ignorant.
Failed Firm of Jones & Baker Proposes Settlement
with Creditors.
The protective committee of the creditors of the failed
Curb Market firm of Jones & Baker this week sent a letter
to creditors and former customers of the defunct house in
which a plan of composition was outlined under which the
creditors, if the expense of litigation can be avoided, may
receive 100% of their claims "in a reasonably short space
of time." The letter states that tentative reports of the
accountants for the receiver of the failed firm show that total
liabilities will not exceed $3,800,000, and if the securities
can be sold at prices obtainable on May 31 last (the day
the firm failed) the assets will about equal that amount.
The plan of settlement,in which,it is said, Alfred J. Coxe Jr.,
the receiver, collabgrated, is as follows:
I. The claim of customers and creditors shall be liquidated by giving the
securities, if any, in their respective accounts, the value of the prices
obtainable at the close of business on May 31 1923. All claims shall be
paid upon such liquidation basis, and to effect such payment there shall
be available when the composition is made operative, cash and New York
Curb Market and New York or Chicago Stock Exchange securities, so
valued, of an aggregate amount and value equal to the aggregate amount
of all such claims so liquidated.
2. Payment shall be made as follows:
(a) Payment from cash. Cash shall be paid to each of such customers
or creditors in an amount of at least 50% of their respective claims so liquidated, which cash shall be made available to customers and creditors upon
entry of the order confirming the composition:
(b) Payment from securities. The difference between the aggregate of
payments from cash to be made under paragraph (a) hereof and the aggregate of all claims so liquidated, shall be represented by securities dealt in or
listed on May 31 1923, on the New York Curb Market and on the New
York or Chicago Stock Exchanges, having, in the aggregate, a value (at
the prices obtainable at the close of business on May 31 1923). equal to such
difference. Such securities (in the possession of the receiver when the
composition is made effective) shall be sold as and when the receiver may
elect, and the proceeds of sale of all such securities shall be paid pro rata
to such customers and creditors according to their respective credit balances
so liquidated, and without deduction of any kind other than the usual
brokerage commission to be paid in effecting the sales. The time and
method of such sales and the distribution of proceeds shall be provided for
In the order confirming the composition.
3. Jones & Baker shall pay, or cause to be paid, all the expenses of
administration and of liquidation (other than the brokerage commission
mentioned in paragraph (b) of 2 hereof), and all the expenses of the composition and of the Customers' and Creditors' Committee, and the fees
of all counsel as fixed by the Court when the plan of composition or settlement shall have been confirmed.
We reported the failure of the firm of Jones & Baker in
our issue of June 2, page 2464.
New York Consolidated Stock Exchange to Co-operate
with the State Attorney-General.
Announcement was made Thursday night (July 5) by
Laurence Tweedy, the new President of the New York
Consolidated Stock Exchange, that the Board of Governors
had unanimously adopted a resolution instructing the ComSpeaking of the present economic status of the farmer, mittee on Ways and Means to investigate any member
against whom any complaint is made to the State AttorneyMr. Johnson said:
Measuring by figures alone, particularly figures of production and price, General. Mr. Tweedy's statement was as follows:
It cannot be said that the farmer's position is appreciably% better than a year
As a reult of conferences held between Attorney-General Carl Sherman
ago. This, of course, refers to averages. Values for some crops have risen
and others have fallen. By and large, however, the purchasing power of
agricultural products is still well below the pre-war. There are some evidences, nevertheless, that point to improvement in the farmer's conditioa.
One hi the increased business done by the great mail-order concerns. We are
led to believe that in spite of obstacles the farmer is steadily adjusting himself to present conditions, unfavorable as they often are. At least he has
succeeded, to some degree, in recovering from the worst of the post-war boom
and subsequent depression, and is again demonstrating his stability, and
power to "come back." This, it N highly interesting to note, has resulted
and his deputies, and Thomas B. Maloney and myself representing the Consolidated Stock Exchange, the Board of Governors to-day unanimously
adopted a resolution which will insure the closest co-operation in the investigation of complaints and which should be very helpful to the Attorney-General in the important work his office is now doing in ridding Wall Street of
undersirable firms. The resolution follows:
"Resolved. That the Ways and Means Committee be instructed to immediately investigate any member against whom any complaint may be made by
the Attorney-General of the State of New York, and that the Ways and
Means Committee is authorized to divulge any information resulting from
such investigations to the Attorney-General of the State of New York."
26
THE CHRONICLE
I am confident that the resolution adopted this afterimon will accomplish the desired result and enable the Attorney-General to secure suil
Information in regard to any member who is complained about without the
Exchange placing a law of doubtful constitutionality on its books.
The officials of the Exchange gave long and careful consideration to the
suggestion of the Attorney-General that exchanges should compel members to sign waivers of immunity, as did the Exchange's counsel, who advised us against adopting any resolution containing such a provision.
Personally, I question very much, and in this view I have the support of
the Exchange's counsel and a majority of our Board of Governors, if the
courts would uphold such action on the part of the Exchange. Certainly,
It would be tested in the courts by the first member who came into conflict
with the law.
Such a step, incidentally, would have the effect of penalizing brokers who
belonged to an exchange and would work to the advantage of the large
majority of persons engaged in the brokerage business who are not members
of any exchange.
[VOL. 117.
Finn—
Assets.
Liabilities.
Exchange.
Hall & Co
$400,000
$4.000
Harburger, B. F., & Co10,000
1,000
Haverbeck & Co
83.809
6.000
Heatiey, Robles & Co
23.400
12,900
Herrick & Bennett
931,962
731,383 New York
Hein, Milton & Co
150.000
40.000 Consolidated
Higgins & Dias
249.800
50,000 Consolidated
Hoey, Tilden & Co
250,000
120.000 N.Y.& Assoc.Curb
Holllster, Lyons & Walton.._ 1.200,000
480.000 New York
Houston, Fible & Co
6.200,000
5,700,000 New York
Howell & Wales
800,000
300,000 Consolidated
Italian Bond Sales Bureau_ 50,000
1.000
James, Charles C.. & Co..
350,000
6,000 Cons.&Assoc.Curb
Jennings, A.T.,& Co
25,900
9,200 Am. Cotton
Jones & Thurmond
Unknown
Unknown
Jones & Baker
*4,000,000 *3,000.000 Curb
Kardos & Burke
1.200,000
500,000 Consolidated
Kemp, Wm.H.. Inc
133,000
800
3,500,000 N.Y.& Assoc.Curb
Wall Street's "Housecleaning"—Result of Elimination Geo. W.Kendrick.3d & Co_ 3,500.000
King, A.B.,& Co
18,000
500 Consolidated
Process Since Summer of 1921.
Kinnally, F. D.,& Co
327,617
118.290
None
2.500
;Reprinted from "The Wall Street Journal" Monday Evening July 2 1923. Ring & Scott
Knauth, Nachod & Kuhne_ _ *12000000 *11,000,000 New York
Since the summer of 1921, Wall Street has been undergoing Kohkr, Bremer & Co
575.000
65.000 Consolidated
1.000.000
thorough housecleaning. Directly and indirectly, pressure Kohn,Edwin H.,& Co
30,000 Consolidated
a
Kory & Co
12,700 Consolidated
128.700
has been brought to bear upon such brokerage houses as have Lachenbruck,Morton & Co60.000 Curb
150,000
been indulging,in practices not recognized as good business. Libby & Co
1,000
50.000
Nominal
1,000,000
There has been a total of 168 failures to date, most of them Lindsay, Alfr. E
Lowy. H. H..& Co
Unknown
25.000
resulting from this clean-up, but in some cases, such as the Mandeville, H. L.. & Co
2.000
212,000
two recent incidents of Snauth, Nachod & Buhne and Zim- MacLaughlin & Co., Inc__ _
None
23,700
Maxwell, Hill & Reyher- 800
10,800
merman & Forshay, having no direct relation. Approximate
Mac
-Masters, R. H.,& Co.._ 1.000.000
75.000 Consolidated
liabilities of these failed firms total $101,321,186, while as- McCall, Riley & Co
60,000 Consolidated
700,000
McCorey, Herbert R.,& Co.
sets are estimated at $50,332,950.
300
25.000
Nominal
64.500
Of the 168 houses, 40 were members of the Consolidated; McGovern St Co
McGuigan, E. L., & Co---13.000 Am.Cotton
60,000
16 of the New York Stock Exchange; 5 of the New York Curb McKenna, W.H.,&Co......
20.000 Consolidated
300.000
*•
Market; 2 associated members of New York Curb,5 of Amer- McQuade Bros
Curb
100,000
Medbury. C. C..
696
8,000
ican Cotton Exchange, 1 of New York Cotton Exchange and Minter, Norton & Co
& Co
None
75,000
1 of New York Produce Exchange. Others were not associ- Morse, Geo. W.,& Co
4,000
400,000
Mosher & Wallace
150.000 Cons.&Assoc.Curb
300.000
ated with any exchange.
Mullens,I.
55,000
6,000
In specific instances assets and liabilities are unavailable Nast & Co H.,& Co
8.058,000
6,000,000 New York
so that the total is undoubtedly slightly larger than the fig- National Operating Co
Unknown
Unknown
Nettler, Irving B
50,000
None Consolidated
ure mentioned above.
Norton. Franklin A., & Co200.000
25,000 Consolidated
Following is a comparative table showing the various fail- Oppenheimer, F.. & Co
140,000
7.500
ures since the summer of 1921 to de., with approximate Parke Bros
600
23,000
Patton, E. L., & Co
Nominal Am. Cotton
90,000
assets and liabilities, so far as figures are available:
Peers, Henry M.,& Co
100 N. Y. Cotton
75.000
Perkins, Geo. M.,& Co- 1,000
200,000
Firm-Liabilities.
Assets.
Exchange.
Plunkett, Robertson Sr Co
13,000 Consolidated
100,000
American Cotton Exchange- $265,000
$203,500
Plummer, A. Newton
150
Alexander & Co
12,799
70.000
10.000 Consolidated
Post Bros.& Co
600.000 N.Y.& Assoc.Curb
Amoury,J. K.,8c Sons
1,300.000
155.586
None
Raabe, Gllssman & Co.,Inc.
10.000
106,700
Anderson. Brown & Co-- - 230,000
30.000
Rabiner, J. C.,& Co
12,000 Consolidated
Andrews. H. T., & Co
703,000
250,000
10.000
Randall & Co
None
Atkin,J. P.,& Co
5,010
7.000
3,000
Rasmussen & Co
100.000
Ball, James W.,& Co
323,000
262,800
2,500
Rayner, Nichols& Truesdale 1,800.000
230.000 Consolidated
Barclay, A.E
18,636
14,000
Reitze & Sullivan
1,000
Barg, William A
30,200
16,650
3,558
Rodney & Co
35,000 Consolidated
Bertrand, C. A., & Co 135,000
184.800
97,000 Consolidated
Rose & Son
Borgemeister, Fred A
20,000 Am. Cotton
185,000
70,000
20.000
Rose & Co
25,000 Am. Cotton
Bruen & Stake
600.000
200,000
8.000
Ross, J. L.,& Co
Callahan, E. J., & Co
2.000
23.500
100,000
7.000 Consolidated
Ruskay, S. S ,& Co
200.000 Consolidated
Carnidn & Freed, Inc
4,000,000
60,000
1.000
Russell Securities Corp
°amender,Caffry & Co_ _
25,000
130.000
925,000
600.000 New York
Schap Bros
Chandler Bros.& Co
250
35,000
3,000.000
Unknown New York
Schmidt, Walter J., & Co_
Chayes dc Co.,Inc
7,500 Consolidated
400,000
4,000
Nominal
Schneider, H. C., & Co
Unknown
Clark. De Witt H
4,000
22,700
Unknown
Clark, E. H.,8c Co
7.500 Consolidated
20.000
1,200.000
350.000 Assoc.Memb.Curb Schulldnd Bros
Scott & Stump
Clarke, Jos. B.. & Co
30,100 Consolidated
445,400
126.000
1,500
Shapiro & Co
Clarkson. C. H.,& Co•
6,000
20.000
450,000
30,000
Shayes & Co
Cochrane, H.A.,& Co
None
50,000
7,000
3.400
Showry & Falkland
Community Finance Co_ - 1.500.000
7,000 Consolidated
170,000
Nominal
Simmons St Coa
Nominal
Conrad, Fred M.,& Co_ _ _ _
15,000
40.000
3.000
Cowley,Thos. H.,& Co_ _ _
200,000
300,000
17,000 Cons.&Assoc.Curb Simon-Schaeffer Co.,Inc.—
Slattery dc Co
Crawford,Patton & Cannon- 1,200,000
900,000
1,750,000
500,000 New York
Smith, Winthrop & Co
75,000
Crossman, Sherman & Co
1,500,000
5.000
None
Smith, A. R.,& Co
Co
10,000
75,000
Culver &
200.000
5.000 Consolidated
Smith, S. E., & Co
Cummings & Co
400
7,500
Unknown
None
Spaeth, MacKnight & Co
Unknown
709
Daniels dc Co
100,000
1.100
Spence & Co
3.700
4,300
M. E. & J. W. DeAguera_
600,000
50,000 Consolidated
Starbuck, C. W., dc Co_ _ _
60,100
3,500
De Salvo, Chas. A., & Co.,
10.000
500
Steiglltz, M., & Co _____
105,000
5,000 (Suicide)
260,000
Des Champs, A. J., & 0o..
25,000
500,000
20,000 Consolidated
Dier, E. D.,& Co
3,000,000
600.000 Assoc.Memb.Curb Stillwell, Leffler & Lowe__ _ _
Stoddard & Sanborn, Inc
2,500
None
Dillon & Co
300.000
Nominal
Sugarman, J. D.,& Co
1.289,000
800,000 Consolidated
175.000
Edwards & Gatenby
40.000 Consolidated
Sykes. J., & Co
17,800
1,100
125,000
Einstein. Ward & Co
New York
Talley, J. M..& Co
78.600
99,917
24,600
Eisenberg. H. L., & Co-30,623 Consolidated
Taylor. Franklyn,& Co_ _ _ _ Unknown
95,000
Unknown
Emanuel, Varcol & Co
20,000 Consolidated
Thomas, H. S., & Co
19.000
30,000
2.700
Ettinge & Wall
8,000 Consolidated
Trippe & Co
800.000
Unknown
Unknown
400,000 N.Y.& Assoc.Curb
Fabian & Co
Wagner, E. W.,& Co
9,600.000
200.000
Nominal
5.500.000 N.Y.& Assoc.Curb
Fidelity Finance Corp
Ward, Courtlandt &
__
14,000
75,000
5,000 Consolidated
1,000
Field Bros
Wassermann Bros
750,000
5,000
First National Co..Inc
600
500,000 N.Y.& Assoc.Curb
Waters & Cook
45.000
260,000
25,000 Consolidated
Friedman, Markelson & Co3.000 Consolidated
Weed, Edwards & Co
45,000
5,000.000
est.75,000 Consolidated
None
Fuller, E. M.,& Co
Weidner & Co
40,000
70.000
Gamble & Yates
Nominal
6,000
Wilk & Co
60,000
Gerard & Co
6.000
99,000
3,000
Winfield Bros
20,000•
Gerson, L. A
3.500
125,000
40,000
Wolff, Maurice M
Gilligan, J. P.,& Co
276.800
104,700
1.000
14,000
Wooster, Thomas & Co.._ _ _
Goodwin, Alva,& Co
68.000
394.000
15.000
18,000
Winklemann, L. L., Sr Co... 1.750.000
Gordon, Heck & Co
1.500.000 Curb
Nominal
7,800
Wolff, M.S., & Co
Grace,Edward & Co
350,000 Curb
450,000
50,000
1,000
Graf & Co
Zimmermann & Forshay__ _ 2,000,000
3,000,000 New York
Unknown
60,000
Greenfield. Win.,& Co
15,000
1,000
Chester A. Gumpert
100,800
Unknown
* Estimated. No figures available from receiver.
Gucheon, Nash & Co
30,000
2.000
** Declared to have settled 100% with creditors.
Haines, H. J., & Co
86,200
18.600 Consolidated
a(Note)—Not to be confused with Simmons & Co. doing business at 50
Haines,J.A.,& Co
15.000
6.000
Broadway. No relation whatever between them.)
•
THE CHRONICLE
JULY 7 1923.]
SUMMARY.
Assets.
Liabilities.
$101.321,186 $50,332,950
Total 168 failures in 21 months
3,107.523
-40
23,858.817
Total Consolidated Exchange
38,631,383
51,589,962
-16
Total New York Stock Exchange
4,910,000
6,450,000
-5
Total New York Curb
Total associate members Curb (not members of
950,000
4,200,000
-2
any other exchange)
67,200
900,000
-5
Total American Cotton Exchange
100
75.000
Total New York Cotton Exchange
Stock Exchange figures also include those of the houses
of the Exchange that had associated memberships on the
Curb. The same practice has been followed in regard to the
Consolidated.
While the foregoing compilation shows liabilities of the 16
closed Stock Exchange firms as $51,589,962, and assets as
$38,631,383, a difference of about $13,000,000, this total has
been greatly reduced and will be slashed even more.
27
which refuse to reinit on checks at par robably has intensified
the controversy which has existed for several years over the
par check collection system. The "Commercial" added:
It is the expectation that the opponents of the par check collection
system will redouble their efforts to obtain Federal legislation and also
to secure the passage of State laws restricting the operation of the system.
Members of the Federal Reserve Board, however, are confident that
the par check collection system cannot be broken down inasmuch as it
is now in operation in about 92% of the banks of the country, these institutions representing about 98% of the total banking resources. With
such organizations as the Chamber of Commerce of the United States
favoring par check collections, members of the Board feel that the business
interests of the country demand the universal adoption of tho system.
Purpose of New Rules.
It was disclosed to-day that the new regulations are destined not only
to encourage country banks to come into the Federal Reserve System.
but also to remove an incentive which causes some member banks to
encourage opposition on the part of non-members to the par check collection
system.
The portion of the regulations which hits at member banks is that which
requires Federal Reserve banks to make a collection charge for their
services in collecting checks which bear the endorsement of, or are drawn
by or emanate from any non-member bank which refuses to remit at par
in acceptable funds, such collection charge to be at a rate not to exceed
one-tenth of 1%.
Under this new rule member banks which have found it profitable to
act as a clearing agency for non-member banks, taking advantage of free
services rendered by Federal Reserve banks, will find that this service
becomes an expense to them. There will no longer be the incentive to
encourage non-member banks to stay out of the Federal Reserve System
and allow member banks to clear for them.
Disloyally is Charged.
Some of the members of the Federal Reserve Board go so far as to
describe a number of large city banks, which maintain extensive relations
with non-member banks, as disloyal to the Federal Reserve System. It
is the theory that without the help of these influential member banks the
small country banks would have been unable to make much of a fight
against the par check collection system. If the backing of the member
banks is withdrawn, members of the Federal Reserve Board believe, many
of the country banks will cease their opposition and accept the par check
collection system without further protest.
Only a few of the national and State banks which are members of the
Federal Reserve System have figured openly in the opposition to the par
check collection system. It is asserted by supporters of the system.
however, that a considerable number of these banks have proved "disloyal"
under cover.
In promulgating the new regulations members of the Federal Reserve
Board feel that they are taking a proper step in requiring that services be
rendered by the Federal Reserve banks on a reciprocal basis. By prohibiting any Federal Reserve bank from receiving on deposit or for collection any check drawn on any non-member bank which refuses to remit
at par, members of the Federal Reserve Board maintain that they are
not applying pressure on non-member banks, but are merely insuring
reciprocity.
Federal Reserve Board Amends Regulations Affecting
Par Check Collections—Reserve Banks Barred from
Receiving Checks from Non-Members Which
Will Not Remit at Par.
Declaring that "it is clear that those non-member banks
which are unwilling to remit without deduction for checks
drawn on themselves have no right to share in the advantages
of the par collection system," the Federal Reserve Board on
June 29 announced the adoption of amendments to its regulations governing the collection of checks whereby the Federal
Reserve banks are prohibited from receiving on deposit or
for collection any check drawn on any non-member bank
which refuses to remit at par in acceptable funds the regulations, have also been further changed so as to require "Federal Reserve banks to make a collection charge for their services in collecting checks which bear the endorsement of, or
are drawn by or emanate from any non-member bank that
refuses to remit at par in acceptable funds, such collection
charge to be at a rate not to exceed one tenth of 1%." These
changes in the Federal Reserve regulations, grow out of the
recent rulings of the United States Supreme Court (referred to in our issue of June 16, page 2718) under which the
Court declared that "Congress did not in terms confer upon
the Federal Reserve Board of the Federal Reserve Banks a
In referring in its issue to conferences between the Board
duty to establish universal par clearance and collection of
checks and there is nothing in the original act or in any and a special committee of Governors regarding the par
amendment from which such duty to compel its adoption clearance policy of the Board, the "Journal of Commerce"
may be inferred." In announcing the changes in its regula,- on June 26 said:
The Federal Reserve Board began to-day a series of conferences with a
tions the Board in its statement June 29 said:
The provisions of the Federal Reserve Act which authorize the establishthe
ment of a Federal Reserve collection system were designed wholly for
benefit of the banking and commercial interests of the country. The
between banks which in number are about 92%
system is now in operation
total
of all banking institutions and which have approximately 98% of the
banking resources of the country.
The Federal Reserve collection system has become a necessary instrumentality in effecting the country's domestic exchanges, its operation,including
final payments through the gold settlement fund, has been of inestimable
in
value and has resulted in enormous saving to those actively engaged
carrying on the commerce of the country, and there are no other facilities
it in economy of
for operating a collection system which could approximate
operation. It has eliminated a very large portion of the time formerly
consumed in the collection of checks and has cut down the cost of making
the country's exchanges to the minimum. Even though an involuntary
collection system may not be imposed upon the Federal Reserve banks by
the Fedeial Reserve Act, as interpreted by the Supreme Court of the
United States in its recent decision, the system has fully Justified its operation and is of such value to the banking and commercial interests of the
country that its continuance as a voluntary system is of vital importance.
Certain changes in the basis of the par clearance system are advisable in
view of the recent decision of the Supreme Court.
The Board believes that participation in the par clearance system should
be based upon the principle of reciprocity, and that hereafter Federal
Reserve banks should not receive for collection checks on any non-member
bank which will not agree to remit in acceptable funds without deduction.
The recent opinion of the Supreme Court makes it certain that the.
Federal Reserve banks are not permitted by law to pay exchange. It must
it
be clear that the more inclusive a collection system is, the more efficient
will be and the greater will be the service it can render alike to the business
and banking community.
Therefore, since it is the object of the Federal Reserve Board to maintain
which must at the same time be a
an efficient system of par collections,
voluntary system as far as non-member banks are concerned, the concessions
resulting benefits should be made and received by all
Involved and the
participating banks. It is clear that those non-member banks which are
on themselves have
unwilling to remit without deduction for checks drawn
advantages of the par collection system.
no right to share in the
therefore, in the exercise of its legal authorThe Federal Reserve Board,
J, Series of 1920, in such a.way as to prohibit
ity, has amended Regulation
from receiving on deposit, or for collection, any
any Federal Reserve bank
bank which refuses to remit at par in
check drawn on any non-member
banks to make a collection
acceptable funds and to require Federal Reserve
in collecting checks which bear the endorsement
charge for their services
any non-member bank which refuses
of, or are drawn by or emanate from,
charge to be at a rate
to remit at par in acceptable funds, such collection
not to exceed one-tenth of one per cent.
According to Washington advices to the New York
"Commercial" July 1, the action of the Federal Reserve
Board in denying free services to non-member State banks
special committee of Governors on the question of the future policy of the
Federal Reserve system in respect to the par clearance of checks in the light
of the recent Supreme Court decision upholding that the system had no
power to enforce this practice arbitrarily.
It is understood that the committee will submit a formal report to them
and in the event that he policy suggested is approved it is likely the Board
will make its intentions public. There have been some suggestions offurther
litigation on the question in order that a clearer definition of the authority of
the Federal Reserve system with respect to par clearance may be obtained.
There is within the Board considerable sentiment to the effect that the discontinuance of the practice might seriously menace the system.
Another problem which the Governors are understoxl to have under discussion with the Board is the question of the uniformity of Reserve bank
action in open market operations, and it is expected that the basis will be
laid for concerted action in the future in the event of the necessity for credit
control developing.
The Governors constituting the special committee are W.P. G.Harding of
Boston; J. H. Case. Deputy-Governor of New York; J. B. McDougal of
Chicago; George W. Norris of Philadelphia, and E. R. Faucher of Cleveland. The conference is expected to complete its deliberations to-morrow.
Amendment of Federal Reserve Regulations Affecting
Admission of Non-Members—Other Regulations
Incident to Agricultural Credits Act.
In revising its regulations to bring them in conformity
with the amendments to the Federal Reserve Act embodied
in the Agricultural Credits Act of 1923, the Federal Reserve
Board allows non-member banks applying for membership
five years within which to increase their capital to the
amount required for eligibility, viz., a paid-up, unimpaired
capital of at least 60% of the amount sufficient to entitle it
to become a national bank, in the place where it is situated.
In indicating the revision of th.e Board's regulations the
"Journal of Commerce" of this city had the following to
say in advices from its Washington bureau:
The time limit set by the Board was deemed as reasonable in length
without deferring the date for increasing the capital to such an extent
as virtually to waive the requirement for capital increase made by the Rural
Credits law.
This new regulation, together with other rules for making effective the
amendment to the Federal Reserve Act,is included lathe new edition of the
Federal Reserve Board's regulations Just adopted. Designed to clarify
and bring up to date the variouli changes made since the last complete
edition, which was issued in 1920, the new edition has been sent to the
Government Printing Office and will be distributed to banking institutions
by the Federal Reserve Board as soon as it is available.
28
THE CHRONICLE
Changes in Regulations.
Changes in the regulations as embodied in the new edition range all the
way from minor alterations made in the interest of clarity to entirely new
provisions, most of the latter being called for by the new Rural Credits law.
In Regulation A. a change has been made in Section 2, Subdivision (A),
by stating that only "negotiable" notes. drafts and bills of exchange are
eligible for rediscount, which is in accordance with the established ruling
of the Board.
Section 4 of the same regulation has been amended to permit of the waiver
of financial statements as to makers of notes which are secured by a valid
prior lien on live stock, which is being marketed or fattened for market,
when such notes are handled by Federal Reserve banks.
Section 6 of the same regulation has been rewritten to include the most
liberal principles decided upon by the Board in describing agricultural paper
and incorporating the principle that the marketing of agricultural products
or the carrying of agricultural products by growers pending orderly marketing constitutes an agricultural purpose in the sense of meeting the requirements for such classes of loans.
A new subdivision has been added to Section 6, covering the eligibility
of certain classes of paper of co-operative marketing associations for rediscount as agricultural paper. In this sub-section the rule is laid down that
paper is ineligible for rediscount if Its proceeds have been used for capital
purposes, such as fixed or permanent investments.
New Section Is Added.
Section 7, a new section. has been added to the same regulation, covering
sight drafts secured by bills of lading and making an exception to the requirement that paymentfor such bills shall be made promptly, by permitting
demand to be made after the car containing the commodity has arrived,
when the drawer has instructed that the draft be held pending the arrival of
the car.
Section 8, another new section, has been added to the same regulation,
governing factor's paper and interpreting the provisions of the law making
such paper eligible for discount as meaning to apply to the paper of all
factors Issued as such for the purpose of'making advances exclusively
to producers of agricultural products in their raw state.
Regulation H covers the membership of State banks and prescribes
five years as the time within which banks entering the Federal Reserve
System with 60% of national bank capital must increase their capitalization.
Regulation I has been amended to require the receivers of insolvent
member banks and the liquidating agents of member banks in voluntary
liquidation to apply for the surrender and cancellation of the Federal
Reserve Bank stock held by such banks within six months after their
appointment.
Par Collection.
Regulation J has been redrafted to include recent changes, particularly
the Board's new regulations governing the par collection of checks as
adopted in view of the Supreme Court decision on the schedule. Under
Section 5 of this regulation. Federal Reserve banks are permitted to
guarantee prior endorsements.
In Section K the Board has broadened the definition of the term "national
bank" so as to include all banking institutions organized or operating under
the laws of the United States.
The Board's new complete regulations were drawn after careful study.
bearing in mind the membership problem and the requirements of the
Agricultural Credits Act. The subject was discussed at the last conference of the Federal Reserve bank governors with the Board,and suggested
changes in the rules were submitted to the various Reserve banks
for their approval. The new regulations are effective July 1.
[Vol.,. 117.
Europe remains unchecked, in which event the United States would be
providing a circulating medium for a foreign government free of charge.
State Institutions Admitted to Federal Reserve Syste .
The following institutions were admitted to the Federal
Reserve System during the two weeks ending June 29 1923:
Total
District No.6—
Capital. Surplus. Resources.
Bank of Elberton, Elberton, Ga
$100,000 $25,000 $631,962
District No. 7—
Twenty-sixth Street State Bank, Chicago,Ill
200,000
30,000 1,864,576
Brown City Savings Bank, Brown City,
Mich
40.000
8,000 660,623
Institutions Authorized by Federal Reserve Board to
Exercise Trust Powers.
The Federal Reserve Board has granted permission to the
following institutions to exercise trust powers:
The National Bank of Chambersburg, Chambersburg, Pa,
The Second National Bank of Brownsville, Pa.
The First National Bank of Crawfordsville, Ind,
The First National Bank of Cleveland, Okla.
The Alamo National Bank of San Antonio, Texas.
Reduction of $613,674,342 Effected in Gross Debt of
United States During Year—Surplus of Receipts
Over Expenditures of $309,657,460.
A reduction of $613,674,343 in the total gross debt. of
the United States during the past year is indicated in a
statement dealing with the Government's financial operations
for the fiscal year ended June 30 1923, made public July 1
by Under-Secretary of the Treasury S. P. Gilbert, Jr., who is•
Acting Secretary during the absence abroad of Secretary
Mellon. In reporting this reduction Mr. Gilbert notes that
"the total gross debt of the United States on June 30 1923,
on the basis of the daily Treasury statements, amounted to
$22,349,707,365 36, as compared with $22,963,381,708 31
on June 30 1922." "During the year," says Mr. Gilbert,
"about $4,500,000,000 of debt matured and was either
retired or refunded, thus completing the Treasury's program
for refunding the $7,500,000,000 of short-dated debt maturing within about two years, which was outstanding at the
beginning of the administration." Mr. Gilbert reports
that "total ordinary receipts for the year amounted to
$4,007,135,480 56, while the total expenditures chargeable
against ordinary receipts amounted to $3,697,478,020 26,
thus showing a surplus of receipts over expenditures amountFederal Reserve Board's Inquiry to Determine Extent ing to $309,657,460
30." Mr. Gilbert's statement follows:
of Holdings of Reserve Currency Abroad.
With the closing of the fiscal year on June 30 1923. complete figures
The "Journal of Commerce" reported the following in are now available as to the Government's operations for the year 1923.
on the basis of the daily Treasury statements. Total ordinary receipts
telegraphic advices from its Washington bureau July 5:
amounted
for the year
to $4,007,135,480 56, while the total expenditures
An inquiry has been instituted by the Federal Reserve Board, It was chargeable against ordinary receipts amounted to $3,697,478,020 26,
understood to-day, Into the extent to which Reserve currency is being thus showing a surplus of receipts over expenditures amounting to $309,held In foreign countries whose own currencies have so depreciated as to be 657.460 30. Of the total expenditures $402,850,491 10 were on account
practically worthless as compared with the American dollar. The Board is of the sinking fund and other debt retirements chargeable against ordinary
studying the movement of American currency to foreign countries with receipts. This means that the public debt has been reduced during the
some uneasiness lest it assume too large proportions, and it is understood year by 1402,850,491 10 out of the ordinary budget and a further reduction
that consideration is already being given to corrective measures should of $210.823,851 85 has been accomplished out of the surplus, making the
they become necessary.
total debt reduction for the year $613,674,342 95. The balance in the
Owing to the general disorgarization of circulating mediums In Europe. general fund of the Treasury at the end of the year stands at$370,939,121 08,
especially the pitiful position of the paper mark and ruble, American as compared with $272.105,512 63 on June 30 1922, an increase of
and
money is highly prized abroad. In Germany, Russia and other countries *98,833.608 45.
it is readily exchangeable in barter, and the Reserve notes received from the
Customs receipts during the year were much larger than for any previous
United States are frequently subject to hoarding.
year in the history of the Government, aggregating $561,928,866 66 as
Oppose Excessive Circulation.
compared with $356,443,387 18, during the fiscal year 1922. the previous
The presence of a reasonabl i amount of Federal Reserve notes abroad high record. Income and profits tax receipts also exceeded expectations,
Is desirable from the standpoint of the System, but too great a volume of aggregating $1,678,607,428 22. as compared with the estimate of $1,500.currency outstanding in foreign countries Is regarded almost with appre- 000,000 submitted in the budget last December. Miscellaneous internal
hension. Most of the Reserve notes which pass from hand to hand abroad revenue receipts amounted to *945,865,332 61.
are never returned to this country for redmption but are used until they
The total gross debt of the United States on June 30 1923, on the basis
fall to pieces, so that the Reserve banks are the gainer by their disappearance. of the daily Treasury statements amounted to $22.349,707,365 36, as
But the gold back of these outstanding notes must be held in reserve so that compared with *22.963.381.70831 on June 30 1922, thus showing a
an expansion of the American paper currency in Europe to undesirable reduction of $613,674,342 95. During the year about $4,500,000,000 of
proportions could in a sense inflate the gold reserves of the banks of issue. debt matured and was either retired or refunded, thus completing the
Too great an amount of gold held forthe currency in Europe would lessen
Treasury's program for refunding the seven and one-half billions of short
the liquidity of the Federal Reserve System in the same proportion.
dated debt maturing within about two years which was outstanding at
Accumulation of Federal Reserve notes by foreign financial institutions the beginning of the administration. The following table shows the
to the disadvantage of this country has also been conceived. It is con- result of these operations from April 30 1921 to June 30 1923.
sidered altogether possible that the Reichsbank, for instance, might pile
(In Millions of Dollars.)
up an enormous store of American currency in exchange for the easily issued
Apr 30 '21 June 30'21 June 30'22 June 30'23
German paper. With Reserve notes in hand it is contended Germany
gross debt
$23.994
$23,976
$22,350
$22,964
could make a sudden demand upon the United States for a considerable Total
Victory notes
4.069
3,914
1,991
sum in gold by presenting the currency for redemption.
Treasury notes
4,15:1
311
2,247
Favor Gradual Restoration.
2,820
Treasury certificates
1.031
2,699
1.829
Although the excess stocks of gold held in this country are looked upon as
713
War Savings securities
91
694
619
a burden rather than as a blessing, it is the view of Government experts
Treasury Savings securities_ ____
246
60
that a gradual restoration of the metal to its foreign storehouses is to be
In other words, since the refunding program was announced on April
desired—not a sudden movement of any appreciable quantities. The
country. it is argued, has become adjusted to some extent to the gold 30 1921,about *4.070.000,000 of Victory notes have been retired. Treasury
reserves now held and any unlooked for derangement of the gold holdings. certificates of indebtedness have been reduced from $2,820,000,000 to
it is feared, might create considerable uncertainty before a definite move- about $1,030,000,000, all maturing on quarterly tax payment dates, and
War Savings securities have been reduced from $713.000,000 to about
ment should be developed.
It is believed in some quarters that the circulation of American currency $90,000,000, while new Treasury Savings securities to the amount of about
would be stopped in any foreign country where the passing of Reserve notes $245,000,000 and about $4,100,000,000 of Treasury notes, maturing on
from hand to hand should amount virtually to the displacement of the various qyarterly tax payment dates during the years 1924 to 1927, have
national currency of that country. Diplomatic exchanges, it is believed, been issued and are now outstanding. During the same period, the gross
could end such a practice. But the possibility of the American dollar public debt has been reduced about $1,650,000,000.
displacing the national currency of some nations, where exchange is at the
In the fiscal year 1924, which begins July I 1923, there will be public
vanishing point, is regarded as a possibility, if the movement of notes to debt maturities of about $1,390,000,000, Including about $1,030,000,000
JULY 7 1923.]
THE CHRONICLE
of Treasury Certificates of Indebtedness, about $310.000,000 of Treasury
notes maturing June 15 1924, and about $50.000,000 of War Savings
certificates of the 1919 series, maturing Jan. 1 1924. In addition there
are still outstanding about 195.000,000 of 431% Victory notes, which
matured or were called for redemption during the fiscal year 1923, and
about $30,000,000 of War Savings certificates of the 1918 series which
matured on Jan. 1 1923. These are being presented for redemption from
day to day, and the amounts still outstanding are being gradually reduced.
Director of Budget Lord on Treasury Showing at End
of Fiscal Year—Surplus Placed at $310,000,000.
With the close of the fiscal year on June 30 1923, Gen.
H. M. Lord, Director of the Bureau of the Budget, issued a
statement in which he placed the approximate surplus of the
Federal Government on that date at $310,000,000. In his
address on June 18 at the meeting of department heads of the
Federal Government Gen. Lord had stated that the indicacations then were "that we will end the year with total expenditures $200,000,000 less than receipts." Gen. Lord's
statement on that occasion was given in full in our "State
and City Section," issued last Saturday, June 30, pages
188-192. Gen. Lord's announcement of June 30 follows:
29
The Chief of the Division of Appointments will perform his duties under
the direction of the Secretary, the Under Secretary, and the Assistant
Secretaries in their respective jurisdictions. In matters affecting the
Section of Surety Bonds, and in general administrative matters or matters
relating to the office of the division of appointments—such as the personnel
of that office, &c., the Chief of the Division of Appointments will report to
the Secretary through the Assistant Secretary in Charge of Foreign Loans
and Miscellaneous.
In the absence of the Secretary, the Under Secretary will act as Secretary
of the Treasury: in the absence of both the Secretary and the Under Secretary, the senior Assistant Secretary present will act as Secretary.
As we have already indicated in these columns (June 30,
page 2945), Under Secretary of the Treasury Gilbert will
retire in the fall following Secretary Mellon's return from
abroad, to return to the practice of law as a member of the
firm of Cravath, Henderson & de Gersdorff.
President Harding Says That "Day by Day We Have
Been Getting Better and Better"—Tells of
Revived Business Conditions.
Taking occasion to refer to the Administration's efforts
toward effecting a business revival during the past two years,
President Harding,.adopting the Coue slogan, stated in an
address at Butte, Mont., June 29 that "if we are accused of
getting nowhere id particular, we may very well reply that
at any rate we have' been able to stay right here, that we
regard it as a good place to stay, and that day by day we have
been getting better and better." He added:
I am disposed freely to admit that some other folks have had more
From the latest available information General H. M. Lord, Director of
the Bureau of the Budget, announced to-day that the budget for the fiscal
year ended June 30 1923, would be balanced with an approximate surplus
of $310,000.000.
The reduction in the total expenditures for the fiscal year ended June 30
1923, as compared with the total expenditures for the total expenditures
for the fiscal year ended June 30 1922, will be approximately $265,000,000.
Exclusive of expenditures on account of capital outlays, operations in special accounts, such as railroads, the War Finance Corporation, the Emer- excitement than we have had; but a good many people in this world would
gency Fleet Corporation, &c., refunds of tax receipts and interests on and be glad to exchange their stock of excitement for a modest share in our
retirement of the public debt, the ordinary operating expenditures of the American accumulation of simple contentment and dinner table necessaries.
Government during the fiscal year ended June 30 1923 will be approximately
Alluding to the steps taken under Government direction
$297,000,000 loss than the same expenditures for the fiscal year ended June
to deal with unemployment and to restore confidence in busi30 1922.
One year ago the estimated receipts and expenditures indicated a deficit ness, the President asserted, "if our procedures have been
of $823,000,000 for the fiscal year 1923. The difference of $1,133,000,000
plain and old-fashioned, they have yet produced rebetween this this estimated deficit of $823,000,000 and the present estimated rather
surplus of $310,000,000 is accounted for by an increase in receipts of $767,- sults that justify pride and require no apology." The Pres000,000 and a reduction in the estimated total expenditures of $366,000,000. ident said he did not present the report on revived business
The difference in receipts was occasioned by an increase of 8213,000,000
"as the accomplishment of a particular adminisIn customs receipts, $423,000,000 in internal revenue receipts, and W1.- conditions
000.000 in miscellaneous receipts. The difference of $366,000,000 in total tration or the justification of any party's claim upon the pubestimated expenditures was the result of a reduction of $151.000,000 in lic confidence." "Rather," he said, "it is placed before you
general expenditures and 1450,000.000 in interest on the public debt, and a
sense and sound genius of a
net decrease of$170,000,000 in capital outlays,operations in special accounts as testimony to the supreme
refunds of tax receipts and retirement of the public debt required to be nation which could make its co-operation extend to a contimade from ordinary receipts.
embrace a hundred million of human-
Reorganization of Treasury Department Bureaus.
A reorganization of Treasury pepartment bureaus was
made effective on July 2 under an order of Secretary of the
Treasury Mellon, made public June 30. Among those
whose duties are affected by the new order is Assistant
Secretary Edward Clifford, who, it is made known, has
indicated his intention of retiring to return to the banking
business. Under the reorganization regulations the Coast
Guard service and the Supervising Architect's office are
transferred 'from Mr. Clifford's jurisdiction to that of
Assistant Secretary McKenzie Moss. Previously the Customs Service had been transferred from Mr. Clifford's office
to that of Mr. Moss. Mr. Clifford's office will continue to
have general supervision over the fiscal offices, which include
those of the Commissioner of the Public Debt, the Bureau
of the Mint and the Secret Service Division. New responsibilities added to the office are the Bureau of.Engraving and
Printing and the Distributing Clerk. The following assignments of bureaus and offices of the Department and divisions
of the Secretary's office will become effective under the
reorganization program:
nent and its altruisms
ity. That is what the American people have done in the
last two years." Continuing, he said:
No other people has had the fortune to parallel the achievements. None
other looks out to-day upon so clear a horizon, and I venture that we stand
only in the doorway of the new era.
Thus convinced, I know that you will permit me to add just one word for
the pride, the satisfaction and the gratitude which the national Adminin
tration feels in having been able to contribute something of suggestion,
leadership and direction to this accomplishment. We will not claim much
for the great end could have been attained only through the complete unity
In spirit, purpose and patriotism of the whole American nation.
Two years ago we made a careful census of unemployment in the United
States and found 4,500,000 or 5,000,000 workers without jobs. That was
bad, but since then matters have been reversed, and if nowadays we are disposed to worry about the problem of unemployment we have to consider
ways and means to fill a half million or a million jobs which want workers
and can't find them. That is.the simplest picture of the industrial evolution of the last two years. That is the bedrock foundation on which American business and American administration have erected their confidence
that this people will not be led into the paths of devious experimentation,
the mazes of untried economic theory, the labyrinths of doctrinaire altruism.
Among the efforts taken to achieve this end, said the Associated Press accounts from Butte; the Piesident mentioned
removal of the hands of Government from the tills of the
bankers, reductions in the Federal Reserve discount rate,
inauguration of the budget system, lightening and more
Under Secretary of the Treasury—The finances, Bureau of the Budget.
equitable distribution of the tax burden, the arms conferCommissioner of Accounts and Deposits. Treasurer of the United States,
Comptroller of the Currency, Federal Farm Loan Bureau, Section of ence, revival of the Federal Farm Loan Board, and the FiStatistics, Government Actuary.
nance' Corporation, and the national conferences on unemAssistant Secretary in Charge of Fiscal Offices—Commissioner of Public
Debt. Bureau of Engraving and Printing, Mint Bureau, Secret Service ployment and housing.
Division, Disbursing Clerk.
Assistant Secretary in Charge of Foreign Loans and Miscellaneous
Foreign loans, advances and loans to railroads under the Transportation
Act of 1920. Chief Clerk. Bureau of Supply. Division of Appointments.
Bureau of the Public Health Service, Division of Printing and Stationery.
Assistant Secretary in Charge of the Collection of the Revenue—Bureau
of Internal Revenue, Prohibition unit, Customs Service, Coast Guard.
Supervising Architect's Office.
President Harding on Increasing State and Local
Government Costs—British Debt Settlement—
Income Tax Levies as Compared With Other
Nations.
The rising costs of State and local Governments formed
The order of June 30 contained the following statement the topic of discussion by President Harding in an address
by Secretary Mellon:
at Salt Lake City on Tuesday, June 26, when he presented
The Under Secretary is authorized to act, for and by direction of the census figures to show the great increases in State and city
of the Treasury, in any branch of the Department,and represents
Secretary
the secretary in dealings with the Federal Reserve Board, the War Finance Government costs which had been witnessed since 1913.
Corporation and the Farm Loan Board,
"The world, its Governments, its quasi-public corporations,
The Assistant Secretary In charge of Fiscal Offices will act under the
its people," said the President, "acquired the spending habit
supervision of the Under Secretary.
intermediate
Chief Clerk of the Department in performing his duties as outlined in during the war to an extent not merely unprecedented, but
The
Department Circular No. 59. dated Oct. 11910, will act under the direction absolutely alarming. There is but one way," he continued,
of the Secretary, the Under Secretary, and the Assistant Secretaries in
finally to get back on its feet, and that
their respective jurisdiction. In general administrative matters or matters "for the community
relating to the Chief Clerk's office—such as the personnel of that office, is to go seriously about paying its debts and reducing its ex&c.—the Chief Clerk will report to the Secretary through the Assistant penses." Contrasting Federal and State and local
efforts to
Secretary in charge of Foreign Loans and Miscellaneous.
30
THE CHRONICLE
bring down the debts, the President maintained that the figures of both the Treasury and the Census Bureau "make it
perfectly plain that whereas the cost of the Federal Government is being steadily reduced, the cost of State and local
Governments is being just as steadily increased year by
year." "At its highest point on Aug. 31 1919," the President
said, "the National debt was $26,596,000,000. I know you
will be interested to be told that from that day, Aug. 31 1919
to June 30 1923 we have reduced it to $22,400,000,000—a reduction of considerably more than a billion dollars a year.
Moreover, we are now working under a program which involves extinguishing a half billion of the debt each year. No
other country in the world has been able to make such a
record." Referring to the budget system which has been
adopted by the Federal Government, President Harding
stated that "perhaps the budget system would not accomplish so much for taxing and spending divisions smaller than
the State, but a resolute commitment to strike at all extravagance and expend public funds as one would for himself in
his personal and business affairs will accomplish wonders."
The President also referred to the agreement for the adjustment of Great Britain's war debt to the United States
and declared that "no event since the conclusion of hostilities
has contributed so much to putting the world back on its
way to stabilization, to confidence in its Governments and
to the established conviction that our social institutions are
yet secure." In what he had to say in his speech last week
with reference to advancing State Government costs, President Harding enlarged upon observations along the same
lines in a letter to Professor Lamble of the University of
Minnesota, to which we referred in our issue of June 16, page
2721. The following is the President's Salt Lake address:
.
[VoL. 117.
We are still too close to the events of the great war to be able to realize
the enormous burdens placed on our country. Quite aside from the large
operations of public finance which it necessitated, private finance has been
called upon from the very beginning in 1914 to make special arrangements for financing the huge foreign trade that resulted from Europe's
extraordinary demands. Long before we were in the war our financial
machinery had been compelled to shoulder the financing of an enormously
exaggerated export trade to the warring Powers. For a time Europe
withdrew gold from us in great quantities, but presently it returned in
yet greater, bringing to us and to the European countries the difficult
problem of maintaining the exchanges and supporting the gold standard
Costs of everything rose to an artificially high basis, and in every direction
expenditure was stimulated.
Altogether, the war was not only the greatest horror the world has ever
known, but the greatest orgy of spending. This was inevitable, but
that fact does not make the results any easier to deal with. The cost of
Government, of business, of every domestic establishment, went up
enormously. Every business man and every householder knows how it
affected his personal concern. I want to suggest some of the ways in
which it affected the whole business of Government; Government
of the
States, the cities, the nation, the expenses of every revenue raising and
spending division throughout the nation.
Census Figures of Government Costs.
Recently I have been furnished with some specific figures on this subject
of the cost of Government by the Bureau of the Census. I am not proposing to impose upon your patience with an elaborate presentation of
figures, but I want to suggest a few that Will point my observations about
the enormously increased cost of Government everywhere.
Take the cost of State Governments. I am informed that the revenues
of the States in 1913 aggregated $368,000,000, and that in 1921 they had
Increased to $959,000,000; that is, they had increased 161%, and every
dollar of that increase had to come in some way or other from the public.
The expenditures of the States in 1913 aggregated $383,000,000, and in
1921 they were $1,005,000,000, an increase of 163%. The indebtedness
of the States in 1913 amounted to 3423,000,000, and in 1921 to $1,012,000,000, an increase of 139%.
Turn now to the cost of city government. The Census Bureau has compiled data on the Governments of 227 of the large cities. It is shown that
these cities in 1913 collected $890,000,000 in all revenues, and in 1921 they
collected $1,567,000,000; that is, they were compelled to take 76% more
in taxes in 1921 than they had taken in 1913. The same group of cities
expended in 1913 $1,010,000,000, and in 1921 $1,726,000,000, an increase
of 71%. The total debt of this group of cities in 1913 was $2,901,000,000,
My Countrymen —There is a suggestion of personal
tribute in choosing which by 1921 had risen to $4,334,000,000, an increase of 49%.
my topic for an address in Salt Lake City. I have
so long associated
County administration appears, from the rather limited information
Senator Smoot with great problems of taxation, and have
witnessed so which at this time the Census authorities have been able to produce, to
much of his able and faithful endeavor to enforce economy and
have shown a much larger proportionate increase in cost and tax collections
thereby
lift the burdens of taxation, that I find myself involuntarily thinking, than did the government
of cities. It is stated that for 381counties, distribwhen I come to your State, of the menace of mounting taxes
and growing uted among 38 States, and regarded as fairly typical, the increase in receipts
public indebtedness. The removal of this menace is not alone
a Federal from principal sources of revenue increased 127% from 1913 to 1922; that
problem, for we are recording gratifying progress so far
as the nation is, for every $100 of revenue collected in 1913 $227 was collected in 1922.
is concerned, but the larger menace to-day is to be faced by
municipality, And that is not all of it. The total indebtedness of these same 381 counties
county and State. The Federal Government is diligently
seeking to increased 195% in the same period; that is, for every $100 of debt in 1913
prove itself a helpful example, but the improved order must come
in the they had $295 of indebtedness in 1922. Statistics were not available
units of Government into which the Federal Government never intrudes. dealing with cities and towns
of less than 30,000 population, nor with townThere is no particular reason 'why I should speak of it, except that
we ships, school districts, drainage districts, irrigation districts, road districts
are all concerned about general public welfare, and I have thought
that and other subdivisions which exercised the power to raise revenues and
possibly a recital of Federal accomplishment would serve to encourage incur debts. It is well known,
however, that substantially similar increases
in a State and local work which must be done.
have affected all these taxing subdivisions.
A short time before I became President a trusted but cynical
The figures of both the Treasury and the Census Bureau, in short, make
old friend
said to me one day that he understood I intended to make a specialty
it perfectly plain that whereas
of economy in administration. I admitted my aspirations in that direction, steadily reduced, the cost of the cost of the Federal Government is being
State and local governments is being just as
and he replaied:
steadily increased year by year. In nearly all of the States the cost of
"Well, that's the right idea, but don't tell anybody about
it. You State and local governments increased from 1919 to 1922.
may think it will be appreciated, but it will not.
The Treasury made up statistics on this point for one group of 10 States
somebody off the Government payroll or keep him Every time you lop
out of a profitable —Arizona, Connecticut, Michigan, Minnesota, New
piece of Government business you make him and
Hampshire, Ohlo,
ciates your enemies; and, on the other side, not a all his friends and asso- Oregon, South Dakota. Washington and Wisconsin. For this represensoul in the country will
ever thank you for it. Everybody grumbles about taxes, and
nobody tative group it is shown that while Federal taxes paid by these 10 States
ever] demonstrates any appreciation of the man that trys
to save them declined from over a billion dollars in 1920 to $650,000,000 in 1922,their
from taxes."
State and local taxes rose from $728,000,000 to $965,000,000 in the same
A short time before we left Washington on the present
trip another period.
friend said to me:
In another tabulation. covering 28 States, which was the entire number
"The Administration has saved the country a good deal
which the statistics were available, it was shown that from 1919 to 1921
its expenses and cutting down the tax burden. But take myby reducing for
advice and there were increases in local taxes in 23 States and reductions in only 5.
don't talk to any of your audiences about it. People always
taxes, but they don't want to hear anybody talk to them on grumble about In spite of the enormous burden of paying for the war and paying interest
that subject."
on the war debt. State and local taxes in 1922 represented 60% of all taxes
To which I replied that I believed, in the present state of affairs,
all paid.
such rules were suspended, and any public man who had anything
cheerful
Income Tax—Comparison with Other Countries.
to say on the subject of taxes and Government expenses would
find plenty
Let me present another aspect of the same matter. We hear much about
of audiences altogether willing to listen to him. I believe the American
people are so profoundly interested in the subject of taxation and Govern- the grievous burden of the income tax, and every one of us who pays it is
ment costs nowadays that an audience llke this will even be willing to able fully to sympathize with every one else who pays it. But it is fair
to consider what our income taxes would be if we lived in some of the
let me talk to them a few minutes on the subject.
-burdened countries of the world.
other debt
Loans to Allies.
A married citizen of the United States, with two children and an income
One of the financial incidents to our participation in the war was to
35.000, paid $68 tax on that income in 1922. If he had been a citizen
loan a vast sum of money to our allies. I wonder how many of you over of Canada
he would have paid $156. If the German tax rate had been
of
stop to think that the $10,000,000,000 which we advanced to our allies,
applled to his income, it would have cost him $292. If he had been a
after our entrance into the war, was just about the same as the total cost Frenchman the French rate
would have required him to pay $96, and if
of the Civil War to the North and South together. The Civil War lasted he had been a British citizen,
instead of giving up the $68 which he paid
four years and strained every nerve and resource of the nation. Yet its
to Uncle Sam, he would have drawn his check for $320.76.
actual cost to the Governments of both sides was considerably less than
The same man, with an income of $10,000, would have paid $456 income
the amount we advanced to the allied Governments during the World War. tax in the United States and $1,128.32 in
England.
And that was only a mild beginning of our financial transactions in war.
The great burden of the war was, of course, imposed on the National
For every dollar we loaned to our allies we spent about throe more on Government. The Department of the
Treasury states that in 1917 the
our own account. In a little more than three years, between the day Federal Government's revenues were
war was declared and peace was signed, we spent twice as much money 33,925,000,000; in 1919 they were $1,044,000,000; in 1918 they were
out of the public treasury as had been spent by the national Government $5,737,000,000, and in 1921 they were$4,103,000,000; in 1920 they were
$4,902,000,000. For 1922 the total
in all of its previous history. I am not going to talk to you to-day about dropped to $3,565,000,000, and for
1923 it is estimated at $3.753,000,000.
whether the money was all wisely spent. Whether it was or not, the Assuming continuation of the present
basis of Federal taxation, the receipts
results were worth all they cost, and a good deal more. What I propose for 1924 are calculated at $3,638,000,000
and for 1925 at $3,486,000,000.
to present to you now is some consideration of the fact that no matter
Not all of this revenue is raised by direct taxation. The Treasury estihow willing we were to make the sacrifice, no matter how cheerfully we mates indicate that in 1923 only
$2,925,000,000 and in 1924 82,850,000,000
incurred the obligations, we had to face at the end the big and very pose.. will be produced by direct taxation;
the remainder will come from various
heal reality that these obligations must be paid.
miscellaneous receipts of the Government.
You have inferred from what I said a moment ago that we spent roundly
You will, I am sure. be Interested in the Treasury's statement that
$40,900,000,000 on the World War. How many of us ever stopped to whereas in 1914 the per capita cost
to all the people of the Federal Governthink that that was rather more than the total wealth of the nation at
ment was $6.97, that in 1918 it reached $36.64 and in 1919 $37.91. It
the time of the Civil War? We paid out of our current taxes, while
the might reasonably have been presumed that with the war now long past
war was going on, more than 25% of its cost; that is, as much as the entire taxes would have begun to fall
off, but the statistics show the contrary.
'national wealth so late as the year 1820. At the beginning of
August
Instead of a reduction, taxes for the fiscal year 1920 rose to $53.78 per
1919 the public debt reached the highest point in its history,
$27,500,000,- capita, which was the peak of the war burden. Even for 1921 they only
000. That was just about ten times the amount of the national
debt at fell to $45.22. But in 1923 they will be $26.29. or considerably less than
the close of the Civil War.
half as much as in 1920.
atTur 7 1923.]
31
THE CHRONICLE
independent institutions, instead of factors
Figures, especially the figures which represent such an authority as the Departments felt themselves
administration. They often got
Treasury Department, are conclusive argument. These figures show that In the great machinery of Government
expend all they got.
for two years after the war the war ended Federal taxes continued much all they could from Congress, and made it a point to
Budget Plan.
higher than at the height of the struggle. They show that in the first two
Under the budget plan we were able to reverse the policy and awaken
years of peace the cost of Government was still continuing above the 1918
service. We not only
level, but that since the high point of 1920 they have been reduced more a spirit of economy and efficiency in the public
Insisted that requests for appropriations should stand the minutest inquiry,
than one-half.
insisted on expending
It is a record of business administration to which the party now in con- but after reduced appropriations were granted, we
proposal to diminish Governtrol of the Administration feels justified in referring with no small measure less than the appropriations. There was no
ment activities required by law or demanded by public need, but there
of satisfaction.
was first the commitment to efficiency and then commendable strife for
War Debt Cut by Billion a Year.
economy.
I have observed that the cost of the war to our Government was around
We effaced the inexcusable and very costly impression that Government
$40,000,000,000. After paying a generous share, about 25%,from current
Departments must expend all their appropriations, that no available
revenues collected while the war was in progress, we still had to borrow enorcash should return to the Treasury. And we sought to inspire as well
mously.
exact, in the practices of economy.
At its highest point, on Aug. 311919. the national debt was $26,596.000.- as
One illustration will not be amiss. On June 8 1921, before the budget
000. I know you will be interested to be told that from that day, Aug. 31
was in operation, word came to me that the business head of one of our
1919. to June 30 1923, we have reduced it to $22,400,000.000—a reduction
far from Washington, was puzzling how to expend $42.000
of considerably more than a billion dollars a year. Moreover, we are now institutions,
in excess of actual needs.
working under a program which involves extinguishing a half billion of the which he had
Ordinarily such a matter would never reach the Chief Executive. But
debt each year. No other country in the world has been able to make such
this one did, and I wired a warning, and followed it with a letter reciting
a record.
expressed the hope that every
In addition to all this, we have within the past year settled the British the need of retrenchment everywhere, and
spending authority would aid in reducing the
war debt to our Government. arranged for its funding and its gradual ex- Government official with
outlay.
tinction over a long period of years. In recognition of the notable service Government
The appeal was effective, and this one Government agent not only
of Secretary Mellon, his associates at the Treasury, and the members of the
that fiscal year. but in 1922 he
Debt Funding Commission and the American Ambassador to Great Britain, saved most of his available $42,900 for
proved what could be done, and we are seeking
I wish to say that this settlement of the British debt has been acclaimed all saved $81,000 more. He
over the world as one of the most notable and successful fiscal accomplish- to do it everywhere.
Do not imagine It has all been easy. It is very popular to expend, and
ments ever recorded.
are ruffled feelings in every case of denial. But there are gratifying
Not only does it insure that the regular quarterly payments which the there
in firm resolution and the insistent application of business methods.
British Government will make to our Treasury will correspondingly relieve results
The Budget Director is the agent of the President. and he speaks on
the burden upon American taxpayers, but the more important fact, in a
of the Government's Chief Executive. One day last winter
time of widespread uncertainty and misgiving throughout the world of busi- the authority
Director came to me in great anxiety, telling me that a Department
ness everywhere, that these two great Governments could get together and the
would not sanction an $8,000,000 cut in his estimates. At that
arrange such a settlement has been one of the most reassuring events Chief
time we were seeking to prevent a threatened excess of expenditures over
since the armistice.
receipts amounting to $800,000,000 for the next fiscal year.
World Effect of British Settlement.
I sent for the department head, and he was still insistent in his oppomuch talk of possible cancellation or repudiation of sition to the reduced estimate. I called for o conference of the department
There had been too
the war debt. Such a program would have wrecked the entire structure of experts and the budget experts, and told them that if they could not
business faith and of confidence in the obligations of Governments through- agree, I would decide. They conferred, and instead of returning to me
out the world. There was need, pressing and urgent need, for such a sign for decision, the estimate was cut more than $12,000,000.
of confidence, assurance and faith in the future as this settlement furnished.
The point is that we have introduced business methods in Government.,
When the British and American Governments united in this pledge and instead of operating blindly and to suit individual departments which
that their obligations would be met to the last shilling and the last dollar, had never visualized the Government as a whole, and felt no concern
there was renewed financial confidence in the world. I undertake to say about the raising of funds, we are scrutinizing, justifying, co-ordinating,
that no event since the conclusion of hostilities has contributed so much to and not only halting mounting cost, but making long strides in reducing
putting the world back on its way to stabilization, to confidence in its Gov- the cost of Government activities.
ernments and to the established conviction that our social institutions are
Perhaps the budget system would not accomplish so much for taxing
yet secure.
and spending divisions smaller than the State, but a resolute commitment
No consideration of public finances can omit the fact that the single to strike at all extravagance and expend public funds as one would for
item of interest on the public debt exceeds $1,000,000,000 annually. For himself in his personal and business affairs will accomplish wonders.
the fiscal year 1923 this item will be $1,100,000,000. Beyond this, we will
It is largely unmindfulness that piles up the burden. Able and honorable
reduce the public debt this year by $330.000.000. and next year by approxmen often press for a Federal expenditure to be made in their own comimately $500,000,000. That is, over 35% of the national revenue will this
munity or in other ways helpful to their own interests which they would
year go to paying interest or extinguishing the principal of the public debt.
strongly oppose if they were not directly concerned. This is true of
I have not been able to gather conclusive statistics as to the accomplishFederal appropriation as well as municipal, county and State expendiments of States, cities and counties, to compare with this showing of the ture, and I know of no remedy unless public officials are brought to underFederal Government. But with some general knowledge of the fiscal posi- stand the menace in excessive tax burdens and indebtedness, beyond
tions of States and cities in general, I feel quite safe in proffering my conextinguishment except in drastic action, and resolve to employ practicable
gratulations to any State, any city, any foreign country, which has made business methods in Government everywhere, and resist the assault of
a better showing in the matter of reducing its public debt within the period
the spenders.
since the war. I most earnestly regret that all have not been able to make
It is too early to know whether there is a republic of ancient times with
a similar showing.
which appropriately to parallel our own. We know of their rise and fall.
to say a word further. Taxation decidedly is
On this latter point I wish
and we may learn the lessons in their failures. A simple-living, thrifty
a local as well as a national question. Prior to the war Federal taxation was
people,simple, with simple, honest and just government never failed to grow
an unimportant item: so small that in 1917 State and local taxes, In a group
in influence and power. The coining of extravagance and profligacy in
of 10 representative States, in all parts of the country, constituted 73"4 private life, and wastefulness and excesses in public life ever proclaimed the
of the entire tax burden.
failures which history has recorded.
The Federal tax was indirect and unfelt. Then Carrie the enormous cost
I would not urge the stingy, skimpy, hoarding life of individuals, or an
of the war, which the Federal Government had to bear, and in 1918 State
inadequate program of government. The latter must always rise to deand local taxes constituted only 42% of the entire tax burden. In 1919 they
liberate public demand. But private life and public practices are inseparrepresented 44% of the whole: in 1920,41%. But in 1922, the last year for ably associated.
which figures are available. State and local taxes were again in excess and
I would have our Government adequate in every locality and in every
represented 60% of the entire tax burden. The States represented in this activity, and public sentiment will demand it and secure It. and require no
calculation are: Arizona, Connecticut, Michigan, Minnesota, New Hamp- more, if we may have the simple and thrifty life which makes the heathful
shire, Ohio, Oregon, South Dakota, Washington and Wisconsin.
nation.
The world, its Governments, its quasi-public corporations, its people,
These reflections, my countrymen, are not conceived in doubt or pessiacquired the spending habit during the war to an extent not merely unmism. We have so nobly begun, we are so boundless in resources, we have
precedented, but absolutely alarming. There is but one way for the comwrought so notably in our short national existence, that I wish these
munity finally to get back on its feet, and that is to go seriously about
States to go on securely. I would like developing dangers notes
paying its debts and reducing its expenses. That is what the world must United
and intelligently and patriotically guarded against. A
face. The greatest and richest Government must face it, and so must the and appraised
of inconsiderate spenders is never secure. We wish our United
humblest citizen. No habit is so easy to form, none so hard to break, as nation
States everlastingly secure.
that of reckless spending.
War brought us the lesson that we had not been so American in spirit as
And on the other side, none is more certain to contribute to security and
Some of our adopted citizenship wore the
happiness than the habit of thrift, of savings, of *ireful management in all we had honestly pretended.
not consecrated in soul. Some to whom
business concerns, of balanced budgets and living within incomes. If I habiliments of America. but were
we have given all the advantages of American citizenship would destroy the
could urge upon the American people a single rule applicable to every one of
accepted out hospitality.
them as individuals, and to every political or corporate unit among them, very institutions under which they have
Hence our commitment to the necessary Americanization which we too
It would be to learn to spend somewhat less than your income all the time.
The American Legion, baptized anew in the supreme talit
If you have debts, reduce them as rapidly as you can; if you are one of the long neglected.
parts. Those who bore warla
fortunate few who have no debts, make it a rule to save something every on foreign battlefields, is playing its splendid
burdens at home have joined, and all America must fully participate. It i•
year.
of those who come to accent our
Keep your eye everlastingly on those who administer your Govern- not enough to enlist the sincere allegiance
citizenship; we must make sure for ourselves, for all of us, that we cling to
mental units for you; your town, your county. your State, your national
enabled us to build so sucxxsaally,
Government. Make them understand that you are applying the rule of the fundamentals, to the practices which
and avoid the errors which tend to impair our vigor and becloud our future
thrift and savings in your personal affairs, and require them to apply it
In their management of your public affairs. If they fall, find other public
servants who will succeed. If they succeed, give them such encouragement
Appeal for Fraternity Among
and inspiration as will be represented by a full measure of hearty appre- President Harding's
Nations.
for their efforts.
ciation
This brings me to a brief reference to what has proved so helpful to
in effecting the approach to the expenditures
President Harding, who, in addressing members of the
the Federal Government
of normal times. For the first time in our history we have the national Mystic Shrine in Washington early last month expressed
budget, under which there is an effective scrutiny of estimates for public
the wish that "somehow we could have fraternity among naexpenditure. More, we have co-ordinated Government activities in
tions, as it is taught to America among men," made a similar
making the expenditures which Congress authorizes.
It seems now unbelievable that we should have been willing to go for appeal in addressing a gathering on June 24, when he spoke
a century and a third without this helpful agency of business administration.
of his train at Colorado Springs.
But we did, and only now have we come to an appraisal of the cost of from the rear platform
this great neglect.
It has been no easy task to establish the budget and make sure of its
acceptance. Out of long time practices the varied and many Government
Upon this occasion the President, according to the Associated
Press, said:
•
32
THE CHRONICLE
[VoL. 117.
I We can never be the ideal Republic unless we have great ideals to pursue
of the Commission,reducing that body to a bureau for the
accumulation of
and know something of the spiritual as well as of the material life.
IS That is one of the reasons I have been so zealous in the last few weeks in economic information and for bookkeeping purposes.
From a Washington dispatch to the New York "Times,"
trying to have our country committed to something more of international
helpfulness, so that it may be ready to play its part in the uplift of the world July 1, we take the following:
and in the movement to prevent in the future conflicts among the nations.
Mr. Boyden received a salary of $5,000 a year and was allowed
$1,000 a
I think that is an ideal worth pursuing. So long as we have something of month additional for expenses. Colonel Logan,
his successor, resigned from
that kind to think about and to strive for and to inspire us to go on,I know the army last year, and since then has been
receiving $4,000 salary and
we are going to be a better people than we are when we occupy ourselves expenses not exceeding $6,000 annually,
for his work as Mr. Boyden's
merely in digging, digging, digging for the dollar.
associate.
There is something else in life than that, my countrymen, to think about.
/ do not underpraise the desirability of material good fortune. You must be
Gaston Liebert on French Policy in Ruhr—Declares
able to subsist before you can begin to aspire. I should like to have material
Germany Has Tried to Evade Payment.
good fortune be the portion of every man and woman in America, but I do
not choose material good fortune alone.
Defense of the French policy in the Ruhr was offered at
One of the troubles with the world to-day is that it is filled with suspicion
and hate. Europe is in a condition of feverish restlessness, and is feeling the recent annual convention of the New York State
the effects of the poison engendered by oldtime passions, envies and rivalries, Bankers Association in Atlantic City by Gaston Liebert,
so that one people will not trust another. Would it not be better if some- former French
Consul-General at New York, and now
how we could bring into the lives of those nations the spirit of Him whom
the Father gave for the salvation of men, and exerted ourselves to spread Director of the French Bureau of Information in the United
brotherhood and new trust and new confidence among peoples, so that they States, and by Laurence Lyon,former
member of the British
May live in that fraternity which tends to solidify and cement together
man- Parliament. The remarks of M. Liebert,
made before the
kind?
I should like more of fraternity among ourselves in the United States: I convention on June 12th have brought a criticism from
should like more of fraternity among the nations of the world, and if we ap- Hugo Mundt, the German Consul, which
we give in anply the Golden Rule, about which none of you will dispute—for we all beother item in this issue. The account of M. Liebert's relieve in it and admire it, and the only trouble Is we do not practice it as we
believe it—if we could bring the Golden Rule into every phase of American marks, which occasioned Mr. Mundt's letter, appeared in the
life we would be the happiest people in the world.
St. Louis "Globe-Democrat" of June 12th. M.
Liebert
The President's speech to the Mystic Shriners was referred is alleged to have declared that Germany had tried to play
to in our issue of June 9, page 2591.
one Ally against the other in the hope of continually evading
payment. Further declaring that "we went into the Ruhr
President Harding Declares Anew that in Event of because the Ruhr is the jugular vein of Germany and we intend to hold our hands at Germany's throat until the GerWar He Would "Draft Every Dollar and Every
man people come to their senses." M. Liebert is reported as
Other Essential."
Reiterating a statement he made on a previous occasion having added:
We want to make it clear,
recently, President Harding, during a visit to the soldier are not in the Ruhr to make however, that Belgium's and France's troops
war on the German people. They are there
to act as receivers to collect an honest debt from a stubborn, dishonest and
sick at the Army's General Hospital at Denver on June 24
evasive debtor.
stated that "if ever there is another war, we will do more
Reporting this as the keynote of M. Liebert's address,
than draft the boys. If I have anything to do with it, we
will draft every dollar and every other essential." The which was presented under the title of "Problems Caused by
President in what he had to say on June 24 preceded the fore- the French occupation of the Ruhr, and the Financial Sitgoing remarks with the statement that he would keep "ever- uation Arising From It," the "Globe-Democrat's" account
lastingly at it" to see that full Justice was meted out by the of his speech said:
Contrasts Two Nations.
Government to its wounded and needy veterans of the World
He compared the German attitude in 1919-23 with the French attitude
War, and that he would "consecrate" himself, his every in- in 1871-73, drawing a sharp distinction between the nature of the payments
fluence and endeavor, to prevent another war on the part of In the two instances.
"Following the war of 1871," he said, "France was compelled to pay,
the United States.
not reparations, not for damage done German people or
Roland W. Boyden Resigns as American Observer
with Allied Reparations Commission—
John A. Logan, Jr.', His Successor.
Announcement was made on July 1 that Roland W. Boyden had tendered his resignation as unofficial observer for
the United States with the Allied Reparations Commission,
and that he would be succeeded by his assistant, John A.
Logan, Jr. Mr. Boyden's resignation, the State Department explained, is due to his desire to resume the practice
of law. He expects to return to the United States in August
Associated Press cablegrams from Paris on July 2 said:
German property.
because the war of 1871, like the war of 1914-18, had been fought on French
soil; but France was compelled to pay 5,000,000,000 gold francs indemnity, a penalty for being the vanquished. The just debt which we have
for four years been trying to collect from Germany Is not an indemnity;
it is a claim for actual damages wrought by German troops on French and
Belgian soil.
"After the conference of Frankfort, Germany insisted that the 5.000,000,000 gold francs imposed upon the French as a penalty for being the vanquished people," he said, "should all be paid before the end of 1874. History records that the last franc of this great sum, together with conversion
charges and other expenses, which brought the total amount up to 6,615,000,000 gold francs, had been paid Aug. 311873.
"Now, after four years, Germany, untouched by war invasion, with her
factories and industries producing as they were before the war, has only
paid about 2,000,000,000 gold marks in cash.
"The answer, and the only answer, is that if Germany had shown a real
willingness to pay, If Germany had been as strictly honest as France was,
there would have been found a way, and the troops of France and Belgium
would not to-day be in the Ruhr to act as a receiver to collect an honest
debt from a stubborn and dishonest and evasive debtor."
Genuine regret was expressed to-day by all delegations to the Reparation
Commission over the departure of Roland W.Boyden as unofficial American
observer with the Commission.
Louis Dubois, former President of the Commission, was one of those
From the New York "Times" we take the following relavoicing regret at the retirement, and Sir John Bradbury, British representative, to-night said:
tive to M.Liebert's remarks:
Boyden won the unaffected esteem of all his colleagues by his great
"Mr.
He argued that sine() 1919 Franco had shown the greatest patience and
personal qualities, which he constantly used with the object of alleviating moderation. One by one he listed
the sixteen parleys "to which France has
differences of opinion and finding a basis of agreement such as an interbeen dragged" and at which efforts were made to roach an agreement on
Allied body always aims at reaching.
reparations.
"His natural sagacity and fair-mindedness, combined with his eminent
Taking up the financial problem of France, M. Liebert said:
legal abilities, have contributed greatly to the solution of many technical
"In addition to this staggering loss in human resource, consider now the
questions which have been before the Commission; and the confidence financial condition of country
which before the war was the credit nation
a
which all members of that body felt in his judgment is instanced by the fact of the world. At the beginning of
1923 France had an interior debt—money
that several of the most difficult questions have been submitted to him as borrowed by the Government from its own
people—of 282,418,000,000 gold
arbitrator.
francs, and an exterior debt of 35,463.000,000 gold francs. The budget
"Hb remarkable success in this field makes it all the more to be regretted, situation of 1923 is summarized as follows: Probable
he could not contribute in the same degree to the decision taken by the 000 paper francs: probable receipts, 19.285,000,000 expenses, 23,178,000,paper francs, leaving
Commission on questions of policy.
a deficit in the general budget of 3,893.000.000 paper francs. To this will
"Acting as an unofficial observer. he was bound to maintain a strictly have to ho added for 1923, because of Germany's
failure to pay, expenses
reserved attitude on such questions, and any opinions he expressed were (supposedly recoverable) amounting to
10,148.000,000 paper francs, making
purely personal. But even so, he could on occasions, with the utmost a total deficit for the year of 14,041,000,000
paper francs.
discretion, influence the (101nraisslon by his personal opinions.
"You bankers will naturally ask, Why this enormous deficit? The
4 4"The United States could not have sent a more worthy representative of answer is simple. France cannot balance her budget because France has
6
the qualities and ideals for which that nation stands to take part in our been compelled to advance money to pay for reconstruction work in the
counsels."
devastated area—work for which Germany, by the Treaty of Versailles,
4CM. Bemelmans, Belgian representative, after saying he deeply regretted agreed to pay—and to meet the enormous
pension roll occasioned by the
Mr. Boyden's departure, added:
In"But, fortunately, the United States will not cease to be represented.
Colonel Logan, I am sure, will continue Mr. Boyden's task along the same
lines and with the same ideals that have made the United States practically
Hugo Mundt, German Consul, in Answer to
the emblem of fair play and justice."
GastonlLiebert Regarding French Policy in
Ni The Reparation Commission's offices seem deserted and idle in comparithe Ruhr.
son with the busy hive in the Hotel Astoria last December. The staff has
been greatly curtailed and the Commission, according to its members, is
An answer toitherrench policy, as indicated week before
simply marking time.
Theposition of"unofficial observer"for the United States has become less last by Gaston Liebert, former French Consul at New York,
Interesting in the last twelve months, especially since the occupation of the of,keeping the Ruhr "until the German people come to their
Ruhr. All members of the Commission agree that the importance of their
work has been greatly diminished by the fact that the Governments have senses," has been made by the German Consul, Hugo
Mundt, in a letter addressed to the St. Louis "Globe-Demotaken the important aspects of the reparations questions out of the hands
THE CHRONICLE
crat," and published in that paper June 14. M. Liebert's
declarations are given in another item in to-day's issue of
our paper. Among other things Mr. Mundt, comparing
the present position of Germany with that of France in 1871,
points out that "payment was effected by France in 1871-73
for the greatest part by the aid of loans placed at the disposal
of France by other countries, including Germany. On the
contrary, Germany's endeavor to obtain an international loan
has been frustrated." We reprint from the "Globe-Democrat" Mr. Mundt's communication as follows:
Editor of "Globe-Democrat:"
Referring to the special dispatch published in this morning's issue of the
"Globe-Democrat," "To Keep Ruhr until Paid, Is Frencu Policy." and
appealing to your well-known fairness and impartiality, I trust that you
will publish the enclosed response in your paper.
Thanking you in advance for any courtesy you may feel to extend to
me in this matter. I am,
Yours very truly,
HUGO MUNDT, German Counsel.
The statement follows:
1. Just like France in 1871, Germany is compelled to pay not merely
reparations, but indemnity for being the vanquished. France's claim for
actual damages wrought by German troops on French and Belgian soil
amounts to about 30,000,000,000 gold marks, while Germany is to pay
132,000,000,000 gold marks, whereof only 52% are due to France. 22%
to England and the balance to the other Allied countries. the'soil of some
of which had not even been entered by German troops.
2. Germany is being compelled to pay 132,000,000,000, compared with
4,000,000,000 gold marks imposed on France. 1871.
3. Germany is to pay this sum, being thirty-three times higher than the
sum demanded of France in 1871, after having been deprived of her best
resources, her most important provinces, her merchant fleet, all her colonies,
all her public and private assets in foreign countries.
4. Germany's industries had been exhausted by the war. Cut off from
the world market by the blockade, they were deprived of the necessary
raw materials and had to start anew at enormous costs.
5. Germany's losses in dead and maimed soldiers in the great war were
about 3,000,000; i. o., fifteen times greater than the French in the war
of 1871.
6. France's finances after the war, 1870-71. were relatively sound. The
French franc had sunk only a few per cent under par. German currency,
after the payment of the first 1,000,000,000 gold marks, has been steadily
more and more depreciated. Already immediately after the conclusion of
the Versailles Treaty, the German mark was valued only the fourth part
of its previous value.
Allowed to Pay in Francs.
7. Prance was allowed 1871 to pay in francs, her own currency. Germany is compelled to pay in foreign currency, in American dollars. There
was no gold mark in Germany after the World War. As already in summer.
1919, after the conclusion of the Versailles Treaty, the German mark was
worth only a fourth of its previous value, the amount of the whole indemnity imposed on Germany was 520,000,000,000 marks, I. e., 130 times
the amount of the French indemnity of 1871. In May 1920, when at the
first time the amount was fixed by the Reparation Commission at 132,000,000,000 gold marks, the value of the Gorman paper mark was no more than
the eleventh part of the gold mark so that Germany was compelled to pay
an indemnity 343 times higher than that imposed on France, 1871.
8. Payment was effected by France, 1871-1873, for the greatest part by
the aid ofloans placed at the disposal of France by other countries, including
Germany. On the contrary, Germany's endeavor to obtain an international loan has been frustrated.
9. The great war had brought the German Reich to the verge of utter
exhaustion. Germany's economic vitality was further enfeebled in every
conceivable way by the Treaty of Versailles. The fulfillment of the conditions demanded and the employment of all sorts of coercive measures,
even the rough violation of the Treaty of Versailles and of international
law, have finally driven Germany more and more rapidly toward destruction. And yet, in face of all, Germany has already performed an achievement which in financial respects alone exceeds that of France 1871-1873
more than tenfold.
10. France, although victorious, while insisting on being fully paid by
vanquished, is refusing to pay the United States even the interest of her
debt, amounting to hardly 12,000,000,000 gold marks.
33
"If Franco had not gone into the Ruhr the sole alternative was to
abandon all hope of reparation and to admit that in 1922 Germany could
do what she was unable to do in 1914—proclaim with impunity that any
treaty which did not suit her was merely a scrap of paper, to admit that
a group of self-seeking German industrialists were powerful enough to
block the way to demands which the Allies had pronounced legitimate.
Sees Germany Weakening.
"It is significant that German defiance is now visibly weakening. For
the great industrialists who forced tho issue now see the writing on the
wall. Their one hope was that Franco would weaken in the face of British
or American pressure; and that hope has vanished. That is why there
are already signs of a more serious offer, and even the possibility of the
neutralization of the Rhine region, and if that result is achieved, the
Ruhr operation will have succeeded after all other methods have failed."
Mr. Lyon, who during the war purchased the London "Outlook" to
give expression to his views, said that he had been "struck by the fact
that those who proclaim most loudly that the Treaty of Versailles is unworkable are generally among those who for one reason or another do
not want the Treaty to become operative. "I am inclined to think," he
continued, "that if Monsieur Clemenceau had remained in power the
situation would have been different to-day. But, as you know, neither
President Wilson or M. Clemenceau had much to do with the execution
of the Treaty."
Referring to Lloyd George, Mr.Lyon said: "It would ill behoove any Englishman to criticize Mr. Lloyd George without first paying the fullest tribute
to the ever memorable service which he rendered to the State. For to
Mr. Lloyd George, more than any other English politician, belongs the
credit of winning the war." Quoting Macauley to the effect that the
younger Pitt was one of the greatest of Prime Ministers in time of peace,
but an absolute failure in time of war, Mr. Lyon said that exactly the
reverse could be said of Lloyd George.
If Stanley Baldwin failed, he said, the "Labor Party will come into
power in England before its due time."
Mr. Lyon said that Premier Poincare "will always be respected, but he
will never be popular, and, like any other French Prime Minister, he
might be driven out of power any day."
"One cannot close any discussion of this whole subject," said Mr. Lyon.
"without at least referring to the possibility of your country again participating in one way or another in European affairs; and I may say that
the United States and Great Britain have in common the fact that they
are the principal creditors of the rest of the world.
Britons Full of Courage.
"Whether or not you ever come to our aid is entirely your own business.
If you do you must choose your own time, just as, very properly, you
chose your own time for coming into the war. In the meantime, you
have every right to regard us as poor relations, but you would make a
mistake If you thought of us as effete, or as inactive, or as being absolutely inefficient. On the contrary we are full of courage, we are making
progress, and, above all, we think, we feel, we know that the country
which produced your forefathers can still cope with all human beings."
France Comparee Debts and Claims—Critics in Paris
Say that We Ask from Allies as Much as
They from Germany.
The New York "Times" printed the following copyright
advices from Paris June 18:
The news that Secretary Mellon is coming to Europe gives Paris occasion
to recall that in the liquidation of war indebtedness the United States is
asking from the Allies about as much as the Allies are asking from Germany,
and about twice as much as Germany in her latest and best proposal offers
the Allies. This may be a disagreeable way in which to greet Mr. Mellon.
but it is the welcome Europe is preparing for him if it turns out that he is
coming on a collecting trip.
This is the reasoning of the European critics of the United States.
The Allies are asking Germany to pay 132,000,000,000 marks in forty-two
years. It is figured that the present value of this sum is 50.000,000,000
marks, or $12,500,000,000.
England owes the United States $4,000,000,000. or 16,000,000,000 gold
marks. France owes the United States equivalent of 15,300,000,000 gold
marks;Italy, 7,400.000,000 marks;Belgium, 1,700,000,000 marks; the Little
Entente Nations and Poland, another 1,400,000.000 marks. Add this up
and you get some 42,000,000,000 gold marks, or $10,500,000,000.
If you like, the Paris calculators will figure it the other way round. England is going to pay on her $4,000,000,000 account an amount which in
sixty-two years will total something more than $10,000,000,000. For the
$6.500,000,000 tho other Allies owe America it is estimated that on the
same basis the payments would reach something more than $16,000,000,000.
Sixteen billion plus ton billion makes twenty-six billion dollars,'whereas the
total of the Allied claims—which the Allies never hope to collect in Mil—
ls 132,000,000,000 gold marks, or $33,000,000,000. This, then, is the basis
of the European statement that America wishes to get from the Allies about
as much as the Allies demand from Germany.
Take the proposals of Germany. Her latest offer is to pay 1,500,000,000
gold marks per year for thirty years. The Paris calculators argue that
England must pay America 600,000,000 gold marks annually, and if all the
Allies had to pay in their proportion their payments would be 1,575,000.000
gold marks yearly to America for sixty-two years, whereas Germany
proposes to pay approximately that amount for only thirty years.
Take it from another angle. Paris estimates the present value of the
German offer of 45,000,000,000 marks at about 20,000,000,000 marks, or
$5.000.000,000, whereas, America wishes the Allies to pay her $10,000,000,000.
The purpose of this argument is to prove that if the United States wishes
to be paid, America should not find fault with the amount the Allies are
asking from Germany, and, conversely, if America wishes the reparation
total reduced America must contribute something to the sacrifice.
Laurence Lyon in Defense of French Policy in Ruhr
and Lloyd George.
In addition to the address of Gaston Liebert in defense
of the French policy in the Ruhr, which was a feature
of the program of the annual convention of the New York
Bankers Association at Atlantic City June 12, and to
which we refer in a preceding article, in the current issue
of our paper, Laurence Lyon, a former member of the British
Parliament, before the same convention on the 13th inst.
likewise entered a defense of France respecting the Ruhr.
Mr. Lyon charged that the "great industrialists" of Germany who, he said, "are richer by far than they were three
years ago," had "by their great greed led to the occupation
of the Ruhr." The New York "Times," which reports
him to this effect in a Washington dispatch June 13, also
quoted him as follows:
Proposal By American Farm Bureau Federation that
"Any one who wants France to change her attitude should be prepared
President Harding Urge Withdrawal of 200,000,000
for Germany.' Any one who wants to make presents
to say,'We will Pay
Bushels of Wheat to Lift Price to $1.50.
to Germany should do so from their own possessions and not seek to do
so at tho expense of France." Asserting that it was well within the ability
A proposal that Secretary of Agriculture Wallace prevail
hampered
of Germany to pay the reparations demanded, but that she was
"on one side by the groat industrialists, who are striving to have the upon President Harding to induce the farmers to avail:of:the
reparations claims evaded, and who would like to get subsidies for their new warehouse and intermediate credits Act "and withdraw
great industries, and on the other side by the demands of the Socialists
from the visible supply for this year a minimum of 200,000,that the State shall take the money of the rich to bettor the living con000 bushels of wheat by warehousing . . . that quantity
ditions of the poor," Mr. Lyon continued.
"The great industrialists—the only class In Germany which has made on the farm financed through the intermediate credits:bank"
money—the industrialists who are richer by far than they were three
has come from Gray Silver, the Washington representative
years ago—have by their greed led to the occupation of the Ruhr.
34
THE CHRONICLE
of the American Farm Bureau Federation. Mr. Silver
proposes that there be no distribution of the 200,000,000
bushels "during this consumptive year," but that that
amount be "carried forward to augment next year's crop at
harvest time." Such a move would in my opinion," says
Mr. Silver, "allow co-operative and orderly marketing and
lift wheat from 75 or 80 cents, the present price, to $1 40 or
$1 50, and would continue it on that basis through out this
consumptive year, thereby being helpful to both producer
and consumer and eliminating specualtion." Mr. Silver's
proposals were contained in the following telegram addressed
to Secretary Wallace (who is accompanying President Harding on his trip to Alaska) at Cedar City, Utah, on June 27,
and made public at Washington on July 1.
The President made a fine statement in Kansas supporting intermediate
credits and warehousing.
As we have, in present crop and carry-over, approximately 1,000,000,000
bushels of wheat, with a home consumption of five inishels per capita.
or 550,000,000 bushels and seed needs of 50,000.000 bushels more, and a
possible export outlook of only 150,000,000 to 200,000,000 bushels, can
you not get the President to advise the farmers to avail themselves at this
time of the new warehousing and intermediate credit acts and withdraw
from the visible supply for this year a minimum of 200.000,000 bushels
of wheat by warehousing, under your supervision, that quantity on the
farm, to be financed through the Intermediate Credit banks and not to
be distributed during this consumptive year, but to be carried forward
to augment next years' crop at harvest time?
In that way it will give the farmers an opportunity to adjust their
acreage in the fall and spring seedings so that no unduly large surplus
need exist at that time. Such a move would, in my opinion, allow cooperative and orderly marketing and lift wheat from 75 or 80 cents, the
present price, to Si 40 or SI 50, and would continue it on that basis
throughout this consumptive year, thereby being helpful to both producer
and consumer and eliminating .speculation. I know of no more helpful
thing our President can say on this trip than to encourage a carrying
out of this plan.
In a statement regarding his proposal Mr. Silver said:
I Was prompted to thus urge the President because of the prospective
heavy yield of wheat throughout the world and the heavy carry-over
in the United States. We have information through the Department of
Agriculture to the effect that our crop this year will be about 817,000,000
bushels. The carry-over is variously estimated at 40,000,000 to 60.000,000
bushels more than average, or between 130,000,000 and 150,000,000
bushels. This will mean that in round numbers we will have approximately
1,000,000.000 bushels of -wheat to dispose of this year.
Commercial estimates of the yield of wheat in Canada place the yield
of spring wheat at 300,000,000 bushels, or about 15,000.000 more than
the yield during the last five years, with .the exception of last year's
bumper crop. India. which already has harvested its crop, has a large
exportable surplus. Last year she had only 9,000,000 bushels for export.
This year she has a surplus estimated from 60,000,000 bushels to 90,000,000
bushels.
Further word received through the Department of Agriculture Indicated
that in eighteen countries in the Northern Hemisphere slightly larger
acreage will be harvested this year than last, and these countries represent about 70% of the wheat area of the Northern Hemisphere.
The wheat of Europe, outside of Russia. including all of the important
countries except Hungary and Germany, shows an increase of 700,000
acres, and an average crop on this increased acreage would mean a surplus
of 11,000.000 bushels over that of last year. Reports so far available
from Russia indicate increased spring seeding. Spring seedings. especially
in the Southern Hemisphere, are on a larger scale than last year.
The latest information from the International Institute at Rome forecasts a reduction of 142,000.000 bushels in Spain this year, compared with
125.000.000 last. A recent forecast from Bulgaria predicts a crop of
10,000,000 bushels greater than last year. Grouping a number of countries
together, the institute forecasts the 1923 production in Spain, Bulgaria,
Poland, India, Japan. Egypt, Algeria and Morocco at 750,785.000 bushels,
which is 93.793.000 bushels greater than the amount produced by these
countries last year.
[vol.. 117.
balance between domestic wheat production and consumption. According to Mr. Anderson, the Council will not
confine its attention to wheat alone, but will co-operate
in all sound economic movements to promote the general
welfare of the farmer. The Council, he said, will work
"to bring the control of the American wheat market from
Liverpool to a point in the United States." Mr. Anderson
is also quoted as saying:
While I cannot undertake to speak for the directors of this corporation. I
am personally of the opinion that the first effort should be directed toward
increasing the consumption of wheat, as this can be undertaken at once and
will affect the price of the crop presently to be harvested. The permanent
solution of the problem depends, however, upon development and application of methods for organizing and controlling the production and marketing
of wheat In this country, and the more advantageous disposition of such
surplus as .nay exist above domestic consumption.
It is my opinion that co-operative organization offers the best means for
accomplishing this purpose and my hope is that the Council will undertake
to establish the basis upon which organization and control of marketing of
wheat can be effected and given constructive aid in developing the necessary
agencies and associations for this purpose.
It is my view that modern agriculture must be an organized agriculture
It seems probably that the control of the situation will be found in the relatively few States producing a surplus beyond their own requirements and
that the organization of the relatively small proportion of the production in
those States.will be sufficient to establish a condition of stability and equilibrium.
The creation of the Council was reported to in our June 23
issue, page 2843.
Secretary of Agriculture Wallace Says Administration
Is Not Seeking to Prevent Future Trading or
Legitimate Speculation.
Deprecating "persistent rumors which have come out of
some of the future trading markets to the effect that his
administration of the law was driving or would drive operators out of the market and cause severe declines in prices,"
Secretary of Agriculture Wallace states that "it was not the
intention of the framers of the law to prevent future trading,
hedging or legitimate speculation, nor to interfere with the
normal and proper operation of future trading markets"
.7.,nd denounced the rumor mongers. According to the
New York "Journal of Commerce" of June 29, this denunciation of Secretary Wallace was contained in a statement
sent by him to Washington on June 28, and was in answer
to allegations, it is understood, respecting the new regulations governing future trading on grain markets under the
jurisdiction of the Futures Act. Regarding Secretary
Wallace's further statement, we quote as follows from the
'Journal of Commerce":
Urges Co-operation.
"Violent opponents of the law have always claimed that the price of grain
Is regulated by supply and demand," said Mr. Wallace. "How has this law
affected supply and demand
Some have said that the decline in wheat
prices is due to this law. What about corn price? Doesn't the law affect
corn exactly as it affects wheat? If it drives down the price of ono, why not
the other?
"If some of these gentlement would stop their misrepresentations of the
law,and co-operate in administering it, it would be better for all concerned.
I have no intention of trying to control prices or to Interfere with normal
speculation. If the law has unfavorably affected legitimate operations it is
not the fault of the law not its administration but of persistent misrepresentations by men who ought to know better.
"The quicker the law and the rules and regulations are accepted in good
On July 5 supplementing his statement made earlier in the faith as normal conditions which must be met, the better it will be for every
week Mr. Silver declared that the farmers "are not proposing legitimate interest."
Markets Changes Rules.
any Government valorization scheme or the undertaking of
Announcement was made to-day
grain exchanges designated by the
any Governmental risk or subsidy." Replying to objections departmentfor future grain trade at thatAngeles,San Francisco, Milwaukee,
Los
cited by the Parra Loan Board that it would not lend money Chicago, Minneapolis, Kansas City, Duluth and St. Louis had changed their
for specualtive purposes, he insisted that the plan was one of by-laws to conform to the provisions of the Act. The Grain Futures Administration has established in Chicago and Minneapolis offices In
orderly marketing rather than one of holding for speculative supervisors, who keep in close touch with the transactions of those charge of
markets.
Reports will be required before the opening of the market the following
purposes. Mr. Silver also said:
day on the net position: quantity of grain bought and sold on contracts;
The suggested orderly marketing of this surplus by supplying the credit
to farmers through the Intermediate Credit banks is merely a method grain delivered and received; aggregating on all long and short accounts net
of restoring the price of wheat to a normal level or at about the cost of position at the end of day, and net position of each separate account if
production. This does not mean that the price of bread would be raised. net position equals or exceeds such amounts as may be specified by the
for, according to Congressional investigations, the price of bread had administration.
Barley, rye, sorghum, oats and corn, as well as wheat, are affected.
very little to do with the price of wheat.
It was shown in a Congressional investigation in the fall of 1920, when
wheat was selling at twice the present price, that a 10
-cent loaf of bread
Text of Regulations Issued by Secretary of
would still sell for 8 cents or more if all of the ingredients necessary to
the making of the bread wert contributed without cost. So bread can
Agriculture Wallace.
be put on the table cheaper thaz fruit, vegetables, butter, Meats or anyThe signing on June 22 by Secretary of Agriculture
thing that enters into our daily life.
Wallace of general rules and regulations governing future
trading in grain was noted in our issue of a week ago, page
Sydney Anderson Says Wheat Council of United States
2950. The following is the text of the regulations as pubWill Seek to Effect Balance Between Wheat
lished in the "Journal of Commerce" of June 30:
Consumption and Production.
GENERAL RULES AND REGULATIONS FOR CARRYING OUT
In announcing the opening on July 3 of permanent headTHE PROVISIONS OF THE GRAIN FUTURES ACT OF
SEPT. 21 1922. WITH RESPECT TO CONTRACT
quarters in the Methodist Temple Building, Chicago, of
MARKETS.
the Wheat Council of the United States, which was formed
I. These rules and regulations are made and prescribed with respect
at the National Wheat Conference in Chicago last month,
to contract markets under the Grain Futures Act of Sept. 21 1922, a copy
Representative Sydney Anderson, one of the directors of of which is hereto annexed. These rules and regulations shall apply and
the Council, stated on the 2d inst. that the efforts of the be enforced only in accordance with and subject to the provisions of said
Act
prevent the legitimate application or
Council will be directed toward effecting an approximate any and shall notrule, regulation or requirement any enforcement of
valid by law,
contract market
of
JULY 7 1923.]
THE CHRONICLE
35
by the
(a) "Contract market" means a board of trade designated
these rub s and
Act;
which is not inconsistent or in conflict with the Act and
Secretary of Agriculture as a contract market under the Grain Futures
agreements
and
regulations.
(h) "Contract of sale" includes sales, agreements of sale
clearing
contract market shall make, or cause to be made by its
2. Each
showing the facts to sell;
in a contract
members, reports to the Grain Futures Administration
(0 "Delivery month" means the month of delivery specified
the purpese by the
specified in this regulation upon forms prescribed for
for future delivery;
ion. If such contract market has a clearing of sale of grain
contract market whose
Grain Futures Administrat
U) "Clearing member" means a member of a
and records,
house organization which obtains and keeps reliable reports
of sale of grain for future
n and the name appears as seller or as buyer of a contract
reports may be accepted from such clearing house organizatioindividual delivery made on or subject to the rules of such contract market regardless
members of such organization may be re lieved from making
and
authorization of whether such contract be actually cleared or not,
or officers desigreports to the extent that the clearing house organization by
(k) "Grain Futures Administration" means the officer
market supplies the facts called for by these regulations.
of the
of such contract
nated by the Secretary of Agriculture to carry out the provisions
Grain Futures Act.
Reports to be Daily.
Futures AdminExcept when otherwise specified in writing by the Grain
soon as
istration upon good cause shown, the reports shall be made as
Northwestern
not later Plans to Form Voluntary Wheat Pool in
Possible eller the close of the market on each business day and
of the trading session on
by Farmers, After GovernCanada Voted
than thirty minutes before the official opening
the next following business day. Each such report shall be prepared caremental Efforts Fail.
m
fully but in case any errors or omissions are discovered a memorandu
While announcement was made June 22 to the effect that
thereof shall be furnished as soon as possible or with the next succeeding
them
report. Each contract market shall deliver such reports or cause
after prolonged conferences between the Premiers of Sasto be delivered to the Grain Futures Administration in the city where
ion katchewan and Alberta with representatives of farmers'
such contract market is located. If there be no office of the Administrat
that "it is
In such city the contract market shall mail such reports or cause them organizations, the conclusion had been reached
in charge
to be mailed in accordance with the instructions of the officers
to form a satisfactory wheat board," press disnot possible
of the Grain Futures Administration.
Saskatoon, Sask., July 5, stated that the
There shall be a report by or for each clearing member which shall patches from
subject Farmers' Union of Canada had voted on the 5th "to form
include all contracts of sale of grain for future delivery, made on or
as seller
to the rules of such contract market, to which be is a party either
for the 1923 crop and communigrain and a voluntary wheat pool
or buyer. Such reports shall show separately for each kind of
cated with other farmer organizations in the Western provfollowing facts:
each delivery month the
the period covered by the report. inces, seeking co-operation." It was likewise stated in
(a) The net position at the beginning of
grain sold
(b) The quantity of grain purchased and the quantity of
Winnipeg press advices July 5 that a wheat pool for the three
on such contracts during the period covered by the report.
incial
delivered and the quantity of grain received Prairie provinces, with the fullest possible inter-prov
(c) The quantity of grain
on such contracts during the period covered by the report.
co-operation, was recommended that day by the executive
the report.
(d) The net position at the end of the period covered by
, meeting
"short" accounts committee of the United Farmers of Manitoba
(e) The aggregate of all "long" and the aggregate of all
covered by the report by the clearing in special session at Winnipeg. In referring to the conclucarried at the end of the period
member for whom the report is made, and
sions which were announced on June 22 by Premier C. A. •
by the repert,
(f) The not position at the end of the period covered
d
when such Dunning of Saskatchewan and Premier Herbert Greenfiel
of each separate account carried by such clearing member, a written
in
of Alberta, the Toronto "Globe" of June 23 said in a Canadian
net position equals or exceeds such amount as shall be specified
ion to such
notice from time to time by the Grain Futures Administrat
press dispatch from Winnipeg:
contract market.
Failure of Wheat Board plans, for the second year in succession, wilt
be used
For the purposes of item (f). a distinguishing designation shall
of such leave the Western wheat crop to be marketed under existing machinery.
instead of the name of any person, but the name and address
Grain Futures 'While there has been talk from time to time of a voluntary pool, no definite
person shall be given upon request to a representative of the
taken in that direction.
ion authorized for the ptupcso by the officer in charge thereof. steps have been
Administrat
and not for
The statement issued by the Premiers follows:
Such designation shall always be used for the same person
approval of
any other person and may be changed only by or with the
We have reached the conclusion, which is concurred in by representatives
that it is
such representative.
of the farmers' organizations who have been co-operating with us,
no stateMust Keep Records.
not possible to form a satisfactory Wheat Board. Having made
now necessary to advise
the ments during the progress of the negotiations, it is
3. Each member of a contract market shall, in accordance with
of Section 5 the public fully regarding the whole matter.
requirements of subdivision (b) of Section 4 and subdivision (b)
an authorizto transactions
The decision of the Legislatures of Alberta and Saskatchew
of the Act, keep the records required thereby with respect
in such ing the respective Governments to form a compulsory Wheat Board was
for future delivery and cash transactions in chronological order
of Manitoba
same for in- based upon the idea then commonly held that the Province
manner as to be readily accessible. Ile shall exhibit the
the contents would also become a party to the plan, under the conditions laid down by
spection, or shall furnish true information or reports as to
ive of the Prettier Bracken. The Governments and Legislatures of both our Provor the meaning thereof when and as requested by a representat
for the purpose by inces were confident that the inclusion of Manitoba would make possible the
United States Department of Agriculture authorized
ion. Each member formation of a Wheat Board.
the officer in charge of the Grain Futures Administrat
could be no
ive of the Department
With the wheat of all three Provinces under a board, there
shall, when and as requested by such representat
on, the kind, the market for wheat "futures" at Winnipeg. which would probably have setof Agriculture, make reports showing the identificati
member in the cash tled the question for the grain trade generally, and would undoubtedly
grade, and the price of grain bought or sold by such
delivery shall have affected the point of view of men whose services are necessary in an
grain market. The records as to transactions for future
such transactions expert capacity on a wheat board.
be so kept as to show whether or not the persons for whom
us in
When the Manitoba Legislature decided not to co-opreate with
are executed by each member are engaged in the cash grain business.
shall, without forming a wheat board we were placed in a position similar to that of one
4. No representative of the Department of Agriculture
any manner, except year ago. It was certain that trading in wheat on the exchange would
the consent of the member, divulge or make known in
in order to perform his continue, and men who,'with a board operating in three Provinces, might
in so far as such representative may be required
, any facts or in- have been available, preferred to continue their ordinary grain trading
official duties or by a court of competent jurisdiction
by negotiations with indiregarding the business of a member of a contract market which activities. After making every possible effort
formation
there could be no board unless the
may come to the knowledge of such representative through any inspection viduals without success, we concluded
information two great farmers' grain companies were able to assist by assuming a large
or examination of the reports or records of, or through any
We, therefore, requested a joint
given by such member pursuant to the Act and these rules and regulations, share of responsibility for its operation.
Elemeeting of the Board of Directors of the Saskatchewan Co-operative
File Market Rules.
vator Company and United Grain Growers.
time
The result of this meeting was that representatives of both companies
5. Each contract market shall as soon as possible from time to
other were appointed to assist us in securing the necessary expert personnel, and
furnish to the office of the Grain Futures Administration to which
a wheat board when formed. The nominee.;
reports are made, reports showing all changes proposed and (or) approved also to act as members of
were: Hon. J. A.
by-laws, rules or regulations, and any official order or of the Saskatchewan Co-operative Elevator Company
in membership or
and
Maharg, President of the Saskatchewan Grain Growers Association
announcements of the Board of Trade not previously reported.
Co-operative Elevator Co.; J. B.
6. Each member of a contract market shall furnish, or cause to be fur- Vice-President of the Saskatchewan
and H. C. Flemhig.
nished or exhibited, to the governing board of such contract market when Mu&selman, Managing Director of the Company,
of the Saskatchewan Grain
requested by it, and to the officer In charge of the Grain Futures Adminis- Director of the company and executive member
of the company.
tration or his representative when requested by him, a true copy of any Growers, together with F. W. Riddell, General Manager
were: H. W. Wood.
report, circular, letter or telegram published or given general circulation The nominees of the United Grain Gowers, Limited,
John F. Reid and J. J.
by such member concerting crop or market information or conditions President of the United Farmers of Alberta, and
that affect or tend to affect the price of commodities, and the true source MacLellan, Directors of the U. G. G.
experts on their
Each of the companies assured us that any practical
or authority of such member for the information therein contained.
as officers of the Wheat
T. Every member of a contract market shall promptly report to the respective staffs would be free to accept positions
approach such men as ingoverning board of such contract market and to the officer in charge Board, but that the Wheat Board would have to
of the Grain Futures Administration, or his representative, all information dividuals.
farmers' companies
Since the appointment of the representatives of the
in the possession of such member relating to any attempted manipulation
to secure the services of
prices or corner of any grain by any dealer or operator upon such board. we have endeavored, in consultation with them,
or
responsibility on the proposed board,
8. For the purposes of these rules and regulations, unless the context men to fill the positions of greatest
but without success.
otherwise require,
wheat through an agency
Furthermore, a proposal that the board sell the
(a) Words in the singular form import the plural and vice versa, as
to secure complete
arrangement was fully convassed. This plan failed
may demand;
the case
(b) "Person" includes individuals, associations, partnerships, corpora- support, and had to be abandoned.
ourselves and the representaWe regret, therefore, to state. on behalf of
tions and trusts;
we have found it impossible to secure a
(c) The act, omission or failure of any official, agent, or other person tive men co-operating with us. that
elements of experience, ability and public
acting for any individual, association, partnership, corporation or trust; board combining all necessary
the scope of his employment or office, shall be deemed the act, confidence.
within
omission or failure of such individual, association, partnership, corporation
or trust, as well as of such official, agent or other person;
Secretary of Agriculture Wallace Says Low Farm Prices
(d) "Grain" moans wheat, corn, oats, barley, rye, flax and sorghum;
are Not Due to Reduction in Exports.
"Future delivery" does not include any sale of cash grain for de(e)
ferred shipment or delivery;
Secretary of Agriculture Wallace referred on June 15
(f) "Board of trade" means any exchange or association, whether
unincorporated, of persons who shall be engaged in the to the fact that "a great many people seem to have had the
incorporated or
on conbusiness of buying or selling grain or receiving the sante for sale
notion that the low prices for farm products during the past
signment;
36
THE CHRONICLE
[VOL. 117.
three years have been due to a reduction in our exports. UnThe Liverpool Cotton Exchange has given notice that they desire
certain
der this misconception they have urged the adoption of va- changes in the universal standards. Since the law requires that the changes
proposed be agreed upon a year in advance of the time when they go
rious political and economic devices which they thought
into
effect, Messrs. C. R. Taylor
might increase agricultural exports. The fact of the matter Exchange will sail Wednesday and J. 0. Finlay of the Liverpool Cotton
for the United States to confer with repreIs," said Mr. Wallace, "that our exports of farm products sentatives of the cotton trade and the United States Department of Agriduring the past three years have been far greater than before culture upon the proposed changes.
Under date of June 25 cablegrams from Manchester,
the war and greater even than during the war years." He
England, to the daily papers reported as follows the accepadded:
tance by the directors of the Manchester Cotton Association
Take our eight principal food crops:
Corn, wheat, oats, barley, rye,
of the United States cotton standards:
buckwheat, rice, and potatoes. The average annual exports
of these
eight crops for the years 1920 to 1922 inclusive were 142% greater than
The directors of Manchester Cotton Association unanimously adopted
the average annual exports of these same crops for the years 1905
to 1914 to-day the report submitted by their delegates, who recently returned from
Inclusive. During the past three years our corn exports were 82%
greater America after presenting Manchester's case for modification of the new
than in the pre-war years named; our wheat exports 140%
greater; our United States Cotton Standards Act. This means that the Washington
oats exports 37% greater; barley, 116% greater, rye,
2,600% greater; agreement with the delegates will be ratified and signed, and that Manbuckwheat, 114%; greater; rice, 2,212% greater; potatoes,
125% greater. chester will take its place with the other cotton exchanges of the world.
The total volume of exports of these crops, measured in
bushels, was
William Heaps, of the Manchester Cotton Association,
even greater by 18% during the post-war years 1920 to 1922
inclusive
than during what we may call the war years, 1915 to 1919 inclusive.
who returned to Liverpoolfrom the United States on June 25,
In the case of animalfood products our average annual exports
during the was quoted as follows in a Liverpool cablegram
published in
pre-war years 1905 to 1914 inclusive amounted to 921,000
tons. During the New
York "Commercial":
the war years 1915 to 1919 inclusive our exports more than
doubled,
being an average of 2,023,000 tons. During the post-war
I am thoroughly satisfied with my trip to Washington. We secured
years 1920
to 1922 inclusive our exports amounted to 1,401,000 tons, an increase
of concessions most favorable to the Lancashire spinners. Cotton in the
52% over the pre-war period.
future will be sampled at the port of embarkation. The standard
will not
From these statistics it ought to be perfectly clear that low
prices for be altered without the approval of the international committee.
farm products were not caused by lack of export demand.
The United States will accept the decision of Liverpool and Manchester
We have been producing more than in the pre-war years. In
the case on disputes as to quality.
of the eight crops named the average annual production in bushels
was
It is also reported that the Havre Cotton Exchange has
16% greater during the post-war years 1920 to 1922 inclusive than
during
accepted the American standards. The conference in June
the pre-war years. The production of corn:was 14% greater,of
wheati17%,
oats 19%, rye 98%, rice 104%, potatoes 18%; there was a
decreased in Washington of British, French and American cotton trade
production of barley of 4% and of buckwheat of 15%.
Not only was the production of these crops greater during the post-war representatives to consider the use of American cotton
years than during the pre-war years, but it was more than
2% greater standards in international trade, and the return of the
during the post-war years than during the war years of 1915
Liverpool delegates to report in the matter was referred to
to 1919.
Unless production is fairly well adjusted to demand, prices will
be dis- in these columns June
16, page 2727.
appointing. We are far more dependent upon Europe for
markets for
our cotton than for our food products, and the price for cotton
is not
depressed. The average annual production of cotton for
the three years
1920 to 1922 inclusive was 10,385,000 bales, whereas the annual production Cotton Standards Are Compared—Europeans Measure
from 1905 to 1914 inclusive was 12,950,000 bales.
Manchester with United States Standards.
In considering the matter of future exports of our agricultural
products,
The following from Manchester (Eng.) June 15 appeared
it must be remembered that the probable tendency will be
downward.
European agriculture is become more productive and no doubt
economic in the "Journal of Commerce" of June 29:
conditions are becoming more stable. As normal conditions
in Europe
This market has been particularly interested in developments in
are re-established, their purchases of our surplus will become
connecmore normal. tion with the new cotton standards.
There has been considerable irritation at what has been considered the arbitrary action of the
American
Government, and some concern
Meeting of Agricultural Economists in Washington relations of the Manchester to theover the effect this will have upon the
European cotton markets. The "Guardian" states that it has received information on the latter point which
July 11 and 12 to Consider Corn, Hog and Wheat
indicates a more general acceptance of the standards than had been anticipated.
Outlook—Wheat Crop Report Available July 9.
According to the "Guardian":
"The mere change of standards is not a vital matter, although it
A forecast of the corn-hog situation and of the wheat situis considered somewhat high-handed to
ation is to be made by a group of agricultural economists and world as well as the United States. make it compulsory upon the rest of the
What matters most,however,is whether
statisticians called into conference by Secretary of Agricul- arrangements have been made for Liverpool, Havre and Bremen arbitrature Wallace. The conference will be held at Washington. tions in cases of dispute as to the grade of the cotton supplied. As to this,
we publish a statement below. Yesterday the European
D. C., July 11 and 12, when a forecast and resume of the pros- to the Manchester Association: 'The delegates consider thedelegates cabled
standards satispective domestic and foreign demand for corn and hogs, and factory and even-running. The standards have been made up from compressed cotton, but owing to the cotton not touching the box lid, the standwheat will be prepared. An announcement made by Secre- ards have an
uncompressed appearance.' The cablegram from the Eurotary Wallace's'office says:
pean delegates further stated that while in Washington they had carefully
compared the new American standards with those of Liverpool and considThe conferees will have available the results of the nation-wide
pig ered that their relation to each other was
as under:
count just completed by the Department of Agriculture in
co-operation
American Standards.
with the Post Office Department, giving estimates of the spring
English Equivalents.
pig crop Strict good middling
and intentions of farmers to breed for fall litters. There will
Middling fair.
also be Good middling
available the Government crop estimate of corn acreage and
Fully good middling.
production Strict middling
to be released July 9. With these sets of facts as a basis
Good middling.
for forecasts Middling
the Committee is expected to announce information which will
Fully middling.
be helpful Strict
low middling
to farmers in making their program for next fall and winter.
Fully low middling to middling.
Low middling
On wheat the Government crop report of July 9, giving
Low middling to fully low middling.
the condition Strict
good ordinary
of spring and winter wheat and a forecast of total production, will
Fully good ordinary to low middling.
be Good ordinary
available to the conferees. This information considered together
Good ordinary to fully good ordinary.
with the
latest available figures on wheat movement and supply in the
"According to the Washington correspondent of the 'Morning Post,'
United
States and abroad, will enable the committee to prepare a rather compre- the agreement provides that the standards established by the
Department
hensive report on the outlook of the world wheat situation. Cotton
of Agriculture shall be designated not solely 'American Standards,' but
will
by
not be considered at this conference.
the name of each exchange party. For example, the Department
of AgriThe conference will also prepare a report on probable demand at
culture will have a box of samples labeled 'Liverpool Standards,'
home
and a
corresponding box will be sent to Liverpool, placed in the Cotton
and abroad during the next six or nine months.
Exchange
there, and accepted by all persons as the official standards by
which cotton
Is bought and sold on the Liverpool market. This agreement
is to remain
Manchester, Liverpool and Havre Accept Recommen- in force for one year, and then can only be changed with the consent of all
parties to the agreement. The Secretary for Agriculture agrees
to use his
dation on United States Cotton Standards.
discretionary power under the Act to recognize the
Liverpool system of
The Liverpool Cotton Association in general • meeting arbitration and to accept its award as final, thus continuing the present
Practice in the cotton trade, which has worked successfully
for half a cenJuly 2 unanimously adopted the recommendation of their tury."
board of directors accepting the proposals submitted to their
delegates by the United States Department of Agriculture,
Manchester Operatives and Employees Sign Cotton
according to a cable just received by the Department. The
Wage Pact for Eight Months.
latter's announcement of this July 2 says:
From the "Journal of Commerce" of June 28 we quote
This proposal stated: "In case the European cotton associations adopt
the official cotton standards of the United States for grade and color as the following from Manchester under date
of June 6:
universal standards, the Secretary of Agriculture will take such action as
may be necessary under Section 4 of the United States Cotton Standards
Act, to vest in the present and next succeeding (annually elected) members
of the Boards of Appeal of the Liverpool Cotton Association, the association du Commerce des Cotons of Havre, and the Bremen Cotton Exchange,
the authority to finally determine the true classification as to grade
and
color, in accordance with said standards of cotton of American growth
exported from the United States."
As agreed by American exporters and the Department of Agriculture
in
conference May 29, the Department sees no objection, during the coming
crop season for American exporters to define the United
States cotton
standards in terms of their equivalents in Liverpool and other
recognized
foreign standards and to guarantee that shipments
on the United States
standards shall equal the specified foreign equivalent.
The wages question, so far as the general body of operatives in the
cotton trade are concerned, has now been settled definitely until the end
of January next and possibly for a further period of eight months. The
misting rates of wages are to be maintained in the meantime, but the
employers are given the option of terminating them
by tendering a month's
notice as from Jan. 25, and either side may take such action eight months
later.
Yesterday representatives of all of the organizations concerned met at the
Manchester offices of the Federation of Master Cotton Spinners' Associedons, where the following agreement was signed:
As the result of joint conferences between representatives of the Federation of Master Cotton Spinners' Associations, Limited, the Cotton
Spinners'
and Manufacturers' Association, the Amalgamated Association of Card and
Blowing Room Operatives, the Amalgamated Association of
Operative
JULY 7 1923.]
THE CHRONICLE
Cotton Spinners, the Amalgamated Weavers' Association, and the Northern
the
Counties Textile Trades Federation, held for the purpose of considering
question of wages in the cotton industry, it has been agreed as follows:
That the present rates of wages shall continue in operation until Jan. 25
whatever
1924. After that date the employers shall be at liberty to take
action they think fit on giving one month's notice.
The operatives' organizations further agree not to make any application
months
for a general advance in wages until after a further period of eight
from Jan. 25 1924.
whatever action
On Sept. 25 1924 both sides shall be at liberty to take
they think fit on giving one month's notice.
Dated this 5th day of June 1923.
Signed on behalf of the employers:
F. HOLYROYD, President,
JOHN POGSON, Secretary,
of the Federation of Master Cotton Spinners' Associations, Limited.
F. A. HARGREAVES, Chairman,
THOMAS ASHURST, Secretary,
of the Cotton Spinners' and Manufacturers' Association.
Signed on behalf of the operatives:
JAMES CRINION, President,
WILLIAM THOMASSON, Secretary,
of the Amalgamated Association of Card and Blowing Room Operatives.
EDWARD JUDSON, President,
HENRY BOOTHMAN, Secretary,
of the Amalgamated Association of Operative Cotton Spinners.
J. W. OGDEN, President,
JOSEPH CROSS, Secretary,
of the Amalgamated Weavers' Association.
W. C. ROBINSON, President,
LURE BATES, Secretary,
of the Northern Counties Textile Trades Federation.
37
heavier planes are being used, says the U. S. Department of
Agriculture under date of June 21, adding:
In the spring three De Haviland 4B planes were detailed by the War
Department for use in these tests, and competent engineers and pilots were
also provided. Previously considerable work on this problem had been done
with light machines, and the use of the larger ones has made it necessary to
modify the distributing mechanism. Several types of dust hoppers have
been made for meeting the new conditions, but it will probably require
some time to develop a design which will be satisfactory. Mr. Goad, who
has charge of the boll weevil laboratory for the Department of Agriculture,
expects to have a fairly satisfactory permanent hopper installed in one of
the planes for use in actual control work during the summer.
Several plantations near the landing field have been mapped and all arrangements have been made for dusting the cotton with the planes. The
results of the new tests will be awaited with interest by all those connected
with the cotton industry.
s.
Manchester Curtails United States Cotton Operation
daily papers June 26 said:
Manchester advices to the
mills spinning
The Master Cotton Spinners' Federation has decided that
July and
American cotton shall continue to work half-time throughout
weavers.
August. This will affect 100,000 spinners and 200,000
Marketing of Cotton Grown in Tennessee, Missouri
and Arkansas to be Under One Agency.
Under a decision reached by the directors of the Tennessee
Cotton Growers' Association on June 15 the marketing of the
cotton growers by members of their organization will be
placed in the hands of the same selling agency as that handling the cotton crop of the Arkansas Cotton Growers' Association. According to the Memphis "Commercial-Appeal,"
this decision was reached by the directors of the Tennessee
Cotton ,Growers' Association following a conference with
Charles G. Henry of Newport, Ark., President of the Arkansas Cotton Growers' Association. It was further announced
that the cotton grown by members of the Missouri Cotton
Growers' Association will be placed on the market by the
same selling organization. The "Commercial-Appeal" also
had the following to say in the matter:
The vote to combine the sale of Tennessee cotton with that of Arkansas
French Cotton Exchange Accepts American Standards.
According to an announcement made by the U. S. Department of Agriculture June 15, the Havre Cotton Exchange,
upon recommendation of Pierre Du Pasquier, French delegate present at the World's Cotton Conference in Washington has cabled this representative accepting fully the proposition put before them by the U. S. Department of Agriculture. In making this known the Department said:
The agreement reached provides for the adoption of American standards
as universal standards for cotton of American growth, with the understanding that the United States Cotten Standards Act permits trading on the
basis of millimetre designation, including strength and character in addition
that
to length. The Department of Agriculture agrees that in the event
for a revision
changes become apparently desirable, provision wMbe made
cotton exchanges in conferof these standards by representatives of foreign
ence with representatives of the American cotton industry and the Department of Agriculture.
necesThe Secretary of Agriculture agrees to take such action as may be
to vest in
sary under Section 4 of the United States Cotton Standards Act
authority
the members of the Havre Arbitration Appeals Committee the
in accordto determine finally the true classification as to grade and color,
the
ance with said standards of cotton of American growth exported from
difficulUnited States. This decision has been made in order to avoid the
final appeals referred to Washties and delays which might result were all
ington.
Mr. Du Pasquier states that the Havre Exchange will be glad to co-operate with the Department of Agriculture in any effort to improve the foreign
cotton trade as it may hereafter be conducted under the new agreement.
Reference to the conference of foreign and American cotton men on world standards was made in our issue of June
16, page 2727.
New York Cotton Exchange to Have Museum.
One of the most novel museums in the world will be thrown
open to the trade and visitors when the New York Cotton
Exchange takes possession of its new home at William and
Beaver Streets the latter part of the month. The museum,
which will be the only one of its kind in existence, will, it is
stated, visualize the history of cotton raising and the uses
to which it has been put from the days of the Pharaohs down
to the present time. The following additional facts are given:
was reached by the directors of the Tennessee association, who held their
second meeting in Memphis yesterday. A. E. Markham, President of the
association, presided. A committee of the Tennessee association conferred
Located on the twentieth floor of the most modern exchange building in
last week with Arkansas Association officials relative to the agreement.
transThe combined marketing of the cotton crop of the three States is expected the country, the cotton museum will contain exhibits depicting the
to resultin a material decrease in the cost of placing the crop on the market, formation of the bloom of the cotton plant into the innumerable products
for which have made cotton one of the world's greatest industries.
and such an increase will enable the sales force to obtain better prices
A model of an electrically operated cotton mill, equipped with the most
the cotton.
Growers' Association is being operated upon a modern appliances, will be shown alongside the crude weaving frames on
"The Arkansas Cotton
gin, in miniature,
very efficient basis and during the first year of its operation produced for which cotton was first spun by hand. A modern cotton
be that of
Its members a profit of between $15 and $40 more than they would have will also be one of the exhibits. Another interesting model will
in song
received if they had not been members of the association," according to one of the old Mississippi River stern-wheel steam boats, famed
directors yesterday.
and story.
Mr. Henry, who met with the Tennessee association
insect
Considerable space in the museum will be devoted to the various
"All the members are very enthusiastic over the work of the association
cotton, the
in handling last season's crop and are looking forward to a large increase pests which annually destroy millions of dollars worth of raw
the
in the membership for this year. Eastern Arkansas has a greater per cent most deadly of which is the boll weevil. It has been estimated that
of its population in the association than any other portion of the State, but destruction caused by this parasite has reached as high as three million
we have the financial support of the financial enterprises over the entire bales of cotton a year. Millions of dollars have been spent in fighting this
State.
post, and recently the members of the New York Exchange contributed
menace
Concentrate at Memphis.
$100,000 to a national fund to carry on experiments to fight this
"The fact that the members of the Tennessee association will market their to the industry.
of the insect enemies of
There wil be on exhibition, in jars of alcohol,all
crop under the same selling organization as Arkansas and Missouri does not
And
mean that there will be a decrease in the volume of cotton concentrated at the cotton plant from all parts of the world in which cotton is grown.
hand, it will result in more cotton being con- one may see just how the various pests do their deadly work on the cotton
Memphis, but on the other
plant, how the pests spread like a prairie fire over the cotton growing areas,
centrated at Memphis and other concentration points in Tennessee.
The directors of the Tennessee association are greatly pleased and elated and the methods used by the cotton planters to combat them.
Complete sets of all grades and kinds of cotton including American,
over the joining of the association, according to R. S. Fletcher, Jr., SecreMexican and
tary-Treasurer, of the Tennessee organization. "This step we have just Egyptian, Peruvian, Chinese, Indian, African, Brazilian,
of the soils
taken means that Tennessee will have the benefit of one of the most efficient Haitian cotton fibres will be on exhibition, as well as samples
in which the cotton plant is grown in these countries.
cotton growers' associations in the South," he said.
cultivated, picked, ginned
After learning from the exhibits how cotton is
The combination will affect about 200,000 bales pledged to the Arkansas
the
and spun, one may see the various uses to which it is put. Samples of
association and 75.000 pledged so far to the Tennessee body.
of the American Cotton Growers' Exchange, the different materials made from cotton, such as dress goods, tire webbing,
E.0, Moser, Secretary
the conference auto stock, &c., will be on display. There also will be an elaborate exhibit
parent organization of the State associations, was present at
membership campaign. The proposed of the various chemicals with which cotton isdyed.showing the effect of the
and outlined plans for a national
on a larger scale than any coloring matter on the fibre.
campaign for now members will be conducted
the cotton growers' associaThe museum will contain a very valuable collection of old documents
previous attempt, and will present the details of
United States.
having to do with the financing and delivery of cotton, and other pricetion to every cotton grower in the
Monday on the sixth less records of the cotton industry of more than half a centruy ago before the
The Tennessee organization will open headquarters
Jr., as Secretary, will be in New York Cotton Exchange came into existence.
of the McCall Building. R. S. Fletcher,
floor
In addition to having a largo technical library,in which every important
charge of the local office.
work of the cotton industry may be found,the museum will contain an interesting exhibit of photographs from all cotton-raising countries incidental
United States Continues Tests of Planes for Dusting to the culture of cotton and manufacture of cotton products.
Cotton to Kill Boll Weevil.
Many of these documents and photographs were collected
Tallulah, by Leigh M. Pearsall, one of the board of managers of the
The work of the Department of Agriculture at
curator of the museum. Mr.
La., in developing methods and apparatus for dusting cotton Exchange, who will be the
is being continued this summer and Pearsall has advocated for years that such a museum would
to kill the boll weevil,
38
THE CHRONICLE
be of value to the Exchange and the cotton industry and instructive to the public-at-large, and when the new home
of the Exchange was planned he was insistent that space
should be provided for the museum. In this he was backed
up by J. Temple Gwathmey, former President, and E. E.
Bartlett, Jr., the newly elected President of the Exchange.
[VoL. 117.
The U. S. Department of Agriculture announced on June
25 that Dr. Carl D. La Rue, Dr. James R. Weir, E. L. Prizer
and M. K. Jessup, of the Bureau of Plant Industry, U. S. Department of Agriculture, are expecting to sail shortly after
July 1 for Brazil, where they will undertake a biological
study of rubber plants in different regions in the Amazon
Valley. The Department said:
of traffic handled by the circuits prior to the present extensions at approximately $650.000 per year based on commercial rates, with an actual cost
to the Government of $160,000, a saving of nearly $500,000 annually.
All traffic is scheduled and controlled by the Washington office and is
transmitted simultaneously to all the big market centres. During the night
the Washington office receives hundreds of telegrams from railroads reporting the carload movement of perishable commodities over their respective divisions. These telegrams give the origin, destination, commodity
and number of carloads in transit. The information is classified and tabulated and moved to all branch offices early the next morning to show graphically the total volume of perishable fruit and vegetable products moving
to the various cities.
Following this information the estimtaed receipts at livestock markets are
dispatched, followed by general reports on livestock, meats and other
products showing supply, demand, wholesale prices and conditions. Flashes
on cattle, sheep and hogs are dispatched. Butter and egg quotations, and
local quotations and information from the big markets on fruits and vegetables follow. During the day considerable general information on cold
storage products, peanuts, honey, hay, grain, feed, butter, eggs, cheese,
livestock, fruits and vegetables moves over the circuits.
At the close of the day market summaries on all commodities are dispatched for release to more than 2,000 newspapers throughout the country.
Special reports are also prepared for radio telephone or telegraph broadcasting stations and transmitted to the offices of distribution. The information received over the wires at the various branch offices is immediately
communicated to producers and the trade by telephone, telegraph, radio
and the press, so that almost at any moment farmers and the trade everywhere may have an accurate picture of the national agricultural market
situation. Consuming centres are also advised as to the supplies of various
products. This enables producers to regulate shipments so as to prevent
the glutting or undersupplying of markets which according to Department
officials is the outstanding value of the service as the result is stabilization
of prices to both producers and consumers.
This trip is a result of the interest shown in rubber production near
the close of the last Congress which resulted in a special appropriation
for rubber investigation, providing funds for investigations by the
Departments of Commerce and Agriculture. Dr. C. F. Marbut of the
Bureau of
Soils, will also accompany the party to make a study of the soils of
this
region in reference to rubber production.
Federal Trade Commission to Discontinue Compilation
of Paper Statistics.
The Federal Trade Commission on June 24 notified paper
and pulp manufacturers, jobbers and publishers of the dis-
Australian Wool Brokers and Growers Decide to
Continue Wool Realization.
The "Journal of Commerce" announced the following from
Sydney (Australia) June 15:
At a conference of the Australian wool-selling brokers and representatives
of wool growers to-day, it was decided to follow the course pursued last
year and spread the realizations over at least eight months, beginning on
Sept. 11. It is estimated that the Australian offerings will total 1,600,000
bales.
Appointees Named by Department of Agriculture and
Commerce to Study Production of Rubber.
The Department of Commerce on June 28 announced the
naming by it of the following who will co-operate with those
appointed by the Department of Agriculture in the study of
South American rubber production: W. L. Schurz, U. S.
Commercial Attache to Brazil, in charge, assisted by 0. D.
Hargis, rubber plantation expert; Dr. C. F. Marbut, Chief,
Division of Soils of the Department of Agriculture; A.
0.
Perro and A. R. Bjorkland, of the Department of Commerce,
Secretarial Assistants. D. M. Figart, it special agent of the
Department of Commerce, left the United States last month
for Southern India, Ceylon, British Malaya and the Dutch
East Indies, where he will make a study of the rubber
situation. He was accompanied by J. W. Van der Laan, of
the Department of Commerce.
continuance July 1 of the collection, compilation and publication of information relating to the production and consumption of paper. In making this known the Commission
said:
This statistical work was begun by the Commission in 1917, monthly
reports were secured from paper manufacturers, jobbers and publishers,
and monthly bulletins were published including information on production,
consumption, shipments, receipts, commitments, stocks and prices.
While wide interest has been manifested n these statistics, there
has been considerable dificulty in getting complete and prompt returns
as the work is done entirely on a voluntary basis. Moreover, the heavy
Increase in the expense of the Commission for its legal work has made it
seem necessary to reduce the amount of its appropriation allowed to
economic and statistical work. In view of this condition, the Commission
has determined to discontinue statistical work on paper.
Iron and Steel Institute Gives Assurance to President
Harding 12-Hour Day Will Be Abolished When
Surplus Labor Is Available—Correspondence With President.
Extension of the market news service of the U. S. DepartThe directors of the American Iron and Steel Institute, in
ment of Agriculture involving the establishment of one of
the
largest commercial leased telegraph wire and radio tele- response to an appeal from President Harding, have given
-hour day in the steel industry will be
graph systems in the world was announced on June 28 by assurance that the 12
the Department of Agriculture effective July 1. The an- abolished when there is a surplus of labor available'. This
fact was made known in correspondence just given to the
nouncement said:
press. President Harding, before leaving for Alaska, made
The main extension is from Kansas:Citytorthe Pacific:Coast with new public
on July 5 at Tacoma the correspondence between himoffices at Denver, Salt Lake City and Portland, Ore. In the
Southeast a
branch office is to be established at Atlanta in addition to the
fiels stations self and the directors of the American Iron and Steel Insti-'
already operating in that territory which cover the major
producing dis- ture, and, in a statement incorporated as a part of his adtricts. Offices at several other Southern points are being
considered.
dress there, said "the large majority of the steel manufacturAdditional branch offices for reporting the markets on fruits
and vegetables will be opened early in July at Denver, Salt Lake City,
Portland ers of America . . . have undertaken to abolish the
and Atlanta. Offices are now lcoated at San Francisco and Los
Angeles. 12-hour day in the American steel industry at the
earliest
A livestock and meats service will have additional branch offices at Denver,
Salt Lake City, Portland and Atlanta. The leased wire system will run moment that the additional labor required shall be availinto San Francisco and the entire West Coast will be effectively covered both able." The "pledge" of the steel manufacturer
s, the Presby radio and wire telegraph from San Francisco. Final decision has not
ident said,"would be welcomed by our people as a whole and
been reached as to whether radio telegraph or leased wire will be used
to
would be received as a great boon by American workers."
the Southeastern States.
Authority for extension of the Department's service is contained in the
he letter to President Harding was signed by Elbert H.
appropriations voted by the last Congress providing for an increase of about
$300,000 to carry on the work, making a total approximately of $700,000. Gary, John A. Topping, W. A. Rogers, W. H. Donner,
During the war the leased wire system covered over 18,000 miles and con- W.J. Filbert, E. A.S.Clarke, James A. Farrell, E.G.Grace,
nected practically all the leading market centres fo the country. The ser- Willis L. King, James A. Burden,
L. E. Black, Severn P.
vice was regarded as an important factor in bringing the war to a successful
conclusion by making available at all times the fullest information on the Ker, J. A. Campbell, A. C. Dinkey and Charles M.Schwab,
food situation. Following the war the service was curtailed until it com- directors of the American Iron and Steel Institute. Followprised only 2,600 miles of wire, and only a comparatively few of the large ing is the complete correspondence
between President HardEastern and Middle Western markets could be covered. Last September
an additional circuit was started from Kansas City to Austin, Texas, with ing and the steel interests on the subject of the proposed
eight-hour working day:
a drop at Fort Worth.
United States Department of Agriculture Extends
Market News/to South and West.
Under present extensions of the service the leased wire system will cover
approximately 7,000 miles. The circuit wll extend from Boston south to
Washington, thence west to San Francisco or Los Angeles. En route It will
connect New York, Philadelphia, Baltimore. Pittsburgh, Cincinnati,
Chicago, Fond du Lac, Wis., Minneapolis, St. Louis, Kansas City, St.
Joseph, Omaha, Denver and Salt Lake City. A special line will run from
Kansas City to Fort Worth and Austin, Texas. Contacts will also be made
en route at various offices operated by State Departments of Agriculture.
These will include Trenton, Lancaster, Harrisburgh, Columbia, Waupaca,
Wis., Jefferson City, Mo.,Sacramento and Austin, Tex. The Southeastern
circuit contemplates reaching Richmond, Raleigh, Clemson College and
Jacksonville.
The leased wire circuits are in operation from 6 a. m. to 6 p. m. daily
except Sundays, and through the development of code systems are more
intensively used than any other leased wire system in existence, In the
opinion of Department telegraphers. Official estimates place the amount
The While House, June 18 1923.
My Dear Judge Gary:—I have now had an opportunity of reading the full
report of the commission of the Iron and Steel Institute on the question
of the abolition of the twelve-hour day in the steel industry.
As I have stated before. I am of course disappointed that no conclusive
arrangement was proposed for determination of what might be manifestly
accepted as a practice that should be obsolete in American industry.
I still entertain the hope that these questions of social importance should
be solved by action inside the industries themselves, for it is only such
solutions that are consonant with American life and institutions.
I am impressed that in the reasoning of the report groat weight should
be attached to the fact that in the present shortage of labor it would cripple
our entire prosperity if the change were abruptly made.
In the hope that this question could be disposed of I am wondering if It
Would not be possible for the steel industry to consider giving an understanding that before there shall be any reduction in the staff of employees
JULY 7 1923.]
THE CHRONICLE
products, or at
of the industry through any recession of demand for steel
change
any time when there is a surplus of labor available, that then the
should be made from the two shift to the three-shift basis.
to
I cannot but believe that such an undertaking would give satisfaction
and conthe American people as a whole and would indeed establish pride
to solve matters where
fidence in the ability of our industries themselves
so conclusively advocated by the public.
With very cordial expression of personal regard, I am very truly.yours,
WARREN G. HARDING.
The letter from the directors of the Institute reads:
New York, June 27 1923.
To the Honorable Warren G. Harding, President of the Untied States:
Dear Mr. President—Careful consideration has been given to Your letter
& Steel
of June 18 by the undersigned directors of the American iron
at
Institute, comprising all of those whose attendance could be secured
this time.
Undoubtedly there is a strong sentiment throughout the country in
favor of eliminating the twelve-hour day, and this we do not underestimate.
On account of this sentiment, and especially because it is in accordance
with your own expressed views, we are determined to exert every effort
at our command to secure in the iron and steel industry of this country
a total abolition of the twelve-hour day at the earliest time practicable.
This means the employment of large numbers of workmen on an eight
hour basis and all others on a basis of ten hours or less without an unjustifiable interruption to operations.
The change cannot be effected over-night. It will involve many adjustbe
ments, some of them complicated and difficult, but we think it can
is a
brought about without undue delay when, as you state it, "there
39
the consumer, ho
Questioned whether this would moan a higher price to
we were not getting
answered: "That is what it ought to mean, provided
the last few years
sufficient profit without it. I am sorry to say that in
there has not been sufficient profit."
would be established in the
-hour day
Judge Gary made it plain the 8
men now work 12
continuous department of the steel industry where the
basic working period.
hours, not merely as a
man the industry
He said about 60,000 more men would be required to
but that everyunder the reduced hours at the present rate of production,
said the labor
thing would be done to increase the use of machinery. He
improvement due to
situation, while still showing a shortage, gave signs of
Islands and
an influx of workmen from Mexico and Canada, the Philippine
the immiincreased immigration from Europe. He repeated his view that sufficient
gration laws should be amended to permit the entrance of a
not favor
number of workers for the country's needs, although he did
accordunrestricted immigration, and added he believed his views were in
ance with those of the President.
industry had
-hour day in the steel
Judge Gary pointed out that the 12
the workbeen inaugurated long before the corporation was organized, by
quoted a workman who in 1914 at the Steel stockmen themselves, and
holders' meeting said there had been times when the refusal of the employer
to let the men work 12 hours would have caused a strike.
Judge Gary believes a large number of the men wanted to work long
strongly
hours because of the additional compensation, but asserted he was
country
opposed to the 12-hour day because the sentiment of the times and
the
and the President's ideas were opposed to it. "We must move with
surplus of labor available."
The iron and steel manufacturers generally of the United States, outside of the directors referred to, are expected to concur in the conclusion
reached by the directors as above stated.
With higest regards, we are cordially yours,
WILLIS L. KING,
ELBERT H. GARY,
JAMES A. BURDEN.
JOHN A. TOPPING,
L. E. BLACK,
W. A. ROGERS,
SEVERN P. KER,
W. H. DONNER,
J. A. CAMPBELL.
W. J. FILBERT.
A. C. DINKEY,
E. A. S. CLARKE,
CHARLES M. SCHWAB.
JAMES A. FARRELL,
GRACE,
E. G.
Directors, American Iron & Steel Institute.
times," he said.
-hour day, Judge Gary said, would cause some reducAbolition of the 12
the
tion in steel production, but, he added,"we are determined to get rid of
-hour day at the earliest moment possible."
12
Tax Exemption Ordinance Signed by Mayor Hylan.
On July 2 Mayor Hylan approved the ordinance recently
passed by the Board of Aldermen, which carries into effect,
as far as New York City is concerned, the privilege, extended
to local governments by the State Legislature, of exempting
from local general taxation until Jan. 1 1932 dwellings upon
which construction is begun between April 1 1923 and
April 1 1924. As indicated on page 2950 of last week's
issue, this ordinance provides for exemptions of $5,000 for
The President in his speech referred with satisfaction to one-family houses, $10,000 for two family houses, and
the pledge now given by the leaders of the steel industry. $15,000 for multi-family houses.
He spoke of the American school system and the social evolution which was setting up "new conditions of industry in Mayor HyIan's Letter to Rodman Wanamaker Acthis land," and continued:
knowledging Efforts of Those Aiding in Success
the
Under old-time conceptions of fancied ease in professional life and
of Silver Jubilee—Criticism of Citizens' Union.
of commerce there has been a tendency to get
manifestly larger rewards
away from the trades and the tasks out of which are wrought the very
Acknowledgment of the efforts of Rodman Wanamaker,
wage
the
essentials of all attainments. We must, we do recognize that
of William H. Woodin and others who in an official capacity
earner is quite as essential as the professional man, and the nobility
same in either pursuit. Our aim ought to assisted Mayor Hylan in bringing about the success of
righteous employment is the
and
be not to rescue the oncoming generation from the essential pursuits
Greater New York's silver jubilee has been made by the
activities, but to equalize the rewards.
would not be Mayor. In a letter to Mr. Wanamaker expressing appreWe can't cease work; there is no life without labor. It
endurable if there were.
members of the various committees, the
Long ago we ciation of the
We are making fine progress in the great social evolution.
"all who aided in the splendid achieveof living, new conditions of industry, in this land. Dusinessmen and
set up new standards
but
ment," the Mayor, however, criticized the Citizens' Union
We are constantly striving, not for conditions which tend to paralyze,
conditions of greater inspiration and fit contentment.
people spending $500,000 to be
stop. It is "which objected to the
I am able to-day to give promise of a very notable forward
children in boosting the City
of the groat avenues of progress in American life lies used for the education of our
my firm belief that one
to our
in the constant recognition of American industry, of its obligations
New York." The following is the Mayor's letter:
of
most successful steps in social
society as a whole, and that many of our
amelioraprogress are made through the voluntary action of industry itself in
industry.
tion of those hardships that have grown from the rapid growth of
step
It is very gratifying therefore to be able to announce an important
large
in such progress. I have received a joint communication from the
have undertaken
majority of steel manufacturers of America in which they
earliest
to abolish the twelve-hour day in the American steel industry at the
moment that the additional labor required shall be available.
Says It Will Heal a Sore.
this length
Early in the Administration, feeling that a working day of
Was an anachronism in American life, that,regardless of any other consideration, it did not permit of the proper development of citizenship and family
life, I suggested to the steel industry that they should appoint a committee
to develop methods for its abolition. After an investigation, extended over
some eighteen months, the steel manufacturers came to the conclusion that
In view of the present shortage of labor such a revolution in. the industry
was infeasible.
Upon the receipt of this report I still felt that a pledge on the part of the
steel manufacturers that they would undertake to respond to manifest
public opinion in this matter would be welcomed by our people as a whole
and would be received as a great boon by American workers. It is in
response to this suggestion that I have received to-day the pledge to which
I have referred.
I wish to congratulate the steel industry on this important step. It
will heal a sore in American industrial life which has been the cause of
infinite struggle and bitterness for over a generation, and it marks an
accomplishment from the conscience of industry itself, a recognition of
responsibility from employer to employee, that gives us faith in rightful
the
solutions of the ninny tangled problems that are the concomitant of
rapid growth of America. It is an example that I trust the few other
twelve-hour shift
continuous processes in industry which still maintain the
were
may rapidly follow. I should be proud indeed if my Administration
life.
marked by the final passing of the twelve-hour working day in American
City of New York, Office of the Mayor,
June 28 1923.
Rodman Wanamaker, Esq., Chairman Mayor's Committee on Celebration of
the 25th Anniversary of the Greater City of New York.
Dear Mr. Wanamaker: The acknowledged success of New York's Silver
Jubilee of Consolidation prompts this letter of hearty thanks to you, to
Mr. William II. Woodin. Chairman of the Finance Committee, to the
members of the General Committee, to the business men of the city and to
all who aided in the splendid achievement.
It would have been a serious mission on the part of the city not to
properly mark so important an event as the twenty-fifth year of the conscruple
solidation of the Greater City. Yet there were some who did not
to prevent the celebration by applications to the courts restraining the city
from expending municipal funds.
The so-called "Citizens' Union," consisting of William J. Schieffelin.
Who prints and distributes complete lists of all the well-known brands of
whiskey, gin, brandy and champagne,"for medicinal purposes." and Leonard M. Wallstein, the paid attorney of the Union, together with one other
individual, did succeed in preventing the pecple of this city from spending
their own money for the purpose of an educational exposition. They would
have denied to the more than 500,000 school children who visited the exposition an opportunity to see the municipal machinery of government within
the compass of a few hours, and they would have denied to hundreds of
of
thousands of visitors, including Mayors and other executives, from out
in
town, an opportunity to become acquainted with many of the things
private as well as official life which have contributed to New York's greatness.
While the Citizens' Union objected to the people spending $500,000 to be
York.
used for the education of our children in boosting the City of New
for
they did not object to the expenditure of $500,000 of the people's money
of
the defamation of the City of New York through the pernicious activities
was rethe Meyer Investigating Committee, which the Citizens' Union
sponsible for.
They did not object to the employment on that committee of a notorious
felon to blackguard honest officials, not did Leonard M. WalLstein hesitate to pocket $17,000 of the people's money for his services to that
political muck-raking fishing excursion.
It is worthy of comment that many of those whose only contribution
to the welfare of the city consists of obstructive teatics to prevent municipal authorities from initiating measures helpful to the people have been
singularly successful in enlisting the aid of the courts. The thought
suggests itself that if some of our judges would mingle occasionally with
the ordinary folk who helped place them in office, thus permitting firstof the needs and desires of the great inarticulate masses,
Judge Gary repeated his statement made at the American Iron & Steel hand knowledge efforts of the present Administration might be
attended
-hour day would add about the humanitarian
Institute meeting that the abolition of the 12
with greater success. It is gratifying to know, however, that among the
15% to the cost of manufacturing steel.
Elbert H. Gary,interviewed by the press on July 6 regarding his letter to President Harding promising the abolition of
the 12-hour day in the iron and steel industry, said that efforts to eliminate the long working day would begin at once,
although he did not know just how long it would take to
completely abolish it.
According to the "Wall Street Journal,"—
40
THE CHRONICLE
visitors to the exposition were many progressive judges whose pronouncements from the bench have not savored of that "stick-in-the-bark-legalism," so roundly condemned by the late Theodore Roosevelt.
I am glad that the business men of this city performed a great duty so
nobly, and that the organization which was perfected in so short a time
overcame almost insuperable obstacles and insidious opposition and was
able to present to the peoples of the world an expostion which both for
rapidity and beauty of realization has seldom been surpassed.
There is not a resident of the City of New York who will deny that
the act of consolidation twenty-five years ago was a beneficent step in
municipal Government, nor can there be any who will deny that the
celebration of that event was demanded by that civic spirit which prompted
the great body of our citizenship to join as one in commemoration of so
epochal an occasion.
With best wishes, I am.
Cordially yours,
JOHN F. HYLAN, Mayor.
An account of the jubilee appeared in our issue of Saturday last, page 2949.
Demands Adopted by Anthracite Miners.
The full text of the demands with respect to wages and
working conditions presented on June 29 to the anthracite
miners at their tri-district convention in Scranton, Pa., and
referred to in these columns last week, page 2953, follows:
[VOL. 117.
Indictments Against Coal Miners' Union Officials and
Operators Dismissed by Judge Anderson.
Indictments against 226 coal operators, officials of the
United Mine Workers and mining companies returned Feb.
25 1921, charging conspiracy to violate the Sherman AntiTrust law, were dismissed in United States District Court at
Indianapolis on June 28 by Judge A. B. Anderson upon motion of Attorney-General Daugherty. After the AttorneyGeneral had read a lengthy statement in which he reviewed
the ease and declared his belief that "a verdict of not guilty
would be the inevitable result of the trial of this case," Judge
Anderson, without any comment, turned to the clerk of the
court and ordered the case nolle prossed. Mr. Daugherty
warned the defendants that they should not reach the conclusion that the Government would allow crimes to be permitted. "We have not lived in the heart of this industry an
ordinary lifetime," the Attorney-General said, "without
knowing something of the things being undertaken and frequently perpetrated."
In personally appearing to make the motion, the AttorneyGeneral declared that many of the apparent controversies
between coal miners and operators were actually concocted
to frighten the public into purchasing fuel at high prices.
Henceforth the Government would exert renewed efforts to
protect.the class most affected, the public, he told the Court.
"The gist of the charges in the several counts," said Mr.
Daugherty, "is a combination between the operators and the
miners to increase the price of bituminous coal sold in inter.
State commerce and the limitation of coal to be mined. The
alleged .unlawful combination and conspiracies in the Sherman Act case are, as claimed, primarily the result of activities on the part of the National Coal Association, with which
the defendant operators are identified, and the International
Union, United Mine Workers, the latter being a corresponding instrumentality of the miners." In his allegation that
many of the so-called disputes were arranged the AttorneyGeneral said:
I have no hesitation In saying that usually many of the things agreed upon
1. We demand that the next contract be for a period of two
years with
complete recognition of the United Mine Workers of America, Districts
Nos, 1, 7 and 9.
2. We demand that the contract wage scale shall be increased 20%,
all
day men shall be granted an increase of $2 per day; that
the contract
laborers' increase now being paid by the operators shall be added to
the
contract rates; that the differential in cents per day between classifications
of labor previous to the aWard of the United States Anthracite Coal Commission shall be restored.
3. We demand uniformity and equalization of all day rates and that
skilled mechanics, such as carpenters, blacksmiths, &c., shall
be paid the
recognized standard rates existing in the region, which rates should
not be
less than 90 cents per-hour as a basis; and that engineers and pumpmen
who do repair work on their engines and pumps shall be paid the
mechanics'
rate quoted herein for this repair work; that all day men shall be paid
time
and one-half for overtime and double time for Sundays and holidays.
4. We demand that the provisions of the eight
-hour clause in the present
agreement shall be applied to all persons working in or around the
anthracite
collieries coming under the jurisdiction of the U. M. W. of A. regardless
of
the occupations, and that in the bringing of these employees under the
eight-hour day their basis shall be arrived at in the same manner as the
basis was arrived at in the case of pumpmen and enginners, plus the increase demanded in Section 2 of this document; and further, that inside
day labor shall work on the basis of straight eight hours underground.
5. We demand coal where coal is paid for by the car it shall be changed at the meetings between the
representatives of the operators and representaand payment shall be made on the ton basis of 2,240 pounds, and where tives of the miners, but
not often made public,constitute a conspiracy. The
dockage and penalties are now imposed for refuse, that the amount of such public is fed up with the idea
that there is a groat and stubborn controversy
refuse to be permitted in any car shall be fixed by the mine committee and between the contracting parties,
when,in fact, there is no real contest at all,
colliery officials in conformity with the agreement and that the present and the fake pretensions are
intended only to alarm the public so that it will
unreasonable penalties and dockage shall be abolished.
consent to give any price for coal in order to bo ensured against freezing.
6. We demand a more liberal and satisfactory clause in the agreement Fair and lawful agreements
must be entered into hereafter and the things
covering the question of miners who encounter abnormal conditions in their complained of in the
indictment of this particular case must be discontinued.
working places, and that to correct this situation the following quotation,
The Government, continued Mr. Daugherty, had no preju"unless otherwise directed by the foreman" shall be stricken from the agreement covering this particular subject and that the consideration rate
of dice against labor unions, tor there was no law against such
each colliery should be equivalent to the average daily earnings of contract
miners under normal conditions anti that for dead work performed by the organizations and, in addition, "there is no law in this country, and there never will be, to prevent individuals, whether
contract miner, he shall be paid this consideration rate.
7. We demand payment for all sheet iron, props, timber, forepolling, they belong to labor
unions or not, from exercising their
extra and abnormal shoveling, where such Is not now paid for, and that
jack-hammers shall be supplied to miners free of charge and that company rights as citizens and entering into honest employment upon
workers shall be supplied with tools free of charge.
such terms and conditions, and for such wages, as may be
8. We demand that a uniform rate of twenty cents per inch be paid for agreed upon
with the employer, and to perform such service
refuse in all kinds of mining up to 10 feet wide,and that the rate for blasting
top and botton rock shall not be less than thirty cents per inch, with the without interruption, intimidation, interference or molestaunderstanding that those rates are to be the minimum, not affecting higher tion." While the Government was not opposed
to collective
rates that exist.
bargaining, it must uphold the right of individual bargain9. We demand that after a grievance has been disposed of by the Conciliation Board and referred to the umpire, that the umpire shall likewise render ing, the Attorney-General declared. "It is essential to the
his decision within thirty days, said decision to be based upon equity, if prosperity of both employer
and employee that proper agreerequested by complainant.
10. We demand that the wage schedules be brought up to date, contain- ments be entered into, and the Government is not concerned
ing all new rates and occupations,and that mine committees shall be author- whether the agreements are made collectively or individually
ized to meet with company officials and agree upon rates for new work. if the things agreed upon are
lawful," he went on. "A fair
before such work is commenced, and that such rates shall be added to the
rate sheet and complete copies shall be supplied the committees and filed return to labor, and a fair return upon capital invested, are
with the Board of Conciliation, the foregoing section to apply likewise to essential in both instances." He added:
new rates for pillar work.
There is a third party, however, which is the most
important party in
11. We demand that employees of stripping contractors be brought under
interest, the consuming American people. I conceive it to be
the peculiar
the general agreement on their present basis of wages plus the increase deobligation of the Government to represent this third party. The
whole body
manded herein, and that stripping locomotive engineers shall receive a rate
of the people of this country require the products of the transportation and
equal to that of the shovel cranemen, with extra payment for looking after
mining enterprises of the country,and are entitled to the same without intertheir engines previous to starting time,at noon time,and after quitting time;
ruption of production or delivery, and at all times to a fair and reasonable
and that the shovels and boilers to be assigned watchmen shall be restricted
price determined upon by natural and honest methods and not by unnatural
to a certain number to be determined upon between the contractors and the methods, subterfuges
or unnatural agreements.
committee.
•
We recommend that our Scale Committee use every effort to have the
Support of the Government Coal Commission and a rigid
operators agree to some provision in the agreement regarding the price of
enforcement of the Government's power over transportation
coal and rent to be charged the employees.
The recommends that the Scale Committee to negotiate the contract companies were promised by the Attorney-General. Dealing
shall be composed of the officers, the Executive Board members of the three with the attitude of the Wilson
Administration toward the
districts, together with the resident international officers and three mine
miners and operators, he continued:
workers from each district affected, the district Presidents to select the three
mine workers in each district subject to the approval of the Executive
Careful investigation strongly supports the protestsof the defendants that
Board. We further recommend that this committee shall decide as to many of the things charged and complained of by tho Government in the
shall be submitted to the rank and file by referendum indictment under the Sherman Act, were in no small measure due to the
whether the report
vote or to a tri-district convention, with the further understanding that effortsof those who were Government officials!during the war,to bring
about.
copies of the report of the Scale Committee shall be forwarded to all local it was supposed, more intensive co-operation between the operators, minors
unions in sufficient time for their information, previous to the referendum and railroads in the production, allotment and transportation of coal.
vote or the convention.
We may say,avoiding the burden of too much detail, that the Government
We further recommend that the unofficially elected new officers in Dis- cannot deny in this case that the
collective bargaining between the operators
trict No. 1 shall be permitted to become members of the Scale Committee and miners,scales committees,
the commonly called "chock-off" system,and
from the Start of the negotiations, subject to approval of the regular biennial the distribution of statistics,
each set forth in the indictment as a means for
convention of District No. 1. This reconunendation is made without the accomplishment of the unlawful conspiracies charged, wore well
known to
prejudice to any controversy that might arise concerning the election of the then responsible Government
officials, and that, to say the least, such
officers of District No. 1.
acts were permitted by such Government officials without protest.
JULY 7 1923.]
THE CHRONICLE
I am by no means persuaded by the results of my investigation that the
acts committed by the defendants and set forth in the indictment as a means
of carrying out the conspiracy, were lawful. In fact, I believe the acts conplained of were unlawful. I have, however,reached the conclusion that the
evidence which the defendants would be able to submit to the jury is more or
less convincing on the question of intent, and is more than necessary to
create a reasonable doubt of guilt. That being so, I believe a verdict of not
guilty would be the inevitable result of the trial of this case. I am, therefore, convinced it is my duty to enter a nolle prosequi in this case.
I have no disposition to,and would not be understood as wishing to, criticise in the least, those who at the time the acts were committed, had the
responsibility which now rests upon me as Attorney-General of the United
States. My high regard for this court, and my estimate of the judicial
learning and recognized dignity of the distinguished jurist whom I now address, are so well known that it is hardly necessary for me to say that I am
in accord with the action taken by this Court in connection with this indictment.
"The Department of Justice cannot function in the interest
of the Government by giving consideration to questions of
law exclusively, but must consider conditions of the day,"
asserted the Attorney-General. "The indictment in this case
was based on acts committed at a time when this country, in
fact when the entire world, was at war," he continued.
"Many things were done, possibly sometimes unfortunately,
though with good intent, which might be excused at a time
and under circumstances then prevailing which would not
be tolerated and which would be prevented at an entirely
different time."
President Harding in Speech at Cheyenne on Coal
Situation Opposes Nationalization of,, Mines.
Emphasizing that the solution of the nation's coal problem does not lie in nationalization of the mines, President
Harding in a speech on June 25 at Cheyenne, Wyo., declared
that nationalization would be but another step "to the national paralysis which a sane America will everlastingly
avoid." The President commended the work of the U. S.
Coal Commission, expressing the hope and belief that the
Commission appointed by him several months ago to study
the coal situation from every angle, will bring about between
operators and miners, as well as the public at large, a new
understanding and appreciation of the needs of the situation,
with a solution offered in behalf of a vital public interest."
Mr. Harding spoke from the observation platform of the car
In which he came from Denver to his first Wyoming audience. He also mentioned the problems of the live stock producers of the State, the wool interests, and called attention
to relief measures which he said Congress and the War Finance Corporation had given after war's inflation and later
deflation. In developing his principal theme, the coal problem, Mr. Harding referred to the strike of last year, asserting his opinion that many mine operators were as much responsible for that situation as the men who went on strike.
The biggest need of the world to-day, the President said, was
work, adding that the world has no use for a loafer, big or
little, "whether commanding capital or directing labor." Continuing, Mr. Harding said:
A few years ago, one of your Wyoming statesmen made the astounding
statement that your State alone contained enough coal to supply the entire
land with fuel for four centuries to come. Whether the statement was
extravagant or not,it was at least an intimation of your mineral resources of
which the nation at largo had never dreamed.
How incomprehensible,indeed, are your limitless possibilities, and you are
but one of many States of seemingly incomparable material riches. Let us
hope that the genius of statemen and the common sense of business may be
combined to solve the problems of transportation and distribution so that
your wealth may be made an asset to the Nation as well as the State.
It may seem a far cry to talk about the coal problem in Wyoming, but it is
one of the pressing problems of the country. In New England to-day there
is anxiety about next winter's fuel supply,traceable to the experienced hardships of last winter. That severe trial, to New England in particular, followed the coal and railwoay strikes, when winter came on with inadequate
supply and insufficient transportation facilities.
Points to Coal Commission.
The Government is not blind to the situation or deaf to appeals. It is
doing everything possible so far as authorized by law to dispel public apprehension. Under the authority of an Act of Congress, the United States
Coal Commission, made up of able and earnest men, has been engaged in a
thorough investigation of this vital problem and will report to the Congress
next December. It is going thoroughly into the labor controversy,studying
living conditions and the community life in the mining regions. ascertaining
facts about the inadequacies which prevent prompt distribution, inquiring
Into engineering problems and the economic errors indirect to our development, looking to excesses in profits reflected in inordinate charges for coal,
and preparing an exhaustive report on the entire industry. It will be revealing. and we hope,remedial. We shall know the facts about a basic industry,
which Is the source of peril to the nation's industrial life, and a more or less
continuous threat to our domestic contort, sometimes a menace to life and
health.
It is too early to say whether the Commission will suggest plans of permanent cure which the Congress will adopt. I do know that it will bring
us to a new understanding of a problem which must be solved. We shall
have a publicity which will make greed Impossible and point the way to solve
a question which must be answered in behalf of a vital public interest.
Doubtless there will be a recommendation of vast storage during seasons
of light consumption to guard against the heavy needs In winter or in suspended production.
Probably there will be recommendations for enhanced distribution, the
need for which is already proven. There may be revelations as to cost of
41
production, which will destroy price-making abuses through insistent public
opinion. I hope for the revelation of the economic blunder in operating
mines half and quarter time, by which the higher labor costs are made
necessary.
Meanwhile, we shall better guard against inconvenience and hardship if
the consuming public will help as best it can, without expecting the Government to assume all the responsibility.
If the coal-consuming world would buy coal during the periods of scant
consumption it would guard itself against price panics and dangerous
.
shortages when consumption is at the peak. In the hope of lower prices,the
buying is postponed and that very postponement in contributing to a decided price increase. There is need for some individual initiative and responsibility in preparing for the wintry days to come. There is a mistaken
notion that somehow the Government may wield a magic wand or strike
with the iron hand, and produce cheap coal. It can do neither. You can
no more enforce the mine worker to produce coal than you can enforce the
farmer to grow wheat or corn or wool. We saw tljat erroneous belief exploded a year ago.
Operators Equally to Blame:
Many mine operators, who were as much responsible for the strike as the
workmen who struck, insisted that under law enforcement they could produce all the coal that was needed. The law enforcement was provided but
no coal was produced. There can be no coal mining in free America under
force of arms. But if we understand the situation fully and the offer justly,
and men accustomed to produce coal will not work to meet the public need.
the publlc will produce their successors.
The common weal transcends every other interest and puts aside every
obstacle. We will find the solution. I hope we shall find it without
further hardships or endangered life or menaced industry. But:we shall not
find it in nationalizing the mines. That would be only another step to the
national paralysis which a sane America will everlastingly avoid. Nor shall
we solve it by maintaining a basic industry like that of bituminous coal production, under a plan of operation, which affords the mine worker only a
hundred or a hundred and fifty working days a year. The normal man,
aspiring for himgelf and his family, cannot live that way, even though he is
paid what is seemingly a generous wage, because his wage days are not
ample for a life of honest industry and becoming thrift.
Sucha problem is very insistent. It cannot be dodged nor solved in demagogy. It demands our best thought and all our courage. Let us hope that
in the search for a way to full justice in dealing with coal, we may find a
suggested plan for dealing with kindred problems which are menacing our
industrial peace and hindering our industrial peace and hindering our full
accomplishment.
Inter-State Commerce Commission Issues Order Forbidding Use of Extra Cars to Bituminous Coal
Mines Intended for Railroad Fuel Supplies.
The Inter-State Commerce Commission on June 26 issued
an order, declared to be one of the most sweeping and peremptory issued by the Commission in many months, forbidding railroads after September 1 to allot any extra cars to
bituminous coal mines whose product is intended for railroad
fuel. The order also prohibits carriers from giving mines
which own their own coal cars any preference in car supply.
The order was issued to become effective Sept. 1, and represented the Commission's conclusions in a long controversy
between railroads and mine owners over the rules now regulating the distribution of railroad cars, especially as they
operate in times of shortage. Heretofore it has been the
practice of railroads to allocate equally among mines which
they serve, in proportion to production capacity, such cars
as have been available. At the same time mines which produce coal for railroads have been assigned additional cars
for the purpose of getting out railroad fuel. With regard to
the decision of the Commission the Washington dispatches of
the New York "Times" had the following to say:
The effect will be felt most by such important carriers as the New York
Central, the Pennsylvania, the Illinois Central, the Chicago Great Western.
the New Haven and other New England carriers, the Baltimore & Ohio, the
Chesapeake & Ohio, the Louisville & Nashville, the Southern, the Burlington, the Grand Trunk and others which use assigned care for railway fuel at
mines on their own or other lines. It is the result of an investigation of the
question of assigned cars which the commission has been making sille0 the
Spring of 1921.
There was much comment here also on the Commission's decision yesterday denying the Virginian Railway Company's application to build a new
spur of coal road, on the ground that the company did not now furnish
enough care to transport the coal already offered to it. This action was
considered drastic in some quaters.
Four Dissent Vigorously.
The decision on assigned cars was by no means unanimous. Vigorous
dissent was voiced in separate opinions by Commissioners Henry C. Hall,
Winthrop M.Daniels, Mark W.Potter and Frederick I. Cox, who condemn-.
ed the action taken by the other seven Commissioners in the majority report.
They challenged the contention of the majority that the rules framed by the
railroads for assigned cars to soft coal mines are unreasonable.
"The car distribution rules condemned by the majority are those prescribed by us more than fifteen years ago." it is declared in the dissenting opinion
of Commissioner Hall. "Our orders prescribing them were upheld by the
Supreme Court. We then recognized that a carrier by railroad has the right
to obtain its fuel supply either from mines which it owns or from mines the
entire output of which it purch.ses, and that if its contracts for fuel cover
such supply as it reasonably needs for current operation it can use its equipment to procure its fuel even though operators of commercial mines are thereby deprived during periods of car shortage of some cars which they would
receive on a strict pro-rating of the available supply. In other words, we
found that this use by a rail carrier of its cars did not constitute unjust
discrimination or.undue prejudice.
"The right which we found to inhere in a rail carrier has not been abridged
or denied by subsequent legislation. It rests upon the fact elementary,
fundamental, and partaking of the highest public necessity that a railroad
must have an adequate supply of fuel in order to supply the people with adequate transportation. This, of course, means that a railroad must have a
reliable, steady flow of coal,of even quality best suited to its different needs.
at reasonable cost.
42
THE CHRONICLE
"The majority take away this right and brush aside the public necessity.
In focusing their attention upon the commercial mine operators they seem to
lose sight of the entire traveling and shipping public, as well as the myriad
Industries dependent upon transportation, all entitled to as much consideration as the producer of coal when the issue of unreasonableness or undue
prejudice is raised. In effect, although not in intent, their findings subordinate the needs and interest of all others to those of the coal industry."
Effect in Periods of Shortage.
The Commission contends that the effect of the assigned cars for railway
fuel is to diminish to some extent the supply of cars placed at commercial
mines during periods of shortage. It says that while the extent to which the
practice causes a diminution in supply is in dispute,the mine operators opposing the practice consider it a serious matter both because of its direct effect
in limiting production and because of the indirect effects upon their costs and
labor supply, while the carriers minimized the result and even claimed compensating advantages to the commercial mines because of the practice.
"Because of the wide differences in the practices of the railroads," says the
majority opinion,"and the many fluctuations due to changes in car supply,
public clamor for coal, or service orders of the Commission, it is extremely
difficult to state in precise terms as to a division of a particular line what
would have been the effect on the distribution of cars to commercial mines
had no cars been assigned: and it is even more difficult to express in any
arithmetical manner the result as to the carriers generally.
"The estimates based bn individual judgment in some instances indicate
the increase in the commercial distribution would have benn almost 40% at
the height of the car shortage of 1922. Other testimony indicates a difference offrom 10 to 30%."
Want No Coal Confiscation.
"There is no dissent from the proposition," says the majority report,"that
confiscation offuel coal by railroads is a practice to be avoided. It seems to
be generally accepted that the public interest requires that the carriers shall
not be subjected to unreasonable prices. Obviously the carrier should not
be permitted to take advantage of a means provided by the public to insure
an unterrrupted movement of traffic, as a means to coerce an unreasonably
low price for fuel.
"The general effect of the assigned car practice is to attract as many desirable miners as can be given employment to the assigned car mine and away
from commercial miners, particularly so in the unionized fields. The commercial mine has a more rapid labor turnover than the mine operating with
assigned cars. This is one factor *which has contributed to the unsettled
labor conditions in the bituminous mining industry during recent years, and
has been urged as a reason in support of the maintenance of existing wage
scales or for still higher rates of mine pay."
Inter-State Commerce Commission Refuses Permission
to Virginian Railway to Build a Spur to New Mines—
Says There Are Too Many Mines Already.
The Inter-State Commerce Commission on June 26 denied
the application of the Virginian Railway Co. to extend a
branch line along the Guyandot River, in Wyoming County,
W. Va., to serve new mines which the Pocahontas Coal Co.
proposed to open, on the ground that the future public convenience and necessity did not require such a development.
The text of the Commission's decision, signed by Commissioners Meyer, Eastman and Potter, dealt with the question
at length. In the decision the contention is made that because of the inability of the Virginian Railway to furnish an
adequate car supply even to the mines now in operation and
dependent upon it, the building of the branch and the opening of new mines would not result in better service to the
public. On the other hand, it was held, the development
would tend to reduce the production and transportation of
coal because the car supply would be made "more inadequate
because of the necessity of placing cars at the new mines."
The refusal of the Commission to grant the application of
the railway company attracted much attention because it, in
effect, made it impossible for the Pocahontas company to go
ahead with its plans for the investment of new capital in the
coal industry and the extension of its activities. This exercise of power was unusual enough to stir up talk about the
authority of the Commission to take such action. The Commission, however, held that such was its right and duty under Section 18 of the Inter-State Commerce Act. The section
reads;
"18. After ninety days after this paragraph takes effect, no carrier by
railroad subject to this Act shall undertake the extension of its line of railroad or the construction of a new line of railroad, or shall acquire or operate
any line or railroad, or extension thereof, or shall engage in transportation
under this Act over or by means of such additional or extended line of railroad, unless and until there shall first have been obtained from the Commission a certificate that the present or future public convenience and necessity
require or will require the construction, or operation, or construction and
operation, of such additional or extended line of railroad." . . .
In the Virginian decision, as well as in other recent decisions, the Commission has emphasized its belief that in certain sections of the country, at least, there are more bituminous coal mines now than it is possible to operate on a
sound economic basis, and this has attracted much attention
in view of the effort which the Administration is making to
bring about a stabilization of the coal industry. The Coramssion says in the Virginian decision "there are at present
more mines in the country than is consistent with the most
efficient use of carriers' equipment, and their aggregate capacity exceeds greatly the country's demands."
Its findings are an argument for the theory that a reduction, rather than an increase, in the number of mines would
[VoL. 117.
make for a more efficient service, and reduced costs of fuel
to consumers. The Commission's opinion reads:
"The Virginian Railway Company,a carrier by railroad, subject to the In
ter-State Commerce Act, on Feb. 17 1923, filed an application under paragraph 18 of Section 1 of the Act for a certificate that the present and future
public convenience and necessity require or will require the construction of
an extension of its Guyandot River Branch from its present terminus,
1.25 miles from Elmore, in a westerly direction down Guyandot River, a
distance of 1.19 miles, all in Wyoming County, West Virginia.
"No representations have been made by State authorities and no objection
to the granting of the application has been presented to us.
"The proposed extension is in furtherance of the plans of the applicant
for the development of its Guyandot River Branch, which is projected to a
length of 42.6 miles, and is expected to be profitable in itself as well as a
feeder of the mainline. This line was graded and culberts builtin 1917 and
1918. The applicant represents that there are approximately 17,800,000
tons of coal underlying the area to be served, which comprises 3,500 acres,
of which 3,000 acres are in timber.
)
"The immediate object of the extension is to serve coal mines to be °pencil
by the Pocahontas Fuel Company on both sides of the river as soon as the
line is completed. The timber will be exploited by the Raleigh Lumber
Company and is expected to furnish an immediately available traffic.
There are no municipalities along the route and the estimated population in
the tributary is 250.
"The construction cost is estimated by the applicant at $63,012 of which
$40.312 has been expended for the work done in 1917 and 1918. No equipment is to be provided especially for this extension.
"It is expected that 95% of the revenues accruing to the system will
be derived from coal traffic. Most of the coal sill move to Sewall's Point.
Virginia, for transshipment, the average length of haul being 383 miles.
"The applicant is not now, nor has it in the past, been able to furnish
the number of cars ordered by the mines already opened and dependent upon
It in whole or in part for car supply. During the 'weekly periods from July
22 1922 to June 9 1923, it in no instnace furnished cars in excess of 74% of
those required and during only six weeks was the average percentage in
excess of 70%. For twenty-eight weeks of the above period the cars
furnished the mines were less than 50% of the requirements.
"The opening of new mines would not, therefore, increase the coal supply; in fact, it would reduce it unless the applicant's car supply was greatly
increased. There are at present more mines in the country than is consistent
with the most efficient use of carriers' equipment, and their aggrgate capacity exceeds greatly the country's demand.
"With the applicant not now in a position to adequately serve the mines
already dependent upon it for care, the opening of mines would necessarily
mean that the already inadquate car supply would be made more inadequate
because of the necessity of placing ears at the new mines. This makes more
difficult the process of distribution, as the cars in service cannot be handled
as efficiently nor can as much coal be transported in the aggregate as if fewer
mines were demanding service.
"Under the circumstances we are unable to find that the present and
future public convenience and necessity require the construction by the applicant of the extension of its line of railroad described in the application. An
order will be entered denying the application."
President Harding Urges Need of Speedy Settlement
Among Anthracite Miners and Operators—Can Be
No Interruption After August 31, He Says.
A speedy settlement of differences between miners and
operators of the anthracite coal fields, thereby averting the
danger of another strike when the present wage and working
agreement expires Aug. 31, is urged in a letter sent by President Harding to John Hays Hammond, Chairman of the Federal Coal Commission. The President's letter, made public
on June 22, expressed the belief that the report of the Commission, to be made shortly, would aid the contending forces
to harmonize their differences. The President's letter in full
read as follows:
In acknowledging Your brief statement of the program of the work oe
the Coal Commission, I'wish to express again the high value I put upon ths
work your are doing. Though this is the season of the year when both temperature and vacation habits may tempt the average citizen to dismisthe subject of coal, the issue remains a serious one, and I, therefore, bespeak for the forthcoming report of your Commission on the anthracite industry a most thoughtful reception. No solution of this vexing economic
question can be found except as the general public thoroughly digests the
facts you present and decides upon the proper action to take.
I regret that those who serve the anthracite consuming public as mine
operators and mine workers have not already agreed upon the terms of a
new contract, but with your report available on July 1 there should be no
delay In reaching a speedy agreement. The public deserves prompt assurance
that there will be no interruption after Aug. 31 in the flow of household coal
from mine to market.
As I believe your Commission stated in an earlier report,industry and the
home alike must be freed from the menace of constant interruption of their
coal supply. To that end public opinion must be a well-informed public
opinion,and I, therefore, trust that our citizens may keep up a lively interest
in coal in season and out of season. The subject is a most interesting one,
but it is much more; the issue is a vital one in that it affects the wellbeing of the whole nation, and not in a material way alone, for I know questions are before you that strike deep into the very heart of our American
institutions.
United States Coal Commission Warns Miners'
Convention Public Will Not Tolerate Strike.
The Federal Coal Commission in a letter made public on
June 27 appealed to the tri-district anthracite mine workers'
convention then in session at Scranton, Pa., to effect a speedy
conclusion of a new wage agreement with the hard coal operators to prevent any interruption in fuel production. Urging that negotiations for a wage agreement be successful, the
Commission flatly stated as its opinion that "public sentiment will not tolerate a suspension of its anthracite coal supply with the beginning of the fall and winter season." The
JULY 71923.]
TIT". CHRONICLE
43
t with the organization Mr. Lewis repreCommission also made it plain that it expected that the mem- sort of an agreemen
sents. The text of Attorney-General Daugherty's letter to
bers of the miners' scale committee would be able to discuss
Mr. Hammond follows:
a new agreement with the operators unhampered by restricis
My attention has been called by publication and otherwise, to what
tions put upon them by the Scranton convention. The Cominto or proposed to be entered into, between
to be a
letter to the miners, a copy of which was also sent claimedofficialscontract entered
in this
mission's
of the United Mine Workers of America and others
certain
others in foreign
to the representatives of the anthracite operators, says:
country with certain officials of a similar organization and
pending negotiation between the operators and the bituminr On Jan. 11,a new contract, thissCommission approached both sides, urgon
ous miners
received
ing an agreement that would continue mining operations. It
coassurances of support from both sides to the suggestion that by mutual
interest
operatioa an understanding should be reached that would protect the
suspension
of each and at the same time save the public from the disaster of a
of mine operations.
the necessity for the
ka We now address you in the same spirit as regards
in the
same co-operation in the settlement of the details of a new contract
anthracite fields, the present contract expiring Aug. 31.
response reThis Commission hopes that the prompt and satisfactory
will be
ceived to its suggestions in the matter of the bituminous contract
an
repeated in the negotiations about to be undertaken in the making of
have full
anthracite contract. The public expects an agreement, and we
the
confidence that both operators and miners will recognize their duty to
public and will be able to effect a speedy conclusion.
the
You will receive within a few days the Commission's report upon
that, in
anthracite industry. In the mean time we urge upon both sides
American
addition to the welfare of each, that of the great body politic of the
suspension
people Is involved, and that public sentiment will not tolerate a
of the fall and winter
of its anthracite coal supply with the beginning
season.
production after
As the present contract provides "the continuance of
agree upon in the
Aug. 311923. shall be upon such terms as the parties may
confidently expects
light of the report of the Commission," the Commission
of the Joint Scale
that all questions will be left open for consideration
Committee.
a strike should
countries, represented to provide and to agree that in event
no coal would
be declared, or in force in this country in the mining interest,
said organizabe mined for shipment to this country by miners belonging to
that might be in
tions in such foreign countries, during the period of a strike
force in this country.
enter into
I can hardly conceive that an person in this country would
violation
such a contract, for I am satisfied that such a contract would be a
use in
of our laws. If coal were required for transportation purposes for
interference with the supply
Inter-State commerce in this country, any such
promptly
of coal will be prevented by the Government of the United States
and forcefully.
of or
I shall be glad to be promptly advised as to the facts in possession
as is
obtainable by your Commission in order that such action may be taken
justifiable.
Mr. Hammond in commenting upon the Daugherty letter
said that the Attorney-General had acted upon his own initiative and that the matter had not been brought to his attention by the Commission. Mr. Hammond indicated, however,
that the Commission had taken cognizance of the cable dispatches regarding a possible combination between coal miners of the United States and Great Britain. and that legal
phases of the question had been taken up with Senator Pepper of Pennsylvania with whom the Commission has frequently consulted. Thus far Mr. Hammond said the Comno information on the subject which
Pittsburgh Coal Co. and Berwind Coal Co. in Answer mission has gathered
would be of use to the Attorney-General.
of Unfair
to Trade Commission Deny Charges
Methods of Competition.
on
Clerks, Freight Handlers, Express and Station
The Pittsburgh Coal Co. and the Berwin Coal Co. filed
Employees on B. & 0. Get Wage Increase.
Federal Trade Commission answers denyJune 13 with the
on
ing charges of conspiracy to restrain or suppress competiti
Conferences between the Baltimore & Ohio Railroad Co.
In the sale of coal, as made in a complaint issued by the and representatives of the Brotherhood of Railway and
'
Commission against the Northwestern Coal Dock Operators Steamship Clerks, Freight Handlers, Express and Station
Association, of which both companies are members. In sub- Employees have resulted in an agreement for increases in
stance, the answers are similar and are the first to be filed pay of employees in those branches of the service, officials
on behalf of the eleven respondents, the coal companies be- of the Brotherhood announced on June 30. The increased
ing members of the association. The operators mine coal rates are 10 cents a day for the clerical force and range from
from the fields of Pennsylvania, West Virginia, Ohio and 1 cent an hour to 234 cents an hour for the other classes
Kentucky, and make deliveries to the Northwest through covered in the agreement. Effective July 1, all clerks in
Lake Superior ports,- and have offices in such cities as St. service two years as clerks and other clerical supervisory
Paul, Minneapolis, Duluth, Milwaukee, Ashland, Superior, forces will receive 10 cents a day additional. Freight handSheboygan and Washburn, Wis. Denial is made by both the lers are granted an advance of 2M cents an hour; baggage and
Pittsburgh Coal Co. and the Berwind Fuel Co., that they seek parcel room employees, 2 cents; janitors, office and station
to restrain or suppress competition in the sale of bituminous and warehouse watchmen, 1 cent an hour. An agreement
or anthracite coal at wholesale or retail in the Northwest or on overtime rules also was announced, effective Aug. 1,
elsewhere, or seek in any other way to monopolize the trade. granting time and a half overtime after eight hours and on
The Pittsburgh company states that in 1909, on its own ini- Sunday and holiday work to all classes covered in the agreetiative, it discontinued allowing any commission on sales to ment.
or through the so-called "jobbers" and "lineyards," and similar action has been taken by the Berwind company, but, Wage Increases on Cleveland Cincinnati Chicago &
with the Berwind company, admits that it has recognized
St. Louis RR.and the Cincinnati Northern RR.
municipal steam business requiring team delivery to be the
Wage increases aggregating $310,000 a year, affecting
prospect of the local retail dealer and that they do not solicit 4,800 employees of the Cleveland Cincinnati Chicago & St.
such business direct. They claim that this has long been a Louis RR. Co. and the Cincinnati Northern RR. Co., were
custom of dock operators and wholesale coal dealers, but announced on July 3 through the United States Railroad
that it does not constitute a combination or conspiracy Labor Board. The notice advising the Board of the inamong members of the association and does not work injury creases, which were effective July 1 1923, was received
to the public.
from E. M. Costin, General Manager of the road.
Attorney-General Says Any Effort to Prevent Shipment
of Foreign Coal to United States During Strike
Here by Combination Among Unions Will Be
Frustrated.
As a result of recent reports to the effect that the United
Mine Workers of America, the chief labor organization of
coal miners in this country, had through its President, John
L. Lewis, come to an understanding with officials of British
miners' unions to prevent shipment of coal to the United
States during progress of a coal strike here, Attorney-General Daugherty declares that any such move would be unlawful and will be stopped by the Government promptly and
forcefully. The Attorney-General's views in the matter were
set forth in a letter to John Hays Hammond, Chairman of
the Federal Coal Commission, and which was made public
on June 22. Mr. Hammond said that while the Commission
had no data on what the miners had done in the way of an
understanding with foreign unions, he recalled that John L.
Lewis had returned recently from England, where he held a
conference with coal union officers of that country. Since
then, Mr. Hammond recalled, statements have been publicly
made alleging the purpose of Mr. Lewis's visit had been realized, in a deal whereby foreign coal unions had come to some
Shopmen's Wages Increased on Chesapeake & Ohio,
Norfolk & Western, and Louisville & Nashville.
Announcements is made that three railroads—the Chesapeake & Ohio Ry., the Norfolk & Western and the Louisville
& Nashville—have granted increases in wages to their shop
mechanics and helpers and apprentices, effective June 1 1923,
the United States Railroad Labor Board has been advised.
The Central of Georgia granted their same class of employees wage increases, effective June 15. The Norfolk &
Western Ry. granted an increase of 3 cents an hour to signal
maintainers, signal men and assistants and helpers. The
increase is retroactive to June 1 1923.
President Smith of New York Central in Favor of
Union Recognition.
A. H. Smith of the New York Central RR.
President
on June 29 declared in favor of the recognition of labor
unions and agreed to investigate the strike now going on in
the Schenectady street railway lines thoroughly at a hearing
on the matter before Industrial Commissioner Shientag.
The men have been on strike since May 16. Mr. Smith
said the New York Central owns 50% of the stock of the
44
THE CHRONICLE
Schenectady Street Ry.Co., but he was not familiar with
any contract or agreements the traction company might have
with its employees. Mr. Smith blames the State Labor
Department partly for the strike. "I understand the
majority of the men did not want the strike," he said,
"and that they went out on two hours' notice. There was
no complaint about wages or working conditions."
Railroad Labor Board Rules Train Dispatchers be
Allowed Vacations.
The United States Railroad Labor Board on July 2 issued
an interpretation of Decision No. 1830, rendered some
time ago, definitely ruling that train dispatchers be allowed
during 1923 the vacations they had earned up to July 1
under approval of the United States Railroad Administration
and which appeared to have been discontinued under the
original language of this order.
[VOL. 117.
The decision in the Oklahoma Commission case provides
a new scheme of rates from points in Oklahoma to points in
Arkansas. The scale prescribed by the Commission will
result in reductions. The Commission said Oklahoma shippers were particularly interested in the rates to Arkansas,
and that the necessity for relief in that direction was urgent.
It said the distance rates between Oklahoma and Arkansas
were too high, and that the specific rates from Oklahoma
favored Little Rock and other important points to the
disadvantage of the Arkansas points of lesser importance.
In the case brought by the Arkansas Jobbers & Manufacturers' Association, the Commission found that proportional rates on grain and grain products from Kansas City,
Mo., to points in Arkansas were unduly prejudicial and
ordered that the prejudice be removed. It also found,
however, that rates on grain, grain products and hay from
southern Missouri, Nebraska and Kansas to Arkansas points
were not unreasonable or unduly prejudicial.
Railroad Labor Board Orders Secret Ballot to Determine New
England Governors Ask Inter-State Commerce
Employee Representation on Gulf Coast Lines
Commission to Postpone Proposed Hearing on
Houston Belt & Terminal Railway Co.
Railroad Consolidation.
The U. S. Railroad Labor Board handed down on July 2 a
The Governors of the New England, States, excepting
decision in a controversy between the shop crafts' union and New Hampshire, on
July 2 sent a telegram to the Interthe management of the Gulf Coast Lines-Houston Belt & State Commerce Commissi
on requesting postponement of
Terminal Railway Co., which, it is said, will establish a pre- the proposed hearing
on railroad consolidation "to give sufcedent in the matter of shop employee representation. In ficient opportunity to
the citizens of New England, to the
the dispute the Board ordered that a secret ballot be taken to public and commercial
organizations, and to all others
determine the wishes of a majority of this class of workers interested1 to study
the report.that has been presented to
the Gulf Coast Lines-Houston Belt & Terminal Railway, the New England
on
Governors." This report was made to
and that a conference be held at an early date to arrange the assembled Governors
at Poland Springs, Me., by James
details in connection with the distribution, casting, counting J. Storrow, Chairman
of the joint New England Railroad
and tabulation of the ballots for the varioug crafts involved. Committee, named by
the Governors to study the New
The evidence submitted to the Board showed that the shop England transportation
problem. The telegram also recworkers, affiliated with the Railway Employees' Depart- ommended rehabilitation
of the Boston & Maine and the
ment of the American Federation of Labor, participated in New York New Haven
& Hartford as a preliminary step
the strike which became effective July 1 1922.
toward the consolidation of the two roads into a New EngThe carriers took the position before the Railroad Board land system. Consolida
tion of New England roads with
that they had duly negotiated agreements with the Associa- trunk lines was
disapproved. A statement signed by all
tion of Shop Crafts, which are now in effect, and that this the Governors except Governor
Brown of New Hampshire
association had made a submission to them showing that a was issued calling the plan
of the committee "the first comlarge majority of the shop crafts workers had designated plete constructive suggestio
n that has been made for the
representatives of this association to handle matters affect- rehabilitation of the New
Haven and Boston & Maine roads."
ing their wages and working conditions.
Samuel Rea Says Railroad Labor Board Would Invade
Constitutional Rights of Pennsylvania Railroad.
Following the issuance of a second so-called "formal rebuke" by the U. S. Railroad Labor Board, Samuel Rea, President of the Pennsylvania Railroad, issued on June 28 a statement to employees of that system declaring that the management of the Pennsylvania was not obligated to comply with
orders issued by the Board which constituted an invasion of
the company's constitutional rights, Mr. Rea citing the decision of the U. S. Supreme Court in support of his view.
Declaring that the Pennsylvania Railroad desired to obey
every "valid law" enacted by properly constituted authority,
Mr. Rea said the management took specific exception to
the
statement of the Railroad Labor Board that the Pennsylvania had denied to its employees any "essential rights"
to
which Congress had declared them entitled. "There
is no
warrant whatever for such a statement," said Mr.
Rea. "It
is regrettable," declared his statement, "that the
Labor Board in its attacks upon the Pennsylvania Railroad
Railroad
System is not entirely candid with the public.
The Labor
Board's statements convey the impression that our
company
was under obligation to comply with the
decisions of the
Inter-State Commerce Commission Orders Rate Re- Board on account of the Supreme Court decision. Mr. flea's
statement in full follows:
vision on Grain and Grain Products in the
It Is regrettable that the Labor Board. In its attacks
Southwest.
upon the Pennsylvania RR. System, is not entirely candid
Rate revision on grain, grain products and hay between Board statement conveys the impression with the public. The Labor
that our company was under
points in the Southwest were ordered by the Inter-State obligation to comply with the decisions of the Board on account
of the
Commerce Commission in two decisions announced on July 2. Supreme Court's decision. The fact is that the United States Supremo
Court made it very plain that our company
was not obligated to accept
The cases were initiated by the Corporation Commission of the Labor Board's decision if it was
thought that
Oklahoma and others, and by the Arkansas Jobbers & legal rights were being invaded. The management its constitutional and
was finally convinced
that the constitutional and legal rights of
the company and its employees
Manufacturers' Association. In the case brought by the would be invaded if it
complied with the decision of the Board In
the
Oklahoma Commission, which alleged that the rates on grain, shoperafts' and clerks' cases.
Ours is a law-abiding company. It
grain products and hay between points in Oklahoma and
desires to obey every valid law
properly
points in Missouri, Arkansas and Kansas were unreasonable, enacted byresponsible constituted authority, Within that limitation it
holds itself
to the public
the safe
unjustly discriminatory and unduly prejudicial, the Com- of Its railroad. That responsibilityfor cannot and economical operation
it
escape, not
mission sustained the allegations as to rates between points the assumption of such responsibility by the Labor Board. can it permit
There is a fundament
in Oklahoma and points in Arkansas as to unreasonableness, ment and the Labor al difference in the point of view of the manageBoard.
but deferred consideration of rates between Oklahoma and of the relationship between thisThat difference goes to the very essence
company and its employees.
Apparently the Labor Board considers
points in Kansas and'Missouri.
itself to be the arbiter of rules
for carrying on what it
Inter-State Commerce
Commission
Rates on
Coal Shipments from Ohio Reduced.
The Inter-State Commerce Commission on July 3 ordered
the railroads to revise rates on coal from the great producing
regions in Ohio, Pennsylvania, West Virginia, Virginia,
Tennessee and Kentucky, known as the southern Ohio inner
and outer crescent districts, to destinations west and northwest of a line drawn from Sandusky to Galion, Ohio, so as
to give the Ohio mines a better opportunity to market their
coal. The order requires the railroads to reduce the rates
from the Ohio mines 10 cents a ton, thereby increasing the
differential of the inner crescent mines over the Ohio mines
from 40 to 50 cents per ton, and to increase rates from the
outer crescent 15 cents a ton, thereby increasing the differential of the outer crescent over Ohio from 60 to 75 cents a
ton. About 60% of the tonnage of the soft coal of the country is produced in the districts mentioned. The complaint
was brought by the Southern Ohio Coal Exchange against
the Chesapeake & Ohio and other railroads. Many coal
associations participated in the case.
Orders
conceives to be a perpetual struggle between a
JULY
7 1923.]
THE CHRONICLE
railroad and its employees. The purpose of the management is not to
struggle against, or to triumph over, its employees, but to gain their
loyalty and co-operation by a policy of fair dealing, mutual consultation
and just compensation.
The decisions of the Board with which this company has not complied
were rendered about two years ago, since which time the plan of employee
representation has continued to develop, and its success is evidenced by
the fact that in the elections just held to fill expiring terms of employee
representatives, more than 80% of the employees affected voted in the
election of employee representatives to deal with the company.
It is not our purpose to point out all the misstatements and erroneous
conclusions which appear in the decision. The management takes specific
exception, however, to the statement of the Labor Board that the Pennsylvania Railroad has denied to its employees any essential rights to which
Congress had declared them entitled.
There is no warrant whatever for such a statement. As you all know,
under our system of employee representation, the employees and the
management are working in the closest harmony. Machinery has been
provided whereby all controversial questions may be submitted to a court
of last resort, composed of an equal number of representatives of the
employees and management. There is now no dispute of any consequence
with our employees which we believe cannot be amicably adjusted. The
only real discordant note is that being sounded by the Labor Board.
In compliance with the provision of the Transportation Act, the desire
of the management is to promote the efficiency of this company's service
to the public through placing upon the soundest possible basis the relationship between the management and its employees; but it is firmly convinced that this cannot be accomplished by yielding to the demands of
the Labor Board to recognize organizations which are committed to the
dosed shop,the sympathetic strike and limitation of output. The management is confident that neither its employees nor a well-informed public
will be misled by the Labor Board's unwarranted statements.
It is unfortunate that this Board, in the face of unmistakable facts,
should, through the medium of its decisions, resort to such attacks instead
of, as it should, commending first the employees and the management of
the Pennsylvania RR. System for our success in providing a mutually
satisfactory means of preventing discord and promoting industrial peace,
of which you are aware from the results that have been achieved, and in
which you have so cordially co-operated.
45
ments. The railroads concerned were instructed to confer
with a shippers' committee on a second revision. General
freight agents of Southwestern railroads were named on a
committee to represent the carriers, and the Commission
asked fora report by July 20 on the possibility of reconciling
differences. If the schedules can be corrected, the Commission will vacate the suspension and allow new schedules to
go into effect. Revision of Western rates on coal from mines
in New Mexico, Colorado, Wyoming and Montana was recommended by the Commission, the railroads concerned receiving 90 days in which to file new schedules.
Inter-State Commerce Commission Recommends Coal
Rate Revision on Roads in West.
Revision of Western freight rates on coal from mines in
New Mexico, Colorado, Wyoming and Montana, was recommended on June 22 by the Inter-State Commerce Commission. No order was issued, but the Commission gave the
railroads concerned 90 days within which to file new schedules. Most of the alterations projected are intended to give
producers an equitable rate to markets where the coal of
their competitors in other districts is also available. In general the Commission held that the level of rates now charged
by railroads in Montana are not excessive, considering
sparse population and difficult operating conditions, while
some of the rates charged from New Mexican mines to consuming territory are too high. The Commission also decided
that proposals of Colorado operators for the establishment
of distance rates on coal are impracticable and that present
rates from Utah mines to points East are reasonable. The
President Harding Tells Railroad Men Strikes Are
decision, the Commission said, will "serve to indicate changes
Unjustifiable.
In the rate structure that seem necessary, leaving the minor
Speaking directly to a group of railroad men gathered
adjustments in the rates to be worked out" by the railroads.
beside his car at Pocatello, Idaho, on June 28, President
Harding said:
Railroads and Brotherhoods Said to be Planning
Railroad men are just as concerned with transportation as the rest of
Concerted Action to Abolish Labor- Board.
the population. I think that the men who are engaged in transportation
in this country ought to be the best paid of any industry and to toil under
Reports published in the daily papers last week indicate
the most favorable conditions. You haven't any right under any conditions
that the officials of the "Big Four" brotherhoods of railroad
to bring about a suspension of service.
I don't mean that the Government ever will require you to work against employees have begun discussions looking toward the formayour will. We can't do that in free America. But I do mean you should tion of a joint organization
in Washington to work for the
not suspend work to accomplish a grievance of your own until every effort
dissolution of the Railroad Labor Board. With regard to
at adjustment has been made.
the developments in that direction the New York "Herald"
Inter-State Commerce Commission Authorizes Higher has the following to say:
Preliminary conversations between railroad executives and representatives
Freight Rates on Corn and Cereal Products on
of the Big Four train service brotherhoods are understood to have been held
Pacific Coast Roads.
on the advisability of concerted action toward abolition of the United States
Railroads operating in the Rocky Mountain and Pacific Railroad Labor Board, created as a tripartisan tribunal under the terms of
the Transportation Act of 1020, and a storm centre ever since.
Coast States were, in effect, authorized, it is stated, on June
26, by the Inter-State Commerce Commission to increase by anNews of this development, coming as it does almost simultaneously with
indication that President Harding soon will advocate putting "teeth" in
10% their freight rates on corn and cereal products usually the rulings of the Chicago organization, is viewed in local railroad circles
as one of the most important developments since it became known that the
classified as "coarse grain." The increase, which does not
December session of Congress promised serious consideration of the general
affect wheat,,was authorized in the case of shipments from transportation situation.
The Big Four brotherhoods, representing engineers, firemen, conductors
Mississippi Valley points to the Rocky Mountain-Pacific
Coast area. The decision resulted from an appeal of West- and brakemen, are understood generally to be opposed to the Labor Board.
and proof of the somewhat uncertain position of the Board was forthcomern railroads against the ruling made by the Commission in ing last summer when the shop employees on all the
railroads of the country
previous grain rate cases which fixed the rates on coarse struck against a ruling whereby their pay scale was reduced. Since the
grain at a level 10% below that charged on wheat for similar termination of the shopmen's strike there has been an increasing tendency
on the part of the various classes of employees to deal directly with the manshipment. In passing upon the railroads' complaint, the agements of the several systems, obviating to a marked extent the necessity
Commission held that throughout the Mississippi Valley for existence of the Board. All reports made public since the general
States and Western territory extending nearly to the Rocky adoption of this policy indicate the mutual satisfaction of all parties concerned.
Mountains the differential favoring corn and other coarse
Of all railroad labor the Big Four brotherhoods fall most naturally into
grains should be retained. At points further West it was the method of direct dealing. The contracts, signed each year by the manheld that a single standard for the rate schedules on grain agers and representatives of the local organizations, deal on an individual
basis with conditions peculiar to each system. The relationship between
should be maintained, and also that the same single standard the Big Four and the railroad officials is more cordial, perhaps, than anyshould apply on all shipments from the Mississippi Valley where else in railroad labor.
An entente cordiale between the
to the Rocky Mountain-pacific Coast area. Railroads were relative to legislation for abolition Big Four and the transportation chiefs
of the Labor Board for this reason is
authorized to make the changes prescribed by increasing the regarded as logical and one which will prove a strong political weapon
when brought into play on the floor of Congress this winter. The position
rates on the coarse grain to the level of the rates now
of the railroad executives throughout the country is of particular interest
charged on wheat.
in view of the inclusion in the national
announcement last April
Inter-State Commerce Commission Suspends New Rate
Schedules Filed by Southwestern Carriers.
All new rate schedules filed with the Inter-State Commerce Commission by Southwestern railroads previously ordered to become operative on June 30 revising freight
charges in the lower Mississippi Valley and in the Southwest
under decisions rendered in. the Memphis-Southwestern investigation were suspended on June 22 by the Inter-State
Commerce Commission until Oct. 28 next. Complaints by
shippers, the Commission said, have produced "sufficient
showing to indicate that the suspended schedules produced
increases in present rates not authorized or required by the
decision." Further, the schedules contained a large number
of errors and failed to conform to the Commission's require-
policy
by the Association of Railway Executives of a clause favoring continuation
of the Transportation Act in its present form for a sufficient period to warrant a fair trial.
Changes following the termination of Federal operation forced rate advances or reductions as the particular case required, and each of these
changes in the financial return to the carriers forced similar readjustments
in the payroll. Blanket rate increases resulted in demands on the part of
railroad labor for blanket wage advances and sweeping rate reductions
brought from the railroads demands for an easing in the payroll burden
through wholesale wage cuts.
In the period of the return of the country at large to a normal basis, it
became increasingly clear that the Labor Board,sitting in Chicago, was not
able to determine changes equally binding throughout the country, because
of wide differences in working conditions. From this point on the
agitation
for the modification or final elimination of the Labor Board has grown.
The suggestion that the railroad executives and the Big Four Brotherhoods join hands in moving the abolition of the Board was hailed in
banking
circles here as a logical step and one which might have widespread
consequences. The opinion among railroad bankers, so-called, for their
close
touch with the general transportation situation, is that there
should be an
end of anti-railroad legislation and that an opportunity be
afforded the
46
THE CHRONICLE
[VoL. 117.
It will be righteous and just, it will be more effective in war and marked
roads to work out their own problems in their own way. Bankers have held
all of industry, all
up for ridicule the published statements at the close of the last session of by less regret in the aftermath, if we draft all of capital.
of agriculture, all of commerce, all of talent and capacity and energy of
Congress that nearly 150 bills aimed at the railroads were pending.
and unselfish fight
To support the contention of the managers that the method of direct deal- every description to make the supreme and united
be less of war. When
ing has proved its efficacy, it was pointed out that the Baltimore &Ohio for the national triumph. When we do that there will
patriotism, untouched by
recently reached an agreement with its shopmen whereby the pay scale was we do that the contest will be aglow with unsullied
advanced about 3 cents an hour. Other instances have come to light where profiteering in any service.
the roads which recognized local employee legislation have granted increases
The following is the President's address in full:
and made changes in rules and working conditions without recourse to the
My Countrymen: One of the greatest lessons which the World War taught
The case of the demands of New York Central shopmen
Labor Board.
to society was a realization of its stupendous producing capacity under
for an increase in pay is scheduled for discussion this week, and in well-inmodern organization. When the war started, many of us, probably most
formed circles it is believed that the matter will be settled out of court.
of us, believed it could not last very long because we could not conceive
that it could be economically and industrially supported for a long time.
annually
believe that as a whole the
National Coal Association Opposes Car-Pooling Plan. We had been taught toall that it produced, and thatcommunity maintain
in order to
consumed pretty nearly
The plan proposed by S. Davies Warfield for car pooling this ratio it was necessary to keep all the producers steadily at work. We
by
was opposed in resolutions adopted by the Railroad Rela- were convinced that when the most efficient producers were taken set
millions away from the fields, the shops, the mines and the offices, and
tions Committee of the National Coal Association on June at the business of armed destruction, they would very presently pull down
19 at the sessions of the annual convention held by the asso- upon themselves the whole fabric of our complex industrial system and that
basis of what
ruins. This
would
ciation in Atlantic City. The Warfield plan provides for the the war almostbe smothered In themany people.view was the most of the
Indeed, with
an obsession with
became
.pooling,of railroad cars under the authority of Congressional best-informed people, during the early stages of the war. It was commonly
action. One objection of the coal men was that it would and freely said that economic exhaustion would compel an end to the
a much more popular limitation was six months.
hamper, rather than improve the transportation situation, struggle before a year, andvery little we understood either the tremendous
The event showed how
as it affects bituminous coal operators, and that it would producing capacity of the community as a whole or the strength and solidity
of the war had passed,
greatly increase the overhead of the large operators. An- of our industrial structure. When the first year probability the struggle
was just beginning to realize that in all
other was that the plan was but another step in the program the worldin its larger beginning. Millions of men had been called from the
was only
of continual Governmental interference in business. Some fields and yet still other men were being trained for it. At the end of two
still
after three
of the members of the committee denounced the plan as "so- years the war was greater than ever and whether as years it had or further
as the
combatants
expanded, until it actually involved,
cialistic." The committeee also voted to protest to the Inter- sources of supply for the combatants, the whole world. The Industrial, the
forces of the world wore
State Commerce Commission against the proposed reduction agricultural, the financial, the social and spiritual
In the end that test
test of
in oil freight rates while present coal rates remain in effect. mobilized at last for the great final Victory strength. the banners which
rested upon
both military and economic.
the was borne by the side that represented the greatest number of soldiers,
It was argued that oil is gradually making inroads on
were
consumption of coal, and that a further reduction of rates of of ship-I, of guns; which represented the greatest capacity to bring together,
and to maintain great civil
fabricate
liquid fuel would give the ohl producers an unfair advan- control and behind thethe necessaries of war
lines.
populations
tage.
It became very early a war of conscription. Governments conscripted
their men for service in the field; patriotism and public opinion conscripted
everybody else for work at home. A new system of division and dilution of
President Harding Says Present Administration Has labor was introduced through which men and women, boys and girls, old
Saved Nation from Capital and Labor Extremists—
men and old women—millions of people who under the old order of peace
days had been rejected from the realm of skilled production,were quickly
Changed Relation of Woman to Social and
trained to the most intricate and technical tasks. So. in the midst of the
Political Organizations—Would Draft All
most destructive storm that mankind had ever invoked upon itself there
of Capital, Industry, &c., in War.
was presented the marvelous phenomenon of a world producing at a greater
rate than it had over done before.
In an address at Helena on June 29 regarding the attitude
How was this gigantic industrial phenomenon wrought? By putting
labor, everybody at work. By inducing everybody to work to the limit ofstrength
of the present Administration toward capital and
By paying the workers at rates which enlisted their utmost
President Harding made the assertion that "we have saved and capacity.produce to the limit. Yes, If you please, by letting labor
eagerness to
the extremists of both sides." The President and capital and management all engage more or less in profiteering at the
the nation from
contended that "there were some who imagined before the expense of society as a whole. Unheard-of wages were paid to people who
quite incapable of earning them,
have been
present Administration was voted into responsibility that in other times wouldstimulus of considered
the emergency, became effective and absobut who, under the
not definitely sympathize lutely necessary factors in the industrial organization.
it was going at least to acquiesce if
Would Draft All of Capital, Industry, Agriculture in Future War.
with projects for the deflation of labor and the overthrow of
Particularly was this true of the women, young and old, who took up
organizations." "Nothing," he said, "has been tasks in the shop, the field, the transportation systems and behind the lines
labor
further from the purpose of the present Administration than of combatants, such as bad never before been assigned to them. And the
as to-day we look
so impressively,
any thought of destroying the right of either labor or capital women made good so emphatically,mobilization and that world conflict we
the
world
over the whole field
in its organized capacity." realize that somethingof themuch like a revolution was effected in the varied
to organize and each to deal
very
He continued:
relationships of the industrial community.
Viewed in the retrospect we see more clearly than ever the sordid side of
We have recognized that there are evils and abuses on both sides of the
almost imaginary line which now is presumed to separate labor and cap- war. I have said before, and I choose to repeat It very deliverately now,
we must
ital. We have wished and sought to minimize these abuses through bet- that if war must come again—God grant that it shall not—then
draft the young
ter organizations and better understanding, without destroying organ- draft all of the nation in carrying on. It is not enough to
isations or the right to form them. We have not wished to compel men manhood. It is not enough to accept the voluntary service of both women
It will be rightto work when they did not want to work; we have not wished to compel and men whose patriotic devotion impels their enlistment.
employers to keep men at work under conditions which were impossi- eous and just, it will be more effective in war and marked by less regret In the
all
ble; but we have earnestly sought to lessen the occasions for conflict be- aftermath, if we draft all of capital, all of industry, all of agriculture,
of every description,
tween the tyro parties. We have tried to bring to both of them a realizatioo of commerce, all of talent and capacity and energy
for the national trithat both owed in this connection an obligation to the great public interest to make the supreme and united and unselfish fight
When we do that the conwhich Is always the great sufferer by reason of their conflict. . . . We umph. When we do that there will be less of war.
by profiteering in
have tried to hold the scales even; to prevent on the one side the destruction test will be aglow with unsullied patriotism, untouched
of organized labor, and on the other side to frustrate those programs which any service.
Of course, we are striving to make conditions of foreign relations and so
looked to the ultimate destruction of private capital and the nationalization
fashion our policies that we may never be Involved in war again. If we are
of all the instrumentalities of production.
is, the universal commitment of every
"The profound change in the relation of woman to the committed to universal service—that compensation except the consciousAmerican resource and activity—without
political organization," brought about by the war, ness of service and the exaltations In victory, we will be slower to make
social and
was also dealt with in the President's Helena address; in his war and more swift in bringing it to a triumphant close. Let us never again
our manhood without as exacting a draft on all N770 possess
make
discussion with regard thereto he declared himself to be in thedraft on of the industrial, financial, commercial and spiritual life of'
making
glad if the Republic.
"one of those old-fashioned people who would be
Women in Industrial Field.
the way could be found to maintain the traditional relations
If we had been in a state of mind to philosophize about it all, I think
of father, mother, children and home." "But very plainly,"
we might have recognized that women have been for a long time preparing
he said, "these relations are in process of a great modifi- themselves for this tremendous incursion into the field of industrial producwe can do to the utmost possible extent tion. For a long time before the war began there had been evidence of a
cation. The most
of the Victorian period.
is to readapt our conditions of industry and of living so as reaction among the women against the old idealswomen had been timidly
For three or four decades the more venturesome
mothers to make the utmost of their lessened breaking away from the old-fashioned home and its old-fashioned ideals.
to enable the
opportunity for shaping the lives and minds of their chil- Even those who viewed the new-woman movement with greatest misgiving and least approval had already been compelled to recognize that a
dren." Continuing, he said:
that mothers will not assume, new and revolutionary idea was taking possession of them.
We must hope and we must make it possible
We might iterate and reiterate, and theorize and dogmatize upon the old
schoolboys and schoolgirls of
When their babies of yesterday become the
ended and that the teacher, thesis that the place for woman was in the home; but we will have to adto-day,that the responsibility of the mother Is
despite all our preachments, all our urgings, all our misgivings,
the school authorities, the college, the State will henceforth assume it. mit that
that despite their woman wasn't staying there. She was teaching in the schools, she was ac. The mothers must be placed in such position
•
their domestic counting for perhaps a majority of the graduates from the high schools,
obligations outside the home they shall not have to surrender
them, through the and a big and increasing minority of the student community in the colleges
responsibility. Rather, means must be found to enable
She was practicing law and medicine, preaching sermons,
varied instrumentalities which society affords, to equip themselves for the and universities.
working in the shops, the offices, the factories; she was, in short, becoming
better discharge of their responsibility toward the children of the land.
competitor with her brother in almost all the departments of productive
Reiterating that "if war must come again, . . . then a
effort and activity.
we must draft all of the nation in carrying on," the PresiThen came the war, and all at once even the most dubious among us realized that the women, everywhere, constituted the first line of industrial re-
dent said:
JULY .71923.]
THE CHRONICLE
47
But we areOoming into a time when more and more we are giving thought
to these things. Our satisfaction in the material achievements of our industrial age is being qualified as it never was before by our questionings along
these lines. We are thinking of the weaker links in the social chain. We
believe the equality of opportunity must be attended by a fitness to embrace it.
Here, again, the war was responsible for a great broadening of our social vision. It made itsidemand upon the highest and the lowest, the proudest and the humblest. It demanded a sacrifice that was just as great in the
case of the poor man as the rich man. What was more,it brought a realization of the fact that men and women were of real service to the community
Just in proportion as they were capable of producing the things that were
needed. So the workers, the builders, the producers attained a new sense
of their dignity and importance.
Contemplating its supreme crisis, the community was willing to render
to those who were capable of serving it effectively in this juncture a greater
share of their product than they had formerly been accustomed to receive.
Wages, the world over, went to new high levels, salaries and fixed incomes
shrank to lower levels of actual exchange value. There was a leveling up
from the lower strata and downward from the higher. On the whole,
despite many instances of Injustice and of maladjustment in this process,
Its results marked a long advance on the road to equity and justice as
among all elements of the community. A few years of civilization's desperate grapple with destiny brought to the working masses of the world an
aggregate betterment of conditions, a general improvement of circumstances
and opportunity, which otherwise would have been possible only through
the slow processes of generations.
Administration's Attitude Toward Capital and Labor.
We know now that the advances which were thus effected in the dliection of social justice and economic equality will not be relinquished without determined opposition. There were those who,regarding the injustices
of the old order as inevitable, mistakenly assumed that by a simple process
which they called the "deflation of labor" the old relationships would
presently be restored. They insisted that "wages must come down";
some of them went so far as to sound the slogan that "organized labor
must be crushed." These had forgotten the lesson in organization, in
co-operation, in community of sacrifice, by which civilization had been
able to rescue itself.
They had forgotten that the right of organization and of co-operative
dealings is not any longer the special prerogative of management and of
capital. The right of men, and brains, ar d skill, and brawn, to organize.
to bargain through organizations, to select their own leaders and spokesmen, Is no whit less absolute than is the right of management and of
capital to form and work through those great concentrations of interests
which we call corporations.
Labor, indeed, is fast becoming one of the great builders of capital.
Whether it concentrates its savings by depositing them in its own banks,
of which the number is rapidly increasing, or pools them with the general
savings of society by making its deposits in other banks, the result is the
same. Labor is more and more coming to be the financier and backer
of its own employment. We shall no go back to the time when considerable elements in the community were wont to assume that a sharp
Co-operation in Education.
line of demarkation should be drawn between labor and capital. •
Through such effort as this there will be opportunity for a great service.
Labor is becoming more and more a capitalist on its own account, and
Those mothers who have the advantage of the best material and intellectual opportunities will, if they make the most of these advantages, help capital is more and more discovering that it must work, must contribute,
greatly to improve the conditions of children that come from families and must give us, through some superiority of method and management, a
homes loss fortunately situated. They will be able to help in lifting up the justification for its existence as a sort of separate estate. Those to whom
Poorer, the less fortunate children, to a higher level. The mother who tire- the management and investment of capital is intrusted must recognize,
lessly seeks rightly to train her own children, to instill into them that in- as I know most of them already do, that the right of organization, and
definable essence which we know as good breeding, will be performing this the title to those special efficiencies which come to organization, is not
service not alone for her own children, but in only less measure for the chil- the exclusive prerogative of capital. It is equally the prerogative of
labor.
dren who come from homes less blessed with the finer things of life.
I am quite aware that there were some who imagined, before the present
Herein is the supreme advantage of the public school system. I have
never been able to find much satisfaction in the good fortune of families Administration was voted into responsibility, that it was going at least
who, when they are able to dolt, prefer to take their children out of the pub- to acquiesce if not definitely sympathize with projects for the deflation
lic schools and give them the doubtful advantage of more exclusive educa- of labor and the overthrow of labor organizations. Before this time these
tional methods. I think we should cling to the democracy of the public have come to realize their error. Nothing has been further from the
purpose of the present Administration than any thought of destroying
sehools.
The teacher and the authorities back of her must b e equally ready to the right of either labor or capital to organize, and each to deal in its
co-operate with the home and the mother. In the home must still be organized capacity.
We have recognized that there are evils and abuses on both sides of the
performed the duty of instilling into the child those fundamental concepts
of religion and of faith which are essential to rightly shaping the character almost imaginary line which now is presumed to separate labor and capital
of citizens, and therefore of the nation. It would be an irreparable mistake We have wished and sought to minimize these abuses, through better
If in surrendering to society a larger responsibility for the child s intellectual organizations and better understanding, without destroying organizations
and physical well being, we should forget the necessity for proper religious or the right to form them. We have not wished to compel men to work
training. That duty must be performed in the home; it will always be when they did not want to work; we have not wished to compel employers
to keep men at work under conditions which were impossible; but we have
peculiarly the duty of a mother.
earnestly sought to lessen the occasions for conflict between the two parties.
Fundamental Truths Stand Eternal.
We have tried to bring to both of them a realization that both owed in this
Mankind never has stood more in need than it does now of the consola- connection an obligation to the great public interest which is always the great
tions and reassurances which derive from a firm religious faith. We are sufferer by reason of their conflict.
In this connection let me say quite frankly that I know there were some
living in a time of many uncertainties, of weakened faith in the efficiency
of institutions, of industrial systems, of economic hypotheses, of dictum elements which hoped for a great and decisive conflict between organized
and dogma in whatever sphere. Yet we all know that there are certain employment and organized labor, and that those elements were not all on
fundamental truths of life and duty and destiny which will stand eternal, either side of the imaginary dividing lino. On the capital side of the line
through the evolution and the revolution of systems and societies founded were those who hoped that the Administration would lend itself to their proby mankind. There must be no mistake whereby we shall confuse the things gram of breaking down organized labor and sending it back to the era of
which are of eternity with those which are of time. We must not let our Individual bargaining for the individual job.
engrossment with the things of matter and of mind distract us from a
On the labor side of the line were those who hoped, by exorbitant deproper concern for those which are of the spirit and the soul.
mands and an attitude of uncompromising insistence, to force the nationIt must be kept ever in mind that the higher and finer attributes of hu- alization of some of our most important industries and services. Between
manity will rarely be developed from a human seedling planted in a soil these two extreme groups, confident we had behind us the overwhelming
adapted chiefly to the production of that which is selfish and sordid, in public opinion of the nation, we have tried to hold the scales even; to prewhich it will be forced by special circumstances to struggle unduly for the vent on the one side the destruction of organized labor, and on the other
bare continuance of existence. We will net grow strong minds in unsound side to frustrate those programs which looked to the ultimate destruction of
bodies, nor may we hope that illuminated souls will often seek habitation private capital and the nationalization of all the instrumentalities of proin human frames weakened and tortured by disease and malnutrition.
duction.
To an astounding and alarming certainty it has been demonstrated that
How well have we succeeded? At least we have saved the nation from
a large proportion of school children, and even of adults, suffer from under- the extremists of both sides. Those who were sure that our salvation lay
nourishment. I may congratulate you that there is little of it in the West. In the destruction of crganized labor and the precipitate reduction of wages
Perhaps it is true that as to most of the adults the fault is of the individ- have found that the national Administration was net disposed to acquiesce
ual rather than society. Whether that be true or not we can at least agree In their program. For many months past they have noted that the demand
that the children are not to be blamed for their share in such misfortunes. for labor was greater than the supply; that instead of millions of men out
If society has permitted the development of a system under which the citi- of Jobs, there were tens of thousands of jobs without workers; that instead
zens of to-morrow suffer these privations to-day, then the obligation is of a sharp and progressive reduction of labor's wage, there has been now for
surely upon society to right the wrong and to insure justice to the children a long time a steady, continuing, persistent increase in that wage. On
who are not responsible for being here.
the other side, those who would have been glad to drive the country into an
But we cannot expect to bring full justice, full equality of circumstances industrial crisis through the stoppage of production, and to force the nationand opportunity to the children, unless we shall make it possible for the alization or communization of industry, have been equally disappointed in
parents. We are all too much given, I suspect, to a rather unthinking ad- the outcome.
miration for our highly mechanized social system under which we have so
I believe our policy, and its results, have reflected the sound Judgment of
abundantly produced wealth and the possibilities of comfort and culture, the overwhelming majority of the American people. I believe this people
We have not thought enough about the evils attendant upon the great in- is firmly and finally committed to the ideal of preserving the fullest rights of
equalities which mark the distributi m of our stupendous product.
private initiative and private enterprise, together with the right of
organiza-
serves upon which society must fall back in its great crisis. They volunteered for every service in which they could be useful, and at once estab lished tiwir right to a new and more important industrial status. They
built ships, they operated munition factories, they learned to perform the
heaviest and most difficult tasks; they tilled the fields, filled the offices,
largely conducted the hospitals and even served as most useful auxiliaries
to forces on the battlefield. Not as a boon, but as a duty,full partnership
in the conduct of political affairs was conferred upon them.
All this has inevitably worked a profound change in the relation of woman to the social and political organization. We may approve it or disapprove it, we may view it with satisfaction or with misgiving, but the fact
Is before us that woman has taken a new place in the community. And
just as her participation in the industrial sphere expands, so her relation to
the home and its interest is necessarily contracted. Whether we account it
wise or otherwise, we must recognize that the tendency Is to take the modern mother more and more away from the control, the training, the intellectual guidance and spiritual direction of her children. The day nursery, and
after that the kindergarten, begins to care for her children in the earliest
years; after that come the public school, the high school, the college and the
university, taking over from her more and more of the responsibility and
influence over the children.
We may entertain the old-fashioned prejudices against this development,
but we are compelled to recognize that under modern conditions a large and
increasing proportion of women are bound to be at the same time mothers
in the home and Industrial producers or professional workers outside the
home, or else they must be denied the service and responsibility of motherhood.
Frankly, I am one of those old-fashioned people who would be glad if
the way could be found to maintain the traditional relations of father,
mother, children and home. But very plainly these relations are in process
of a great modification. The most we can do,to the utmost possible extent,
is to readapt our conditions of industry and of living so as to enable the
mothers to make the utmost of their lessened opportunity for shaping the
lives and minds of their children. We must hope, and we must make it
possible, that mothers will not assume, when their babes of yesterday become the schoolboys and schoolgirls of to-day, that the responsibility of the
mother is ended, and that the teacher, the school authorities, the college,
the State, will henceforth assume it.
Rather, we must recognize that no other influence can possibly be substituted for that of motherhood; and we must make it possible for the
mothers to co-operate with-these social institutions of the new order, to
give the children so far as possible the privileges of a home atmosphere
which will supplement the advantages of mere education and training. It
must be made possible for the mothers to familiarize themselves with the
problems of the people, the school superintendents, the college authorities,
the health and sanitation officials. In short, the mothers must be placed in
such position that despite their obligations outside the home they shall
not have to surrender their domestic responsibility. Rather, means must
be found to enable them, through the varied instrumentalities which society
affords, to equip themselves for the better discharge of their responsibility
toward the children of the land.
48
THE CHRONICLE
tion on both sides of the line between capital and labor, and always consistent with the right of the public to be served efficiently and at a reasonable
cost.
We have come thus far, and thus fortunately, through the most difficult
period of reconstruction that we have ever known. We have been sheltered
against the world storm of tendency to social revolution. The best test of
policy is by results. By that test we ask no more than a fair and reasoned
verdict on our program. We ask that its results be compared with the
showing, in these after-war years, that can be presented by any other
country on the face of the earth.
We ask that you examine the contrast, thoughtfully and seriously, between the general state of the public weal in this country and in others. For
our vindication we point to a great nation, its credit preserved, its industries
crowded to the point of capacity production, its people employed, its wage
scales high beyond all comparison with any other in the world, its banking
system standing as the final bulwark of sound money and the gold standard,
and its average level of comfort and prosperity unexampled among the races
of men.
If I could make the fortunate picture stand out by offering contrast. I
would speak of Russia and the colossal failure of its mad experiment. The
dissatisfied working forces of America, where there are such, and the parlor
theorists who have yet to create a single thing useful to aspiring human kind,
will find there less offreedom, much less of reward, and little hope in muchproclaimed emancipation. Royal absolutism has been destroyed, only to be
superseded by what appears to be despotism in the name of democracy. To
a limited few of democracy's advocates has come vast power. Perhaps
wealth attends. Undoubtedly a new Russia is in the making, and there is
no doubt the present sponsorship will survive.
Apart from the tragedy of it all, I am glad Russia is making the experiment. If twenty centuries of the Christian era and its great story of human
progress, and the countless centuries before the light of Christianity flamed,
have been lived and recorded upon mistaken theories of a righteous social
order, then everything is wrong, Christianity a failure, and all of civilization
a failure. I think Russia is going to rivet anew our belief in established
social order. Meanwhile we know ours is the best the world has revealed,
and I preach the gospel of holding fast to that which has proven good, ever
trying in good conscience to make it better, and consider and treat as an
enemy every man who chooses our land as a haven in which to assail the
very institutions which shelter him.
There are two phases of the commitment of the great human family. It is
oflittle use to advance unless we hold to the advanced position. It is useless
to construct unless we preserve. In the recognized test which our civilization is now undergoing America's supreme task is one of preservation. I
call upon America to protect and preserve.
[VOL. 117.
forty-eight States and by Congress in the past sixteen years 1,001,502 new
laws, a great majority of them seeking to regulate the life and business of
the people. During this period 132,000 new laws have actually been put
upon the statute books, over 225 per day, including Sundays, yet ignorance
of the law excuses no one. While some of these are known as private acts.
many of them are of a general nature,some most restrictive and oppressive.
Building Up Autocratic Government.
We are fast building up a strong centralized and autocratic Government
never dreamed of by the founders of this Republic. We are now learning
that the ruling class in a republic may become just as arbitrary and just as
despotic as in a monarchy. Enterprises formerly carried on by individuals
are now passed into the hands of paid officials. The personnel of these
commissions and bureau chiefs are seldom suited to their tasks; many of
them not only know nothing about their duties, but do not pretend to know
anything. A striking example of the qualifications of the average commissioner was illustrated in the Coal Commission created during the war.
The head of that Commission was a splendid President of one of our small
colleges, his chief assistant was an excellent jeweler, and the public will
never know how many millions of dollars this Commission cost them by
their bungling acts. Numerous instances similar to this can be cited.
These activities are going far beyond the real functions of Government
in attempting to regulate the business and social life of everyone, gradually
destroying individualism, enterprise and initiative—the very things that
have made this Republc the greatest ever erected by man. Individualism
and our rights as citizens are being submerged in the interest of the State.
We seem to be disregarding the warnings of every one of our great patriots.
from George Washington down to those of the present day. We are
making mere provinces of our States. The desire to have everything
centralized in Washington is both startling and revolutionary. We can
truthfully paraphrase, in part, at least, one of the indictments against
King George III, as contained in the Declaration of Independence, and
apply same to our own Government—"They have erected a multitude of
offices and are sending hither swarms of petty officials to eat out our substance and harass our people."
Too Much Government.
A most striking manifestation of what too much government is leading
to is noted in the number of our civilian employees. We have over 700,000
civilians employed by the United States Government. We have, all told.
more than 2,000,000 paid officials in our national and local governments.
Approximately 15,000,000 people are now supported by our various governments. If the rate of increase continues we will soon have one-half our
people working for the Government and the other half struggling to pay
them.
Most of these conditions have been brought about by the incessant
demands of organized, and sometimes
T. R. Preston Says Country is "Waterlogged With avocations are looking after other people's noisy, minorities, those whose
affairs.
Laws"—Would Go Back to Simplicity of Government.
Public Suffers from Bureaucracy.
In a recent address on the "Trend of the Times," Thomas
As the result of our various governmental activities, we might mention
R. Preston, President of the Hamilton National Bank of that the United States and the various States have created ninety-nine
commissions and bureaus to regulate the railroads of this country, and they
Chattanooga, described the country as "literally waterlogged have regulated them almost to destruction. Those that have suffered most
with laws." He declared "we are fast building up a strong are probably the unorganized public, whom these super-regulations were
contralized and autocratic Government never dreamed of by intended to benefit. We have the Inter-State Commerce Commission at
the head of the list; we have also our Labor Commission, our Federal
the founders of this Republic" and that those who have suf- Trade Commission, Coal Commission, Tariff Commission and hundreds
fered most as a result of the various Governmental activi- of others. The very latest one created is a commission for the supervision
by the Government of the rearing of children.
ties "are probably the unorganized public whom these super to nurse their off-spring under the direction ofMothers of the future are
a Government inspector.
regulations were intended to benefit." The "crushing weight Even the State of Massachusetts has enjoined the Federal Government
was one of the matters which Mr. Preston cited as from putting in operation in that State this so-called "maternity bill."
of taxes"
Example of Government Meddling in Business.
hampering the people of the country, and he asserted that
Our Government for a
of
"the real remedy now, it seems to me, is for each of us to longer time has controlled time operated the railroadsalsothis country; for a
had a commission
our shipping interests; they
appreciate more fully the responsibilities of citizenship." for the manufacture of aeroplanes. The loss from these three activities,
This country, declared Mr. Preston, "must get back to the though existing but a few years, is more than the total debt that Great
owes the
States, and nothing was left from this Governfundamentals. We must get back to the Constitution, back Britain experimentUnited a
mental
except monument of taxes and disorganized industries.
to the spirit of the Declaration of Independence, back to the Almost every corporation and every private business is subjected now to
principles enunciated by Thomas Jefferson, when he said some kind of regulation.
While we have 700,000 civilian employees in our national Government,
"the best governed are the least governed," back to the sim- our entire army contains only 137,000 men.
In 1907 a United States Senator, on the floor of the Senate, complained
plicity of Government. If we do, America will continue to
be the proudest hope of mankind, the Utopia of the world." of the growth of our Government field inspectors, examiners, &c., stating
that the number had grown in twenty years from 162 to 3,000 and as he
Mr. Preston's speech was delivered before the convention of termed it we have 3,000 of these so-called inspectors swarming over this
country meddling with the private affairs of the people. This number has
the Georgia Bankers Association at Savannah, Ga., on May
now been increased to more than 42,000. Many believe that the Govern10, and in part was as follows:
ment of the United States could to-day discharge 250,000 civilian employees,
Ordinarily, on occasions like this, some of our numerous problems of abolish some of the useless bureaus and commissions, and our Governmental
banking or some economic questions are discussed. With your permission affairs would be more efficiently conducted than they are now.
I am going to discuss problems that I think are more important than any
Making Police Courts of Our United States Courts.
of these, problems that appear to me to concern our very existence as a
Another striking manifestation of too much government is reflected
government--a condition we ourselves have invited. I am not discussing in the clogged condition of our United States courts. We
have almost
these in a spirit of contention or complaint, but only reciting the dangers reduced our Federal courts to mere police courts. More
than 80,000
as I see them.
criminal cases are now pending in the United States courts of this country.
People are impatient and restless every where. They are smarting under There is no really good citizen who is not in favor of law
enforcement in
Government restraint and the burdens of taxation. This unrest manifests the fullest and most ample way. Instead of repealing
thousands of useless,
itself in many ways. For instance, It is doubtful if human life was ever obnoxious and unnecessary laws so that the balance can be
enforced, the
held so cheap or property rights more insecure than now. It has been tendency has been toward a multiplicity of laws, until the
people have
estimated that we have 300,000 organized Reds in the United States— gotten to the point where they can hardly have an
independent thought
organized for the specific purpose of overthrowing our Government. We without violating some law. Few things would be more
helpful to this
possibly have 10,000,000 radicals, who by their socialistic and communistic country than for our legislative bodies, both national and
State, to begin
demands, are in a way undermining the very foundations of our free institu- a wholesale repealing of some of our most obnoxious and restrictive laws,
tions. Thoughtful people are beginning to realize that we have too much and for every one,for a period of time, at least, to
attend strictly to his own
government, too much interference with the rights and privileges of the business and let the other fellow alone. If we could,
for a brief time,
people; that we are as a nation unwittingly manufacturing both radicals and muzzle some of our so-called "reformers" in
this country, it would be
reds at an enormous rate. We seem to be traveling along precisely the extremely helpful.
same road that has wrecked many of the great countries in the past. Too
Commissions and Bureaus Seldom Abolished.
much government and too restrictive laws have been the curse of all ages.
When a commission is created or a bureau established, it is almost
Declares Country Waterlogged With Laws.
impossible to abolish the same; the tendency is in exactly the opposite
This country is literally waterlogged with laws. Congress has been in direction. For instance, when the Division of Indian Affairs was created
almost continuous session for ten years. Instead of meeting the issues and it had only seventy or eighty men to look after our Indian affairs. Our
solving within themselves some of the perplexing problems that arise, their Indian population is now 333,000, and there are between 5,000 and 8,000
policy in recent years has been to set up a multitude of commissions and men in that Department to-day. In the creation of the Veterans' Bureau
bureaus to meddle with the most intimate affairs of the people, and to it has been stated that there are one-half as many men employed in that
regulate by law nearly all of their activities. This has been the tendency Bureau as we had wounded in France.
for twenty-five years. It has been most noticeable for the past sixteen
Our Government apparently never finishes anything. During the last
years. During these sixteen years there has been proposed in Congress session of Congress it developed that there were clerks in the Treasury
179,902 new laws. During a recent two-and-one-half months session of Department checking over claims growing out of the War of 1812. Possibly,
the Legislature of one of our States 2,400 new laws were proposed. Taking if no unforeseen complication arises, this work will be completed in another
this as an average, there have been proposed by the legislatures of the century.
JULY 7 1923.1
THE CHRONICLE
Apparently, there are just two more major things the Government can
take over, one is the schools of the country, and the other is the elections;
and if it takes charge of both, local self-government will almost entirely
disappear, and ours would be as much of a centralized Government as
Germany or Russia has ever been.
Unlimited Power Intoxicates Men.
Unlimited power intoxicates most men, and will often make of the
mildest mannered man a ferocious beast. No man has ever been good
enough to be master of another. From the beginning of civilization down
to the present time the concentration of power has been the one instrument
above all others by which free governments have been destroyed.
No man has ever seen a report by one of these Government commissioners
or bureau chiefs that did not ask for one of two things—first, for more
power, and, second, for a larger appropriation. All history warns against
the concentration of too much power in any government. Gladstone, in
almost his last public utterance, warned England against the concentration
of power in the Crown. He said that power should be returned to the
people, to whom it belonged. Yet the people of England are considered to
have more liberties than almost any people in the world. Repressive
measures should seldom be resorted to, but the practice in this country has
been that when the people rebelled against these oppressive measures,
Instead of repealing or modifying them, to pass laws that are still more
oppressive.
Crushing Weight of Taxes.
Another striking manifestation of too much government is reflected in
our crushing weight of taxes. There is now little incentive for men to
strive, to sacrifice, to labor and achieve. By our high rates we are driving
the rich to tax-free securities, thus putting a premium on idleness and a
penalty on industry. In eight years the taxes in this country for all purposes
have increased 390%. The people are now paying $8,500,000,000 per
annum in taxes. This vast increase is by no means all due to the war, and
much that is excused on account of the war could be greatly lessened, if
not entirely eliminated. More than 15% of the total income of the American people now goes for taxes. We all work one day out of every week to
support our various governments. Thirteen per cent of our living cost is
made up of taxes. It costs more to support our Federal Government than
it does to support the governments of the forty-eight States, every county,
and every city and town in the United States. Twenty years ago the total
expenditure of the Federal Government for every purpose was about oneeighth of what it is to-day. The total expenses of our Government in 1864,
when the Civil War expenditures were at their crest, were only about onefourth of what they will be for the fiscal year ending June 1923.
Perhaps the fairest tax ever devised was the income tax. but it has made
the raising of funds so easy that it has provoked a riot of extravagance
everywhere, and no one can see the end. It has also helped to destroy the
doctrine of State sovereignty. Our taxes are stifling industry, and will
eventually lower our standard of living. We are now taking more than
$2.000,000,000 per annum in taxes from the earnings of the people that
ought to go into productive pursuits. Our whole country is crying out for
more houses and for more public and private improvements.
Collection of Income Tax Sometimes Harsh.
Not only are our Federal taxes an intolerable burden, but the method of
their collection is often annoying, and sometimes extremely harsh. Your
tax receipt from your State, county or city usually ends the matter, but not
so with the Federal Government. Five years after you have paid your
taxes, inspectors, or so-called "tax experts," will come around and figure up
your taxes again, and there seems to be as many different ways ofcomputing
them as there are of these "experts." Sometimes the same year will be
figured over two or three times, and each time in a different way. The
Government is now asking the taxpayers throughout the country to sign
a waiver giving them in addition to the five years they already have, unlimited time in which to check over these tax returns. So it may be fifteen
years from the date your taxes are due until you know whether or not
you have paid them in full. Your State, your county and your city trust
you to pay your taxes. Your Uncle Sam trusts no one. Many a person
Is unjustly taxed, but he pays the tax rather than incur the expense of a
lawyer or an expert to go to Washington to see that he gets a fair deal.
Such treatment often'dostroys a man's respect for his Government. Millions
of dollars, no doubt, are annually extorted from the people in this way,
and such treatment amounts to simply a denial of justice. Instances are
on record where intelligent men have gone to Washington eight or ten times
on the same matter before they could even secure a hearing or find a party
to Whom they should appeal. It makes no difference how unjust taxes
may be, it is an expensive procedure for a taxpayer to convince the authorities that they are unjust. The administration of our Tax Department has
brought an army of tax lawyers and accountants to Washington, and other
large cities, that are living off the taxpayers of this country. It will be
surprising if there is not later opened up an amazing field for graft and
extortion arising from the administration of our income tax system.
There are around Washington, what is known as "expert drafters of
bills." Some of these were employed to draft the last Revenue Act, and if
they had been engaged for the express purpose of annoying the people
and making it difficult for them to know on what to pay taxes, how to make
up their tax returns, or to ever know when they had finished paying them.
no more auspicious beginning could have been devised than the 1921 and
previous revenue acts.
Taxation to be Issue in Presidential Campaign.
However hard the political leaders may try to shape the issues of the
next Presidential campaign,they are not going to make them the League
of Nations, the question of joining the International Court, the Bonus Bill,
the Ship Subsidy Bill, or anything of that nature. The two outstanding
issues above all others will be, first the question of taxation, the laying of
crushing burdens upon the people and the almost criminal waste of the
People's money; second, the decentralization of the Federal Government,
the giving back to the people some of the rights and privileges that have been
taken from them.
More than 7,000,000 people in the United States pay Federal income
taxes-6,000,000 with incomes less than $5,000 per annum. These, alone,
are enough to control any Presidential election. The direct taxpayer sere
by no means the only ones that are interested 'n the matter of taxes, for,
in almost every business transaction the matter of taxes enters. Party
platforms and party candidates had little to do with the result of the
Presidential election of 1920. The political leaders in no sense made the
issue at that time. The people themselves made it, and the reason for the
unprecedented majority of the Republican candidate was that the people
were rebelling against these restrictive measures and the burdens of taxation.
I speak in no partisan sense when I say that if the Democratic party
can convince the people two years hence that they will really reduce our
intolerable tax burdens and get away from the paternalistic tendencies of
the Government, they will sweep the Republican party from power, just
as the Republican party swept them from power two years ago. If neither
of the old parties can give the people relief within the next few years, a
49
third party will undoubtedly be formed, and both of the old parties will
be thrown into the scrap heap.
Voters Independent Now.
The voters of this country are becoming independent—really independent
for the first time in the history of this Republic. Party labels count for
nothing with most people. There are a few real outstanding issues that
divide the two great parties as in the past. In fact, they have changed
positions on a great many. For instance, the Democratic party has always
been against a centralized Government and for the greatest freedom for
the States. They have always stood for liberty of its citizens and the rights
of the States, yet during the last Democratic administration more measures
were passed (aside from those incident to the war) taking power away from
the people and the States, than had ever been passed in a like period since
the very beginning of this Republic. If a third party should be created
that would take the Constitution as its platform, with a leadership that
inspired confidence, there can be no question as to the results. It would
probably be unwise at this time for a third party to be formed. The old
parties should be given another chance. The real remedy now, it seems to
me, is for each of us to appreciate more fully the responsibilities of citizenship. A man is a poor citizen who will not fight for his country in time of
war or who will not participate in its public affairs in time of peace; and in
participating in its public affairs. I do not in any sense mean the holding of
public office, but the better citizens of this country must take a more
active interest in political matters. This country must get back to the
fundamentals. We must get back to the Constitution, back to the spirit
of the Declaration of Independence, back to the principles enunciated by
Thomas Jefferson when he said "The best governed are the least governed";
back to the simplicity of government. If we do, America will continue
to be the proudest hope of mankind, the Utopia of the world.
Leroy A. Mershon on Co-operation Between Trust
Companies and the Legal Profession.
Discussing "The Prevention of Unnecessary Legislation"
before the New England Bankers Association in convention
at New London, Conn., on June 15, Leroy A. Mershon, Deputy Manager of the American Bankers Association, pointed
out that "less than a century ago the three great professions
were concerned almost entirely with effecting cures." "Today," he continued, "the authorized representative of medicine, religion and the law are divided and sub-divided into
specialists Who are devoted to discovering causes and applying the prophylactic method of prevention at the source."
Prevention at the source, said Mr. Mershon, "makes unnecessary any legislation," adding:
The wholehearted and constant co-operation of the fiduciary institutions
of all of the New England States meeting here to-day and to-morrow is
earnestly invited.
In the realm of physics, friction is lost power. This is also true in our
everyday life. It is costly. Harmony means progress and success. It
is free.
The earnest hope that I convey to you to-day is that you study this subject faithfully in order to draw a clear line of distinction between legal practice and the administration of trusts.
In this way, the broader interest of the public, which is paramount, will
be preserved and this great service to the living and the dead shall go on
unabated to greater heights of usefulness.
In part Mr. Mershon also said:
Formerly, the responsibility for prevention at the source was chargeable
almost entirely to individuals but during later years a collection of individuals, in corporations, have shared this responsibility. Just one hundred
years ago a certain group of individuals were banded together in corporate
form to perform fiduciary functions clothed with special equipment and perpetual existence, as well as financial responsibility, they began the exercise
of certain functions formerly performed by individuals. The outgrowth
of this banding together is known to us as the modern trust company. The
first eighty years of the existence of trust companies was largely spent in
the creation of confidence and good-will. This came because of duty
well performed. The last two decades have seen a marvelous growth in
these great reserviors of service. With their banking and trust resources
conservatively estimated at sixty billions of dollars and a record of achievement unsurpassed in any business or profession they stand as a bulwark
of safety, assurance and comfort to the man of action and accomplishment
who knows the uncertainty of life and the sureness of death.
It has not been unnatural, therefore, that the expansion of the corporate
fiduciary should invite the attention of the legally trained mind. The
administration of the affairs of the living and the dead necessitates the handling of so many questions concerning the intimate relationships of life that
frequently it has been a difficult task to divorce the purely business affairs
from those of a professional nature. This has been rendered more difficult by the rapid increase in the appointments to service and the complicated duties connected therewith.
Twelve years ago Marquis Eaton, Esquire, of the Chicago Bar in discussing "The Relation of the Trust Company to the Lawyer" at the Sixteenth
Annual Convention of the Trust Company Division of the American Bankers Association, drew a clear line between the administration of estates
and the practice of the law. He also set forth many ways in which the
corporate fiduciary is of real service to the lawyer and his client.
At the Chicago Convention in 1918. Mr. Frank W.Blair, in his address as
President of the Trust Company Division, American Bankers Association,
called attention to the apparent misunderstandings between members of
the legal profession and trust companies in certain parts of the country.
Ile recommended the appointment of a special committee to make a study of
this subject and propose such remedial measures as might be deemed necessary. A resolution in support of this recommendation was unanimously
adopted. It called attention to the lack of understanding of the true
and necessary functions of a trust company and its relations with the legal
profession and stated that the trust companies of the United States and the
legal profession have common interests and public duties to perform. The
Committee on Co-operation with the Bar was thereupon created.
This newly created committee meeting in November 1918 began an exhaustive study of the subject. It considered the causes of the apparent
estrangement between trust companies and lawyers;the effect produced by
the then existing conditions and the remedies needed.
In May, 1919, the-committee submitted a comprehensive report to the
Executive Committee of the Trust Company Division at its meeting held
at White Sulphur Springs, West Virginia. This report included an analysis
of the laws of these States having statutes prohibiting the unauthorized
50
[vol.. 117.
THE CHRONICLE
practice of the law. It also recommended a continuance of efforts to advise
individual trust companies known to be offending the legal profession in
any particular in respect to their advertising or practice. At this meeting
an invitation was presented from the Conference of State and Local Bar
Associations to discuss "The relation of trust companies to the practice
of law" this being the subject placed upon the program by the Bar Association Committee for discussion at their convention held in Boston on
Sept. 2 1919. The invitation was accepted. A delegation of seven trust
company officials from different parts of the country attended the meeting.
Several erroneous impressions regarding trust company ideals and practices
were dispelled. The Bar conference adopted the following resolution:
Resolved. That it is the sense of this meeting that it is in the interest of
society that the intimate and direct relationship of attorney and client shall
be preserved, and that corporate or lay practice of law is destructive of
that relationship and tends to lower the standard of professional responsibility;
Resolved further, That trust companies, while possessing proper and
legitimate functions of a business and fiduciary character are not constituted or organized for the purpose of furnishing legal advice to clients—
drawing wills or furnishing legal services:
Resolved further, That the efforts of the Trust Company Section of the
American Bankers Association to eliminate evil practices on the part of
trust companies be encouraged and the effort to co-operate with the bar
be cordially welcomed;
Resolved, To that end, that we recommend to State and local bar associations that they bring to the attention of the Trust Company Section of the
American Bankers Association any evil practices of trust companies or
bankers of which they are aware in order that the bankers'organization may,
like the lawyers' organization, purge its ranks of wrong doing or error;
Resolved further, That a special committee of six be appointed to prepare
for the use of State and local bar associations a careful brief of what constitutes practice of the law and what constitutes unlawful and improper practice of the law by laymen or lay agencies, and that said committee report
at the next conference.
In August, 1920, the convention of the American Bar Association was
held in St. Louis. The special committee of the conference of Bar Association delegates presented its report. It contained the committee's definition "On what constitutes practice of the law end what constitutes unlawful
and improper practice of the law by laymen or lay agencies." The report
WSS adopted.
At the meeting of the Trust Company Division, American Bankers
Association held in Washington, October, 1920, it was decided to prepare
and forward a general communication to all members of the division. It
was sent in January, 1921. The purpose of the communication was to
-operation between trust companies and the legal profession.
promote real cc
"First and foremost" reads the letter, "trust companies should so conduct their business that all possible conflict of interest with lawyers will be
eliminated. Therefore, when a client proposes to name a trust company
as executor or trustee of his or her estate every effort should be made to
have the attorney for the client draw his or her will and in all legal matters
In connection with the administration of the estate the client's attorney
should, if possible, be employed."
Throughout the letter appeals were made with a view to prevention of
conflict of interest at the source. This communication had a beneficial
effect. Prompt assurance was given from many sources of co-operation
in carrying out the desire of the committee.
The proper development of trust companies increases legal practice.
Large sums of money are used each year to induce individuals to act in an
orderly manner in the arrangement of their mundane affairs for the inevitable end of life. Separately and ccIlectively, trust companies are urging
men and women everywhere to put their houses in order. This means the
preparation of wills and trust agreements which calls for a knowledge er the
law and the business administration of trusts.
The service of the trust companies to indii!dual lawyers is universal and
Invaluable. Through the use of the well-organized and highly specialized
departments of the modern trust company the lawyer has at his command
an equipment which enables him to serve his clients more completely.
Throughout the life of the Committee on Co-operation with the Bar many
manifestations have been given of co-operation in fact rather than in name
only. Hundreds of letters have been written and many miles have been
traveled in bringing to bear upon officials of fiduciary Institutions the deep
convinction of the high principle involved in this discussion. It is with
particular pride that I tell you to-day that we have met with almost one
hundred percent success in this great work. We have given evidence to
the leaders and members of the bar through word and deed that our cooperation is genuine.
Irwpm the leaders and many members of the bar much evidence of appreciation of our efforts has been received. In the resolution adopted by members of the bar at Boston in 1919: in reports of meetings of bar associations
in different parts of the country and in printed reports of bar committees,
our committee has been commended for its work.
Last August the American Bar Association convened at San Francisco.
At one of the meetings held in that city at that time, Julius Henry Cohen,
Esq., of the New York Bar, addressed the delegates. Mr. Cohen told the
delegates of our meeting together about five years ago when we discussed
the conflict between trust companies and lawyers, "From that day to
this," said Mr. Cohen,"I can testify as a witness open the subject that we
have had a most hearty co-operation from the Trust Company Section of
the American Bankers Association."
Officers of the Equitable Trust Co. of New York tendered
a dinner on Monday evening last at the University Club
to A. W. Loasby in honor of his election to the Presidency
of the trust company. Alvin W. Krech, Chairman of the
Board, was toastmaster, and other speakers included Lyman
Rhoades, George LeBlanc, Henry Cooper, Heman Dowd
and Morris K. Parker.
At the meeting of the trustees of the Bank of New York
& Trust Co. on July 3, Cleveland E. Dodge was elected a
trustee of the company to succeed his father, Cleveland H.
Dodge, who had resigned. Mr. Dodge is the third representative of his family to be chosen to this board, his grandfather, William E. Dodge, having been elected in 1864, and
his father, Cleveland H. Dodge, having been elected to succeed him in 1993.
At a meeting of the board of directors of the Bankers
Trust Co.of New York on July 3, Frederick S. Bale, who has
been Assistant to the President, was elected a Vice-President;
E. S. Chappelear, who has been Auditor, appointed to the
newly created position of Comptroller, and H. L. Simms
appointed Auditor.
Douglass B. Simonson has been appointed an Assistant
Cashier of The National City Bank of New York.
-4.--
The Henry J.. Schnitzer State Bank of this city has changed
its name to the Universal Exchange Bank and will conductits
business at the same address as heretofore,164 Washington St.
The board of directors at its last meeting elected Henry J.
Schnitzer President, in place of Jules Charmatz, who resigned. Herbert S. De Marrais, for many years connected
with the old Liberty National Bank, now known as the
New York Trust Co., and Alexander Gran Wardmoyer,
formerly with the Mechanics & Metals National Bank, have
been elected Vice-Presidents.
The condensed statement of the condition of the Guaranty
Trust Co. of New York as of June 30 1923, issued July 5,
shows deposits of $479,811,505 and resources of $595,419,595. Surplus and undivided profits total $18,290,126.
The International Acceptance Bank, Inc., New York,
announces that at the last meeting of the directors Matthew
C. Brush was elected a director. Mr. Brush is President of
the Arnerican International Corporation, New York. The
board of directors of the International Acceptance Bank,
Inc., is now as follows:
Matthew C. Brush, President American International Corporation,
New York; Newcomb Carlton, President Western Union Telegraph Co.,
New York; Emory W. Clark, President First National Bank in Detroit,
Detroit; Walter E. Frew, President Corn Exchange Bank, New York;
F. Abbott Goodhue, President; Robert F. Herrick, Herrick, Smith, Donald
& Farley, Boston; L. Nachmann, Vice-President; John T.Pratt, New York;
Lawrence H. Shearman, W. R. Grace & Co., New York; William Skinner,
William Skinner & Sons, New York; Philip Stockton, President Old Colony
Trust Co., Boston; Chas. A. Stone, President American International
Corporation, New York; Henry Tatnall, Vico-President Pennsylvania RR.
Co., Philadelphia; Felix M. Warburg, Kuhn, Loeb & Co., New York;
Paul M. Warburg, Chairman of the board of directors; Thos. H. West Jr.,
President Rhode Island Hospital Trust Co., Providence; Daniel G. Wing,
President First National Bank of Boston, Boston.
An increase in deposits of 12% during the past year is
shown by the June 30th statement of the American Trust
Co., which has just been published. This brings the total of
deposits to $24,290,456. The total resources of the American
Trust Co. are reported as $28,019,532, an increase of about
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC. 13%, and an increase in the outstanding loans, both secured
and unsecured, reflects the growth of the company's business
Otto H. Kahn, of Kuhn, Loeb & Co., sailed for Europe on
the year.
Aquitania. He expects to be away three during
the 3d inst. on the
months and to visit England, France, Austria and Hungary.
At the regular meeting of the directors of the Industrial
A study of financial and economic conditions will be made by Trust, Title & Savings Co. of Philadelphia on July 5, Harry
the banker, who also undertakes the trip for recreation.
Marshall was elected Assistant Secretary and Assistant
Treasurer.
The Importers & Traders National Bank of New York
Henry W. Biddle, senior member of the brokerage house
has been merged into the Equitable Trust Co. of New York,
the consolidation having been completed Friday, June 29. of Thomas A. Biddle & Co. of Philadelphia, died at his
As a result of the merger, it is announced,the Equitable now residence in Paoli on July 2 after a prolonged illness. Mr.
has a capital of $23,000,000 and surplus and undivided profits Biddle was born in Philadelphia on April 7 1848. He was
of more than $9,500,000; deposits are in excess of $301,000,- graduated from the University of Pennsylvania in 1866, and
000 and total resources are approximately $375,000,000. later received his master's degree. For many years he was
The offices of the Importers & Traders National Bank, at associated with his father (Thomas A. Biddle, the founder
247 Broadway, are now known and operated as "the Im- of the firm), in the brokerage business, and also was a diporters & Traders Office" of the Equitable. The merger rector in numerous banks and trust companies. Mr. Biddle
plans were referred to in these columns Feb. 24, page 777; was admitted to membership in the Philadelphia Stock
March 10, page 1014; April 21, page 1725; June 2, page 2482, Exchange on Dec. 21 1868 and was one of the oldest members
and June 23, page 2847.
of that Exchange.
JULY 7 1923.]
THE CHRONICLE
George E. Stauffer was appointed a Vice-President of the
Fourth Street National Bank of Philadelphia on June 26.
Mr. Stauffer was an Assistant Cashier prior to becoming
Vice-President. He was formerly a national bank examiner
in the Philadelphia district. C. F. Weihman and C. R.
Horton have been appointed Assistant Cashiers. Mr.
Horton has been with the bank for twenty-five years. H. C.
Reifsnyder has been appointed Auditor. Mr. Reifsnyder
has been connected with the bank for twenty-six years.
The appointment became effective July 1 1923.
A special meeting of the stockholders of • the Union National Bank of Philadelphia will be held on July 24 1923
to vote on a proposal to increase the capital stock from
$500,000 to $1,000,000. The new stock is to be offered
to stockholders at $180 per share.
Bert H. Smyers has resigned as Vice-President of the
Pittsburgh Trust Company of Pittsburgh, Pa., effective
July 1. Mr. Smyers had been connected with the trust
company since its incorporation. He will resume the practice of law, continuing his connection with the trust company
for six months in an advisory capacity.
July 1 was the 60th anniversary of the founding of the First
National Bank of Chicago and the event was celebrated by
the bank on the following day. The institution began business at 22 La Salle Street, Edward Aiken being its first President. The wonderful growth in the bank's business since
1863 is seen when some of the principal items in the first
quarterly statement of the bank (Sept. 30 1863) and the corresponding items in the bank's statement as of July 1 1923
are compared. On Sept. 30 1863 the bank had a paid-in
capital of $205,000 with no surplus, as against a paid-in
capital of $12,500,000, with surplus and undivided profits of
$17,165,476 on July 1 of this year; deposits of $211,591, as
against deposits of $205,007,647, and total resources of $481,849, in 1863, as compared with $246,684,550 to-day. The
First Trust & Savings Bank, the affiliated institution of the
First National Bank of Chicago, has a capital of $6,250,000,
with surplus and undivided profits of $9,268,967; total deposits of $98,342,154 and total resources of $120,906,662.
The combined deposits of the two banks amount to $303,349,212 and their combined resources to $367,591,212.
James B. Forgan is Chairman of the Board of both banks,
while Frank 0. Wetmore is President of the First National
Bank and Melvin A. Taylor President of the trust company.
On July 2 the Foreman National Bank and the Foreman
Trust & Savings Bank—the two new institutions which
have succeeded to the business of the Foreman Bros. Banking
Co. of Chicago—opened for business in the building heretofore occupied by the banking company at the southwest
corner of La Salle and Washington streets, which has been
extensively remodeled to meet the needs of the new banks.
Great quantities of flowers were received for the occasion
and throughout the day the banking rooms were thronged
with visitors. When the institutions had closed for the day
it was found, it is said, that fully $2,500,000 in deposits
(representing new business) had been added to the total
deposits of the banks, making the same more than $60,000,000. The officers of the new Foreman National Bank,
which has a capital of $2,500,000 and surplus of $1,500,000,
are as follows: Oscar G. Foreman, Chairman of the Board;
Harold E. Foreman, President; George N. Neise, Alfred K.
Foreman, Gerhard Foreman, William J. Fickinger, John
Terborgh and Charles A. Burns, Vice-Presidents; Andrew F.
Moeller, 2d Vice-President and Cashier; Frank B. Woltz and
J. E. Sullivan, 2d Vice-Presidents; Edwin G. Foreman, Jr.,
Max J. Thies, James S. Rodie, Edwin G. Noise, Elmer C.
Maywald, Otto J. Hansa and G. A. West, Assistant Cashiers
and John H.Bartelme,Auditor. The officers of the Foreman
Trust & Savings Bank, which has a capital of $1,000,000
and surplus of $500,000, are the same as those of the Foreman
National Bank with the exception that there are no 2d VicePresidents and that Edwin G. Foreman, Jr., is Cashier;
James E. Hemingway, Secretary; Harry Krauspe, Assistant
Secretary; Neil J. Shannon, Trust Officer; John W. Bissell,
Assistant Trust Officer and Robert B. Whiting, Bond
Officer. The bond departmtne of the Foreman Trust &
Savings Bank marks the entrance, it is said, of the Foremans
into the bond field on an extensive scale. Mr. Whiting,
who has charge of this department, resigned as Secretary &
Treasurer of Stevenson Bros. & Perry of Chicago to take
the position. Since 1914, it is said, at which time he left
New York and went to Chicago, he has been actively en-
51
gaged in the investment banking field. Foreman Bros.
Banking Co. was founded in 1862 as a private bank and
began business in one room. It was incorporated as a State
bank in 1897. The combined capital, surplus and undivided
profits of the two institutions which now represent the business is more than $6,000,000.
The stockholders of the Cosmopolitan State Bank of
Chicago have ratified a proposal to increase the capital
stock from $500,000 to•$750,000. The stockholders of
record as of June 20 will be permitted to subscribe for the
new stock in the amount of 50% of their holdings at $150 a
share. The additional stock was authorized by the shareholders June 20 and subscriptions were due on or before
July 31 1923.
At the quarterly meeting of the directors of Minneapolis
Trust Co. of Minneapolis on June 29, Charles F. Leigh,
President of the Lavoris Chemical Co., was elected a director
of the company to succeed the late Francis W. Little.
H. C. Moore has been made Cashier of the Corn Exchange
Bank of Kansas City. Mr. Moore's election to the post
follows the purchase of the stock holdings of Richard Morro,
former Cashier, by T. H. Brougham, President of the bank,
and John T. Wayland, a director and manager of the savings
department of the Federal Reserve Bank. Mr. Moore had
heretofore been an examiner for the Kansas City Clearing
House Association.
The American State Bank of Wichita, Kansas, on June
18 closed its doors following the discovery of a shortage in
the funds of the institution of approximately $1,500,000.
The following day (June 19) Philip A. Drumm, the Cashier
of the bank, was placed under arrest on a warrant issued on
the complaint of Carl J. Peterson, the State Bank Commissioner, charging him with the alleged making of a false statement to the State bank examiners on Nov. 24 last. When
arraigned before the County Attorney, Walter A. Blake,
Drumm, it is said, admitted his guilt and declared he was
responsible for the shortage in the bank's funds. Subsequently he was released on a bond of $15,000 furnished by
his personal friends. The accused Cashier, it is said, is
alleged to have sold municipal bonds which the bank had
purchased for investment and loaned the money he obtained
for them to individuals, companies and corporations. A
special press dispatch from Wichita on June 10 to the New
York "Times" said in part:
The Cashier was in conference until 2 o'clock this morning with bankers
and lawyers who were endeavoring to disentangle the financial affairs of
the institution. He declined to make a signed statement regarding his
speculations.
"I have been in hell the last three years," Drumm declared to bank
officials, admitting he had been guilty of selling municipal bonds, purchased
for investment by the bank, and lending the money to individuals, companies and corporations without notifying the officers of the institution.
"It is a case of bad loans," Drumm said at the County Attorney's office.
Individuals, companies and corporations had failed to meet their obligations
at the bank.
The notes involved were taken to or indorsed by the American State
Bank, the Cashier asserted. "None of the money was used by me individually. I am not an officer in any of the companies or corporations
Involved. I do not believe the depositors of the bank will lose a thing."
He declared that between 70 and 75% of the funds would be paid.
He has turned over to bank officials about $600,000 in notes, which are
said to be of doubtful value. Sums totaling $700,000 lent by the American
State Bank to the Kansas Gas & Petroleum Co. of Wichita and Frontier
Refining Co. of Hutchinson, said to be allied companies, are the principal
Items in the irregularities admitted by Drumm, according to Robert C.
Foulston, attorney for the bank.
The American State Bank of Wichita had a capital of
$150,000, surplus and undivided profits of $250,000 and total
deposits of approximately $5,500,000. A press dispatch
from Wichita on June 21, printed in the Topeka "Capital"
of June 22, with regard to the failure of the bank, contained
the following statement issued by State Bank Commissioner
Peterson:
The bank guarantee fund now amounts to $1,900,000. A number of
banks have failed in Kansas in the past year or two. Their net losses will
amount to about $1,500,000. By the time the affairs of the American
State Bank are settled there will be ample money in that fund to pay all
of the claims, including those of the American State Bank.
There will be a meeting of all Wichita banks under the guaranty law
to-day (June 21) at 4 o'clock. This has been called by the banks themselves
and I have been asked to explain all the details of the law.
You can say positively that the State Bank Guaranty Law is working,
as far as the depositors in this case are concerned. I am still of the opinion
that the assets of the bank will take care of the situation. It may take two
years to adjust all the affairs of the bank, but the depositors will get their
money.
There is a movement on foot to reorganize the bank and continue in
business. We had a telegram from a man in another town to-day asking
to be let in on a reorganization.
A new financial institution is to be formed in St. Louis as
an adjunct of the National Bank of Commerce under the
name of the Commerce Co. with a capital of $1,000,000.
52
THE CHRONICLE
The proposed institution will handle investment loans such
as first mortgage real estate loans, industrial bonds and other
securities. Under the plans relative to the organization of
the new company it is proposed to declare a cash dividend of
10% out of the undivided profits of the bank, which the
stockholders are to invest in the stock of the new company,
each shareholder holding his proportionate share of the stock
in the new organization. President Lonsdale announces that
the new company will be housed in the Pine Street side of the
Federal Reserve Building formerry occupied by the Mortgage
Trust Co. The new organization will be the fifth new
financial facility added to the National Bank of Commerce
since Mr. Lonsdale became President in 1915. The other
departments are savings, bonds, trusts, and the operation
of its own safe deposit vaults. President Lonsdale, in his
advices to the stockholders of the bank on June 18 regarding
the creation of the new organization, said:
Saint Louis, June 18 1923.
To the Stockholders of the National Bank of Commerce in St. Louis:
As you know, we have established a savings department which now has
nearly 50,000 depositors, with total deposits of over eight millions. We
have also put in a bond department which is doing a very satisfactory
business. By special permission of the Federal Reserve Board, the bank
qualified to act in a fiduciary capacity, and our trust department is now
handling a large volume of trust matters. We have also taken over and
are now operating our safe deposit vaults.
There are, however, some financial matters that cannot be transacted
through a national bank, and yet are allied with commercial banking so
closely that we have realized for some time the necessity of having a way
to take care of this business. And so, at a recent meeting of the board of
directors, the officers of the bank were directed to formulate a plan for
creating a company to be called Commerce Co. or some other suitable name
which will have the power of dealing in all kinds of securities, including first
mortgages on real estate, real estate, and other matters of like character, it
being the purpose that the charter of this company shall be broad enough
to enable the company to supplement the service now performed by the
bank.
The new company is to be owned by the stockholders of the bank in
proportion to their holdings of stock in the bank. We have examined a
number of different plans that have been adopted by national banks
throughout the country, and have concluded that the best is that known
as the Chicago plan. Under this plan, the directors of this bank will
declare a 10% cash dividend, amounting to a million dollars, and the stockholders will be asked to subscribe for stock in the new company in an
amount equal to this dividend, and authorize the committee to apply the
proceeds in payment of their stock in the new company. In this way each
subscribing shareholder in the bank will have one-tenth of a share of fully
paid stock in the new company for each share of stock in the bank.
Believing that the interests of the stockholders of this bank will best be
served if their interests in the bank and the new company are kept identical.
the plan of organization provides that the stock in the new company shall
be held by the trustees named in the agreement for the benefit of the
subscribers, except the few shares that may be necessary for the directors
to qualify. While such trust continues, the beneficial interest in the stock
of the new company deposited with the trustees will pass with the transfer
of the stock in this bank.
Each stockholder, therefore, is requested to sign the enclosed acceptance
and power of attorney so that the new company may be promptly organized
and put in operation. The gentlemen named in the power of attorney are
directors and large stockholders in the bank.
Yours truly,
JNO. S. LONSDALE, President.
[VoL. 117.
THE CURB MARKET.
Trading in the Curb Market this week was quiet. Periodic selling movements served as an unsettling influence
and carried prices to lower levels with stocks showing little
rallying power. The close was quiet, though with a better
tone. Oil'stocks were the most prominent features. Prairie
Oil & Gas and Prairie Pipe Line were conspicuous for a break
of nine points to 175 for the former and six points to 93 in
the latter. Both made good recoveries to 180 and 96%,
respectively. Galena-Signal Oil com, sold down from 59%
to 55, but sold back to 60 to-day. Indiana Pipe Line fell
from 983/i to 95 and closed to-day at 96. Standard Oil
(Indiana) after fractional advance to 5534 dropped to 523i
and recovered finally to 53%. Standard Oil of N. Y.
weakened from 36% to 36, recovered to 373 and sold finally
at 363. Vacuum Oil eased off from 45% to 43% and
closed to-day at 443'g. Gulf Oil of Pa. advanced from 503
to 515 . Maracaibo Oil lost about two points to 193/ and
%
ends the week at 19%. Trading in industrials was without
feature. Gillette Safety Razor was under pressure and declined from 250 to 242, the close to-day being at 2
43%.
Cleveland Automobile corn. was off a point to 24%. Durant
%
Motors, Inc., after early advance from 425 to 44%, broke
to 40% and recovered finally to 43. Glen Alden Coal lost
a point to 65 and National Supply Co. corn. over two points
to 503 , though the latter recovered to 52%. Bonds were
%
dull.
A complete record of Curb Maket transactions for the
week will be found on page 75.
ENGLISH FINANCIAL MARKETS
-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
London,
Sat.
Mon. Tues.
Wed. Thurs.
Fri.
June 30. July 2. July 3. July 4. July 5. July 6,
Week endsng July 6.
d 311ap
311 s
silver, per oz '
31hs
30Ihs
31
Null
Gold, per fine ounce
89s.11d. 90s.
900.2d. 908.4d. 906.7d. 909.5d.
Consols, 24 per cents
58%
58%
581.(
571.i
56%
British, 5 per cents
101
100%
100%
9951
1004
British, 4% per cents
French Rentea (in Paris)--fr. ---- 56
55.85
55.85
55.80
55.85
74.85
76
French War Loan(in Pafis)!r. ____
75
75.20
75
The price of silver in New York on the same day has been:
Silver in N.Y., per oa. (cts.):
63
Foreign
6251
6214
----
6254
6354
COURSE OF BANK CLEARINGS.
Bank clearings the present week show a satisfactory increase over 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 7) aggregate bank clearings for all the cities in the
United States from which it is possible to obtain weekly
returns will show an increase of 18.8% as compared with the
corresponding week last year. The total stands at $8,006,THE WEEK ON THE NEW YORK STOCK EXCHANGE. 971,221, against $6,741,353,630 for the same week in 1922.
There has been little in the way of encouragement in the Our comparative summary for the week is as follows:
trend of prices in the stock market this week, except that
Clearings-Returns by Telegraph.
Per
there has been a sharp upward reaction the last two days.
Week ending July 7.
1923.
1922.
Cent.
Many new low records for the year have been established.
Newyork
33,839,000,000 33,223,176,517 +19.1
526,924,789
On Saturday prices receded during the opening hour, rallied Chicago
416,157,706 +26.6
401,000,000
307,000,000 +30.6
at midsession and resumed their downward course in the Philadelphia
320,000,000
Boston
225,000,000 +42.2
98,302,597
95,128,265
+3.3
closing hour. On Monday the market again rallied some- Kansas City
a
a
Bt. Louis
a
126,700,000
106,100,000 +19.4
what, but there was little effort at support and the recovery San Francisco
.
124,177,225
Pittsburgh
98,000,000 +26.7
was not maintained. On Tuesday the market sagged Detroit
104,680,023
76,096,260 +73.6
83,474,447
54,571,605 +53.0
further and losses were general throughout the list. Numer- Baltimore
46,157,807
New Orleans
41,778,454 +10.5
ous declines of one to two points were reported in the late
Ten cities, 5 days
35,670,416,888 34,643,008,807 +22.1
1,002,059,130
afternoon session. There was no apparent improvement Other cities, 5 days
974,785,885
+2.8
in the price movement as the market opened on Thursday, Total all cities, 5 days
36,672,476,018 35,617,794,692 +18.8
1,334,495,203
1,123,355,938 +18.8
but later in the day the market recovered somewhat. The All cities, 1 day
Total all cities for week
38,006,971,221 36,741,353,630 +18.8
continued in the afternoon trading and in the closing
rally
hour a number of the more active securities registered ad- 'Estimated, a No longer report clearings.
Complete and exact details for the week covered by the
vances of % to 2 points above Tuesday's low level, Wednesbeen Independence Day and a holiday. On foregoing will appear in our issue of next week. We cannot
day having
Friday the tone improved. In the early afternoon an attack furnish them to-day, inasmuch as the week ends to-day
was directed against Delaware & Hudson, which forced (Saturday), and the Saturday figures will not be available
that issue to 97, a new low record. In the last hour the until noon to-day. Accordingly, in the above the last day
market rallied and most of the leading securities closed at of the week has in all cases had to be estimated.
In the elaborate detailed statement, however, which we
the highest level of the day. The decline in Delaware &
Hudson was very pronounced and attracted much attention, present further below, we are able to give final and complete
as it seemed to be the result of extensive liquidation. The results for the week previous-the week ending June 30. For
break in New Haven stock to below 10 this week has also that week there is a decrease, but it is very small, being only
attracted much attention. This seems to have been due to 0.3%, the 1923 aggregate of the clearings being $7,771,008,the promulgation of the plan for the rehabilitation of this 774 and the 1922 aggregate $7,790,691,296. Outside of this
property and the Boston & Maine by the Joint New England city, however, there is an increase of 11.0%, the bank exRailroad Committee and the inference deduced from it, changes at this centre having fallen off 7.4%. We group the
perhaps incorrectly, that this implied an assessment on cities now according to the Federal Reserve districts in which
they are located and from this it appears that in the Boston
New Haven stock.
JULY 7 1923.]
THE CHRONICLE
53
Reserve District there is a gain of 19.0%;in the Philadelphia
The volume of transactions in share properties on the New
Reserve District of 11.2%; while in the New York Reserve York Stock Exchange each month since Jan. 1 in 1923 and
District (because of the falling off at this centre) there is a 1922 is indicated in the following:
loss of 7.1%. In the Cleveland Reserve District the totals
are larger by 17.8%, in the Richmond Reserve District by
1922.
1923.
10.2%, and in the Atlanta Reserve District by 14.0%.
No. Shares. Par Values. No. Sharp. Par Values.
The Chicago Reserve District has a gain of 2.6%, the St. Month of January
19,914,827 $1,771,578,000 16,472,377 21.494,639,000
February
22,979,489 2,082,280,000 16,175,095 1,413,196,925
Louis Reserve District of 12.5%, and the Minneapolis
March
25,964,666 2.360,008,000 22,820,173 2,013,907.920
Reserve District of 13.0%. The Kansas City Reserve DisTotal first Quarter
68,858,982 86,213,866,000 55,467,645 44,921,743,745
trict has suffered a decrease of 1.3%, while the Dallas
April
20,091,986 81,934.142,000 30,634,353 82,733,531,850
Reserve District and the San Francisco Reserve District Month of May
23.155,730 2,205,641,500 28,921.124 2,532,995,600
June
both enjoy gains, the increase being 11.1% for the former
19,754,197 1,903,658,500 24,080,787 1.938,579,750
and 19.9% for the latter.
Total second Quarter_ _ 63,001,913 86.043,442.000 83.636,264 57.205,107,200
In the following we furnish a summary by Federal Reserve
The following compilation covers the clearings by months
districts:
since Jan. 1 in 1923 and 1922:
SUMMARY OF BANK CLEARINGS.
Week ending June 30 1923.
1
MONTHLY CLEARINGS.
1923.
lacer
Dec.
1922.
Federal Reserve Districts.
(1st) Boston
10 Mies 419,988,706 352,629,774
(2nd) New York
9 " 4,492,289,476 4,833,368,065
(8rd) Philadelphia...AO "
526,969,367 473,995,287
9..
(6th) Cleveland
383,522,728 325,635,117
(5th) Richmond
166,284,225 150,952,098
6
(ilth) Atlanta
147,892,448 129,736,361
12
••
87th) Chicago
788,212,650 767,926,778
19 1.
(8th) St. Louis
59,305,009 62,697,091
7
(9th) Minneapolis.... 7 ••
111,526,385 98,648,838
(10th) Kansas City_
217,710,658 220,550,124
11
(11th) Dallas
42,944,386 38,665,880
5 •.
(12th) San Francisco...16
414,362,736 345,685,883
1921.
1920.
+19.0 314,497,974 453,622,428
-7.1 4,466,465,5= 5,275,132,513
+11.2 458,886,486 600,694,826
+17.8 288,074,707 439,986,663
+10.2 121,374,041 173,119,096
+14.0 123,719,065 187,766,393
+2.6 643,202,507 889,238,117
+12.5 44,384,190 64,950,201
+13.0 99,666,806 132,179,672
-1.3 =1,640,781 332,556,577
+11.1 40,687,002 59,979,186
+19.9 .
304,408,897 390,610,259
Grand total
121 cities 7,771,008,774 7,790,691,296 -0.3 7,127,007,978 8,999,835,931
Outside New York City
3,346,772,270 3,013,736,7= +11.0 2,714,161,568 3,800,501,131
Canada
Clearings, Total All.
Month.
1923.
1922.
Clearings Outside New York.
%
1923.
1922.
%
$
2
$
2
Jan-- 36,285,247,515 29,931,564.280 +21.2 16,506,887,916 12,635,500,446 +30.6
Feb___ 30.408.580.12928.521.051.368 +14.7 13,624,881,685 11.180,598.385 +21.9
March 36,159,954.710 32,111,576,705 +12.6 16,391,674.714 13,392,003,753 +22.4
lert Ott. 102854,062,35488.564,192,353 +16.1 46,523,444.31537,208,102.584 +25.0
April__ 33,737,329,935 31,520,827,020 +7.0 15,727,256,984 12,761,818.664 +232
May._ 35,541,669,72632,793,624,990 +8.4 16,330,114,584 13,578,812.046 +20.3
June__ 34,792,240,606 34,117,477,449 +2.0 16,116,762,956 14,006,580,699 +151
2d ciu- 104072240267 98,431,929,369 +5.748,174.934.52440.347,175,409 +19.4
8 mos. 206 926 302621 186 996121722 +10.7 94.698.378.839 77.555.277.994 +22.1
29 citlee 290,013,521 282,607,191 +2.6 316,945,436 283,408,132
The course of bank clearings at leading cities of the
We also add comparative figures for June and the six country for the month of June and
since Jan. 1 in each
months:
of the last four years is shown in the subjoined statement:
June.
1923.
Six Months.
1922.
Inc.°
Dec.
1923.
ifIC.Or
Dec.
1922.
Fed'i Reserve Diet,.
$
let Boston__13 cities 1,946,570,956 1,657,716,6 +17. 11,320,127,
8,933,114,010 +26.7
2nd NewY'rk12
19,011,433,451 20,395.109,
-6. 114,142,143
111,032,942,789 +2.8
3rd PhIladel_14 " 2,407,122,
2,121,649,83 +13. 13,772,450,
11,532,447,746 +19.0
4th Cleverd_16 " 1,731,303,4 1,381,679,5 +25.3 9,900,143,401 7,655,558,624 +29.3
5th Richm'd 10 "
817,107,5
684,906,583 +19.3 4,725,331,254 3,748,985,159 +26.0
6th Atlanta -16 .1
746,333,763 624,034,944 +19. 4,834,590,
3,745,761,283 +29.1
7th Chicago _27
3,830,327,154 3,465,938,661 +10. 22,638,829,544 18,720,669,4 +20.9
8th St. Louts 9
303,325,3
251,679,
+20.5 1,903,690,371 1,438,637,
+27.9
9th Minneap 13 1.
555,382,1
491,525,45 +13.0 3,160,966,543 2,672,674,025 +18.3
10th Kan.City15
1,131,786,311 1,101,325,165 +2.8 6,889,028,
6,239,127,21 +10.4
11th Dallas __12
355,088,
324,710,07 +9.3 2,337,776,17 2,009,951
+16.3
12th San Fran 26
1,956,479,
1,617,202
+21.0 11,351,223,
9,216,252,
+23.2
Total
183 cities 34,782,240,
Outside N.Y. City... 18,116,762,
Canada
34,117,477,44 +2.0 206,926,302,621 186,996,121,
+10.7
14,C06,580, +15.1 94 698,378,831 77,555,277,994 +22.1
1,366,059,81 1,322,480,401 +3.2 7,764,492,41
7,880,491,061
Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results for
the six months of 1923 and 1922 are given below:
Month of June.
Six Months.
Description.
1923.
1922.
1923.
1922.
Stock'No.of shares
19,754,197
24,080,767
131,860,895
136,103.960
k Par value__ 21,903,658,500 21.938,579,750 212,257,300,000 212,152,168,746
Railroad bonds_ _
131,022,000
159,448,000
886,181,400 1,017,606,100
U.S. Govt. bonds.
68,330.950
125,793,250
429,935,125
981.709,925
49,292,000
State,for'nokc..bds
49,580,000
262,342,900
320,985,000
Total par value- 22,152,303,450 81,273,401,000 413,835,759,425 214,472,469,781
BANK CLEARINGS AT LEADING CITIES.
June
Jan. 1 to
1923. 1922. 1921. 1920. 1923. 1922.
$
$
2
2
2
4
New York
18,675 20,111 16,849 20,509 112,228 109,441
Chicago
2,655 2,481 2,106 2.734 16,070 13,578
Boston
1,725 1,459 1,202 1,648 10,013 7,812
Philadelphia
2,201 1,954 1,769 2,283 12,536 10,595
St. Louis
a
a
a
a
a
a
Pittsburgh
737
552
576
761
4,156 3,099
San Francisco
670
593
531
693 3,978 3,440
Cincinnati
295
254
233
1,438
315 1,777
Baltimore
435
307
336
428 2,420 1,832
Kansas City
558
564
593 1,002 3,494 3,267
Cleveland
381
401
500
610 2,798 2,134
New Orleans
201
187
161
259
1,330 1,106
Minneapolis
272
310
273
366
1,514
1,791
Louisville
113
139
100
127
647
814
Detroit
604
524
410
556 3,305 2,477
Milwaukee
162
119
130
152
753
933
Los Angeles
434
594
353
336
3,353 2,435
Providence
52
50
43
59
317
274
Omaha
184
159
172
247
1,122
950
Buffalo
199
151
168
205 1,156
942
St. Paul
155
144
137
184
882
739
Indianapolis
64
64
92
84
520
406
Denver
130
126
116
162
769
685
Richmond
201
188
251
157
1,267
1,040
Memphis
76
67
55
92
553
432
Seattle
141
164
124
183
946
801
Hartford
49
42
34
42
286
239
Salt Lake City..._
64
52
49
73
368
298
(000,000s
omitted).
Total
Other cities
June 30
1921. 1920.
2
$
98,016 125,738
13,086 16,502
7,061 9,760
10,244 12.577
a
a
3,685 4,217
3,268 4,023
1,427
1,804
1,962 2,367
3,817 6,161
2,557 3,371
1,090
1,739
1,595 1,719
609
560
2,226 3,053
721
869
1,909
2,062
261
363
978 1.771
914 1,123
818
835
366
478
589
951
1,028
1.618
366
699
733 1,101
226
260
323
448
31,827 31,572 27,058 34,361 189,182 172,374 160,045 205,999
2,965 2,545 2,519 3,392 17,744 14,622 15,703 20,991
Total all
34,792 34,117 29,577 37,753 206,926 186,996 175,748 226,990
Outside New York_16,117 14,007 12,728 17,244 94,698 77,555 77,732 101,252
We now add our detailed statement, showing the figures
for each city separately, for the four years:
CLEARINGS FOR JUNE, SINCE JANUARY 1, AND FOR WEEK ENDING JUNE 30.
Month of June.
Clearings at
1923.
1922.
..
Week Ending June 30.
Six Months.
Inc. or
Dec.
1923.
1922.
Inc. or
Dec.
1923.
1922.
Inc. or
Dec.
1921.
1920.
2
2
%
$
$
%
$
$
First Federal Reim rve District- Boston
$
%
$
Maine-Bangor
3,173,407
3,352,554 -5.3
18,959,545
19,384,008 -2.2
852.184
910,825 -6.4
692,985
Portland
692.125
14,086,566
12,829,560 +9.8
81,014,825
75.793,267 +6.9
b
b
b
b
b
-Boston
Mass.
1,725,000,000 1,459,000,000 +18.2 10,013.000,000 7,812,000,000 +28.2 379,000,000 314,000,000
+20.7 273,882,140 400,841.067
Fall River
8,751,410
8,565,162 +2.2
60,635,841
44,709,687 +35.6
1,913,011
1,887,058 +1.4
1,282,836
2,758,485
Holyoke
4,565,473
3,568,054 +28.0
25,345,074
20,831.233 +21.7
a
a
a
a
a
Lowell
6,155,150
5.010.178 +22.9
28,197,976 +23.1
34,710,280
1,349,808
1,137,834 +18.6
1.327,980
1,122,197
Lynn
a
a
a
a
a
a
a
a
a
a
a
New Bedford
6,802,565
6,495,874 +4.7
36,511.271 +6.8
39,000,066
1.261,638
1,617,398 --22.0
1,215.965
1,927,297
Springfield
22,172,080
108,713.340 +22.6
19,670,993 +12.7
133,317,617
4,933,587
4,204,148 +17.3
6,232.679
6,232,679
Worcester
15,954,000
16,531,607 -3.5
90,425,882 +5.4
95,264.619
3,393,872
3,812,170 -11.0
3,847.699
4,955,448
-Hartford _.
Conn.
48,885,124
41,556,708 +17.6
239.477.860 +19.5
286,287,913
10,746,830
9,823,144 +9.4
9.244,675
12,170,549
New Ilaven
30,419,881
23.477,207 +29.6
139,593,986 +20.2
167,804,099
6,154.97.1
6.103,897 +0.8
5,465.398
6,500.000
WaterburY
8,840,500
7,764,500 +13.9
43.302,900 +11.4
48,230,400
-ProvidenceR. 1.
51,764,800
49,894,300 +3.7
274.172,600 +15.5
316,557,700
10,382,800
9,333,300 +11.2
11,511,400
16,216,800
Total(13 cities)
1,946,570,956 1,657,716,695 +17.4 11.320,127,979 8,933,114,010 +26.7
419,988.706 352,829.774 +19.0 314,497,974 453,622.428
Second Federal Re serve District -New YorkNew York-Albany.24,110.092
18,514,448 +30.2
116,694,567 +15.6
134,930,609
4,368,364
2,414,782
4,478,013 -2.4
6,000.000
5,097.600
Binghamton
4,214,700 +20.9
25,353,684 +13.2
28,706,361
968,100
799,200 +21.1
734,200
1,358,600
198,686,481
Buffalo
167,850,778 +18.4 1,156,242,910
941,594.769 +22.8
d43,784,861
34,535,891 +26.8
31,683,636
46,705,748
3,618,488
Elmira
2.195.522 +64.8
13,576.215 +39.8
18.985,363
789,493 Not Included in total
5,887,145
Jamestown
26,024,822 +15.7
4,818,959 +22.2
30322.495
el.167.696
894,482 +30.5
898,265
18,675,477,650 20,110,896,750 -7.1112,227,923.782 109,440,843,726 +2.6 4,424.236,504
New York
4,776,955.074 -7.4 4,412,846,410 5,199,334,800
3,999,848
Niagara Falls
4,284,546 -6.6
24,284,024 +4.0
25,262,351
52,028,762
Roeheeter
45,718,314 +13.8
238,099,867 +18.5
282,099,596
9,825,682
8,885,626 +10.6
10,604,813
13,622,528
20,495.153
Syracuse
17,108.269 +19.8
106.089,463 +13.1
119,963.455
4,510,468
4,031,567 +12.6
4,818,545
13,659,396
Conn.
7,513,650
-Stamford....
12,017,490 +13.7
63,027,474 +22.9
77,481,459
c2,912,834
2,441,595 +19.3
2,081,957
3,062,248
N. J.
-Montclair.._.
2,645.446 +15.8
11.299,690 +15.0
12,990,088
484,967
348,617 +39.9
382.914
597,187
86,854,034 Not included in total
Newark
433,956,213 Not included in total
5,310,588
Oranges
4,844.106 +9.6
26,054,486 +5.3
27,435.133
Total(22 cities)._
10,011,433,451 20,395,109,326
-6.8 114,142,143,602 111.032,942,789
+2.8 4,492,289.4764,833,368,065
-7.14.466,465.522 5.275,132,513
[Vol.. 117.
THE CHRONICLE
54
-(Continued)
CLEARINGS
1923.
1922.
Inc. or
Dec.
$
$
Third FederaliRe erre District-Philadelph
4,820,430
6,964,269
Pennsylvanla-Altoo
16,688,150
19,669,088
Bethlehem_
4,430,559
6,083,822
Chester
15,836,016
20,477,503
Harrisburg
11,550,542
13,195,385
Lancaster
2,178,972
2,640,088
Lebanon
3,511.460
5,191,532
Norristown
Philadelphia
2,201,390,000 1,953,627,000
12,358,773
15,504,204
Reading
25,540,014
Scranton
19,035,250
Wilkes-Barre
12,850,391
14,667,625
York
7,039,426
5,254,435
N.J.
-Camden
48.331.587
42,598,443
Trenton
16.911,418
20.428,115
Del.- Wilmington_ _
a
a
Total(14 cities).-.
Week Ending June 30.
Stz Months.
Month of June.
Clearings at
1922.
1923.
Inc. or
Dec.
'7.,
$
E
%
a25,344,354 +44.7
36,671,926
+44.5
76,284,333 +44.2
109,974,954
+17.9
24,1213,593 +36.1
+37.3
32,837,491
99,066,017 +9.2
108,169,588
+29.3
73,181.876 +22.5
+14.2
89,647,780
13,367.328 +9.0
+21.2
14,566,594
18,018.681 +37.1
24,708,132
+47.8
+12.7 12.535,706,000 10,594,972,000 +18.3
68,048,191 +29.9
88,423,410
+25.5
115,589,798 +31.4
151,914.445
+34.2
72.137,547 +18.3
85,334,034
+14.1
32,741,482 +23.3
40,361,562
+34.0
223,130,399 +27.8
285,163,010
+13.5
96.439,167 +23.4
+20.8
118.971,137
a
a
a
a
2,407,122,658 2,121,649,839 +13.5 13,722,450,063 11,532,447,748 +19.0
1923.
1922.
Inc. or
Dec.
1921.
$
g
%
$
1920.
$
1.625.757
5,404,834
1,332.530
997,967 +62.9
3,600.197 +50.1
921.952 +43.4
1,022,684
3,524,538
958,485
1,136,122
4,867,433
1,825,542
2,792,139
2.574.723
+8.4
2,410,855
2,801,965
451,000,000 +10.4 435,761,368
3,097,378
3,073.098 -2.4
4,645,942
4,127,426 +50.6
2,571.750 +3.1
2,403,131
1,358,790
1,099,249 +26.3
571,999,699
4,080,055
5,357,656
2,855,735
1,584,921
498,000,000
2,999,372
6.214,119
e2,652,190
1,388,330
4,570,096
a
4,028.925 +13.4
a
a
3,703.315
a
4,185,698
a
526,969,367
473,995,287 +11.2
458,888,486
600,694,826
+45.8
+20.5
+15.4
+24.9
+4.4
a
6,070,000
3,324,592
52,457.688
74,557,621
12,423,000
a
13,253.000
4,932.707
73,708.536
138,723,627
14,963,300
a
•
Fourth Federal R serve District- Cleveland Ohio-Akron
26,180,000 +27.8
33,464.000
Canton
15,694,280 +48.8
23,356,881
Cincinnati
254,299,959 +16.1
295,314.789
Cleveland
400,685,847 +24.8
500,041.613
Columbus
67.165,100
63,974,200 +5.0
a
a
Dayton
a
Hamilton
2,851,253 +8.9
3,104,118
Li ma
3,352,358 +4.4
*3.500,000
Lorain
1,717,722
1,601,790 +7.2
Mansfield
5,903,685 +43.0
8,443,069
a
Springfield
a
a
Toledo
a
a
a
Youngstown
18,312,506
14,705,013 +24.5
-Beaver County_
Pa.
2,963.233 +23.2
3,649,901
a
a
Erie
a
Franklin
1,540,446 -1.8
1,512,853
Greensburg
7,441,101
5,431,301 +37.0
Pittsburgh
552,000,000 +33.6
737,433.651
Ny.- Lexington
8,091,324
6,431,163 +25.8
W. Va.-Wheeling_
24,064,997 -22.1
18,754,799
Total(16 eltio0 ---
1.731,303,427 1,381,1379,525 +25.3
Fifth Federal Rese rve District- Richmond
W. Va.-Huntington_
9,277,981
7,737,431
-Newport News_
a
Vs.
a
Norfolk
32,121,419
31,457,500
Richmond
188,055,242
200,994,000
a
No. Caro.-Asheville
a
Raleigh
7,105,254
10,907,359
Wilmington
a
a
So. Caro.-Charlesto
11,754,160
11,114,354
Columbia
11.782.214
7,866,318
Md.-Baltimore
336.442.673
435,199,388
Frederick
1.707.325
1,419,084
Hagerstown
3,459,353
3,090,701
-Washington_
D. C.
89,314,301
101,208,121
Total(10 cities)----
817.107,595
684.906.583 +19.3
Sixth Federal Res rye District- Atlanta
-Chattanooga _
Tenn.
25.079,139
23,236,668
Knoxville
11,082,376
13.415,878
Nashville
75,249,970
70.455,637
Georgia-Atlanta _
158,093,660
239.741,950
Augusta
7,385,634
6,879.754
Columbus
2,912,872
3,118.985
Macon
5,206,883
5,955,957
Savannah
a
a
-Jacksonville _
Fla.
42.129,316
52,497.487
Tampa
10,541,159
13,802,968
-Birmingham_ _ _
Ala.
84,740,459
85,874,411
Mobile
7,95,716
7,527,267
Montgomery
5,232,572
5,699.789
-Jackson
Miss.
3,678,118
4,288,000
Meridian
3,973,642
4,421.136
Vicksburg
1,268,286
1,184,712
-New Orleans_ _
La.
201,081.337
188,853,969
Total(16 cities) _ _ _
746,333,763
+19.9
a
-2.1
+6.9
a
+53.5
a
-5.4
+49.8
+29.4
+20.3
+11.9
+13.3
+7.9
+21.1
+6.8
+51.6
-6.8
+7.1
+14.4
a
+24.6
+30.9
+1.3
+5.7
+8.9
+16.6
+11.3
+7.0
+7.7
024,034,044 +19.6
172,460.000
132,152,406
1,777,295.612
2,797.510,908
410.871,900
a
21,477,913
16,750,029
9,337,432
47.901,138
a
a
107,846,037
19,837,829
a
8,826,896
40.275,082
4,156,216,908
63,840,946
117,542,367
d7,859,000
147,258,000 +17.1
4,796,197
83,727,593 +57.8
1.437,882,255 +23.6 d67,544,000
2,133,838,204 +31.1 43105.115.409
13,686,700
360,549,400 +14.0
a
a
a
17,111,972 +25.5
a
19,674,504 -14.9
7,411,415 +28.0
e1,862,508
32.718,786 +46.4
a
a
a
a
a
a
d4,059,143
89,019.759 +21.2
15,647,513 +26.8
aa
8,264,718 -r6.8
33.045,034 +21.9
174,281,370
3,098.738,237 '+34.1
47,702,058 +33.8
4,318,401
122,969.176 -4.4
9,900,143,401
7,655,558.624 +29.3
38.656,477 +39.1
53,780,565
a
a
1
1713,043.604 4-9.5
192,747,134
1,266,558,567 ,1,040,123,518 +21.8
a
a
a
39,706,499 +46.4
58,140,610
a
a
1
.
4. 1.8
64.126,571
65,299,861
50,327,603 +54.4
77.705.647
2,420,271,601 1,831,606,068 +32.1
9.888.152 +8.2
10,701,983
16.320,410 +24.2
20,277,750
482,188,257 +16.1
559,847,556
4.725,331,254
2,011.502
416,360.996
d4 i.6130.000
d2,458,317
91,786,154
a
a
1,173,895 +58.7
a
a
a
a
2.701,102 +50.3
a
a
114.543,805
4,108,481
a
a
814,298,409
13,431,617
71,191,114
553,073,790
284,163,790
9.347,452
39,531.913
251.679,083 +20.5
1,903,690,371
Total(9 cities)
303,325,398
a
a
1,535,448
a
a
5,304.583
a
182,109,630
151,000,000 +15.4
130,000,000
5,556,671 -22.3
4,462,395
5,455,852
325.635,117 +17.8
288,074,707
439,986,663
1,592,262 +26.3
1,638,747
2,072,354
6.555,676
41,472,977
-3.0
+2.9
5,806,578
36,079,975
9,864.653
54,552,966
2,266,041
+8.5
2,768.195
4,700,000
80,277,746 +14.3
57,266,293
82,564,152
21.005,256
18,787,396 +11.8
17.816,253
19,364,971
166,284,225
150,952,098 +10.2
121,374,041
173,119,096
+28.8
+10.2
+16.2
+39.5
+22.6
+25.7
+33.0
a
+32.4
+34.0
+41.7
+16.9
+33.2
+24.1
+24.5
+8.5
+20.3
d5,796,561
2,932,153
18,186,457
42,131,473
1,385,628
+37.4
+19.0
+17.4
+23.4
+35.0
4,265,063
2.901,025
14,241,005
36,449,874
941,812
7,332,070
3,474,265
20,167.193
54,227,015
3,904,478
1,388,578 -20.7
a
a
8,502,723 +26.7
*1,200.000
a
7.378,600
*2,4C0 000
a
11,585,056
+5.7
-1.1
14,960,180
1,500,000
19.385,232
2,500.000
1,025,000
593,802 -72.6
650,000
642,131
256,071
42,708,463
227,153 +12.7
41,144,021 +3.8
214,128
39,016,418
409,271
01,739,082
3,745,761,283 +29.1
147,892.448
129,730.361 +14.0
123,719,065
187,768,393
124.483
574,861
78,250.375
207,041
700,000
118,792.156
5,043,489
6,745,052
1,653,000
2,155,037
2,287,870
2,149.441
14,586,000
1,550,000
21,549.000
1,600,000
28,408,711
35,954,640
1.100,627
a
10,776,727
19,876,257
1,717,026
4,220,085
2,464,323
15,492,069
34,128.062
1,026,588
18,812,242
1,736,735
Seventh Federal R eserve Distric t-Chicago176,701 +2.9
181,910
5,560,209 +2.8
5,713,344
-Adrian
Mich.
924.176
907,837 +1.8
658,870 +25.5
827,173
17.580,887 +17.8
20.711.772
Ann Arbor
3,038,121 +32.1
4,013,598
3,304,845.994 2.477,136,146 +33.4 130,451,244 138,767,431 -6.0
Detroit
523.943,827 +15.2
603,639,290
40,534.512 +31.5
53,315,590
Flint
10,633,254
7,367,013 +44.3
5,634,397 +4.6
5,891,946
155.547,948 +10.2
171,364,776
Grand Rapids
28,298,143 +9.4
30,965,525
31,280,007 +45.2
45.429,368
Jackson
8,347.701
5.798,143 +44.0
1,796,000 +40.2
2,518,000
43,043,123 +32.1
56,867.238
Lansing
9,899.277
8,044,000 +23.1
2,049,706 +3.7
2,125,937
47,024.159 +27.1
59.778,959
-Ft. Wayne_ _ _
Ind.
10.556,003
8,495,138 +24.3
51,463,595 +85.2
95,291,511
Gary
17,451.440
10,587,000 +64.8
13,682,000 +45.2
19,872,000
406.408.000 +27.9
519,888,000
Indianapolis
92,430,000
63,628,000 +45.3
2,124.200 +14.7
2,436,000
48,421,873 +31.7
63,511,312
South Bend
9,687.616 +26.7
12,279.700
6,647,758 Not included In total
Terre Haute
34,363,009
27,254,725 +26.1
753,390,044 +23.9
933,375,078
+24.8
-Milwaukee--- Wig.
162,166.131
129.893.679
15,637,196 +22.1
19,100,427
Oshkosh
2,856,225 +12.3
3,207,645
Madison
12,573,004 Not incl. In tot al.
2,078,794 +17.2
2,435,242
52,655.254 +25.6
66,147,990
9,604.614 +18.2
11,349,530
Iowa-Cedar Rapids_
258.431,830 +8.2
279,588,044
Davenport
47,202,934
43,095,253 +9.5
9.146,750 +15.7
10,586,714
243,892,519 +17.6
286,767,328
+28.2
54.183,947
42,249,300
Des Moines
15,166,375 +9.2
18,561,871
2,731,465 -4.1
2,620,632
Iowa City
13,028,794 +14.0
14,850,830
2.525,135 -4.0
City
2,424.152
Mason
d5,442,000
5,310,493 +2.5
142,793,550 +21.2
173,001,153
25,188,353 +3.7
26.114,633
Sioux city
1,189,000 -1.7
1.169,175
33,813.274 +14.5
38,699,960
6,409,965
5,547,462 +15.5
Waterloo
23,902,687 +25.8
30,075,035
5,178.488
4,471,570 +15.8
-Aurora
Ill.
1,390,356
1.096.356 +26.8
34,182.130 +19.8
40,938,174
6,368,725
*5.900,000 +7.9
Bloomington
2,654,947.063 2.481,274,883 +7.0 16,070,012,904 13,578.099,383 +18.4 d558,300.000 548,808.001 +1.7
Chicago
a
a
a
a
a
a
a
a
a
Danville
1,228,632
1,060.498 +15.9
27,746,566 +18.5
32,874,905
5.418,087 +4.9
5,684,563
Decatur
4,498,739
3,885,796 +15.8
99,067,999 +16.3
115.265.986
17.498,169 +12.5
19,680,197
Peoria
2,'49,710
1,670,488 +28.7
46,753,106 +24.8
58,346,385
8,325,905 +29.8
10,815,142
Rockford
2,344,559
58,108,473 +144
1,536,572 +52.6
66,504,810
9.583,943 +13.3
10.833.443
Springfield
76,926,778 +2.6
Total(27 cities)- - - - 3.830.327.154 3.465,938,661 +10.5 22,638,829,544 18,720,689,439 +20.9 788,212.650
Eighth Federal Re serve District -St. Louis
20,448.069 +4.8
21.427.925
Ind.
-Evansville
671,715 +9.5
735,522
New Albany
a
a
Mo.-St. Louis
a
a
a
a
Springfield
133,490,059 +22.3
KY.
138.837.701
-Louisville
1,420.338 +23.9
1,759.422
Owensboro
6.485,131 +103.0
13,186,709
Paducah
67,002,371 +13.6
Tenn.
76.133,589
-Memphis-- Ark.
34,933.210 +25.5
-Little Rock.
43,840,687
1,372,360 +3.1
1.414,994
ni.-Jacksonville _ - Quincy
5.855.830 +2.6
6.008,849
a
1,198,354
a
a
3.580,157
3,748,985,159 +26.0
129,353,273
166,556,397
70,090.239
77,242.360
428,800,375
498,076,076
989,960,302
1.381,291,220
43,054,026
52,779,262
17,887,006
22,479.671
28,245,221
37,555,855
a
a
280,435,926
344,795,966
63,549.919
85,179,834
481,152,050
681,993,632
43.985,457
51,440,446
32,725,763
43,598,979
21,112,352
26,199,890
' 21.222,466
26,418,923
8,328,461
9.039,841
1,329,942,844 1,105,858,447
4,834,590,996
383,522,728
5,397,000
. 3,980,484
58.542,655
84,177,710
13,105,600
a
1,987,934
2,936.687
7,892,127
11,127,993
5,538,332
1,210,761
8,667.958
2.163.073
1,900,000
1,249,095
486,263,952 659,848,886
a
a
1,609.847
1,108,909
6,000,000
3,905,441
2,998,573
2,000.000
2,000.000
1,700,000
643,202,507
889,238,117
3,972,912
5,634.519
+15.8
+26.4
a
a
+25.8
+9.3
+65.2
+28.1
+34.4
+22.5
+19.4
27,751,374
346.276
24,805.076 +11.9
302,272 +14.6
21,323,622
316,115
28,920,091
533.465
d15,671,000
9,387,947
283,301
1.076,917
14,107,829 +11.1
7,029,824 +33.5
264,097 +7.3
1,256.691 +14.3
10,547,146
6,869,066
272,517
1,082.812
18,278,586
9,369.599
' 583,971
1,629,961
1,488,637,038 +27.9
59,305.009
52.697,091 +12.5
44,384,190
64.950.201
98,924,751
3.250,565
a
a
647,329.597
12,285,176
43,108,202
431,628,370
211,380.877
7,633.254
33,098.246
4.788,194
a
4,931,302
a
-2.9
a
a
a
JULY 7 19231
55
THE CHRONICLE
CLEARINGS-(Coneluded).
Six Months.
Month of June.
Clearings ea1923.
1922.
Inc. or
Dec.
$
$
%
Ninth Federal Res erve District -Minneapoli a
-Duluth
36,475,081
28,524,764 +27.9
Mon.
310,191.288
Minneapolis
271,680,897 +14.2
3,607.391 -37.6
Rochester
2.249,603
154,944,700
137,479,558 +12.7
St. Paul
6,444,624 +40.5
sit.. 1)ak.-Fargo
9,055,310
Grand Forks
4,520,000 +10.8
5,010,000
Minot
1,116,681 -1.2
1,103,509
-Aberdeen_
1. D.
5,583,896
5,251,873 +6.3
Sioux Falls
12,223,903
12,117,221
+0.9
Vfont.-Billings
1.763,812
2,504,807 -29.6
Great Falls
3,581,806 -0.6
3,561,553
Helena
13,504,300 -7.4
12,502,515
Lewistown
1,191,533 -39.8
716,936
.
Week Ending June 30.
1923.
1922.
Inc. or
Dec.
SS
$
%
1923.
1922.
Inc. or
Dec.
1921.
$
$
%
$
1920.
i
160,390,100
1,791,368,387
11,401,748
881,800,696
50,611,386
26,805,300
6,691.128
31,256,589
81,321,275
14,568,479
21,313,206
78,621,017
4,817,232
121,442,785
1,513,513,362
11.767,621
739,278,067
42,904,579
25,666,000
6,545,117
28.168,755
67,479,258
15,596,204
18,714.090
74,285,033
7,312.554
+32.1
+18.4
-3.1
+19.3
+18.0
+4.4
+2.2
+11.0
+20.5
-6.6
+13.9
+5.8
-34.1
617,811,972
64,646,163
5,914,086 +32.1
58,264,070 +11.0
5,937.821
57,877,094
7,040,779
81,774,149
33,274,207
1.79.817
28,312,572 +17.5
1,587,049 +9.0
29.166,446
1,752,612
36,065,482
2,777,644
491,525,455 +13.0
3.160,966,543
2,672,674.025 +18.3
Tenth Federal Res erre District-Kansas Cit Y
1eb.-Fremont
1,697,306 +10.9
1,882.050
Hastings
2,398,897 -8.6
2,192,505
. Lincoln
17,286,568 +7.3
18,543,911
Omaha
171,579,498 +7.1
183,671,334
'Can -Kansas City
18,709,563 +12.0
20,959,345
Lawrence
a
a
a
a
Pittsburgh
a
a
12.159,055 +22.5
Topeka
14,900,791
47,846,763 -20.6
Wichita
37,983,425
5,880,000 -2.0
Ylo.-Joplin
5.763,000
Kansas City
563.509.527 +2.5
577,534,586
St. Joseph
a
a
a
a
a
Ala.
-Lawton
a
*1.200,000 +18.3
McAlester
1,419,518
a
a
Muskogeea
Oklahoma City__ - _
89,992,489
89,322.599 +0.8
36,197,718 +6.7
38,605,472
Tulsa
4,411,246 +12.9
7..'olo.-Colo. Springs_
4,978,951
125.713,452 +3.1
129.599,277
Denver
3,412,973 +10.2
Pueblo
3,759,657
11,820,109
14,091,058
113,718,745
1,121,951,827
131,128,485
a
a
86,032,415
252,721.036
38,479.000
3,494,377,570
a
a
9,310,268
a
566,449.968
226,629,112
31,476,954
768,516,731
22,325,566
9,544,489
14,243,997
97,633,356
949,653.346
103.213,860
a
a
69.197,579
274,606,484
30,849,000
3,267,010,762
a
a
8,070,516
a
499,632,54
186,483,61
25,418.83
684,691.33
18,877,49
a
+15.4
a
+13.4
+21.5
+23.8
+12.2
+18.3
a
419,578,775
a
926,917
17,715,505
e707,359
6,239,127,218 +10.4
217,710,658
Total (13 cities) _ -
555,382,106
Total(15 cities)- - - - 1,131,786.311 1,101,325,165
+2.8
6,889,028,844
Eleventh Federal Reserve Distr let-Dallasfexas--Austin
6,241,172
6,371,161
Beaumont
6,028,249
5,894,352
111.565,174
Dallas
95,423,080
El Paso
20,810,488
20.986,061
Fort Worth
41,375,103
43.898,766
Galveston
29,861,753
22,407,566
Houston
97.208,319
92,179,363
Port Arthur
3,024,9021
1,715,036
Texarkana
1,601,311
2,085,351
Waco
8.407,175
8,442,860
Wichita Falls
9,100.672
8,262,117
La.
-Shreveport
19,363,877
17,524,495
+2.1
-2.
9
+16.9
-0.8
-5.7
+33.3
+5.5
+76.4
+30.2
-0.4
+10.1
+10.5
46,357.386
35,390,699
769,437,887
133,917,960
265,800,112
194,825,430
621,960,490
16,051,956
13,432,521
59,444,446
53,706,871
127,450,420
+9.3
2,337,776,178
1
Total(12 cltles)_ -- -
355,068.327
324,710,076
Twelfth Federal R eserve DIstric t
-San Fran ciscoWash.-Bellingham - 3,374,590 +3.7
*3,500,000
Seattle
163,961,388
140,519,606 +16.7
Spokane
48,240,000
44,322,000 +8.8
a
Tacoma
a
a
Yakima
.5,223,019
5,407,808 -3.4
Idaho-Boise
4,772,495
*4,500,000 +6.1
Oregon-Eugene
1,711,252
1,382,051 +23.8
Portland
150,719.785
132,302,423 +13.9
Utah-Ogden
5,168,000 +2.6
5,304,000
Salt Lake City_ --64,163,201
52,369,073 +22.5
Nevada-Reno
3,113,016
*2.500,000 +24.5
7,431,012 Not included In total
Arizona-Phoenlx_--Calif.-Bakersfield 4.28.5,452 +1.5
4,347,717
16,030.162
16,526,475 -3.0
Berkeley
Fresno
16,032,926
15,446,000 +3.8
Long Beach
36,747,439
19,191,047 +91.5
Los Angeles
433,837,000 +36.9
593,781,000
2,816,539 +8.3
Modesto
3,049.608
57,250,243 +18.6
Oakland
67,891,555
21,791,759
17,154,580 +2..0
Pasadena
Riverside
3,030,632
2.525,370 +20.0
Sacramento
28,436,317
25,070,042 +13.4
San Diego
17.141,181
13,197,201 +29.9
593,300,000 +12.9
San Francisco
669.800,000
San Jose
9,613,934
8,739,594 +10.0
Santa Barbara
4,045,475 +20.1
4,858,890
Santa Rosa
2,288,984
1,011,728 +19.7
Stockton
10,929,200
10,059,800 +8.6
+23.8
-1.1
+16.5
+18.1
+27.0
a
a
+24.3
-8.0
+24.7
+7.0
a
1,120,329
1,591,790
500,143 +23.9
691,359
1,180,091
2,602,663
2,985,478 -12.8
3,121,145
1.749,737
111,526,385
98,648,838 +13.0
99,666,806
132,179,672
4292,110
426.736
3.640,669
38,036,090
270,854 +7.8
479,579 -11.0
3,507,871 +3.8
38,925,534 -2.3
447.767
480,541
2,562,764
33,419,093
631,517
737,072
5,325,646
53,302,148
43.499,418
d7,813,000
2,340.596 +49.5
9,819,667 +10.1
2,253,461
9,181,191
2,803,457
12,578,883
-2.0
a
132,442,881
a
223,002,193
125,074,079
a
1,085,440
127,570,824
a
a
a
a
a
a
10,157,418
17,957,987 +9.) 21.315,999
aa
a
1.100,000
705,959 +31.3
;00,000
21,776.703
17,943.456
18,372,270 -3.6
1,141,540
598,983 +18.1
693,628
220,550,124
-1.3 221,640.71
332,556,577
+15.7
+20.9
+28.8
+8.0
-1.2
+22.8
+10.8
+63.1
+27.9
+8.5
+20.8
+15.8
+3.5
1.300,000
1,500,000
22,587,723
20,300,000 +11.3
19,956,537
30,463,757
d9,233,934
6,071,071
a
8,162,404 +13.1
5,163,752 _+17.6
a
a
9.741,285
6,524,450
a
18,132,471
5.815.976
a
-0.6
3,164,730
4.066,982
2,009,951,559 +16.3
42,944,386
38,665,880 +11.1
40,687,002
59,979,186
33,286.579
10,120,000
a
1,659,037
28,583,371 +16.5
9,002,000 +12.4
a
a
1,011,621 +64.0
24,594,483
7,718,896
a
998,000
40,122,793
11,524.420
a
1,338.846
31,807,941
29,554,674
+7.6
24,759,890
37,708,072
14,422,590
a
a
12,238,240 +17.8
12,068,588
a
a
18,433,749
a
a
c3,378,699
7,680,649
133,773,000
3,110,387 +8.6
4,326,949 +77.5
100,719,000 +32.8
2.676,238
3,649,615
81.195,000
3,165.915
3.083,013
77,155,000
14,177,322
4,448,504
11.150,828 +27.1
3,776,517 +17.8
10,032,732
3,328.514
11,164,404
1.969.096
+19.4
+24.3
+11.8
+1.9
+11.7
3,728,554
2,564,639
121,000,000
1,729.380
722,168
5,128,547
3,268,419
167.900,000
2.594.129
869,656
40,076,796
29,284,514
597,430,105
123,996,371
268,962,908
158,959,464
561,551,550
9,839,154
10.502,595
54,807,036
44,460,797
110,080,269
16,753.146 +11.0
18,598,000
800,672,627 +18.2
946,165,662
256,322,000 +7.7
276,124,000
a
a
a
34,986,730 -7.6
32,340,782
23,170,103 +82.8
24,079,307
7,131.853 +34.9
9,623,570
740,216,180 +16.9
865,187,662
32,618,502 -3.5
31,471,000
297,725,088 +23.5
367,709,436
13,919,000 +19.6
16,649,590
44,410,962 Not included in total
26.101,997 +1.8
26,568,440
104,266,345
94,785,406 +10.0
102,812,678
82,812,00 +24.1
208.758,475
105,572:880 +97.7
3,353,021.000 2,434,536,000 +37.7
16,976,317 +5.0
17,828,336
391,814,935
320,904,302 +22.1
133,714,877
98,027,993 +36.4
15,410,112 +21.9
18,784,128
141,116,133 +14.5
181,848,067
96,245,056
75.927,308 +26.8
3,978,161,000 3,440,100,000 +15.6
60,572,407
50,634.752 +19.6
23,392.155 +25.4
29,322,380
14,221,913
10,578,058 +34.4
65,534,800
55,862,000 +17.3
Total(26 cities) _ _ _ _ 1.956.479,460 1,617,202.097 +21.0 11,351,223,846
-0.4
380,702
1,080,807
9.216.252,832 +23.2
1,039,444
1,004,512
•
4,012,214
d6,247,834
3,721,921
144,700,000
1,872,829
838,331
4,035,212
a
a
a
a
5,231,539
2,993,858
129,400,000
1,837,481
750,418
c2,227,500
1,999,000 +11.4
3,642,100
5,184,400
414,362,736
345,685,883 +19.9
304,408,897
390,610,259
Grand total(183 cities) 34,792,240,606 34,117.477,449 +2.0 206,926,302,621 186,996,121.722 +10.7 7,771,008,774 7.790,691,296 -0.3 7,127,007.978 8,999.835,931
Outside New York.- - 16.116.762,956 14,000,580,699 +15.1 94,698,378,839 77,555,277.994 +22.1 3,346.772,270 3,013,736,222 +11.02.714,161.568 3,800,501.131
CANADIAN CLEARINGS FOR JUNE,SINCE JANUARY 1, AND FOR THE WEEK ENDING JUNE 28.
•
Month of June.
Six Months.
Clearings at
1923.
Montreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster
Medicine Hat
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton
Kingston
Total Canada
1922.
Inc. or
Dec.
1923.
1922.
Week Ending June 28.
Inc. or
Dec.
$
407,081,873
428,133.933
167,639,200
60,177,013
35,118,100
25,106,098
14,429,366
25,307,372
23,226,219
12,356,041
9.320,947
14,638,140
19,558,012
13,620,115
2,495,081
2,248,699
6,984,635
4,722,040
4,820,872
3,108,812
2,712,650
1,435,226
3,122.056
3,750,853
5,098,621
15,945,023
1.492.193
5.838,857
2.992,354
%
+13.0
-4.3
+8.4
+2.1
-5.8
+7.1
-5.6
-0.1
-12.8
-9.8
-7.2
+1.9
-10.3
+0.3
-7.4
-9.0
-11.7
-1.5
-7.9
+16.3
-3.3
-12.5
+5.6
-3.0
-7.6
+22.8
-5.5
-26.1
+3.7
$
2,513,835,632
2.480,470,555
1,043,246,121
352,053,730
174,195,953
137,849,752
74,408,552
140,568,755
114,774,591
67,308,053
48,826,654
75,624,286
105.257,026
79,157,037
13,055,872
13,021,878
35,955,772
26,574,333
24.587,333
19,279,740
13,895,648
7,526.231
18,616826
21,139,856
25,772,658
86,480,247
8,529,227
26,767,871
15,762,244
$
%
2,587,555,380 -2.8
2,494,512,609 -0.6
1,061,997,113 -1.8
329,194,187 +6.9
188,443,363 -7.6
132,788,137 +3.8
78,573,593 -5.3
135,111,316 +4.0
127,482,668 -10.0
69,944,319 -3.8
51,750,975 -5.7
75,791.503 -0.2
110,272,426 -4.6
76.036,952 +4.1
13.908,875 -6.1
13,575.244 -4.1
39,431,709 -8.8
27,504,10(1 -3.4
25,933,448 -5.2
18,902,609 +2.0
13,089,322 +6.2
8,138,828 -7.5
18,292,377 +1.8
21,329,983 -0.9
26,161,683 -1.7
80,796,490 +7.0
8,292,025 +2.9
28,637,555 -6.5
17,042,272 -7.5
1.365,059,812 1.322.480.401
-4-3.2
7.764.492.413
7.860.491.061
8
460,202,944
409,550,970
181,673,179
61,430,688
33.070,814
26,888,537
13,616,546
25,277,120
20,264,306
11,142,083
8.649.360
14,921,704
17,548,994
13.666,155
2.310.741
2.045,396
6.168.685
4,649,504
4,441,297
3,615,981
2.624,096
1,256,482
3,296.027
3.636.727
4,711,150
19.576.585
1,410,541
4,312,466
3.101,734
-1.5
1923.
1922.
$
95,889,292
85,513,405
41,337,512
14,040,679
6,616,780
4,532,636
3,382,602
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
$
87,250,839
89,784,479
37,960,748
13,129,641
6,583,681
4,670,328
2,897,054
5,394,116
5,794,640
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
290.013.521
282.607.191
Inc. or
Dec.
1921.
1920.
$
'
9
5
...
+9.9 106,277,100 103.213.539
79,350,471
98,356,385
-4.8
32,687.775
40.966,418
+8.9
14.962,871
13.737,662
+6.9
6,300,005
6,226,475
+0.5
4.846,502
5,046,157
-2.9
3,344,781
4,104.357
+16.8
5,842,648
5.227.062
+2.0
6,638,429
5,469,833
-7.8
2,418.299
2.637.254
+1.9
3,234,876
2.590,404
-4.1
2,695.336
-12.8
3.084,925
3,500,000
-12.4
3,444.247
3,564,700
-8.7
3.400.000
618,388
-12.7
569,014
-9.4
636,758
574,106
1,622,241
-18.1
1,831,367
-8.2
1,347.642
1,383,045
1,165,413
-4.1
1,119.906
598.177
+40.6
661,357
580,438
+14.9
734,522
-2.7
309,308
400,000
+20.7
811,925
900.824
+22.1
1,600,492
850,104
-3.4
932,259
891.376
-6.4
3,174,599
2,173.266
-15.5
+13.7
1,001.657
+3.9
696,873
+2.6
316.445 <MA
9122
ano ,o',
a No longer report clearings. b Do not respond to requests for figures. c Week ending St ne 27. d Week ending June 28. e Week ending June 29. •Estimated.
[VoL. 117.
THE CHRONICLE
56
FOREIGN TRADE OF NEW YORK-MONTHLY
THE ENGLISH GOLD AND SILVER MARKETS.
STATEMENT.
We reprint the following from the weekly circular of
Customs Receipts
Samuel Montagu & Co. of London, written under date of
Merchandise Movement at New York.
at New York.
June 20 1923:
Month.
Imports.
Exports.
GOLD.
1922-23. I 1921-22.
1921-22. 1922-23.
1921-22.
1922-23.
The Bank of England gold reserve against its note issue on the 13th inst.
was £125,706,865, as compared with £125,704,045 on the previous Wednes
$
$
day.
117,118,076 104,648,783 115,438,190 112,583,284 21,433,606 13,443,167
July
The demand from India continues to be fairly active, and only a propor August..... 123,124,817111,371,583112,281,501 105,218,873 24,206,605 18,237,808
this week will go to the United September 110,716,286 106,610,356108,291,707110,338,972 33,110,469 15,203,273
tion of the supplies coming into the market
October _ 161,418,649108.483,458 108,234,884 98,153,764 22,085,528 15,657,373
States.
November 135,057,828117,798,726112,652,804 96,618,132 24,148,678 17,078,066
The following were the United Kingdom imports and exports of gold dur- December_ 133,407,596 113,117,989121,562,054 98,422,349 21,594,980 16,799,063
January _ 152,885,893 100.106,930115,926,692 06,097,239 26,583,026 19,322,717
ing the month of May 1923:
February _ 146,915,003115,222,960115,654,813 95,484,633 26,451.928 21,620,780
Imports.
Exports.
March---- 194,179,676 135,648,795136,179,813 31,504,549 33,140.206 24.650.403
£800
Sweden
£177,126
1.561
Total--- 12748238241013009 578 1046272458954.421,795 232,755,026 162,012,650
Netherlands
1,542
1,158
Belgium
982
France
Movement of gold and silver for the nine months:
300
Egypt
128,256
West Africa
Silver-New York,
Gold Movement at New York.
5,937,399
United States of America
Exports.
Imports.
Exports.
Month.
Imports.
4,115
Central America and West Indies
2,415
Various South American countries
1922-23.
1922-23.
1922-23. 1921-22.
1921-22.
1922-23.
118,536
Rhodesia
3,888,618
Transvaal
$
$
$
11,000 2,943,013 1,433,533 1,804,046
41,477,046 57,338,204
1.107,453 July
British India
1,109,059
844,378
19,109
August.... 17.242,484 78,990,710
67.018
2,923
Other countries
200 2,729,856
840,243
40,117
September 27,359,677 60.805,467
989,794
760,383
24,718 1,124,000
October _ _ 19,191,637 44,137,381
987,232 1,888,007
550,796
£4,148,382 £7,291,820 November 15,554,118 47,133,681
Total
55,583 3,313,047 4,011,973
35,609
December. 23,874,168 25,517,561
According to the Cairo correspondent of the "Pioneer Mail," a complete January_ 12,834,516 21,126,622 7,715,837
286,000 1,753,364 4,273,010
820,557
838,949
display has been given by the Assay Office at the exhibition of the Cairo February
3,041,008 24,034,770
20,378 1,041,057
237,728 1,360,000 1,737,248
Scientific Society of the various stages in the production of golden orna- March- _ - 10,697,175 31,300,604 9,621,840
ments, from the extraction of ore to the final testing and stamping of the
Total__ 171,271,829390,385,000! 18.041.404 5,687,581 14,514,634 16,977,845
refined metal. Assaying is of comparatively modern intruduction in Egypt
I
but it has proved most successful. Jewelry and other articles of value to
the number of several millions pass annually through the hands of the
office. The staff is entirely Egyptian, under an English Director. The
department, having branches in the various parts of the country, brings
in a net revenue of nearly £E400,000.
SILVER.
Owing to a reduction of the stock in London, and to the needs of bears
covering, the price for cash delivery has been well maintained, and also
u
gT7r support to that for forward delivery. Business, however, has not
been active, as the present level does not offer sufficient attractions for
operators to open fresh transactions either as buyers or as sellers. The
sreirgrar accounts at the present time and the smallness of stocks in
Shanghai do not suggest the likeliness of much lower quotations at present,
though the undertone, as a consequence of the cessation of the Pittman
Act purchases, might reasonably be considered indifferent. Some check
to the monsoon in Bombay has conduced to the slightly easier quotations
arriving from India.
The Continent continues to be a rather freer seller and China has realized
some purchases made about two months ago, but America is still disposed to
hold this market at arm's length.
INDIAN CURRENCY RETURNS.
May 31. June 7. June 15.
(In Lacs of Rupees.)
17152
17096
17123
Notes in circulation
8385
8329
8357
Silver coin and bullion in India
---Silver coin and bullion out of India
2432
2432
2432
Gold coin and bullion in India
Gold coin and bullion out ofIndia
5750
5750
--50
57----Securities (Indian Government)
584
585
• 585
Securities (British Government),
No silver coinage was reported during the week ending 15th inst.
The stock in Shanghai on the 16th inst. consisted of about 24,000,000
ounces in sycee and 31,500,000 dollars, as compared with about 24,800,000
ounces in sycee, 29,500,000 dollars and 780 silver bars on the 9th inst.
The Shanghai exchange is quoted at 3s. 1.f4d. the tael.
Bar Gold per
-Bar Silver per Or. Std.Oz. Fine.
Cash.
2 Months.
Quotationl89s. 5d.
3jd.
31 7-16d.
June 14
89s. 4d.
31.3.6d.
31 15-16d.
June 15
31%d.
32 1-16d.
June 16
31%01.
89s. 3d.
32 1-16d.
June 18
89s. 2d.
32d.
31 9-16d.
June 19
89s. 3d.
3ld.
3134d.
June 20
31.927d.
31.520d.
89s.3.4d.
Average
-day for cash and forward delivery are the same
The silver quotations to
as those fixed a week ago.
giaminerciai andmisccuantonsntva
Auction Sales.
-Among other securities, the following,
not usually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
Shares. Stocks.
Price.
1,700 Compania Azucarera
Central Maby 7% pref.,
$500 each; 1,700 Compania Azucarera Central 8200,000 lot
Maby,common, no par__
$1,250,000 6s of the Compania Azucarera Central
Maby
12,070 Wabash et Erie Canal Co_ _33 lot
10 Liberty 011 Co., pref
$1 lot
$23 lot
25 C.F. Stromeyer Co.,com
500 Lehigh Valley Coal Sales Co $73 p.sh.
Price.
Shares. Stocks.
$1,000 Chicago, Peoria & St. L.
RR. 434s, 1939, and $50 scrip
$110.25 Chic. Peoria & St. L. $3101
RR. int, bearing note of 1913
16 Chic. Peoria Sc St. L. RR.
and $60.50 stock scrip tr. Ws.
Price.
Bonds.
$15,000 Elder Steel 88.7% bonds.
810,000 B,Jan. 1922.$5,000 C,
Jan. 1923, Guar. Tr. Co. ctis.
$100 lot
of deposit
By Messrs. R. L. Day & Co., Boston:
Shares. Stock.
Price.
60 Dorchester Trust Co
22 Fidelity Trust Co
5 Lapointe Mach. Tool Co., pf20 Grocers Baking Co., corn.,
par $50
1 National Realty Co
15 National Crash Mfg. Co., pref.
Par $50
6 National,Crash Mfg. Co.,corn.
par $50
100 Boston & Virginia Nickel, pf.,
par $50
1 Longford Realty Trust
1 Boston & Suburb. Realty Trust 21,040
100 Dirigold Bales Co. of N.E., pf lot
25 Nevada-Utah Mines dt Smelt.
Corp.,Par $50
40 Colorados Sugar Co
40 Cuba Sugar Co
97 Strandway Realty Co
10 Rockett Taxi-Cab Co., cora
10 Rockett Taxi-Cab Co., pref._
60 Cambridge Realty Co., par $10
125 Medford Square Realty Co
100 Blue Hill Ave. Realty Co_ _
100 Wollaston Realty Co
Equity in 4,868 shares of Fidelity Trust Co. pledged.
Price.
Shares. Stock.
15 Internat. Trust Co., Boston......-316%
10 Wm.Whitman & Co., Inc., pref. 94,4
125
15 Lowell Bleachery
100 Caribbean Sugar Co., corn.,
$5101
par $25
834
50 AU. Coast Fisheries Co.. cam
1,450 Arnold Mining Co., par $25- $110
500 Ash Bed Mining Co., par $25-- lot
$25_ _
200 National Mining Co., par
634
8 Rights Tampa Electric Co
1 Westboro. Gas & Electric Co._ _100
100
3 Westboro G.&E. Co. v. t. ctt
By Messrs. Wise, Hobbs & Arnold, Boston:
Price.
Shares. Stocks.
85
2 Ipswich Mills, pref
4 Hamilton Woolen Co
9334
60
5 Hamilton Mfg. Co
24 B. B. Sc R. Knight. Inc.. pref..- 50
5 American Glue Co., common.. _ 40
10 Greenfield Tap Sc Die Corp., pf- 95
10 Fitchburg Gas & Electric Co.,
81
par 350
400 Bay State Fishing Co.,corn.-- 80 c.
Price.
Shares. Stocks.
12 Commonwealth Gas & Eleetrie
Co., common
234
120 C. H. Wills & Co., pref 60C,
H. Wills et Co., common
$1 lot
200 Asbestos Corp. of Amer., pf:
400 Asbest. Corp. of Am., cm.$500 lot
Bonds.
Price.
$300 Central Vermont Ry. 58, 1930 84
By Messrs. Barnes & Lofland, Philadelphia:
-The
Breadstuffs figures brought from page 107.
statements below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Receipts at-
Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
Price.
Shares. Stock.
10 Phila. Bourse, pref., par $25.-- 2444
10 Peoples Trust Co., par $50
71
500
3 Central National Bank
10 Philadelphia National Bank__ -395
30 Logan Bank & n'ust Co., par $50 60
.(assented)-120
1 Real Est. Trust, pre:
50 Rights to subscribe to Philadelphia Co.for Guaranteeing Mtgee. 30
59
10 Glenside Trust Co.. Par $50-130
4 Royersford Trust
Shares. Stocks.
Price.
1 Broad Street Trust
70
2 Reliance Insurance
9614
10 Red Diamond Chemical, pref.
5 Red Diamond Chemical, corn., lot
young trust certificate
J $1
60 Abbotts Alderney Dairies, Inc..
93
1st preferred
101
50 Old Ben Coal, pref
Price.
Bond.
37
$5,000 Joslyn Smith let 7s
blds.1961b3. bush.60 lbs. bush.68 lbs. bush. 32155. bush.4131ba.bush.581ba.
773,o o o
992,000
63,000
154,000
213,001
158,000
Chicago
193,111
196.000
114,000
117,000
1,456,000
Minneapolis_
National Banks.
-The following information regarding
37,000 231,000
1,064,000
Duluth
361,000
183,000
86,000
25,000
16,000 national banks is from the office of the Comptroller of the
37,000
Milwau1cee_
258,000
2,000
25,000
24,000
106,000
Toledo
Currency, Treasury Department:
38,000
24,011
29,000
Detroit
172,001
270,000
52,000
Indianapolis
APPLICATIONS TO ORGANIZE RECEIVED.
546,000
10,000
467,000
3,000
439.000
St. Louis_ __ _
85,000
Capital.
15,11s
257,000
398,000
32.0001,000
Peoria
M0,000
-The Liberty National Bank of Detroit, Mich
June 26
183,111
252,000
1,036,000
Kansas City_
Correspondent, Byron J. Oades, 1944 Edison Ave.,
238,111
582,'''
168 • i i
Omaha
Detroit.
34.'''
148,000
43,111
St. Joseph_
100,000
-The Wyandotte National Bank, Wyandotte, Mich
June 26
Correspondent, H.C.Shaffmaster,1034 Dime Savings
406,1,1
623,000
Total wk. '2
312,006 4,540,000 3,456,000 3,056,000
Bank Building, Detroit, Mich.
Same wk. '22 363,006 4,134,000 6,184,111 3,209,000 671,111
297,000
Same wk. '21
315,000 4,968.000 5,485,000 3,385,000 805,000 260,000
APPLICATIONS TO ORGANIZE APPROVED.
$1,000,000
-The Pacific National Bank of Los Angeles, Calif
June 28
Since Aug.1I
Correspondent, Fred Swensen, 4360 S. Figueroa St.,
1922-23_ _ 21.915,000 394,958,000 277,612,000 211,734,000 36,728,000 49,017,000
Los Angeles, Calif.
1921-22_ __ _ 19,787 000135 787 000 369 964 000 201,750,000 29,934,000 23,611,000
100,000
-The Peoples National Bank of Ypsilanti Mich
June 28
nnn 017 /1/1C2 AAA 99 ARA. WWI I {2 1.14 1,11
'
9st Oilleflalfg,l,....i....nnn IA. cr.'
1020-21
Correspondent, Frederic L. Gallup, Ypsilanti, Mich.
.•
Pp
p
p.
JULY 71923.]
THE CHRONICLE
APPLICATIONS TO CONVERT RECEIVED.
June 20—The First National Bank of Big Stone City, So. Dak$50,000
Conversion of Gold & Co. State Bank, Big Stone City,
So. Dak.
Commercial National Bank of Havelock, Neb__ June 26—The
25,000
Conversion of The Commercial State Bank of Havelock, Neb.
APPLICATIONS TO CONVERT APPROVED.
J11110 26—The State National Bank of Trumaiasburg, N. Y_ _
$25,000
Conversion of the State Bank of Trumansburg, N.Y.
CHARTERS ISSUED.
June 26-12401—The Liberty National Bank of Dickinson,N.D_
$50,000
Conversion of The Liberty Bank of Dickinson, N. D.
President, Frank Lish; Cashier, Anthony KosteleckY•
June 26-12402—The West Englewood National Bank, West
Englewood, N.J
50,000
President, Andrew L. Nelden; Cashier, F. B. Smith.
APPLICATION TO ORGANIZE NATIONAL AGRICULTURAL
CREDIT CORPORATION RECEIVED.
June 26—First Iowa National Agricultural Credit Corporation
of Des Moines, Iowa
$250,000
Correspondent, Leon Goodman, Securities Building.
Des Moines.
VOLUNTARY LIQUIDATIONS.
June 27-4778—The First National Bank of Huron, Ohio
$50,000
Effective June 20 1923. Liquidating agent, 0. C.
Stedman, Huron, Ohio.
June 27-9337—The First National Bank of Three Forks, Mont.
25,000
Effective March 19 1923. Liquidating Agent, Arthur
A. Deckelmann, Three Forks.
June 28-333—The First National Bank of Lancaster, Pa
210,000
Effective June 25 1923. Liquidating Agent, Wm. J.
Neuhauser, Lancaster, Pa. Absorbed by the Farmers
Trust Co. of Lancaster.
June 28
---The Liberty National Bank of Pittsburgh, Pa_ _
-4339
200,000
Effective June 20 1923. Absorbed by the East End
Savings & Trust Co. of Pittsburgh.
CONSOLIDATIONS.
JUIN) 30-643—The Fourth-Atlantic National Bank of Boston-._$3,000,000
Mass. 12377—The Commonwealth National Bank of
Boston, Mass
1,500,000
Consolidated under the Act of Nov. 7 1918, under the
charter of The Fourth-Atlantic National Bank of Bosand under the corporate title of "The
ton (No. 643)
Commonwealth-Atlantic National Bank of Boston"
with capital stock of
4,500,000
The consolidated bank is to retain and continue to operate the three existing branches of the Commonwealth
National Bank of Boston, all located within the City
of Boston.
June 30-12336—The Federal National Bank of Boston, Mass.... 1,500,000
12359—The South Boston National Bank of Boston,
Mass
200,000
Consolidated under the Act of Nov. 7 1918, under the
charter and corporate title of "Federal National Bank
of Boston"(No. 12336), with a capital stock of
1,500,000
The consolidated bank is to retain and continue to
operate the three branches formerly operated by the
'federal National Bank of Boston and the one branch
formerly operated by the South Boston National Bank
of Boston, all located within the city of Boston.
Name of Company.
Banks.
Corn Exchange (guar.)
Harriman National
Extra
57
When
Per
Cent. Payable.
5
5
5
Miscellaneous.
Alabama Fuel & Iron (guar.)
2
American Cigar, common (guar.)
*1K
Amer. Laundry Machinery, pref.(gu.)_ _
1K
Amer. Light & Tree., common (quar.).. 1
Common (Payable in common stock)_ fl
Preferred (guar.)
134
Amer. MlatIgTaph, pref. (guar.)
134
Ancona Company, pref.(guar.)
1;4
Arizona Commercial Mining
•50e.
Art Metal Construction (guar.)
25e.
Atlantic Refining, pref. (guar.)
134
Augusta Knitting,common (guar.)
134
1;4
Preferred (guar.)
Browning Company, common (guar.)._ 2
Preferred (guar.)
1K
Brown Shoe, pref. (guar.)
.
01K
Bunte Bros.. pref.(guar.)
'134
Burt (F. N.) Co., common (guar.)
2H
Preferred (guar.)
134
Casein Co. of Amer.(New Jersey Co.)—
Preferred (guar.)
*2
Casein Co.of Am.(Delaware Co.), pref. *1
Cleveland Automatic Mach., Prof. (ern) 1,4
Cluett,Peabody & Co., common (qnt.)._ *13e
Combustion Specialties Corp., pref
$4
Connecticut Mills, pref.(guar.)
.154
Cornell Mills (guar.)
134
Dupont Co., Inc.(Boston)
5
Eagle-Picher Lead, pref. (guar.)
134
Exchange Buffet Corp. (guar.)
•50c.
Fisher Body Corp.,common (guar.)-- - *234
Gimbel Bros., pref.(guar.)
*1H
Hart, Schaffner & Marx. coin. (guar.)
•154
Hercules Powder, pref. (guar.)
*154
Homestake Mining (monthly)
50e.
Hupp Motor Car, common (guar.)
*234
International Shoe, pref. (quar.)
•50c.
Kelsey Wheel, pref. (guar.)
1K
Intertype Corporation. corn.(quar.)_ _ _ *25e.
Kelly-Springfield Tire, pref. (guar.) _ _ _ 2
Mullins Body. pref. (quar.)
*2
Nat. Department Stores, let pref.(gu.)_ •134
Second preferred (guar.)
'1)4
Renfrew Manufacturing, pref. (guar.)._
134
River Raisin Paper (guar.)
134
•13,4
Russell Motor Car, pref. (guar.)
134
St. Joseph Stock Yards (guar.)
Salt Creek Producers' Assn.(guar.)._ •2
•2
Extra
•134
Savannah Sugar Refg., pref.(guar.)._
*2
Spalding(A.G.)& Bros.,corn.(guar
*1H
First preferred (guar.)
*2
Second preferred (quar.)
United Eastern Mining
160.
2
U. S. Rubber, 1st pref. (guar.)
5
U. S. Safe Deposit Co
*I
Western States 011 Corti
*2
West(John) Thread, Cl. A & B (gu.)
Books Closed.
Days incluries.
Aug. 1 Holders of rec. July 81
July 6 Holders of roe. July 5
July 6 Holders of rec. July 5
July 2 June 21 to July 1
Aug. 1 *Holders of rec. July 14
July 14 July 6 to July 15
Aug. 1 July 14
to July 28
Aug. 1 July 14 to July 26
Aug. 1 July 14 to July 26
July 2 Holders of rec. June 21
July 2 Holders of rec. June 28a
July 31 *Holders of rec. July 18
July 31 Holders of rec. July 130
Aug. 1 Holders of rec. July 16
July 1 June 26 to July 1
July 1 June 26 to July 1
July 2 Holders of rec. June 30a
July 2 Holders of rec. June 300
Aug. 1 *Holders of rec. July 20
Aug. 1 *Holders of rec. July 2
July 3 Holders of rec. June 184
July 3 Holders of rec. June 18a
July 31 *Holders of rec. July 30
Aug. 15 *Holders of rec. Aug. 7
July 2 Holders of rec. June 27a
Aug. 1 *Holders of rec. July 21
Holders of rec. July 1
Aug. 1 *Holders of rec. July 16
July 2 Holders of rec. June 29
July 2 Holders of rec. June 30
July 16 Holders of roe. July 5
July 31 *Holders of rec. July 21
Aug. 1 *Holders of rec. July 20
Aug. I *Holders of rec. July 14
Aug. 31 *Holders of rec. Aug. 18
Aug. 15 *Holders of rec. Aug. 4
July 25 Holders of rec. July 20
Aug. 1 *Holders of rec. July 14
Aug. 1 *Holders of rec. July 14
Aug. 1 Holders of rec. July 20
Aug. 15 *Holders of rec. July 31
Aug. 15 Holders of rec. Aug. 1
Aug. 1 *Holders of rec. July 16
Aug. 1 *Holders of rec. July 16
Sept. 1 *Holders of rec. Aug. 16
July 2 Holders of rec. June 20
July 26 Holders of rec. July 180
Aug. 1 *Holders of rec. July 18
June 30 June 21 to July 1
Aug. 1 *Holders of rec. July 16
Aug. 1 *Holders of rec. July 16
Aug. 1 *Holders of rec. July
July 15 *Holders of rec. July 16
7
Sept. 1 *Holders of rec. Aug. 18
Sept. 1 Holders of rec. Aug. 18
July 28 Holders of rec. July 7
July 31 Holders of rec. July 31
July 2 June 29 to July 2
July 31 *Holders of rec. July 15
July 2 *Holders of rec. June 230
DIVIDENDS.
Dividends are grouped in two separate tables. In the
Below we give the dividends announced in previous weeks
first we bring together all the dividends announced the cur- and not yet paid. This list does not include dividends
rent week. Then we follow with a second table, in which announced this week, these bemg given in the preceding table.
we show the dividends previously announced, but which
Per
have not yet been paid.
When
Books Closed.
Cent. Payable.
Name of Company.
Days Inclusive.
The dividends announced this week are:
Name of Company.
Railroads (Steam).
Connecticut & Passumpsic River, pref. _
MassawIppi Valley
Per
When
Cent. Payable.
3
3
Books Closed.
Days Inclusive.
Aug. 1 Holders of rec. July
Aug. 1 Holders of rec. July
1
1
Public Utilities.
Arkansas Licht & Power, pref. (guar.)._
1)1 July 1 June 16 to June 30
Athens Railway dr Electric. pref. (guar.) 1)4 July I Holders of rec. June 15a
Chesapeake & Potomac Telephone of
Baltimore City, pref. (guar.)
134 July 16 Holders of rec. June 30a
Cincinnati Gas & Electric (quar.)
July 2 June 15 to June 21
Cincinnati & Hamilton Trac., corn.(en.) 1
July 1 June 21 to July 1
Preferred (guar.)
1)4 July 1 June 21 to July 1
eine. Newp. dc Coy.L.& Tr..corn.(qu.)
July 14 July 1 to July 15
Preferred (guar.)
14 July 14 July 1 to • July 15
Cincinnati Street fly.(guar.)
134 July 1 June 17 to July 1
Citizens Gas& Fuel. Terre Haute(guar.) 234 June 30 Holders of rec. June 20
Preferred (guar.)
1H July 1 June 27 to July 1
City Cas Co. of Norfolk, pref.(quar.)
2
July 2 Holders of rec. June 166
City Bs.(Dayton, 0.), corn. (guar.).-34 June 30 June 16 to July 1
Preferred (guar.)
1K June 30 June 16 to July 1
Cleveland Electric Illuminating (guar.). 234 July 16 Holders of rec. July 2a
Columbia (Pa.) Gas Co
2
June 30 June 21 to July 1
Columbia fly. Gas& Elec., pref.(guar.) 134 July
June 26 to July 1
Commonwealth Edison (guar.)
•2
Aug. 1 *Holders of rec. July 14
Commonw'th Gas dr Elec. Cos., pf.(gu.) $1.50 July 16 Holders of rec. July la
Conestoga Traction,common
1
June 3 June 21 to July 1
Preferred (guar.)
134 June 30 June 21 to July 1
Consum E.L.& P., New Or.,corn.(gu.) 2
June 3 Holders of rec. June 9
Dominion Telegraph (guar.)
1)4 July 1 July 1 to July 7
Edison Electric Co., Lancaster (guar.).June 30 June 21 to July 1
Electrical Utilities. pref. (guar.)
134 July 1 Holders
Elmira Water, Light & RR.,corn.(gu.). 1K June 3 Holders of rec. July 6
of rec. June 140
Fall River Gas Works(guar.)
3
Aug.
Holders of rec. July 160
Georgia Ry.& Elec., pref.(guar.)
13( July
Holders or rec. July 10
Green & Coates Sts.Pass.Ry.,Phila.(gu.) *$1.30 July
Hartford City Gas Light,corn.& UL(qu.) 50c. June 30 *Holders of rec. June 22
June 16 to July I
Holyoke Street Hy
3
July
June 28 to July 1
Houston Gas & Fuel, common
2
June
Holders of
Interstate Pub.Serv., prior lien stk.(gil.) 1H July 30 Holders of rec. June 130
15
rec. June 30a
Iowa Railway & Light, pref.(guar.)_
134 June 30 June 21 to June 30
Kentucky Utilities, pref. (guar.)
134 July 16 Holders of rec. June 300
Lancaster County Ry.& Light, cora_
$1.70 June 30 Holders of rec. June 280
10 Preferred (guar.)
134 June 30 Holders of rec. June 28a
Lancaster Gas Light & Fuel (quar.)
_ 3
June 30 June 21 to July 1
Laurentlde Power (guar.)
13( July 16 Holders of rec. June
Louisville Gas & Elec. of KY.. pref.(gu.) 134 July 15 Holders of rec. July 300
la
Michigan State Telephone (guar.)
1H June 29 Holders of rec. June 140
Milw. Elec. Ry.& Light, pref.(guar.). _
134 July 31 Holders of
Missouri Gas & El. Sere., prior lien (gu.) 1H July 15 Holders of rec. July 200
rec. June 306
Newport News& Hampton fly., Gas&
Electric. corn. (guar.)
•134 Aug. 1 *Holders of rec. July 14
.1 1M
,
Preferred (guar.)
Oct. 1 *Holders of rec. Sept. 15
Omaha& Council Bluffs St.fly., Pi.
(gu.) 134 July 1 June 17 to July 1
Ottumwa fly. & Light, pref.(guar.)__
1K July 14 Holders of rec. June 30
Phila. & Gray's Ferry Pass. fly
•62
July 7 *July I to July 8
Pine Bluff Co., pref.(quar.)
July 1
June
Public Service Investment. coin. (guar.) 13 Aug. 1 Holders of rec. July 15a
Holders of rec.
14
Preferred (guar.)
134 Aug. 1 Holders of rec. July 14
Railway & Light Securities,corn.& pref. 3
Aug. 1
14
South. Indiana Gas dr Elec.,7% Pf (gu.) 1,4 July 2 Holders of rec. July 250
Holders of rec. June
Six per cent preferred
3
July 2 Holders of roe. June 250
'Trinidad Electric Co. (guar.)
1
July 10 July 1 to July 10
United Gas dc Electric Engineering
20
June 30 Holders of rec. June
Western States Gas & Elec., pref.(cm.). 1)4 July 14 Holders of rec. June 280
30
Railroads (Steam).
Alabama Great Southern, preferred_ _ _ 331 Aug. 16 Holders of rec. July 13
Atchison Topeka & S. Fe., corn. (guar.) 134 Sept. 1 Holders of rec. July 270
234 Aug. 1 Holders of rec. June 290
Preferred
334 July 10 Holders of rec. June 186
Atlantic Coast Line RR.,common
2
Sept. 1 Holders of rec. July 14a
Baltimore & Obto, preferred
134 Aug. 1 Holders of rec. June 290
Canada Southern
2
July 16 Holders of rec. July Ila
Central RR. of N. J.(guar.)
2
Aug. 15 Holders of rec. Aug. 130
Extra
Chicago Indianapolis& Louisville. corn— 134 July 10 Holders of rec. June 80
2
July 10 Holders of rec. June 800
Preferred
234 July 16 Holders of rec. June 150
Chicago dr North Western, corn
334 July 16 Holders of rec. June 156
Preferred
234 Aug. 20 Holders of rec. Aug.
Chic.St.Paul Minn.& Omaha.
la
334 Aug. 20 Holders of rec. Aug. la
Preferred
3
Aug. 1 Holders of rec. June 290
Cincinnati Northern
1
July 2(1 Holders of rec. June 29a
Cleve., Cin., Chic. & St. Louis, com
IX July 20 Holders of rec.. June 29a
Preferred (guar.)
Delaware Lackawanna & West. (guar.). $1.50 July 20 Holders of rec. July 70
3
July 16 Holders of rec. July 7a
Detroit River Tunnel
234 Aug. 1 Holders of rec. June 296
Great Northern, preferred
131 Sept. 1 Holders of rec. Aug. 2a
Illinois Central, corn. (guar.)
3
Sept. 1 Holders of rec. Aug. 20
Preferred
July 16 Holders of rec. June 30a
Kansas City Southern, pref.(guar.).— 1
$1.25 July 1 June 19 to
Little Schuylkill Nay., RR.dc Coal
July 15
234 Aug. 10 Holders oh rec. July 17a
Louisville dr Nashville
$10 Aug.
Mahoning Coal RR.. common
Holders of rec. July 160
Michigan Central
10
July 2 Holders of rec. June 296
Mobile & Ohio
3)4 July 1 Holders of rec. June 28a
1,4 Aug. I Holders of rec. June 290
New York Central RR.(guar.)
3
N. Y. Chicago & Si. Louis, corn
July 16 Holders of rec. July 7
3
New preferred stock
July 15 Holders of rec. July 7
Norfolk & Western, corn. (guar.)
134 Sept. 19 Holders of rec. Aug. 316
1
Adjustment preferred (guar.)
Aug. 1 Holders of rec. July 310
Northern Central
$2
July 1 Holders of rec. June 306
Northern Pacific (guar.)
134 Aug.
Holders of rec. July 26
Northern Securities Co
4
July 10 June 28 to July 10
Pennsylvania RR.(quar.)
75c. Aug. 3 Holders of rec. Aug. la
Pere Marquette, prior preference (guar.) 1)( Aug.
Holders of rec. July 14a
134 Aug.
Preferred (guar.)
Holders of rec. July 14a
Philadelphia dr Trenton (guar.)
2)4 July 1 July 1 to July 11
Pitts. Cin. Chic. & St. Louis
2
July 20 Holders of rec. July 100
Pittsburgh dr Lake Erie
$2.50 Aug. 1 Holders of rec. July 140
Pittsburgh & West Va., pref. (guar.)._ _
1.34 Aug. 31 Holders of rec. Aug. 1
Reading Company, corn. (guar.)
$1
Holders of rec. July 17a
Aug.
First preferred (guar.)
50e. Sept.13 Holders of rec. Aug. 276
Second preferred (guar.)
50e. July 12 Holders of rec. June 25a
Sharon Railway (semi-annual)
1.3754 Sept. I Aug. 22 to Aug. 31
United N.J. RR.& Canal Cos.(guar.). 234 July 10 June 21 to June 80
Public Utilities.
All-America Cables (guar.)
134 July 14 Holders of rec. June 300
American Gas (guar.)
131 July 14 Holders of rec. July 26
American Gas & Elec.. prof.(guar.)
134 Aug. 1 Holders of rec. July 12
.—
Amer. Telephone & Telegraph (guar).- 1
July 15 Holders of rec. June 200
Aug.
Amer. Water Works & Else., 1st pf.(au)
Holders of rec. Aug. la
Six per cent participating Lard
Aug. 15 Holders of rec. Aug. 16
1
Appalachian Power,7% pref.
13, July
Holders of rec. June 30a
(
Bell Telephone of Canada (guar.)
24
1146 Holders of rec. June
334 Aug. 1 Holders of rec. July 23a
Boston Consolidated Gas
14
50e. July 10 Holders of rec. June 306
Brooklyn Borough Gas, corn. (guar.)3,4
Carolina Power & Light. corn. (guar.).Holders of rec. July 14
Cedar Rapids Mfg. dr Power (guar.)—
Aus 4
Aug 1
34 J uly.. 15 Holders of rec. July 31
Central III. Pub. Serv.. pref. (guar.).—
154
Holders of rec. June 30a
Central Power, pref. ((Jur.)
*Holders of rec. June 30
Colorado Power, corn. (guar.)
)4 July 16 Holders of rec. June 30
Columbia Gas& Electric new eh.(ilu.)- *: July. 1165 Holdesr of rec. July
6 . Aug
1 4
5
316
Old stock
$1.95 Aug. 15 Holders of rec July 810
241
[VOL. 117.
THE CHRONICLE
58
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Public Utilities (Concluded).
Columbus Ry., Pow.& Lt., corn.(qu.). 131 Sept. 1 Holders of roe. Aug. 180
Dec. 1 Holders of rec. Nov. 15a
I
Common (guar.)
134 Oct. I Holders of rec. Sept.150
Preferred, Series A (guar.)
134 Jan2'24 Holders of rec. Dec. 150
Preferred, Series A (guar.)
134 Aug 1 Holders of rec. July lea
Preferred, Series B
234 Nov. 1 Holders of rec. Oct. lea
Preferred, Series B
Consolidated Gas of N. Y., Pref.(quar.) 8734e Aug. 1 Holders of rec. June 15a
July 16 Holders of rec. June 30a
Consolidated Traction of New Jersey. - 2
July 18 Holders of ree. June 20a
2
Detroit Edison (guar.)
Dominion Power & Transmission, pref._ 334 July le June 18 to June 30
134 July 18 Holders of rec. June 30
pref. cl. A (guar.)
East Bay Water,
134 July 18 Holders of rec. June 30
Preferred. class B (guar.)
July 9 Holders of rec. June 20a
3
El Paso Electric Co.. preferred
*35c. July 10 *Holders of roe. June 30
Fairmount Park Transit, pref
Preferred (acct. accumulated divs.)__h .$1 .40 July 10 *Holders of rec. June 30
Illinois Northern Utilities, pref. (guar.)- •134 Aug. 1 *Holders of rec. July 14
1% July 15 Holders of rec. June 270
Internat. Telep. & Teleg. (quar.)
2
Aug. 15 Holders of rec. July 31
KaminLstiqua Power (guar.)
Kentucky Securities Corp.. pref (guar.) 134 July 18 Holders of rec. June 200
July 18 Holders of rec. July 2a
Manchester Tr., Lt. dv Power (quar.).- 2
July 14 Holders of rec. June 30a
Manufacturers L.& Heat, Pittsb.(guar.) 2
134 July 18 Holders of rec. June 25
Massachusetts Ltg. Cos.. 8% pf.
2
July le Holders of rec. June 25
.
Eight per cent pref. (quar.)
134 Julyd16 Holders of rec. June 300
Michigan Gas & Elec., pref. (guar.)._
134 July 18 Holders of rec. June 30a
Prior lien (quar-)
134 Aug. 1 Holders of rec. July 14
Middle West Utilities. pref. (guar.)_ _ _ _
Monongahela-West Penn.Pub.Serv.. p1. 3734c July 7 Holders of rec. June 250
Montreal Lt., Ht.er Pr., Consid (quar.). 134 Aug. 15 Holders of rec. July 31
Aug. 15 Holders of rec. July 31
Montreal Lt., Ht. & Power (quar.)---- 2
July 18 Holders of rec. June 30
2
Montreal Telegraph (guar.)
131 July 20 Holders of rec. June 30
Mountain States Power, pref. (guar.)._
104 Aug. 1 Holders of rec. June 30a
Nevada-California Elec.. pref. (guar.). _
July 14 Holders of rec. July 2
$1
Newburyport Gas dr Elec.(guar.)
July 14 Holders of rec. July 2
$1
Extra
134 July 18 Holders of me*. June 200
New York Telephone. pref.(guar.)
134 July 18 Holders of rec. June 300
Niagara Falls Power. prof. (guar.)
Aug. 1 Holders of rec. June 30
Northern States Power, corn. (guar.).- *2
*134 July 20 Holders of rec. June 30
Preferred (guar.)
134 Oct. 1 Holders of roe. Sept.20
Gas, preferred (quar.)__
North Shore
134 July 18 Holders of rec. June 300
Pacific Gas dr Elec., corn. (guar.)
134 July 18 Holders of rec. June 300
Pacific Telep. & Teleg. pref. (quar.).-._
134 July 17 Holders of rec. July 3a
Peoples Gas Light & Coke (guar.)
*5
July 10 Holders of rec. June 29
Phila. & Camden Ferry (guar.)
July 31 Holders of rec. July 20
Company, corn. (quar.)_ $1
Philadelphia
75e. July 31 Holders of roe. July 180
Philadelphia Rapid Transit (guar.)
13‘ July 14 Holders of rec. June 300
Philadelphia & Western Ay.. pref.(qu.)
July10 Holders of rec. June 27a
Puget Sound Power & Light, corn. (qu.) 1
134 July 18 Holders of rec. June 270
Prior preference (guar.)
1% July 18 Holders of roe. June 270
Preferred (gear.)
Public Serv. Co. of No. Ill., corn.(qu.)_ •134 Aug. 1 Holders of rec. July 14
Common stock (no par value)(quar.)_ *$1.75 Aug. 1 Holders of roe. July 14
*134 Aug. 1 Holders ofirec. July 14
Preferred (guar.)
134 July 10 Holders of rec. June 22
Shawinigan Water & Power (guar.)._ _
Southern Canada Power. pref.(guar.).- 134 July 15 Holders of req. June 300
July 25 Holders of rec. June 30
Southern Wisconsin Elec. Co.,com.(qu.) *2
131 July 18 Holders of rem. June 300
Preferred (guar.)
Standard Gas dr Electric. corn.(No. D)._ 8233c July 25 Holders of rec. June 30
234 July 15 Holders of rec. June 300
United Gas & Elec. Co., pref
75e July 14 Holders of rec. June 300
United Gas Impt., corn. (guar.)
8734c Sept.15 Holders of rec. Aug. 310
Preferred (guar.)
134 Aug. I Holders of rec. July. 180
United Light & Rye., common (guar.)._
34 Aug. 1 Holders of roe July 180
Common (extra)
2 Holders of roe. Bent 15a
Oct.34
Participating preferred (extra)
31 Jan2'24 Holders of roe. Dec. 15
Preferred (extra)
Participating
3
July 20 Holders of rec. Dee 5 a
Virginia So'. & Power, preferred
July 14 Holders of roe. June 25
Washington Water Power, Spokane(qu.) 2
134 July 16 Holders of rec. June 30a
Western Power, pref. (guar.)
IH July 18 Holders of rec. June 250
Western Union Telegraph (quar.)
134 Aug. 15 Holders of rec. Aug. la
West Penn Co., pref. (guar.)
134 Aug. 1 Holders of rec. July 18
West Penn Power Co.. pref.(quar.)
134 Sept. 15 Holders of rec. Sept. 1
West Penn Rya.. pref. (guar.)
Wisconsin Power & Light, pref.(MO- 134 July 20 Holders of rec. June 300
Wisconsin River Power, prof. (quar.).- *In Aug. 20 *Holders of rec. July 31
50c. July 113 Holders of roe. July fra
York Railways, common (guar.)
8234e July 31 Holders of rec. July 21a
Preferred (guar.)
Banks.
Commonwealth
Fire Insurance.
Continental
Fidelity-Phenix Fire
5
$3
$a
July 18 July
1
to
July 15
July 11 Holders of rec. June 3(10
July 11 Holders of rec. June 30a
Miscellaneous.
July 20 Holders of rec. July 10
$1
Abitibi Power & Paper,corn.(quar.).
July 14 Holders of roe. June 300
$1
Air Reduction (guar.)
5154( July 20 July 11 to July 200
Alabama Company, first preferred
July 18 Holders of rec. July 10a
2
Alliance Realty (guar.)
Aug. 1 Holders of rec. July 130
$1
Allied Chem.& Dye, corn.(guar.)
134 July li Holders of rec. June 23a
Allis-Chalmers mfg.. pref. (qust.)
•75e. July If *Holders of rec. June 31)
Amalgamated 011 (guar.)
American Bank Note, com•(guar.)
- $1.25 Aug. 16 Holders of rec. Aug. la
1;4 Aug. 15 Holders of rec. July 310
American Can,common (guar.)
Aug. 1 July 12 to Aug.
$1
American Coal(guar.)
Aug.
Holders of rec. July418
2
American Glue. prof. (guar.)
131 July 25 Holders of rec. July ea
American Ice, common (oust.)
134 July 25 Holders of res. July 86
Preferred (guar.)
Am.La France Fire Eng..Ino..oom.(qu) 250. Aug. Ur Holders of roe. Aug. la
American Machine & Foundry (qua?.).. 134 Oot. 1 Holders of rec. Sept. la
134 Jan 1'24 Holders of roe. Dee. Is
Quarterly
50c. July 15 Holders of rec. June 306
Amer. Rolling Mill. corn. (guar.)
134 Aug. 1 Holders of roe. July 15a
Amer. Sales Book, pref. (QUM%)
July 14 Holders of rec. June 30a
1
American Seeding Mach., corn.
134 July 14 Holders of rec. June 30a
(quar.)Pefd
(Ouar.)
Aug. 1 Holders of res. July 14a
American Shipbuilding, corn. (guar.)--- 2
Nov. 1 Holders of rec. Oct. 15a
2
Common (guar.)
Febl'24 Holders of rec. Jan. 15'24a
2
Common (guar.)
May1'24 Holders of res. Apr.15244
2
Common (guar.)
Augr:4 Holders of rec. July 15246
2
Common (guar.)
134 Aug I Holders of rec. July 140
(guar.)
Preferred
134 Aug. 1 Holders of rec. July 90
(
Amer. Smelt. & Refg., cam.
134 Sept. 1 Holders of rec. Aug. 10a
Preferred (guar.)
American Steel Foundries. corn.(guar.). 75e. July 14 Holders of rec. July 20
18
July 106
Amer. Type Founders, common (guar.)- 134 July 18 Holders of rec. July 100
Holders of rec.
1'I Juiy
Preferred (guar.)
le May t5
May IS
American Woolen,COM.and pref.(guar.) 151 July 23 Holders or to June lea
rec.
The. July
Anaconda Copper Mining (guar.)
(quar.). 134 July 15 Holders of rec. June 30
Asbestos Corp. of Canada,cam.
134 July 15 Holders of rec. June 30
Preferred (guar.)
July 140
Aug. 1 Holders of
Associated Dry Goods,common (quar.)_ 134 Sept. 1 Holders of rec. Aug. lla
rec.
First preferred (guar.)
134 Sept. 1 Holders of rec. Aug. Ila
preferred (guar.)
Second
134 July 25 Holders of roe. June 300
Associated Oil (guar.)
134 Aug. 1 Holders of rec. July 200
Atlas Powder, Preferred (qum.)
134 Aug. 1 Holders of roe. July 180
Austin, Nichols dr Co.. PreL BlUarrt- Barnhart Bros. & Spindler
131 Aug. 1 Holders of rec. July 260
First and second preferred (guar.).
134 July 15 Holders of rec. June 300
BaYuk Bros., Inc., first pref. (quar.)..
July 15 Holders of rec. June 30a
Second preferred (guar.)
1.8704 Aug. 15 Holders of rec. Aug. la
Beacon Oil, preferred (guar.)
1.8734 Nov. 15 Holders of rec. Nov. la
Preferred (guar.)
80c uly 10 Holders of rec. June 300
Beech-Nut Packing, Com.(ouar.
)
134 July 14 Holders of rec. June 300
Preferred. class B (guar.)
Bethlehem Steel Corp.
-131 Oct. 1 Holders of rec. Sept. 15a
(quar.)Seven per cent cum. pref.
Seven per cent cum. pref. (guar.)- - 1,‘ Jan2'24 Holders of rec. Doe. 15a
Seven per cent non-cum. pref. (guar.) 134 Oct. 1 Holden of roe. Sept. 150
Seven per cent non-cum. pref. (guar.) 134 Jan2'24 Holders of tee. Dec. lba
Oct. 1 Holders of roe. Sept. 15a
2
Eight per cent preferred (guar.)
Jan2'24 Holders of rec. Doe. 150
2
Eight Per cent preferred (oust.)
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Aug. 15 Holders of rec. Aug. la
4
Borden Company,common
Preferred (guar.)
134 2ept.15 Holders of rec. Sept. la
134 Dee. 15 Holders of rec. Dec. la
Preferred (guar.)
250. Oct. 1 Holders of rec. Sept.20a
Bridgeport Machine Co.(guar.)
Quarterly
25c. Jan 1'24 Holders of tee. Dec. 20a
Quarterly
25e. Aprl'24 Holders of rec.Mar.20'24a
British Empire Steel Corp.. pf. B (qu.) 134 Aug. 1 Holders of rec. July 130
234 July 18 Holders of rec. July 90
Bush Terminal, common
*3
July 18 *Holders of rec. July 9
Preferred
134 July 18 Holders of rec. June 30a
Canada Cement. Ltd.(guar.)
2% July 31 July I to July 2
Canadian Explosives, common (quar.)
Preferred (guar.)
134 July 15 July 1 to July 2
3
July 15 Holders of rec. June 300
Canadian Fairbanks-Morse, preferred
July 16 *Holders of rec. June 30
Canadian Industrial Alcohol(guar.).- - *1
Cartier, Inc.. pref. (guar.)
131 July 31 Holders of rec. July 16a
2
Aug. 15 Holders of rec. July Ma
Celluloid Company, pref. (guar.)
- 134 July 15 Holders of rec. June 30a
Central Coal & Coke, corn. (guar.).
131 July 15 Holders of rec. June 30a
Preferred (guar.)
Checker Cab Mfg., Class A (guar.) ...- $1.25 Aug. 1 Holders of roe. July 18a
81.25 Nov. 1 Holders of rec. Oct. 15a
Class A (guar.)
$1.25 Febl'24 Holders of rec. Jan15'240
Class A (guar.)
134 July 25 Holders of rec. July 14a
Chicago Pneumatic Tool (guar.)
*331-3 cAug. 1 *Holders of rec. July 20
Chicago Yellow Cab (monthly)
Cities Service
.
g m Aug
Holders of rec. July 15
Common (monthly pay.In cash scrip)- 1 H An.
Holders of rec. July 15
Common (Denbo;in corn. stk. scrip)
34 Aug. 1 Holders of rec. July 15
Preferred and pref. B (monthly)
Holders o free. Aug. 15
Cleveland Stone(guar.)
14 Sept. 1 Holders of rec. Aug. 15
Extra
S
Jept. 1
1
Computing-Tabulating-Record. (guar - : uly 10 Holders of rec. June 22a
July le Holders of rec. July 7a
$4
Congoleum Company, common
,
.11113 20 July 18 to July 20
3
Consolidated Royalty 011 (guar.)
Holders of rec. July 14a
154
Consolidation Coal (guar.)
Auly 5
J tily 14
jug 31 *Holders of rec. Aug. 4
.
Continental Can, common (guar.)
1% July 20 Holders of rec. July 30
Corn Products Rehr., coin.(guar.)
134 July 20 Holders of rec. July 30
Common (extra)
Holders of rec. July 30
Preferred (quar.)
Aug. 1 Holders of tee. July 3a
81
Cosden & Co.. corn. (guar.)
Creamery Package Mfg., corn. (gust.).. 50e. July 10 July I to July 10
134 July 10 July 1 to July 10
Preferred (guar.)
July 31 Holders of rec. July 18a
1
Crucible Steel. common
July 18 Holders of tee. June 390
$3
Davis Coal & Coke
wy
July 16 Holders of rec. June 30a
2
Delaware Lack.& Western Coal(guar.) $1.25 j
July 1 to July 8
Detroit Motor Bus (guar.)
July 15 July I to July 8
1
Extra
Sept. 15 Holders of rec. Aug. 310
2
Diamond Match (guar.)
5e. July 10 July I to July 9
Dolores Esperanga Corp.(guar.)
July 20 Holders of roe. June 300
61
Dome Mines, Ltd. (Qum.)
13( Aug. 1 Holders of rec. July 12
Dominion Coal, pref. (guar.)
134 Aug. 1 July 15 to Aug. 1
Dominion Steel Corp., pref. (guar.)._
Holders of roe. Sept. 1
Dominion Stores, Ltd., common
e
113d C t
56'. J1jt; 16 Holders of roc. June 30
1
Dominion Textile. Prof. (guar.)
duPont(E.I.)deNem.&Co.,debilark.(gu.) 134 July 25 Holders of rec. July 100
du Pont(El.)de Nem..Powd,com.(gu.) I% Aug. I Holders of rec. July 200
F referred (guar.)
131 Aug. 1 Holders of rec. Jury 200
Eisenlohr(Otto)& Bros., corn.(guar.).- 134 Aug. 15 Holders of rec. Aug. la
2
Aug. 1 Holders of rec. July 20
Elgin National Watch (guar.)
334 July 15 Holders of rec. July 4
Ely-Walker Dry Goods, 1st preferred
3
July 15 Holders of reo. July 4
Second preferred
July 10 Holders of tee. June 30
Equity Petroleum Corp., pref.(guar.)._ 3
Holders of rec. June 30
(In
July
Equity Petroleum Corp., pf. com.stk.)
14 Aug 31 Holders of tee. July 16
3
(
. 1
Eureka Pipe Line (guar.)
4.75 Aug. 1 - Holders of rec. July 20
Fajardo Sugar, common
Aug. 1 Holders of rec. July 18a
Famous Players-Lasky Corp.. pref.(qu.) 2
2
July 16 Holders of rec. June 30a
Federal Acceptance Corp.. prof. (au.)
30e. July 10 July 4 to July 10
Federal Motor Truck (guar.)
Fifth Avenue Bus Secs. Corp. (guar.)._ *lee. July 18 Holders of roe. July 2
134 July 15 Holders of rec. July 2
Firestone Tire & Rubber,6% pf. (qu.)._
134 Aug. 15 Holders of rec. Aug. 1
Seven per cent pref. (guar.)
50o. Oct. 1 Holders of rec. Sept. 15a
Fleishmann Co., corn. (guar.)
50e. Oct. 1 Holders of rec. Sept.15a
Common (extra)
500. Jan 124 Holders of rec. Dec. 150
Common (guar.)
Aug 1
1
234 July 10 Holders of rec. July 210
.
Foulds Milling, preferred (guar.)
Holders of rec. July 230
General Cigar, corn. (guar.)
134 Sept. 1 Holders of rec. Aug. 240
(guar.)
Preferred
134 Oct. 1 Holders of rec. Sept. 240
Debenture preferred (guar.)
260. Aug. 20 Holders of rec. Aug. 100
General Development(guar.)
July 14 Holders of rec. June Go
2
General Electric(guar.)
Au y 1
. Julg 14 Holders of rec. June 60
Special stock (guar.)
General Motors Corp., 8% pref. (guar.) 1M Aug. 1 Holders of roe. July 9a
Holders of res. July 90
Six per cent debenture stock (guar.).
Seven per cent debenture stock (guar.; 134 Aug. 1 Holders of rec. July 9a
8x ul y 6
631 Jtily 14 June 24 to July 8
General Refractories (guar.)
July 4 to July 15
Giant Portland Cement, pref
Globe-Wernicke Co.. Prof.(guar.)
114 July 15 Holders of rec. June 30
25e. Aug. 1 Holders of rec. July 20
Gossard (H. W.) Co., corn.(monthly)._
25e Sept. 1 Holders of rec. Aug. 20
Common (monthly)
Gulf States Steel Co.
I Holders of rec. Sept. 14a
134 Oct
First and second preferred (guar.)...
u
1 H Ja 2'3241 Holders of roe. Dec. 14a
First and second preferred (oiler.) _ _.
July 25 to July 31
July
Halle Bros., let & 2d pref.(guar.)
July 14 Holders of rec. July 10a
5
Hall (C. M.) Lamp
July 10 Holders of rec. June 30
3
Woolen
Hamilton
1% July 20 Holders of rec. July 100
Harbison-Walker Refract.. pref.(quar.)
•134 Aug. 1 *Holders of rec. July 10
Harris Bros. Co., preferred (guar.)
134 Aug. 1 July 22 to July 31
Higbee Company, 1st pref.(guar.)
134 July 14 Holders of roe. June 30a
Hillcrest Collieries, common (guar.).
July 14 Holders of rec. June 30a
Preferred (guar.)
Hillman Coal & Coke. 5% pref. (guar.) 131 July 25 July 15 to July 25
134 July 25 July 15 to July 25
Seven per cent pref. (guar.)
July 18 Holders of rec. June 28
1
Hollinger Consolidated Mines
50. July 18 Holders of rec. July 20
Howe Sound Co
•50c. July 12 *Holders of roe. July 8
common (guar.)
Hurley Machine,
•25c. July 12 *Holders of rec. July e
Common (extra)
•15.i July 14 *Holders of tee.
July 2
Illinois Brick (guar.)
Aug. 15 Holders of rec. July 20
2
Indiana Pipe Line (guar.)
134 July 18 Holders of rec. June 260
Internat. Harvester, com.(guar.)
134 July 18 Holders of rec. July 60
International Paper, pref.(quar.)
July 18 Holders of rec. July fla
134 j
uly22
Stamped preferred (guar.)
Interstate Royalties Corp.(monthly)...
Holders of rec. June 10
c
11e July 35 Holders of rec. June 10
Extra
Nov. 15 Holders of rec. Nov. la
Intertype Corp., corn. (In coin. stock)._ flO
1
July 18 Holders of rec. July 20
Jones Bros. Tea, corn. (guar.)
Kaufmann Dept. Stores, common (qu.). $1
Holders of rec. July 20
1210. July 18 Holders of roe. July 20
Aug 1
.
Kerr Lake Mines. Ltd. (guar.)
311 Holders of rec. July 200
Kress(S. H.) Co.,COM.(guar.)
1
81
Aug. 31 Holders of rec. July 310
Lehigh Coal & Navigation (guar.)
Sept.
Liggetts Internat.,corn. A & B (guar.)...
Holders of rec. Aug. 150
Sept.
Urns Locomotive Works, Ine.,com.(gu.)
Holders of rec. Aug. 150
134 Aug. 10 Holders of tee. Aug. 76
Lindsay Light, preferred (guar.)
134 Nov. 8 Holders of rec. Nov. 50
Preferred (guar.)
Preferred (guar.)
FAeughl.P241 Hold're of rec. Feb. 7'24a
57
Biscuit, td prof
Loose-Wiles
Aug. 1 Holders of roe. July 18a
1
8
:
Holders of rec. July 14
Lord & Taylor, 2d pref.(acct, ace. dive.) 512
MacAndrews dr Forbes, corn. (guar.)
July 14 Holders of rec. June 30a
Common (extra)
4 444 Julgy 14 Holders of rec. June 30a
Au y 41
1
ul
Holders of rec. June 30a
Preferred (guar.)
Holders of roe. July 140
Macy (R. H.) & Co.. preferred (quar.)._
2
July 18 Holders of tee. July 3
Maple Leaf Milling, common (guar.)
134 July 18 Holders of roe. July 3
Preferred (guar.)
0134 July 25 Holders of rec. June 30
Mason Tire & Rubber, pref.(quar.)._
May Department Storm corn.(guar.)._ 6114 Sept. 1 Holders of toe. Aug. 150
13( Oct. 1 Holders of rec. Sept. 15a
Preferred (guar
July 20 Holders of rec. June 300
Mexican Petroleum, common (guar.)._ _ 4
Preferred (guar.)
2
0
July 2 Holders of rec. June 300
04
50c. Aug. 15 Holders of rec. Aug. la
Miami Copper (guar.)
4
.
u
Ju l
Michigan Li mestone& Chem.,pref (qu.) we. j iy 18 Holders of rec. June 300
Holders of rec. June130a
Midway Gas, COMMOO ((Mar.)
Preferred (guar.)
$1.40 July 14 Holders of rec. June,130a
15:4
131
JULY 71923.]
Name of Company.
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Midwest Oil, $10 par stock (quar.)
624ge July 16 Holders of rec. July 2
Stock $1 par (guar.)
(Dgc July 16 Holders of rec. July 2
Moon Motor Car (Qum.)
750. Aug. 1 Holders of rec. July 160
Extra
25e. Aug. 1 Holders of rec. July 160
Motor Car Securities Corp., com
334 July 10 Holders of rec. June 10
Preferred
334 July 10 Holders of res. June 10
National Biscuit,common (guar.)
750. July 14 Holders of rec. June 30a
Nat. Enamel.& Slog., common (guar.)- 144 Attg.c131 Holders of rec. Aug. 11
Preferred (guar.)
14g Sept.29 Holders of rec. Sept. 104
Preferred (quar.)
14( Dec. 31 Holders of rec. Dec. lla
National Fuel Gas(quar.)
$1.25 July 16 Holders of rec. June 30
National Licorice, common
234 July 10 Holders of rec. July 2a
National Paper & Type, cont.& pf.(qu.) 2
July 16 Holders of rec. June 300
National Tea, preferred (quar.)
144 Aug. 1 Holders of rec. July 16
New Jersey Zinc (guar.)
*2
Aug. 10 *Holders of rec. July 31
Extra
*2
July 10 *Holders of rec. Jute 30
New Niquero Sugar
July 31 Holders of rec. July 20
$2
New York Air Brake, common (quar.)_ _
$1 Aug. 1 Holders of rec. July 9a
New York Dock. pref
234 July 16 Holders of rec. July 6a
New York Transit(quar.)
July 14 Holders of rec. June 20
2
New York Transportation (quar.)
50c. July 16 Holders of rec. July 20
Nipissing Mines Co., Ltd.(guar.)
July 20 July 1 to July 17
3
Nova Scotia Steel & Coal, pref.(guar.).- 2
July 16 July 8 to July 15
Ohio Brass. common (quar.)
$I July 14 Holders of rec. June 300
Preferred (quar.)
14( July 14 Holders of rec. June 300
Ohio Fuel Supply (quar.)
231 July 14 Holders of rec. June 300
Oil Lease Development Co.(No. 1)..... 100. July 16 Holders of rec. June 301
OklahomaNatural GM (guar.)
25c. July 20 Holders of rec. June 280
Otis Elevator, common (guar.)
July 16 Holders of rec. June 300
2
Preferred (quar.)
11 July 16 Holders of rec. June 300
/
4
Overman Cushion Tire, preferred
h244 July 10 July 1 to July 3
Pacific Oil
July 20 Holders of rec. June 150
$1
Package Machinery, preferred (quar.)-Aug. 1 Holders of rec. July 20
Packard Motor Car, common (guar.).-- 200. July 31 Holders of roe. July 16a
Common (extra)
20o. July 31 Holders of rec. July 160
Pan-Am.Petrol. & Transp., com.(qu.). $2
July 20 Holders of rec. June 300
Common class B (quar.)
$2
July 20 Holders of rec. June 30a
Penmans, Ltd., common (guar.)
2
Aug. 15 Holders of rec. Aug. 4
Preferred (quar.)
144 Aug. 1 Holders of rec. July 21
Pennsylvania Salt Mfg.(guar.)
$1.25 July 14 Holders of rec. June 300
Philadelphia Insulated Wire
Aug. 1 Holders of rec. July 160
$2
Phillips-Jones Corp.. pref. (quar.)
134 Aug. 1 Holders of rec. July 20a
Pick (Albert) & Co., common (quar.),... 400. Aug. 1 Holders of rec. July 2
New common(lobe issued July 3) - 130. Aug. 1 Holders of rec. July 3
Pierce, Butler & Pierce Mfg., com.(qu.)- .51
July 15 Holders of rec. July 5a
Eight per cent preferred (guar.)
2
Aug. 1 Holders of rec. July 200
Pittsburgh Coal, common (guar.)
1
July 25 Holders of rec. July 106
Preferred (quar.)
134 July 25 Holders of rec. July 100
Pittsburgh Term.NV'house & Transf.(gu) *il July 10 *Holders of rec. June 30
Plymouth Cordage (quar.)
July 20 *Holders of rec. July 2
Postum Cereal, common (quar.)
75c. Aug. 1 Holders of rec. July 200
Preferred (quar.)
2
Aug. 1 Holders of rec. July 200
Prairie Oil & Gas (quar.)
2
July 3 Holders of roe. June 30a
Prairie Pipe Line (quar.)
2
July 31 Holders of roe. June 300
Procter & Gamble,common
5
Aug. 1 July 15 to Aug. 15
Common (pay. In new com. stock). _ 14
Aug. 1 July 15 to Aug. 15
Eight per cent pref.(quar.)
2
July 1 Holders of rec. June 250
Quaker Oats, com. (quar.)
3
July 1 Holders of rec. July 20
Preferred (quar.)
114 Aug. 3 Holders of rec. Aug. la
Rickenbacker Motor (quar.)
200. July 1 Holders of rec. June 30
St. Joseph Lead (quar.)
2.5o. Sept.20 Sept. 9 to Sept.20
Extra
250. Sept.20 Sept. 9 to Sept.20
Quarterly
250. Doe. 2 Dec. 9 to Dec. 20
Extra
250. Doe. 20 Dec. 9 to Dec. 20
Schulte Retail Stores, com.(in pref. stk.) m$2 Sept. 1 Holders of rec. Aug. 154
Common (payable in preferred stock)- m$2 Des. 1 Holders of rec. Nov. 150
Common (payable in preferred stock)_ m$2
Mr 1'24 Hold,of rec. Feb. 15'240
Seaboard Oil & Gas (monthly)
3 1-3e Aug. 1 Holders of rec. July 14
Monthly
3 1-3c Sept. 1 Holders of rec. Aug. 15
Monthly
3 1-3e Oct. 1 Holders of rec. Sept. 15
Shaffer Oil & Ref., pref.(guar.)
July 25 *Holders of rec. June 30
Securities Company
234 July 16 July 1 to July 15
Smith (Howard) Paper Mills, coin.(qu.) 13.4 July 20 July 6 to July 10
Preferred (quar.)
2
July 20 July 6 to July 10
Southern States Oil (stock dividend).--- 810
July 20 Holders of rec. July 1
Spanish River Pulp & Paper Mills
Common and preferred (quar.)
ly, July 16 Holders of rec. June 30
Standard Underground Cable (guar.)... 3
July 10 July 3 to July 10
Stearns (F. B.) Co.(quar.)
50e. July 20 Holders of rec. June 3.'a
Steel Co. of Canada, com. & pref. (qu.) 134 Aug. 1 Holders of rec. July 4
Stern Bros., pref. (guar.)
2
Sept. 1 Holders of rec. Aug. 154
Stetson (J. B.) Co.,common
$2.50 July 14 Holders of rec. July la
Preferred
4
July 14 Holders of rec. July la
Sullivan Machinery (quar.)
$1 July 16 July 1 to July 13
Superior Steel, first preferred (quar.)._. 2
Aug. 15 Holders of rec. Aug. la
Second preferred (quar.)
2
Aug. 15 Holders of rec. Aug. la
Swift International
900. Aug. 15 Holders of rec. July 16a
Tennessee Copper & Chemical (guar.).- 25e. July 16 Holders of roe. June 300
Thompson (John It.) Co., corn.(mthly) 25c. Aug. 1 Holders of rec. July 234
Common (monthly)
25e. Sept. 1 Holders of rec. Aug. 230
Transue & Williams Stem Forg.(quar.)- 75c. July 16 Holders of rec. June 300
Tuckett Tobacco, Ltd., common (qu.)
1
July 14 Holders of rec. June 300
Preferred (guar.)
July 14 Holders of rec. June 300
Underwood Typewriter,corn.(quar.)--- 75c. Oct. 1 Holders of rec. Sept. la
Preferred (quar.)
Oct. 1 Holders of rec. Sept. la
Union Bag & Paper (guar.)
lbi July 16 Holders of rec. July 60
Union Natural Gas Corp. (quar.)
500. JUIY 14 Holders ot rec. June 30a
United Alloy Steel, common (quar.)--- 750. July 10 Holders of rec. June 250
United Cigar Stores of Amer.,common
2
Aug. 1 Holders of rec. July 160
United Drug.common
11 Sept. 1 Holders of rec. Aug. 150
/
4
1st pref. (quar.)
8734c Aug. 1 Holders of rec. July dl6a
United Dyewood, preferred (quar.)-Oct. 1 Holders of rec. Sept. 15
0
Preferred (guar.)
Jan2'24 Holders of rec. Dee. 154
United Fruit (quar.)
2
July 14 Holders of
June
United Shoe Machinery. common (qu.). 50c. July 12 Holders of rec. June 204
rec.
27
Preferred (quar.)
371c July 12 Holders of rec. June 27
/
4
United Verde Extension mining
(guar.) $1 Aug. 1 Holders of rec. July 54
U. S. Can, common (quay.)
500. July 15 Holders of rec. June 300
Preferred (guar.)
July 15
U.S. Cast Iron Pipe & Fdy., pref. NIL/- 141 Sept.15 Holders of rec. June 300
134
Holders of rec. Sept. la
Preferred (guar.)
Dec. 15 Holders of roe. Doe. la
U.S. Finishing. corn. (guar.)
144 July 16 Holders of rec. June 280
U.S. Industrial Alcohol, Prof. (quer.)
July 16 Holders of rec. June 30a
EL Realty &
U.S.
Improvement, pref.(qu.) 144 Aug. 1 Holders of rec. July 200
U.S.Smelt., Refg. & Min., pref.((PO
873.4c July 14 Holders of rec. July 60
Ventura Consolidated Oil Fields(qu.)The. Aug. 1 Holders of rec. July 160
Victor Talking Machine, com.(qar.)
July 14 July 1 to July 5
$2
Preferred (guar.)
July 14
Vulcan Detinning. Preferred (guar.)._ _ - 134 July 20 July 1 to July 5
Holders of rec. July 90
134
New 7% cum. preferred A (quar.)
July 20 Holders of rec. July 90
(monthly)
Wahl Co.
*500. Aug. I *Holders of rec. July 24
Monthly
*50c. Sept. I *Holders of rec. Aug. 24
Monthly
*50c. Oct. 1 *Holders of rec. Sept.22
Preferred (quar.)
Oct. 1 *Holders of rec. Sept.22
Western Grocers. pref. (quar.)
July 15July 1 to July 4
Westinghouse Air Brake (guar.)
21.40 July 3 Holders of rec. June 306
1
Westinghouse Elec. & Mfg., corn. (qu.) $1
July 31 Holders of rec. June 300
Preferred (quar.)
$1
July 16 Holders of rec. June 300
White Eagle Oil & Ref.(quay.)
50e. July 20 Holders of rec. June 29a
Winchester-Hayden Co.. Inc, Df.
144
Yellow Cab Mfg., Class B (monthly).- *50o. July 25 Holders of rec. July 250
Aug. 1 *Holders of rec. July 20
• From unofficial sources. 3 The New York Stock
Exchange has ruled that 'stock
will not be quoted ex-dividend on this date and
not until further notice. 8 The
New York Curb Market Association has ruled that stock
will not be quoted ax.
dividend on this date and not until further notice.
a Transfer books not closed for this dividend. 4 Correction. a
Payable in stook.
f payable in common stock. p Payable in
scrip. h On account of accumulated
dividends. m Payable In preferred stock.
/
1
134
134
134
134
11
/
4
144
131
59
Weekly Return of New York City Clearing House
Banks and Trust Companies.
The following shows the condition of the New York City
Clearing House members for the week ending June 30. The
figures for the separate banks are the averages of the daily
results. In the case of the grand totals, we also show the
actual figures of condition at the end of the week.
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
(Stated in thousands of dollars-that U. three ciphers 10003 omitted.)
New
Capital.l Profits. Loans,
Reserve
Week ending
Discount. Cash
Net
Time Bank
with
June 30 1923 Nat'l, April 3 Invest.
In
Do CirceLegal Demand
State, Mar.27 manta. Vault. eposi- Deposits. Posits. la(000 omitted.) Tr.Cos.Mar.27
ctC.
Won.
tortes.
Members of Fed. Res. Bank.
Bank of N Y &
$
$
Trust Co____ 4,000 11,813
Bk of Manhat' 10,000 13,288
Mech & Met Na 10,
16,8134
Bank of Americ
5
,
4,676
Nat City Bank_
50,362
Chem Nat Ban
16,438
Nat Butch & D
171
Amer Exch Na 5
,
7.662
Nat Bk of Corn,. 25,000 37,511
Pacific Bank_ _
1,
1,729
Chat&Phen Nat 10,5
9,092
Hanover Nat B
5,11, 21,082
Corn Exchange_ 9,075 12,006
Imp & Trod Nat 1.50
8.511
National Park,.. 10.0
23,291
East River Nat_ 1,000
843
First National_ _ 10.111 55.430
Irv'ng Bk-ColT 17. II 10.550
Continental Bk _ 1.111
915
Chase National_
22,508
Fifth Avenue__ _
2,618
Commonwealth_
930
Garfield Nat_ __ 1,000 1.585
Fifth National_ _ 1,2
982
Seaboard Nat_ 4,000 7.109
Coal & Iron Na
1,500 1.3
Bankers Trust__ 20
22,781
3.000 4.332
Guaranty Trust 25,000 18,289
Fidel-InterTru
2,000 1,910
N Y Trust Co__ 10,000 18,062
Metropolitan Tr 2,000 3,900
Farm Loan &
5,000 15,607
Columbia Bank
Trusi 2,000 2,06
Equitable
20,000 9,1
Average Averag Average
a
$
$
64,713
82
6,29
131.777 2,463 14,685
161,940 4,59 19,381
69.779 1,455 9,00
488,762 4,609 54.41
114.732 1,237 13,065
5,170
53
512
97,281
9
11,617
335,376
973 34,236
24,386
881 3,422
151,276 4,778 17.91
114,732
376 14,925
175,623 5,440 21,840
33,279
505 3,385
164.707
830 16,333
15,067
326 1,561
274,865
472 25,447
263.941 4,481 34,596
7.914
158
895
330,425 4,387 39,42
22,982
673 2,600
544 1,201
9,826
15,152
448 1,871
19,887
201 2,40
81,643
83& 10,173
16,221
4011 1,817
282,671 1,086 30,928
52,412
8241 6.499
376,863 1,399 40.026
22,100
401 2,540
144,257
609 16,904
38,288
572 4,393
126,073
520 12,532
31.387
651 3.587
204,22
1.24 23,272
At'go.
Average Aver
8
$
$
45,87
7,171 -105.41 18.471 ......
145.114 3,907 989
68,04
2,595
--*532,011 62,387 2,127
96.675 5,660 343
3,464
17 296
83,127 6,309 4,909
258,87 12,776 - -.23,602 1,335 .-,..
116,541 23,783 6 016
.
101.21
___
100
152.21 24,46
--- 25,786
50 -„
124,258 6.071 7,784
11,13
2,
8
4
50
7,431
190,526 22,5
258.6
16,
-5,53
386 _ -291.756 31,312i 1,080
20.11
9,018
6471 -14.355
14, 393
15.82
8131 246
2,169;
68
76,35
13,444
9651 408
*241.016 32,9771 -- -46,993 3.2571 ---*365.96 51.916 ---18,901 1.4941 - - - 112,546 21,6911 -.- 32,675 3,173, - - - *90,44 23.7542 --24,529 2,516! -- - *206,663 28,5801 ---1
Total of average:288,675435,4 4,469.72 50.184503.699c3,673,751 422,52632,240
I
Totals, actual condition June 31 4,546,48 48,668 506,831 c3,711.941,421,01332,169
Totals actual c nditlon June 234,431,038 47,151 493,706 c3,646.296421,607,32,431
Totals, actual condition June 16 4,424,203 46,802512,013 c3,656.412426,952 32,633
State Banks Not Members lof Fed'I Res've Bank.
Greenwich Bank 1,000 2,2141 18,332 1,626 1,762
18,52
30:
Bowery Bank__
333
5,721
250
2,711 2,106
405
883
State Bank
87,296 3.520 1,875
2,500 4,7
28,96 54,574
Total of averages
3,7501
7,847 111,349
5,479
4,042
50.20
56,704'
Totals, actual co ndition June 311 111,302 5,474 3,998
i
50,277 56,745
Totals, actual c ndltion June 23 111,368 5,602 4,009
50,35 56,618
Totals, actual condition June 16 112,548 5,637 4,189
52,104 56,241
Trust Compso lea Not Member'of Fed eral Re serve Bank.
Title Guar & T 10,000 13,208
57.823 1,533 4,088
37,463 1,907
Lawyers Tit & T 6,000 4,954
25,680
902 1,586
15,82
74
Total of away
16,0001 18,163
83,503
2,435
5,674
.53.223
2,654
Totals, actual co ndition June 30
Totals, actual condition June 23
Totals, actual condition June 16
82.361
83,674
83,765
2,408
2,249
2,45t
5,894
5,708
5,612
53,182
53,29
53,41
2,66
2,656
2,612
Gr'd aggr.. aver. 308,425461,462 4,664,581 58,09 513,415 3,777,181
Comparison with prey. week_ +44,402 +1,67 +12276 +31,121
32,240
-274
Gr'd aggr.. eel cond'n June 304,740.150 56,55 516,723 3,815, ''480,41832,169
Comparison with prey. week. _1+114,070 +1,548 +133
+65,454 -46 -262
Gr'd aggr., ace(cond'n June 236,626.0801 55.002503,423 3,749,946
480,881132,431
Or'd Mgr.. =VI cond'n June 164.620.516 54,889521,814 3,761,92 485,90532,683
Gr'd aggr., act' cond'n June 94,622,332 57,818486,252 3,718,185 494.2 31,675
01
Gr'd aggr.. act' ,cond'n June 24,654.838 57.027 525,405 3,759,644 95,O332.713
Gr'd aggr., acacond'n May 26 4,631,862 58,435501.872 3.716,869 i!.! ,021 32,577
Gr'd aggr., act' cond'n May 194.691.772 57,638503,983 3,727.865 96.102 32,573
Note.
-11. S. deposits deducted from net demand deposits in the general total
above were as follows: Average total June 30. $62,118,000; actual totals, June 30,
$56,247,000; June 23,$64,768,000; June 16,$64,476,000; June 9,$43,021,000; June 2,
$43,289,000. Bills payable, rediscounts, acceptances and other liabilities, average
for week June 30,$431,663,000; June 23,$404,941,000: June 16,3445,613.006 June 9,
$464.698,000; June 2, $474,919,000. Actual totals June 30, 3481,552,000: June 23.
$405,639,000; June 16, 3417,049,000; June 9, $451,560,000; June 2, 3473.867.000.
•Includes deposits in foreign branches not included in total footings as follows:
National City Bank. $130,953,000; Bankers Trust Co., $13,321,000; GnarantY
Trust Co., $74,581,000: Farmers' Loan dr Trust Co., $65.000: Equitable Trust Co..
$36,044,000. Balances carried in banks in foreign canaries as reserve for such
deposlts were: National City Bank, $22,761,000; Pta 'hers Trust Co., $918,000;
Guaranty Trust Co., 35,360,000; Farmers' Loan & cast Co., $65,000; Equitable
Trust Co.. $2,298,000. c Deposits in foreign branches not included.
The reserve position of the different groups of institutions
on the basis of 'both the averages for the week and the actual
condition at the end of the week is shown in the following two
tables:
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES.
164
Averages.
Reserve
Cash
Reserve
In
In Vault. Depositaries
•15.4
134
Members Federal
Reserve banks_
State banks*
Trust companies....
Total
Total
Total
Total
5.479.000
2,435,000
Total
Reserve.
Reser▪ ve
Required.
Surplus
Reserve,
603,699,000 503,699,000 490.263,500 13,435,500
4,042,000 9,521,000 9,037,260
483,740
5,674,000 8,109,000 7,983,450
125,550
7,914,000 513,415,000 521,329,000 507.284,210 14,044,790
7.937,000 501.139,000 509,076,000 503,332,840 5,743,160
8,079,000 507,237,000 515.316,000 504,550,680 10.765,320
8,145,000 501,508,000 509,653,000 502,847,040 6,805.960
•Not members of Federal Reserve Bank.
a This Is the reserve required on net demand deposits In the case of State
and trust companies, but in the case of members of the Federal Reserve banks
Bank
includes also amount in reserve required on net time deposits, which was as follows:
June 30, 512,675,870; June 23. $12,742,470: June 16, 312,908,160: June
9, 313,074,990.
June 30---June 23_
June 16_ _ _ June 9
[VOL. 117.
THE CHRONICLE
60
Actual Figures.
Reserve
Cash
in
Reserve
in Vault. Depositaries
Surplus
Reserve.
Reserve
Squired.
Total
Reserve.
Members Federal
Reserve banks_
State banks.
Trust companies-.
7.882.000 516,723,000 524,805,000 512,209.880 12,395.120
7,851,000 503,423,000 511,274,000 503,725,050 7,648,950
8,087.000 521,814,000 529,901,000 505.532,470 24,388,520
8,039,000 486,252,000 494,291,000500.113.920 5,822,920
BOSTON CLEARING HOUSE MEMBERS.
$
$
508,831,000 508,831,000 495,182,720 11,648,280
422,140
5,474.000 3.998.000 9,472,000 9,049.880
2,408,000 5,894,000 8,302,000 7.977,300
324.700
-June 30
June 23-___
June 18____
June 9____
-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:
Total
Total
Total
Total
•Not members of Federal Reserve Bank.
b This Is the reserve required on net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank includes
also amount of reserve required on net time deposits, which was as follows: June 30.
$12,630,390: June 23, $12,848,210: June 18. $12,808,580; June 9. $13.083,740.
July 3
1923.
June 20
1923.
June 27
1923.
Changes from
previous week.
80,000,000 80,000,000
Capital
60,000,000 Unchanged
Surplus and profits
83,359,000 Inc.
374,000 82,985,000 82,985,000
Loans, dise'ts & Investments_ 878,348,000 Dec. 787,000 879,135,000 878,898,000
Individual deposits,lad.U.S 828,478,000 Inc. 10,148,000 618,330,000 829,501,000
Due to banks
117,741,000 Inc. 6,542,000 111,199,000 116,037,000
Time deposits
120,599,000 Inc.
987.000 119,832,000 119,323,000
United States deposits
27,718,000 Dec. 2,431,000 30.149,000 27,520,000
Exchanges for Clearing House 37,997,000 Inc. 13,915 000 24,082,000 24,998,000
Due from other banks
72,433,000 Inc. 5,678,000 86,757,000 71,935.000
Res. In Fed. Res. Bank
72,121,000 Inc. 1,233,000 70.888,000 74,078,000
Cash in bank and F. R. Bank 9,129,000 Dec.
142,000 9,271,000 8.975,000
Reserve excess in bank and
Federal Reserve Bank
3,883,000 Inc. 1,497,000 2,388,000 4,475,000
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 com- return for the week ending June 30, with comparative figures
panies in New York City not in the Clearing House as follows: for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER are 10% on demand deposits and 3% on time deposits, all
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
to be kept with the Federal Reserve Bank. "Cash in
(Figures Furnished Si' State Banking Department.)
vaults" is not a part of legal reserve. For trust companies
Difference from
June 30.
not members of the Federal Reserve System the reserve
previous week.
$790.994,600 Dec. $231.800 required is 10% on demand deposits and includes "Reserve
Loans and Investments
3,167,900 Inc.
125,500
Gold
19,805,100 Inc.
318.300 with legal depositaries" and "Cash in vaults."
Currency and bank notes
88,277,800 Inc. 1,225,500
Deposits with Federal Reserve Bank of New York
813,932,500 Dee. 7,111,200
Total deposits
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust com881.500
panies in N.Y. City, exchanges and U.S. deposits 785,882,300 Inc.
118,294.200 Dec. 1,488,800
Reserve on deposits
Percentage of reserve, 19.9%.
RESERVE.
State Banks- -Trust Companies
*827,713.300 18.28%
$81,337,500 14.83%
Cash in vault
• 7,588,500 4.44%
19,680,900 4.75%
Deposits in banks and trust cos
Week ending June 30 1923.
Two Ciphers (00)
omitted.
Capital
Surplus and profits
Loans, disc'ts & investmls
Exchanges for Clear.House
Due from banks
$35,279,800 20.72%
$81,018,400 19.58%. Bank deposits
Total
Individual deposits
•Includes deposits with the Federal Reserve Bank of New York, which for the Time deposits
Total deposits
State banks and trust companies combined on June 30 was $88,277,800.
U. S. deposits (not incl.)_
Res've with legal deposit's
Reserve with F.R.Bank _
Cash in vault.
-The Total reserve and cash held
Banks and Trust Companies in New York City.
Reserve required
averages of the New York City Clearing House banks and Excess res. & cash in vault
trust companies combined with those for the State banks
and trust companies in Greater New York City outside of
the Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Reserve in
*Total Cash
in Vault:. Depositaries,
Loans and
Investments.
$
5,475.408.000
5,479,843,100
5,512.494,700
5,537,333.300
5,570,520,000
5.493,107,700
5,468,632,300
5,460,114,300
5,510,009,400
5,483,428,500
5,487,595,100
5,482,020,400
5,439,510,100
5,428,987,200
5,417,778,500
5,411,405,200
5.455.575.800
Week ended-Mar. 10
Mar. 17
Mar. 24
Mar. 31
April 7
April 14
April 21
April 28
May, 5
May 12
May 19
May,28
June 2
June 9
June) 18
June 23
June 80
Demand
Deposits.
$
4,644,941,800
4,823,173,900
4,545,082,400
4,507,057.500
4,587,500,400
4,512,481,300
4,512,747,600
4,509,913,200
4,519,156,700
4,490,898,500
4.502,813,100
4,507,081.100
4,508,918,300
4,508,144.700
4.527,000.900
4,511,280,800
4.543.063.300
$
$
81,540.500
80,732,900
80,172,800
81.393,300
81,957.300
83,888,200
80,217,400
81,096,800
81,002,800
84,638,800
80,913,000
81.209,800
81,582,100
82,459,100
81.749.900
78,750.200
80 871.000
614,759,800
620,097,100
601,462,000
598,099.900
809.873.700
599,800,800
608,409,400
597,771,500
605,754,400
801,740,800
804,685,100
598,958,900
601,438,200
597,472,300
607,842,900
598,572,600
606.940.200
New York City Non-Member Banks and Trust Cornpanies.-The following are the returns to the Clearing House
by clearing non-member institutions and which are not included in the "Clearing House Returns" in the foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
(Staled in thousands of dollars-that is, three ciphers t0001 omitted.)
1 Net Loans
Capital.Profits. Die-
Nat'l
Net
Reserve Net
counts, Cash
with Demand Time Bank
De- CircuDeLegal
Nat.bks.Apr. 3 Invest- in
Week ending State bksMar27 meats, Vault. Deport- posits. posits. Paton.
'
tortes.
June 30 1923. Tr. cos. Apr. 3 &c.
CLEARING
NON-MEMBERS
,
•11.,.. ....,
,
Members of
Fed. Res. Bank.
Battery l'ark Nat_
W.R.Grace.4 CoTotal
$
1,500
500
Average Average Average Average Average Average
$
$
S
$
$
$
8
197
517
7,037
187 1,118
1,167 10,572
1,800 8,0
492
21
1,447 9,371
2,000
2.814 19,943
208
1,810
8,903
6,55
197
Trust
Membersof
F.R.Systern Companies
June 23
1923.
544,125,0
119,251.0
771,270,0
35,221,0
101,091,0
118,508.0
589,407,0
57,412,0
745,325,0
18,158,0
3,077,0
3.077,0
55,300,0
55.300.0
1,475.0 10,721,0
9,248,0
64,548,0
4,552,0 89,098,0
58,597.0
4,684,0 01.261,0
7,949,0
7,837,0
-112,0
•Cash in vault not counted as reserve for Federal Reserve
839,125,0
104,538,0
724,521,0
34,440,0
101,050,0
117,857,0
538,634,0
58,513,0
712,804,0
June 18
1923.
544.125,0
119,251,0
772,078,0
31.800,0
101,881,0
119,858.0
588.828,0
58,321,0
742,805,0
17,753,0
4,770,0
54.807,0
10,918,0
70,495,0
81,228,01
9,287,01
544,125,0
119.230,0
775,554,0
30,729,0
102,883,0
124,883,0
579,338,0
54,382,0
758.583,0
14,858,0
5,548,0
58,830,0
11,135,0
73,511,0
82,832,0
10,879,0
Total.
$5,000.0
14,713,0
48,749,0
781.0
41.0
849.0
0.773.0
899,0
32,521.0
members.
Condition of the Federal Reserve Bank of New York.
-The following shows the condition of the Federal Reserve
Bank of New York at the close of business July 3 1923 in
comparison with the previous week and the corresponding
date last year:
July 3 1923. June 27 1923. July 5 1922.
$
$
Resources158,854,851 158,424,859 207,977,000
Gold and gold certificates
70,207,000
Gold settlement fund-F. R. Board_ 202,842,889 253,291,718
Total gold held by bank
Gold with Federal Reserve Agent
Gold redemption fund
Total gold reserves
Reserves other than gold
359,497,521
637,184,270
8,852.452
409,716,377
837.278,170
9,591,802
278,184,000
803,946,000
9,066000
1 005,534,243 1,058,588,150 1,091,196,000
27,184,000
26,778,728
25,732,682
1 031,288,905 1,083,384,878 1,118,380,000
Total reserves
8,128,292
8,813,501
*Non-reserve cash
discounted:
Bills
68,295,000
Secured by U. B. Govt. obligations. _ 197,136,552 120,955,829
40,200,000
39.371,953
62,588.477
All other
46,924,000
43,711,519
40,100,855
Bills bought in open market
299,823,685
Total bills on hand
4,706,250
U. S. bonds and notes
U. S. certificates of indebtedness
One-year certificates (Pittman Act).121,000
All other
204,039,302
9,700,750
155,419,000
56,574,000
21,442,500
19,500,000
94,605,000
304,650,935
Total earning assets
12,422,595
Bank Premises
5% redemp.fund agst.F.R.bank notes_
153,411,015
Uncollected items
1,430,908
All other resources
235,182,552
12,398,242
128,457,182
1,478,485
326,098,000
8,745,000
899,000
119,444,000
2,701,000
1,509,995,881 1,469,009,812 1,576,267,00
Total resources
LiabilttimCapital paid in
Surplus
Deposits
Government
-Reserve account
Member banks
All other
29,249,900
59,799,523
29,208,000
59,799,523
27,573,000
60,197,000
8,771,839
730,922,818
16,220,508
18,954,491
705,322,812
15,090,774
9,521,000
724,200,000
10,435,000
753,914,964
Total
548,813,755
F. R. notes in actual circulation
F. R.bank notes in circu'n-net liability
117.088,987
Deferred availability Items
All other liabilities
3,130,750
739,388,077
533,713,132
744,156,000
642,354,000
16,387,000
81,650,000
3,951,000
Total liabilities
102,953,798
3,909,083
1,509,995,801 1,489,009,812 1,576,267,000
Ratio of total reserves to deposit and
79.3%
F. R. note liabilities combined
Contingent liability on bills purchased
for foreign correspondents
11,828,977
• Not shown separately prior to January 1923.
irate Banks Not Members of Federal Reserve Ban
283
889
352 8.123
200
Bank of Wash.Hts
800 2,017 20.100 2,344 1,299
aolonial Bank
4,887
19,587
1,313
1,582
24,474
1,387
Cruse Company Not Me where of Fed. Reserve Ban
238
382
348 9.713
500
flech.Tr.,Bayonne
8,934
5,80
CURRENT NOTICES.
238
3,934
5,80
-Butter & Co., 14 Wall St., New York, are distributing a booklet
entitled: "Irrigation in California," which furnishes much valuable information on California irrigation district bonds; based upon personal examination
of the districts themselves; upon the operation of the so-called Wright Act,
under which the irrigation districts are organized and operated, and upon
careful analysis of many reports covering the results obtained over a series
of years. Copies of this booklet will be sent on request.
-Lage & Co. announce tnat Sidney Gardiner, woo has been associated
with them as manager of their Chicago office,-has been admitted as a
neral partner in the firm,
Total
1,000
Total
500
2,370 28,223
348
9,713
3,033
382
[hand aggregate
3,500 5,333 55,879 3,803 3,408 1137,311 13.52
Domvarlson with previous week-- -417 +85 -139 -428, -246
Ded aggr.,June 23 3,500 5,333 58.298 3,538 3,547 a37,737 13.773
Jed aggr.. June 16 5,500 5.333 57,878 3.758 3,582 239.724 14,10:
It aggr.. June 9 8.500 5.333 58,821 3,780 3,797 a39.561 14,50
Or d aggr.. June 2 3.500 5.333 58.171 3,724 3,540 a39,834 14,491
a United States deposits deducted. $410 000.
Bills payable, rediscounts, acceptances and other liabilities, $1,052,000.
Excess reserve. $4,830 decrease.
.......
197
-1
198
199
200
198
85.1%
80.7%
11,090,785
12,789,384
JULY 7 1923.]
61
THE CHRONICLE
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon,July 5, and showing the oondition
of the twelve Reserve Banks at the close of business on Wednesday. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Amounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the return for the latest
week appears on page 20, being the first item in our department of "Current Events and Disciusions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF
BUSINESS JULY 3 1923
Jut,/ 3 1923. June 27 1923.1June 20 1923.1June 13 1923.1 June 6 1923. Mail 29 1923iMay 23 1923. May 16 1923. July 5 1922.
RESOURCES.
Gold and gold certificates
Gold settlement fund, F. R. Board
1
1
$
1
$
326,334,000 350,252,000, 346,522.0001 346,800,000
691,429,000 688,063,000 67 665 0001 677,179,000
8, .
326,442,000
661,593,000
341,175,000 347,320.000
702,308,000 698,872.000
344,043,000
686,707,000
317,640,000
518.679.000
Total gold held by banks
Gold with Federal Reserve agents
Gold redemption fund
988,035,000 1,017,763,000,1,038,315.000 1,025,187,000'1,023.979,000 1,043,483,000 1,046,192,000 1.030,750,0001 835,719,000
2,040,992,000 2,035,011,00012,033,359,000 2,057,611,000'2,031,421,000 2,011,734,000 1.993.724,000 1,999,818,000 2 123,816,000
‘
61,142.000
56,459.000
58,676,000
57,970,000
57,34E000
53,379.000
57.317,000
58,266,0001 53,545.000
Total gold reserves
Reserves other than gold
3,087,703,000 3,110,744,000 3,129,015.0003,139.257.000 3,113,666,000'3,108,762.000 3,093.295.000 3.087,885,00013,020,677.000
87,357,000
79.200.000
91,735,000
85,966,000
94.488.000
93,166,000 113,252.000
84,552,0001 86,735.000
Total reserves
•Pon-reserve cash
61115 discounted:
Secured by U. 8. Govt. obligations
Other bills discounted
Bills bought in open market
3,166,903,000 3,202,479,000 3.214,981,000 3.226614,000 3,198,218,0003,195,497,000 3,187,783.000 3,181,051,000 3,133,929,000
59,589,000
73,860,000
72,030,000
68,914.000
71.908,000
61,245,000
68,731,000 66.642,000
383,297,000
391,666,000
204,225,000
352.733,000
378,366.000
205,716 000
359,488.000
348,377.000
218.618.000
384,131,000
350,790,000
248,234,000
371,533,000
359,462,000
257.818,000
1,128,751,000
89,744.000
4,957.000
25.000
Total bills on hand
CI. B. bonds and notes
17. El. certificates of indebtedness
Municipal warrants
477,053,000
452.786,000
198,912,000
979,188,000
108.158,000
26,818,000
55,000
936,817,000
108.563,000
12,966.000
55,000
926,483.000
125,287.000
32,813.000
55.000
983,155,000
141,877,000
40,874,000
55,000
988,813.000 971.163,000
152,011.000 150690,000
37,277,000
56,0693.00
55,000
55,000
366,803,000 360.200,000
333,510,000 337,131,000
270 850,000 281,609,000
978.940,000
15E663,000
37.226,000
40,000
185,390,00o
313,48100e
155,065,000
653,937,000
216,237,000
334,271.000
1,223.477,000 1,114,219,000 1.058,401.000 1,084.638.000 1,165,961,000 1,178,156,000 1,178,177.000 1,167,869,000 1,264,445,04k
Total earning assets
52,330,000
41,642,000
Bank premises
51,251.000
52,270,000
52,215.000 51,719,000
51,164,000
50,932,000
50,484,000
193,000:
191,000
7,496,000
193,000
191,000
6% redemp. fund eget. F.R.bank notes
191.000
191,000
191,000
191.000
649637600: 583,917,000 685.812.000 689.539,000 609,959,000 572.394,000 615,373,000 734,416,006 514,725,000
Uncollected Items
12.932,000, 12,394,000
14,170,000
16,206.000
All other resources
14,216.000
14,734.000
12,299,000
14,366,000
14.057,000
5,164,461,000 5,037,502,000 5.092.813,000 5,140,731,000 5,111,704600 5,073,381.000 5,115,553,000 5,214.710,000 4,918,443.000
Total resources
1
LIABILITIES.
Capital paid In
Surplus
-Government
Deposits
Member bank-reserve account
Other deposits
109,584,000 109,427,000 109,422,000 109.381,000 109,363,000 109,348,000 109,278,000 109,273,000 105,217.000
218,369,000 218,369,000 218,369.000 218,369.000 218,369,000 218,369,000 218,369,000 218,369,000 2/5,39$,000
36,677.000
14,657,000
14,323,000
50,870,000
43,952,000
20.764.000
41,439,000
6,332,000
56,057,000
1,931,762,000 1,867,650,000 1,874.220,000 1,913.874,000 1,895,629,000 1,874,106,000 1,930,519,000 1,907.893,000 1,818,996,000
27,832,000
29,029,060
29.530.000
24,997,000
26,330,000 28,121,000
36.041,000
49,429,000
29,741,000
1,974,251,000 1,936,599.000 1.921,314.000 1,956,318,000 1,978,029,000 1,951,586,000 1,986,280,000 1,993,691,000 1,884,702.000
Total deposits
2,282,054,000 2.226654,000 2,222,352,000 2.235,755,000 2,250,213.000 2,250,217,000 2,227,700,000 2,232,999,000 2,194,323,000
F. 11. notes In actual circulation
68,146,000
1,518,000
1,410,000
1,628,000
1,752,000
F.11. bank notes In circulation-net Bab.
1.548,000
1.489.000
1,653,000
1,878,000
562,198,000 525,165,000 601,028,000 601.040,000 537,938,000 524,323,000 554,650.000 641.510,000 430,161.000
Deferred availability Items
26,496,000
16.487,000
18,458,000
18,164,000 17,786,000
All other Ilabilitlee
19,440,000
17.623,000
18,839,000
16,990.000
Total liabilities
5,164,461,000 5,037,502,000 5.092,813,000 5,140,731,000 5,111.704,000 5.073,381,000 5.115,553,000 5,214,710,000 4.918,443,000
Ratio of gold reserves to deposit and
72.6%
• 73.7%
74.1%
F R. note liabilities combined
74.9%
73.4%
74.0%
73.06%
74.6%
75.5%
Ratio of total reserves to deposit and
R. note liabilities combined
74.4%
75.6%
76.9%
77.0%
75.7%
76.1%
76.8%
75.3%
77.6%
Contingent liability on bills purchased
for foreign correspondents_
34,592,0116
33,613,000
33,485,000
33,539,000
29,243.000
29,245,000 28,766,000
28,677,000
33,500,000
Olafribulton Dir M01urit4es1-15 days bills bought in open market_
76,892,000
1-15 days bills discounted
853,583,000
310,000
1-15 days U. B. certif. of indebtedness.
1-15 days municipal warrants
15,000
39,764,000
16-30 days bills bought in open market.
61,230,000
16-30 days bills discounted
16-30 days U. S. certlf. of Indebtedness.
16-30 days municipal warrants
61-60 days bills bought in open market. 46,705.000
90,413,000
81-60 days bills discounted
81-60 days U. S. certif. of indebtedness.
81-60 days municipal warrants
31,429,000
61-90 days bills bought in open market_
79,730,000
61-90 days bills discounted
544,000
111-90 days U.S. certif. of indebtedness
61-90 days munkipal warrants
4,122,000
Over 90 days bills bought in open market
Over 90 days bills discounted
44.903600
4,103,000
Over 90 days certif. of indebtedness...-.
Over AO days municipal warrants
10,000
77,785,000
524086,000
21,529,000
40,000
47,013,000
56.282,000
79,163,000 83,411.0001 98,320,000
489,821,000 484,315.0001 508,813.000
10.088,000
2,695,0001 11,103,000
40,000
53,611,000
53,387,000 57,945,000
51,647,000
55,058,000
51.960,000
15,000
36,906,000
83,480,000
15.000
41,260.600
85,413,000
37,723,000
61,403,000
177,000
25,240,000
53,297,000
186,000
4,798,000
49,212,000
5,112,000
6,442.000
47,512,000
2.692.000
89,430,000
508.360600
4,846,000
86,329,000
472,296,000
22,129,000
80,532,000
466304.000
66,992,600
289,865,000
5,813,6011
61,748,000
54,923,000
1.643.000
65,035,000
58,737.000
2,151,000
63,199,000
61,418,000
1,987,000
29,628,000
39,586,000
22,930.h0e
34,629600
64,650.000
14,027,060
40.000
44,419,000
80,784,000
40,000
57,045,000
83,421.000
74,037,000
82,487,000
83,348,000
83,542.000
95,755,000
81,841,000
15,000
32,082,000
45.924,000
15,000
28,686,000
47,569,000
55,000
23,972,000
44,549.000
40,000
27,444,000
46,941,000
40,000
32,359,000
52,277,000
5,319,000
45,195600
30,118.000
6,238,000
43,358,000
29,771,000
8,631,000
40,676,000
30,788,000
15,000
8.694,000
38,797,000
31,789,000
9,874,000
35,691,000
35,239,000
16,580.000
53,983,000
42,857,000
7,236,000
50,848,000
249,444,000
Federal Rewire Nola
Outstanding
Held by banks
2,687,572,000 2,665,141,000 2,651,502,000 2,640,356,000 2,835,228,000 2,615,206,000 2,607,238,000 2,595,925,000 2,561,837,600
405,518,000 438,187,000 429,150,000 404,601,000 385,015,000 364,989.000 379,538,000 362.926.000 367,514,006
In actual circulation
2,282,054,000 2,226,954.000 2,222,352,000 2,235.755.000 2,250,213,000 2,250.217,000 2,227,700,000 2,232,999,000 2,194,323.0011
Amount chargeable to Fed. Res. Agent 3,522,084,000 3,511,965,000 3,493,556,000 3,495,810,000 3,472,137,000 3,467.464,000 3,448,273,000 3,451,253,000 3,301,379,006
In hands of Federal Reserve Agent
834,512,000 846.824,000 842654.000 855,454,000 836.909,000 852,258,000 841,037,000 855,328,000 739,542.000
Issued to Federal Reserve banks
How Secured
By gold and gold certificates
BY eligible paper
Gold redemption fund
With Federal Reserve Board
2,687,572.000 2,665,141,000 2,651,502.000 2.640,356,000 2,635,228,000 2,615,206,000 2,607,238,000 2,595,925,000 2,561,837,000
320,429.000 320,429,0001 319,429,000 318.899.000 314.899,000 314.899,000 314,899,000 314,899,000 416,122,000
646,580,000 630,130,000, 618,143,000 582,745,000 603,807,000 603,472.000 613.514,000 596,107,000 438,021,000
118,202,000 118,451,0001 124,088,000 129,635,000 128,937,000 118,977,000 123,318,000 126,812,000 124,985,000
1,602,361,000 1,596,131,000 1,589,842,000 1,609.077,000 1,587.585,000 1,577.858,000 1,555,507,000 1,558,107,000 1,582,709.000
Total
2,687,572,000 2,665,141,000 2,651,502,000 2,640.356,000 2,635,228,000 2,615,206.000 2,607,238,000 2,595,925,000 2,561,837,000
Eligible paper delivered to F. R. Agent, 1,079,950,000
•Not shown separately prior to Jan. 1923.
938,477,000, 889.453.000
893,246,000
946.785,000
949.832,000
929,895.000
939.942,000
635,631,000
WEEKLYSTATEHENTOF RESOURCES AND LIABILITIES 01? EACH OF THE 13 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JULY 3 1923
Two ciphers (00) omitted.
Boston New York Phila. Cleveland Richmond Atlanta Memo St. Louts Allasecta. Kan.Cite Dallas Sashes.
Total
Federal !UMW Bank 01RESOURCES.
5
$
$
$
S
$
$
$
$
$
S
$
$
17,355,0 156,855,0 26,230,0 15,023,0 9.449,0 6.176,0 47,278,0 4,111,0 8,167.0 3.263,0 11,503,0 21,032,0 326,442.0
3016 and gold certificates
]old settlement fund-F.R.B'rd 80,980,0 202,643,0 20,978,0 72,362,0 30,204,0 24,577,0 125,089,0 22,281,0 20,85E0 42,826.0 6,261,0 32,543,0 661,593.0
Total gold held by banks
3old with F. R. Agents
3old redemption fund
Total gold reserves
leservcs other than gold
78,335,0
177,141,0
15,603,0
359,498,0 47,206,0 87,385,0 39,653,0 30,753,0 172,367,0 26,392,0 29,018,0 46,089.0 17,764.0 53,575,0 988,035,0
637,184,0 189.280,0204.150.0 27,761,0 102.523,0382.8211.0 48,564,0 37,045,0 28,570,0 12.5636 209,373,0 2,040,992,0
8,852,0 7,2036 1,749,0 5,915,0 2,406,0 2.197.0 3,599,0 1,640,0 4,456,0 1,130,0 3,926.0
58,676,0
-27E079,0 1,005,5346 223.689.0 297,293,0 73,329,0 135,682,0 557,393,0 78,555,0 67,703,0 79,115,0 31,457,0 266,874,0 3.087,703,0
3,063,0
404,0 3,061,0 4,612,0 2,794,0
25,733,0 6,486,0 3,613,0 2,639,0 5,282,0 8,428,0 13,085,0
79,200,0
274,142,0 1,031,267,0 230,175,0 300,906.0 75,968,0 140.964,0565.821.0 91,640,0 68,107,0 82,178,0 36,069.0 269,668,0 3;166,903,0
Total reserves
11,769,0
Pon-reserve cash
6,814,0 4,883,0 3,473,0 1,396,0 5,110.0 7,462,0 4,924.0 1,525,0 3.076,0 3,036,0 6,121.0
59,589,0
311Is discounted:
Secured by 1.1.8.00vt.obliga•ns 21.264,0 197.137,0 50,836,0 49,567.0 26.083,0 6,925.0 43,896.0 21,573,0 7,260,0 23,601,0 2,650,0 26,461,0 477,053,4)
33,943,0
Other Mils discounted
62,586,0 27,332,0 36,968,0 39,593,0 37.190,0 47,127,0 34,206,0 22,285,0 29,804,0 31,285.0 50,467.0 452,7860
19,166,0
Mils bought in open market
40,101,0 19,310,0 25,103,0 2.253,0 8,144,0 44,144,0 5,979.0
26,0 12.071,0 22,615,0 198,912..0
Total bills on hand
3.6. bonds and notes
7 8. centtleates of Indebtedness
.
74.373,0
3,643,0
189,0
299,824,0 97.278,0 111.638,0 67,929,0 52,259,0 135,167,0 61,758,0 29,545,0 53,431,0 46,006,0 99.543,0 1,123 751 0
4.706,0 17,367,0 9,953,0 1,341,0
219.0 7679.0 7,251,0 13,377,0 13,843,0 1,779,0 9.186,0
89:7446
1,0 4,138,0
121,0
14,0
45,0
449,0
4,957,0
15,0
10,0
25,0
78,205.0
304,651.0 114.674.0 122.040.0 69.270.0 52.489.0 146.384.0 69.009.0 42.922.0 67.319.0 47.7033)100 v50 6 6.,.. ..... .
dunfelpal warrants
Total earning assets_ __ _ _ __
[VOL. 117.
THE CHRONICLE
627
RESOURCES(Concluded)
Two ciphers (00) omitted.
Bank *premises
5% redemption fund
F. R. bank notes
Uncollected items
All other resources
I " New
B"
.
4,434,0
against
64,835.0
97,0
York
Phila.
Cleveland Richmond Atlanta
s
Chicago Bs.
Louts Minasep.Eon. CM, Dallas
San Fran.l
I
2
$
8
2,617,0
4,955,0, 1,946,01 2,585.0
I
.
28,0
65,0
100.0
153,411,0 57.193,0 68,696,0, 49,879,0 21,585,0 86,891,0 32,216,0 15.061,0 39,354,0 20,689,0, 39,227,0
487,0
593,0
1,431,0
239,0
301,01
465,0
132,0 1,846,0
792,01 2,637,0, 3,912,0
$
12,422,0
$
$
1
719,0 8.859,0
$
2,607,0
$
I
8,715.0
$
1,000,0
Total
$
52,330,0
$
1.471.0
649,037:
0
12,932,0
433,482,0 1,509,996,0 407,883,0 504,275,0 199,595,0 223,242,0 815,931,0 198,921,0 130,932,0 197,772,0 112,190.0430,242,0 5,164,461,0
Total resources
LIABILITIRS.
8.066,0
29,250.0 9,780,0 12,117,0 5,718,0 4,419,0 15,162,0 4,951.0 3.565,0 4,586,0 4,195,0, 7,775,0 109,584,0
Capital paid in
16,312,0 • 58,800,0 18,749,0 23,495,0 11,288,0 8,942,0 30.398,0 9,665,0 7,473,0 9.488,0 7,496,0 15,263,0 218,369,0
Surplus
14 657 0
789,0
495,0 1.147,0
39,0
6,772,0389,0!
423,0
847,0 1,212,0
989,0 1,173,0
382,0
Deposits: Government
Member bank-reserve cool_ _ 126,991,0 730,923,0 114,092,0 167,268,0 60,638,0 54,143,0281.752,0 74,714,0 46,811,0 80,336,0 46,127,0 145,987,0 1,931.762.0
27,832,0
525.0 2,328,0
294,0
459,0 1,579,0
247,0
263,0, 4,050,0
16.220,0
661,0
427,0
779,0
Other deposits
1
127,324,0 753,915,0 114,940,0 169,229,0 61,308,0 57,457,0 284,575,0 76,522.0 48,085,0 82,327,0 47,379.0 151,190,0 1,974,251,0
Total deposits
V.R.notes in actual circulation_ _ 221,837,0 546,814,0 211,259,0 234,373,0 78,916,0 134.633,0 413,982,0 75,073,0 56,198,0 60,989,0 29,996,0 217,984,0 2,282,054,0
I.R. bank notes in circulation
1,518,0
890,0
503.01
125.0
net liability
59,279,0 117,087) 51,965,0 63,691,0 41,508,0 16,902,0 69.305,0 31,654,0 14,418,0 39,366,0 20,661,01 36,362,0 562,198,0
Deferred availability items
889,0 1.619,0 1.056,0
16,487,0
857,0
1,193,0
664.0
3,130,01 1,190,0 1,370,0
891.0 1,960,0, 1,668,0
All other liabilities
433,482,0 1,509.996,0407.883,0504,275,0 199,595,0 223,242,0 815,931,0 198,921,0 130,932,0 197,772,0 112,190,0 430,242,0 5,164,461,0
Total liabilities
Memoranda.
Ratio of total reserves to deposit
and F. R. note liabilities com54.2
73.4
81.0
48.6
74.0
70.6
60.5
65.3
57.3
73.0
78.5
79.3
74.6
bined. per cent
1
1
Contingent liability on bills pur1,379,0 4,674,0 1,479.0
1,143,0 1,446,0 1,207,0 2,387,0, 33,613.0
11.627,0 2,892,0 3,631,0 1,748,0
chased for foreign correspond'ts
STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS AT CLOSE OF BUSINESS JULY 3 1923.
Boston. New York Phila. Clever Richord Atlanta
Federal Reserve Agent at
$
(In Thousands of Dollars)
85,650
Federal Reserve notes on band
236,178
Federal Reserve notes outstanding
Collateral security for Federal Reserve notes outstanding
35,300
. Gold and gold certificates
13,841
Gold redemption Rind
128,000
Gold Fund-Federal Reserve Board
59,037
Eligible paperfAmount required
15,336
lExcess amount held
iteJOUtC8.1-
s
s
$
$
$
Chicago
$
&Zonis Mien. K. City Dallas Ban Pr.
Agit
$
S
$
$ •
$
3
117,500 25,440 9,740 31,963 17,369 57,000 834,512
458,463 91,568 59,477 68,564 32,9571259,257 2,687,572
313,260 39,200 31,720 25,530 80,140
751,720 248,688 255,947 86,350 138,403
1
6,4611
235,531 7,000 8,805
2,400
320,429
11,880 13.052
11,185 2,684 1,993 2,210 2,102 15,700 118,202
30,653 16,391 14,354 1,966 5,123
371,000 145,889 185,000 25,795 95,000 371,644 34,000 22,000 26,360 4,000 193,673 1,602,361
75,634 43,004 22,432 39,994 20,394 49,884 646,580
114,536 79,408 47,788 58,589 35,880
63,519 7,414 16,276
59.473 18,754 6,635 13,436 25.4001 48,777 433,370
' 1 2.5731
'
573,342 1,972,477539,149 607,133 205,644 373,222 1,093,899 227,330 135,329 182,527 108,683 624,291 6,643,026
Total
ZgattlittesJet amount of Federal Reserve notes received from
1
321.828 1,064,9801287,888287,667 111,880 218,543
Comptroller of the Currency
177,141 637,184 169,280 208,159 27,761 102,523
Collateral received fromfGold
74,373 270,313 81.981 111,307 66,003 52,156
Federal Reserve Bank'Eligible paper
1
575,963 117,008 69,217 100,5271 50,326 316,257 3,522,084
382,829 48,564 37,045 28,570 12,563 209.373 2,040,992
135,107 61,758 29,067 53,430 45,794' 98,661 1,079,950
573,342 1,972,4771539,149 607.133 205,644 373,222 1,093,899 227,330 135,329 182,527 108,683 624,291 6,643,026
Total
236,178
14,341
Federal Reserve notes in actual circulation
751,720 248,688 255,947 86,350 138.403
204.9061 37,429 21,574 7.434 3;770
458,463 91,568 59,477 68,564 32,957 259,257 2,687,572
44,481, 16,495 3,279 7,575 2,961 41,273 405,518
221,837
Federal Reserve notes outstanding
Federal Reserve notes held by banks
546,814 211,259.234,373 78,916 134,633
413,982 75,073 56,198 60,989 29,996.217,984 2,282,054
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources and
liabilities of the 774 member banks,from which weekly returns are obtained. These figures are always a week behind those
or the Reserve Banks themselves. Definitions of the different items in the statement were given in the statement of Oot. 18
1917, published in the "Chronicle" Dec. 29 1917, page 2523. The comment of the Reserve Board upon the figures for the latest
wok appear in our Department of "Current Events and Discushione on page 20.
1. Data for all reporting member bank! In each Federal Reserve District at close of business June 27 1933. Three ciphers (000) omitted.
Boston
Federal Reserve District.
New Taal Phila.
46
Cleveland Richmond Atlanta
Chicago 1St. LouisiMintway.11Can. City
Number of reporting bank.
Loans and discounts, gross.
Secured by U.S. Govt.obligations
Secured by stocks and bonds
AU other loans and discounts
109
55
39
821
771
106
36
3
S1
I
7,800
13,446
83,0511
38,6811 11,758
18,843' 31,7481 10,756
62,347' 584,018 134,547
244,715 1,642,400 255,258 407,738 119,810
617,269 2,455.000 354,671' 694,942 327,124 335,093 1,153,996 303,081
Total loans and discounts
U.S. pre-war bonds
U.S. Liberty bonds
D.R. Treasury bonds
U.B. Treasury notes
O.EL Certificates of Indebtedness
Other bonds, stocks and securities
875,430 4,180,4511 628,772 1,134,428
48,26011,003
12,555
48,131
79,098 457,380, 44,760 116,497
30,9021
4,0161
6,352
5,165
28,442 536.039, 58.107
60,656
14,534
34,900
6,927
9,985
173,956 728,440 185,356 286,447
457,690 405,240 1,776,695,
24,892
30,335' 14,509
14,610
31,5941
94.489
1,945
12,482
4,4741
7,836 135,996'
11,063,
2,815;
9,456
21,840 ,
52,2061 39,385 348,113
449,386
15,336
23,369
9,127
26,884
7,661
87,819
Dallas
52
San Fran.
Total
66
774
8
s
18,498
250,•27
173,116 3,806,394
821.085 7,793,196
29
77
1
$
$
7,601
8.598
79,156
54,265
173,544 362,303
4.047
49.024
195,088
236.4071 449.060
8,761
11,921
13.697
47,471
4.562
. 1,285
21,793
27,019
6,314
4,443
29,671
58,919
248,159 1.008.699 11,850.417
34,332
20,711
280,746
15,879 100,883 1,039,727
2,215
14,032
96,557
17,174
42,839
973,848
17,542
6.935
143,352
9,291 158,531 2,158,134
Total loans & disets & investm'ts, 1,189,1806,016,372;938,941 1,662,496 590,1771 492,981 2,414,507 619,582 321,283
19,342
81.949 635,123
65,994 110,440
34,3721 30.722 203.8111 37.525
Reserve balance with F.It. Bank
9,814
55,918
12,650
7.770
6,106
18.992
80.719
30,135
16,133
Cash in vault
799,808 4.727,030 680,115 927,090 321,775' 273,444 1,480,302 343,099 194,525
Not demand deposits
257,712 900,653 103,538 563,753 154,363 179.381 787,171' 182.2061 83.957
Time deposits
34,893
10,091
10,764
11.505
5,771
31.874
82,518
16.693
21.377
Government deposits
Bills payable and rediscounts with
1
Federal Reserve Bank:
3,4641 36,702
98,3861 22,471
28,294. 18.087
11,275
6,653
6,695
Secured by U.S.Govt.obligations
10,417
26,541
13,928
5,679
21,062
30,850. 21,004
20,6861 19,012
All other
600,040 320,364 1,376,858 16,542,781
44,488
22,698 103,924 1,390,388
8,894
12,782
221,27
282,040
427.529 214,175 715,309 11,104,201
132,421' 75,806 579,048 4,000,009
3,953
5,740
20,660
255,839
1
17,712'
15,948
878
7,287
20,089
27,943
270.704
220,357
2. Data of reporting member banks In Federal Reserve Bank and branch cities and all other reporting banks.
New York City
Three ciphers (000) mitts&
City Chicago
of
All F. R. Bank Cities P.R. Branch Cities Other Selected Cute
Total
Number of reporting banks
Loans and discounts, gross:
Secured by U.S. Govt.obligati°
Secured by stocks and bonds
All other loans and discounts
June 27 1 June 20 June 27 1 June 20 June 27 June 20 June 27 1 June 20 June 27 . June 20 June 2723June 20'23 June 28'22
48
259
20
651
65
48
259
3°9
798
301
774
774
$
g
$
s 1 $
$
1
$
$
8 2°61
$
$
1
$
8
286,373
165.414
46,831; 48.311
73,9421 75,344
29,883
30,272 164.175
253,478
250,827
40.0211 39,754
1 463,692 1,421,837 440,276 436,529 2.746,601 2,702,847 579.993 570,648 479,800 481,165 3,806,394 3,754,660 3,465,247
2.138,638 2,142,532 685,922 668,387 4,814.941 4,803,070 1,584,7271.593,182 1,393,528 1.386.004 7,793,196 7,782,256 7,032,501
Total loans and discounts
U. B. pre-war bonds
• 5, Liberty bonds
U. S. Treasury bonds
(I.8.Treasury notes
3.6. Certificates of Indebtedness
Mint bonds, stocks and muffles
3,676.272 3.639.713 1.156.081 1,135.188 7,725,717 7,671,331 2,211,351 2,212,141 1.913,349 1,906,923 11.850.417 11.790.39410,783,121
37.754
76,2911 76,211 105.732 105,313 280,746
'4,003
98,847
280,371 I
37,609
4.004
98,723
390.305 383.993 36,678
36,508 617.353 611.797 253,582 252,011 168,792 167,386 1,039,727 1,031,202 1,264,277
95,658
20.647
5,414'
49,855
48,657
24,631
20,936
5,058
24,877
96,557
22.071
22,124
736.951 160,71
575,500
497,559 501,982 85,690 84,511
730,358
162.642 82,773 83,998 973.848 983,591
43,211
159,606
260,796
,
6,2261
75,256
82,246
50.5
7,244
143,352
.
24,896
26.776
1,143,176 577,982 573,075 424,068 423,90: 2,158,134 2.140.159 2,304,747
526,120 513,799 171,844 172,177 1,156,0
197 18 1 018 :290
:
480
Total loans & discla & tovest'to.5,180,102 5,132.587 1.465,936 1,444,600 10,453,34° 10,393,005 3,347,764 3,351,548 2,741,681 2,736,428 16,542,781 16:3 916 1 15:448 441
588,298 583,619 140,828 138,035 996,058 994.297 234,81 238,361 159,607 164,459 1,390,388
Reserve balance with F, R. Dank
142,114 59,72 '58,295
29,617
282.040 279,247 278.457
66,395 64,373 30,214
144,346
77,9651 78,838
,
Cash in vault
4,228.7964.192,536 997,832 983.730 7,557,194 7,512,557 1.905,465 1,922,255 l,641,54211,659,285 11.104,201 11,094,097 11,123,877
Net demand deposits_.
631,021 631,780 373,107 372,372 1,905,004 2,001,454 1,154,061 1,146,863 850,94.41 847,433 4,000,009 .i.995.7501 3.380,434
Moe deposits
255.5821 123,674
16,907
16,657
174,425 54,262 54,52
175,027
75,789 75,789
26,5501 26,634 255,839
Ciovernment deposits
Bills payable and reditsounts with
F. R. Bank:
245.498
270,704
97,501
10,176
70,316 60,249 22,329
154,3
132.12
44,612 36,344
71.782 77,026
Seed by U.S. Govt.obligations_ _
220,357 216,292
18,261
16,615
14,311
135,803
140,121
67,072
47,586 40,86
35,304
21,817
36,968
All other
Ratio of bills payable & rediscoun
with F. R. Bank to total loan
2,81
3.0
2.7
1.7
1.1
1.5
2.8
2.
3.6
2.6
3,,
and Investments per cent
1.8
3,J
•Revised figures. a Includes Victory Notes.
JULY 7 19231
THE CHRONICLE
63
Quotations for U. S. Treasury Notes and Certificates
of Indebtedness.
-See page 76.
The Curb Market.
-The review of the Curb Market is
given this week on page 52.
Wall Street, Friday Night, July 6 1923.
A complete record
transactions for the
Railroad and Miscellaneous Stocks.
-The review of the week will be found onof Curb Market
page 75.
Stock Market is given this week on page 52.
The following are sales made at the Stock Exchange this
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
week of shares not represented in our detailed list on the
pages which follow:
Stocks.
Week ending
Railroad, State,
Vanittrs' Ciazeitt,
July 6 1923.
Shares.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Saks at
New York Stock
Exchange.
Mull.
and Foreign
Bonds.
:Pe.,
Bonds.
Par Value,
U.S.
Bonds.
478,735 345,300,000
880,942 80,500,000
697,503 63,200,000
$921,000 $1,199,000
1,351,000 3,586,300
1,350,000 2,940,850
627.358
560,700
1.244,000
1,255,000
$3 194,000
7 466,000
5670,000
HOLIDAY
60,000,000
5 087,000
51,000,000
5,637,000
2,642,250
2,170,000
3.245.238 3300.000.000 327.054.000 36.121.000 312.538.400
Week end no July 6.
1922.
1923.
Jan. 110 July 6.
1923.
1922.
Stocks
-No. shares__ _
2,799,675
3,245,238
Par value
$300,000,000 $238,829,000 312,089,000,000 $12,388,415,246
Bonds.
Government bonds
$12,538,400 $31,557,800
$431,259,785 $1,013,257,705
State, mun.,&e.,bonds
7,297,500
6,121,000
258,763,700
328,325.500
RR.and misc. bonds_. 27,054,000 22,942,350
877,207,400 1,052.765,350
Total bonds
$45,713,400 $61,797,650
r1,587.230,885
$2,394,348,555
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston
Week ending
Juts 8 1923.
Satuday
Monday
Tuesday
Wednesday
Thursday
Friclay
Total
Prey, week revised
Philadelphia
Baltimore
Shares. Band Sales Shares. Bond Sales Shares. Bond Sala
9,905
22,671
17,219
$29,200
38,450
49,500
17,216
13,256
53,450
28,000
6,753
$27,200
13,273
38,600
24,310
21,000
HOLI DAY
5.945
73,100
4,709
19,000
170
880
502
328,500
29,300
26,000
812
1,012
27.000
23,000
80,267
$198,600
54,990
$178,900
3,376
$133,800
106,672
$218,200
56.494
3265.950
4.945
5134.000
Daily Record of U. B. Bona trtted. June au July 2. July 3. Jut:: 4. July 5. July 6.
High 100081 100082 1000n
First Liberty Loan
10008, 10008:
,8
11;4% bonds of 1932-47_ Low. 1000 100 :8 100",,82
0 100
1000n 1000
M5* 100,132 100,132 1001.22
(First 351s)
100
,an 1001232
158
. Total sales in $1.000 units__
196
292
120
196
Converted 4% bonds of {High 97 8:
0
-- -- 98un
984082
_ __ _
1932-47 (First 4s)____ Low. 9721:1
___ - 98081
98 II,
--- Close
972In
--- - 98048
98 Is:
___ _
Total sales in $1,000 units_
I
I
Converted 44% bondsrigh 98 In 98
-'32 98"33
981.31 9 1181
8
of 1932-47 (First 44e) Low_ 98.00 98 4:: 98 ill
,
98 In 9828
Cleft 98 412 98 1St 98 an
98 631 98 In
23
Total sales in $1,000 units-.
316
203
157
40
Second Converted 4411311
--------98 so
-- ---- bon& of 1932-47(First Low---------98',,
- - ---- Close
Second 411s)
-.----98 831
Total sales in $1,000 units_ _
---__
4
{Hig
h
Second Liberty Loan
-98In
---_
98 an 98 132
4% bonds of 1927-42_ _ Low--- 972,22
____
98 '11 98 In
Close
--- - 98 '31
--- _
(Second 41)
98 3:8 98 ass
_
Total sales in $1,000 units__
9
3
_Converted 441% bonder:4h 98In 980
,8 9 -0n
8
98',, 981122
Low. 98 231 98 482 98'uHOLI- 98 .32 98 823
of 1927-42 (Second
98 In 98 an 98 831 DAY
Close
1134s)
98 8 98 1
321
640 1,256
Total tales in $1,000 units_ _
431
I8
151
I1
Third Liberty Loan
H lib 981.22 • 98w33 9818„
980
,8 98",,
431% bonds of 1928......_ Low. 981122 98"22 981,22
981.32 980
:1
,
(Third 4315)(Close 98 a12 98,12
98183:
981,22 981.31
95
843
Total sales in $1,000 units_ _
283
606
713
rib 98 an 98103
Fourth Liberty Loan
913.612
981232 981.31
4i4% bonds of 1933-38._ Low. 98 In 98 as
981.32
98 on 98 In
Close 98 an 98 'a
(Fourth 43(5)
981111
98aan 980n
406 1,314
.
Total sales in $1,000 units _
805
1,131 1,034
iiiiih 99aast 99202
Treasury
99 a32
,
992232 99aar
Low_ 991In 991.3
431s. 1947-52
99.132
99242 99aar
Close 99,13
99203
993,33
910212 9923r
1,,,a anIA. do 21 MA MIMI
,
1411
22
AS
OR
RI
Note.
-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
23 1st 3345
1 1st 4s
61st 445
1 2d 4s
100",, to 1004182'82 2d 43is
23 3d 431e
98
982,8 to 98au 145 4th 434s
0.72:n
1 Treasury 434e
98111 to 98122
98082 to 98108,
98122
981.32
990
st
Foreign Exchange.
-Sterling exchange moved within
comparatively narrow limits, but the trend was still downward and quotations touched another new low point on the
current movement. The Continental exchanges showed
irregular weakness, with new low records established on
francs, marks, lire and pesetas.
To-day's (Friday's) actual rates for sterling exchange were 4 5334@
45674 for sixty days,4 5551514 57 for checks and 4 555(64 5751 for cables.
Commercial on banks, sight, 4 55515)4 5634; sixty days, 4 5234@4 54;
ninety days. 4 517404 5334, and documents for payment (sixty days),
4 5304 5434; cotton for payment,4 555154 5634, and grain for payment,
45534(84 5631•
To-day's (Friday's) actual rates for Paris bankers' francs were 5 723-i0
5 7934 for long and 5 77515)5 8451 for short. Germany bankers' marks
are not yet quoted for long and short bills. Amsterdam bankers' guilders
were 38.130038.90 for long and 39.05@39.15 for snort.
Exchanges at Paris on London, 78.30 fr.; week's range, 76.62 fr. high
and 78.30 fr. low.
The range for foreign exchange for the week follows:
Sixty Days.
Sterling ActualCables.
Checks.
4 55 13-16
High for the week
4 57 15-16
4 58 3-16
4 5251
Low for the week
4543.4
4 5551
Paris Bankers' Francs
5.9934
High for the week
6.0451
6.0555
5.7251
Low for the week
5.7751
5.8751 '
Germany Bankers' Marks
High for the week
0.0006
0.0006
Low for the week0.0005
0.0005
Amsterdam Bankers' Guilders
38.90
High for the week
39.20
39.29
Low for the week
38.69
38.99
39.08
-Chicago, par. St. Louis, 15025c. per $1,000
Domestic Exchange.
discount. Boston, par. San Francisco, par. Montreal, $25 per $1,000
discount. Cincinnati, par.
STOCKS.
Week ending July 6.
Sales
for
Week.
Range for Week.
Lowest.
Highest..
Range since Jan. 1.
Lowest.
Highest.
Railroads.
Par. Share $ per share. $ per share. $ per share. $ per share.
B R T warrants 2d paid_ 8,700 1634July 2 18
3 1634 Jul 23 June
Buffalo Each & Pitts_l
150 61 June 3 61 June 3 61 Jun 68
Jan
Central RR of N J._ _ 100 800 175 July 51834July 3175
Jul 231
Feb
C St P M & O. pref 1
1
954July 6 9531July 6 95 Ms100 June
Duluth S S& Atl __ _100
100 24July 5 24July 5 244 JU1y 334 June
Int & Gt No Ry(w 1)100 1,200 20 July 2 214July 6 18 Ma 2534 Feb
Math Elev mod gtd_100 700 31 July 5 32 July 5 3031 Jun 454 Apr
Manhattan scrip
300 444July 3 4%July 3 431 Fe
434 Feb
NY Ch az St L 1st p1.100 300 944June 30 95 July 3 7934 Ja 97
Jan
NYCh & St L w I
500 74 July 3 754July 6 74
Jul 7534 July
NYC St St L
WW1 8,100 94 July 3 954July 3 94
Jul 954 July
MSFt W & Chl pf__100
6 138 July 5138 July
128 Jun 138 June
Rapid Transit Corp. _ _ _ • 9,100 931June 30 104July 3 931
n 184 Apr
Preferred
1
2,100 3131July 2 36 July 3 3134 Jul 49
Apr
Tol St L & W series B.._
900 594July 5 62 July 3 52
Apr 66
Jan
Preferred series B. _ _ 7,1
57 June 30 60 July 3 50
A
60
July
West Penn
100 400 394July 5 41 July 3 3834 A
5234 May
Penn pref
West
100 100 8534JulY 5 86 July 6 7531 Ap 88 June
Industrial & Miscell.
Am Beet Sugar pref. _100 100 66 July 3 66 Ally 3 65 Jun 80
Feb
Amer Chain, class A _ _25 1,400 20%July 2 214June 3 2034 Jun 254 Mar
American Chicle, pref100 100 40 July 2 40 July 2 22
Fe 51 June
Amer Locomotive,new.' 4,100 6431Ju1y
67 July 6 6434 Jul 7034 June
Amer Woolen, pr pfd___
300,1014July 6 1014July 6 9934 J
1024 May
Arnold Constable
• soo 1334July 2 1334July 2 12 Ma 18% Apr
Atlas Powder
1
100 160 July 3 160 July 3150
Apr
Ap 177
New
1,7
51 July 2 5374July
51
Jul 57% June
Assets Realization_ _ 1
%July 2
20
%July 2
31 Jun
Jan
1
All Fruit Col T Co ctf dp 8
14July 5 14July 5 134 Jun
2% Feb
Auto Knit
• 1,30 194July 2 20 July 6 194 Jul 284 Feb
Auto Sales
300 3 July 5 3 July 5 2
Ja
434 Feb
Preferred
12 July
124July 2 12
Ap 1434 Feb
Atlas Powder 6% cm pt
83 July 3 86 June 30 83
Jul 9031 Jan
Brown Shoe Inc. pref 100
91 July 5 91 July 5 91
Jul 99
Jan
Burns Bros prior pi_ _100
100 1184July 31184July 311834 Jul 120
Feb
25 500 42 July 3 424July 2 42
Calumet & Heels
Jed 424 June
Calif Petroleum, new_2 47, 81 1834.1'une 3 204June 30 184 June 2954 May
Century Ribbon Mills_ _•
304July 6 32%June 30 28 June 3641 May
Cluett,Peab & Co,p11
200 1014July 5 1014July 5 1014 July110
Feb
1
Coca-Cols, pref
101 924June 30 9231June 30 9244 June 99 June
Columbian Carbon_ _•
45 July 5 4531June 30 45
July 4934 May
Columbia Gas & El w 1• 5,:13031July 6 3131June 30 3031 June 3734 Apr
81:
Conley Tin Foil
500 134June 30 1331July 3 12 June 2241 Jan
Commercial Solvents, B•
ho 19 July 2 19 July 2 15 . Apr 274 Feb
Cont Can. Inc. Pref.-100
1 104 July 2 104 July 210234 June 110% Feb
Cosden & Co. pref._ _100 200 97 July 2 97 July 2 97 June 10934 Feb
Cuban Dominion Sugar.* 7,200 3 July 2 5 June 30 3
July 124 IMar
100 1,200 35 July 5 40 June 30 35
Preferred
July 584 IMar
Cuyamel Fruit
544Ju1y 6 57 June 30 5434 July, 704 June
• 3,
Devoe & Rayn,1st pf 100 200 90 July 3 90 July 3 90
July 96 June
Douglas Pectin
* 2,600 124July 2 134July 6 124 June 1434 June
Elk Horn Coal, pref. 50 200 30 June 30 30 June 30 30
Apr 36
Jan
Fld Phen F 1 of N Y-25 300 111 July 5111 July 510234 Jan 138
Feb
Fleischnutnn Co
• 5,000 3954July 2 42 July 6 3734 Jan 4734 May
Foundation Co
• 1,300 67 Ally 2 68%June 30 66
Mayt 7134 Apr
-Gardner Motor
• 100 8%July 5 834July 5: 84 June 144 Apr
GenAmTkCar7% pf.100 300 964June 30 9731June 30 964 June 1034 Mar
Gen Baking Co
• 100 74 July 6 74 July 61 73
Jan 9634 May
Goldwyn Pictures, new.
1431July 2 154July 51 134 June' 2234 June
Goodyear Tire, pref _100 500 434July 5 44 July 2, 434 Julyi 6134 Ate
Prior preferred__..100 1,100 9331July 6 944Ju1y 2 933.4 Julyi 99
Feb
Great West Sug, pref.100 2001034July 2 1(134July 210334 JulflOSti May
Hartman Corp
100 500 sotouly 2 814July 6, 8034 July 9534 Jan
Househ'd Prod temp ett• 8,000 2854July 2 30 July 3, 2844 July 3954 May
Ind Oil & Gas
• 1,400 531JulY 8 64July 5' 531 July 114 May
Ingersoll Rand
100
60 125 July 5 128 , July 5 119
Apr 128 June
Inland Steel w 1
'' 2,000 33 July 2 334July 5. 33 June 4634 Apr
Preferred w 1
2.400 97 July 5 98 July 2, 9634 June 105
Apr
International Salt__.100 1
77 July 5 77 July 5', 77
Feb
July 92
International Shoe.....' 300 644July
65 July 2 644 June, 734 Jan
let Tel & Tel
100
500 6441July 2 65 July 31 64% Julyl 714 Apr
Invincible Oil Ws
• 200 1031July 6 togJtay 6 10 June( 14 May
1434
Iron Products, pref-100 492 92 July 2 92 July 2 92
July11104 Feb
Certificates
100 354July 2 354Ju1y 2 3544 June' 4444 May
Kelly Springf,6% pl.loo
100 79.31July • 794July 5 79% Julyl 9234 Mar
Kinney Co
• 300 58 July 6 58 July 6' 3544 Apr, 64 - May
Ligg & klyers Tob,B.100 200 194 July 6 194%July 519034 Apr 219
Feb
Magma Copper
• 1,100 284July 3 2934July 61 22 May, 3634 Apr
Marland Oil,rts
115775
4July 2
31June sa
ti July1 51 June
Met Edison, pref
• 100 914July 2 914July 2! 90 May, 9944 Mar
Nat Ilk of Comm'ce _ 100
35 288 July 6290 July 3288
Mar
July 309
NatCloak&Sult,pf.11l
100 9231July 6 9241July 6 92 June 104
Feb
Nat Dept Stores
• 700 35 July 5 364July 5 3431 June' 4244 Apr
Preferred
100
1001 92 June 2 92 June 2 9144 June 9744 May
N Y Canners
• 2001 284JulY 5 2831July 5 2834 July 324 June
N Y Shipbuilding
• 1001 94July 2 94July 2 94 July 1534 Feb
North American
1 3,000 184July 2 204July 6 1834 July 2434 Apr
Onyx Hosiery
lOot 39 July 6 39 July 6 39
Apr
July 50
Otis Steel, pref
100
1
48 July 5 48 July 5 47
Jan 7231 Mar
Packard Motor, pref.lIl
2001 92 July 3 92 July 3 9034 June 99
Feb
Penn Coal & Coke__
l,300(3541July 5 36 July 2 3534 July 4334 Apr
Philips Jones Corp, pfl
100 894July 2 894July 2 89
Feb 96
Jan
Philip Morris
1 1,600 1134July 2 124July 30 1134 July toti Mar
Phoenix Hosiery
100 33 July 2 33 July 2 32 May 5654 Mar
Preferred
100
100 91 July 6 91 July 6 89 June 100
Mar
Plilla Co 6% pref._ _ _ 50 600 4131July 3 42 July 2 4144 May 4534 Feb
Pittsburgh Steel, pref 100 200 95 June 30 95 June 30 92
Apr
Jan 98
Prod & Ref Corp, Pt
200 43 July6'44 July 6 43 June 4934 Mar
P S Corp of N J, pf8%... 200 10034July 31014July 310054 July 108% Feb
New common
• 5,100 43 July 2 46 July 6 43
July 5134 Apr
Reis (Robt) & Co
•• 300 12 July 2 1254July 6 1134 June 1974 Mar
First preferred....100
100 6841July 2 684July 2 684 July 82
Feb
Rossia Ins Co
2
100 89 July 3 89 July 3 89
July 9434 May
Schulte Retail Stores..,' 2,600 904July
9134July • 3 88 May 954 Jan
Simms Petroleum_ _ _10 8
74July
8 June 30 741 July 16
Jan
Simmons Co
• 1.7
26%July 2 274July 6 244 Jan 3434 Mar
Shell Union Oil, pref _100 700 90 July 5 90.44June 30 90 June 984 Apr
Sinclair 011, pref__100 700 9131July
934Ju1y 2 9134 July 9934 Feb
Tex Pac Land Trust.100 100280 July 2295 July 2280
July 324
Transue & W'ms Steel.' 100 30 June 30 30 June 30 30 June 40 June
Apr
Underw'd T'writer_ _100 200 164 June 3 164 June 3 136
Jan 183 May
New
2 1,000 40 July 6 414June 30 40
July 4154 June
Rights
200
%July 2
%July
4 July 2 June
United Cigar Store:4_100
100176 July
176 July
176
July223
Feb
U S Tobacco
* 100 48 July 3 48 July 3 48
July 69
Feb
Preferred
100
1 1054July
1054July 5 1054 July 112
Feb
US Realty & Imp full
500 9731Ju1y
9831July 3 97% July 10831 Feb
Ve-Carolina Chem B... 100 44June I 444June 30 34 June 17
Feb
Van Raalte
100
100 3331Ju1y
33 July
3331 July 64
Jan
Vulcan Detinning
• 2
7 July 2 8 July
5
Jan 7
Apr
West El 7% cum pt. _100
100 1124July 2 112 July 2 11134 M 115
June
Waldorf System new..* 900 16 June 30 17 July 6 144
May
Youngstown Sheet &T-• 300 66343u1y 6 6731July 3 6634 June 20
Julyl 80 June
'No par value
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
64
OCCUPYING FOUR PAGES
For sale. during the week of stocks usually inactive, see preceding page
HIGH AND LOW SALE PRICE
-PER SHARE, NOT PER CENT.
Saturday.
June 30.
Monday,
July 2.
Tuesday,
July 3.
Wednesday
July 4.
Thursday,
July 3.
Frtday,
July 6.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
recnanAnn
Range sines Jan. 1 1923.
On basis of 100
-share lots
ralszciranA
Rouge for Previous
Year 1922.
Lowest
Highest
Lowest , Highest
I
Railroads
Par $ per share $ Per Ogre 8 per share S per share
Ann Arbor preferred
100 28 July 3 45 Feb 23
2778 Jan 52 Aug
Atch Topeka & Santa Pe_100 97 June 30 10518 Mar 3
913 Jan, 1084 Sept
4
Do prof_
100 867 July5 9058 Mar 6
k
8
845 Jan1 954 Aug
Atlanta Birm & Atlantic 100
14 Jan 3
314 Feb 21
54 Apr
4 Jan
Atlantic Coast Line RR---100 110 July 5 127 Feb 28
83 Jan 124% Sept
Baltimore & Ohio
100 404 Jan 17 5618 Mar 21
334 Jan 6014 Aug
Do prat
100 55 4MaY 7 607 Mar 21
3
s
5218 Jan 884 Aug
Brooklyn Rapid Transit-100
1 June 21 1614 Jan 2
6 Jan 29 Jana
Certificates of deposit
3
4June 29 13 Jan 12
8
55s Jan 247 June
18,400 Canadian Pacific
100 1404 Jan 17 160 Apr 18 11913 Jan 1514 Aug
/
1
7,300 Chesapeake & Ohio
100 57 June 27 761 Jan 30
8
54 Jan 79 Aug
Preferred,
400
100 96 June 29 1047 Feb 23 1005 Dec 105 * Oct
8
8
5
600 Chicago & Alton
2 May 21
100
334 Feb 13
134 Jan 12% May
Preferred
400
100
38. Jan 12
638 Feb 8
34 Jan 20% May
1,000 Chic & East 111 RR (sees)
24 July 5 3834 Feb 13
1214 Jan 63 4 AtIg
1
Do pref
1.300
47 July 5 6214Mar 26
814 Jan 644 Aug
2,000 Chicago Great Weetern___100
4 Jan 18
7 Feb 7
3% Dec 104 May
3,100
Do prof
100
812 Jan 18 17 Feb 0
7 Dee Vas Mall
11,500 Chicago Milw & St Paul...100 174JulY 5 . 64 Mar 5
2
1714 Jan
38% Aug
100 2418July 5 awe Mar 5
pre!
Do
20.600
29 Jan 5514 Bent
5,100 Chicago & North Weetern_100 69 June 27 88 Mar 5
59 Jan 951s Sept
100
Do prof
100 10812Junc 20 11818 Mar 21 100 Jan 11111 Aug
24,300 Chic Rock Ial & Pao
100 22 July 5 377g mar 21
3018 Dec 60 Sept
7% preferred
1.100
100 7712June 30 95 Feb 9
8314 Jan 105 Sept
2,200 8% preterred
100 66 July 5 85 Mar 5
7014 Jan 95 Sept
Chic St P Minn & Om----100 65 May 21 78 Mar 6
51
Jan 90 Sept
200 Colorado & Southern
100 2712June 27 4612 Feb 13
38 Jan 634 Apr
21,200 Delaware & Hudeon
100 98 July 5 12418 Feb 13 1064 Jan 1414 Bens
1,300 Delaware Lack & Western 50 11012June 20 13011 Feb 8 108 Feb 143 Om
7,100 Erie
100 1018May 22 1312 Feb 13
7 Jan 183 May
4
9,000
Do 1s1 pref
100 16 Jan 17 2158June 11
1118 Jan 284 Aug
Do 2d pref
1,500
100 1034May 21 1612June 11
718 Jan 2014 May
13,200 Great Northern pref
k
100 6212June 30 80 Mar 5
7014 Jan 957 Oct
Iron Ore propertiee_No par 25 July 2 36 mar 19
4,900
284 Nov tass Apr
900 Gulf Mob & Nor tr ctfs....100 10 June 28 20 Mar 6
5 Jan 19 May
Do pref
300
100 447k Jan 2 6234 Feb 21
16
Jan 67 Oct
1.700 Illinois Central
100 105 May 22 11718 Feb 21
974 Jan 1154 Seri
______ Interboro Cons CorpNo par
18 Jan 17
34 Jan 4
Is Dec
3 Apt
______
Do pref
100
14 Mar 2
Is Dec 1214 Apr
4 Jan 5
5,200 Interboro Rap Tran w I
912June 30 227
100
8Mar 14
1784 Dec 3214 Aug
5,600 Kansas City Southern
4July 5 2478 Mar 21
100 163
17 Nov $014 Apr
Do prat
700
100 50 July 3 5738Mar 5
5214 Nov ON Apr
1,500 Lake Erie & WeStern
100 2878May 22 34 Jan 2
10 Feb $irs JOBS
Do pref
200
100 65 June 7 73 June 26
2618 Feb 77 Sept
7,600 Lehigh Valley
BO 54 June 30 713 Feb 7
8
56% Jan 7
2 Seta
2.700 Louisville & Nashville___.100 8512May 7 155 Feb 28 108 Jan 144% Oct
Manhattan Ry guar
100 3814June 28 60 Apr 17
35 Jan 58 Aug
Eg Tr Co of N Y ctf dep.100 gala Jan 25 44 Feb 13
441m Aug 554 Aug
600 Market Street By
100
814 Jan 23 22 Mar 12
34 Jan 11 Mas
Do pref
100 33 June 21 6812 Mar 12
17 Jan 501 Afn
4
500
Do prior prof
100 62 June 21 87 Mar 12
35 Jan 76 Nov
Do 2d pref
200
100 2118June 21 5614 Mar 12
54 Jan 32 Ala
2,200 Minneap & St L (risto).. 100
5 July 5
94 Feb 13
5 Jan 1611 Ayr
600 Minn St P & S S Marle
gm June 253, 001
100 5712July u 2312mag 5
1
Missouri Kansas & Texas 100
814 Apr 26 12 Feb 6
4 Jan 1514 Dee
1014 1012 1012 105. 104 103
- la- -1612 iofs -163- ii.goo Mo Kan & Texas(sew)
4
4
10 July 5 17 Feb 15
712 Jan 195* Aug
2612 265. 2612 27
2578 263
25
2612 2612 2714 6,600
4
Do pref (new)
25 July 5 654 Feb 14
244 Jan 484 Aug
1134 12
1118 1178 11
1178 Holiday
11
1138 1138 1134 9,400 Missouri Pao flo trust otts-100 11 June 28 19% Feb 14
1518 Nov 2514 Apr
, 304 31114 283 314
3114 317
4
2834 2978 2918 3134 15,300
Do pref trust title
100 2834 July 3 59 Feb 10
60 Nov 633 Bega
4
18
3
3
3
3
314
*3
Inde*234 314
34 314
600 Nat Rye of Men 24 pref...100
2 8 Jan 17
3
43 Feb 15
4
28s Nov
714 May
85 8534 8334 8614 *84
86
83
8312 841. 86
4,000 New On Tex & Men v t 0...100 83 July 5 106 Mar 28
,
547 Jan 878 Dee
2
96
9712 9534 975
8 9634 08 pendence
96
9714 97
98 40,100 New York Central
100 9012May 4 1041sJune 13
724 Jan 10111 Oct
*72
73 73
75
73
75
75
76
74
74
800 N Y Chicago & St Louls---100 68 May 22 84 Jan 29
514 Jan 9112 OM
*92 93 *92
9478 95
93
Day
*92
9312 90 90
500
DO 2d prof
100 764 Jan 3 95 July 3 614 Jan 93 IlePt
1434 15
4
123 1438 104 13
958 111.1 10
1034 91.300 NY N H & Hartford
100
94July 5 2212 Jan 80
1212 Jan 38 Aug
1514 1514 1514 16
1514 1514 1512 1512 1,485 N Y Ontario & Wartern
16 4 15 4
3
3
100 1414June 28 211 Feb 13
1812 Dec 3018 API
8
912 912 *912 12
10
*9
10
12
.912 12
200 Norfolk Southern
100
912June 30 18% Feb 9
8% Jan 234 Joni
10173 1024 1004 103
10212 10312
102 103
103 103
3,800 Norfolk & Western
100 100'1 July 2 117% Feb 9
11814 Jan 12514 Sept
77
*75
*75
77 *75
77
075
7712 75
75
Do pref
100
72 Jan 82 Oet
100 75 July 6 78 Jan 29
651s 6618 64
6612 6412 6614
6334 6534 65 67
1,500 Northern Pao1110
100 6334 July 5 8112Mar 5
73 Dec 908s Aug
4112 42
4134 423
8 4214 4212
4214 4278 4212 433 12,000 Pennsylvania
50 cianne 30 4778 Apr 4
1
334 .1812 49 4 Oct
1
*my 11
10
10
*10
12
*93 1012
4
1,800 Peoria & Eastern
9 4 10
3
100
9 4July 6 17 Mar 21
3
10114 Jan 26ss Aug
4018 4114 4018 417
8 4012 417
4014 4112 4138 4214 17,700 Pere Marquette
8
.100 38 Jan 11 4714June 11
19 Jan 60 8 Aug
5
7012 704 0_ _ _ _ 70
72
*71
• _ _ 70 •_ _- - 70
100
Do prior pref
100 7012May 29 nire Mar 5
63 Jan 82 Aug
•_ ___ 62 . _ _ _ 63 *_ __ _ 83
1
.
*____ 63 *___ _ 83
Do pref
100 8212May 22 704 Jan 9
504 Jan 748e Aug
4012 4112 4034 43
42
4314
41
4212 4212 4312 4,600 Pittsburgh & West Ya____100 337k Jan 17 5033May 10
23 Jan 41% Aug
*8612 89
*8612 89
*8612 89
*8638 8712 874 8712
100
Do prof
100 85 June 29 93 Jan 9
78 Jan 95 Nov
69 6912 683 713
4
s 6918 71
6812 7034 70
7114 11,800 Reading
50 6812June 29 8118 Feb 7
714 Jan 871s Oct
4618 4613 46
4712 467 474
*46
8
4938 4734 4734
Do let pref
800
50 44 June 28 5618 Feb 7
43 Mar 67 MAY
*47
4714 4712 4778 4812
50
*47
4812 *47
4912
500
Do 2d pref
50 45 June 28 663 Jan 30
4
45 Jan 5913 May
*24
32 *25
32
25 25
*25
30 .26
31)
200 Rutland RR pref
100 25 May 2 374 Jan 10
174 Feb 631 JOBS
4
18
1818 1712 1838
1778 1812
1758 18
175 184 8,000 St Louis-San Fran Or otfe 100 1712July 2 27 Mar 21
8
2014 Dec 82% Aug
12 3712 38
3712 37
37
38
37 37
3734 3812 2,400
Do pref A trust otfe-100 3212 Jan 3 60 Mar 5
304 Nov 50 Aug
2714 2730 2712 29
274 2914
274 2812 283 294 5,000 St Louis Southweetern
8
100 2612May 22 3638 Feb 10
201 Jan 367 Nov
8
8
56
5512 5612 55
56
56
55
561s *5618 57
1,700
Do pre/
100 5438June 28 6378 Mar 21
323 Jan 59 s Nov
8
7
33
4 33
8
4
4
03
512 33
4 37
514 512
5
5
1,800 Seaboard Air Line
100
5 June 28
25 Jan 10 Apr
8
712 Feb 10
914
9
9
9
9
9
83
4 94
9
94 3,500
Do prof
100
8 3 Jan 18 1314 Mar 23
3
44 Jan 143 Ar r
4
8412 8534 85 86
8512 86
854 864 8612 8878 16,200 Southern Sarno Co.
100 8412June 30 954 Feb 21
784 JanI 9614 Oct
8
3112 3212 313 3314 3178 333
8
313 325
8
8 3214 3312 58,500 Southern Raw*/
100 243 Jan 6 373
4June 13
4
1714 Jan 284 Aug
4 63 65
633 634
8
64
6312 6378 6414 6434 3.600
643
4
Do pref
100 63 July 2 7078 Mar 22
40 Jan 71
Oct
1812 1712 183
3 1712 19
18
174 18
1812 194 6,300 Texas & Paclflo
100 1714 July 5 294 Mar 21
184 Nov 35 •
DI
912 10 8
,
912 1014
0 4 1012
2
8 97 *1014 1012 2,100 Third Avenue
8
97
100
912June 30 194 Feb 10
133. Nov 96% May
*68
72
72 *6512 69
*65
*66
69 *68
71
Twin City Rapid Transit-100 5814 Jan 19 7712June 11
34 Jan 8212 Sept
8
12718 1284 1265 12814 12712 12938
12534 12812 12712 129
16,300 Union Pacific
100 1253
4July 5 144% Feb 28 125 Jan 1545, Seta
724 7214 7214 71% 7214
72
7112 7112 707 711 1,000
Do prof
8
/
4
100 7078July 6 21%mat 6
7618 Jan 8
711 Jan 86a Aug
712 Ja
10
7
8% Si
84
914 10
2
84 94
9
1
1,400 United Railways Invest---100
812June 26
3113 3212
3034 3114 303 32
3
29
30
303; 304 3,300
Do prof
100 2812 Jan 17 82 Mar 5
2014 Jan 8612 Apr
8
814 812
8 12
812 812
8
84
812 8,2 4,000 Wabaah
100
7 Mar 10 1113 Mar 22
8 Jan 144 May
26
2678 254 27
2638 274
2512 27
2678 2712 20,600
Do pref A
100 2314 Jan 17 3418 Mar 22
19 Jan 3518 Aug
17
*1612 1812 *1612 1812 17
*1612 1712 17
17
Do pref B
300
100 1618 Jan 18 2212Mar 22
121 Jan 34% BOB
4
978 10
104
10
9 s 103.
7
4,800 Western Maryland (new)100
10
10
07
8 10
978Junc 27 15 Feb 9
814 Jan
1714 Aug
19
3 1712 1812 18
17% 183
1714 18 8 1812 1834 3,900
5
Do 2d prof
100 171 1July 5 2634 Afar 22
13 Jan 2818 Dec
1534 1534 1514 1512 151s 1513
1514 1514 155 154 1,300 Western Pacific,
8
100 15 May 1 2014 Mar 5
134 Jan 247 API
8
5514 55
55
57
57 .53
547 544 5.5
8
57
800
Do prof
100 53 May 7 6338 Mar 5
5118 Mar 66% Sera
612 7
658
658
64 67
8
612 67
64 678 1,600 Wheeling & Lake Erie R7-100
8
612June 29 1018 Feb 13
6 Feb 164 JUDI
1212 1212 1112 1212
1134 1212 13
*1212 15
1414 1.600
DO Prat
100 1112 July 3 19 Feb 13
914 Jan 29 JO"
111
264
2618 2614 *264 28
3
264 2618 2712 27 4 26
1,000 Wisoonain Central
100 26 Jan 10 854 Feb 23
35 Jan 831 Mal
4
Industrial & Miscellaneous
*704 74 '
70
7012 71
71
72
600 Adams Express
7014 7014 *70
100 68 Jan 21 82 Mar 8
Jan 83 Oct
68
*9
10
10,
10
912 10
10
10
10
500 Advance mime',
10
100
912July 6 1912Mar 6
104 Jan 23 Aug
334 3314 33
30
35
33
3312 334 *33
Do prat
500
36
100 33 July 6 6438 Jan 14
318 Jan 504 Aug
8
5878 5918 *5814 60
571, 575. 58
1,500 Air Reduction, 1no___-No par 56 July 2 7238M 19
574 58
58
Oct
4512 Jan 66
68
2 7
612 7
634 7
,
634 74
678 71
5,500 Ajax Rubber. Inc
50
612July 2 144 Mar 14
913 July 184 Apr
*14
3
8
*14
3*
3
s
*14
100 Alaska Gold Mines
14
4
2
8
*14
10
4 Jan 4
18 Deo
7 May
8
%Mar 9
us pa
118 118
118 118
1 18 118 •1
11
1,400 Alaska Juneau Gold Min
10
8 Jan
2
2 May
1 Feb 15
134 Afar 9
6412 6514 6512 68
6434 65
644 654 6412 66
7,000 Allied Chem & Dye_ _ _ _No par 6234May 18 80 Jan 2
654 Jan 9144 Sept
*107 10878 *1074 1087
8
"107 1087 *107 1087 *107 1011 11
7
8
Do prof
Jan 1154 Sera
4June 28 112 Mar 2 101
10 1063
0
383 39 .3912 40
4
3912 39 394
3,100 Allis-Chalmers Mfg
384 38
38
100 373
4June 28 514 Feb 10
8714 Jan 5934 Sept
90
90 .90 91
91
*90 91
90 4 9034 *90
3
44)0
Do pr .4
100 90 July 5 9718 Jan 27
8618 Jan 104 Sept
1014 1034 117 12
8
1318 1018 113
4
1314 1314 11
5,800 Amer Agricultural Chem-.100 1018July 3 3678 Feb 21
s
2714 Nov 427 June
297 323
8
4 30
313
3314 3314
3338 34
4
1,100
*343 37
Do Prof
100 297
8July 3 687 Feb 21
56 Jan 7214 Sept
g
•7212 7712 *7212 771
7712
American Bank Note
*7213 7712 •7212 7712 *72
60 77 Jan 6 91%Mar 7
11 Dee
58 Jan
*50
*5014 52
*5014 52
52
*5014 52 .5014 .52
Am Bank Note pref
50 5012June 29 55 Feb 7
61 July 6512 Dee
.30
30
31
31
3158 30
3158 3,000 American Beet Sugar
3158 31
313
8
100 30 July 2
314 Jan 49 JUDO
Feb 13
294 3012 291. 304 3012 303S
3012 31
30 4 3117 3,000 Amer Bosch MagnetoNo par 2912July 2 494 Feb 16
3
3114 Jan 69 AP
,
4
831
70
*6078 7012 70
7015 70
70
70
70
70
600 Am Brake Shoe & F__-No Par 70 Jan 3 88 Mar 21
Jan 884 Sept
51
10414 10414 *103 104
*102 104 *102 104
103 103
Do pref
200
100 102 July 3 110 Jan 14
9814 Jan 113 Oct
853* 865
83 8 873
7
8 86
8 8434 874 85 8 884
877 103,400 American Can
5
8214 Jan 7012 Nov
100 7312 Jan 2 106 Mar 8
10712 10784 107 10712 108 108
*108 1084 *108 109
Do pref
500
100 1063
s
934 Jan 1137 Dee
4Apr 28 115 Feb 20
154 155
'156 15712 15512 156
155 1553
155 156
2,400 American Car & Foundry_100 154 July 5 189 Mar 7 141
Jan 201
OM
011914 121 *1194 121
121 121
121 121
12012 120
11
300
Do putt
100 11914 Mar 22 1257 Jan 18 11512 Jan 1204 Noy
8
*9
938 912 10
914
9
101s
b's 2,600 American Chicle
914 931
5 Nov 14 May
11 APT 25
54 Jan 80
No 002
2
•Bid and asked prices z Ex-dividend.
$ per share $ per share $ per share $ per share $ per share $ per share
2912 2912
29
2914 30
30
28 28
2812 2812
97
97
981s 971s 9812 9714 9812
9834 984 9914
.861s 88
874 88
8678 873
8 873 873
*8512 873
4
8
/1
ii
: 112
it! 112
13
4 13
4
11
. 124
12
4
13
4
111 111
111 11312 1114 114
119 112
11212 11358
4478
4212 4312 424 444 43
4212 4378
4358 4518
•5612 5634 5612 5653 563 57
4
5712 57
*57
5714
14 118
1
118
118
1
*1
118
1
1
.4 1 *_ _ _
1 *___ _
1
• __
1 •_ __ _
1
142 14514 142 14512 14112 14512
14012 143
1414 144
5758 5814 574 5914 5814 595
8
.58
58 8 .5812 5934
3
96 96
96
964 96
96
*9614 9712 .9612 974
2
2 14 *2
vz .218 23
4
*218 24 *218 214
4
4 18 *4
43
4 *4
43
4*3 4
33
3
4
4 334
*2512 2612 2512 26
26
26
24
25
25
2.5
414912 5012 49
49
48
49
47
4712 47
4712
414 414
44 414
4
418
44 44
418 418
10
1034
912 10
10
103
8
10
1018 .10
11
18
1814 1734 19
18
1912
1778 19
18
1878
3018 32
3018 313
4 2912 323
2918 31
8
30
3118
69
70
694 70
694 713
8
6912 70
7018 7018
*105 111 *105 111
Ill III
*105 111 *106 112
2312 2.554t 2212 2434 2318 25
22
23 8 2312 2414
5
7712 78
7712 78 *79
80
79
79
*78
80
68 68
6712 68
6634 68
66
68
68
69
*61
70 *60
70 *60
70
*60
70
*62 65
28
28
*27
28 *26
*26
243
28 *26
28
10412 107
1041. 107
10112 10612
98 10234 1023 1053
4
8
114 11512 113 114
113 113
11112 113 *11112 113
103 11
8
1058 1112 11
1014 11
1112
1078 11
1718 1712 1678 1838 1712 183
173 18
8
4
18
1818
125 123
8
13
4 13
1212 125
*1212 13
8
1258 13
6212 64
6212 643
4 6312 643
63 644 65
4
6.512
2512 26
25
2578 26
2612
26
263
8 2614 2612
.11
12
1114 1114 1114 1112
•11
1114 *11
1114
5112
5112 *56
50 50 *50
50
50
49
49
8
10512 1057 106 106
106 106
105 106
108 108
____ ____ ____
___ ____ ____ ____
__ ____ ____ ____ ____
____ ____ ____ ____
7 107
4
94 i012
1012 103
9
10
10 8 •10
5
1112
3
173 1712 1714 173
4 174 174
1634 1712 1714 175
8
5014 5014 50 4 50 4 50 .50
3
3
.50
50 .5012 52
*3134 32
3214 3214 324 323
•2812 3234 :3214 3234
4
065
75 *70
75
743 743
4
*71
75
4
*324 33
54
564 5412 57
57
59
58
585
8 5778 58
8934 90
89
9012 8712 9034
8778 88
90 9018
.34
4112 •34
40 *34
40
*34
42 *34
41.12
___
83 8, *8 8 10
84
2
84
2
5
5
814 812 .812 11
*32
37 *32
4434 *32
36
*32
36
*32
30
*65 67
65 65
6.5
6514
83 63 *64
68
22 22
*2012 30 *20
25
*20
25 •21
25
14
514 5
54
5
12
51s 5 11
3
5
518
5
5
*59
60 *58 60
58 58
*5612 5712 5712 59I
Shares
800
9,100
700
900
2,300
30.600
600
1,500
New Yorii Stock Record-Continued-Page 2
65
44.• ••1484 during the week of stocks usually Inactive. see second page precedlna
-PER SHARE, NOT PER CANT.
HIGH AND LOW SALE PRICE
Saturday,
June 30.
Monday,
/My 2.
Tuesday,
July 3.
Wednesday. Thursday, I
July 4.
July 5.
Friday,
July 6.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range since Jan. 1 1923.
On basis of 100
-share lots
Lowest
'
Highest
PER SHARE
Range for Preoton
Year 1922.
Lowest
Highs's
$ per share $ per share $ per share $ per share $ per share
Per share Shares Indus. & Miscall.(Con.) Par $ per share $ per share p per share $ per share
434 5
4
/ 4
1
4
43
4 518
*434 5
44J1l1y 2 2014 Jan 4
/
1
1514 Nov 304 Mat..
/
1
4
1,300 American Cotton 011
100
4 4 514
3
Do pref
.15
15
100 14 May 18 38 4 Jan 4
18 .15
1712 164 1612
15
*1414 15
400
334 Nov 61 May
3
434 434
412 41
74 Aug
41_
1,700 Amer Druggists Syndicate_ _10
412June 29
43
4 43
4
4 *44 43
433
41 Jan
8
75* Feb 23
Oct
06
96
954 953 .92 100
9614 9614 .96 100
8
300 American Express
100 95 June 28 143121),Sar 2 126 June 182
.8.18 63
612 63
4
63
8 7
4
64 6 4
•7
1.200 American Hide & Leather..100
614June 28 1334 Mar 7
101s Dec 173* Au'
3
3
71
Do pref
38
3812 374 381g 3614 37
4
2,600
100 355 July 6 743 Mar 7
4
35% 361
58 Jan 743 Sept
36 4 36 4
,
,
92
89
92
92
92
8812 8934 8912 90
92
3.200 American Ice
100 8812June 27 11112 Apr 2
78 Jan 122 Sept
Do pref.
*7912 80 .7912 80
80
80
.79
400
80
80
80
100 78 June 27 89 Feb 21
72 Jan 9514 Aug
1812 1812 174 181 174 18
1718 18
1812 193
/
4
a 8,600 Amer International Cony_ _100 17 8July 3 3312Mar 28
2433 Dec 504 June
*103 11
4
1012 10 4 1014 1012
1012 101
1018 101
3,600 American La France F E__10 1012July 6 13 Mar 1
3
918 Jan 14 July
3
183 18 2 •1812 21
2
300 American Linseed
*1814 20
1814 1814 •1812 21
100 17 June 21 38 Mar 5
28 Nov 424 Oct
Do prat_
39
4012
300
394 '39
/
1
40 .39
40
48 Nov 644 Oct
40
100 38 June 28 59 Feb 15
1313 13314 13112 13212 1314 1337
4
12934 1313 13112 1341 10,000 American Locomotive
4
3
100 12012 Jan 17 1463
Jan 1363 Oct
2June 7 102
*116 119 .116 11714 *115 1173
Do pre!
117 117 *116 118
100
4
100 115 May 4 122 Feb 9 112
Jan 12214 Dee
4014 41
4012 4012 4014 4012
.41
1,000 Amer Metal temp ctfs...No par 4014June 30 557 Mar 5
42
403 403
4
8
44 Sept 5314 Dee
7814 7934 80
80
SO
80
Oct
793 793
4
1,100 American Radiator
25 76 Jan 2: 8812 Apr 19
4
Jan 129
4 803 803
82
sli
51
5
,
54
6,200 American Safety Razor
478June 27
54 512
514 512
25
91s Feb 19
7
54
,
8 2 Oct
54
3% Jan
103 104 103 103
4
8
4 10 8 103
3
1012 103
No par 103 July 2 214 Jan 5
3
4
4 10% 10% 4,300 Am Ship & Comm
512 Jan 344 MsY
534 554- 53
/ 553
1
4
5
53 4 544 5412 551 17.500 Amer Smelting & Refining-100 53 Jan 17 6912 Mar 2
8 5414 5514
3
43 Jan an,Bay
95
933 934 .93
8
Do pre!
9412 9412
*94
95
*9412 95
200
100 78% Jan 18 10232Mar 6
131312 Jan 1044 Oct
130 13234 *130 132
13112 13112
13114 13114 130 130
500 American Snuff
100 130 June 30 15214 Feb 14 10912 Jan 159 Sent
3218 33
2313 3214 3234 323
8
32
6,900 Am Steel Fdry tern atfs_33 1-3 313* July 2 407 Mar 21
2
32 4 3218 32
7
3
30 4 Jan 484 Sept
3
*98 101
.98 101
Do pref tem ctfs
.98 101
100 100 .98 1001
100
100 98 June 27 10514 Feb 9
Feb 10814 Oet
91
65
65
67
67
65
6512 6512 661_ 3,700 American Sugar Refining 100 65 June 29 85 Feb 13
65
667
s
2
544 Jan 857 Aug
_ 100 101
Do pref
101 101
.100 102 *101 102
100
100 10012June 27 1084 Jan 3
/
1
84
Jan 112 Aug
163 163
4
4 16
173 .17
•17
19
19
19
1914 2,400 Amer Sumatra Tobacco.. J00 16 July 2 363 Feb 14
8
2314 Feb 47 May
*3412 50
*3412 50 .35
Do pre!
*30
52
50
100 55% Jan 18 65% Feb 13
*30
50
Jan
521 Feb
4
71
1194 120
11912 1201 12014 1207
120 1203 12012 12112 9,900 Amer Telephone & Teleg...100 11918June 29 12512Mar 5 11412 Jan 12814 Aug
8
4
141 141
14114 143
14012 141
14014 1427
8
100 349l July 3 1613 Feb 13 1291s Jan 1694 Sept
14012 14212 2.900 American Tobacco
4
10212 10212 102 102
Do pre! (new)
10214 10212
1017 1024 10214 10214
2
900
100 101 Mar 16 1057 Mar 3
8
9812 Jan 108%
14012 14012 14014 1421 14012 142
141 141 *14112 14212 2,500
Do common Class B..100 140 May 20 1593 Feb 9 126
4
Jan 1853, Sept
34
34
32
33
34
1,200 Am Wat Wks & El v t a._ _100 274 Jan 29 443 Apr 26
4
33
3334 333
3312 34
4
6
Jan 3314 Nov
*85
851 8512 .86
Do let pref(7%) v t c_100 85'l July3 93 Jan 16
89 .85
.
200
89
8514 851 4
9014
67
Jan 937 ElePI
2
Do panic pf (885) v 10 100 484 Jan 3 8312 Apr 26
534 534 53 53
*53
5312
83
54
54
5512 2.400
174 Jan 5514 OM
98
.91
98
.86
98 .92
Amer Wholesale. prof
98
100 9314 Jan 2 9814 Jan 31
*8014 98 .91
86
Oct95
411ID
81
821g 804 83 4 81
837
8
81
83
100 8012June 27 109% Mar 21
82
83
11,800 Amer Woolen
3
Oct
7814 Jan 105
*98 100 .99 100
100 100
Do pre!
100 9812June 21 1113 Jan 3 102
100 100
1007 101
8
700
4
Jan 1111 Dee
4
*15
16
15
15
15
15
15
15
143 143
4
600 Amer Writing Paper prof..100 143
4July 6 34 Mar 7
4
22% Jan 551 Sent
4
812 9
84 84
84 8
/
1
4
8
9
814June 28 1914 Feb 18
8 4 814 1,600 Amer Zino. Lead & Elnyelt....25
,
124 Jan 21 Sent
7 387
304 31
33
31
32 .34
Do pref
25 31 July 5 584 Feb 27
33
33
3612 1,100
36
Jan 57 Bent
3814 383
38
4 38
4014
8
22,900 Anaconda Copper Mining...50 38 July 5 5312 Mar 6
394 383 39
393
4 39
65 Nov 57 May
g
*74
4
75
763 77
8
763 7814
*75
77
767 79
8
3,300 Associated Dry Goods_ _100 621 Jan 5 89 Mar 19
,
43 Jan 707 Dee
440
Do 1st pref
*8212 85 .824 84
824 824
8212 8212 *8212 84
100 824 Jan 18 89 Feb 13
Oct
75 Jan 86
89
*85
Do 2d Ord
90
89
88
88
•89
90
220
100 88 June 26 9312 Feb 26
8812 881
2
Jan 911 Oat
78
*105 106 •10412 105
105 10512
10412 10412 *10412 108
800 Associated Oil
100 104 May 7 133 Jan 12
99
Jan 1854 May
112 17
14
112June 21
*13
4
17
8
17
8
178
178
178
Fs 1,000 Atlantic Fruit _ ......No par
312 Feb 14
Ps Dec
512 Apr
914 July5 34 Mar 19
94 1314
133 134 124 134
8
944 104
933 1014 16,800 AU Gulf & WI El 13 Line....100
loss Dec 6341May
*fp, ps
8 *912 1112
634 912
8
100
634July 3 27 Mar 19
81s
Do pref
912 912 2,200
15 Dec 3114 May
104 107
105 105
107 110
10718 10818 109 109
2,000 Atlantic Refining
100 104 July 3 15312 Jan 10 117 Dec 1575
Oct
•115 117 *115 117 .115 117
100
Do pref
100 115 May 2 120 Jan 18 113 .14413 119 Dee
117 117 *115 118
12
1212 111114 12
*11
1218 .12
.11
400 Atlas Tack
NO par 103
4June 27 2012 Feb 14
12 .11
12
134 Feb 224 May
18
18
IS
19
No par 17 July 6 3512 Jan 12
1778 1812 17
177
8 3.600 Austin Nichols & Co
15 Y 1812
,
914 JaE 40 e Sept
1
85 .80
85
Do pre
.80
85 .80
100 78 aune 21 8912 Jan 23
3
.80
85
*80
85
68 Jan 91 Sept
116 11914
1153 119
8
116 119
11412 1173 1188 1184 71,500 Baldwin Locomotive Wks_100 11412July 5 14414 Mar 19
4
8
931g Jan 142
/ Oct
1
4
112 •111 112
Do pref
'110- 112 .110
100 111 Apr 2 1163 Jan 4 104
.111 112 *111 112
4
Oct
Jac 118
*30
40
"31)
40 .30
40
Barnet Leather
No par 46 Apr 27 55 Feb 16
.30
40 .30
40
Jar. 67% Sept
40
12
1212 124 1234 .12
5131 Apr
1212
12
12
700 Hamada° Corp, Class A....25 10 June 20 35 Mar 23
1234 13
195* Jar
10
10
.9
10
10
10
500
Do Class B
25
2June 21 22 Jan 2
17 NON
10
10
97
$9
Apr
9 s 10
7
18
*88
14 Holiday
18
18
is
18
18 •
1.500 Batopllas Mining
4 Jan 2
20
Is July 2
4 Deo
112 Mar
.51
52
.51
51
*50
51
100 Bayuk Bros
.40
52
.50
52
No vas 50 June 21 624 Apr 4
33 Apt 65 Sept
541 55
,
.5414 5612 554 5612
Inde55
56
57
574 3.700 Beech Nut Packing
20 51 Jan 2 8414 Mar 26
30 July
534 Dec
42
4314 41% 44
4388 45
4214 444 433 4582 38,800 Bethlehem Steel Corp
100 413
4J11ne 29 70 Mar 3
4
51
Jac
710 May
_
_ _•_ _
pendence
Do Class B common
100 6014 Jan 16 717 Mar 3
s
554 Jac 8214 May
Do prof
100 934 Feb 1 9612 Jan 2
907 Mai 106 Nog
8
*100 102
Day
10012 10012 10214 102(4
200
Do cum eons ii% pref_100 10014June 21 11114 Mar 12 104
,
•10012, 10212 *10012 10212
Jar, 1164 June
*864 8712 87
/
1
400
Preferred new
Oct
8714 8814 8814
87
87 .87
8712
100 87 July 2 9712 Mar 9
94 Nov 101
*414 6
412 412 .412 43
4
414 44 *44 5
300 Flooth Fisheries
414June 21
No Par
71s Jan 18
4 Nov
1012 A02
684 July 2
200 British Empire Steel
73
4
97 Mar 2
8
62 6
7
133
4 63
100
/
1
4
4 .6
812 .an 15 Sept
*- -- 73
4
.62
/ 65 .62
1
4
65
Do let pref
65 .62
•6114 65
100 63 June 29 6912 Mar 13
58 Mar 70 2 Apr
1
1912 1912 173 1914
18
18
16
Do 3d pref
4
1.000
100 16 July 5 2612 Feb 20
164
1912 Mar 39 BOPS
1053 10814 105 1064 106 1061_
2
10512 106
- 105
38
.- 2,100 Brooklyn Edison. Inc
100 10414May 22 12112 Jan 9 100
Jan 124% Au,
*105 108 .105 108 .105 107
100 Brooklyn Union Gas
.105 108
106 106
100 10312may 11 128 Feb 7
70
Jan 12412 No,
*4912 51
424 473
2,400 Brown Shoe Inc
49
4914
4 43
47
493
4 48
100 4213 July 5 657 Apr 2
2
Jan 647 SBA
4
42
4.7g
113
.7
4
112
41
8
112
118,4one
.1
112 *114
13
8
Brunswick Term & Ry Sec 100
1%June 20
2 2 Jan 25
54 June
5
120 122
12014 1217 121 121 12 3.600 Burns Bros
/20 122
12112 123
8
3
100 120 June 28 144 4 Mar 23 11312 Jan 147 Dec
2612 2612 26
26
2514
25
2514 25
1,500
Do new Class B coin
.5
25
2312June 20 43 Jan 2
Oct
28
/ Jan 63
1
4
54 6
6
6
7,000 Butte Copper & Zinc vi a...A
54 5
3
/
1
4
54 54
53
4 6
5
/
1
4JulY 2 114 Feb 14
614 Mar 104 DSO
*1414 15
14
15
.14
15
1412 .14
*14
15
300 Butterlck
100 1314June 21 21% Jan 4
Feb
15 Nov 34
1812 187
1812 1912 197 20
8 1814 19
183 1914
4
4.700 Butte dc Superior Mining...10 1712June 20 377 Mar 1
8
2
2033 Jan 8514 00
23
8 24
23
4 234
234 24
23
4 3
1,600 Caddo Central 011&Ref No par
214June 18
9 Feb 10
/
1
4
.23
4 3
633 Dec 1518 Atli
4
7814 7814 773 773
4
4 774 731 1
78
7812 7812 7914
1,500 California Packing
No var 775 July 2 87 Feb 9
68
Jan 864 Beni
California Petroleum
8May 31
100 6814 Jan 8 1173
434 Jan 71% Yell
/
1
*9614 99
.9712 100 .9712 100
9613 9612 974 9712
1,000
Do pref
100 9424 Jan 2 11012May 23
83 Jan 9812 Apo
5
544
82 6.10(4 Callahan Zinc-Lead
54 514
5 July 2 12 Feb 20
54 6
,
10
/
1
4
54 51
. 54 5
514 Feb
this May
*4512 48 .46
49
4918
56
474 483
2 49
4914
800 Calumet Arizona Mining___10 44 June 28 66 Mar 1
6011 NOV 681 June
*
Carson Hill Gold
52May 22
3
*5 4 012 '5 4 6 2 *514 612
,
,
,
1
9 Feb 19
/
1
4
54 Dec 16,Mar
*512 612 *54 682
1
1
1
1
1
1
1
1
1
14
113
700 Case (J I) Plow
1 June 14
No par
4 4 Feb 21
3
3 Mar
94 June
70
70 .70
74
70
70
.66
75
200 Case (J I) Thresh M. pf ctf 100 69 4 Jan 4 85 Apr 9
72
8
88 Feb 934 Atm
20
21
194 21
1812 204
1844 187
8 19
1934 9,600 Central Leather
100 1812July 5 404 Mar 7
295 Jan £418 Sept
,
55
56
5112 6,000
55
564 5012 554
Do pre!
8 51
100 5114 July 5 79 4 Mar 7
3
5014 513
/
1
4
833 Jan 82 Bent
2
3812 39
384 3912 38
38
384 3812 3812 7,500 Cerro de Paso° Copper_No per 3772June 28 5012 Mar 28
394
324 Jan 483 Dec
1
• -- - 3212 .25
35 '25
*25
3112
334
Certain-Teed Prod__ _No par 297
3312
2June 19 45 Mar 14
34 Feb534June
4612 48 8 463 493
3
8
4712 4912 49
8 4818 4018
4934 11,500 Chandler Motor Car___No par 4612June 30 76 Mar 14
471 Jan 794 Apr
4
77
78
7714 7714 78
1,500 Chicago Pneumatic Tool__100 7512June 20 90 4 Mar 21
7788 774 7612 78
78
3
80
Jan 8933 Sept
253 253
2
4 2514 2534 253* 25
244 2512 244 253 15.700 Chile Copper
/
1
/
1
2
/
1
4
25 2412June 20 30 8 Mar 1
3
154 Jan 2914 Nov
18
187
2 18
18
/ 1818 194
1
4
173 1814
8
1778 1818 10,800 Chino Copper
5 17 June 20 311 Mar 2
/
4
2214 Nov33 June
1a
61
624 60 60
41
63
*60
63
400 Cluett. Peabody & Co____100 60 July 2 764 Mar 28
62 62
43 Jan 7014 Dee
7512 76
755 763
8
8 757 764
7512 764 754 763
8 5,600 Coca Cola
8
No Par 73 May 4 83 2June 8
3
Jan 8233 Oct
41
26
26
2512 26
26
2612
27
273
4 2712 2712 2,600 Colorado Fuel & iron
100 25 June 28 353
2May 31
24
Jan 37 May
9312 9312 9118 93 2 924 924
92
923
7
4 9332 9112 3,700 Columbia Gas & Electric). _100 91's July 2 114 Feb 14
/
1
/
1
63 4 Jan 114% Sept
3
74
84
3
8
3
4
84
3
4
7
1
4,000 Columbia Grapbophone No par
8
3
4
1
%Jtute 19
54 June
27 Feb 6
8
Jan
*23
4 382
27
2 27
*3
34 *3
8 *3
312
100
Do pre(
312
2 June 19 1212 Jan 15
100
5 Feb21 June
67
674 6718 68
6733 6733
6818 69
6814 70
2,500 Computing-Tab-RecordNo par 6712Juns 18 8312 Apr 9
5514 Jan
7104 AP!
*20
21
.20
21
2014 2014
20
2012 21
224 1.000 Consolidated Clicar-... _No par 18 June 19 38 2 Jan 3
3
3
183 Feb£2 4 008
8
*67
76 .
67
76 .67
.67
75 .67
Do pint
75
75
100 66 June 20 83 Feb 17
47 Feb874 Noy
"
8
.
13
14
14
*18
14
*18
14
.
4
Consol DIstributors.Ina No Dar
11
4June 6
% Jan 30
le Feb24 Mal
Consolidated Gas (N Y) _ 100 120 Ian 2 137 Jan 26
.
1
8512 Jan 145 2 Bern
"&fia -5i1; 5534 - ifa,i -Lii4 . 1- ii: ii - - 85.8 Iiiii, 24.400 Wben issued
.
.
. 2
4
No par 5634July 2 69% Feb 7
7
4
57 2 Dec 625 Dec
74 Ps
7
74
3
7
78
3
7
7 18
*
74 7 8 11,200 Consolidated Textile
3
151 Apr
No par
7 June 20 1412 Feb 9
9 July
Continental Can, Inc
100 115 Jan 2 13133 Jan 31
45 4 Jan 11514 Dec
3
46
-12 -44- - - - - -£3fs 15
-4334 15
/
1
4
4314 45
44
When lamed
4814 31.100
No pa
427
2May 7 504 Feb 19
95 .90
95 .91
.90
96
1
95
*85
95
Continental Insurance
2
66 Jan 93 g Aug
92 Jan 6 104 Jan 31
7
714
67
2 7
7
7
7
7
214 Dec 185s Dec
714
71e 2,800 Continental Motors.._No-par
652May 28 1214 Jan 19
8
12214 12412 122 1243 11612 121 12
1143 1184 117 11912 56,200 Corn Products Refining-100 1141,July 5 13914 Feb 8
2
9114 Jan 134% Oct
1163 1163 .1144 110
4
4
•11614 119
200
Do pre!
117 117 *116 119
Jan 12234 Nov
100 11614May 8 1223* Feb 24 111
8
393 404 3912 413 £3914 41
8
30372 39
/ 44,300 Coeden & CO
1
4
38% 397
No par 3812July 5 634 Feb 17
3133 Jan 54 Dee
3
6218 633
4 614 63 4 62
6412
6114 64
6312 643 15,200 Crucible Steel of Amerlea.100 6114July
8
8412Mar 21
523 Feb 984 Sent
4
86
$9
89 •
*86
89 .86
Do pre!
.86
89
*86
89
80 Jan 100 Sept
100 87 May 24 944 Mar 2
10 8 114
3
11
10144 104 10
1014 107
2 103 114 7,100 Cuba Cane Sugar
4
No Par 10 July 2 20 Feb 13
3
S's Jan 19 4 Mar
4212
4114 41
40
403
8 40
4012 42
4112 427
7,300
Do prof
1514 Jan 417 July
2
100 3712 Jan 17 6414 Mar 15
254 2614
2412 26
244 253
/
1
2
16,800 Cuban-American Sugar......1
253 2612 25 4 27
2
3
1412 Jan 28 Aug
2312 Jan 16 3733 Feb 13
98 .93
99
9514 9314 *93
*93
100
.93
95
Do pref
784 Jan 1024 Dee
95
2June 18 106 Apr 5
100 937
35
4
52
333 3512 344 3514 34
20,800 Davison Chemical vi c_No pa
234 Nov 6
331 348 344 35
/
4
203
8May 21 3812 Mar 6
533 Apr
.2314 '2418 234 2312
24
24
23 23
300 De Beers Cons Mines...No pa
*223 23
4
1512 Jan 25 Sept
1g
23. July 5 28 Mar 1
10112 1024 •10113 102
4
10114 102
10212 10212 10212 10212 1,100 Detroit Edison
100 10014June 26 111 Mar 2 100% Jan 11812 Aug
8 3312 34
347 3473 344 347
8
3112 3312 4,500 Dome Mines, Ltd
3212 33
1812 Jan 464 Nov
1
30 4May 22 444 Jan 4
3
1013 103
4
10278 10334
103 103
4,500 Eastmmy Kodak Co.---NO Par 893 Jan 2 115 4 Apr 3
10112 10314 10312 104
70 July 904 Deg
3
4
8
8
10718 1094 108 1113 10814 1123
107 11172 111 11334 13,800 E 1 du Pont de Nem & Co....100 10614 Jan 17 14812 Apr 28 105 Dec 1693 Nov
4
84
83
84
83 .81
*81
*8312 84
200
833 833
4
4
6% eumul preferred...JO° 814 Apr 12 8914 Apr 10
80 June 90i2 Bout
5318 .55
534 5514 5212 55
52
54
7,500 Electric Atorsge BatteryNo pa
54
56
4012June 58 Dee
52 July 5 674 Mar 21
/
1
4
*133 15
4
133 1384 1334 14
4
133 133 .135 1414
4
4
1.000 Elk Horn Coal Corp
4
1414 Jan 244 Dee
50 134 Apr 23 203 Jan 2
.2
.2
3
.2
3
3
.2
3
*2
3
2 June 19
712 Feb 20
Emerson-BrAntinglyam____10
25* Jan
114 June
6412
64
63)2 6412 63
64
63 *6434 6412 65
8,200 Endloott-Johnson
ao 6212June 27, 944 Jan 2 7614 Jan 9472 Dag
.115 *11312 115 *11312 116
rta ore
*1131
•1134 115 .11312 116
100 111 May 21 118 Jan 3 104
Jan 119 Dec
•BM and asked priON0 no sales on this day. z Ex-dividend.
New York Stock Record-Continued-Page 3
66
itor sides during the week of stocks usually inactive, see third page preceding.
HIGH AND LOW SALE PRICE
-PER SHARE, NOT PER CENT.
Saturday,
June 30.
Monday.
July 2.
Tuesday,
July 3.
Wednesday., Thursday,
July 4. I July 5.
Friday,
July 6.
Sales
for
the
Week.
STOOKS
REV? YORK STOCK
EXCHANGE
PER SHARE
Range sines Jan. 1 1923.
Ors baits of 100
-share tots
Lowest
Highest
PER SHARI
ltartge for Pulls**
Year 1922.
Lowest
Highest
Per share $ per share 3 per share S per share $ Per share I $ per share Shares Indus.&Miscall.(Con.) Par I per Mare $ per share $ per share $ Per Oars
No par 22 June 21 31 Jan 10
*2212 24
2212 2212 22
22
303 Exchange Buffet
*2212 24
*2212 24
264 Dec 3112 Oat
6938 7014 14,700 Famous Players-Lasky_No par 673
6814 69
6818 70
66
70
4June 29 93 Jan 2
673 69
4
7518 Jan 107 Sept
Do preferred (8%)._.._101) 8718June 28 994 Feb 14
90
90
*90
92
92
92
400
*8712 89
89
89
914 Jan 107% Sent
3
*512 612
7
8
5 June 5 12 4 Feb 16
*6
10
200 Federal Mining & Smelting 100
*512 612 *512 612
9 Jan 1612 May
5
Do pref
_100 3414June 4 6012 Feb 13
36
900
3518 35% 36
35
3.512 3514 3512 3514 3514
3712 Mar 62% Sept
3
No par
712 7 4
3,100 Fifth Avenue Bus
7 8 Jan 17 105 Jan 2
3
712 7%
734 77
88 Dec 10% Dee
4
74 7 4
3
78 8
7
140 14012
*138 142 *138 143
700 Fisher Body Corp
No par 140 July 3 21214 Jan 11
142 14212 *14012 145
Jan 218 Dee
75
9612 963
4 94 94
*94
98
95
95
95
95
500 Fisher Body Ohio, pref__ ._100 94 July 3, 102%June 14
7612 Jan 10314 June
8
818
8
8
8
8
Vo Par
8 June 211 1612 Feb 13
8
8 18
8
83
8 3,900 Flak Rubber
105 Nov 1913 Apr
1
912 10
10
10
1014 1018 103
1014
10
104
No par
912July 21 22 Jan 13
8 9,300 Freeport Texas Co
1214 Jan 2714 Oot
44
4412
4412 4412 4312 44
*4212 44
4314 443
4 1,100 Gen Am Taak Car
Nova,' 4314 July 6; 717 Feb 20
Oct
45
/ Jan 80
1
4
2718 285
8 27
29
27
27
25
263
4 273 273
...... ___100 25 July 51 64 Mar 7
4
4 3,500 General Asphalt
,
/
1
4
3714 Nov 73 July
64
64
6414 6414
pref
*6112 63
*6312 67
Do
100 61 June 211 83 Mar 7
*6312 66
200
69 Nov 111 July
81
82
81
81
81
81
8112 81
600 General Cigar, [no
100 8018June 28 943 Mar 14
*81
8114
4
8
65 Mar 833 Dec
*10314 107 *10314 107 *10314 107
*10314 107 *10314 107
Debenture pref
100 10412 Jan 2 110 Apr 2 94 Jan 109
Oct
1733 17414
1718 1723 172 176
4
8
4
17112 17312 171 173
5,700 General Electric(
100 17012May 211 1904 Feb 2 136
Jan 190 Dec
105 105
8
8 1012 10% 1012 11
Special
:June 6 12 Jan 2
10% 1114 11% 1118 2,793
10 101
104 Oct 12 Sept
13
1314 1234 134 134 1312
13
131
41une 28 1712 Apr 18
13% 1312 34,700 General Motors Corp_Are par 123
/
4
84 Jan 151 July
100 80'3 July 5 89 Apr 17
83
*80
*78
81
8212 *80
81
200
Do pre:
8012 8012 81
89 Jan 86 Sept
8112
Do Deb stook (6%)___100 807 July 2 90 Apr
8
8112 8112 807 81
*81
8114 8114 8114 8114
1,000
67% Mar 964 Oct
71
8
*95% 9612 *955 9612 *955 9612
*9612 97
Do Deb stook (7%)--.100 95 June 28 105 Apr 10, 79 Mar 100 Sept
8
97 97
100
/
1
4
5
4018 40 8 4012 4012 4114 413
*41
44
*4012 43
900 Gimbel Bros
No par 3912June 27 5112 Apr 24; 8818 Oct 454 Oat
8
712 712
7 June 21 123 Feb 9;
8
900 Glidden Co
No par
5
712 712 *712 7 8
9% Nov
712 712 *712 8
1814 June
4
4
334 334 *334 4
3 8 3%
5
77 Mar 9'
8
600 Goldwyn Pictures
No par
312 3 4
,
312June 28
4% Dec
8
12 Oct
234 22% 233
23
2312 24
• 2414 2514 3,300 Goodrich Co(B F)....-No par 2212 Suns 28 4118 Mar 22
,
4 23 4 243
4
2812 Nov
4478 May
79 4 79 4 80
,
*7912 81
*80
Do pref
8014 804 81
,
/
4
81
700
100 801June 29 9212 Mar 6
7912 Nov 91 Apr
15 4 17 4 1612 1712 171s 171s
, ,
16
1612 16
1612 2,400 Granby Cons M,Sm & Pow101) 16 July 5 33 Mar 23
22 Nov 35 May
3
3
8
June 27 15%Mar
500 Gray & Davis Ins
8 Nov 197 May
No par
712 712
712 712
74 7 4
74 74
, ,
8
167 167
8
8 165 17
8
163 167 *1712 215
8
8
165 16%
900 Greene Cananea Copper..100 15 June 20 3418 Mar 6
8
8
22 NO, 34% May
*
6
612 *614 65
6 4 63
5
6
6%
4
8 1,500 Guantanamo Sugar-..No pox
8
7 Feb
57 July 2 14% Feb 14
e
54 63
145 Mar
8
66
6812 66
5
6714 7112 7014 734 23,400 Gulf States Steel tr otts_...100 66 June 28 104 8 Mar 21
70
693
44% Jan 948 Oot
4 68
7
12
*3
8
12 2,000 Harbishaw Eleo Cab_No par
%June 27
212 Jan 12
3 . 3
8
5
8
3
8
*3*
8
12
3 Jan
4
34 Mar
3258 32
32
3214 334 3112 3214 32
31
3259 2,700 Hayes Wheel
100 31 July 5 44 Apr 19
124 13
,
1212 *1212 13
12 4 12 4 12
,
4113
15
1,000 Hendee Manufaoturing
15
Jan 2854 Sept
4
100 12 July 2 2311 Feb 10
66
*62
64
62
62
63 63
*63
66
300 Homestake Mining
55
Jan 82 Nov
100 60 May 23 79% Jan 2
51
52
47
5012 50
7.100 Houston Oil of Texas
504 5258 5014 53
51
811 Nov 914 Oct
4
100 47 July 5 78 Feb 16
3
2012 21
2012 20 4 2018
21
22
2214
215 22
8
11,500 Hudson Motor Car-No par 20 June 28 323 Mar 8
1912 Aug 2618 Des
4
1712 1818 17
167 17 4
8
18
17
,
1714
8
1758 1712 6.800 Hunt) Motor Car Corp___ 10 167 July 3 3012 Ayr 2
107 Jan 26% DOA
s
18
•1521
18
4
134
1 4 13
,
154 13
13
4 13
600 Hydraulic Steel
4
4
ileum 27
4
No par
els Jan 8
34 Feb 14% June
55
412 412 *47
*412 53
412 Cy
43
2 45
400 Indlahoma Henning
8
15% Dee
4 June 21 19 Mar 19
5
3 Jan
14
*5
512
400 Indian Refh:Ing
512 512 *514 5 4
,
113 June
3
84 Apr 6
514July 5
10
5 Jan
54 514 *514 6
2812
28
28 8 28
5
275 283
8 28
2
28
5,400 Inspiration Cons Corner__ 20 2714June 20 43 4 Mar 1
812 28
31 Nov 45 June
3
*212 3
•
212 212 *212 3
25
8 25 I *214 258
300 Internet Agrloul Corp....100
8
212June 30 11 Feb 20
54 Dec 11% May
73
Do pre:
8
8 14
994
718 712
7 July 5 39 8 Feb 23
100
2813 Nov 4318 Mar
7
7
712
7
4 814 1,900
5
33
3214 3212 3212 32 8 32
32
325
8 33 3312 2,500 International Cement.
Jan 385 May
-No par 31 June 28 44 Mar 19
4
26
2012 2012 2
20
198 204 *2014 2012 1,700 Inter Combus Eng
4
No par 195
012 2012 2012
2018 June 3012 Sept
8June 28 27% Apr 6
4
77
77
7712 7712 763 78
2,000 Internal Harvester (nsw)..100 7518June 28 9812 Feb 7
767 78
8
7712 78
8
79% Jan 1157 Aug
*108 112
10812 10812 10314 10814
Do pref (neon
108 112 *108 115
200
100 108'., July2 11614 Jan 4 10511 Feb 119 Sept
5.1
4 52
4
518 512
518July 2 115 Feb 14
100
518 512
8
54 518 2a5,
4
s
4
4 • 1,900 Int Mercantile Marine
83 Dec 274 May
2318 2214 24
23
2412
22
22
2412 8,500
2318
Do pref
100 22 July 5 47 Jan 5 ' 415 Dec 117% May
2
121s 1214 113 1214 11% 124
4
111g 12
118 1218 12,800 International Niokel (The) 26 114July 5 1614 Fob 16
4
nig Jan 1934 Apr
77
77
7759 7718 *7812 83
300
Preferred
*7712 83
4
100 693 Jan 4 82 June 12
*7712 83
Jan
60 Jan 85
348 July 2 5S5 Mar 6
4
International Paper
354 37
343 3614 3512 3512
4
343 304 3512 3614 2.509
4
100
8
434 Mar 637 Oct
8
*64
67 '64
Do stamped pref._.. _100 6512343y 21 7518 Jai] 6
*65
67
67
*64
67
*63
6f1
ag Mar 8012 Sept
5
97 10 8 3,700 Invincible Oil Corp....No par
9 8 10
7
9 8 10
7
9 8 10
7
9 4 10
3
91
4June 19 1914 Mar 7
12% J101 20% Apr
*3412 40
345 36
8
..Nu oar 345
35
35
600 Iron Products Corp..
8July 2 5814 Mar
351s 3559 *3412 41
24 Jan 5318 Oct
14
3
8
14 Jan 2
14
14
*14
%
3
8 1,100 Island 011 & Transp v t o__ 10
3 Jan
52 Feb 24
14
14
*14
8 Nov
4
*17
18
8
17 4 173
3
700 Jewel Tea, Ins
1712 1712 1117
18
100 1712June 29 24 Mar 15
4 175 17%
10 Jan 224 May
*65
Holiday
*65
70
65
65
100
Do uref
1165
70
*65
70
70
100 62 June 20 82 Feb 26
3
38 Jan 761 Des
12
56
56
56
100 50 ige 17 633 Mar 18
56% 5618 5618 5512 1,203 Jones Bros Tea, Ins
564 56 8 z56
5
4
s
344 Feb 577 Sell
200 Jones & Laughlin $t. yrs( 100 101 Mar 19 10914 Mar 22 11174 Dee 109% De"
*10714 10712 10712 10712
lode*107 10712 10718 107% *10714 10712
%June 6
to
*12
5
8
3
4
312 Jan 12
*12
3
4
%
*12
3
4
12
12 2,600 Kansas & Gulf
74 In
)
2812 29
2912 pendence
203 304 28
4
28 July 2 454 Feb 23
293
8 29
2914 3
34 May 48% Aug
1
11000--No Par
912 4,500 ReYser (. Co 0
*94
96
96
100
1st preferred (sew)_No par
*94
995 *94
8
9818
99%
*96 100
9.1 July 2 104 Mar 23
94 May 10612 June
3114 32%
9,400 Kelly-SprIngfield Tire
3012 3218 32
Day
3014 33
33
30
32
25 30 June 30 62% Mar 22
3414 Jan 5311 may
4
Temporary 8% pref....100 96 June 27 108 Jan 18
*95
99
*95
99
*95
99
*95 100
*95
99
9012 Jan 107% May
96 .
85
*85
85
85
843 85
4
*85
96
95
409 Kelsey Wheel. Inc
61 Feb 11512 Dee
100 84%July 2 1174 Mar 6
3212 33 8 33
3
32
3259 32
3212 3212 3314
No par 32 Juno 20 45 Mar 1
3312 27,700 Kennecott Copper
2512 Jan 39% May
4
4 18 8,300 Keystoao Tire & Rubber__ 10
4
414
414 412
418 44
44 47
8
48 Nov 24% May
4
4 June 21 1118 Mar 24
210 215
214 214 *210 214
210 212
210 210
1,900 Kresge (S 8) Co
100 177 Mar 2 24812 Apr 26 110 Jan 1894 Nov
*77
81
*77
*76
75
75
*78
81
81
80
100 Laclede Gas (St Louis)._ _100 75 July 5 87 Feb 21
43 Jan 9412 Aug
*18
19
1814 1912 *1812 1912
*1812 1912
*18
300 1.02 Rubber & Tire___No par 1712June 27 313 Mar 22
20
4
2414 Nov 354 Mar
196 196 *193 200
•196 205 *195 199 *196 200
3
100 Liggett & Myers Tobacco.100 190 4May 21 222% Feb 9 1631 Feb 235
4
Oct
4
4
Do prat
1943 1943 *111 1127
*1123 114 *1123 114 *1123 114
4
8
4
4
200
100 1113 Apr 4 11818 Jan 8 .108 Jan 1234 Nov
4
583 61
4
5914 597
8 583 607
4
8 593 6139
4
6018 614 8,500 Lima L000Wkstompotfallo Par 5814June 28 747 Mar 20 . 52 Nov 117% May
8
1518 15
15
145 1458 15
8
15
154 1512 5,000 Loaves Incorporated__No par
15
14 June 21 2114 Feb 14
1052 Jan 23% Sent
612 7
64 618
64 618
65
8 712 2,100 Loft Incorporated
614 614
No par
9 Jan 1414 may
618June 30 114 Jan 5
/
1
37
*37
39
*37
39
363 3712
4
35
37 .
36
Jan 67% Sept
4July 3 6314 Mar 2
400 Loose-Wiles Bleoult
38
100 363
150 150
*148 150
14812 14912 1493 1493
4
15012 151
4
800 Lorillard (P)
100 146 June 21 178% Feb 9 1474 Jan 180 Sept
Mackay Companies
10314 110 *104 110
*10114 105 *10114 1043 *10212 1043
4
4
100 103 May 23 121 Feb 8
72 Jan 117 D150
*
65
6612 *65
*65
6612 6612 6612
Do pref
67
654 6514
200
Jan 70 Nov
100 651* July 6 704 Feb 16
67
65
69
6618 687
6459 6612 65
8
No par 5814 Jan 2 93% Apr 8
681s 68
70% 20,200 Mack Truoks, Luc
8
2511 Jan 817 Sept
87
Do 181 pref
883 8914 88
4
90
87
878
4
87
/ *8814 93
1
4
700
100 87 July 3 9914 Mar 12
08 Feb 9412 Dee
Do 25 prof
76
76
7212 74
*76
80
76
76
*77
83
800
Jan 87% Sept
100 72 June 29 92 Mar 5
54
5818 5818 *5812 69
5712 58
57
5712 5812 5812
1,100 Mao
,
No par 57 Jab 2 7112 Jan 20
59 Nov 82 Dee
,
2212 2318 234 2414 3,900 Mallinson(H RI & Co--No par 21 June 27 40 Jan 2
215 2218 2218 2284 23
8
24
1513 Jan 40 Aug
497 497
8
8 50
*40
50
45
48
50
50
1,300 Manatl Sugar
50
100 4312 Jan 17 7514 Mar 14
3014 Jan 52 Mar
*72
82 *72
82
*7512 82
7512 7512 1175
100
80
Preferred
100 75 June 20 90 Feb 26
7314 Apr 841 Sept
4
43 43
42
42
423 447 •44
4
8
48
44
1,400 Manhattan Elea Supply No pm 42 July 301 66 Mar 21
455
41 Mar 693 Apr
4
4142
43
431
2
43
*42
42 8 4218 425s *42
7
42 June 27 477 Jan
700 Manhattan Shirt
Max 584 Oot
1
434
32
3614 3714 3612 3714 38,100 Marland 011
3613 3814
No Pat 2714 Jan 6, 595 Apr 2
3612 38
2
3614 37
22% Jan 46% June
7
714 *7
714 714 *714 10
7 July 5 16 Feb 26
400 Matun-Rockwell
10
*7
10
No par
512 Mar 26% Mar
2712 28
2812 2812 1,000 Martin-Parry Corp__- No pox 27 June 211 378 Apr 17
27
2712 27
283 *2712 2812
4
204 Jan 3514 June
/
1
39
38
39
39
374 37
38
38
3912 2,200 Mathieson Alkali Worke- 50 36 June 28 6413 Mar 14
37
22 Jan 54 Nov
39
37
4
3812 39
3912 5,200 Maxwell Mot Class A
3712 363 3814 38
4July 21 6314 Mar
37
100 363
4114 Nov 745 May
4
1118 113
1012 1118 111s 1139
4 1112 12
1034 11
5,900 Maxwell Mot Class B.
.No pa
1012June 29' 21 Apr 5
11 Feb 257 June
2
78
783 . 7812 797
4
*76
79
7614 79
78
79
8 4,900 Mny Department Stores.. _100 875 Jan 6 86 June 7
8
8512 Dee 174% Dee
163 16 8 163 163
8
,
mantyre Por Mines
8
163 *1612 17
4
12 1612 164
1614June 27 2012May 4
163
4
4 1,800
105 Jan 21% Mar
8
Mexican Petroleum
180 270 *180 250
250
•____ 270
100 245 Mar 2 293 Jan 2 1088 Jan 822 Dee
4
*90 105
*90 105
Preferred
• __ 105
*90 105 .90 105
100 10014 Feb 28; 10514 Marl
791 Jan 108 Dee
4
137 14
9 4 113
3
4 1112 117 14,700 Mexican(Seaboard 011....No par
12 a 13 8 11% 114
7
5
4May 28
s
9 4July 51 233
3
15
Oct 341s July
83 11
4
Voting trust otfs
1018 .107
/
4
8 4July 5' 2314May 28
3
4 111 1212 11
1212
8 8,300
1212 123
12 Oct 32% July
2212 22% 22% 225
3
/ 22
1
4
/
1
4
8 2,100 Miami Copper
a 2212June 211 304 Feb 23
7
228 22 8 2212 22 4 22
25 Nov 31% MAY
7 8 75
3
8
714 7 8 41,200 Middle States Oil Corp
5
714 8
67
7
7 14
7
714
8June 21
10
1214 Jan 12
11 Nov le
Apr
*2212 23
23
23
22
2214 23
23
2,500 Midvale Steel & Ordnance. 50 2112Juno 29, 335 Apr 18
8
215 22
264 Dec 4514 Mai
58
53 .57
59
300 Montana Power
100 5412Juno 231 75 Mat 8
5814 5814 5812 5812
59
*57
3
63 Jan 783 Sept
193 2012 2018 2012 11,100 MontWard & Calls Corp_ 10 1814May 221 26 Feb 13
4
8
8
4 193 2014 20 205
1914 195
12 Feb ZS% Aug
2139 22
213 224 8,200 Moon Motors
No par 17 Jan 17 293
4
/
1
4
8
/Mar 22
2114 22 4 214 2214 2114 224
18 Aug 19% Dec
814 812
814 812
84 839 7,000 Mother Lode Coalition_No par;
812
74June 20 14 Feb 20
8
838 812
1214 Deo
94 Nov
*115 16
8
*115 16
8
No par; 16 June 211 297 Mar 15
200 Mullins Body
8
*1414 1612 16
16
17% Dec 34 Mar
16
16
89
91
92
92
9112 9112
1,200 Nash Motors Co
No par' 754 Jan 2 1144 Jan 12
91
91
4
918 92
70 Dec 525 Any
*9712 9812 *9712 9812
400
Preferred A
100 9612 4pr 231 10139 Jan 17 1014 Aug 108 Dell
9812 9812 *9712 9812 *9712 9812
1012 1012 "1012 1112
800 National Acme
50 1012July 5, 1818 Feb 19
1112 1112
3
1034 10 4 10 4 11
3
94 Nov 2114 Apr
3814 4018
13,400 National Bleoult
100 38 Jan 51 43 4 Mar 19
012
393 40% 4014 4
4
3
41
80% Dec 270 Dee
40
11812 11812 *11812 120
Do prof
119 119
300
100 11812JulY 5 125 Feb 2 11312 Jan 128
119 119
Oet
*11812 119
.48
52
*48
52
52
National Cloak & Suit...
.100 421sJune 211 67% Feb 21
*48
52
8
*47
*46 8 51
5
26 Jan 687 Bent
*38
12
12
12
800 Nat Conduit & Cable__No 22r
14 May 31
12
44 Apr
*82
1 Dec
112 Feb 24
12
12
12
*14
5618 5614 565 37
8
100 5512July 2 73 mar 13
5612 57
2,100 Nat Boma% & Stamirg
5512 57
3054 Jan 684 Oct
58
56
108 109 *110 112
100 103 July 5 1363
3,900 National Lead
4
4
11014 1113 109 1113
85 Jan 1294 Dee
11012 112
4Mar 20
*1064 10912 *10614 109
Do pref
100 10712June 28 114 Jan 4 108 Jan 117
Oot
*10612 10912 *10614 10912
*107 110
1112 1214 115 115
s
8 3,800 Nevada Consul Copper....3 11 1sJune 26 183
8
8 1112 117
1318 Nov 1918 June
1112 117
1158 12
8Mar 5
*3112 32
*31 4 32.
,
1,300 N Y Air Brake (new)__No par 265 Jan 2 41 Apr 25
3112 3212
8
33
2412 Nov 41% Sept
31% 3112 30
*45 4 46
,
*45
46
46
300
Claila A
46
Nova? 46 Jan 9, 5112 Feb 13
4513 Nov 5114 Oct
46
46
47
*46
1558 • 1512 18
19
900 New York Dock
100 13' June 30 27 Apr 2
1514 1514
20 Nov 46 June
1514 1514 *15
16
Z397 41
.
4234 45
8
*4214 45
900
100 .197 July61 51.12Mar 15
Do pref
RI Nov 534 June
4212 4212 *4212 45
North American Co
50 10012 Jan 49i 1194 Feb 24
4
444 Jan 1061 Dee
4212 4i1- -4212 .427 ---900
2
.
Do prof
43
88 Jan 471 Ana
50 4212July 2 484 Feb 14
%
4
;42- 13
- -4212 13 4
•16
20
*1618 1914
100 Nova Scotia Steel & Coal 100 193
5 19 8 *18
20 4 Feb 40 Sept
3
20 *
_ 20
3
19
8July 21 297 Mar 3
s
8
8
8
912
300 Nunnally Co (The)____No par
8 July 12% Mar
8 June 23 104 Feb 9
*7 4 812 *73
3
4 812 *73
4 9
*412 43
4 *3 4 4 4
,
8
*412 484
4
4
5 Nov 141 Apr
4 July 3' 10% Jan 22
700 Ohio Body & Blow..._No par
412 412
4
*15
4 2
*13
4 2
13
4 13
4% June
200 Oklahoma Prod &Refof Am 5
4
4 2
I% Dee
13
4 13
4 .13
13
4June 15
31s•Feb
*
412
412
Ontario Silver Mining...JO()
412 Jan
414June 27
412 *-___
412
_
412
3 8 Mar
11
7 s11aY
7
8
-167 1678 *167 17
8
1,700 Orpheum Circuit, Inc
17
17
1634 17
1634 17
12% Jan 23
1614June 211 211 Apr 2
1
Oct
/
4
*11412 12212 •11512 12212
*11512 12212 *11412 12212 *11412 122
Otis Elevator
Jan 188 4 Oct
8
100 115 May 21 153 Feb 10 110
•Bid and Naked prices: no sales this day. 2 Ex-dividend.
g
New York Stock Record-Concluded-Page 4
67
Foe gales during the week of %COCAS usually Inactive, see fourth page preccatai
Arbil, J.A.RIL
-PER SHARE. NOT PER CENT.
HIGH AND LOW SALE PRICE
Salurdatt.
June 30.
Monday. 1 Tuesday,
July 3.
July 2.
Wednesday
July 4.
Thursday.
July 5.
Friday,
July 6.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Range sines Jan. 1 1923.
On basis of 100-sharo lots
Lowest
Highest
.
/1.414Wf0r Arrtonii
Year 1922.
Lowest
Mika
Per
i Per share $ per share $ per share $ Per share 8 per share 5 per share Shares Indus.& Miscall.(Con.) Par 3 per share 8 per share 8 per share $ 1612skrre
Apt
6 Nov
/
1
7 June 30 1414 Mar 21
No par
712 8
718 718
7
714
712 778 8,500 Otis Steel
714 734
7
25 36% Jan 2 5234 Apr 2 24 8 Jan 4238 Sept
4118 4112 4112 4214 3,500 Owens Bottle
42
*4012 4112 414 4178 4114
/
1
12 Dec 1418 Apr
214 Mar 5
12
12
5g
4 Jan 2
5
8 1,000 Pacific Development
5
8
12
12 *12
12
12
100 743
4May 4 85 Jan 5 60 Jan 91% Sept
7512 7512 1,700 Pacific Gas& Electric
75
75
'7512 7512
75
73
75
75
11 Jan 19 June
7 July 2 1234 Mar 14
5
712 712
500 Pacific+ Mail SS
*7
8
7
7
7
7
8
*6
421, Nov 69% May
3112July 5 487 Jan 4
8
3314 20,500 Pacific On
3112 32
/ 32
1
4
3212 3414
325 334 323 34
8
8
10 Dec 21 Noy
10 1018 Jan 8 1512Mar 22
1258 1278 1212 1284 4.400 Packard Motor Car
4
1234 1234 1212 1234 12
/ 123
1
4
8
8
50 5514 July 3 9312 Feb 7 487 Jan 1007 Dee
5534 58
5712 5918 53,200 Pan-Am Pet & Trans
5984 6234 5534 5912 5514 5012
4
6012 Feb 958 Des
Do Class B
50 51 July 2 86 Feb 7
5118 54
5114 53
/ 5314 5434 108,300
1
4
51
55
5412 58
3 Dec 124 Jan
6 Apr 5
/
1
4
2 June 21
1,000 Panhandle Prod & Ref-No par
2
2
2
2
2
2
*134 212 *112 212
No rar
712 Nov 17 Apr
9 May 23 151 Mar 13
918
918
918 94 1,000 Parish & Bingham
94 918
912 934
94 918
8
238 Dec 131 MAY
3
312
8
314
6 Apr 4
318 318
212 Jan 2
278 338
3
318 21,100 Penn-Seaboard St'l v t 4 No par
1,300 People's G. L & C (Chle)__100 86 Apr 27 9412 Jan 30
591 Jan 99 1911/11
4
8634 8634 8634 88
8812 8812 *87 88
*8834 89
311 Jan 458. Sent
5,600 Philadelphia Co (Pittab)__ 50 41 July 2 5014 Mar 19
42
42
/ 4234 43
1
4
4233 4212 431
4218 4312 x41
/
4
7314 Oct 105% Jan
No par 59 June 29 80 Apr 4
300 PhUllp-Jones Corp
60 60 *60 66
*60
70
*593 61
4
59
59
No par 257s July 2 6938 Apr 5 2814 Jan 5914 JUDO
2638 2711 22,600 Phillips Petroleum
2618 27
25
/ 2714
1
4
z257 27
o
4038 41
614 July 2 1514 Jan 14
8 July 2458 API
No par
7
712 *74 758 2,400 Plerce-Arrow M Car
678 7
65
8 7
614 67
8
/
1
4
Do pref
100 1312July 2 8512 Jan 9
1978 July 49 APP
1,900
1312 1512 1512 16
16
16
1478 16
*15
/ 16
1
4
113 July 5
25
38 Dec . 19 Jan
7
6 Feb 13
112 212
21
8 3
17
8 24 7,000 Pleree 011 Corporation
212 3
2 4 28
3
7
Jan
32 Sept 71
100 29 July 2 45 Jan 4
Do pref
50
29
*25
29 *25
29
29
29
30
31
27
Plgg Wiwi Stor In()
"A"No par 5514 Jan 17 124 Mar 20
39 Nov 5918 Dee
8
100 58 Jan 16 6778 Mar 7 55 Nov 723 Sept
900 Pittsburgh Coal of Pa
-Loi2 I61- -5i1 .
2 5 66- .. 6i2 191;
*5912 60 *5934 60
9018 Feb 10012 Sept
Do pre
100 98 Feb 7 100 Apr 5
*9914 99 *9914 9912 *9914 9912
9912
*99
9912 *99
/
1
4
144 Feb 41 Dee
/
1
914 Mar 1 4778 Feb 15
10
Pond Creek Coal
-_
6.558 Apr 120 Oct
No par 47 July 5 134 Feb 8
47
47
'
7,48i2 171- -4811 16- -ig- ii3-4
47
4714 2,300 Postum Cereal
.2
/ Col
1
4
/
1
4
100 10812June 30 114 Jan 25 10512 Apr 112
200 8% preferred
10812 10812 *109 114 *1094 114
10018 10918 *10918 114
63 Jan 9514 Sept
/
4
100 5112May 22 811 Jan 2
500 Pressed Steel Car ___
*53
59
5278 5458
53 53
54
54
53 53
91 Feb 106 SeDI
100 89 Jan 22 9934 Jan 5
Do pref
*88
*88
90
*88
90
90 *88
90 *88
90
244 Jan 51 Sept
/
1
4June 29 5818 Mar 20
35 35,600 Producers & Refiners Corp_ 50 32
334 3412 34
324 333
4 32
/ 343
1
4
8 3258 3412
88 Jan 100 Nov
Public Service Corp of N J_100 91 May 22 104 Mar 21
100 11012Ju1y 2 134 Mar 8 1054 Jan 13934 Eimat
-,
iitira fii- 11311 11514 _ 6- 800 Pullman Company
11112 1121- ii5i2 ifiii Hifi: fil.
4
31 Jan 5314 June
8
50 437 Jan 18 6914 Apr 19
49
5012 5012 5134 14,300 Punta Alegre Sugar
49
4912 4734 5012 4884 5015
/
4June 18 32 Feb 13
264 Nov 3858 Jan
25 161
1734 1838 1814 1914 15,600 Pure Oil (The)
18
1812 1758 1838 18
183
8
/
1
4
100 90 June 27 100 Mar 9 94 July 102 Apt
200 8% preferred
*90
93 *88 93
90 91
.89
93
*90 93
/
1
94 Jan 1264 Sept
100 100 June 30 123 Mar 17
1,000 Railway Steel Spring
100 100
*100 101
10012 1001
100 102
102 102
194 Jan 364 Bent
No par 3018 Mar 27 3488 Feb 19
*2912 3034 42958 3058 1,900 Rand Mines Ltd
3012 3012 *291 3012 *4412 443
8
4
124 Nov 19 May
10
1014 1012 1034 4,300 Ray Consolidated Copper_ 10 10 June 28 1714 Mar 1
1014 1038 10
1012 1014 1034
/
4
24 Jan 42 Mat
2914 1,400 Remington Typewriter v t c1.00 24 June 27 481Mar 6
2614 264 27
/
1
27
27
27
26 '26
29
55 Jan 105 Dee
100 100 Mar 6 104 Feb 13
let pr de. red v t es
*70 100 •____ 100
*--- - 100 •____ 100 •_ __ _ 100
501, Feb 80 4 Des
1
100 89 Jan 3 9114 Apr 24
100
*8512 9314 *8512 9314
2d Prod:Trod
85
85 *8512 9314 *8512 93
/
1
4
No par 1212June 21 8134 Feb 16
21 Nov 3812 May
1212 13
1514 6,000 Replogle Steel
/ 13
1
4
13
1212 135
8 1318 14
13
100 4018June 30 6614 Mar 21
14,600 Republic Iron & Steel
41
43 Nov 7812 Mai
12
8
4212 4214 443
/
1
4018 4112 4058 4212 414 433
4
74 Feb 95 4 Ma/
._100 86 June 21 9678 Mar 21
700
Do lard
/
1
8818 *864 8712
1
88
88 8812
87
87
*8612 87
/
1
4
1214 Nov 60/1 JIM
12,500 Reynolds Spring
4
17
1812 1812 20
Nova? 14 June 30 29 Apr 17
14
1438 1612 16
15
/ 1814
1
4
1
3
til Marl 63 4 Nov
15,900 Reynolds 01 J)'rob Cl B__ 25 47 Jan 10 67 4May 28
60
6078 6114 62
6012 614 5934 6078 60 4 62
/
1
3
/
1
4
100 11414July 6 118 Feb 9 1111* AprI 11858 ON
100 7% Preferred
*1144 11412 11414 11414
*11414 115 *11414 1153 *11414 1153
4
/
1
4
a% Jan1 67 June
4212 Jan 31 551 Feb 19
4414 4458 4412 447
8 7,200 Royal Dutch Co(N Y sharet0_
451 4512 4458 4514 4414 443
/
4
10 17 June29 2218 Mar 9
125 JanI 20586.98
800 St Joseph Lead
*1612 18
.
*1612 18
17 *1612 18
17
17
17
2 Jan 17
5 Feb 14
900 San Cecilia Sugary to-No par
158 JanI 61 Mar
2
2
*2
214
4
*2
214
2
2
2
2
100 1812 Jan 3 30 Apr 5
10 AugI 2478 Apt
2014 2014 1,000 Savage Arms Corp
19
20
20
2012 *2012 22
20
20
8612June 29 92 Feb 13 59% FebJ 24 8 Aug
/
1
4
7
100
72
/ 8,900 Sears, Roebuck & Co
1
4
6912 71
71
6912 72
6584 67
/ 6712 70
1
4
/
4
100 1061June 4 11312June 12
91
JanI 112 Aug
Preferred
*105 1087 *103 10878
8
•105 10712 *105 10878 *105 1087
9 Oct 2314 Jan
6 June 20 1212Mar 3
No par
2,300 Seneca Copper
6
/ 61
1
4
684 7
612 6
/
1
4
612 612
658 612
538July 6 107 Mar 2
612 NovI 12 June
8
5I
1,300 Shattuck Arisen& Copper_ 10
6
*6
618
5
/ 6
1
4
52 6
512 6
/
4
3418 Dec 4812 May
200 Shell Tramp & Trading__ £2 3234July 6 411 Mar 7
*3212 34
3412 *3258 323
3284 33
335 33
8
/ *33
1
4
124 Deot 1314 Dec
No par 123, Jan 8 1914May 23
1484 1514 147 1514 15,600 Shell Uniod Oil
15'4
1514 1534 1434 1514 15
8
/
1
4
/
1
8
184 JanI 38 June
2318 2312 2314 24 39,600 Sinclair Cone 011 Corp_No par 2212July 2 393 Mar 19
/ 231
1
4
/
1
23
2314 224 234 22
8 NOvI 1178 Oct
/
1
4
958 Jan 2 35 Mar 31
10
1612 1718 1738 18
7,500 Skelly Oil Co
1734
8
1684 1678 165 1712 17
844 Marl 541j May
/
1
Holiday
3934 4018 *4114 43
40
4038 40
2,700 Sloss-Sheffield Steel & Iron /00 3984 July 5 60 Apr 26
/
4
4134 411 42
66 Mar 80 Aug
D
r f
10) 68 Jan 18 90 Mar 16
*72
82
*72
84 *72
801
80 *72
80 *72
33 Noyl 574 Mar
/
1
4
100 39 July 6 643 Apr 19
200 So Porto Rico Sugar
lode41
39
39
*38
42
43 *39
*40
4212 *40
15 NovI 24 June
No par 1134June 30 2714 Feb 18
14
1458 4,100 Spicer Mfg Co
14
14
1184 1238 12
1334 13
/ 1412
1
4
84 Apr 96 Saps
8
100 90 Jan 3 977 Feb 2
90
90 *90
400 Preferred
9212
90 '90 *86
90
90 pendence
92
/
1
4
100 70 July 5 904 Jan 23 84 Dec 141 Sept
160 Standard Milling
*70
70
70
*70
80 *70
*70 80
80
80
9114 Jan 135 Oct
Day
4912 50
25 498sJune 27 12312 Jan 2
4912 5012 5012 51
4912 504 4934 51
20,200 Standard Oil of Cal
3818 Dec 25018 Oct
25 3112July 5 4414 Mar 3
/ 3234 16,400 Standard Oil of NJ
1
4
3112 3234 32
32
32
/ 3134 3212 3218 33
1
4
8
118 Feb 21 1133 Jan 1161, NOT
11534 11534 11534 11578 2,000
*11512 11612 1155 116
Do Wel non voting__ _100 115 June 2
1153 1153
8
8
4
68 Mar 90 May
10612 1074 106 10778 20,150 Steel & Tube of Am pref100 85 Jan 2 10834June 30
10714 108114 10578 108
106 10713
454 May 6358 Dee
No par 51 June 29 6758 Mar 2
53
5314 5312 5312 1,500 Sterling Produets
5212 5278
52
5112
51
51
81 Jan 109 Dee
Stern Bros pref(8%)____ _100 10912 Jan 2 115 Jan 5
•108 116 *108 116
*110 116 *108 116 *108 116
24% Jan 79 Dee
-Warn Sp Corp_No par 74 July 5 12412 Apr 17
74
7734 7612 7812 15,800 Stewart
754 7712
75% 76% 7412 77
354 Jan 71 Dec
/
1
6012 6212 6112 6258 3,800 Stromberg Carburetor-No pat 5912July 2 9414 Mar 6
60 61
594 614 60 61
/
1
7918 Jan 1411 Dec
._100 9814 July 2 12614 Mar 21
9878 10178 10034 10214 152,800 Studebaker Corp (The)
4
9858 10078 9814 1011 995 1024
8
/
4
/
1
Do prof
100 112 Jan 4 116 June 27 100 Feb 11814 Nov
*115 116 *115 1153
*110 11612 *11512 116 *115 116
4
31 Jan
8
/ 9
1
4
7 Jan 3 15 Apr 6
No pa?
10,300 Submarine Boat
83
8
/ 878
1
4
4 9
812 94
8% Nov
7
/ 812
1
4
Mg Feb 15
238June 18
4 Nov 1014 June
318 314 *314 338 1,700 Superior 011
No par
318
318 34
3'8 318
3
400 Superior Steel
26 Jan 3912 Apr
*24 _ _
25
25
25
100 24 June 29 84 Mar 22
27
2512 *25
27 *25
27 Jan 12
1
5 Mar
1 June 4
11 Nov
8
10
*1
118 *1
1
1
1% I% 2.000 Sweets Coot America
lIe
118
8
/ 858 *858 878 2,300 Tenn Copp de 0 tr ctfe.Aro pa
1
4
8 June 21 1258 Feb 21
,
8
/ 878
1
4
131 Nov 12% May
8
812 858
812 85
8
411 4238 42
/
4
/
1
4
25 414 JulY 2 52 Mar 20
4212 25,400 Texas Company (The)
42 Mar 5214 ON
4112 4218 4114 4134 4158 4214
5314 55
55
5518 11,300 Texas Gulf Sulphur
5518 56
10 53)4 July 2 65 Jan 15
5314 55
/ 5358 55
1
4
3812 Jan 6758 Nr..•
1018 1038 10
18 Nov 8284 JUDO
/
1
4
1014 6,800 Texas Pacific, Coal & 011._ 10 10 June 15 2414 Feb 2
/
1
4
4 1012 10
1018 1014 1018 103
2,000 Tidewater OU
98
955 9558 *97
8
1
95 95
100 94 July 2 144 Mar 2 109 May 154 Oot
94
9612 9512 984
3434 36
36
34% 36
3612 14,900 Timken Roller Bearing-No par 334 Jan 2 45 Mar 8
/
1
4
34
3638 3512 36
2812 Sept 35 Oct
48
4834 4812 49
100 4718June 30 6112 Apt 27
5,000 Tobacco Products Corp
4784 4818
4718 475
4958 Nov 8458 RUH
8 4712 48
*77
Do CIA (itinceJuli 15) 100 7612July 2 85 Mar 2
7734 78
774 78
7678 Aug 891 Sept
7814 .78'4 1,400
7734 7612 77
5 June 21 144 Jan 5
512 57
7 Mar 2018 May
/
1
4
5
/ 512
1
4
/
1
4
512 0
8
53
8 53 14,600 Transcontinental 011___No pat
512 57
8
50 Union Bag & Paper Corp_100 64 Feb 5 7713 Mar 28
*63 64
*62 64 *62 63 *62
x6418 6418
63
55 Mar 78 Salt
Is Jan 4
14 Jan 3
200 Union Oil
Dec 25 RUM
*18
14
No par
*18
14
0
8
LI
18
%
*18
14
*80
*85
88 .85
85
100 Union Tank Car
88
86
86
*8312 85
100 81 Feb 1 9934 Mar 19
Dec 13458 Dell
108 10814 108 108 *107 108
108 108 *107 108
Preferred100 107 May 16 112 Jan 19 102 Feb 113 Sept
500
3014 304 30 3014 30
30 30
30 July 2 3912Mar 21
No pa
30
/ 304 1,100 United Alloy Steel
1
4
/
1
30
25 Jan 41% May
*7518 77
7514 7514 7578 757
900 United Drug
7434 7484 75
Oct
4
100 758 July 2 853 Feb 26
604 Mar 85
/
1
7514
*4638 48 *4612 48
*4634 48
let preferred
•4658 48
*4634 48
50 4614 Feb 14 48 Mar 1
/
1
4118 Feb 514 Oct
164 184
162 1637 16378 164
162 162
900 United Fruit
16218 1634
100 15218 Jan 17 183 Mar 2 11934 Jan 162 Oat
7113 70
•70
1,800 United Retail Stores. -No pa
72
72
72
711
643 Feb 1 8418 Apr 17
8
73
7012 72
/ Oct
1
4
4318 Feb 87
21
21
*211 217
/
4
21
21
2114 213
20 July 3 3412 Mar 2
2,700 II S Cast Iron Pipe &Fdy_10
1618 Jan 39 Aug
4
100
*6514 70 *6514 70
*654 67 •653 70
Do pref
653 654
6
/
1
4
100 64 Juno 21 72 Jan 3 50 Jan 78 Aug
8
/
1
24 214
238 2
/
1
4
214 2%
212 2'3 1,300 US Food Products Corp_100
24June 28
232 2%
612 Mar 19
284 Feb 10% Jan
15
1514 1512 1513 15
1538 1538 1538 1538 2,200 IISHoffmanMachCorp No par 15 June 30 25 Jan 27
1514 •
1818 Nov 2578 May
4018 4214 41
4784 18,800 17111 Industrial Aleohol
43
/ 4358 44's
1
4
534 4558 46
100 40 June 29 7314 Mar 16
37 Jan 7278 ON
*9234 98
*9212 100
*9234 96
*9234 96
Do pref
*9284 96
72 Dee 102 Oet
/
1
4
100 9514June 29 101 Mar 28
8818 90's 88% 91
89
8918 901 *90
4,400 US Realty &Improvement 100 8818July 2 106 Mar 5
91
91's
8
58 Jan 927 Oot
40'8 40 . 42
4
40
4012 4114 4118 411 14,800 Unitel States Rubber
4114 4213
100 38121une 27 6478 Mar 22
46 Nov 674 Apr
96
9412 941 *9812 991
9514 96
95 95
96
500
Do let pref
100 9414June 29 105 Jan 13
91 Sept 107 July
2212 2114 2214 2112 22
2114 2213 2234 2234 1,600 U S Smelting, Ref & M
22
83 Feb 4858 ON
/
1
4
SO 20 June 28 43 Mar 2
4.4018 431 *4018 431 *4138 43
r41
41
42
42
Do pref
200
42 Feb 49 Aug
/
1
4
4818 Jan 3
50 4012June 2
8914 91
894 911 90 911
/
1
/
4
904 915 12,700 United States Steel Corp_100 8914July 5 1095 Mar 21
/
1
/
4
89
/ 91
1
4
8
82 Jan 11112 001
8
118 ll8'e 118 1187
11734 11784 118 1187
11712 11758
Do pref
1.800
100 11634June 20 12312 Jan 15 113% Feb 123 Sept
8912 5758 5618 57's 5612 57
56
565
8 564 57
5,800 Utah Copper
/
1
4
69 Nov 711g Sept
10 56 July 5 7618 Mar 6
/ l5e 1478 1513
1
4
141 15
/
4
/
1
1512 16
154 154 14
2,700 Utah Securities v t a
8
100 1418June 27 2488 Feb 16
9 8 Jan 231 Sept
7
25% 268* 2512 2712
2512 294 11,000 Vanadium Corn
2434 26
2512 26
8014 Jan 5358 ADO
4July 5 4458 Mar 20
No par 243
94
94 *86
*86
*88
*86
94
90
94
Van Raalte let pref
92 Jan 100 Oct
•86
100 8912May 311 98 Jan 25
718 77
3
7
714 7 4
73
8 712 1.700 yirginia-carollna Chem_,300
714 758
714 758
614Jtme 271 27 Feb 201 23% Nov 36 2 MN
20
21
*20
22
*2014 22
2178 2012 22
Do pref
1,400
58 July 83 Oct
21
100 17 June 271 69 Mar 15
52
52
52
.52
53
52
200 Virginia Iron.0&0
*52
43 Mar 944 Jan
54
*52
100 52 July 2 68 Mar 5
- - *7612 80
*7612 79
*7612 80
*7634
68 Mar 86 Oct
Preferred
4
*763
1011 7712June 28 85 Apr 23
4
164 16
1614 1612 2,200 Vivaudou (V)
818 Jan 16 Dee
1578 164 1618 1614 1634 168
No par 1514 Jan 171 23 Mar 22
147
*1312 1414 *1312 14
400 Weber & Heilbroner-No par 121 Jan 271 1538Mar 8
10 Oct 17 Apr
/
1
4
1312 1312 1312 1312 *14
/
4
*3512 37
36
36
*3612 37
200 Wells Fargo Express
3518 354 *3412 36
3
6814 Jan 98 4 Oot
100 3518July 5 105 Mar 2
1014 10214 102 10218 3,200 Western Union Telegraph-100 10118July 5 1194 Feb 20
89 Feb 12114 Alta
1043 10484 10378 10434 10318 10412
4
76
900 Weetinghou.e Air Brake
76
7612
78
/ 76
1
4
80 Mar 114 Dee
7612 764 *73
77
77
50 76 July 5 120 Feb 17
/
1
4
541 11,900 Westinghouse Elee & Mfg_ 50 5212June 30 6718 Feb 16
/
4
5278 5334 54
/ 53
1
4
/
1
494 Jan 8518 Aug
524 5352 52
5212 53
/ 2412
1
4
2334 244 233 2414 4,400 White Eagle Oil
8 24
/
1
4
25 May 33 Nov
4
8
8
243 241
4
No par 2314 July .5 303 Mar 20
4 243 243
4518 46
454 4534 *4584 47
3518 Jan 54 Sept
3,000 White Motor
8
4534 4612 4518 46
Si) 45 June 28 607 Mar 19
11 14
/ /
4
1
8
138 11 3,600 White 011 Corporation.No par
17
8 17
218 Dec 12 May
/
4
8
57 Feb 19
/
4
138July 5
17
8 11 *178 2
714 718 .712 g
2,500 Wickwire Spencer Steel_ _ 4
818 Nov 2178 May
714 714
718
7
*714 8
7 June 28 14 Feb 13
67
8 6
63
4 6
4 2 Feb 10 May
,
53
4 6
/
4
814 Jan 5
5
/ 61 23,700 Willy/I-Overland (The)__. 25
1
4
512 6
5 June 211
.
/
4
24 Feb 4912 July
6058 6212 8214 85
12,000
6238 6112 6211 '
Do Preferred(ana)__ _100 4212 Jan 21 6978 Apr 6
617
8 61
6114
20 20
21
21
20
27 Jan 5012 Sept
/
1
4
4
1,400 Wilson & Co.Inc. v t o_No par 19 June 27 423 Mar 7
204
8
1978 197
193 20
*65
__ *65
66 Jan 91 Sept
__ _ _ _.._
2
.__ *65
*64
__ *64
Preferred •
100 68 June 20 89 Feb 8
223 ii8 227 22814 3,200 Woolworth Co(F W) -100 19918 Jan 24, 23912May 11 137 Jan 223 Nov
/
1
4
-230 21014 230 230 229 23012
-*22
2312 *23
5
24
28% Nov 5578 June
1,200 Worthington P & M•t o 100 23's July 3 404 Feb 15
2418 24
/ 2412 2412 234 23 8
1
4
984
958
300 Wright Aeronantleal___No par
li
*914 93
4
92
8
Jan 11 AUP
III 9% •
9
'2
912
858 Jan 171 11 May 17
sales on this day. x Ex-dividend.
•1114 and asked prices: no
68
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
as. , 1.909 the Exchange method of footing bonds was changed ono nr1rel are na48
BONDS.
N. Y. STOCK EXCHANGE
Week ending 11:1Y 6
t3
1Z
4
Price
Friday
lily 6
Weirs
Range or
Last Sale
Range
Since
Jots. 1
AM Low
High N • Low High
B14
U. S. Government.
First Liberty Loan—
ID 1001242 Sale CC1 =44 100.42 962 100 101.90
% of 1932-1947
, 10 97144 98 90
D 98344 980 973342 08n3
44
Cony 4% of 1932-1947
D 981 44 Sale 98
.
981634 743 982144 99.10
Cony 44% of 1932-1947
D 97,44 982742 98444
98342
4 97.00 99 00
20 cony 44% of 1932-1947____
Second Liberty Loan
MN 98 Sale 97213:
98'44 „ 961
4% of 1927-1942
19
'4498.70
MN 98'n Sale 98634 98'.44 2,** 962.44 98.88
Cony 44% of 1927-1942
Third Liberty Loan
0814331.45
874449918
MS 98",, Sale 98"n
4 ts;% 01 1928
Fourth Liberty Loan
*0 981131 Sale 981n 0814,3 4692 97144 99 04
44% of 1933-1938_ .
AO 982144 Sale 99"32 092433 000 931733 1(0.04
Treasury 4114i 1947-1962
10424
_ 10414
2e consol registered
41930 Q
'; 10212 1041 4
103
103 —__ 103
2. oonsol coupoa
41930 Q
102 103
102 June'23 ---- 10312 1035
ea registered
8
1925 Q F
10312 May 23 ---- 10318 10312
ase eouvon
1025
F
100 July'21
Panama Canal 10-30-yr 2s_ _01936 Q
9412 Apr'23 ---- 9412 95
Panama Canal 38 gold
1961 QM 9312
9314 June'23 ---- 93 4 963
1961 QM
,
".....,..". Registered
4
-and interest" —except for income anti defaulted tunes
BONDS
N. Y. STOCK EXCHANGE
Week ending Jul; 6
Price
Friday
Juts( 6
Bttl
Wed's
Range or
Last Sale
Ask Low
Range
Since
Jan, 1
High No.iLoto High
AtI & Blrm 30-yr let g 43_0 1933 M
67
1 85
67 Sale 67
8812
At Knorv & Cin Div 48
8034 8812
847 June'23
8
8
1955 PA N 805 84
At!Knox & Nor ist g be
983 994
4
4
8
19461 D 985 -___ 985 May'23
918
Atl & Charl A L let A 44s
9014 June'23 ---_ 88
4
1944 J J 8612 93
let 3Q-year 58 Ser B
4
9814
1 96 100
19411 1 9518 983 9814
itl Coast Line let gold 40_01944 al
8514 63 8255 89
8514 Sale
8412
10678
10
-year secured 7s
1 108 108
s
1930 M N 10612 1067 10678
7 82
General unified 44,
8
poi J D 8312 847 84%
847
8955
L & N con gold 48
813
4 73 7612 83
alc52 M S 81 Sale 8012
Atl & Deny let g 4s
737 78
2
1948J J 7314 7412 77 June'23
2d 4e
e
68
68% May'23 ----1 811a 887
19481 J 65
Atl & Yad 1st g gear 48
4
774
1949 A 0 753 793 774 Feb'23 ----I 77
9342
A & N W let 885.
3
1s
19411 J 0538
9412 June'23 ____ 93 8 95
Salt & Ohio Prior 348
Sale 95
,
95 3
4 41 93 8 974
1231 J
_4 7412 9 4
3
Registered
77
77 3
e 28
0
01925 Q J 7738 8510 9414 Jun'7 , -4_ 9 58 84,
let 50
-year gold 48
0191e A 0
Registered
7414 747 747 May'23
8
7412 787s
01148 Q J
10-year cony 4%e
783
91 77 8212
1433 141 El 7812 Sale 7712
4
8212 78 793* 85
Refund & gen Ss Series A__1495 J o 813 Sale 8112
10
-year Be
3 109 99 1017
192I4 1) 1003* Sale 1001, 100
3
3 943*
93
P June & M Div 1st g 3419.1925 MN
94
reareign Government
95 I
4 91
95
4
PL E& W Va Bye ref 4s. _1941 MN
74 Sale 737
Argentine (Govt) le
743* 41, 73
1927 FA 1013 Sale 10112 1021, 75 10014 1031s
791a
81 8 Sale 80
,
8138
Argentine Treasury 5,01 ION__ - M
Elouthw Div let gold 3;4s...1925 ii 94 Sale 93%
7712 82
94 I 89 9111 9412
.1028 9012 933
8
Austrian (Govt) 7s w 1
Tol & CID DIY 1st ref 4s A 1959 J J 623 64% 6:3
64 I
8 8113 8755
1943 3D
4
e14 i
l
: 1
I
:18 100 9114 10314
8
Belgium 25-yr ext a!74e g_ .1945 ID 12 t e a7
Battle Cr & Stur 151 gu 3s__ _1998• 1) 547 59
571e Apr'23
574 80
9612 34 93
Beech Creek let gu g
5
-year 8% notee
983
e
Jan 1925 II 96 Sale 9512
1936 1J 8753 9114 8912 Apr'23
8912
20
-year 8 f 8.
4
10012 69 93 10314
Registered
86
Feb'23,___ 88
86
1
1941 FA 100 Sale 983
1936 11 8418
3
Bergen (Norway) a / 8a
09
20 guar gold 5s
_ _ 134 May'113:___
10934
1945 MN 10812, 109
1938 J J 9,5
Berne (City of) 9 I fie
2 _4 107' 109'
0
84 1312 Beech Cr Ext let g 3%e..51951 * 0 673* -___ 80 July'22, _-__
4
1945 MN 10914 109% 0812 108,
7
6 Sal
78
6
delley & Car let Be
1001s 082'22'
Bayne (Republic of) 88
883 " 86
4
94
1947 MN 8774 85le 8
1923 ID
60 8914 8312 Big Sandy let 4,
843 843 June'23
4
4
79
Bordeaux (City of) 15-yr Be...1934 MN
-1/191- 8434
2
1944 ID 80
B & N Y Alr Line lat 48
69
69 June'23
1^
69
Brazil, if 8 external 88
963
8 881 91
,499
75 2
1941 it) 961" Sale 95
1955 FA 65
,
.
71_
8712 8912 89 Feb 23 .— 89
D 8212 Sale 8212
83
89
,..9 80
7
86 4 Bruns & W let gu gold 4a_...1938
,
1952
10114
10114 June'23
100 1015
74a
1001 4 ‘. 98 4 104
Buffalo R &P gen gold be_ .._ _1937 M
8
,
1952 AO 100 Sale 00
. 9
1
881 1 88 June'23 -___ 87
0 01
10018 .1, 0918 102 1
Consol 4i.be
9214
Canada (Dominion of) g be..192e AO 10014 Sale 0018
,
1957 MN 87
Burl C R & Nor let be
974 May'23
9814 9
10014
do
do
do
912
8t.1931 AO 9912 Sale 99%
1934 A0 93% 98
4
10
-year 4548
1013 124 100 10212
1929 FA 1013 Sale 10124
4
31
8
Canada Sou cons go A be_ ___1962 A 0 9718 100
53 94 10012
N 9914 Bale 987
97 2
,
97
5e
99343 . 97% 102
1952
345
,
8
1127
8
15 1123,116
101
Chile (Republic) ext a f 8s___1941 FA 10058 Sale 00
n 100 10412 Canadian North deb f 7e
o
1940 J D 11234 Sale 1123
11218 Sale 112
11234 64 110 8 113 4
8
25
-year f deb 63.4.
5
External 5
-years I Be__ __ _1926 A0 101)2 Sale 10012 10112 ":" 100 10312
9423 Sale 9312
02
7 ;
81
112 18_11 761,._!
/
. 18
80.
.
l'e
9114 '''' 9312 96% Canadian Pac Sly deb 4a atockS4 _ .1 5 8878 Sale 921 0. 2..
1942 MN
1 _6.1 1 7 4
22 10042 105
90
Carb & Shaw 1st gold 4a
25-year 818e
1946 M N 1011 1 sale 101
10134
1932 M 8
20 44
68
46
728 68 4 June'23
4
,
Chinese (Hultuang Ry) 5e of 1911 1 13 I 4418 Sale 4418
88
71
523
4 Caro Cent 1st con g 4.
ii 8814 94
9314
Christiania (City) e f Se
10934 2.0 1073 11212 Car Clinch & Ohio let 3-yr be 1939 i 13 931 1 Sale 9218
4
1945 A 0 109 10912 109
948 J .1
4
9612 62 89
Colombia (Republic) 848.....1927 A 0 903 Sate 90
138
9841
91 22 .15 14812 95
1952 1 D 9814 Sale 96
4
741s 83 8112 Deo'22,____I
Copenhagen 25-7ear a f 8)48_1944 1 1 893 Sale 893
4
903
4 ..,,, 8812 9212 Cart & Ad ist gu g 4a
98
963
4
7212 687 May'23'..--1 CB7 687j
a
Cuba fs
97 '
Cent Br U P let g 4e
67
9014 98
e
1944 Pd S 97
2
Exter debt of 581914 Eler A-1949 F A 905 9112 9058 June 23 ---- 8712 9314 (lent New Ens let au 48
5. 1
4 50' 58
19 1 .1 DI9 50 Sale 50
949 18 J
9
4
8314 82 June'23 - -,-- 811e 89
901 1 --__ 9334
External loan 44e
Central Ohio 44e 1930
1940 P A 82
992
4 Central of Ga 1st gold 5e—y193 F A 100 101 100 June'23 ____ ---9914 ,
q 99
5Si s
100 102
1953 1 1 9914 99a8 9914
1945 M S
9
Czech°,
93,1 8, 77
95 Sale 95
95 I 12 929 9812
8
loyak (Repnb of)8a 1951 A 0 917 Sale 9155
9612
Consol gold be
24 10612 10912
11)
001 4
101
7 99 8 101
,
Danish Con Mtudcipal 88"A-1946 F A 107 Sale 107
108
-year temp seeur es _June 1925 M D 10012 101
94 J N
9
3
4
Series B
10712 ot; 106 4 10912
Chad Div pur money 841.1951 .1 1) 733 79 4 7412 May'23,___ 7412 81
1946 F A 1071 4 Sale 107
,
Mao & Nor Div let g Ss_
1093
4 30 107 4 1101
Denmark external s f 8s
1945 A 0 109 Sale 109
,
,
J J 91.118
Mid Cla & Atl DIY be
94
20
-year Be
1947) J 0012 ---- 94 May'23 ____ 94
1942 1 1 9534 Sale 96
967
8 26 9514 99
98
97 June'23 -- -; 9514 100
Mobile Division bs
Dominican Rep Cone Adze at 58'58 F A 97
9712
808.19371048
N
J 9718 ____ 991a June'23 __-- 97
Cent RR & B of Ga coil
8712 ..,,,° 84
90% 92% 924 June'2392 8 973
5
5,48
90
4
1942 11 S 8712 Sale 87
1
8
05
105 I
Dutch East Indies art 88.....1947 J 1 957 Sale 9514
9612 .
1' 10312 108
12._ 9214 9814 Central of N J gen gold 5e.....1987 .1 J 104 106
9614 380 921, 971,
40-year Os
1 103 105
Registered
41987 Q J 10312 10812 0312 10312
1982 rd 0 953 Sale 95
9184 118 43758 9414 Cent Pac let ref gu g 48
455
8 45 705 87 4
8
blis trust retie
3
1949 F A 8512 8614 8431
1953 M El 91 Sale 9078
9742 2671 90 101
91 14 June'23
, 90 9112
French Republic 25-yr ext 88_1945 M 9 97 Sale 96
Mort guar gold 34e
019291 D 8078 82
8
80 81 15 ' 793 84
7
8
20-year external loan 748_1941 J 13 9212 Sale 9212
9322 373 84
Through St L let 1111 48 _1954 A 0 807 Sale 8018
97
Charleston & Savannah 78_1936 I J 1141e ____ 11412 June'23
_111412 11412
Great Brit & Ireland(UK on95 I 12 948 987
1031 UV 1021s 104 4 ches & Ohio fund & ImYt 58, 1929 J J
20
8
8
-year gold bond alio__.1937 F A 102% Sale 1023
a
,
95
9le 95 8
101 Sale 997
1125s 103111 116
let consol gold 58
101 I
7 9714 10314
10
-year cony 53.4.
1929 F A 11114 Sale 111
7513 ,,* 85
7412 Sale 7414
823,
Registered
Greater Prague 74e
1942 al N
1 93 111 N 9514 ____ 9812 May 23_ I 9714
93 M
9
Sale
General gold 449
83 4 26 , 807 86 4
,
a
9218 98
Raid (Republic) 68_ _ __ ._. 1952 A 0 9212 Sale 9212
93 2 '?
,
,
1992 PA
961
: ,c2 9212 9714
5
79
3
le 850314 Apr'23
9614 Sale 9614
Italy (Kingdom of) Set A 8481925 F A
8014 8012
Registered
4
8712 56 85
8
92% .52 92 944
,
8912
20
-year convertible 4 4a...199 SI A 863 Sale 85%
Japanese Govt—£ loan 449_1925 F A 92% Sale 925
1932 F S
0
023 424 91,3 93
3
88
98 86
30
-year eon's secured 5e. _1946 A 0 8712 Sale 8638
Boland series 44,
5a
9618
1925 1 1 9112 Sale 9112
8053 46
8
4
8
913
8
I 9014 95
Craig Valley let g As
Sterling loan 1...
a
-.1931 J J 8012 Sale 793
79 4 827
,
1945 .1 J 913 923 91%
9212 03 9112 934
Potts Creek Branch let 43_1946 1 J 7414 797, 7814 May'23
Oriental Development Cs...1963 MS 92 Sale 9112
7814 7814
o8 8914 833
79
775 81
8
77 June'23
7841 8012
Lyons (City of) 15
R & A DPI lat con g
8
-year Be_ _1934 M N 77 Sale 76
_1989 J
73Is __ 75 May'23
7714 Sale 76
7712 33 6912 8312
Marseilles (City of) 15-Yr 88_1934 MN
7414 78
2d consol gold 48
10 3212 42
37
3814 363
4
Warm Springs Vial g 5a
Mexican Irrigation 445
1943 MN 36
891 El
19 PA j
9
41
55 49
55
Mexico—Extern loan X Se of 1899 @ J 54 Sale 53%
5812 Chic & Alton RR ref g 81
1949 A_ 0
_.
.
I sold debt 4e of 1906
592°4 5
84 93212 52 June31 _ 1 _ , 58111 52
334 Sale 3312
341" 8f1 3112 413
5 '4
2
5'
'
2
_7 49
312
New York Tr Co oils
4
4658 5312 49%
87 Sale 8612
4912
Montevideo 79
87
1 4912 51
85
Stamped Oct '22 Int
915
s
122 97 1015
463* Apr'231_-__ , 465 465
100% Sale 100%
49
51
101
8
Netherlands Be (flat prices)....gr!
8
8
stamped Apr '23 int
49 109 112 4
,
29141 145 2518 3312
1103
1940 A 0 110 4 Sale 110
Railway let lien 348
Norway external e 1 8e
4
,
1950 j j 2812 Sale 2812
9712
j 793 81
4
89 June'23
7852 83
Chic Burl & Q-111 Div 3140_1948
9,
8 2 27 97 100
1952 A 0 9712 98
9712 Sale
9712
971"
0 97
S67
Panama (Rep) 5,1-ja Tr recte.1953
13 8512 0034
Illinois Division 4s
j j 867 Sale 8(1
8
9712
964; 14 93
96
96'8
97 I
95
8 9512 97
Porto Alegre (City of) ea__ 1961 1le 94
Nebraska Extension
N8812 97
9912
_ 1949
1927
a
N 9818 ____ 957 Apr'23
__; 95 4 957
Queensland (State) ext e f 741_1941 A 0 10612 Sale 106
10812 l n 106 10912
,
s
Registered
11993287 P4
i4
10078 Sale 10012 1007
les
85
87
8814 June'23
25-year Gs
83
8912
8 -- 100 102 4
General 48
,
1947 F A
Rio Grande Do Bul 88
95
11 93
11812 24 97 8 1614
et & ref Sc58
4 , 06
9914
l.
1948 A 0 94% Sale 94
. 1971 F A 98 Sale 9755
25 90
94
Rio delaneiro 25
55,
2
56 I 29
Chic City 34 Conn Rye ba. ._1927 A 0 5512 53
-year 8 f 8e_ _1948 A 0 94 Sale 9312
97
S.
9212
0 9014 9712 Chicago & East Illinois let 88_1034 A 0 104 44 10812 1044 June'23 - _I 104 10611
,
5947 A 0 9112 Sale • 112
79 Sale 75
Elan Paulo (City) e f 8a.
98
, 95 4 99 4 C & Eli! RR (new co) gen 56.1951 MN
0
79 I 70 771 814
4
1952 M 8 98 Sale 9712
, ,
983
4 42 9512 100
2
9158 18 878 97i:
4
Ban Paulo (State) ex* a f 86_1038 1 1 98 Sale 9712
Chic & Erie let gold be ...1952 PA N 913 Sale 9152
48 Sale 473
4
4
Seine (France) eat 7e
88
48121 44 4712 58
7
90
Chicago Great West let 4e...1959 M
1942 .1 1 853 Sale 83 8
78
2
4312 Sale 4312
4414
Serbs. Croate & Slovenes 88_ _1982 M N 68' Sale 68
7014 105 5312 7812
With Sept '24 coupons on
7 4214 46
29 13612 85
nnleenne (City) Be
Chic Ind & Lenten—Ref 08_1947 J .1 106 107% 1Ol4 June'23 _ _
94
8112
1047 107 4
7 3 Sale 7912
s
1938 MN
,
44 1031s 106
9484 97
964 June'23 ____ 94
Sweden 20
Refunding gold be
-year Be
1939 ID 104% Sale 104% 105
9712
32
85 80 May'23. 794 885
Swiss Conferern 20-yr a(Se 1040 JJ 115 Sale 115
11514 .. 114 11914
Refunding 4, Setlee C_. _ _19471 1 81
19 1
47
s
7522
I 713 77 4
Tokyo City 5e loan of 1912
81 1 2 80'4
803t' 6 8014 84
s
,
General 58 A
..... __ MS 75 Sale 75
N 80
c1988
,
1 8
6
9612 Sale 95 8
,
21; 9914 107
9613
6 9412 98
Uruguay Republic ext fie__ _1948 FA 10314 Sale 102 2 104
,
General 63 ft.
J J
.
7034 74
78
11112
Zurich (City of) e 18,
, 110 1137s
Ind & Louisville let gi, 48..1958 J J
2
Jan'251...... 78
1945 *0 110 11112 111,
78
817g 8312 82s June'231 ____ 81
I 15=-1
Chic Ind & Sou 50 year 4.8._ _1958 J
8412
8812 June 23,__
Otani. and City Securities
Chi(' L S & East let 43.88.___1969 J D 8618 91
8614 90
10 99% 101
N 1 Cri7—st3es Corp egook__I980 111 d 100 1003, 100
10014
0 & Puget tad 1st gu 4s_ .1949 .1 .1 60 Sale 60
6112 18 60
884
731
4145 Corporate atock
1964 119 8 100 10012 10012 June'23 -- 10012 1027
8 Ch M & St P gen g 4a Ser A algal) J .1
4 Ji.2 Corporate stool
1966 A 0 100 10012 1013 Mar'23
62 4 Hale2 621 1
73
72
4
General gold 348 Ser 13_ .41989 J
%
''
1013 10212
4
82ll
7:
11I
15 7194 74
1
34
10434 10512 108
803,
2
4As Corporate stock
Jan'23
10714 108
General 43.4 Series C
4)1989 J I 8014 808 8014
6:22174
1
,
8
,
4 4e Corporate stook_ _ ltilyg13 !j D 1045 10514 10423
8
J
1047
8 16 10412 10712
Gen & ref Series A 44a._ a2014 A 0 56 4 Sale 563
8: Sal e
123
2
44e Corporate stook
19651 D 104% 10514 105 June'23
105 107 8
Gen ref eons Ser B Se_
,
,
02014 F A 83 sal e 63
6431 128
70
10412
4;46 Corporate stock
1983 M 8 10412 Sale 10413
10412 107%
Convertible 410
64
88
112 82
,
9638 June'23
ga
4% Corporate stock
8
1959 id N 96 8 97
963 10014
8
8
1922 1 D 777 Sale 775
35 .11
5Th 12
7
9
5
:3 58
14
:
,
9612 June 23 -- - 961 99%
4% Corporate stook
1958 M N 96 8 97
25
-year debenture 4e
96% 97
963 June'28 ---- 963 100 4
8
973'4 9971 9512 June'23
5 4 5 1 5
6
8
4% Corporate stock
1957 hi N
8
Chic & Mo Ric D Se. _ 19 4 1
,
Div
162 '1
3E
6
(
11
13
i7112
34 s
4 68 983
4
1956 M N 953
aJune'23 --- 9618 99% Chic & N'weet Ex I Is_ _1886-192e F A 951 4 9512 951 t
9,5l
4% Corporate stock reg
8
9514
1 945 98
8
1957 M N 1041 4 1047 10458 June'23'---- 10412 105
4193 Corporate stock
Registered
1886-1929 F A * 051 1 --th- 9 17 June'23
93 y 9512
3
73
7 3 73
5
8
8
General gold 33's'
43.4% Corporate stook_ __1957 MN 1041 4 1047 1047 June'23-- 10412 10712
1987 M N
2 704 77
73
8714 91
Registered
314% Corporate stock_ 1954 MN 8634 --__ 8712 June'23
y1987 Q F * 6912 ____ 73% Dee'22
10214 June'23
817 823 823
1961 M 8
10112 10312
General 4s
8
-49
4 Wit; 87
1987 MN
8
4
823
New York State
10212 June'23
Stamped 45_
1023* 14352
8714
Canal Improvement 40.. _ _1961 J .1
.
1987 M N
1 79
793* 85
79
79
10912 Apr'22
General ba stam
Highway Improv't 448....1983 M S
1987 MN 100 Sale 101
101
6 101 10512
10412 Apr'22
Sinking fund&
10112 10614
Highway Improv't 44a. _1008 M El
...1479-1929 A 0 101 12 10412 101 12 June'23
7114 Oct'20
1991 1 1
Registered .
I a/9-1924( A 0 10014
Vlrglnla 2-38
e
-- 1017 Apr'22
4373,
Sinking fund be
1 97 iOO's
1879-1929 A 0 974 99 4 9752
,
9712 9712
Registered -------1879-1929 A 0 * 9614 _ _ _ 9712 Mar'23
Railroad.
3
025 95 4 933 June'23
8
4
J
9212 98
Sinking fund deb 58
6 97 101
103
Ala Ot Sou ist cone A Se_ _1043
1933 M N 103 Sale 97
9934 100
100
5 9958 10188
1920 M
Registered
9918 9914
994 May'23
Ala Mid let guar gold 5s
1933 MN * 97 100
4
8
814
1946 *0 7812 793 797 June'23 - - 78
-year secured 7e g
108
0
811
5 105 4 110
7
,
10
Alb & SUM cony 3.49
1939 3 D
84
82 June'23
83
82
-year secured 649 5._ 1936 M S 10Th 'le14 110081',
106 111
1998 *0 82
15
Ailed & West let g 4s gu
9
8
1.18
897 82 June'23 -- 82
8
87
7911
17 788 82
4
1942 M
90
Chic R I & P—Railway gen 48 1988 1 j 783 sale 781 4
4
Alleg Val gen guar g de
593, 60 80
60
2 80
* 7318 78 I 7812 May'23
7811 8014
855e
231995 Q J
Registered
Ann Arbor 1st 548
J
8 94 8414 901,
8
885
Refunding gold 4s_
7614 131 751s 834
Atch Top & S Fe--Gen g 48.-1990 AC 8814 Sale 885
1934 A o 7212 sale I 75's
81
883
s Chic St L & N 0 gold os
85
e
971 1014
4
1992 AC 8614 ---- 8614 June'23 --a...Registered
1951 1 D *170 7 . 10 :8. jm y 233
0
9
.
1 .: 2 700 MiY 223
:
2 .
1 7512 821:
79 Sale I 79
79
.11992 Not
Registered
955 95544
8
Arilustrnent gold 48
13
139 761 4 8278
8
80
Gold 348
785 7912
e
01992 Not 80 Sale 787
Stamped... .
1951 1 D
s
931 1 933 9:03
4
Cony mold 48 1909
1958 111 82 827 82 June'23
78
9323
Joint let ref 451 Series 4_1963 J
8211
913, 9712
8212 34, 78
C0119 44 1903
Memph Div let g ea
u
1955 ID 82 Sale 8134
8212
10034 j ne:2 3
80 Ju e 2
3
80
1951 1 D 96
837
a
7 'i
9
,8
724 ____ 99 May'23
LA/LIV 4g1lasue of 1910
1.1
991 100 4
97 1114,
8
1980
19 0 A 0
192
3
4 C Elt L at P 1st eons g fs
,
941/ June 23
East Okla Div let g da___ _1928
9412 95
10 22 .
.
E
93% 96% Chic St P M & 0()one As
5
J D 1053 Sa2 1102 mar513 _.. 10414 10712
80 8 0le 0541
Rocky Mtn Div let 4A___ _1965 J
4
7618 8012 783 June'23 —.- 771: 83
Cons fie reduced to 54c-1930 J D
924 9212
8
Trans
8212 8414 815
8
82,
8 13 8114 815 4
-Con Short L let 481958
,
Debenture Se
,
1930 M 8 931 951. 9514 June'23 _ _ _ _ 9218 96 4
5 8712 100
8
9112
887
Cai-Aris let & ref 41.48"A" 1962 MS 91 Sale
"ltuo T El & So East 1st 5e...1993 1 0 8111Sale
801i
82
28 784 82
price Friday: latest bid and asked. a Due Jan. d Due April. e Due May. y Due June. Is Due July, R Due Aug. o Due Oct. y Due Nov. a Due Dec. 1 Option sale.
i ,1
. 14
New York Bond Record-Continued-Page 2
BONDS
N. T.STOCK EXCHANGE
Week ending July 6
Pries
Friday
July 6
Wool's
Bangs or
Lan Salo
co A
Ranos
801C11
Jan. 1
Btd
Ask Lots
Mob No. Low HOS
Ohio 11n Sten let gu6H6A 1983
' ---- 89 8838
89
3
6 87% 92%
56 B
4
1963 j j 95 973 9714
973
4
5 97% 10012
let Ser C 654e
1963 3, 114 Sale 11334 114
26 11278 11514
_ 105 Apr'23
Ohio & Watt Ind gen a 61-41932 Q M 10438 _
10412 105
7218 711.
1952 3, 71
Conso150-year 45
72
13 70 75%
15
1935 MS 10212 Sale 10214 10212 17 10112 10314
-years f 7He
Oboe Okla & Gull cone 5a
1952 N 9318 96% 9518 June'23
9518 97
0 Find & Ft W let go 46 g
1923 MN
- 88 Mar'17
87 893 8658 June'23
OW El & D 2d gold 4)611
4
-i411; 8953
1937 3
_ 88 June'23
eels 88
61936 Q F 8314
OlEitL&Clefille
9012 oct'22
61936 Q F --- Registered
_
-Eril; Wei
8414 June'23
OW Leb & Nor gu Leg
1942 MN 84
1928 33 9534 98 97 June'23
Oin S & drone let g 5s
97 99
_ _ 9012 Jan'22 .- • _
Clear! & Mah let gu g 511---1943 3, 9414
Cleve Cn Chi & St L gen 411-1993 J D 78 Sale 7658
78
10 'II" "lira
91 Sale 91
1931 33
110-year deb 434e
8 9014 9312
9114
General 56 Series B
- 10012 9558 June'23
1993 3D
9558 100
Re!& free tie Series A.......1929
J 10112 Sale 100 8 10112 71 100 102
5
102 June'23
ge 0
1941• J 10114 10012 102
9414 92 8614 June'23
Cairo Div let gold 111
1939 J
8018 88
Cin W & M Div let g 40-1991 J J 7212 7712 7712 June'23
7514 78%
St L Div let cell tr g 46
,
1990 MN 765 7814 7714 June'23
8
747 8138
8pr & Col Div let g 4e
- _ 84 Apr'23
82% 84
1940 MS 78%
8
W W Val Div let g 4s
1940 J , 8038 8212 815 June'23
80 s 8214
3
UCC&Igenconegtie
1031 1013%
4
8
1934 33 10218 1053 10412 June'23
Clev Lor & W con let g 5L-1933 AO 9353 08 98 June'23
97 98
9212 June'23
CI& Mar let gu g 4He
1936 ▪ N 9312 ___
9212 95
_ 93 Mar'23
Cleve & Mahon Vail g 5i.....1938 33 85
CI &P gen gu 454.Sir A
1942
.1 9414 9612 91 Nov'21
Berke B
1942 A. 9414 9612 104 Dinelb
Int reduced to 334e
9612 Feb'12
1942 AG
8
Series C 354e
1948 MN 795 -- 9018 Dee'12
67 Jan'21
Series D 334s
1950 FA 7914 - _
3
Uleve Sher Line let gu 630_1961 * 0 8812 92 90 4 June'23
90 98
Olive Union Term 5)68
1972 * 0 10214 Sale 10214 103% 15 01 106
Coal River fly let gu le
1945 3D 7718 80 80% June'23
8012 85
9214 21 902 9312
Colorado & South lit g 41-1929 P A 91 gale 91
4
8
82
Refunding & eaten 1154e
21 81 8712
1935 MN 817 dale 81%
Col & II V let ext g AS
78
3 78
1948 A0 7872 -- 78
78
76
76
Col & Tol let ext 46
4 76
1955 P A 7512 _
86
Cuba RR let 50
41
-year 84 4-19523, ss siio 85
87
108
1936 3D 102 103 10212 10314
litre! 754.
6 0212 10512
91% June'23
Day & Mich lit cone 4341..._1931
'
3
91 923
4
Delaware & Hudson
1943 N 8512 Sale 85
le & ref 4a
85% 21 8338 90
91% 38 90 98
1935 A0 90 Sale 90
110-year 0011T 50
1987 MN 100 Sale 9818 100
29 98 10212
114s
1930 3D 10712 10814 107
10814
1 05 1114
-year secured 70
10
4
87 May'22
OR RR & Bdgelet gu Ls g-__1936 FA 8878
7312 75 72 761,
.▪ 1 7314 Sale 7278
.1en & R Or-let eons g 46._1936
1 76% 80
1936 J J 7712 7812 7718
Consold gold 454a
7718
8534
1928 3D 8512 Sale 8512
Improvement gold 66
82 88
47 4
1955 P A 46% Sale 4612
3
let & refunding Si
4612 58
4912 Aug'20
do Registered
40 _
47% June'23
Blot Tr stmp ctfe Feb '22 Int.
a12
45 - ifi
4878 June'23
48 5314
%
Farmers L&Tr recta Aug '55_
- 49% 50 June'23
Bankers Tr title of deP
50 50
46 June'23
do Stamped
48 50
46 June 23
Am Ex Nat Bk Feb '22 ctfe
46 46
do Aug '22 ctfe
41% 42 June'23
3
Des
1935
& Ft D 1st gu 46
42 45
9314 Sept'22
Des Plaines Val let gu 4344 _1947 MS Sir;
65 _
751 Feb'23
s
Del& Mack-lit lien g 44-1995
7518 Me
Gold la
1995 3D 60 ai 60 June 23
60 65
Del My Tun 434e
1961 MN 8518 8612 85 June'23
85 90 4
3
. 9814 Apr'23
Dal Miseabe & Nor gen 54-1941
9514 9988
' 99
3
4
4
Dui & Iron Range 1st tie
1987 * 0 983 100 1003 June'23
9838 100 4
3
4
Registered
994 9812
1937 A0 9518 973 9812 Jan 23
74
77
74 June'23
Dul Sou Shore & Ail g 5e_ 1937 .2
74 80
8412
C Minn Nor Div let g 6e____19413 * 0 84 8412
8413 90
3Z Tenn reorg lien g 56
1938 MS 93 ii 2 9312 June'23 _ _ 91'j9312
97% 99 99 June'23 - - -- 97 100
E TVa&GaDivg5e
1930 3
12
1 96% 9912
Cone let gold 156----9712
1956 MN 97 98 9712
9814
Elgin Joliet & East let g :1_1941 MN 98 99
9814
7 9758 10014
Die let consold gold 7s ext_1930 MS 103 Sale 10212 103
18 10212 10434
5612 dale 55 8
5
lit cons g 4s prior
57
58 944 58%
1996
5012 55 57 Mar'22
Registered
1998 .3
4612 209 4388 4912
let coneol gen lien g 65_1906 ▪ 3 45% Sale 4412
4714 June'23 --- 43 4714
'
Registered
3
1996
8512
Penn coil trust gold 42 1951
' 85 Sale 85
A
7 82 853
4
8
49
6 4112 52
60-year cony Li Sec A
1953 *0 48 497 4818
8
4
4878 73 4214 62
do Series B
1953*0 4814 487 473
52
lien cony 40 Series D....1963 A0 52 Sale 49
139 433 5411
4
85 Sale 85
8512
• & Jersey let a I fie
4 84 89%
1956 3
841s _ _ 833 Mar'23 --- 833 83%
Crie & Pitts gu g 3PO B
4
1940 J
4
Series C
1940 33 55's.... 82 Apr'23 ---- 82 8314
88 Apr'21 - - • -.
Cvans & T H let gen g 5a
1942 *0 - 6912 Apr'21
301 Co Branch let g 5s
1930 *0
_ ---9912 Deo'22 ---.
'
3
Fargo& Sou Sa
1924
------- -- 98% May'23 .-- 9838 100
Irla Cent & Pen let ezt tia____1923• 1
9411 - - 94H June'23
let land grant est g Si.-1930 1
9412 9412
9014 96
9212
9212 1 91 93%
Consol gold 5a
1943 J
8
Florida E Coast let 414s
1959 3D 833 85 86 June'23 ---- 8512 89
Fonda .7 & Glov 454e
68
5 65 72
1982 MN 68 Sale 68
- 81 June'23 --fort St U D Co let g 4141-1941 33 81
79 81
8
ft W & Den C lst g 5)4s
100
1 9988103
1961 3D 975 10012 100
PC Worth & Rio Or let g Le_ _1928
' 82 89 86 June'23 ---- 85 87%
3
107 108% 10778 June'23 ---- 107 109
'rem Elk & Mo V lit 58_ _ _1933 * 0
N 93 98 9714 June'23
OH&SAM&Pletfle.-1931
9512 99%
241 eaten 56 guar
- 9312 98
1931 3, 96 9812 96 June'23
G&W Botts & Hind let 5s._ _ _1933 * 0 88% 89 89
89
1 9914 89
Geaessee River let f eis
8312 10 92 88%
1957 33 9,31. Sale 83
82 80 May'23
•Ga & Ala Ry Ist con 5s_ _ _0_1945 3 3 81
Ma 8112
Oa Car & No 1st gu g 52
91*
9112
1929 33 89 9112 9038 May'23
6212 81 May'23
Ga Midland let 3e
1946 * 0 61
8034 64%
9914 June'23 ---- 9914 9913
011a V 0 & N let gu g
N
GoUv & Osewgatch Se
1942 3D 93
9012 10 89 92
Or R & I ex ist gu g 4144
1941
.• 1 9012 Sale 90
Grand Trunk of Can deb 76-1940* 0 11238 Sale 11288 11234
11258 115
-year s f es
1936 MS 10314 Sale 10314
15
103% 38 102% 105
10112 Apr'07
Grays Point Ter 50
1947 J D 83 --Great Nor Gen Icier A
4 10814 109 10618 111%
1936 33 108 Sale 1073
8811 89% 8814 June'23-. 87 9212
let & ref 4)(s Series A
1961 J
82
uct,'22 .
Registered
1961 J
- -- 983
I3;1e
'
3
4
1952
99
34 96 961* 1023
efis
*
3
Green Bay & W Deb Ole "A"____ Feb 60 64 60 8 June'23
- 60 76
7
/ 812 7s
1
4
7:8 25 718 1314
Feb
Debenture els "B"
85
_ 69 Apr21
Greenbrier Ry let gu g La_ __.1940 MN
__
Gail & S I let ref & t g 52-51952 ▪ J 8112 82 8112
4 78 8412
8314
74
Harlem R-Pr Chee let 42_ _1954 MN 73%
73%
2 7212 7812
06- 82 8014
:
1
Hooking Val let eons g 454IL-1999 .1
8014
1 so 86
J 76% ___ 8112 June 23
1999
81
8112
Registered
1937 ▪ J 9712 _ 9711 May'23 --- 95% 973
El&TCletif benign
4
90 9112 June'20 _ - 8988 93
Houston Belt & Term let 56_1937 3,
98 98 May'23 ____ 95% 98
1933 MN
Roue E & W T 1st g 51
'33
9612 98 May'23
1933 M
98 98
let guar 58 red
1937 MN 8088 95 87 Mar'23
87 87
Housatonlc Hy cone g 51
1957 P A 7914 Sale 767
8
Bud & Manhat Si ear A
7914 119 767 84%
8
1957 * 0 5612 57 55
adjust income lis
5612 126 55 64%
Illinois Central lit gold .48_1951 33 87 - - 8812 June'23 -_-- 8812 9218
8214 89 gel Sect'211......- .1951 J
Regletered
' 78 Sale 78
7$12
3
6 TN
1851
let gold 8)4.
76
80 80
pet=
1961 J
Registered
82
Sztended lit gold 3144----1951 * 0 7812 8012 83 Feb'231...... 79
1951 * 0 76
Registered
51
72 sea maim _
1951 M
lit gold 8aeterling
ll
2 8112
Collateral trust gold 4---1952 MS
8112
2 -ffls
s
1952 * 0 7814 8012 953 Sone Registered
let refunding Li
1955 MN 61 111 8658 85
88%
582 "ii3;
BONDS.
N.Y.STOCK EXCHANGE
Week ending July 6
Illinois Central (Concluded)
Pas...based lines 85.40
1952
Collateral trust gold 6e____1953
Registered
1953
Ref 50 interim etis
1955
.o
-year secured 5He
1934
15
-year secured 654a g
1936
Cairo Bridge gold 45
1950
Litchfield Div lit gold 3s 1951
(matey Div & Term g 3}611.1953
Omaha Dly lit gold 3a__ _1951
St Louis Div & Term g 38_1951
Gold 334s
1951
Springf Dly 1st g 3He
1951
Western Linea lot g 4s
1951
Registered
1951
Ind B & W 1st pref 48
1940
lad III & Iowa Ist g La
1950
Ind Union Ry Si A
1965
int & Great Nor adjust86_1952
let Mtge 136 ctfe
1952
Iowa Central let gold Ss
1938
Refunding gold 4a
1951
69
Price
Pricks
July 6
AsS Low
Bfd
Mob No Loos Mob
7512 77 s 76 June'23
,
76 79
4 77 4 83
7914 805
3
8
805
8
7614 79 4 78 June'23 --- 78 7814
3
9912 Sale WA
9912 78 98 300%
10114 Sale 1007
8 10114 23 100 1027
2
11018 18 107% 111
11014 - - 109
8312 - - 832 June'23 --.- 8232 87
66% 70 71 June'23 -- 69 2 78
8
723 75
8
7212
a
7212
3 72% 797
6718 -- 6734 June'23 -- 873 69 s
4
5
68% -- 70 June'23 -- 68 71
7214
- 75 May'23 -- 75 80
7232 75
7812 July'22 ---81
84 83 May'22
808
3
92 Nov'10
833
4
- 83 June'23 -- 83 871,
8118 86 8312 June'23
8532
95 9712 97
2 95 100
97
37 Sale 352k
375k 296 35 0 4914
7
8914 Sale 87%
90
30 81 97 4
4
67 Bale 67
69
5 67 7111
4
29% 30 29
2958 22 29 40
lama Frank & Clear let 46_1959
823 ---- 82 4 June'23
2
3
Ka A & 0 R 1st gu g ta
1938
Kan & M let gu g 48
1990
2d 20
-year Si
1927
K C Ft S & NI cons g 68
1928
KC Ft B & M fly ref g 40._1936
K C & hf R & B let gu 50
1929
Kansas City Sou lot gold 30..1950
Ref & inapt 58
Apr 1950
Kansas City Term 1st 40__1960
Kentucky Central gold 40_ ___1987
Hoek & Des Moines Ist 56_1923
Knox & Ohio 1st g es
'
,
1925
863 - 2
7812 77 - - -7617
7e12
3
9578 9914 9578 June'23
10212 Sale 10212 10212
7412 7478 7412
742
4
92 9614 9312 June'23
66 Sale 6324
6614
9312 Sale 83
8358
8012 Sale 7978
80 4
3
7938- 82 June'23
7012 723 71
2
71
10075 10114 100% 100 2
7
Lake Erie & West let g 56....1937
2d gold 56
5941
Lake Shore gold 354e
1997
Registered
1997
Debenture gold 46
1928
25
-year gold 4e
1931
Registered
1931
Leh val NY let gu g 4Hs
1940
Registered
1940
Lehigh Val (Pa) cone g 40_2003
General cone 4)4.
2003
Leh V Term fly let itu g 5s__ _1941
Registered
1941
Len val RR 10-yr coil 62_121928
Leh & N Y let guar gold 4&j945
Lox& East let 50-yr Si gu_ *965
Little Miami 42
1962
Long Dock cense g es
1935
Long leld let cone gold 56_61931
let consul gold 4s
11931
General gold 4s
1938
Gold 48
1932
Unified gold 44
1949
Debenture gold 5s
1934
211-year p m deb 58
1937
Guar refunding gold 4e___ _1949
Nor Sh B let con g gu 5e__a1932
Louisiana & Ark late 56
1927
Lou & Jeff Eidge Co gu g 46_1945
Louisville dc Nashville 5s.....1937
Unified gold le
1940
Registered
1940
Collateral trust gold 5e
1931
10
-year secured 78_ _ ___ _1930
let ref 554s
2003
N 0& M lat gold 68
1930
2d gold fis
1930
Paducah & Mem Div 46_ _1946
St Louis Div 2d gold 3a_ _1980
L&N&M&Milstg4He_1945
L & N Sou th joint M 48._ _1952
Registered
$1952
Loulev an & Lea gold 4He1931
lb 9118 97
93 Sale 9212
93
80s 85 83 June'23
3
8114 80
7414 7614 76
76
3 me 7812
7238 74 74
74
6 7311 7
5
94 9514 9334
945* 18 92 96
91% Sale 9188
9134 28 909 9332
3
9014 9212 8512 July'21 -911s 9314 9134 June'23 -- 914 97
/
1
8912 9212 923 June'23
4
- 90 92 4
,
77
7712 77
77
4 764 81%
86 Sale 86
9212 11 85 9212
1011
1007 102
:
4
14
- 101 June'23
9514 --- 112 Apr'23
- 112 11212
10174 1023 1017$ 102
42 100% 105
go
3312 81% June'23 -- 80
14 8532
9712 983 973
4
4
973
4
3 9714 99 2
3
81 May'23 -- 81
81
1081 Nov12 -10412 94% 9712 9713 May'23 -- "Us;Id'
87%
9214 May'23 -- 901% 92%
so gi 81
81
1 81
an
_ 8113 Mar'23 -- get 8512
8112
723 75
8
78 Junte22 -- le% la
01 Sale 91
5 pi 94
91'
____ 84 82%
8212
1 82i, gels
7418 76
7712 June'23
18 33
8953 --- 93 June'23
92 93
9314 94 94 June'23
- 93 94Is
7812 79
78513
79
9, 77 83
101 --- 10112 June'23 --I 97% 103
89% Sale 881a
89%
9 8714 93
87 -- 9014 May'23
904 90
1
%
9812 99 9912 June'23 ----1 972 10112
8
107% Sale 107
6 306 109
10788
10414 11
10414 Sale 104
'101% 105
1021. 65 103
103
3 10188 103
9614 - .- :oil, Fete23
se% 10112
8112 84 8418 June'23
84 84%
59% 60 5912
60
3 5812 63
92% - -- - 925*
9218
3 9218 90
77 Sale 7518
-77
6 76 80 4
3
7312 Apr'23
7312 7312
9614
96 June'23 ---- 95 3 1
74
Mahon C't RR let lie
1934
Manila RR (Southern Lines).1939
Manitoba Colonization 511. _ _ 1934
Man G B& N W le 3He
1941
Me!Inte•nal let cone g 46._.1977
Michigan Central 5e
1931
Registered
1931
Se
1940
Registered
1940
J L & 8 1st gold 8W.
1951
let gold 354e
1952
20
-year debenture 42
1929
eild of NJ let ext 56
1940
Milw L S & West Imp g 54_1929
Ashland Div le g fill
1925
Mich Div let gold 66
1924
billw & Nor let ezt 434a
1934
Cons extended 4He
1934
Mil Spar & NW let gu 4s
1947
Milw & El L let gu 3 He
1941
Minn & St Louie 1st 76
1927
lot control gold 58
1934
let & refunding gold 48._ _1949
Ref & ext 50-yr 5e Set A...1962
58 ERP&SSMcongesintgul938
let cone 56
1938
10
-year coil trust 6144
1931
68A
1946
let Chicago Term a f4s_1941
M 8 El M & A leg We gu...1928
Miesbielppi Central let 5e
1949
NI K & Okla 1st guar 5e
1942
Mo Kan & Tex-let gold 4a 1990
6% certfe for notes "eat"
.....
MoK&TRe-Prl 5sSer A 1962
40
-year 46 Series B
1962
10
-year tis SerieeC
1932
CUM adjust 5a Series A
1967
Missouri Pacific (reorg Owlet & refunding 58 Sir A ___1965
let & refunding Sc Sir 0_1928
let & refunding Si Ser D_I949
General 46
1975
Mlesouri Pacific
3d 76 extended at 4%
1938
Mob & Bit prior lien g 5e
1945
Mortgage gold 42
1945
Mobile & Ohio new gold 82....1927
let en gold Si
$1927
General gold 4*
1938
Montgomery Div lit g 56..1947
St Louis Div 54
1927
Mob & Ohio coil tr g 4i
1938
Mob & Mal Int gu it 441
1991
•tont C let gu g 6s
1937
Registered
1937
let guar gold 5e
1937
8224 82
76 - 7
58
9572 97
2 10012 102 4
3
15 73 0 79%
5
92 s 95
3
20 63 4 68 8
3
7
291 83 89%
23 76:8 83 4
3
83 8
7
81
63 92
190 1017
4
s
98 100
63 Sale
2 ee!, 9812
9812
9812
63
63
1 63 71
9612 June'23 ---- 9538 974
Luis
82 May'23 ----I 82 32
77 Marl°
9988 June'23 --- fel% 493
3
9518 __ 10012 May'23
eels 10012
86
ii12 86 June'23
86
88
85 88 86 May'22
86 86
7714 7912 80 Ireb"23
80 80
7712 793 797 June'23
4
77% 84
9012 92 92 June'23
89% 93
-88 87 Apr'23
14
87 87
174- 10012 9918 May'23
5
8
9812 100
10112 Nov'22
1003 4
10072 Mar'23
7
I00a 100 i
87 _
89 June'23
884 9212
90 4 923 91 June'23
3
4
gg 91
83'4 87'i 8538 June'23
84 89
743 88 661 A ug'21
4
.
1011
1021. June'23
iodi,; 1021.
747. 731 June'23
_
69 76
30 40
30
3318
- 35 3412 June'23
3312 3988
86 87 8612
10 8438 9012
87
99-... 1001s June'23
98 100%
10214 1037 10338 1037
8
8 20 10014 108
t
10014 101 10014
1 Na 10512
10014
883
4
9212 Deo'22
9418 973 9612 June'23
97
4
100 Sale 100
100
884 103
9114 Msr 23
913 94
4
.
2
"4 Sale 757
704 13 7312 80%
film 83%
823* Mar'23
76 Sale 7514
76% 113 7434 831
2
6314 Sale 62
6314 16 6112 6715
93% Sale 93
93% 137 92 2 9 4
5 83
50 603 48% 63
4912 Sale 48%
aa.4 32%
-
80 80 4
3
9612 9614
9114 Sale
53 Sale
8012
96'4
9012
5212
1
8012
2
9614
55
92
231
54
80
9514
9012
62
86%
963
4
99
6314
4 79% 813
82 80
80
4
9178 June'23 --.1 917k1 9172
6912 ---- 70 May'23 --.1 70 733
4
I 102 10412
103
10014 ---- 03
10014 --- - 01% Jime'22 --- 100 4 1037
3
73 79 72% June'22
72% 7812
93 94 93
93
2 90 9434
95
95 Sale 95
2 94 9512
75
76% 77 June'23
75
7812
8114
- 82 May 23
822,4 8314
109 ii(112 095* June'23 ---- 10912 111
107- 138% MA7'06
99 iii1512 991 June'23 - -994 1011*
80
• No price Friday: lateet bid and asked this week. a Due Jan, 6 Due Feb. e Due June. 5 Due July. a Due Sept. 0 Due Oct. •Optloe pale
Rasps
Mace
./as. 1
Walk's
Range or
Lan Sale
70
BONDS
N. Y.STOCK EXCHANGE
Week ending July 6
New York Bond Record—continued—Page 3
Price
Friday
July 6
Week's
Range or
Last Sale
ra
Range
Since
Jan, 1
Ask Low
Bid
High No, Low High
8
783 7814 June'23
4
743 78
2000 J D 75
M&E1etgu33511
3 9853 101
8
93
8
993
Nashv Chatt & St L 1s1 58_1928 * 0 9914 100
98 98
98 June'23
1937 FA
N Fla & S lat gu g 5s
31 Sept'22
1957 2 .1
Net fly of Mex pr lien 42is
7 23
324
29 Sale 2814
29
July coupon on
36
28
28 May'23
do off
261s 2618
2618 Jan'23
1977 AO
General 48 (Oct on)
April coupon on
2
-561- 2912 May'23
2712 2912
off
do
3814 June'22
Nat RR Mex prior lien 434i A926 .1 „I
44
28
423 June'23
4
July coupon on
4438 4438
4438 May'23
off
do
28
27
Apr'23
28
lit consol 4s (Oct on)____1951 AD
2412 2612
2612 June'23
April coupon On
24
2812
2318 28
2712 June'23
off
do
6818 681s
8818 May'23
1954 MN 6812 _
Naugatuck RR let 4s
9012
89
9012 Mar'23
New England cone Si
1945 J J - _ 90
,
74 8 7514
7514 June'23
1945 J
Consol4s
82
82
8
Jan'23
773
82
1986 FA
N J June RR guar let 4e
6 77 8112
8
7812 793 785
79
8
N 0& N E let ref & imp 42.4s A '32 J
74
731i 79 4
7412 75 June'23
3
New Orleans Term lit 4s_ _ _1953 J
16 100 10112
100 101 10012
101,
N 0 Texas & Mexico lit 6s_ _1925• D
55 75
84
76
Non-cum income bs A
1935 AO 75 Sale 75
8
893 _ _ _ _ 9012 May'23
894 9012
N & C ridge gen gu 4lie
1945 J
91
_ 93 June'23
93
N YB &M B 1st con g 5e
1935 AD 91513
4
N Y Cent RR cony deb 6a
1935 MN 10412 Sale 1031, 1043 -544 101 10614
8
,
SO Sale 79 8
,
80 8 30 76 8 825
,
1998 FA
Consol 4s Series A
,
84 4 27 8414 887
8
8
2013 AO 843 Sale 841 1
Ref d: impt 414s "A"
,
8
8
957 204 927 98 4
Ref &!mot 55
2013 AO 95% Sale 95
N Y Central & Hudson River—
62 72
7734
74
Mortgage 33.4.
7312 Sale 73
1997 2 .1
,
7112 711
,
1997 22 71 8 _ _- .7112 May'23
Registered
48 8612 915s
90
1934 MN 8814 Sale 87
Debenture gold 46
s
1934 MN 865 --- 8912 Nov'22
Registered
4
8412 -961s
1942 J J 8518 873 8614 June'23
-year debenture 48
10
,
70 2 71
,
70 s
7112 12 8818 78
Lake Shore coil gold 3 4.9 1998 FA
tills -- 69 4 June'23
6934 73
,
FA
1993
RegL9tered
_ 7218
7218
,
72 4 14 7114 77
Mich Cent roll gold 35.6e_ _1998 FA
7012 75
70
Apr'23
1998 FA
Registered
2
537 9014
86
88
8714 June'23
N Y Chic & St L lat g 48
1937 AC
,.
8812 8812
8612 June 23
1937 AG
ftegIstered
87 June'23
8
5
833 887
42_1931 MN 84o 87
Debenture as
10014 82 98 101
1931
N 10014 Sale 100
216sA B C
8612 86 June'23
s
8418 887
A 84
NY Connect lit gu 434e A 1953
87 July'22
1947 MN - N Y & Erie let ext g te
2
115 "i6195 May'23
1923 MS
ird ext gold 41.18
9318 94
9318
4th ext gold 53
1930 AO --- - 9812 934
93
4
945 Nov'15
192S 3D 91
5th ext gold 48
72
8312 90
72
72
72
N Y & Green Y. gu g 58
1946 MN
,
74 4 8412 734 Mar'23
8
7312 773
NY&Harlemg33.4s
26(10 MN
,
99 4 100
4
993 100
3
99 4 June'23
1923 FA
N Y Lack de Western be
103 10312
103 June'23
1930 MS
NYLE&WIst7sext
9812
94
9812 2'41)&23
Dock & Imp 68
1943 J J
3
4
943 9812
964 95 4 June23
N Y & Jersey lit bal
1932 FA 95
855s
91 July'22
N Y & Long Br gen g 4s____. 1941 MS
N TN H & Hartford—
47
4734 49
48 June'23
1947 MS
Non-cony deben 48
4312 48
44 June'23
Non-cony deben 334e
1947 M
2 36 4 47
377 4014
,
8
4014
1054 A0 Non-cone cleben 31-48
3 3812 5112
39
3838
3812
1955 J J 35
Non-cony deben 4e
51
4212 12 38
1956 M N 39 Sale 38
Non-cony deben gn
5 36
4612
3614 Sale 36
40
.4
1956 J J
Cone debenture 3 e
163 52
7
7314
59
1948• J 53 8 Sale 52
Cony debenture 68
4
423
3512 22 30
1957 MN 32 Sale 30
4% debenture.
,
81 4
4
8
625 303 55
1926 A0 553 Sale 55
ye European Loan
71 12
8
605 1336 53
1925 AO 53 Sale 53
Franca
44
Apr'23
4014 4612
Cone Ry non-cony 48
1930 F A
5012 Dec'22
1954 J J 3811 -E5
Non-cone 43
44
44
45 Mar'23
1955 J 2 38
Non-conv deben 4e
38
49
48
Dec'22
Non-cony deben 48
1956 J J
8 66i
993 - 7
,
1927 A 0 9712 „.... 99 s June'23
N Y & Northern let g 55_
18 614 707
4
623 Sale 6112
8
63
01992 M
N Y 0& W ref let g 48_
59 Nov'20
Registered 15.000 only_01992 M
56
-Ei- "7058
General481955 3D 56 Sale 56
_
83 Aug'13
1942 * 0
N Y Prov & Boston 413._
50t2 823
4
3
80 4 8212
1998 AO 65- - 82 May'23
NY de Pa lit cons gu g 4s
9712 95
Apr'23
95 95
1927 M
NY&RB Ist gold 5h
55
59
60
55
51
5312
1
1937
N Y Elusq A W 1st ref 58
4214 45
8
445
42
45 June'23
1937 FA
Id gold 434e
46
49
41
4418
41
1940 F A 42
General gold 58
73 -- - 84 June'23
84
935a
1943 MN
Terminal lit g.dcl 5e
8
6014
393 113 35
NY W'clieser B In Ser I434.'46 2J 37 Sale 35
6112 71
1961 FA 622 6214 62 June,23
Norfolk Sou lit & ref A 5e
87 8 903 903 June'23
8
4
8
887 9312
1941 MN
Norfolk & Sou lit gold 6s
3 106 10812
8
s
s
1063
Noll el West gen gold 8e_......1931 MN. 1063 Sale 1063
2- 110 Mar'23
110 110
1934 FA 1071
Improvement & extg
1
2
4
1063 107
1932 AO 10515 111 107 May'23
New River let gold
8814 24 8514 9314
AO 8818 Sale 8712
1990
N & W Ry 1st cons g M
90
87 June'23 _ •- 85
1996 AO 8314 85
Registered
8
845
s
323 87
Div•I lit Ilen & gene 48.1944 J J 8414 873* 8438
_ 107 108
_ _ 1087 107 May'23
8
10-25 year cone 4,Si 8__ MR MS
7 107 1173
4
109
1929 MS 10812 Sale lO7l4
-year cone 6s
10
8
845 894
8514 June'23
Pocah C & C Joint 4s_1941 J o 8514 87
83
79 May'23
83
North Ohio let guar g be_ _ Mb A0 7.514 79
36 813 87
83
4
- 8212
Q J
Nor Pacific prior lien de
_ 81
8118 83 82 June'23
8312
1997 Q
Registered
8214
6014 67 59
a2047 Q F 5912 Sale 5912
General lien gold 38
5812 60
8
a2047 Q F 5818 597 60 June'23
Registered
3
1071s 80 106 109 4
2047 J J 107 Sale 10612
Ref & inapt 68 set B
4
823 90
8514
29 47 J J 84 Sale 84
Ref & imp 438e SerA
95
16 924 100
'2047 J J 94 Sale 9312
80 9212 9914
4
9414
2047 J J 9415 Sale 933
bs 1)
89
Feb'23
89
89
It Paul-Duluth Div g 48 8996
8
9812 987
8
8
Q
1931 ▪ F 987 ---- 987 June'23
$t Paul & Duluth lit 58
8414 8414
- 8414 Jan'23
1968 J D 7914
lit consol gold 48
10912 1097 109 May'23
108 110
3
Nor Pac Term Co 1st g lie__ A933 .1
100 102
100 June'23
1938 AD
No of Cal guar g Is
1930 J J 10214 - - 118 rsoy'16
North Wisconsin lit es
63
70
66 "if"
70 June'23
1948 J
&
0. L Cham 1st gu Mg
_ 8814 Apr'23
4
8614 863
1943 MS 8838
Ohio Conn Ry 45
91
8
9512 9818
963 Mar'23
1038 3D
Ohio River RR lit g 56
9512 954
1937 AO 9434 9712 9512 Feb'23
General gold .5s
4 983 100
8
99
s
4
1927 J J 985 9914 983
Ore & Cal let guar g 58
4
843 88
8612 June'23
1948 ,ID 8614 88
Ore RR & Nay con g 4s.
2 99 10412
104
10012 1015 10012
8
g 58_1946
Ore Short Line—lit cons
13 997 105
8
1031 1
1946• J 10114 10314 10214
Guar con 6e
38 903 924
92
s
1929 JD 9112 Sale 9112
Guar rotund 48
7914 Sale 7915
7958 104 751282
J J
Oregon-Wash lat & Fel 48._1961
15 76
76 Sale 76
795s
77
Pantie Coast Co lit g 5s_ __ _1946 in 82 - - 8612 June'23
s
865
84
,
1938 FA
I'm RR of Mo lit ext g 4s
3 95
97
s
935 96
95
95
1938
2d extended gold Si
91
June'23
90
91
Ills lets f 43.4i..,,1955 ii 8814 Sale 90
Paducah &
71 12
4
733 218 6614 7812
1958 FA 73
Paris-Lyons-Mecl RR tie
1, 95
974
95 Sale 95
95
1942 M
,
Paullsta 11.3 78
2 8853 9314
8812 ----8912
8912
48-1943 MN
Fenneylvanla I RR—consg
8714 0112
8
874 893 8734 June'23
_. _1948 MN
Consolgold 4s
90
85
86 June'23
May A 4908 MN
48 stamped
13, 8912 985
8
8912 Sale 8912
9514
FA
Conso1430
119 857 9274
s
8
90
1985 Jo 8912 Sale 857
General 43.4e
1968 JD 100 Sale 9912 10018 145 98 10134
General 59
46 10618 11034
108
1930 *0 10712, Sale 10714
-year secured 78
10
8
1063 11118
s
1075
4
1938 FA 10714 Sale 1053
15
-year secured 63.41
•
Pennsylvania Co—
8412 Nov'22
Guar 3328 coil trust rug A.1937 MS
4
8
8
Guar 3348 coil trust Set B_2941 FA • 827 _--- 827 June'23 -- 813 834
R318
2
79' 835 8318 May'23's--- RO
8
Guar 33.i 8 trust ctfs C___1942
,
,
4
81 4 81 4
8
Guar 3;is trust etre D___1944 Jo 783 ____ 813 June'23
8914 93
9112 90 June'23
Guar 151915 year gold 4a......1931 * 0
8412 87
8514 8412 June'21
es-year auar 4,etre Ser E_ _1962 MN 81
.No Price Friday:tat egg MO said asked this week. aDue Jan.
b Due Feb.
BONDS
N. Y.STOCK EXCHANGE
Week ending July 6
Price
Friday
July 6
z
Week's
Range or
Last Said
Rogge
Jan, 1
u
.
High N o Low High
4a9 Low
fltd
7114 7112 June'23 _ _ _ 7012 78
Peoria & East let cons 4R____1940 A 0 70
7 , 21
30
214
8
4s
Apr. 213 Sale 21
Income
95
,
92 4 97 s
8
7
Pere Marquette lit Set A be 1195969 9r. 95 Sale 943
9
.l
7912 39 77
8212
7912 Sale 79
lit Series B 4s
2956 2 J
8814 9214
Piffle halt & W lit g 4s
,
1943 24 N 86 8 90 4 8912 May'23
,
8
7, 4112 497
42
8
Philippine Ry let 30-yr s f 4e 1937 1 2 41
415e 415
9714
94 June'23 ---- 94
1940 A 0
V CC 22 St Lgu 4.1-is A
9518
2 94
94
94
Series B 43.4e guar
1942 A 0
94
9414
9414 Apr'23
Series C 434* guar
1942 M N
4
4
893 893
4
893 Feb'23
9114
Series D 45 guar
1945 M N
Series E 33,4. guar gold_ _1949 F A 90 8 -- 8412 Apr'23 -- 8412 8912
,
4
913
,
9112 June'23 ---- 89
Series F' guar 45 gold
1953 J 0 91 8
1 5958 9118
9118
911s
Series CI 45 guar
1957 M R 91 18
1 9212 945
8
925s
8
9258 _ _ _ _ 925
Series 1 cone guar 4Ae
1963 F A
9212 May'23 ---- 9214 9212
Series J 43.4s
1964 MN 9212 _
20 9358 991s
97
1970 J D 97 Sale 96
General 58 Series A
99 Nov'22
Pitts & L Eric 26 e 5s____a 1928 A 0 9512
105 Dee'02
Pitts McK & Y 1st Cu 6e..
1932 J J 10114
-1934 J 1 9914 . . 9514 June'20
2d guaranteed Os
- 9714 100
s
1940/4 0 963 10012 9918 June'23
Pitts Sh dr L E lot g bs
1943 J .1 9514 ---- 100 Feb'23 ---- 100 100
lit cons)! gold 55
98 June'22
Fitts Y & Ash lit cons Is_ 1927 M 14
35 June'23
35
26
,
38 s
-- 35
1957 M N
Providence Secur deb 4s
,
8135 Feb'18
1956 M (3 751s
Providence Term let 48
8412
/
8
7 827 88
1997 J J 8433 Sale 84
Re l tered
iteadgrg Co gee gold 4s
,
1997 J I 8012 85 8 85 June'23 ---= 8012 86
4
853
8318
8318 Sale 83
2 79
Certificates of deposit
81 June'23 ---- 80 88
81
Jersey Central coil g 4s_ __l951 A 0 80
Renee Sr Saratoga 20-yr 6s __1941 MN 10812 ------- _- -6i4
-981s
,
,
Rich & Dan 5s
1927 A 0 97 4 98 4 981s June'23
72 Mar'23 -- 72
72
70
1948 MN 67
•tlell & sleek 12. 58
- 9812 100
Rich Ter be
1952 1 2 9514 98% 9612 June'23
2 83 85
84
83
88
84
sio Gr June 1st gu Is
940 J 0
1935 22
0 June'23 -- 9
9
9
ttfo Or Sou let gold 43
11 June'23
11
- 11
Guaranteed
_ 1940 J J
78
7612 11 72
4
7612 Sale 753
410 Gr West let gold 42
6114 24 60 4 68
,
4
1939 A 1
Mtge & toll trust 4e A......1949 1 0 61 Sale 603
7418 17 7211 81
R I Ark d: Louie let 4348.. _1934 M 8 73 Sale 721 1
70
Jan'23
70
74
70
Rut-Canada 1st gu g 4s
1949 J J 65
ADr'23
80 8012
7612 - - 80
•tutiand lit con g 43,4,
1941 J J
6914 75 4
6914 June'23
,
St Jos & Grand lel 1st g 4s__ _1947 J 2 6812 76
9212
Apr'23
91
It Lawr & Adir 1st g 58
1996 J J 86% 9312 91
9713 June'23
8
953 9814
2d gold 65
1906 A 0
90
1931 J J 8912 9012 90 June'23 -- 87
St LA Cairo guar g 4e
8 1/4 2 991s
96
,
9512
St L Ir M & 8 gen con g 68_1931 *0 9512 96
102 July'14
1931 A 0
Gen con stamp cue 5s
4
823 89%
4 1
843
U III d & ref gold 4
1929 J 1 8412 Sale 8412
37 7412 86
76
75 , Sale 7412
Riv & G Div let g rie
99
9714
9714
1 96
99
3NN
3A O 96
193
8 L 21 Bridge Ter gu g 55_ _ _190
8
707
8
667 100 65
4
St L & San Fran (reorg Co)4e 1950 J 1 663 Sale 6612
8
22 80
857
81
81 Sale 8014
Prior lien Ser 13 Is
1950 J J
4
0014 20 873 93
1942 1 J 0014 Bale 8912
5145
8 21 97 10018
995
4
Prior lien Sec C 85
1928 J J 9912 Sale 983
231 7012 80
72
Cum adjust Ser A fis
41955 A 0 7153 Sale 71
2
687
64es 554 58
4
633 Sale 6218
Income Series A 89
41960 Oct
1 10212 1035
8
103
10212 104 103
It Louie & San Fran gen (le_ _1931 J J
6 95 8 99 4
, ,
97
97
General gold 5e
1031 J J
8212 8212
lit L & 8 le RR cone g 4s__1996 J J 8212 -- 8212 Apr'23
91
Southw Div 1st g bs.. _1947 A 0 8512 _—_ 91 June'23 -- 91
4
1003 June'23 -- 994 103
St L Pen dr N W 1st gu fis____14i48 J 1 10084
8612 Oet'22
1931 M 3
St Louis Sou jet gu g 43
3
75 8 10 723 "ig37,
4
8
1989 M N 753 Sale 74
ER L 8 W let g 4s bond ctfs
3 67
7012
,
2d g 45 Income bond etts.91989 J 2 6512 69 4
7412 38 734 78311
74 Sale 7312
Consol gold 4s
8 7312 8212
7414 741e
741s
let terminal & unifying 5s 1952 1 0 73
9
2
32
7514 12 7415 8112
7418
75
74
St Paul & K C ShL 1st 4;68_ 1941 F A
4 9114 93
4
913
,
91 4
93
it Paul NI & Man 48
1933 2 J 91
,
4
1073 10914
4
lit comic)] g (is
1933 3 J 1072 10854 108 4 June'23
99 eletit'2(
10214 110
Registered
1933 2 J
9558 June'23
4
8
-653Reduced to gold 43.8s
1933 J J 9,53 96
97 Aug'22
Registered
1933 J J
,
91 4
,
91 4
891s 93
91
Mont ext 1st Rohl 4n
1937 1 1) 90
Registered
1937 .1 D 8614 ___- 80 Mar'21
1 84
85
85
85
Pacific ext guar 45
1940 J J
7114 75 4
,
72 Sale 72
1943 I
8 A & A Pass let gu g di
4/9
'
73
97 May'23 15 97
96313 98
es & Ph Is
Santa Fe Pr
1942
5 7812 8314
max21
2
81 3
Nan Fran Tenni let 4s
1950 A 0 8112 Sale
107 107
97
A
Sav Fla & W fis
1034 A 0 10514 --- 10112
4
993 . - 100 Nov'22
Si
- 8518 8714
8412 8812 86 June'23
Icio V & N E 1st gu g 48._ _144 MN
9
1 3
6 53
58
54
54
Seaboard Air Line g 4?
6 52
58
5453
C)
Gold 4e stamped
9 °
1950 A O 5412 Sale 54
7
6947182 1069
223:2 2121 223 324
4
78
96514
27 Sale 21:2
0949 F A
Adjustment Is
46
39
1959 A 0 43 Sale 42
Refunding 4s_
4
583 68
let & cone 68 Series A
92( M j
1945 J S 62 Sale
933 97 4
4
,
9712 Sale
& Roan let 58
Seaboard
3612 3712
3612 June'23
_
6
94 J A
1,33 F D
Slier Sh & So let gu R 5s
e
997 'May'23 -- 98 10114
99 101
.
8 & N Ala cone gu 3s
4
983 June'23 -- -- 9612 9935
Gen cons guar 50-yr be._ _1963 A 0 9618 99
8012' 25 774 85
8
Bo Pac Co-Is (Cent Pac col) R1949 J D 8018 Sale 795
8 60 90
913
8
8
4 921
M 8
929 i 13 9138 Sale 905
-year cony 4s
20
0814 10212
9814 June'23 - 1
981 99
0111(34
-year cone bs.
20
1937 MN 10112 - -- 10114 Apr'23 -- 10114 10114
So Pa.of Cal—Ou g bs
8814 8918
1937 J J 8612 8814 8814 June 23 -So Pac Coast let gu 48g
4 56: 83 8812
853
4
1955 1 J 85 Sale 843
So Pac RR lit ref 48
923 9814
2
1994 J J 9512 Sale
Southern—let cons a 5s
93
'3
924 1
- - 95 blay53 19 9014 9354
Registered
8
67 7 246, 8614 6912
99 A 1
Develop &gen 45 Set A.... _19511 1 0 (2738 sale 67
100 102
11995:11A 0 10114 Sale
Temporary 0Si s
'
1e 24
0°.
9.5 194Z Jun01 13
97
90
Mem Div lit g 0413-59._
9 J J 94
7718 June'23
7718
7514 81
NJ
St Louis div let g 48
9914 June'23'
9814 99
_ 97
4
993
5
99
1021 Mj
So Car & Ga let ext 5 i', e
82
82 8312
Spokane Internal let g 5,9___ _1955 J .1
80
_
Oc9 20
t3
1
Staten Island Ry 4 tie
92 May'22
---- -Sunbury & Lew 48
_ 05 Mny'lli
4
S
(
-Superior Short 1, let Is g____61 99383 11 D 953
11934 1 M 1
414 93 June'23
9212 95
Term Assn of .-t L 1 4 g 410_1939 A 0 894 9
95
9712 9
1 96
9812
012
99
lit cons gold 5s
8014 80 June'23
82
- 77
114 F A
2
19 3 J2 79
Gen refund a 1 g 45.._ ._
8
8
893 9212 905 May'23 904
90
Tex & N 0 con gold 511
3318 Dec'22 -_1 1143 M 1
1 943 1 4
Texas & Okla 1st go g 5s
0
200 mar
1200(1 J D WI;"ii" 9212 June'23 --.- 9012 98
Texas & Pat. it gold Si
51
4012 64
57
54 May'23 2d gold Income 51
8812 883
884 92
4
June'23
La Div B L lst g be
983 98 4
,
4
4
3
19 1 A 2
Tol & Ohio Cent let gu 5e...._ 1 9 5 2 0 993 9812 9712 May'23
9112 ____ 9312 Apr'23
9214 98
Western Div let g 55
,
4
1 87 8 913
8
893
8958
1935 J 0
30
32
30 June'23 1917 J J 2812 30
Tol Peo & West 4s
9318 95
4
pr lien g 310_1925 J J 913 944 0135 June'23
Tol St L & W
,
V 6818 75
6913
1950 A C 6914 Sale 68 s
60-year gold 48
19312 J 934 9612 9514 June'23 -- 0514 9514
Tol W V & 0 gu 454s A
9514 June'23 -- 9514 Ms
J 913
4
1933 2
Series B 43,4e
- -1042 M S 8478 ____ 463
Series C 4s
-7812 7180 June'23
Tor Ham & Buff let g 4A___k1948 J D 7812 80
94
9512
941e May'23
3415 96
(lister & Del 1s1 cons g 5&_,..,11(28 1 D
70
70 Mar'23
88
62
1952 A 0 65
lit refunding g 4n
55 8814 933
4
915
,
0112 Sale 90 s
1947 3 1
.
Mon Pacific let de
_I 884 92
89 June'23
94
1947 J J 8r'
Registered
8 40 9414 981s
957
19272 1 91, Sale 9412
cony 11
-year
20
19 8014 88
83
02008 M S 8212 Sale 82
let & refunding 4e
4 11 100 1053
1033
4
-year perm Recured 8e_ __1928 J 1 1058 Sale 1034
10
9112 June'23-- — 1 90
9314
92
90
1944 M S
U N 2 RR & Can gen la
8
9912 997
907, Jan'23
1926 2 1
(Iran & Nor gold Si
914 Apr'23
91
4
9134
1933 J J 1,83
1,1 extended 4e_. ___
Apr'23
88
1955 F A
VA sdalla eons g 0 Ser A_
85 May'23
85
87
1957 M N
rlonsol 45 Series B
36 June'23
34
3712
Ve•t Crus & P lat gu 44e-1934 J J
Apr'23
34
45
30'i---- 38
July coupon on
_
._ _ _
1.41v ronnon off
4
I Due Dec.•'Option sale,
0 Due June, 6 Due July. k Due Aug. o Due Oct. D Due Nov.
New York Bond Record -Continued Page 4
BONDS
lg. Y. STOCK EXCHANGE
Week ending July 6
U
Price
Friday
Ji.lq 6
Weee'e
Range or
Last Sala
41
03.3.
Rance
Since
Jan. 1
BONDS,
N. Y. STOCK EXCHANGE
Week ending July 6
71
Price
Friary
JolY 8
Wars
Bangs or
Last Sale
aand e
Since
Jas. 1
Ask Low
Bid
High No, Low High
9712 June'20
Denver Cone Tramy 5s
---1933
3 83 4 90
m N 845 859 85
8
3
8514
Deny Gas dr EL let & ref ef g 5851
14 55
80
99
Dery Corp D G 7s.. ._ _ _ _1942 ree s 7912 Sale 7912
14 949 100 2
'stroll Edison let coil tr 55_1933• j 09
9312 989
99
,
9412 11 90
lee & ref 5e ser A
98
81940 MS 9412 Sale 949
27 101 104
let & ref 68 series B
103
11940 7.4 8 103 Sale 102
47 82
Del United let cons g 4345....1932 j j 85 Sale 8412
85
85
3
Diamond Match s f deb 745e_1936 m N 1059 Bale 105 8
3
1059 23 105 8 10812
Distill Sec Cor cony let g 521_1927 A 0 4714 Sale 47
479 10 4712 64
2
47 Sale 47
48
Trust certifLeates of deposit___ _
14 79
j 7812 793 79
8512
Dominion Iron & Steel be_ _1943 j"80
4
20 84
87
Donner Steel 7s
93
1942 j j 8614 Sale 86
El du Pont Powder 445e. __ _1938 J D 88
- 88 Mar23 ---- 875490
du Pout de Nemoure & Co 715s '31 H N 1079 sale 10718
1079 47 1059 1094
48 101 10412
Duquesne Lt let &
1031
as
1949 j 1 10212 Sate 10212
1069 June'23 ---- 10614 1089
Debenture 734s
1930 J J
East Cuba Sue 15-er s I g 790937 MS 98 Sale 06
983
8 70 94 113 4
,
Ed El Ill Bku let con g 4s__ _1939• J 8714 --- - KG Mar2 ---- 86
91
.
Ed Elm Iii lot eons g 5e,___ _199 J
1 9912 103
97
091
9955 9912
Elk Horn Coal cony Os
, 97
9912
1925 J O 9612 9712 9712 May'23 -re
.metre Gas .te Fuel 79s--- -1937 MN 899 Sale 8812
9018 326 8812 989
Eq 0 Light 58
931g 95
1932 MS --__ 949 939 June'23
4
Fisk Rubber 1st Sr 88
10514 23 104 108 2
,
1941 MS 10412 1043 10418
7018 Mar 24
I, Smith It & Tr let g 58_1936
7018 7018
•S
_ 8812
89
Framerie Ind & Dee 20-yr 7448'42
6 8314 9 9
3
'
3
101
Francisco Sugar 798
9914 103
1942 MN I5012 jai 10012
118.0 El of Berg Co cons g 5s .1049 in 91_ 9318 Mar23
- 9318 9312
100181
1 9912 101
Genen.I Baking let 23-yr 641_1936 J D 100 i0012 10018
773 June'23'__
4
Geis Electric deb g398
769 809
1942 FA 7712 80
100381 30 9912 103
Debenture 5s
1952 MS 1009 Sale 100
9812 902
98 I
5 97 101
GenRefr 181 8 f g 65 Ser A__1952 F A 97
19 4 sa e 193 8
14 Sal 1 18
93
100
15141 185 983 1019
72
l
Goodrich Co 69e
4
1947 J
Goodyear Tire & Rub 1st s f 8e '41 MN
1135 1179
8
10212 65 999 106
10
-year I deb g 841
e1931 F A 10114 Sale 110113
lranby Conti88 e & Peon (es _4 '28 141 N 8812 94 1 8812 June'23 ----1 8812 9212
Stamped
az
92
1928 M N 8812 ____ 92 June'33
8812
Cons deben Se
5 8812 100
1925 M N - _ _ 939 8812
Gray & Davis 7s
1932 F A --__ 899 90 June'23 -- 90 191
9814 ____ 91/3 Juue'22
Peat Falls Power Ices f 513_1940 MN
4
97 100
82 May'23,--- - 8012 82
Hackensack Water 4e
1952 J .1 8014 82
4
Havana Elec censel g be__ _1952 F A 903 Sale 9088
94
903
4
2 87
8424' 15 819 8514
8414
Havana E Ity L & P geu 58 . 34881 8414 85
,
5
98 I 49 96 100
Hershey Choc let etc
1942 M N 98 Sale 9714
Holland-Amer Line 69 (fiat)_1947 MN 859 Sale 8514
864,
7 8514 92
95 June'23'- - 95
audeon Co Gas let g be
929 95
1949 H N 93'2....
Rumble 011 & Refining 544s .1932 J J 98 'Sale 9712
989 61 9714 99
Illinois Bell Telephone Us w 1_1956 J D 9514 Sale 9514
9533 382 9514 959
8
8
9112 13 88
Minute Steel deb 442e
9642
1940 A 0 003 907 901s
75 _ _ 79
1 79
79
Ind Nat
8012
& 0 Se
1936 M N
9912 Sale 9914
100
30 99 111112
Indiana Steel let Is
1952 M N
96 Nue'22
Ingersoll Rand 1st gold be__ _1935 .1 .1 ---- 100
10
5 'il, 10
.
fieterboro Metrop coil 440 195(1 A 0 10 Sale 10
l
.
Certilleatee of deposit
6
912
14
114 525
Guar Tr Co cti's 16% stamped
12 19
60 Sale 5612
6012 296 5612 729
tnterooro Rap Tt81:1 lee be.. _1566 J
60 Sale 5712
0,055 20 5712 7211
Stamped
,
5514
71 527s 731e
-year Ile
10
1932 A 0 529 Sale 52 8
86
41 85
le
943
4
1932 NI,S 8512 Sale 85
5712 60
5612
5712
8 5612 8112
Int Agile Corp let 20-yr 5s_1932 M N
8012 79
8012 46 79
inter Mercan Marine et I 68_1941 A 0 79
90 4
3
82 Sale 81
82
18 81
8812
internAtIonal Paper 118
1947 J
81 Sale 813
829 11 813 88 4
4
4
ist & ref Se B_
3
19473
95 June'li -2
,
Jeff Clear C & I be
1926 J D 10318 __
78
761., 784
8212 59 76
0412
Jurgene Wks Ss (flat price)..1947 J J
9012 37 87
91
Kansas City Pow & Lt 5s
1952 M I 9014 Sale- 9013
4
9512 14 9312 964
43
Kan G & El 83
1952 M S 9 4 Sale 943
8
8
1029
3 1023 107
8
Kayser & Co 78
1942 F A 1025 1029 1025
4
1053
4
4 22 103 1099
Kelly-Springfield Tire 8e
1931 111 N 1033 1073 195
9412 .July'21 •
Keystone Telep Co let fie__ _1935 3 .1
2
917
-9(14 - - Kings Co El LA P g 58
1937 A 0 971- 9814 98 June'23
8
9
10812 11312
Purchase money Os
1997 A 0 109 10914 1097 June'23
10314 ____ 1043 June'23
8
1049 1043e
Convertible deb 1313
1925 M
64
6912 799 June'23 __-_ 70
74
Kinge County E let R 48._ 1949 F A
64
699 70 June'23 -- 70
76
Stamped guar 4e
1949 F A
---- 76
7514 Juue'22 _
7514 809
Kings County Lighting 58-.1954 J
9512 Sale 9512
9512
5 9512 101
6458
19643
1017
8
8 994 102 2
Kinney Co 7458
,
1936 3 D 10014 10112 10012
89
Lackawanna Steel.)' A
5 88
9255
1950 M S 889 8918 5812
919
Gas I. of sl I. ref & ext be 1934 A 0 919 Sale 8512
6 8812 96
_ 909 June'23 ____ 8812 9112
Lehigh C & Nav f 445e A
1969 .1 2 91
98 10012 9918 May 23 ____ 99 100 4
Lehigh Valley Coal 5.8
3
1933.7
89 ____ 5318 Oct'21
48
4a
19333
45
44
Feb'23 __-_ 44
Lex Ay & P F let gug 55.. l993 NS 5 38
14
118
6 112 118
Liggett & Myers Tobae 75_1944 A 0 117 118 1179
965 Sale 95
8
969 13 93 989
.....1951F A
3
116
7 1119 1169
Lorillard Co (P) 78
1944 A 0 1159 118 115 8
96
8 931g 979
58
1951 F A 96 Sale 95
110
21 108 120
Magma Cop 10-yr cone g 7s 1932 J D 108 Sale 108
989 979 963
4
9712 14 9612 102
Manati Sugar 7453
1942 A 0
4aneat Ry(NY)cones 4s 1090 A 0 5712 Sale 589
577g
15 569 649
5012
2d 48
5012
1. 5012 66
2013 J 1) ---- 61
9714
98
Manila Elm 78
2 I 9612 983
4
1942 M N 979 98
.145n1144 Eloc Ry & 1.1, e f 5/1_1953 H S 8212 ____ 8212 June'23 ____" 8154 8455
9212 .7 I 91
4arket St Ry let cons 5e
1924 88 $ 9212 Sale 9212
989
5-year 6% notes
963
4
3 943 99
4
1924 A 0 9512 9678 96
122
garland 011s 85 with war nts '31 A 0 1219 122 122
10 109 1619
4
8
1043
s
4
6 1027 10755
without warrant attached__ A 0 10418 1043 1043
7l5s Ser 13
1931 F A 117 120 114 June'23 _ _ t 102 159
97
99
9812 June'23
do without warrants
919 1019
9912 95
Merchants & Mfrs Exch 78_1942
993
4 36 95
999
13 99
98
MetrES IstArref g 6s Ser B_ _ -1952 1. A 9712 Sale 9714
96 96
999
Metr Power 65
96 2
,
1953 J D -e-- 969 96 June'23 __I 96
Mexican Petroleum e 1
108
40 1099 1099
M N 108 Sale 168
8
100
20 999 100
Mich State Tcleph let 5s
1924 F A 100 Sale 997
Midvale Steel.00 cone I I 58_1936 88 S 85 Sate 85
e6
16 85 919
85
86
85
Certifinates of deposit
8514
90
7 85
1936
9812 9914 1
Ilw Elec Ry & Lt eons g 53_1926
/9 June'23
98
99 4
,
893 8912 May'23
flefitading & exten 4 1 2e_ _ _1931 3 J 89
885e 9112
2 889 92 8
Gen 5s A
92
9112
,
19513 D 909 91
8
823
4 43 8114 8912
let 58 II
1961 1 14 82 Sale 811
949 114 June'23
_
Milwaukee Gas L let 49
927 9412
8
1927 NI N 94
96
56 93
Montana Power let 5s A _ _ _1943 J J 959 Sale 949
989
8814 Sale 88
8812 22 88
91
.tontreal Tram let & ref be_1941 .1
79
29 7312 873
Morrie & Co lets f 4
789 Sale 78
4
1935 J J
83
Apr'14
Mortgage Bond is
196e A 0
919 9312
9312 92 June'23
5e.
1932 A 0 93
909 June'23
Mu Fuel Gas let cu g 5e
909 . 97
893 95
4
1947 M N
Slut Un girl tele eXt 5%
10155 Sept'17
1941 MN 934 _
545758 58
9aesau Elee guar gold 4e
58
673
4
11/51 .1 I 93,1 sale 93 June'23
94
26 93 • 95 4
3
Nat Acme 745s
D
1931
953 ____ 9712 June'23 ____1
4
Nat Loam & ritanipe let 5e 1926 J
99 133
876:
9
,31.7,9
86
Nat Starch 20
-year deb 5s. _ _1930
.1 93 44 6:681 el: 05 8G214'22 _ _ _ _
elational Tube els
.
_1952 MN
43 i .51.: 100
5_ 96
6
New England Tel & Tel Si 1952
99
9
7
D
qew Orl Ily dr Lt gen 498-1933
June'23
1 e 23
u
104
N Y Air Brake let cony 68_1928 M N 102 10i 4 101 jr b:21 _ _ _
- 32 7412 79
7812
NY Dock 50-yr let g 4s
1951 F A
1089 71 1069 11212
y Edison let & ref (1458 A.1941 A 0 1082 Bale 10814
2
98 1 14 9512 100
ItlYGEL&Pg 5s
19483 D 98 Sale 979
8112
819. 14 7918 834
Purchase money q 49 _
4
1948 F A 813 82
82 June'23 ____ 76
82
Y Msinlc Ry let it be A.1966 3 .1 7912 _
30
91e 3
0
99
6
y Q Ell.& P let g 441
1930 F A 949 S8. 9 909 June'23 ____ 96
31) 30 30
Y Rya 1st R E ref 4a_1942 J J
884
28
337 30
31
8
-48 30
879
Certificates of deposit
SO year ad) Inc 58
a1942 A 0
6212 6 2:2 3
0 ,
3
61
3
212
Certificates of deposit
31'2 51
2 16
212 8 a
3
77
N Y State Rye let eons 4458_1962 MN
60
929 90
6128
62
90
1962 M N 88
'9 60
1 90
69
9712
94
NY Steam let 26-yr Os Ser .4.1947 H N
93
93
93
1193
98
•
• No mice Friday: latest bid and aaked. S Dag Jam. 4DUe April 5 Due Mar. •Due May, c Due June. It Due July,8 Due Aug. a Due Oct. DUG Dee.
t Option sale.
Bid
Ask Low
High No. Low High
96
98 Mar23 _ -- 9814 9814
l926,M
Verdl V I & W let g ba
Virginia Mid Ser E bs
1926 MS 989 983 9818 alay'23 __-- 989 989
4
9718 June'23 ____ 93 979
General 5s
1938 MN
9412 02 June'23 ____ 92
Va & So' 'n et gu be__
2003 .8.8 92
9314
79
78
7813
2 759 81
1958 AO 76
let cons 50
-year 55
95
34 9012 OS
Virginian let be Series A_ _ 1962 MN 95 Sale 94
95
81 94
Wabashi let gold 58
1939 MN 9412 Sale 94
99
84
1939 FA 841g Sale 84
6 83
2d gold 5s
9214
'3 05
71 June'23 ___l 67
let lien 50-yr g term 48_ _ _ _1954
71
86 10018 94 Mar'23 ..--- 94
1941
Dot dc Ch Eat let g 5s
9612
76
739 Jan'23 - ___I 7314 739
Dee Moines Dly let g 4e__ .1939.8 J 67
6312
1 63 864
1941 A 0 6114 661e 831.
•Cm Div let g 3455
723 Apr'23 _-_- 723 729
4
1041M S 7112 75
Tot & Ch Div g 48
4
Warren 1st ref gu g 315e
707 . . 7418 Nov'22 ____1 ____ ____
8
2000 F A
79 June'23 -- 74 8 80
Waeh Cent let gold 48
1948 Q M 7412 79
5
9838 June'23
iv a & W 1st cy gu 9
.8
1924 F A 9814 _
- 975 9312
8
Wash Term let gu 304s._l945 F A
774 799 79 June'23 __-- 789 Ms
8158 ____ 8512 June'23 __-- 8512 8512
let AO-year guar 48
1945 F A
W Min W & N W lst gu 51..._1930 F A
8712 Mar23 ___ 8314 89
7612 80
West elarylaed let g 4e
6012 60
6012 27 60
1952 A 0 60
85 4
3
.
West N 4 & Pa let g 58
96
4
9814 953
953
4
2 9512 100
1937' J
4 7314 839
75
flea gold 4s
1943A 0 7412 Sale 7419
14 7812 85
1Veetern Pao 1st Sec A be. _ _1946 Ile P 7812 Sale 7812
79
B es
9214 June'23 -- -I 913 95
92
1946M 8 89
4
wee,. Shore let Ile guar
799 13 77
839
2361 1 J 799 Sale 78
76
7512 79
Regletered
82
2361 J J
3 75
76
97
4
99
99
983 June'23 ____' 97
Wheeling & L E let ,e 55
99 Feb'235533 •
Wheeling Div let gold 55..1221
Erten & Impt gold Se
1930 F A 8911 9738 95 June'231---1 955 9.555
--8
45141
4812 4514
2 4514 82
Refunding 445e Series A__ _1966 14 S 46
62
654
61
KR let coneol 45
8' 57
61181
1949 1114 S (ii
Wilk & East 1st gu g 6s
813
1942.8 D 5112 539 54 June'23____ 50
WIII & S F let gold 5e
8
_ 101
Jan'231... 101 101
1938.8 D 973
80
80 June'23 __ 76
Winston-Salem 8 13 let 4e......1960 1 J 79
8112
4 13 Cent 50-yr let gen 49._ .. _1949 9 3 757 7(i12 75
,
8
755
8 26 74
82
753 7714 7612 June'23
4
Cup & Dui dly & term let 4s'39 IYI N
75
803
s
543 __ 65 alay'22
4
w & Con East let 498
-1943 J J
INDUSTRIALS
80
801 80
2 80
2flatuts Express coil tr g 4e._ _1948 MS 80
809
95
17 94
&lax Rubber 8e
9912
1930 3D 04 Sale 04
5
5
7
112411k9 Gold M deb (3a A
6 5
8
1925 MS
5
61
5 June'23
Cony deb Os aeries B
5
614
1926 M
933
4 23 9212 975
Amer Chain Os
8
1933 AO 93 Sale 9212
963
4 26 96 10012
tin Aerie Chem let be
1928 AO 96 Sale 96
9712 82 963 1043
lat ref a 1 793 g„.
4
4
1941 FA 9612 Salo 9614
603 623 63 June'23 _ _ _ _ 59
4
8012
Am Cot Oil debenture bii_ __ _1931 MN
km Dock & Impt gu Se
1938 J J 10614- 1059 Deo'22
8812
9 -8
F. -907;
Amer Republics fis
1937 AO Ws 883 8612
4
90
95 8418 929
Are.Ste dr 11 let 30-yr Seger A 1947 AC 893 Sale 8912
1003 122 999 102
8
Os B
1947 AO 10014 Sale 100
1013 Sale 10112
4
102
71 10012 104
American Sugar Refining 88._ 1937 J
92
64 907 933g
2
, Telep dr Teleg coil Or 43_1929 3, 919 Sale 91 18
In
87
1 86
87
921 87
M
Convertible 48
90
1936
99 1023 1015 June'23 _ _
8
20-year cony 415e
1933 M
100 10212
g
80
97
85 95 101
-year temp colt tr 5e
1946 J O 987 Sale 909
11412 13 11312 11712
7-year convertible Se
,
1925• A 11414 Sale 114
861,
85
•m Wet Wks & Elec. 59
85
2 82
1939 AO 8412 85
6512 Sale 65
66
km Writ Papers 67
17 65
-Se
1930 .1
8512
9612 Sale 953
4
9612 380 953 989
Anaconda Conner 6.
1953 FA
4
9912 Sale 9812
991e 484 9812 1049
7e
1938 J A
84 Sale 8214
Armour & Co let real est 445e 1939 .8
8414 44 82
90
3412 June'23
40
Atlantic Fruit cony deb 7e A_1934 3D 31
4012
29
31
3312
33
6 29
33
Trust certificates of deposit____
3912
25 Sale 25
do
26
18 25
stamped
44
Atlanta Gas Light be
1947 J D 9614 _ _- 98 Nov'22
98 Sale 9712
Atlantic Refg deb be
98
13 -6(71;"i7;4
1937
Baleve Loco Works let 58..___1940 M N 10018 101 101
101
100 103
97
973 97
98
4
12 9512 1161
ns"lsdailCorpsfeonvS% A.1931
3
971 1 Sale 96
Bell Telephone of Pa be
9714 88 95l
1948
99
°eta Steel lst ext sibs
52 9512 9955
19359 .; 99 Sale 961e
99912
95 Sale 934
95
let & ref 5s guar A
19 91
9718
1942 MN
88
87
8838 30 87
23-yr p to & imp s be
9312
1936 .1 2 87
9712 Sale 9712
fle A
9812 49 96 100
1948 F
8912 Sale 8914
90 8 64 8914 939
3
54e5
1953 r A
709 Mar23
booth Fleherlas der) e Ge_ _ _ _1926 A 0 7112
s
703 703
8
983
994 99
4
9914
Braden Cop M coll tr a f 6e 1631
9 979 10014
'
9412 sale 939
95
174 919 983
Velar Hill Steel let 59e
s
_.1942 A 0
_
62
B way & 7th Av Isle g 5e
1943 J u 65 Sale 62
6112 69
84
83 June'23 83
Brooklyn City RR be
88
83
1941 J J
95 Sale 9412
9512 27 9412 99
etillyn Edison Inc gen be A 1949
J
1047
8
11 10012 10 8
General fle series B
1930 3 j 10318 Sale 10318
47
106
107 Sale
10714
4 105 10814
General 7s series C
1930
4
18 106 109
General 75 series D
1940 J u 1083 Sale 1089 10914
65
65
65
68
9kIn Qu Co & Sub con gtd 59_1941 M N
58
6
6
8012 ---- 7912 Nov'22
let 5e.
70 June'23
siooklyn Rapid Tran g 55_1945 A 0 ---55
79
71 June'23
Trust certificates
79
64
80 June'23
60
let refund Cony gold 48„ _2002 .1 .1 50
64
88
89 June'23
8312 87
11-yr 7% secured notes_ __/1921 J
87
9
6
8312 87 849
85
547 9512
Certificates of deposit
8
79
791.2 84
Cents of deposit stamped
79
79
959
79
80
83
atlyn Co El let g 4-58
81
10 79 8
1950 FA
5
N 83 Sale 81
A
Stamped guar
83
10 81
4
843
949 Sale 949
917s
3 9312 100
lklYo Un Gas let cons g 5e..118940
4-5210
108 Sale 10778
Ye
108
10 10712 1187
8
let lien & ref 6 Serie!! A
10112
5 1003 1059
_1942N N 10112 Sale 10138
1937 MN
4
7e
10812 10 10718 117
2
92
1939 M N 10812 Sale 10718
esuft & Hung Iron a f 3s
.1 le 9012 -- 9112 June'23
9112 91 12
Ouch Terminal let as
84
8
84
A 0 797 37
87
1952
80
83
Congo'5s
83
84
12 8228 8912
1955 33 82
Building be If uar tax ex
893
4 11 85
1980 AO 89 Sale 889
933
4
Cal G & E Corp be
95
4171 9512 June'23
949 9814
1937 MIS
Camaguey Hug lets f g 70 _ _ _1942 AO 11714 Sale 07
98
16 84
99
Canada SS Linos let coll e f 7e 1942 MN 9112 923 113
939
3 9212 979
Usisada Gen Elec Co Os
g
101
1 100 10312
1942 FA 1003 Sale 10012
9812 June'23
Cent Dist Tel let 30
-year 5e_ _1943 JO
97 1110
Cent Foundry 151 s f 6e
881 90 June'23
1931 AO 85
87
994
Cent Leather 20
-year g
983
8 45 9814 ItiOle
_ 1925 AO 989 Sale 9814
Cerro de Paaeo Cop 813 Sm._-1931 .1 .1 118 Sale 11612 11912 39 1161, 150
_ 951 9214
Co0L & Coke let gu g lie.._l937• J
9314
5 9214 983
4
Milne() Rye let 55
787 77
77
7718 61 7614 839
1927 FA
999 June'23
Mimeo Tel 5.
9912 10018
1023 .1 D 9978 100
Chile Copper 88 ser A
9812 93 OS 10314
1932 AU 9812 Sale 9712
969 June'23
Jineln Gas& Eke let 11 re( Se 1956 A 0 96
97
9618 993
4
4
9712
545s Ser B due Jan 1
9712
1 959 9812
1961 AO 963 97
86
86
88
3 8512 /4912
56
Colo F & 1 Co gen elSe
1943 FA
be gu
7512 76
7514
76
3 76
1934 F A
Col Indus let & coil
7912
4
Columbia 0& E 1st 58
1927 • . 963 Sale 96
1
9634 10 95
9712
953
4
4
1927 J .1 953 97
Stamped
9814 10 9518 97
1993 M S ---- 171 15 June'23
14
20
001 & 9th AY let gu g 5s
929 June'23
.1
Columbus Gas let gold 58_1932
92
93
Commercial Cable let g 4s....2397 0 J 7018 701 7018 June'23
70
759
3512 Sale 85
1947 H N
86
10 84
Commonwealth Power 811
99,
4
10014 10012 1004
19374
1
10012
Comp Aim Bare 74559312 10112
1941 J J 9914 Sale 98
9912
Computing-Tab-Reo a f 65
999
95
7612 June 23
7612 873
Conn Ry & I. 1st & ref g 91513 1951 J J
8
79 Sale 80
J
1951
82
3 7)11, 83'
Stamped guar 114511
4
Cone Coal of Md let & ref 5e_1950 J D 873 Sale 859
88 2 27, 849 90
,
841
9238
3 894 953
Con0 Co of CD let gu g 521......1930 3 J 919 9512 9288
4
8912 119- 849 9215
1952 M N 89 Sale 89
Consumers Power
9914 June 23 _
97 100
MN
Corn Prod Refg s g 5s
9812 99
9
9312 983 98 June'23
4
3 FMM
1
4
193
94
let 25-year f Se
98 101
88
90
8814
90
Crown Cork & Seal (le
13S14 95
4
J 853 Bale 849
1930
86
94
75' 82
Cuba Cane Sugar cony 7e
899 Sale 8912
91
1
101 8712 9
Cony deben stamped 8%_ _1930 .
814
107 Sale 106
107
31! 1059 108
Cuban Am Sugar let cull fie_ _1931 M
9
9414
1937 J J 911g 9212 91,
Cumb T & T let & gen 5e
2
9212 34 91
0
.,
.1
THE CHRONICLE
New York Bond Record-Concluded-Page 5
[VoL. 117.
Quotations for Sundry Securities
All bond prices are"and hemmer except where marked 'I
Range
Pries
112
Wears
BONDS
Standard 011 Stocks Par Big. Ask RR,EquIpmente-Per CI. Basis
5.70 5.35
alee
F07+011 or
Ii.
FrMO
N. Y.STOCK EXCHANGE
Anglo-American 011 new_ 51 *1412 1512 A Ran Coast Line 86
Last Sale
..2111inly 6
Jan. 1
5.50 5.20
Week ending July 0
Atlantic Refining new - _100 10712 110
Equipment 634.
5.85 5.40
100 115 118 Baltimore & Ohloth
Preferred
High No. Low High Borne Scrymser Co
Ask Lora
B48
5.65 5.35
100 110 130
Equip 434e& Si
94
42 913 8 94
5
NY Telep lot & gene!430_1939 MN 9312 Sale 93
50 *83 85 Buff Roch & Pitts equip 61.. 5.50 5.20
Buckeye Pipe Una Co
5.50 5.25
-year deben s f 86-Feb 1949 F A 10618 Sale 10512 10614 42 10314 1084 Chesebrough Mfg new._ 100 225 235 CanadianPacific 4344 & 6e
30
4 1047
8 60 10214 10714
5.60 5.35
-year refunding gold 66_1941 A 0 10412 Sale 1033
20
100 110 115 CentralRR of N J 65
Preferred new 9914
8 9514 101
5.80 5.40
Falls Power let 55_1932 J J 99 9914 99
Niagara
25 •35 37 Chesapeake & Ohio Si
Continental 011 iiew
3 10112 105
10372
61932 A 0 10378 Sale 10378
5.55 5.30
Ref & gen 6e
19
Crescent Pipe Line Co 50 •18
Equipment 6348
99
2 96 9912 Cumberland Pipe Line_ A00 93 00
991s 99
5.60 5 3.5
Slag Lock & 0 Pow let 53_1954 MN 99
Equipment 5s
96
921 1 29 91
1952 IN S 92 Sale 911 4
8e
No Amer Edison
102 04 Chicago Burl & Quincy 6e. 5.60 5.30
Eureka Pipe Line Co__
4
9312 17, 90 95
6.10 5.60
Nor 01210 Tree & Light(is_ _1947 M 5 9234 Sale 923
Galena Signal Oil com__ _100 .5812 60 Chicago& Eastern 111 5348
9034 4S 874 93
8
5.45 5.20
Nor States Power 25-yr 5e A.1941 A 0 90 Sale 893
100 110 15 Chicago & W 434
Preferred old
30012 13 984 102
5.75 5.40
-year 8s Ser B 194I A 0 10012 Sale 100
let & ref 25
100 102 07
Preferred new
Equipment Be
4 41 107 108
1073
5.50 5.25
Northweet'n Bell T let 7e A_1941 F A 10734 Sale 107
100 158 59
Pipe Line
61.48
Illinois
Equipment
5
NorthW T let fd g 41.4, gtd....1934 J 3 8914 . _ _ _ 913 May'23 __._I 914 9138 Indiana Pipe Line Co
50 •94 96 Chle R I & Pac 43.4e & be-- 5.70 5.45
2 101 108
1946 A 0 10212 Sale 0212 10212
5.85 5.40
Ohio Public Service 744e
1518
Equipment 65
International Petrol (no par) *15
4
904
31 993 10514
4
4
1947 F A 993 1003 99+4
5.85 5.40
76
2312
9412 14 923 9814 National Transit Co__12.50 *224 100 Colorado & Southern 664
5.85 5.35
Ontario Power N F let 56___ _1943 F A 9418 9412 9312
Delaware & nucleoli Be
New York Transit Co.,.100 97
9312
2 93 96
6.25 5.75
Ontario Transmission 6a._1945 51 N 92 9414 9313
Pipe Line Co_ _100 97 100 Erie 4348 & 5s
Northern
99
13 974 1014 Ohio 011 new
1941 F A 9812 9912 9810
6.30 5.75
Otia Steel 86
Equipment (3s
25 858 5912
9212.
8 9114 947
5
1947 F A 9212 Sale 92
6.65 5.35
let 25-yr e f g 7348 Sec B
Great Northern Be
Co
9114 38 8812 9314 Penn Mex Fuel new...100 1731' 181 Hocking Vallee 68
IC
5.80 5.50
Fact! 0& El gen & ref 5,., _1942 J 3 91 Sale 9012
21 19 13
Prairie 011 & Gas
92
2 897 94
4
8
4
6.45 5.20
Pao Pow & Lt 1st & ref 20-yr 56'30 F A 913 92 913
100 96 964 Illinois Central 4):e &
Prairie Pipe Line new
4
95
24 943 9912 Solar Refining
4
1937 J j 9434 Sale 943
8.70 5.35
Pacific: Tel & Tel let 56
Equipment Be
92
36 88 924
8
1952 MN 9012 Sale 895
8.45 5.20
6e
6
113
73
Equipment 76 &
100 194 19
10318 16 102 105 e Southern Pipe Line Co_100 128 131 Kanawha dr Michigan 65
5
5.80 5.45
Pan-Amer P & T let 10-yr 76_1930 F A 10318 Sale 103
100
South Penn 011
5.60 5.26
Pat& Passaic0& Moons g 58 1949 Ill 8 93 9418 94 Jan'23 _---1 94 94
79
75
434e
Equipment
Southwest Pa Pipe L1nee.100
Peop Gas & C let cone g 86_1943 A 0 105 10778 106 June'23 --- -' 105 108
4
Standard Oil (California) 25 .503 51 Louisville & Nashville Si..,. 5.50 6.35
89
2 87
94
5.50 5.25
1947 M $ 89 Sale 89
Refunding gold Si
.
Equipment 63412
25 *531 534
1
100 8 38 984 10112 Standard 011 (Indiana)._ 26 •39 41 Michigan Central Si, es
5.50 5.25
1944 F A 10014 Sale 100
Philadelphia Co 86A
011
7014 75 654 8234 Standard 011 (Kan) new 25 *851 4 86 Mh2n St P & El 8 M 434e & 55 5.75 6.40
Pierce-Arrow 88
1943 M 5 --------6514
(Kentucky)
Standard
84+4
2 844 98
84'4
5.80 5.40
1931 3 D - -- - 86
Pierce 011 5 f 86
905 215
& 711Equipment 81411
Standard 011 (Nebraska) 100
9018
3 89 90
5.50
Pleasant Val Coal let g e f 54_1928 3 3 90 -___ 9018
4
Standard ()Hof New Jer_ 25 •3212 323 Missouri Kamm & Texas 65 6.90 5.40
,
5.80
Pooah Con Colliers let e f 5a-1957 3 J 9212 95 90 2 June'23 --__ 90 94+8
Missouri Pacific Se & 0346
Preferred
9134
1 913 951s
4
6.75 5.35
Portland Gen Elec let 5s_ _1935 J J 9114 9412 9l4
fee
7
,
. dd 13
17
Standard 011 of New Y k.1es *13 136 4 Mobile & Ohio 454e,
4
4
863
8
1 8414 88
Portland Ry let & ref 5s___A930 MN 867 88 863
00 175 180
100 217 215 New York Central 4;4s,56... 5.60 5.26
7
8 Standard 011(011M-1
867
8378 11 trl
5.70 5.40
Portland Ry Lt& P 1st ref 56 1942 F A 8318 83 8 83
Equipment Si
Preferred9434 10 94 964
5.50 6.30
IN N 94 Sale 94
1947
100 25 35
Se B
Equipment?.
2 1037 10714 Swan & Finch
8
5.35
let & refund 7345 Ser A...1946 al N 10414 10514 10414 10514
100 85 88 Norfolk & Western 4)45____ 6.50 5.00
Union Tank Car Co
8
5.25
4
4 1017 10512
1931 M N 10214 10212 0214 1023
Porto Rican Am Tob 86
100 107 108 Northern Pacific Is
Preferred
4 120 13312
120
5.45 5.25
2
Prod & Ref a!8s(with warnte)'31 J D 117 120 120
24 453
15 44 3414 Pacific Frult Ewan 7e_
20 :
3 105 10812 Vacuum 011 new
105
4
without warrants attached_ _ _I D 1043 105 105
PennsylvaniaRR eg Es & 65 5.65 5.30
Washington Oil
84
18 8112 88
:
5.50 5.25
Pub Sere Corp of NJ gen 56-1959 A 0 831 Sale 831s
Pitts & Lake Erie 6346
79 104 124
5.80 5.40
1937 J J 10812 Sale 10818 110
Punta Alegre Sugar 75
'Equipment Si
Other Oil Stocks
1968 __ __ 6612 Sale 8514
6714 482 6514 74'14
5.35 5.05
31. Reading Co 414e & Sc
Rapid 'Fran See fte
Atlantic Lobos 011 (no par)
2
5 907 98
93
3
1937 es N 9234 Sale 92 4
Remington Arms MI
18 St Louie & San Francisco 58- 5.85 5.50
50 •12
Preferred
9312 11 89 9614
4
Reemb I & 5 10-30-er 6..1_1940 A 0 9312 Sale 91
28 •5112 513 Seaboard AR Line 4)4e & Be_ 6.25 5.75
(new)
1953 3 y 89 Sale 87
5
37 87 94 2 Gulf 011 011 & Ref sew 26 *2914 2934 Southern Paeltio Co 4341__. 5.45 5.25
89
15341+
Humble
5 9612 99
9612
6.45 6.25
1952 J D 91312 97 964
Robbins & Myers,f 76
Equipment71
26 *94 95
Imperial 011
91
Jan'23 --__ 91
6.85 5.30
Roth & Pitts Coal&Iron 61-1948 MN 90 ---- 91
Magnolia Petroleum__ --100 128 130 Southern Ry 41He & Si
4
5.86 5.50
Rogers-Brown Iron Co 75-1942 151 N ---- 86 873 June'23 ---- 8714 93 . Mexican Eagle 011
5 0412 512 Equipment Si
6.85 5.45
1937 M N 78 ---- 78 June'23 ---- 77 7814 Nat. Fuel Gas
73 77 Toledo & Ohio Central Se..
St Jos Ry.L,H & P 5s
5.40 5.20
J J 8112 ---- 854 Dete22
16
St Joseph Stk Yds let g 4345_1930
1618 UnionPacific 76
__10 •
541' Salt Creek Producers__
St L Rook Mt & P fie statid....1955 J .1 801s 83 814 June'23 ---- 804 - s !
St Loubi Transit 54
1924 A 0 --------60 June 23 .... 60 82 '
Tobacco Stocks
Public Utilities
79
6 100 1023
4
1942 in 8 10114 Sale 10012 10114
Sake Co 76
3114 32 American Cigar common.100 76
•
4 Amer Gas & Elec new_ .(f) •4014 4114
1937 3 J 92 9318 92 June'23 ___ 92 933
St Paul City Cable 5e
100 z8412 8812
Preferred_
50
Preferred
J --------90 June'23 -- 90 9434
5112 93 Amer Machine & Fdry-100 125
San Antonio Pub Ser Os
19523
M&N
Deb 6e2014
9834 44 97 104
O2214 2314
Sharon Steel Hoop lst 86 eer A1941 51 8 9812 Sale 9812
Amer Light & Trite,corn ADO 112 115 British-Amer Tobae ord. LI 1 2214 2314
3
4
91
93 Brit-Amer Tobao, bearer SI .
1942 A 0 993 Sale 99 4 11012 170 9934 103
Sheffield Farms 6346
100
Preferred
8714
2' 8212 874
149 152 Flelme (Cleo W)Co.new,. 25 •48 58
8
Sierra & San Fran Power 56_1949 F A 833 8613 86
9612 169 95 10112 Amer Power & Lt.com 100 80 8012
10(1 112 114
Sinclair Cone 01115
-year 76-..1937 Ill 8 96 Sale 95
Preferred
100
Preferred
9714
9714 68 94
94 Sale 94
164
D
1)
19383
6125 B (y
NM) 90 91 Imperial Tob of CI B & Irel'e •151. 00
Deb 138 2016
8
9714 46 9512 10034
1925 A 0 9618 dale 965
100 50
Sinclair Crude 011 5348
Amer Public Uhl, corn _100 36 38 Int. Clg. Machinere
9712 76 953 997
8
4
49
Feb 1928 F A 97 Sale 964
_- Johnson Tin Foll & Met_10( 80 90
86
100
8% preferred
8 65 83 8912
847
4
1942 A 0 843 Sale 8414
68 72 MacAndrews & Forbes-10( 120 23
•
Sinclair Pipe Line lie
4
,
993
9 9812 10212 BlackstoneValG&E,com 50 67 70
8
1941 .1 D 995 Sale 98 2
10( 94 98
South Porto Rim Sugar 7e
Preferred
Carolina Pow & Lt,corn -100
33
1923 J .1 --- - - - - .. 112 July'04 ____ ____ _ _ _ _ Cities Service Co. corn..100 132 134 Mengel Co
Bs
100 31
South Yuba Water
4
11 903 97
94
77
1
South Bell Tel & T let e 1 56_1941 J .1 9238 94 93
100 6412 65 Porto Rican-Amer Tob--10( 65 80
Preferred
4 8712 92
8758
70
•
19473 J 8752 Bale 8712
81314 1312
Southern Colo Power th
Scrip
8 Cities Service BankereSharee 164 18 Universal Leaf Tob oom-100 96 04
J D 98 9812 9812 June'23 __ -- 9672 997
1926
Stand Cas& El cony 8!6e
9914 Colorado Power, com---100 89 92
9612 June'23 __ -- 96
97
100 s94
1930 MN 9512 96
Standard Milling let Si
Preferred
100
Preferred
1044 92 104 107
01931 F A 104 Sale 104
2412 26
100 10(1 05
Standard 011 of Cal 78
ED Co
10412 219 100 10712 Com'w'th Pow.Ry & Lt_100 6712 69 Young (3
10214 Sale 102
100 100 08
Steel & Tube gen if 7s ser 0_1951 J J
Preferred
9954 Com'Wth Pow.Corp.pref100
9814 15 96
Sugar Enlace; (Orlentl) 76_1942 M 5 9778 Sale 97
Consumers Power pref _100 8612 89
•
Syracuse Lighting let g 131___1951 J 13 9018 9212 901+ Julle123 __-- 9018 9112 Elec Bond & Share, pre:
Rubber Stock, (Clad =IFFY 44 10
.100 97 9713
;112
5
Light & Power Co col tr a f 156'54 I J 835 -- -- 85 June'23 -- 8412 86
t 1+57 5912 Firestone Tire & Rub.com.10
Federal Light & Trao
2 9812 101
99
505
70
100
Tenn Coal I & RR gen 5e____1951 3 11 99 Sale 99
6% preferred
100 68
Preferred
100 ____ 89
9934 101 100 June'23 __ 100 1014
19
Tennessee Cop let cony 85--1925 MN
18
7% preferred
Lehigh Pow See__(no par) •
9412 30 92 95
_ 7_0
Tenneesee Elec Power 84__1947 J D 9412 Sale 944
Mississippi Ely Pow,com100 19 21 Genq Tire & Rub.cam--60 -- - - 190_ _
5818
5 5213 82
99
1980 J J 5414 55 54
rhird Ave let ref is
Preferred
100 80 83
Preferred
3
4714 205 45 62 4
3
8 10 4
1°C
Ad]Income 5s
61960 A 0 45i2 Sale 454
First Mtge es, 1951_ _J&J 9114 9212 Goodyear Tlre & R,com.100 -iO5- 45
94 9014
90 2
,
3 9014 9514
1937 J J 91
Third Ave Ry lot 158
100 44
100 103
Preferred
S f g deb Te 1935_ M&N
4
A 1023 10212 10214 10214 12 102 105
1931 F
Tide Water 011 634e
Nat Pow & L,comAno par) *4812 4912 Goody'r T&R of cen. n11.100 ---104
15 10234 105
1931 J D 104 Sale 103
Tobacco Product!. f 76
rre Tird
00(00
(,
(no par) .80 82 Maeonerre e & Rub cOm-111:) _2 1 65
Preferred
3
:
2
0 23
7_0
5
1941 M 5 10612 Sale 1054 10678 22 10518 1075
Toledo Edison 7e
.1&.1 84 86
Inc 7, 1972
,
9814 12 9712 9914
Sale 98 5
11 Miller Rubber
1926 F A 9814
Tol Tree, L & P Bs
Northern Ohio Elec (no par) 1+10
Jan'23 -- 95 95
19491W 8 92 95 95
Trenton C)& El let g 56
25 29
100 95 97
Preferred
100
Preferred
1
7
Undergr of London 434.__1933J .1 85 ____ 924 May'23 _ 90 s 93 4 North States Pow, com_100 *92 96 Mohawk Rubber
100 ---: 12
60
8 8814
1948 J J 8514 ---- 864 May'23 __ 885 99
Income Be
Preferred
100 .92 96
Preferred
9512 11 95
4
63
1942 MN 9418 9612 95
73 Sepreferred ire & Rub (t) -ii
& Paper fie
Union Bag
lberling T
Els:Co,com-100 70
4
3
1932 M 5 951: 97 953 June'23 ___ 96 97 4 Nor Texas
75
Union Elec Lt& P let g 5e
100 72
Preferred
9134
2 8814 92
4
1933 M N 913 92 914
87 88 Swinehart Tire &11.com .100 15 --66
Pacific Gas& El, let pref 100
734 70 June'23 __ 70 70
8
1945 A 0 70
4
100 40 50
Union Elev (Chic) 54
Preferred
Power &tour, corn__(no par) •
90 96
1931 y y 9458 96 944 June'23
Sugar Stocks
Union 011 58
(no par) •17 21
Second pref
15
50 •12
-1942 F A 1004 Sale 10018 10012 28 9975 1024
Se
Coll trust 66 1949 -J&D 76 82 Caracas Sugar
8 10214 10412
10.1
10312 Sale 103
84
Union Tank Car equip Ti._:_1930 P A
Incomes June 1943__F&A /57 63 Cent Aguirre Sugar corn. 20!..tj 110
4
I
1941 J D 112 11234 11212 11212 24 110 1133
48 50 Fajardo Sugar
United Drug cony 8a
Puget Sound Pow *Lt--100
8 12 94 98
943
,
United Fuel Gati let if Be_ _ _1938 3 J 94 4 Sale 94
100 80 83 Federal Sugar Ref, com-100 60 65
6% preferred
8 42 8714 974
925
100 90 05
03
United Rye Inv 56 Pitts issue 1928 al N 9212 Sale 9213
Preferred
100 101
7% preferred
11 5.312 834
61
,
17
St L let g le_ _ _1934 3 1 60 62 60 2
United Rye
Gen M 73413 1941___M&N 10312 05 Godchaux Sue, IneAno par) *15 87
2 804 93
89
89 88
1937 IA N 88
100 83
9 12
Preferred
United 138 Co int rots Bs
100
Republic Ry & Light
4
994 12 98 10114
4
1942 A 0 983 Sale 983
36 41 Great Western Bug neW._ 25 075 77
halted Stores 6s
100
Preferred
4 10 10014 1034
,
102 03 Holly Sug Corp.com.(nopar) *27 29
1982J J 10212 Sale 102 2 1023
if B Hoffman Mash Si
_ -- 99
4 South Calif Edison,com-100 114
3
10014
80
17
I 13 Realty & I cony deb g 56_1924 J 1 994 Sale 100 4 June'23 120 85 1003
100
Preferred
8.512
8658
894
8 25
let & ref 5ii ser A _1947 I J 86
3 1
ed
1(13 Rubber
Standard Gas & El (Del) 50 *2512 2612 Junco: Central Sugar-1130 170 92
1930 F A 10512 Sale 1051z 10614 2. 10512 10912
a
N w N kiSugar R e a ning_100 90
10
-year 734.
50 •4812 4712 Netional uero 0ugflr
Preferred
9 9912 102
4
993
9912 Sale 9912
13
U 13 Smelt Ref & M cone fie_ _1928 F A 102 Sale 1011
Tennessee Elec Pow (no par) •Il
: 10214 156 100+4 104
/1963 MN
U S Steel CorPlcouP
9412
(no par) •42 45 SantaCecillaSugeorp.pf.106 _959 64
2d preferred
2 100 10412
101
/1963 MN --------101
g f 10-80-yr 5elreg
0
'
Lt & Rye. corn..100 140 150 Savannah Slug, com.(no par) 6
4 12 8012 9134 United
5
813
8 Sale 80 8
100 S2 85
Preferred
Utah Light & Traction 5a_ .._ _1944 A 0 805 Sale 85 4
lot preferred (13%) ___I00 87 88
8812 32 8534 92
3
94
1944 F A 8812
Utah Power & Lt let 66
Power Corp ...100 2512 27 Sugar Estates Oriente pref. 85 60
J 95513 ._ _ _ 9518 June'23 -. 95 9514 Western
100 77 79 West India Sue Fin.com _ 100 " 45
Utica Elee L & Pow let s f fs _1950 1 1 8914 913 89 June'23 ....-- 89 921
Preferred
4
1
/
4
4
40
1957 1
Preferred
Utica Gas & Elec ref 5e
........ ____ _ _ _ _
1953 1 J 60 80 56 Nov'22
1un ..•
Industrial&Miscellaneo
-Pe C4108
Victor Fuel Co 156 s f 56
Short Term Securities
100
14 99 4 10014
3
93 American Hardware_ _ _100
91
66._1923 J D 100 10014 100
.
Am Cot 0116s 1924_ M&S2
ya-Caro Chem lit 15-yr
81
165 75 98
76
1947 J D 7912 Bale 7912
10034 Amer Typefounders,com 100
le
6212 97 5434 9412 Amer Tel& Tel651924_F&A 10012 101
8
9:
5
73 4
3
11on 10 12_ 16
1937 3 J 59 59 4 585
10012
Preferred
12-year 4 f 7146
4 18 58 9012 A nacondaCop Min86'29J&J
4
583
1 59 Sale 583
Atlas Powder
J&J
without warrants attached__ .1
76 1929 Series B
9312
2 92 954
21
92 93 92
10214 Blpr(erfe4
E
ifteef W)Co,new-(no MO ;ii 63
Va Iron Coal & Coke let g 68_1949 IN S 8412 85 4 841+
Anglo-Amer 0117)0'25 A&O
851z 17 84 87
3
1934 3 1
8
so *58 117
Via Ey Pow 1st & ref64
Federal Sug Ref 65'24..M&N 10118 1015
99
9 96
97
4
983 96
1942 3 D 96
MY'S' 9614 9612 Borden Company,com-100 101 103
Vertientee Sugar 7s
65 1933
6 1013 100
10234
4
4
100
1941 J D 1023 Sale 102
Pr
Hocking Valley 65 1924 el&S 10018 10038
Warner Sugar 7e
93
4
1939 3 J 9812 993 984 May'23 ---- 984 994 Interboro T Si 1922_1(1&S
100
Celluloid Company
Wash Wat Power s f Se
100 108 111
9518 95 June'23 - 94 9714
8
Ry(is'23 M&N15 1004 1003
Westches Ltg g 5e tamed 04_1950 .1 D 9314 Sale 884
K C Term
95
13 gg
90
140
103 104 Childs Co,common
_1946 M 5 89
100 138
J&J
West Penn Power See A 56_ _
6348 July 1931
4
7 100 1024
1013
10178 101
100 10812 108
92
91
let 40
Preferred
-year Si Series C___ _ 1958 1 D 1004 10412 b034 1033
4
1 1024 10712 Lehigh Pow See Be '27_F&A 9612 9712
8
100 98 103
c1945 F A 1033
156 aeries D 76
'29.F&A
Hercules Powder
8712
6 873 88+4 Sloes Shett & IS,
8
8
. 0880,8
__ __ ___ _ 873
19631W S
00
10000 i64
: 102 104
55 E
7&A 105 10812
24 96 902 U Rubber 734s 1930.1
98
100
Western Union coil tr cur 68_ 19383 J 9812 Sale 9612
Pr s t ed
Inte e1 podge
Ther;eelonal Salt
a
Land Bk Bonds
8
9212 Joint Stk
917
4 89
MN 9158 Sale 91
-100
pf
Fund & real estate g 4346_1950
10912 14 108 11171 Chic Stk Land Bk 56_1951 101 10214 International Silver.
76
6
-year e342 g
15
101 1021, Lehigh Valley Coal Sales. 50 ;0 78
1936 F A 10814 Sale 108
Si 1952 opt 1932
11 69 105 2 10812
,
170
103 108
1931 MN 107 Sale 106e 1073
Westinghouse E & M 76
61.4. 1951 opt 1931
93
10 92 98
_ 9234 9214
9912 101 Royal Baking TM .00M-100 122 130
Wickwire Seen Steel let 7L, 1935.9J --,
434 1952 opt 1933
14
6 31 95 102
967
4
100 98 101
Wileon & Co let 26-yr s f ele_ 1941 A 0 953 Bale 95
98 99
Preferred
1952 opt 1932
412e
86
37 83 98
I0
-year cony 6 I Os
9912 101 Singer Manufacturing--100 115 117
1928 3 D 83 Sale 83
4348 1963 opt 1933
8 44 93 105
967
s
95 Sale 947
Temporary 742
1931 F A
9 1001s 106
10414
•Per share. t No par value. b Basle. d Purchaser also pays accrued divlWinchester Arms 7146..
1941 A 0 10414 Sale 104
Nominal. z Ex-der. p Es• No price Friday: latest bld and asked. a Due Jan. d Due Apr.c Due Mar.. Due Send. • New stock. !Fist Price. k Last sale. a
May. a Due June. 11 Due July. ft Due Aug. o Due Oct. p Due Dec. a Option wale. rights. I Ex Mock div. ee Ex cash and stock dhldends. •Canadian quotation.
II.
"el
•19
90
BOSTON STOCK EXCHANGE Stock Record s..Bnc,',17...
-PBX SHARE. NOT PER CENT.
HIGH AND LOW HALF PRICE
Berard's., Monad *
,
June 30. I Jule 2.
2Seiday. ,Wedasday, Maeda.
July 5.
July 3. 1 July 4.
147 147
148 147
148
76 *7512 76
75
75
93
92
_- 93
93
116 116 .116 - _ _ _
120
994 100
9912 •_ _ 100
14
1312 1414 12
14
21
24 •20
20 20 ;Hus 21
22
30
80
25
25
41
1
/
414 41
4212 •__
__
_
140
140
27
27
27 *15027
2612 28
69
69 69 *6812 70
584 52
59 59
59
*58
37
3712 37
37
38 38
3712 3712 374 3712 .37
374
30
3012 30
3012 3012 .30
13
1254 144 11
1458 15
*146
75
93
.2114
5
•____
14
*1914
22
•go
72
*25
•80
72
85
.71
.25
72
28
70
26
•78
71
26
85
friday.
July 6.
Sates
for
The
Wed.
STOCKS
BOSTON STOCK
EXCHANGE
Railroads
88ar4a
100
31 Boston & Albany
146 147 147 147
100
371 Boston Elevated
78
77
7512 77
100
Do pref
14
93
93
100
Do 1s1 pref
61
115 115
116 117
100
Do 2d pref
131
9934 100
99
9912
100
4
/
1212 1114 111 1,343 Boston & Maine
11
100
Do pref
.20
100
Do Series A 1st pref
48
---20
20
Do Series B 1.8I/ref-100
4
---- .--*28
30
Do Series C lit pref-100
2
---Do Series D 1st prat_-100
20
;Li- ::::
100
20 Boston & Providence
370 East Mass Street RY Co 100
16'
-2534 - - 25 26
100
Do 1st pref
67
87 67 67 67
100
Do prof El
120
*57
100
Do adjustment
70
37's 378: 371.
85 East Mass St By (IF ctfs)..100
*37
100
49 Maine Central
.30
100
s
115- 2.565 N Y N H & Hartford
5
9 4 -165i
----- Northern New Hampshire.100
------ Norwich & Worcester pref-100
100
20 Old Colony.
70
69
69
100
1 Rutland pref
*21
26
------ Vermont & Massachusetta_100
85
*77
73
PER SHAHS.
8011911 for Proteins
Year 1922.
Basis Sue Jon. 1 1233.
143 Apr 3
76 June29
92 July 3
115 July 5
99 July 5
11 July 5
194 June28
20 July 2
29 June27
25 July 3
40 June23
140 June29
18 Feb15
67 Feb24
53 Feb24
344 Feb13
3412 Feb15
May5
30
3
9 4 July 5
69 June28
80 June12
69 July 5
25 May14
80 June29
Loma
SWIM
Lowrie
151 June14
Jan 5
84
100 Mar 6
125 June12
106 Mar 5
2012 Mar 2
27 Feb13
3212 Mar 1
48 Feb 6
42 Mar22
59 Feb 7
16012 Jan25
35 Mar22
72 Janie
65 Mar19
48 Mar22
45 Mar21
43 Jan 2
2212 Jan30,
84 Feb 31
100 Jan 3
81 Feb14
3818 Feb20
98 Janll
4
1301 Jan
734 Feb
944 Mar
116 June
1014 Nov
14 Jan
20 Jan
22 Jan
36 Jan
80 Jan
40 Jan
125 Jan
18 July
66 Aug
51 July
28 July
29 July
271s Jan
1214 Jan
69 Jan
58 Jan
57 Jan
15 Jan
78 Jan
Steam
152 May
894 Sept
105 Sent
126 Sent
109 Sept
3112 May
87 Apr
441s Apr
62 Mar
54 May
7712 May
163 July
8
265 JulY
77 July
60 Nov
47 Atill
47 Alit
U Oct
3433 May
96 J1117
10354 Dec
9814 Mal
4
1
/
53 June
100 Ann
Miscellaneous
jI May 4
212 Dec
34 J110 9
614 Jan
370 Amer Pneumatic Service__ 25
6
.158 214
8 15
13
112 134
111 154
112 14
1
/
13 Feb 201 Aug
4
50 1312 July 2 20 Jan10
Do pref
.170
144 1414
14
•13
1312 1312 14
15
12814 Aug
5
11954 12012 12014 1114 3,621 Amer Telephone & Teleg_100 119 June29 12534 Mar14 114 8 Jan 121 Dee
4
1
/
11914 120
11912 12033 12018 120
1
/
No ear 764 July 5 112 Jan 5 104 Jan
96 dmoskeag Mfg
4
1
/ 77
76
78 80
79
79
80 80
91 Ang
80 Nov
No pat 79 May 71 88 Jan 5
Do pref
10
•____ go
80
80
14 Nov 204 May
----- Art Metal Construe Inc_,- 10 15 Mar 11 1612 Mar14
16
•15
16
*15
16
16 .15
.15
13 Jan 22 May
N par
pr l as 10 July 2 2018 Feb14
75 Atlas Tack Corp
114 111
10
10 .1012 12
*1012 12
4
/
- 77 Boston Cons Gas Co, pref.. 00 105 Jan22I 10812 Feb24 1041 Aug 107 Dee
10712 10712 10614 10712 10614 10614
.50 May
.10 Bent
Boston Mex Pet Trus_No furr .10 JanI8 .30 Jan25
•.08 .14 ..08 .14
4
155 Jan 304 Des
10 19 July 5 27 Mar19
1)
- 1,032 Connor (John.
-19
191
1912 1954 1914 194
1912 193
6 Apr
4 Jan 2
3 Jan
3 June25
10
East Boston Land
31,•
.____
34
• -314
7 Dec 1414 Feb
7 June28 1418 Mar 5
355 Eastern Manufacturing.... 5
774
--714 71
74 71
712 71
7 14
7
4
/
3812 Jan 8912 001
25 74 June29 1274 Mar22
2,565 Eastern SS Linea [no
79
74
77
761
7412 7612
78
74
751
74
100 160 June28 172 Jan 3 156 Mar 185 Sept
605 Edison Eleatic MUM
162 164
162 162
161 162'
162 162 161 162
312 yune30 1058 Jan 2
3 Mar 13 May
No pas
490 Elder Corporation
•312 5
312 4
4
4
312 34
312
28 Dec 39 Atig
6 July 6 294 Feb 5
50 Galveston-Houston Eleo_100
6
6
8
.____
7
7
8
•____
9 Nov 164 Apr
9 July 2 1558 Mar 3
par
10 Gardner Motor
10
*9
10
*9
9
9
10
*9
17 Dee 2714 Feb
1512 June12 24 Feb10
250 Greenfield Tap & Die No
18
.16
18
5
16 4 .16
16
16
16
8 Dec
Jan
No
8 3318 340 Hood Rubber Corp_No par 54 July 8 6312 Mar13 43 Mar 543‘ y
541 -iii- 55
54
5414 544
54
64
54
54
4
1
/
vas 32
2 44 Mar19
26 Jan 31, 4
120 Internat Cement
3318
33
32
.32
32
33 •32 33
.z32
20 Nov 82 Jan
50 13 June19 22 Feb19
------ Internat Cotton Mills
.13
15
15
15 .13
•____ 15 •I3
60 Aug 85 Dec
100 50 May31 7918 Jan10
Do pref
90
-Li- -ii
*52
33
55
55
55 .52
.52
112 June 5
612 Mar
3 Mar20
14 Dec
150 International Products_No fro
•112 212
•112 212
112 112 •I12 212 •
412 June20
512 Dec 17 Avr
8 Mar15
-100
Do prof
•312 5
---31, 5
*312 5
*312 5
8 Apr 6
5 June22
158 Apr 1112 June
72 Libby, McNeill dr Libby__ 10
512
5
54
5
5
5
8 56
55
•5
814 June27 11 Apr26
8 July 13 Jan
25
94
76 Loew's Theatres
.6812 912 -914 -- 1834 9
*914 10
10
.9
341 Massachusetts Gas Cos_ _100 7812 May22 8718 Jan 2 68 Jan 904 Nov
8
4
1
/ 83 833
8212 821. 84
4
1
/ 83
83
82
82
82
62 Jan 74 Get
100 6512 July 3 73 Jan25
pref
Do
128
6514 66
6512 66
66
66
416 67
67
*66
Oct
61 Mergenthaler Linotype_100 147 June19 179 Jan 6 130 Jan 181
.148 151 *148 151
148 151
.150 152 150 150
654 July 5 1454 Feb19
11 Dee 274 Jane
10
820 Mexican Investment Ino
7
7
712 712 .7
8
4 7
63
712 712
13 Jan 34 Aug
4
168 Mississippi River Power. 100 183 July 6 2814 Jan31
1912 1854 19
19
1912 1912 1912 194 1912 1912
9
721 Jan 854 OW
100 80 JanI6 84 Feb14
Do stamped pref
20
80
83
80
83 .80 83 *SO
•z80
634 Dee 11
4
1
/ Jan
834 Feb13
314 June27
10
2
866 National Leather
312 37
4
3
34 3 4 --314 --35
4
3
3 4 33
4 354
35
.22 Dee
Jun
6
.25 Feb 3 .97 Apr16
New England Oil Corp
--•.30 .75
•.30 .75 •.30 .75 •.30 .75 Holiday
219 New England Telephone- -100 113 July 4 122 Jan 3 109 Jan 125 Sept
113- 111114
113 114
113
5
113 8 114
115 116
Oct
13 Jan 28
s
1 163 July 6 2112 Apr26
75 Orpheum Circuit Ina
4
1
/ 17
Inde1712 16
•17
1712 •17
1712
17 .17
.17
54
89 June27 190 Jan 2 15454 Oct 192 Dee
302 Pacific Mills
90
89
90
89
89 8912 89 90
90 90
1212 Apt 18 Jul,
10 15 June26 18 Mar14
Reece Button Hole
16 pendence •15
16
16 •15
---- -16 •15
*215
. Mar
158 Dee
314 Mar15
10, 2 Janll
Reece Folding Mach
4
1
/
*212 2
4
1
/
4
1
/ .24 2
4
1
/ .212 2
.44 2
718 Apr
2 Feb20
.60 Nov
61 .75 June14
60 Simms Magneto
Day
1
.99 .99
1
5
%50 114 •.50 114
4
921 Jan 1104 Rapt
100 9812June26! 1094 Jan 6
773 Swift & Co
9854 9912 9914 10014
981z 9912 9854 9912
4
985 99
June281 50 Mar 9 8311 July 811
1Junt
8
25 433
95 Torrington
44
44
45
45 45
45
45
44
44
44
1414 Feb
5 758 Jan19? 11 Mar 7 8
20 Union Tient Drill
8
8
*712 813 •74 812 *712 812
37 Jan 65 Mar
3
344 5.606 United Shoe Mach Corp_ 25 13311 June15 55 4 Mar 8
344
3378 3412
4
1
/ 3414 34
4
1
/ 344 33
33
8
23 Jan 274 July
25 245 J une 14 2814 Janll
Do pref
51
251. 2512 5414 - 5 4
23
25
2512 254
2512 251
*22514 26
Jan 2
8
217 Jan 3312Juni
2534 263
4 4,369 Ventura Consol Oil Fields_ 8 2454 May22 30
2512 26
8
26
2614 255 2614 2534 2614
1534 June21 /2216 Mar19 /1314 Jan e1912 Doi
730 Waldorf Sys Inc.New sh./Voya
.1614 1634 1634 1678
1614 1614 164 1614 1614
16
5 Feb15 13 Mar17
34 Nov 1454 Apt
460 Waltham Watch eiB octualloyar
9
9
9
9
10
*9
9
9
9
9
11 Nov 69 Apr
100 154 Mar 6 294 Mar19
Preferred trust ctfs
23I
19
19
1912 1912
20
19 •
19
74 Feb 13 Oel
0
62 Walworth Manufacturing. 20 1114 Jan 5 174 Feb17
1434 1434 1434 15
1454 1434 1434 15
15
15
5
1712 Jan 35 4 Sept
50 2511 Jan31 344 Mar14
290 Warren Bros
2812 2812 2812 29
29
2812 2812 2812 2878 2814
4
304 Jan 381 OM
60 3112 June28 3918 Mar14
Do lat pref
60
.41
3114 314 3112
3112
311 .431
311 *230
.2.30
31 Feb 64 Jai*
4
4
1
/
60 343 June19 42 Mar15
Do 2d pref
35
35
____ __._
.233
35 *133
35 *123
.233
812 Junel3 1212 Feb2I
4
1
/
8 Nov 21 May
Wickwire Spencer Steel- 6
71 __- --_*7
712
*7
71
*7
71
*7
Mining
1 Apr
1 Feb28
25 Feb15
.50 Jan
Adventure Consolidated- 2
60
1.40 .60 ..40 .60
'
60 •AO .
•.40 .60 •.40 .
54 July 5 87 Marl
2
•
56 Nov 56 May
250 Ahmeek
54
54
56 56
5434 55
5512 551
557,56
.50 Ain
.03 Sept
2 .10 July 5 .50 Mar 2
100 Algomalt Mining
..10 .25
.10 .1
•.10 .2'
.25 *AO .2
.10
•
17 July 5 34 mar 1
19 Dec 824 Jan
2
65 Allous
17
20
17
17
17
20
26
•17
458 MG
2 M
.70 July 3
414 Mar 5
36
.80 .85 2.343 Arcadian Consolidated
.75 .75
.70 .90
.76 .90
.85 .90 :
756 Jan 6 1418 Mar 2
6 Nov 104 Jun.
6
875 Arizona Commercial
812 9
812 81
912 10
834 834
, 852 9
4
1
/
10 1612 May22 19 Feb 19
13 Jan 18 Sent
Bingham Milne
17 *15
.16
17
5164 17
•1614 17 .164 17
25 40 June261 49 June15 248 Nov 301 AU
850 Calumet & Heels
42
41
42
4112 42
4212
4214 404 42
42
Jan181
518 June12
958 Feb 13
678 Nov 16 4 Ma
3
1
540 Carson Hill Gold
6
6
6
6
6
6
913 6
1
512 5 9
7
15 Mar 1
8 Nov 1318 Fee
25
20 Centennial
.814 10
10
.8
814 *914 10
8
10
.8
Ws Dee 664 Mar
25 27 July 5, 4634 Mar 1
758 Copper Range Co
2914
27
2914 2812 29
29
27
2914 2912 29
214 June28! 6 Feb23
218 NOT
94 Jan
10
214 238
s 1,5.55 Davis-Daly copper
214 23
3
238 2 s
214 21
4
1
/
214 2
5 July 5 1112 Mar 1
4
1
/
7 Nov 1214 Jan
512 .512
4
534
512 58
5
4 57,
54 5
53
4
1
/ 3.079 East Butte Copper Mining. 10
7
3 8 Apr
1
/
24 Mar 5
1 Apr
28 .3O May22
138
245 Franklin
1
'al
1
114 *01
1
1311
14
114
34 Mar
4June29
/
11
4 Mar 5
14 Aug
4
25
50 Hancock Consolidated
.112 214 *112 214
4 18
15
•154 24 .134 214
8
1 2454 Mar281 335 June 7
250 Hardy Coal Co
*29
2954 293 2934
4
.2912 30
2812 2812 2912 293
14 Feb20 -1.6 Dec 3' Apr
25 .33 July 2
300 Helvetia
..35 .50
.33 .35 • .35 .7
.35 .35
814 Jan 11658 Jim
1 97 July 21 1154 Apr 7
09 00
*94 10712 1,006 Island Creek Coal
99 100
99 101
99
9718 10012 97
88 Feb 1/74 Nov
1 934 Feb15 1004 Mar28
20
97
*93
Do pref
9312 9312
98 .9312 98
493
5
18 Nov 36 4 May
145 Isle Royale Copper
1912 1912 1912
19
25 19 June21 3314 Mar 3
•1912 2012 1912 1912 20 20
1
/
44 Apr
8 Feb
8
23 July 2
5
6
3 8 Jan 2
258
258
4
1
/
650 Kerr Lake
5
.:2 8 2
4
1
/ 28
22
4
1
/ 24
2
*212 3
3
3
34 Apr
214 Mar 5
1 Feb
1 May311
1
25
.80 .80
1
150 Keweenaw Copper
1
1
1
1
1
1
34 Feb
4
/
51 May
514 Mar 1
4
/
11 June27
134 154
2
879 Lake Copper Co
2
25
4
/
11 2
1
/
14 2
8
25
*2
414 Apr
1 Nov
314 Mar 1
14 112 .118
•112 2
14 Jan291
112
25
35.5 La Salle Copper
112 14
14 112
4
25 May
4
1
/ Jan
1
5
2 8 Mar27
4
/
11 June15
•118 112 .118 112
5
Mason Valley Mine
14 .1
.1
14 *14 112
654 Api
14 Dee
136 •114
114
154
114 *114
95 Mass Consolidated
114 June26, 44 Mar 8
154
25
114
114 14
'CI API
218 Dec
24 May151
7 Feb10
:
:iss
212 2
4
1
/
254 3
4 ' 1,0a Mayflower-Old Colony__ 25
212 2
4
1
/
11.1 112 41
7 Ain
.75 July
1
1
.90
Igan
114
25 .90 July 3: 4 Mar17
1
1
3912 40
41
39
40
39
41
845 Mohawk
40
25 39 July 2 71 Mar 2 62 Nov Se Jane
4012 42
12
4
151 Dee 70 Jane
1612 1612 .1634 17
17
1612 17
420 New Cornelia Copper
6 16 June28 244 Mar 2
164 1612 17
24 ed.
.06 Dee
____ ____ ____ ____
- --- ---- ---- ___ ______ New Idris, QuickedIver._ 5 .05 Mara .05 Msz23
17 J110 40 Feb
___ _
30 New River Company
100 35 Apr18 40 APr27
40 ----------------39 39
.38
Oct
78 Jan 85
*79
85
.79
Do pref
____
100 77 Mar 5 84 Mar16
*79 85 .79
7 Jan
6 July
_3
834 Feb20
434 July 5
434 514
4
1
/
554 5
54 512
2
5
518
46
4 4 - '5 _ pit Nipissing Mines
84 Out 15 Mar
go North Butte
8 3
27
4
1
/
212 2
4
1
/
212 4
212 July 2 1254 Mar 1
15
212 2 4
3
414 414
14 Dec
44 Apr
.70 .75
258 Mar 5
404 011bway Mining
.70 .80
.80 .80
.70 .75
25 .70 July 2
..80 1
5
16 Nov 17 Jan
*17
20 .17
50 Old Dominion Co
18
20
25 18 July 3 3213 Mar 1
1812 1812 18
20
20
384 Aug
25 Nov
27
27
27
3 46 Mar 1
26
22634
2612
26
170 ()Imola
28
28
2912 294
4
1
/
3 Nov
34 June
4 Mar 6
June 2
34 31a
400 Park City Min & Smelting _255
3
314
3
•34 34
34 .
•1212 1312
415 Pd Creek Pocahontas Corso par 12 May22 1614 Mar23
4
1
/
4
13 *123 1334
13
13
13
16- May
Nov30
24
Mar
22
2412 25
If -g;
582 Quincy
26
25
26
25
87 Nov ggia May
31
31
33
33
2
140 13han
10 8t Mary's Mineral Land
PS 1? LI
3112 32
31
3214 31
32
.25 Mar
1
/
14 May
..60
Jan
5
10 . ^ j
.55
55 ____
.
70
1.60 .
.75 '
.25 Dec
14 Ma7
"
5
.71
.16
_ South Lake
25
__ .a.15 ____ *0.15
.a.15
14 Dec
454 July
Mar
4
/
7-01 15 - 2 * ..105 - 2 ----90 Superior
7
14 : " 4 :
4
/
11 11
4
/
11 -14 .14 2
5
13
114
3
1114:
3 Feb2
*1
1
1
e26
1
1
.90, Mar
y1
4
1
/
7 Get
" e25
1
1
425 TrinitySuperlor &PCBP:steprix3nori.Crionfler_ 20 5 Junn25
0 :6
c0
15
1
1
1
312 Apr
1..‘Dec
goo
.60 .60
.60 .60
.60 .60
.50 .5f) .50 .65
.15 .16
.40 Nov
.10 .12 5,025 Toulumne
.92 May
.19 .19
5 .10 July 6 .65 Feb16
.16 .16
•.17 .22
314 34
Oet
6 Mar
312 358 2,420 Utah-Apex Mining
312 31.2
312 312
34 312
a
AlPr ib
34 Joys
1 Feb
8 ne2:
14 uan
V3 Jj
•158 178 •158 11
1
4
/
100 Utah Consolidated
4
/
11 153
1
/
6 *Vs 14
1 15
15
1
/
14 Feb27
.80 Dec
..50 .75 ..50 .60 1,050 Utah Metal & Tunnel
1 50 July 3
34 Apr
.50 .60
.75
.75
.76 .76
24 Feb28
.75 Nov
•.75 14 7.7.2 1;2
25 .75 July 3
..
24 Jan
.75 .75
200 Victoria
v.75 li .25 14
4
/
11 Mar 5
.40 .40
5
4
.25 Jan
254 Apr
25 .30 June29
522 Winona
.35 .40
.40 .60
.75 .7.5
74 Nov 16 MTV
5 July 3 13 Mar 1
5
5
5
5
5
25
34 Wolverine
5
6
61.
6
*Bid and nuked prices; no sales on this day. 3 Ex-rights. 8 Ex-dividend and rights. x Ex-dividend. q Ex-sto lc dividend. a Assessment paid.
e Beginning with Thursday, May 24,trading has been in new shares, of which two new shares of no par value were given in exchange for one share of old stock of $10
Oar value. In order to make posslble comparisons with previous quotations, we have divided all these previous quotations by two.
•..60
1'
r.,„ 1
TP:lr)28
2
74
Outside Stock Exchanges
in bonds at Boston
Stock Exchange June 30 to July 6, both inclusive:
Friday
Soles
Last Week's Range for
of Prices.
Sale.
Week.
Price. Low. High. Amount
Bonds
Atl Gulf & W 585 L 581950
Carson Hill g cv notes 75'27
Chic June & US Yds 4840
_1940
55
E Mass St RR ser B 55.1948
Hood Rubber 78
1936
K C Mem &B Inc 5s_ _1934
Mass Gas 4%8
1931
Miss River Power Ss_ _1957
New England Tel 58..1932
Swift & Co 5s
1944
Warren Bros 7345. _ _ _1937
Western Tel .58
1932
45
9334
85
91%
97%
944
45
48
97
97
78% 78%
92
93%
71% 7134
100% 101%
85
85
9134 91%
91
93
97% 97%
9334 93%
102% 103
9431 95%
Range since Jan. 1.
Low.
High.
July 62
41,000 45
Mar 100
11,000 97
1,000 78% May 84
14,000 88% May 95
800 70% June 77%
10,000 100% July 102%
5.000 85
Apr 88%
2,000 89
Apr 92
12,000 89
Apr 95
11,000 9634 Mar 99%
28,000 91
Apr 99%
18,000 102% July 115
20,500 94
Mar . 98
Mar
Jan
Feb
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Feb
of transactions at
Baltimore StocklExchange June 30 to July 6, both inclusive, compiled from official lists:
Baltimore Stock Exchange.
-Record
Friday
Saks
Last Week's Range for
Sale.
of Prices.
Week.
Par. Price. Low. High. Shares.
7934
16334
43%
1514
85
38
10134
17
153
Bond,
Augusta Ry & Elec 55_1940
8734 8734
AtICL(Conn)cert5-2048'25
9634 9634
Central Ry est 5&..1932
97
97
Consolidated Gas 5&1939
9934 9934
General 4%s
1954 8734 8734 8734
Cons Gas E L & P 4148_'35
91
91
.Series E 534e
1952 98
98
9834
Series A 6s
1949
103 10334
Series C 78_
1931
106% 10614
Elkhorn Coal Corp 85_1925 9731 97
9734
United Ry & Elec 4e_1949 73
7231 73
Income 45
1949 51
51
51
Funding 58
1936
7411 75
65
1927
9634 9614
65
1949 100
9934 100
Weal% 'Rolf A. A'mom Ra 1041
79 Li
79 1.4
1,000
1,000
1,000
1,000
1,000
5,000
10,000
10.000
2,500
4.000
39,000
11,000
2,300
4,000
18,000
17 mu%
l
warig2 o tig.1.14
26
108
10334
11534
High.
.11,1211211sggveriggtrigg4-IgN
3434
69
2
30
30
40
70
54
43
513
120
254
147
419
55
41
37
57
1
10
5
27
95
20
78
10
33
35
69
113
7
169
775
17
20
Low.
,
P0Dr..00t-P.OtIOM=0 e
,
,
COCAQWWWW00010,Ob
.....
47
34
_.
95
95
41
41
102 102
47
47
34
3534
2534 2534
10834 10834
3434 3434
6834 69
25
253.
26
2634
108 109%
103 103%
11534 118
84
84
79% 7931
16334 16314
43% 43%
1515 1534
85
8534
51
50
24
24
85
8634
24734 24734
1911 1934
10% 11
5734 57%
3734 38
72
72
10134 10234
17
17
153 155
27
27
Range since Jan. 1.
,
P0VON.Mer 0 4
]
0.
C W=VMNOM , =MM.ONMMW.4MOMMMWC.P.ONC
,
VNN00.-.0[..Cm.Mme.mmt-.0..,NN
.. v.
CI
Amer Wholesale pref.. _100
Arundel Sand & Gravel_100
Preferred
100
Baltimore Tube pref._ _100
*
Benesch (I) corn
Preferred
25
Ches & Po Tel of Balt_ _100
25
Colonial Trust Co
Commercial Credit
25
Preferred
25
Preferred B
25
C01190I Gas,E L & Pow 100
100
7% preferred
100
8% preferred
Consolidation Coal__ _100
Fidelity & Deposit
50
100
T ,uenty Trust
Finance Co of America_ _25
Finance Service Class A_10
Houston Oil pref tr ctfe_100
Manufacturers Finance_25
2d preferred
25
Maryland Casualty Co_25
Mercantile Trust Co_ _50
Monon Vail Trac pref_ _25
Mt V-Woodb Mills v t r 100
Preferred v t r
100
New Amsterdam Gas_100
Northern Central
50
Penna. Water & Power_100
United Ry & Electric_ _50
U S Fidelity & Guar_ _ _ _50
Wash Balt & Annan pref 50
Feb
98
45% Mar
103 June
65
Apr
36 June
2634 Jan
11034 Mar
3434 June
May
70
2.534 Apr
27 kr Jan
118
Mar
Mar
108
120
Jan
98
Jan
14434 Apr
Apr
335
4434 Mar
Jan
17
95
Jan
5711 Jan
2634 Jan
Jan
90
Apr
251
1934 June
1934 Mar
73% Mar
39 June
77
Jan
10834 Mar
2034 Jan
164
Jan
3134 Feb
8734 July
9534 July
9834 Jan
101
Jan
Jan
88
9234 Jan
Jan
100
103% • Jan
10834 Feb
. 9934 Jan
7434 Jan
.55
Jan
77/4 Jan
Jan
98
10234 Jan
77 Lf
Woh
•No par value.
Philadelphia Stock Exchange.
-Record of transactions
at Philadelphia Stock Exchange June 30 to July 6, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sall.
of Prices.
Week.
Par. Price. Low. High. Shares.
Alliance Insurance
10 32
American Elee Pow Co_ _50 2034
Preferred
A00 69
American Gas of N J.-.100
American Stores, new_ ....* 2114
Baldwin Locomotive-- -100
Brill(JO) Co
100
Cambria Iron
50
Congoleum Co Inc
• 203
Cramp(Wm)&Bone- -100
Electric Storage Batt'i_100
• 2334
Erie Lighting Co
General Refractories
* 50
Warrants
%
Insurance Co of N A_ _ _10 4934
Keystone Telep, pref- 50
Lake Superior Corp__ _ _100
50 6634
Lehigh Navigation
50
Lehigh Valley
Lehigh Valley Transit pf.50 38
10
Lit Brothers
Minehill & Schuyl hay. 50
Penn Cent Light & Pow_ •
Pennsylvania Salt Mfg-50
50
Pennsylvania RR
(cm6%)50 42
PhilCo(Pitts)pf
25 2834
Phila Electric of Pa
Receipts, full paid_ _ _ _25 2834
25 30
Preferred
Philo, Rapid Transit_ __ _50 32
Philadelphia Traction__ 50
Reading Company
50
Scott Paper Co, pref.._ -100
Tono-Belmont Devel._ --1
%
Tonopah Mining
1
50 3734
Union Traction
United Cos of NJ
100 191
United Gas Impt
50 4934
Preferred
50
West Jersey & Sea Shore..50 34
York Na iways pre:_ -50
Bonds
Amer Gas & Elec 5s_ _2007
Elee & Peoples tr ctfs 45'45
Ewa Ilium Gas L 50_1928 10211
General Refractariee as 'as
:Range since Jan. 1.
Low.
High.
32
32
265 2734 Jan 32 May
69
21
1,705 15
Feb 30
Apr
20
69
17 63
Feb 78
Apr
x7614 78%
130 x7636 July 8334 May
20
2114 29,367 20 June 25 May
11634 116%
10 11634 July 14234 Mar
69
55 49
6934
Jan 91
Mar
41
42
50 40
Jan 45
Jan
199 207
480 143
Feb 240 May
52
52
107 50
Jan 59
Apr
5234 55
1,220 5254 July 6634 Mar
2334 2334
80 2314 July 27
Feb
50
50%
560 4234 Feb 59% Mar
% . 239
% July
%
1 June
137 4231 Jan 60
4934 4934
Apr
27
85 2634 Jan 3414 Mar
2834
5
5% 3,360
5 June 1034 Feu
65
6634
980 65 June 75
Jan
10 5834 July 71
5834 5834
Feb
38
38
250 35
Jan 40
Feb
20% 2014
50 20
Feb 22% Jan
49
10 49 June 53
49
Feb
58% 5834
45 54% Apr 5834 June
79
68 79 June 9334 Apr
80
4,416 4134 June 4734 Jan
4134 43
338 41 June 4534 Feb
42
41
28% 2834 2,924 2734 May 3334 !Jan
28
2834 1,698 2734 June 2834 June
654 2934 May 3334 Jan
3014
30
Jan 3334 June
3134 3234 1,528 30
25 59% June 87
61
61
Jan
35 7034 June 80
7134 7134
Feo
10 96
96
96
July 99 May
IS June
100
,i
134 Jan
34
515
134 June
134 154
234 Jan
36% 3734
300 35 June 4034 Jan
July 200
10 190
190 191
Jan
4754 49% 1,390 4714 May 56
Apr
106 x5434 May 56% Feb
5536 5534
10 33
Jan 43
34
Mar
34
95 34
May 3634 Jan
34 35
90
62
1023.4
05
Friday
Last Week's Range Sales
for
Sate.
of Prices.
Price. Low. High. Week.
Bonds (Concluded)
Boston Bond Record.
-Transactions
Stocks-
[voL. 117.
THE CHRONICLE
85,000 85
Jan 9534 Apr
90
Mar 7134 Jan
15,000 61
62
10234 3,000 101% Mar 10234 Feb
05
5.500 98
July 9811 May
Lake Superior Corp 55.1924
22
23
Peoples Pass tr etre 48_1943
66
66
Phila Co consol 58_ __1951
91
91
Como'stamped 58_ _1951
91
91%
Phila Elee 1st 58
1966 98
98 10034
1st 45 sinking fund_ _1966
80% 8034
1947
534s
100% 102
Os
1941 105% 104 10534
Phila & Read 2d ext 6s..'33 10034 10031 10031
Welsbach Co 55
1930
98% 98%
* No par value.
Range Agee Jan. 1.
High.
3,000 1934 June
1,000 65 June
1,000 9034 May
12,000 90 May
Apr
33,100 96
1,000 79 May
Apr
17,000 99
16,000 102% May
2,000 100% July
1.000 08% June
31
Feb
73
Jan
92
Mar
93 14 Mar
103
Jan
82
Mar
103
Feb
10634 Jan
10031 July
9934 Jan
Chicago Stock Exchange.
-Record of transactions at
Chicago Stock Exchange June 30 to July 6, both inclusive,
compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
of Prices.
Sale.
Week.
Par. Price. Low. High. Shares.
Amer Pub Serv, pref. _ -100
American Shipbuilding_100
Amer Tel & Tel Co
Armour & Co (Del), pf_100
Armour & Co, pret_ ---100
Armour Leather
15
Preferred
100
Basslek-Alem to Corp_
Beaver Board
•
Borg & Beck
•
Bridgeport Machine Co.-•
Bunte Bros
o
caw (J 1)
85
85
74
32
3
26
14
• ,
2d preferred
100
Central Pub Say, pref-100
Chicago City & Con RyPreferred
•
5
Chicago Elev Rys,corn _100
Preferred
100
3
Chicago Motor Coach, pref
Chicago Title & Trust_ _100 290
Commonwealth Edison 100 12734
Consumers Co,common100
Preferred
100
Continental Motors_ _ _ _10
731
Crane Co. preferred
10834
Cudahy Packing, com_100 50
Daniel Boone Wool MI11525
Deere & Co, met
100 60
Diamond Match
100
Eaton Axle & Spring_
•
Eddy Paper Corp (The)._• 3131
Fair Corp (The), pref_ _100
Gill Mfg Co
• 18
Godschaux Sugar, com_....• 13
Gossard, H W.pref._ _ 100 26
Great Lakes D& D___ _100 76%
Hart,Schaff & M,corn _100
Hayes Wheel Co
• 32
Holland-Amer Sugar_ ..10
Hupp Motor
10 18
Hurley Machine Co
Hydros Corp, pref....100 18%
Illinois Brick
100
Inland Steel
25
International Lamp__ _ _25 1034
Kellogg Switch & Sup...25 40%
Liboy, McNeill & Libby 10
534
Lindsay Light
10
McCord Ttad Mfg "A". _• 28
MeQuay Norris Mfg
• 18%
Mid West Util, corn_ _ _100 45
Preferred
100 82
Prior lien preferred
National Leather
10
3%
Philips Borns, Inc, com..5 11%
Pick (Albert) & Co
10 18%
Pub Ser of Nor Ill, com_ • 100%
Preferred
ioo 92
Quaker Oats Co
.100
Preferred
100 983.4
Reo Motor
10 14%
Sears
-Roebuck, cont...100
Standard Gas& Electric_ 50 26
Preferred
50 46%
Stew-Warn Speed,corn. 100 7834
Swift AZ CO
100 100%
Swift International
16 1731
Thompson(J R),corn. _ _25 46%
Union Carbide & Carb_ _10 5234
United Iron Wks v t c__ _50
5,4
United Lt & Rys,corn. _100 138
let preferred
100 78
Panic preferred
100 90
US Gypsum
20 55
S Stores Corp, pref
Wahl Co
• 44
Ward. M & Co, pref__ _100
When issued
20 20%
Class "A"
• 97
Western Knitting Mills_ •
Wolff Mfg Corp
• 13%
Wrigley Jr. corn
25 103%
Yellow Cab Mfg, Cl B_10 260
Yellow Taxi Co
9111
Bonds
Armour & Co of Del,
20-yr g 5148
1943
Chicago City Ry 55. _1927
1927 • 7734
Chicago Ry 58
4s, Series "B"
1927
Converse Shoe 734s.1939
Pub Sent Co 1st ref sift'56
• No par value.
84%
65
120
8434
72
734
82%
31
3
24
1331
8
1
3
8434
85
65
120
86
74%
715
82%
3214
3
26%
14
8
1
3
87
5%
1
1
3
4
90
90
290 300
126% 12714
5
5
62
62
631 731
10834 10934
50
5114
2134 23
60
8214
10931 110
24
2434
30
40
102 10334
1634 18
11
13
25
26%
78
78
111 11111
32
3231
434 454
16% 18%
42% 43
18% 19%
7134 71%
33
35
834 1014
39% 42
5
5%
314 334
26
28
17% 1834
45
4514
8134 8214
98 102334 3%
1134 12)4
17% 19
100 10031
9134 92
220 220
98
9834
14% 15
67% 70
2534 26
4834 47
74% 7814
98% 10014
1634 18
46% 5031
51% 52%
534 5%
135 140
78
80%
80% 00
51
60
98% :98%
45
43
109% 10931
1934 20%
97
96
2% 3%
12
13%
103 10414
250 260
89% 91%
5
85%
773-4
77%
48
101%
8514
Range since Jan. 1.
High.
160 8411
75 59
63 120
523 8434
2,465 71
952
734
25 82
760 27%
25
3
2,520 22%
150 13%
8
50
so 1
3
60
258 8434
July 97
Feb
June 74
Jan
July 124% June
June 100
Feb
June 96
Jan
Apr 10
Jan
May 87% Mar
Feb 39% Mar
June
434 Jan
May 32% Mar
July 16% May
July 11
Mar
June
4% Feb
514 Feb
Feb
July 90
Mar
.330
5
Feb 10
Mar
1
Jan
100
1
Jan
8% Mar
1,450
3 May
10 85 May 90 June
137 250
Mar 305 June
433 12634 June 131
Jan
631 Jan
July
50
5
May 70
Feb
35 61
Jan
654 June 12
3,186
Feb
217 10831 June 115
220 40 June 64% Jan
1,515 1934 May 6234 Jan
187 4834 June 7414 Jan
Jan
55 10934 July 121
470 24 May 3031 May
July
2,380 2234 Apr 40
Jan
Jan 106
635 100
1,060 1614 June 28% Apr
July 2631 Apr
1,065 11
1,650 24% Feb 3534 Apr
120 75 June 94% Feb
Jan 11134 July
175 98
July 4331 Ao
100 32
150
631 For
434 Jnne
7,945 1634 July 2934 Mar
50 4234 July 45 June
515 1854 July 32% Apr
Apr 96% Jan
25 60
July 50% June
380 33
8 May 32
5,295
Apr
485 3934 July 43 June
8% Apr
1,143 .5 • July
414 Jan
15
2% May
Apr
1,505 26 June 39
Apr
250 1014 May 26
Feb
278 36% May 53
220 81 June 86% Jan
Jan
271 96 June 104
8% Feb
334 June
548
Jan
210 1114 July 38
1,085 17% July 3634 Mar
81 99% May 10334 Apr
80 9134 May 99
Apr
Mar 236
10 210
Jan
Jan
260 95 June 100
3,624 1131 Jan 20 May
Feb
20 6734.-July • 93
1i 17% Jan 3214 Mar
437 4614 June 51% Apr
25,428 7434 July 124% Apr
1,830 9854'June 10914 Jan
4,595 16 June 2134 Jan
2,276 4334 June 52 June
9,980 5131 July 67% Jan
100
634 July 1331 Feb
Jan 164 May
553 71
425 75
Jan 04
Apr
210 8014 July 99% Mar
618 51
July 7534 Mar
10 9234 May 9814 May
675 43 , July 55/ Jan
4
135 9554 Feb 112 June
4,680 1836 May 25% Feb
135 93
Jan 104
Apr
1,145
214 July 10% Mar
970 12 June 3534 Mar
470 100
Jan 114
Apr
1,102 222 June 296
Apr
2,815 7054 Jan 0834 Apr
85% 85,000 85% July 96
77/
1 1,000 7634 Feb 8314
7714 1,000 77
Jan 82%
48
1,000 47
Jan 65%
102
3,000 101% July 102
85% 1,000 853i June 87%
Feb
Mar
Mar
Mar
June
Mar
Pittsburgh Stock Exchange. Record of transactions at
Pittsburgh Stock Exchange July 30 to June 6, both inclusive, compiled from official sales lists:
Stock.-
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Par Price. Low. High. Shares.
Am Vitrified Prod. com_25
Am Wind Glass Mach_ _100
Arkansas Nat Gas, corn_10
Commercial Trust Co_ _100
Indep Brewing, pref. -50
Jones-Laughlin Steel, pref.
Lone Star Gee
25
Mfrs Light & Heat_ _ _ _ 100
Nat Fireproofing, corn._50
Preferred
50
Ohio Fuel 011
1
Ohio Fuel Supply
25
Oklahoma Natural Gas_.25
Pittsburgh Brew, pref. _50
7814
53-4
51
1434
3034
Range since Jan. 1.
Low.
High.
8%
614 634
(13f June
115
July 95
78
195 78
80
514 July 10
5% 534 10,285
160 160
25 159 May 162
Jan
911
6
8% 8%
100
107% 10714
160 108,1 Mar 109%
23
430 23 May 27
23
May 60
51
230 51
52
6
6
50 6 July 8%
1434 1414
30 1434'July 18%
13
10 12 May 18%
13
30% 31%
655 3034 July 36%
19% 19%
215 18% Mar 27
45
8
531 May
554 6
Apr
Mar
Jan
June
Jan
Mar
Feo
Feb
Feb
Feb
Feb
Mar
Jan
Mar
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale:
Stocks (Concluded) Par. Price. Low. High. Shares.
Pittsburgh Coal, corn.-100
100
Preferred
Pittsb de Mt Shasta Cop_ _1
Pittsburgh on & Gas. -100
PittsburghTlate Glass .10
Salt Creek Consol 011_ .10
Stand San Mfg. corn _..100
Superior Insurance Co__50
•
Tidal Osage Olt
Union Natural Gas-..100
100
S Glass
West'house Air Brake__ _50
)1"house Ei& Mfg,com.50
WestPennTr&WP,com. 109
Bonds
Cent Dist Teleg let 58_1943
Heidenkamp P G MsIndep Brewing 68.....1955
Pittsburgh Brew 6s_ _ _1949
•No par value.
25
80
60
10
100 100
120 13c 31,000
50
7
734
70
168 168
350
9
9
180
74
76
75
5
96
96
gyi
190
8
84
203
2534 254 2534
300
27
2735
1,432
76
79
77
58
5335 5334
51% 514
50
130
804
98
9934
65
8011
98
62,000
19,000
100
85
1,000
8034 4,000
Range since Jan. 1.
Low.
584 Jan
Jan
97
10c June
7 June
165
Jan
84 June
Mar
73
96 • July
8 June
234 Feb
244 Mar
July
78
534 June
Jan
30
98
994
65
62
High.,
6614
100
28c
104
205
17%
85)4
100 •
13%
2736
294
120
69%
514
July 100
July 100
Apr 71
May 81
Mar
Mar
Jan
Feb
Jan
Apr
Apr
Mar
Feb
Mar
June
Feb
Mar
May
Jan
June
Jan
Jan
-Below is a reeord of the
New York Curb Market.
transactions in the New York Curb Market from June 30 to
July 6, both inclusive, as compiled from the official lists.
As noted,in our issue of July 2 1921, the New York Curb
Market Association on June 27 1921 transferred its activities
from the Broad Street curb to its new building on Trinity
Place, and the Association is now issuing an official sheet
which forms the basis of the compilations below.
Sales
Friday
•
Last Week's Range for
Week.
of Prices.
Sale.
Par. Price. Low. High. Shares.
Week ending July 6.
Stocks-
75
THE CHRONICLE
.1 ULY 71923.]
Range since Jan. 1.
Low.
High.
Indus. & Miscellaneous.
6 May
34 June
37-4 434 2,000
Acme Coal Mining new 10
Apr
24 234
3
100
135 June
234
*
Allied Packers, new
100
July 20
6
Jan
6
Allied Pack prior pref _10
14%
14
500 14
July 19% Apr
Amalgam Leather. corn. •
101 101
Mar
100 9935 Mar 102
Amer Cotton Fabric. P1.100
40
40
100 40
July 464 Feb
Artier Gas & Elec pref. _ _50
111 112
Feb
Apr 140
60 111
.l00
Amer Lt &'frac, corn.
500 20)4 June 25 May
American Stores new ....• 2134 2131 22%
134 1%
314 Apr
100
1% June
Amer Writ Paper com_100
28
27
June 40% May
300 27
Archer-Daniels Mid Co..'
844 8535 1,900 8431 July 9934 Feb
Armour & Coot Del. p1.100 85
14 134 2,200
234 Feb
•
135
Atlantic Fruit Co
1% June
Jan
40 110
Mar 122
Borden Co. common_ __100 11415 11435 118
99 1037-4
40 99
July 10614 Apr
100 99
Preferred
200 14 May 1634 May
Bridgeport Machine Co..* 1431 144 1434
22%
700 19% Jan 23},§ June
-Amer Fob ord bear_El 224 22
Brit
16
15
300 124 June 174 Feb
British Lot Corp. class A.•
1335
13
200 1134 Apr 183.4 May
Class 13
10
934
734 Jan 1014 Mar
8% 931 1,400
Brooklyn CRY RR
•
Po 135 2,800
134
1 11 June
,
1,4 Feb
Buddy-Buds,Inc
100
108% 10835
40 106% May 1104 Mar
Celluloid Co Ind
31 1
1,100
Central Teresa Bug, corn 10
231 Mar
34 June
13% 14
Jan 15
Feb
900 10
Centrifugal Cast Iron Pipe*
394 40
200 34 June 6614 Feb
Cbecker Cab Mfg, Class A•
44 4% 1,600
431
541 June
24 Jan
Chic Nipple Mfg Claes A.10
1324 13435 1,175 130 June 195
Feb
Cities Service, com-_100 134
Mar
1,500 64 June 70
64% 65
100 65
Preferred
534 57-4
10
300
5% June
Preferred B
6% Mar
72
89 $14,191 72 June 102 June
Cities Service, scrip
Cities Seri'. bankers' sh__• 1314 134 134 1,700 134 June 19% Feb
2434 •254
600 24% July 34% Apr
Cleve Automobile, com •
88
90 •
100
30 794- Apr 95 June
Preferred
3c • 30
1,000
Jan
30 May 45c
Colombian Emerald Synd_
40 16 June 2515 Mar
Colorado Power, coin_ _100 1634 18% 17
200
334 Feb
334
334
Mar
8
5
Cox's Cash Store6
• 3534 3534 35% 1,000 344 June 38% June
Cuba Company
Curtiss Aeropl & M corn'
74 June
500
74 7%
734
Certificates of deposit-734 June
82
2
86
Jan 9134 June
88
Del Lack & Wart Coal__50
734 834 2,000
434 Jan
Dubiller Condenser & Rad*
1334 Apr
84
Jan
4035 444 3,000 37% May 84
• 43
Durant Motors, Inc
834 July 254 Jan
84 94 2,400
931
Durant Motors of 1nd...10
24%
700 24 May 3035 May
24
Eaton Axle & Spring Co. •
97
9734
Mar
100 97 •June 99
Elec Bond & share, Pf-100
1 182 May 195 June
188 188
Equitable Tr Co of NY-100
44 43(
200
7
Jan
34 Apr
5
Federal Tel & Tel
Apr
Gillette Safety Razor....' 2434 242 250 . 1,090 238 June 292
65
86
1,100 56
Jan 754 Apr
•
Glen Alden Coal
7,400
11
94 Mar 163-4 May
Goodyear Tire & R.com100 1034 10
93
9331
•300 9231 May 102
Jan
Hanna(M A) Co. prat-100
14
14 134 1,100
•
134 Jan
234 Feb
Heyden Chemical
1235 14
1,000 1234 July 17% Feb
100 14
Hudson Cos prof
8
8
8
814
500
July
124 Feb
Hudson &Man RR,com 100
300 1834 July 25
Mar
Hydrox Corp,common.._• 1851 184 194
80
80
20 80
Ide(Geo P)& Co pref _ _100
July 80
July
3% 4
334 July
700
Intercontinental itt0313.100
4
634 Jan
24 234
800
Keystone Solether
1
Jan
24 I July
16
234
25
• 200 25 May
25
Mar
Kup'h'mer (B) & Co com_5
30
87
• 100 87
87
Preferred
July 96 4 Jan
100
65
100 65 June 73 May
Lehigh Coal & Nay
65
50
Lehigh Power Securities..'
174 174
500 174 July 25
Mar
Lehigh Valley Coal Sales 50
78
25 78 June 90
76
Jan
Libby, McNeil & Libby old
1
1
100
Feb
1
135 May
•
7
Mesabi Iron Co
7 June 1234 Jan
7
74 2,200
Midvale Co
134 2,400 114 June 214 Apr
• 134 12
Munsingwear. Inc
35
100 35
•
35
July 4234 May
National Leather
10
200
331 34
314 July
84 Feb
Nat Sum)Co(of Del)com 60 5234 504 53
1,800 504 May 704 mar
Now Mex & Ariz Land---1
3
3% 1,300
234 Mar
351
434 Mar
N Y Tel 84% Pref._ 100 10934 109 1094
400 108 June
112 Jan
peerless Truck & motor-50 34
800 30 June 80
34
33
Jan
Phillipsborn's Inc.cam_ _ _6
1134 1234
300 1134 July
124 July
PCII011 Radio Corporation_
20
50o June
50e 50e
I
Jan
34
Radio Corp of Amer,corn•
24 34 8,400
231 June
43.4 Mar
5
31
Preferred
0
3,400
21, Jan
14
Who Apr
334 311
10 144 1435 1474 3,500 13% Feb 204 Ma,
Reo Motor Car
6 90e
Repent, Inc
9Qc 90o
2
Jan
300
85c June
11
10
11
July
Roamer Motor Car
8,700 10 June 11
48
48
Rosenb'm Gr Corp. PI--50
300 48 June 5434 Mar
20e 200 13,000 20o Mai 600 May
Southern Coal & iron_ _ _5
26
26
Standard Gas& El, corn-50 28
100 214 Feb 27 June
•
14% 15
500 14
June 2431 Jan
Stutz Motor Car
100 994 9935 100
45 98 June 109
Feb
Swift & Co
16
174 18
200 17
June 21
Feb
Swift International
12
Mar
July 19
1234 1,000 12
Tenn Elec Power, corn- •
9
200
94
Timken-Detroit Axle.-.10
9 June 1334 Apr
334
231 314 2.600
24 June
634 Mar
Tab Prod Exports Corp..'
47
4935
615 47
July 60
Mai
Todd Shipyards Corp_ .•
42
42%
400 4134 June 4435 June
Underwood Typewr. w 125
535 1,000
5
Apr
United Profit Snarl, new.I
7
434 Jan
531
54 54
800
5
Jan
8
Mar
Un Retail Stores Candy._•
3415
300 n3334 May 56
Mar
United Shoe Mach,com_25 344 33
26
26
26
100 26
Preferred
July 2731 Jan
131
135 134 3,100
1
Jan
24 June
U Light & Heat,com-10
2
24 1,000 900 Jan
10
Preferred
331 Apr
124 12%
200 1234 July 2074 Apr
Universal Pipe & Red w1.5
594 594
100
100 57% June 72
Apr
Preferred
•
134 1354
300 1331 July 2231 Apr
Waring Hat Mfg
1% 134
400
5
24 Jan
Wayne Coal
134 June
50
50
100 37 June 44 June
White Rock Ming Spring__ 50
5
5
100
5 June 1174 Jan
Willys Corp, let pref_._l00
Friday
Sales
Last Week's Range for
Former Standard Oil
Week.
Sale.
- Subsidiaries
of Prices.
Par. Price. Low. High. Shares
Anglo-American Oil__ _ _El
Buckeye Pipe Line
50
Chesebrough Mfg
100
Continental 011
100
Crescent Pipe Line
25
Cumberland Pipe Line.100
100
Eureka Pipe Line
Galena Signal 011, com-100
Preferred
100
Illinois Pipe Line
100
Indiana Pipe Line
50
National Transit.
...12.50
New-York Transit
100
Northern Pipe Linz__ _100
Ohio 011
25
Prairie Oil & Gas
100
Prairie Pipe Line
100
Solar Relining
100
100
South Penn Oil
Southern Pipe Line__ _ _100
Standard 011 (Indiana)....25
Standard 011 (Kansas). _25
Standard 011(Ky)
25
Standard Oil of N Y....28
Standard 011(Ohio)corn 100
25
Vacuum 011
Washington Oil
10
15
36
98
1024
80
159
96
.59
180
9835
180
132
95
534
37%
278
4431
144 154 4,900
8331 8334
35
10
225 225
900
34% 36
17
250
18
40
98
98
60
10234 103
815
55
60
104 104
100
1564 159
50
95
486
984
22% 234
400
97
98
40
100
9734 9734
5734 59
'1,600
175 184
1,090
93
9934 2,095
170 180
30
130 134
165
93
95
90
524 55 100,700
39
41
900
8515 8634 2,900
38
37% 9,100
270 280
70
43% 4635 16,100
25
25
30
Range since Jan. 1.
.Low.
I
14 June
80 May
Jan
207
34% July
154 June
185 • Jan
Jan
95
55
July
July
104
155)5 June
93 June
2235 July
July
97
97 June
5734 July
175 • July
:994 June
170 June
May
130
93
July
524 July
July
39
Jan
1480
3535 Jan
July
270
43% July
Mar
23
High.
19% May
94 • - Jan
Mar
237
Feb
50
2634 Feb
Jan
188
Apr
117
794 Mar
July
104
Feb
171
Mar
103
Feb
29
Apr
138
Feb
110
854 Feb
Apr
224
Jan
333
21235 Feb
Feb
196
Feb
116
69% Mar
Feb
67
Jan
133
4994 Jan
317
Apr
5531 Mar
Jan
28
Other Oil Stocks
13c
13e 1,000 13c July 28c Feb
Allen Oil
1
Sc
Sc 1,000
1
Allied 011
Sc Jan 17c Feb
5
54 2,900
5
Mar
Ark Natural Gas, com--10
July 10
•
Atlantic Lobos 011, corn..
334
23-4 334
900
24 May
754 Jan
1034 1034 11
Barrington 011 Co class A
2,800 104 June 114 MU
13e
14e 5,000 10c June 30c Mar
Big Indian Oil& Gas
80e
80c
300 7130 June
Boston-Wyoming 011____1
14 Feb
314 3134
100 314 July 37
British-Amer 011
Mar
25
4
334 4% 3,100
Carib Syndicate
7% Mar
34 June
334
214 354 18,500
5
Creole Syndicate
774 Apr
234 Jan
Darby Petroleum
100
1
Jan
14 154
134 May
10
Derby Oil & Ref Corp,com• 10
1034
300 um June 1831 Apr
30
Sc 48,000
Engineers Petroleum Co_ _1
3c
Jan
3e June 256
15
Equity Petrol Corp, pref_
1515
200 14 June 157-4 June
55c 4.700 50c June
i 5556
Feral Oil
ed
SOc
1
Jan
General Petrol Corp oom25
314 314
100 31
June 384 Apr
4
434
•
700
Gilliland Oil, corn
3
Jan
754 May
650
75c 4.500 50o Jun
Glenrock Oil
2/0 Jan
10 680
134
135 13-4 1,000
Granada Oil Corp. CI A.10
3
Feb
1% July
51% 5,100 50
Gulf 011 Corp of Pa
25 5154 50
July 6834 Mar
90
100 21,000
Hudson Oil
Jan
1
90
7e May Igo
.25 2915 294 30
1.000 2934 July 4154 Mar
Humble Oil & Refining.
97
Feb
2,225 92
Imperial Oil(Can) coup.25 9435 92
Ally 123
International Petroleum • 153.4 14
1534 20,500 14
July 2454 Feb
1
1
1
1,300 95o May
Interstate Royalties Corp_I
14 June
Ilc
15c 43,000 110 July 400 Jan
Keystone Ranger Devel_..1 12c
•
135 14 1,000
Kirby Petroleum
4
Jan
13.4 Apr
134 111
Lafayette Oil Corporation.
200 75e • June
24 Apr
20
2c
2c 3,000
LanceCreek Royalties__.1
4e Feb
lc May
70€
84e
600 _70e July
Livingston Petroleum_ ___• 84o
24 Mar
65c 1,000 60e June
63c
1 830
Lyons Petroleum
134 Jan
1284 129
130 1254 June 168
Magnolia Petroleum_ _ _100 12
Jan
8
5035 5034
100 45
Mammoth Oil class A.....'
-Apr 57
Apr
Maracaibo Oil Explor____• 1931 197-5 214 7.200
94 Jan 2554 May
750
•
Margay 011 Corp
200 75c May • 134 Jan
75
0
24 231
200
1
Marland 011
44 June
174 Jan
59e
63c - 500 50c June • $3
Mar
Mexican Panueo Oil ____10 630
88c 2,700 74c June 211 • Mar
75e
0
Mexico Oil Corp
10 80
0
1 11c
80
be 4.000
Midwest Texas 011
50 Jan 300 Jan
14 14 1,700
134
Mountain & Gull 011
1
154 -Jesse
-14 Mar
Mountain Producers_ _ _ _10 1334 1354 1374 4,200 1354 July 203.4 Feb
934 10
30,400
911
Mutual 011 vot trust et's_.
94 July 153.4 Mar
44
354 434 4,300
New Bradford 00w i....6
34 July
53.4 MaY
10
1054
200
New York Oil
5 June 21% Feb
25
lle
13c 7.000 lie July 300 • Jan
Noble(Chas F)Oil& Gits_l
40
6e 4,000
I
80
Northwest Oil
4o July 220 Jan
700
Omar Oil& Gas
7Ic 3,500
10
0
700 June • 11 Mar
14 24 4,600
Peer 011 Corporation
134
•
131 July 13 • Mar
14 154 2,600
Pennsylvania-Beaver OIL
134
Apr
6
900 June
Pennok On
lo 1131 113-1 1131 3,100
935 Jan 144 Apr
Phillips Petrol new w I_
2735 2754
100 27 June • 41% APr
30
30
100
Red Bank 011
3e July 20e Mar
34 331 3,200
Royal Can Oil Syndleate.•331
3 June :74' Mar
334 4
374
Ryan Cons Petrol Corp..*
654 Mar
00
331 June
4
9
9
1,800
Salt Creek Comm! Oil_..l0 •9
84 June 14
Feb
Salt Creek Producers__ _10 1634 154 164 9,100 154 Jab
, 2534 Feb
535 535 5,200
531
Santa Fe 011 & Reaming_ _5
44 Ma
674 Mar
235 231 1,100
Sapulpa Refining
2% July
414 Mar
5
5
231
2
234 10,800
Seaboard Oil& Gas
2
Apr
July
-4
3e
Sc 9,000
South Petrol & Refining_ _1
le May 13e
4
0
Jan
Southern States Oil
10 1534 134 1534 8,000 1254 June 2654 Mar
Tex-Ken 011 Corp
50e
50c
100 50c July 756 Apr
6
71e 3,500 60.3 June
Turman Oil
700
1 700
154 nor
Ventura Cons Oil Fields_.5
25
2635
400 25
July 30 • Jan
12e
17c 18,000 120 July 30e Feb
Western States Oil & Gas_l 17c
Wilcox Oil & Gas
534
534 6
6,600
5
545 July 1034 Jan
“Y" Oil& Gas
1
70 June 200 - Mar
70 3,000
7c
Mining Stocks.
Alaska I3dt Col Metals.--1
135 154
400
154 June
234 Mar
Amal Lead. Zinc & Sm Cor
44 .474
200
434 June
64 May
2c
American Comm
2c
2c
Jan
2,000
2c Jun
lie
American Exploration.-50e 5Cle
100 50e Feb
14 Apr
Arizona Globe Cooper__ _1 200
15e 256 35,000 100 Feb 850 Feb
Belcher Divide
lc
lc
1,000
10c
lc July
Sc Mar
40
10c
Belcher Extension
30
5e 82,000
60 Jan
2o Mar
Black Hawk Con Mines_ _1
12e 14e
6,000
8o Apr 17e June
Boston & Montana Dev...5 13e
12c 13e 18,000
90 Feb 23(f May
Boundary Red Mt Min__ _
12c 130
2,000 12c July 80e May
Butte & West Min Co._ _ I
134 90o
Apr
1% 7,100 900 Mar $3
Calaveraq Copper
2
24
Mar
4
900
2 June
Calumet&JeromeCopper..1
16c 160
5
3,000 100 May 220 Feb
Canaria Copper
1
14
134 134 2,300
14 June
23.4 Jan
Jan
Candelaria Silver
1
60
8e
70 28,000
Sc June 38e
(-nano] Copper Mine) ..5
231 235 4,400
24
434 Mar
234 June
Continental NiInes.
474 534
5% June
600
434 Jan
Cork Province Mines_...l
Ltd_---5 ;
.
Sc
Sc
3,0(10
Sc July 15c Jan
Cortez Silver
114 Mar
I 67c
630 670
6,800 620 Apr
Crackerjack Mining
Sc
lc
1,000
he June 15c Jan
Cresson Con Gold M & M.1
Apr
3% Apr
2
311a 334 3,900
10
234
Davis-Daly Mining
44 Mar
24 July
24 254 1,000
Divide Extension
Jan
1
Se
5e
5,000
40 June 13e
Dolores Esperanza
1
14 14
24 Jan
200 x110 June
East Butte
535 53-5 1,000
94 Feb
54 June
I
EMMA Sliver
lc
lc
lc
6,000
lo Apr
40 Jan
Eureka Croesus
Jan
1
9c 10c 12,000
91 June 37o
Fortuna Cons Mining
24e
23e 25c 122,000 170 Apr 740 Jan
1
Forty-Nlne Mining
28c 280
50c Mar
2,000
6e
Jan
Goldfield Consol Mlnes.10
7e
1,000
8c Apr 11c
70
Jan
Goldfield Deep Mines Co Sc 100
9c 12c 114,000
7e Apr 24e
Jan
Goldfield Development...
60
4e
60
Jan 340 Jan
13c
2.000
1 500
Goldfield Florence
413c 57c 34,900 29e
Jan 760 Feb
Goldfield Jackpot
1 47c
37e 43c 56,000 35e
Jan 570 Mar
Grandma Mining
Sc
Sc
1,000
Sc July 10e mar
Green Monster Mining 50c
Sc
Sc
1,000
Sc July 100 Mar
1
40
Hard Shell Mining
4c
4e
5,000
30 Jan 13o Jan
4e
10c
HarmIll Divide
2,000
2e June 10e Mar
40
4e
734
74 8
25e
Heels Mines
1,500
714 June
974 Apr
.
ElllItop-Nevada Mining..
135
110 111 13,600 75e June
115 Feb
0
1135 1135 8,100 1135 June 14
Hollinger Con Gold Mints5
Feb
Homestake Ext Min Co__1 72e
60e 72e
1,100 58c Feb 74,3 mar
3
1
Howe Sound Co
33.4
334 2,800
234 Jan
435 Mar
Independence Lead Mln 1 35e
35e 390 21,000 bile June 480 Mar
76
lertday
Sales
Last Week's Range for
of Prices.
Sale.
Week.
Mining (Conelud d) Par. Price. Low. High. Shares.
[VOL. 117.
THE CHRONICLE
ISQ. since
Low.
Jan. 1.
High.
Bonds (Concluded)
MVO,
Last Week's Range Sales
Sale.
of Priced.
for
Pile*. Low. High. Week.
Banff SIMI
Low
Ian. 1.
High.
24c 26e
Jan Sun Co Ti
8.000 240 July 38e
Boa Bloesom Coos Mln--1 24c
1931 100
100 10034 10,000 100 Jun 103
Mar
2
254 2,000 95e Apr
88
234
Jerome Verde nevelop1-1
1929
33' Feb
1,000 97
9854 Jan
97
97
M
700
70c 75e
1.100 70c July
1% Apr Swift & Co fe.-Oct 15 1932 91
Jib Cons Mining
9034 9154 81,000 8934 May 94
Feb
2% 2%
3% Jan Tidal Osage Oil 7&...1931 10234 10234 102% 8,000 102% Mar 104
100
244 June
5
Kerr Lake
May
3c
2o Mar
4c
1
3.000
80 Jan Union 011CootCallftis1315
Kewanee
99349934 2,000 99% Jun 10034 Apr
2c
lo MAY
10e
2c
3,000
7c Apr United 011Produc 88..1931 93
Knox Divide
93
94
11,000 8956 June 10634 Max
lc
20
le Mar
MacNamara Crescent Devi
3.000
80 Jan United Rya of Hay 75018 107
5.000 10444 Ap 107
10644 107
Jan
lc
lc
lc
1
lc June
MacNamara Mining
9.000
Jan Vacuum 011 7.
7c
1936
10554 10836 24,000 10534 Jun 10744 Jan
200
155 1%
156 June
Mason Valley Mines
5
2% Mar Valvoline 0116s
1937 10256 10256 10256 2,000 10251 Ja In 3' Mar
100 14c 34,000 100 June 32c
National Tin Corp
Jan
50e 130
lc
le
2,000
lc Jan
Nevada Silver Horn
Foreign Government
2c Jan
17
17
100 1656 June 24% Mar
and Municipalities
New Cornelia
356 3% 5,200
256 Jan
New Dominion Copper_. 5
4
Mar
148% 150
135 148 June 180% Mar Argentine Nation 741_1923
New Jersey Zinc
100 150
99% 10056 11,000 gag Jun 10034 Jan
580 62c
3,700 300 Jan 75c June Mexico 48
N Y Porcupine Mining__ 61c
1945
31,000 3834 Jan 4454 May
377-4 38
436 556 6,500
4% July
NipMiens Mines
13s 10
-year Series A
654 Mar
5 5
58
57
58% 53,000 5574 Mar 8314 may
4c
8c
Nixon Nevada Mining Co.
8.000
30 Jan 100 May Netherlands (Kingd)(101112 10054 10056 101
56,000 9754 Mar 102 June
4% 4%
200
4)6 June 10% Feb Peru (Republic) 8s___1932 9734 9756 9734 5,000 97
North Butte
Fe 10044 Apr
51c 650 32,800 37o
600
Ohio Copper
Jan
lits Mar Russian Govt 6368_1919
1654 Feb
1054 11% 18,000
974 J
200
2% 3
Park Utah Mining
1
2% July
Certificates
4% Jan
illi
034 10
Jan 1634 Feb
12,000
9
256 2%
Premier Gold
3% Apr Russian Govt 556a ---1921
100
236 June
9%
934 11
32,000
Feb
956 Jan 16
156
Ray Berenice, Inc
1
1
Feb
156 1,700
Certificates
256 Mar
9% 11
8,000
Mar
9
Mar 16
3c
3e
10 May
Red Hills Florence
4c 18.000
Sc Mar Switzerland Govt 5%6.1929 10034 9954 100% 30.000
Jan
99 June 104
2c
2c
3c 26,000
Consolidated Micing.1
2o May
Rex
8c Feb
40
40
Rochester Silver Corp
4c
1,000
30 May 19c Feb
• No par value. k Correction. m Dollars per 1,000 Ilre flat. I Listed on the
136
Si Croix Mines Corp
1314 2,200 80c May 1% May
Sallee Mines
80c
1,100 42c May
80e 80c
June Stock Exchange this week, where additional transactions will be found. o New
1
20
2c
San Toy Mining
20
1,000
lc June
4c Feb stock. 4.4 Ex 662-3% stock dividend. r Ex 100% stock dividend. t Ex 200%
1
2c
Sandstorm Kendall
2c
1.000
lc Apr
Sc Jan stock dividend. to When issued. x Ex dividend. y Ex rights. r
Ex stock div50c
50c 75c
Silver King Consol
900 500 Mar
1)6 Apr
Sc
50
4,000
4c May 25c Apr idend. it Ex-stock dividend of 40%.
Silver King Divide (coons)120 13c
Sliver Mince of America-- 13c
5,000 100 May 40c Feb
4c
4e
1,000
Sliver Pick Consol
Jan
30 June
9c
3,000 28c May 50c Feb
33c 45c
Silver Queen Mining Corp_
800
3
356
South Amer Gold & Plat.1
256 MAY
4% Mar Quotations for U. S. Treas. Ctfs. of Indebtedness, 8cc.
7c 13c 28.000
10e
Ale Mar 31c June
Spearhead
18c 19c
Standard-Silver Lead._ --1
Int.
3,000 16c) June 28c Feb
Maturity.
370 38e
Rate. Bid. Asked.
Maturity.
Rats.
2,000 37c June 68c
Success Mining
1
Asked.
Jan
30
3c
3,000
Sutherland Divide
lc Jan
6c May
1•14
iii. 1% 2,600 810 Jan
Teck-Hughee...... ....1
,
1% 10154 101% Sept. 15 1926._ 456% 98%
13' May June 15 1924._ 53
99%
75e 78c
Tonopah Belmont Divide 1 750
500 730 June
.4 Jan Sept.15 1924... 634% 101% 101% June 15 1925._ 436% 99144g 100
11
490 520
1.700
Tonopah Divide
99%
480 June 89c Mar Mar. 15 1925... 4)4% 100% 100% Dec. 15 1927... 456% 99%
1
3,100 1% June
1%
1% 211
Tonopah Extension
991154 100
1
4
Mar Mar. 15 1926._ 4)6% 100% 10036 Dec. 15 1923...
300
1% PI
Tonopah Mining
Sept.15 1923... 456% 100
100%
Jan
1
2% Jan June 15 1923._ 336% %phi 100
15c 200 18,000
Tuolumne Copper
10056
1
99% Mar. 15 1924... 456% 100
Sc June 670 Feb Dec. 15 1925... 4)6% 99%
xl)6 11314 3,000 xi% July
% 991144 9913 Mar.15 1927._ _ 456% 1005( 10054
United Eastern Mining_
.4
n4 Feb Sept. 15 1923._
89e 91c
United Imperial Mines_ __I 91c
3,500 600 Mar 9Ic July
28% 31% 4,400 2656 Jan 38% Apr
United Verde Extension-50 29
75c 758
United Zinc Smelt
100 75c Feb
1% Apr
100 21c
200
5,100 13e
US Cont Mines
Apr 230 Jan
New York City Banks and Trust Companies.
334
3% 356
Unity Gold Mines
600
34( Jae
5
51 4 Mar
.
Utah Apex
3%
200
334 354
6% Apr
Feb
3
AU rite! &Rats per Mari.
20
Victory Divide
20
2c
1,000
lc Jan
10c
Sc Mar
46c 52e
1,600 28c June 52c July Beaks-N.Y. Bid Ask
Wenden Copper Mining- -- 52c
Banks
Bid
Ask Trust Co.'s Bid Ask
went End Consolidated--5 81c
81c 88c 10,800
810 July
1% Jan
America •____ 228 232 Harriman____ 335 345
New York
17e 18e
Western Utah Copper_ _ _1 17c
5.000 17c July 55c Feb
Amer Exch.. 288 296 Manhattan'. 142 147 Amerloan____ .... ....
Sc
Wettlaufer-Lorraln _
Sc
1,000
4c Mar 280 Apr Battery Park. 185 190 Mech & Met. 388 392 Bank of N. Y.
Sc
2,000
White Caps Mining_ _10
Sc
Jan Bowery'
2o
Jan 12c
444
Mutual*
& Trust C 482 470
320 ___
1% 1% 1,000 751) Jan
Yukon Geld Co
1%
2111 APT BroadwayCen 115 140 Nat America 135 145 Bankers
5
353 357
Bono,
Bronx Borne_ 175
- National City 346 350 Central Unit, 462 468
66
Allied Pack 8s,Ber B--1939
6756 19.000 85 June 8434 Jan Bronx Nat__ 130 1.50 New Neth•_. 130 140 CommercIal.. 112 130
60
82
Cony deb 68
2.000 58 May 76% Jan Bryant Park 180 170 Pactfic •
1939
Empire
300
305 315
103 103
Aluminum Mfrs 7s_.1925
1.000 102% .Apr 104
Jan Butch & DrovI 130 138 Park
415 422 Equitable 'Tr_ 188 191
Ts
May 107
Mar Oent Wyman_ 195 205 Port Morris
1933 105% 105% 106% 9,000 105
150 ___ Farm L & Tr_ 522 529
91% 91)6 12,000 85
Amer Cotton 0116a_..1924
Feb 9644 Jan Chase
340 345 Public
295 298 Fidelity mt. 195 208
Amer0& E deb 8a___2014 92% 91% 92% 9,000 9156 July 985i Mar Chat & nen_ 254 258 Seaboard ____ 358
___ Fulton
215 _ _ _
Amer Lt & Trac6s__1925
Chelsea Ezell* ___
80 Seventh Ave_ 88
98 Guaranty Tr_ 252 257
101
17.000 100 May 101% Feb CRiemlcal
101 103
Without warrants
530 640 Standard •___ 170 185 Hudson
205 ......
July 10034 Jan Goal & Iron_ 214 ___ State*
9834 19,000 98
Amer Roiling MI1161-1938 98% 98
330 340 Irving Bank
3,000 9534 Jan 10056 May Colonial •____ 375 -97
97
Amer Sumatra Tob 78_1938
___
&dolmen's• 200
Columbiall 214 218
70.000 10054 Mar 101% Jan Columbia.... 230 240 3d Ward•.__ 270 .__ Law Tit AT,. 180 195
Amer Tel & Tel 644___ _1924 100% 1003-4 101
31,000 10056 July 103% Feb Commerce ___ 286 289
Anaconda COD Min 68.1929 100% 10054 101
nited States* 160 170 Metropolitan_ 290 300
Ang10-Amer Oil 756s_ _1925 102% 101% 10234 17,000 101% July 1933' Jan Oom'nweeltb• 235 245 Washen His'. 200 ___ Mutual (W
Armour& Co of Del 5340'43 85% 8434 8774 225,200 843,4 July 9634 Jan nontinental_ 135 ___ Yorkville 4
charter) ___ 120 130
..... 850 -__
943
Amor Hardware 63'0_1933 98
9834 69,000 95% June 9834 Jan Cam Exch.__ 425 432
N Y Trust__ 338 344
49,000 43% July 82
Atl Gulf& W 188 L 50.1959 45
Mar Oosmoretan•- 105 115
4374 49
358 364
Title Ou &
19,000 6554 Feb 8234 June East River... 202 -Beaver Board Pa
1933 77% 773-4 79
US Mtg &
305 315
99
99
2,000 97 May 103
Beaver Products 756s.1942
Apr Fifth Avenue'1200 ---Brooklyn
United Ste 1200 1220
102% 10334 30.000 102% Jan 104
Beth Steel equip 78..1935 103
Feb Fifth
235 245 Coney Island* 155 165 Westches. Tr. 180
Canadian Nat Rye 713_1935 107% 107 10734 8.000 10844 May 11054 Jan Finn
Brooklyn
1190
20
First
.. 3
133 355
8,000 9954 June 10154 Jan Garfield
100 100
Canadian Pacific 6s_ _ _1924
Brooklyn Tr_ 470
265) 270 Mechanic)
Central Steel 88
1941 10756 10734 107% 28,000 106
Feb 1084 Apr Gotham h
areenwic
182 189 Montauk •_... 170 .... Kings Count 300 415
90
895
91
9256 10,000 91
Charcoal Iron of Am 881931 91
July 97
Mar
2
335 240 Manufacturer 270 280
Nassau
Ch R I & Pao RR 550.28 97)( 9751 9756 3,000 9734 July 9874 June Hanover
160
I 675 ei43 People's
People's
88
Cities Service 7s. Sec D '66 88
883' 20,000 8756 June 9334 Mar
89
90
34,000 89 June 9634 Apr
19843
7s. Series C
• Banks marked with (*) are State banks. I New nook. a Em-dividend. y Ex-.
15
15
5,000 15
Col= Graphophone Se '25
Jae rights
July 30
13
13
1,000 12 June 35
Certifs of deposit
Jan
10236 103
12,000 10054 Apr 103% Feb
Cons G.EL & P Balt 60'49 103
106 1063-4 11,000 105
1931
78
Apr 10834 Jan
9756 9734 5,000 97
1952
534a
Apr 100
Jan
New York City Realty and Surety Companies,
Compel Textile Si
1941 9434 9454 9434 4,000 94 June 108
Feb
10536 1053' 4.000 105
Cuban Tele() 756s. ,
.1941
Jan 107
Jan
AU prices dollars per share.
100 100
1,000 9854 Mar 10354 Feb
Deere it Co 7540
1931
Detroit City Gas 6a--.1947 99% 9934 9934 40,000 9934 June 1013-4 Jan
Mt Ask
Bid Ask Realty AS900 Bid
Ask
100 wog 28,000 100 June 104
Detroit Edison 60... _ _1932 100
Jan
(Brooklyn) 163 170
Alliance IVRY 98 105 Lawyers Mtg 156 161
j
1
40,000 95
Dunlop T&R of Am 70.1942 95% 95% 96
Feb 9756 Ape
Amer Surety_ 94
96 Mtge Bond.. 108 114 U B Ca/malty 140
96% .9133' 98% 47,000 964 June 99 June Bond & M G. 270 277 Nat Surety-- 153 162
Federal Sugar 6s
1933
USTItleGuami 128
184
Fisher Body Corp 68..1924
10034 10034 1,000 99 June 10056 June MO Investi
85
as N Y Title &
Westchester
1925 100% 100 1003' 8,000 983' Apr 10056 July
Os
98
Mortgage.. 185 190
Preferred -.1 92
Title & Tr,i 208 220
984 4,000 9634 May 100
1926 98% 98
88
Feb
1927 97% 96% 9734 16,000 96
May 9954 Feb
as
1928 9751 9634 975-I 19,000 9434 Mar 9836 Feb
60
9434 9456 2,000 9456 Jul) 993-4 Apr
Gair (Robert) Co 7s-1937
Galeha-Signal Oil 78..1930 10335 1033' 1033' 5.000 103 June 1055-4 Mar
994 100
7,000 99 June 105
General Asphalt 80._ _1930
Jan
Messrs. Cassatt & Co. announce that Edward F. Swenson, formerly
95
9.536 6,000 95 June
General Petroleum 68.1928
98
Apr
Jan associate manager of the bond department of the Equitable Trust Co. of
Grand Trunk Ry6540_1936 104% 10456 10434 4,000 103% May 107
1937 94% 943-4 9434 11,000 9334 May 9744 Jan New York. has become associated with their New York
Gull Oil of Pa fis
office as manager
June 102
Jan
Hood Rubber 7% notes_16 101% 100 10136 14,000 100
18,000 1014 July 10544 Jan of the bond department.
Kennecott Copper 78.1930 101% 101% 103
97
9836 7.000 97
July 1023-4 JAII
-Guaranty Trust Co. of New York has been appointed trustee under
Libby McNeill& Libbe 7s*31
Liggett-Winchestez 75 1942
10234 10256 5,000 10134 mar 104
May
International Securities Trust of America agreement dated June 1 1923,
87
88
19,000 86
Mar 9134 Jan
Loulsv Gas& Elec 5s_ _1952
Jan 10234 Feb securing an authorized issue of $40,000,000 Secured Serial Gold Bonds.
Power 78_ _ _1941 99% 9834 99% 6,000 96
Manitoba
200 205
9,000 105
Mar 249% May
Maracaibo Oil Exp 70_1925
George C. Wincnel, who formerly acted for Carl H. Pforzheimer & Co.
35,000 98
1930 99% 98% 100
Apr 10634 Jan
hlorris & Co 756s
97
97
9856 8,000 97 July 102
Jan as specialist in Standard Oil of Indiana on the New York Curb, is now
National Leather 88_1925
1,000 84
85
85
Mar 86
Feb representing Pouch & Co. In a similar capacity.
Nebraska Power 68-- _2022 8.5
81% 83
40,000 813-4 July 8934 Mar
New ON Pub Serv 58_ _1952 83
-Pask & Walbridge announce that they have acquired the business o7
2,000 103 June 10436 June
103 103
Niagara Falls Pow 68.1950
Jan J. W. Kirk & Co. and that Mr. Kirk nas become associated with them as
1952 87% 8776 884 28,000 8454 Apr 92
Ohio Power 55
87% 87% 4,000 86
Apr 9074 Jan manager of their bank stock department.
Penne P & L Se B _ -1952
100% 10134 5,000 98% Apr 102% Jan
Phila Electric 5 VA- _ -19
47
-J. M. Byrne & Co. desire to announce that Clarence E. Goldsmith
Phillips Petrol 7%0-.1931
98% 9856 98% 1,000 98% July 103% Feo formerly with Larkin & Jennys, is now associated with them in their bond
Without warrants
Public Serv Corp 7e__1941 102% 102 10254 19,000 101% May 104% dab department.
Pub Sery Elec Pow 135.1948 97% 9754 97% 32,000 97)6 Apr 9836 May
Bankers' Trust Company has been appointed registrar for the Preferred
100% 100% 4,000 10056 June 10156 Jao
Sears. Roebuck & Co 78'23
3,000 103% May 105% Apr and Common stock of the New York. Chicago & St. Louis Railroad Co.
104 104
Shawsheen Mills 7s_ _1931
96% 97% 5,000 96
Feb 98% Feb
Sloss-Sheffield S&I 68_1929
-Francis A. Wyman, recently of F. S. Moseley & Company in Boston.
Mar 105% may
Solvay & Cie 8s
1927 104% 104 104% 5,000 104
4,000 87
89
90
Mar 97% Jan has become associated with the bond department of Hallgarten & Co.
South Calif Edison 5E1_1944 89
21,000 104)6 Apr 107% Jan
Stand 011 of NY 6548-1933 105% 105% 105
-The Equitable Trust Company of New York, has been appointed regis7% serial gold deb._1925 103% 102% 10354 19,000 102 June 106% Feb
trar of the stock of the Kingsport Brick Corporation.
API 106% Jan
7% serial gold deb_ _1926 104% 104% 10554 8,000 103
3,000 103
Apr 10736 Jan
104% 105
7% serial gold deb_ _1927
-Banque Beige pour L'Estranger has removed its office to larger quart cr
10,000 104% Apr 107% Mar
7% serial gold deb-1928 10.5
10436 105
7% serial gold deb_ 1999 10654 10.534 106% 21,000 104
Apr 11054 Jan on the 6th floor of 67 Wall Street.
% serial gold deb_ _1930 1053' 1053-41063' 5,000 101)6 Feb 109% Jan
-Halsey,Stuart & Co., Inc., ha ye prepared a booklet on' Safe Bonds for
13,000 105% July 110
105% 106
Feb Investment."
7% serial gold deb_ -1931 106
CURRENT NOTICES,
77
butestment awl Sailroatl intelligence.
RAILROAD GROSS EARNINGS
from which regular weekly or monthly returns
The following table shows the gross earnings of various STEAM roadsfor the latest week or month, and the last two
give the gross earnings
can be obtained. The first two columns of figures
latest week or month. The returns of electric railways
Columns the earnings for the period from Jan. 1 to and including the
On a onhionnteni page.
,
,,
,
are 1,- 4,n1 0 forob, qt partildit
Jan. 1 to Latest Data.
Latest Gross Earnings.
Jan. 1 to Latest Date.'
Latest Gross Earnings.
ROADS.
Previous
,
ROADS.
Week orCurrent Previous I Current
Previous
Week or
Month.
Current
Year.
Current Previous
Year. ' Year.
Year.
Year.
Month.
Year.
Year.
I
Year.
1$
$
$
$
$
2,283,381 1.993,337 10.935.307 8.515,214
872.766 Minn St P& S S M.May
253,832 199,626 1.087,581
4,120,576 3.530,286 19.337,364 15,050.597
Akron Canton & Y_ May
May
St P &SSM Syst
280,133 292,191 1,401,855 1,294.006 MWisconsin Central May
Alabama & Vicksb_ May
1.837.195 1.536,949 8.402,0561 6,535.384
.
13253959 13128426 38,585,722 38,791,889 Mississippi Central_ May
168,606 130.188' 768,3961 610.530
Amer By Express__ March
3d wk June 103,609 102.516 2,335,771 2,271.721 Mo Kan T Lines... May
4,331,521 4,596.616 21,860.378 20.722.104
Arbor
Ann
16750865 15073948 80.290.063 67.877,744
1.501,337 1,737.838 7,804,729 8.191.958
Atch Topeka & S Fe May
Mo K Tilly of Tex._ May
1,874,596 1,653,075 9.107.326 8.101.558
4.183.431 4.193.086 17.528.856 16.125.488
Gulf Colo & S Fe_ May
Total System..... April
639,740 599.999 3,082,442 2.896,345
587,993
38,299
38.299
Panhandle S Fe May
109.342
Arkan_ May
371,076 330.541 1.9.52,596 1.530.329 /Me & North
9.698,074 8.641,367 44.503,181 39.888.499
Atlanta Birm & Atl_ May
Missouri Pacific.... May
939.869
• 237.168 206.079 1.206,646
Atlanta & West Pt_ May
4thwkJune 484,070 451,765 10,351,794' 8,522,873
Ohio
617.059
343.212 363.596 1.413.629 1,407,375 Mobile && Greenv_ May
588,475
May
1 126.451 125.831
Atlantic City
Colum
7,144,544 6.386.035 37.156.217 31.524.544 Monongahela Conn_ May
677.556
1 257,957 179.537 1.112.508
Atlantic Coast Line. May
23609843 16861 752 107281 844 81.098.644 Montour
917,088
326.204
20,218
& Ohio May
Baltimore
258.298
May
1,543,553 1.187.211
328.286 270,654
2.094,310 1.880.791 10.249,423 8.391.524
B & 0 Ch Term_ May
Chatt & St L May
121,722; 109,019
602.821 821,001 3.014.764 3,925.715 Nashv
7.625
5,730
Bangor & Aroostook May
wk June
37.794 Nevada-Cal-Oregon 3d
57.664
8.841
9.471
343.107
47.676
140.072
Bellefonte Central May
i 88,962
Northern May
622.383 482,697 3,018.988 2.388,946 Nevada
889,502
818,608
Belt Ry of Chicago_ May
1 195,973 206,639
Sou Sh May
1.960,378 583.841 6,579.982 3,272,981 Newburgh & Nor. a:ay
&1 Erie_ May
242.71 i 215,607 1,164,073 1.053.495
Bessemer
1
58,755 New Crl Great
38,901
Bingham & Garfield May
199,993 231,402 1,279.894 1,121,182
Texas & Mex May
7,881.681 6.547,73435,182,163 31,381.200 N 0
921,504
867.156
Boston & Maine.... May
169,581 165,180
Beaum S L & W May
669,697
727,844
137,168 129,672
Bklyn E D Term_ _ _ May
487.600 406,793 2.176.614 2,285,819
St L Brownsv &M May
6.396,330
Buff Roch & Pittsb_ 4thwkJune 651.840 312,098 10,524.419
38183564 27466206 175530786 134577006
York Central May
663.125 New
60.098 1,191,523
217.243
May
Buffalo& Susq
9,3,135 810.039 4,846,491 3.816.433
May
md Harbor
Canadian Nat Rys_ 3d wk June 4.636.147 4.323.184 107589707 93.366,906
8,578,828 6.740.054 40 169,380 30.213,621
Michigan Central May
8.124,222 7.102,263 39.893.002 33.215,768
Canadian Pacific_ _ _ 4thwkJune 4,682,000 4,134.000 78,041,000 74,089,000
May
Clev C C & St L
863.716 671.786 3.907,279 3.164.035
Caro Clinch & Ohio_ May
1 43 .234 251,441 2,253.635; 1.432.557
Cincinnati Norta_ may
2.107.956 1.859.850 11.105,017 8.754.902
14.125.452 1.905.271 18.526.039. 9.739.033
Central of Georgia May
& Lake Erie May
5,086,748 3.429.173 23.438,664 19.756,575 N Pitts & St Louis May
N J.. _ May
'4,025: 65 3,310,446 18,643,009 15.347.707
Central RR of
Y Chic
523,019 2.921.697 3.052.572
698,241
• 422,427 201,380 1.478.605 1,181.399
Cent New England_ May
N Y Connecting... May
837.761 613.360 3,614,300 2,794.621 NYNH& Hartf May
May
12036901 10423 38454.033,89347,597.890
Central Vermont
328,242 305.538 1.708,012 1,452,751 NI/ Ont & Western May
•1.143.?33 887,320 5,144.772, 4,702,903
Charleston & W Car May
4 35,302,745
8,929,615 7.657.31839.614,83
441.909 301.612 2,114,2421 1,650.808
Ches & Ohio Lines May
NY Susq & West May
2.761,284 2.136,783 13.642.292 11,896.590 Norfolk Southern_ May
1 765.797 719,969 3.861.474 3.447,257
Chicago & Alton... May
13704 092 12401 625 71,225,395 61.551.197 Norfolk & Western_ May
7,945.631 8,994.145 37.057.898 36.538,260
Chic Burl & Quincy_ May
2,229,702 1,848,545'12,019.391 9,892,732 Northern Pacific_ _ _ May
7,680.983 7,378,960 38.344.840 33,621,547
Chicago & East Ill May
2.186,673 1.978.56910,554.084 9.284.854 Northwestern Pat:.. May
655.229 692,495' 2,855.713 2,838,227
Chicago Great West May
1.613.633 1.351.9251 7,570.199 6.399.265 Pennsyl RR System May
7001166 55215004'311088394 263710318
Chic Ind & Lottisv_. May
13867 496 12249791 69.588,068 57,643,221 Pennsylv RR CO_ _ _ May
37
,
65465627 50998373 291742522 246167/3
Chic Milw & St Paul May
13787 108 11758933 63,841,582 53.995.307
519644' 51892
• 139,397
Chic /4 North West_ May
bait Chrs & Atl. Ma
965,092
578,246
100,653 199,355
May
2.948,222 2,666.564 12.402,039 11,047,338
Chic Peoria & St L_ May
Long Island
3,129,066
626,508
95,417
3%5.846
373.282
99.5,•5
Chic River & Ind May
Mary Del & Va.. May
10156 771 9.632.956 49,397,471 45,319,924
89,141 2.300,6811 1,601.032
563,525
Monongabt•ln. _ . May
Chic R I & Pacific.. May
421.461 422,592 2,091,006 2.199.791
757.188
150.830 122,872
645.512
Chic RI & Gulf May
Tol Poor & West_ May
2,225,570 2,206.981 11.507.835 10.589.618
May
1.121).377 1,080,085 5.001.755' 4.635.746
Chic St PM & Om_
W Jersey & &ash May
383,628 356,479 1.957.844 1,666.827
March
64270834159241 8631176242743 156333034
Cinc Ind & Western May
Total system_ .
1,094,21' 982.303 5,102,348 4,903,260 Peoria & Pekin Un_ May
147.2091 130,6171 745,269; 761,207
Colo Sr Southern... May
754,789 3,545,724 3,577,494 Pere Marquette.... May
752,212
4,000.896 3.400.30218,369,409,14.902.983
Ft W & Den City.. May
637,645 1.440,273 Perklomen
111,370 164,761
97.1081 101.2451 433,414
May
463.350
Trin & Brazos Val May
481.666
521,012
88,
110,092
6,118,641 32.586.628
9.728.276 5.335.018 4
May
Wichita Valley _ May
Reading
4,416,432 2.483.926 18.507.433 16.569.408 Phila & sttawmat May
38.911
611,1181 454.722
89,460
Delaware & Hudson May
Pittsb.:4
7.833.401 5,516,145 35,194.155 30.381.541
72.625
661.245', 451,477
Del Lack & Western May
114.751
Pitts Shaw & North May
2,646,542 2,424,366 12,574,114 11,718,984 Pittsb & West Va.. May
349.217 202.556 1,506,710' 1,162,800
Deny & Rio Grande May
513,860
775,502
183,4911 36,748
83.350 1.310,033; 906.333
223.074
May
Denver & Salt Lake May
629.776 Port Reading
725,659
161,848 154,726
5.984.480 5,212,242 2.727,199 2.594,790
May
Detroit & Mackinac May
917.3271 889,503 4,156,877 3,753,291 Pullman Co I. C
9.5.,'41
562,5871 431,814
100.134
May
Detroit Tol & Iront_ May
404,658 258.639 1,837.563 1,499,106 Quincy Cm &
1,140,030 1,010,806 5,372,322 4.447.303
Dot & Tol Shore L__ May
Potom_ May
2.454,565 600,500 3,186,983 1.165,660 Rich Fred &
590,779 461,728 2,750,562 2.271,914
May
Dul Mis.sabe & Nor_ May
Rutland
7.426.631 7,228,542 34,955,923 31,853,830
Dui Sou Shore & Atl 3d wk June 113.4311 91.022 2,563,024 1,794,947 St L San Fran Co_ May
626.398
938.791
211.399 144,069
490,628
537,903
1.uluth Winn & Par April
111,215
, Ft W & lilt. Gr May
837.789
191,559 179.640 1.001.336
602.0291 639,337
123.4,2 132,187
East St Louis Conn_ May
St L-S F of Texas_ May
2,609,184 1.925,601 11,894,283 8.775,390 St L Southwest Co_ May
1,634.54 1,404,548 8,977,975 6,901.604
Elgin Joliet & East_ May
1,085,553 870,128 5,267,470 4.144.975
617,026 579,131 3,098,539 2,803.441
El Paso & Sou West May
St L S W of Texas May
10358 210 7.035,924 50.188.380 37,523,439
May
Erie Railroad
Total system..... 3d wk June 520.048 491,017 13,249,835 11,116,070
1,332,870 974.823 5.723,77. 4.589.274
62.820
67.162
357,691
308,119
Chicago & Erie_ May
605,347 St Louis Transfer May
636,503
130.6271 126,456
May
452,609 461,255 2.006,8011 2.067,602
NJ&N Y RR
470,932 San An1 at Aran lass May
664,238
59,559
110,041 1
162.083 102,831
486.903
445.438
Evans Ind & Tor H. May
San Ant
1.406.995 1.306.104 8,265,570 7,252,100 SeaboardUvalde E.; G May
1.452.550 3.889.589 22,839,175 18,826,308
Florida East Coast_ May
Air Line.. May
582.628
665.78'
125.699 107,691
vonda lob's k G10. May
23163156 21123915 10841153497.230,121
588,536 Sou Pacific System_ May
653,89
118,389 128,052
May
165,3 263 14939 705 /5,625.405 66.464,936
Ft Smith & Western
608,252 Soutaern Pacific Co may
561,456
107,505 111,202
Galveston Wharf... May
1,152,079 959,185 5,692,383 4,752.101
Atlantic El 11 Lines May
541.599 417.341 2.508,978 1.946,378
Georgia Railroad... May
335.300 328,158 1,544,8071 1.213.049
Arizona Eastern_ May
613.419
.513
38.600
June
33,916
1,824,955 1,787.795 9,076,691' Er,645,729
Georgia & Florida 3d wk
,
Gals Harris & S A May
20.861.357
I irsral Trunk Sypt. 3ti wk Mar 2.222.865 1.9311.116 23.244.920
1,090.7:38 1.119,213 5.386.657, 5,809.452
Cont. May
bus& Tex
318,208 142.729 1,287,895 1.046.645
AtI14. St Lawreace April
236,5261 242.783 1,177.203 1,131,071
Hous E & W T.,x_ May
968,928
347,634 158,455 1.435.681
ChDatCanGTJct May
375.177 325.564 1,932,4131 1./97,492
Louisiana Westurn May
624.450 532,797 2,656,722 1,982.190
Det 0 H & Milw_ May
' 702 321 635.975 ,.
Mor La & Texas_ May
1,825,314 1,286.828 8,132,261 5,660,111
Grand Trk Weat May
742.8211 65(.929 3,614,540 3,660,476
Texas & Ncav On.. May
85
Great North .System 4th wkJune 3,007,976 2,899,804 52.164,33042,736,6
561,655 Southern Ry (Sys)._ 3d wk June 4,982,009 4,570,493 98,726,998 82,024,924
532,608
115.457 110,558
Green Bay & West_ May
12558776 10491106 48.914.459 39.766.977
Southern By Co__ April
413,753 2,359,972 1.841,545
486,548
Gulf Mobile & Nor_ May
928,381 903,474 4.496,526 3.850,440
Ala Great South_ May
339.128 267,859 1,372.311 1.178,676
Gulf & Ship Island_ May
2.164.068 1.777.368 9,891.542; 7,297,742
Cin NO & Tex P. May
1 759.823 1,1319.59( 6,843.935 5,172.392
Hocking alley_ _ _ _ May
452,073 404,562 2.160,664 1,964,203
Georgia Sou & Fla May
64.721.019
15839631 13504520 80.075,921
Illinois Central Sys_ May
598,952 538,323 2,950,210 2,562,250
New Orl & Nor E_ May
14250219 12081 678 71,790,944 57,417,376
Illinois Central Co_ _ May
157,913' 129,194
703.527
506,931
Northern Ala.... May
8,284.977 7,303,643
1.589,412 1.422,841
Yazoo At Miss Valley May
444.787
496.629
86.1231 84.582
Einokan, intomat May
175,564 163,415 1,434,460 1.306,857
Intern Ity Co of Me May
May
692,082 607,265 3,161,204 2,743,576
1,175.0381,286,549 5,708,949 5.6:31.483 Spok Portl & Seattle May
Inter:tat & Grt Nor.. May
215.505, 215.258 (957.912
949,542
542.131 Staten Island R T__
660.318
164.455 103,563
Kan City Mex & Or May
284,068, 215.479 1.299.795
956.243
604,911 Tennessee Central__ May
648,490
148.688 121.927
K C Mex & 0 of Tex•May
May
451.780 381,204 2,080,052 1,900.451
1,678.579 9,200.532 8,008,813 Term RR AssnotStL May
1,881.995
K C Son (whole sys)1May
403,245, 281,595 2,124.957 1.503,237
St LMer Bdge T_
1,654,661 1,511,184 8.126.822 7.214,417
K C Southern Co_ _ _1May
794,396 Texas & Pacific....4th wk June 707,496 765,271 14,936,647 14.3701305
1 227.333 167.394 1,073.709
Texark & Ft Sm IMay
1,156.737; 908,051 5,515.973 3,988,650
;11.779.758 1,541,618 7,318,537. 6.330,24 Toledo St I.. & West May
Total spit am._ ...!A oril
623,916
150.604 133,778
& Delaware__ May
562.540
1 199.7461 223,047 1,156.083 1.090.815 Ulster Pacific Co..... May
Han Okla & Gulf_ _ _ May
8,839.060 7.985,410 42,080,818 37,000.258
69,701 Union
209,062
169,604; 58,230
pna_ May
Lake Sup & Ishe
16087037 14544798 76,877,079 68.537.240
Total system..._ May
467.293
455,903
110.704: 105,234
Lake Term Ry_ __ _ _ May
Oregon Short Line May
2,823,023 2,678.967 14.469.805 13.576,279
; 278.4771 155,952 1.184.859 1.040,110
Lehigh & Dud River May
May
Ore-Wash RR &
12.292,12/ 2,197.756 11,046,163 10.355,677
1 593,170 284.453 2,442.697 1.747.247
Lehigh St New Eng_ May
St Jos & Grand Isl May
211,6411, 1,334.969 1,270,701
6,682,120 4.617,157 29,227,740 26,322,543 Union RR (Penn)_ May
May
Lehigh Valley
.1,161,899 1,015,672 4,746.195 3.879,149
;2,132,825 1,682,664 9.280,291, 7,605.025 Utah
Los Ang & Salt Lake May
May
601,498
597,576
1 108,880 120,460
1 346,6631 276,896 1,697,136' 1,312,943 \Ticks Shrev &
Louisiana & Arkan_ May
May
1 352,000 329,043 1.768,693 1.534,462
1 343,2361 271,890 1.668,390 1.326.140 Virginian RR
Louisiana Ry & Nav May
May
.2,162.397 1,993,707 9.280,884 8.415.944
71.390
A Ill
101
7
.1 3
'
1,t Ry & Nay I,f TOX May
May
5,721.077 4,900,012 26.225,365 23,268,213
111668 447111925415 55.402.726 50,167,156 Wabash RR
Louisville & Nash'.
Western Maryland._ 3d wk Jutla 48/.169 293.885 11,083.336 7.854.122
310.7701 316,039 1,428,397 1,233.652 Western Pacific__ _ _ May
Louisv Hand & St L May
1,116,514 866,010 4.617.919 4,025,499
May
1,794,7271.864,850 8,524,550 8,427,104 Western By of Ala May
Maine Central
981,351
' 226.663 221,466 1.201,449
381.081 1 441,835 1,874.565 1,817.302 Wheel & Lake Erie_ May
Midland Valley.... May
1.828.952 1.190.790 6.756,956 5.476,278
117,695
2?9,301
6,058
3d wk Juno
8,468
Mineral Range
Minneap & St Louis 4thwkJune 291,435 270,297 8.130,235 7.469,918
I
-Weekly and Monthly.
AGGREGATE OF GROSS EARNINGS
1Veekly Summaries.
Current
Year.
1
Pt eoious
Year.
$
Increase or
Decrease.
Monthly Summaries.
Current
Year.
Prerimts
Year.
Increase or
Decrease.
%
Curr. Prer.Yr.
.Yr.
Mileage.
,
'35.082 231.556 442,7:16.397 402.696.986 -19,9,10.589 4.31
25.72 'July
. .
'
. .
ad week Apr (16 roads).... 20.371,901 16,434,746 +3,937.155 23.96 August
235,294 235,090 472.242.561 504.154.075 -31.911.651 gas
4th week Apr (15 reeds)..-. 17.634,648
235.205 498.702.275 496.9;8.503 +1.723.772
15,408.167 +2.226,481 14.45 September -.235,280 232.882 545.759.296 532.684.914 1-13.074.292 033
let week May(16 roads).
2.45
233.872
18,506,156 15.790.656 +2.725.500 17.27 October
2nd week May ti6 roads/
19,002,326 16,118.003 +2.881,323 17.90 November ..235,748 235,679 523.748,483 466.130.3.8 +57.618.155 12.35
3d week May (16 roads).... 26.363,118, 23,207.333 +3.155,785 13.60 December...235,200 236.121 512.933.733 434,698.143 +87.735.590 20.66
4th week May ri roads)
+1,769,184 9.79 January _ --235,678 235.827 500.816.521 395,000.157 +70,803.472 21.00
1st week June 17 roads)____ 19.827.932i, 18.058.748
8.48 February..-235.399 235.528 444.891,872 400.146,341 +44.745.531.11.18
2d week June 16 roads)-__ 18,675,1251 17,215.757 +1.459.368 6.82 March
235.424 235.470 533.553.199473,747.009 +59.806.190 12.63
- 18,562,257 17,376,653 +1,185,604
3d week June (16 roads).
234.970 235.839 521.387.412 415.808.970 +105578442 25 39
10.47 April
14.806,826 13.403 775 +1.503 005
4th weak June (7 roads)
x Lake Erie dr Western included In New York Central.
Indiana and Pitts. Gin. Ohio. & St. Louis included In Pennsylvania RR
Grand Rapids &
1 Includes Wichita Falls & Northwestern.
it Includes Grand Trunk System.
-Texas Lines and is in the hands of a receiver.
Missouri-Kansas
is now operated separate from and independent of
a This road
18
THE CHRONICLE
Latest Gross Earnings by Weeks.
-In the table which
follows we sum up separately the earnings for the fourth
week of June. The table covers 7 roads and shows 10.47%
increase over the same week last year.
[Vol,. 117.
-Grossfrom Railway- -Na from Railway- -Na
after Taxes
1923.
1922.
1923.
1922.
1923.
1922.
Elgin Joliet az Eastern
May
2,609,184 1,925.601
761.060
056,514
658,37e
From Jan 1_11,894,283 8.775,390 1,031.763
4,097,185 3,569,797 3,677,853 3,139,024
Evansville Ind & Terre Haute
Fourth week of June.
1923.
1922.
Increase. Decrease.
May
110,041
59,559
2,109 -29,293
-2.125 -33,542
From Jan 1. 664,238
470,932
$
116.115 -10,300
94,948 -31,689
$
S
$
•Florida East Coast
Buffalo Rochester & Pittsburgh651.840
312,098 339.742
Oanadlan Pacific Ry
May
1,406,995 1,308,104
4,682,000 4,134,000 548,000
579,886
563,167
464,700
499.593
Great Northern
From Jan E 8,265,570 7,252,100
3,007,976 2,899.804 108,172
3,814,350 3,096,994 3,358,321 2,793,832
Minneapolis & St Louis RR_ ___
Ft Smith az Western
291,435
270.297
21,138
Mobile & Ohio RR
May
484.070
451.765
118,389
32,305
128,052
7,440
Southern Railway
23,425
1,574
17,575
4.982.009 4,570.493 411.516
From Jan E 653,891
588,536
100,252
Texas & Pacific By
48,985
70.880
19,784
707,496
765,271
57.775 Georgia & Florida
May
131,095
104.754
Total (7 roads)
24,685
22,558
14,806,826 13.403.728 1.460.873
18,363
16,166
From Jan 1_
57,775
708,508
Net increase (10.47%)
527,054
154,614
63,893
32,334
122,370
1.403.098
Grand Trunk System
Chic Dot Can Grand Trunk Junction
In the following we also complete our summary for the
may
347,834
158,455
third week of June:
218,580
63,264
207,304
55,998
From Jan I 1,435.681
968,928
796,741
479,414
754,987
443,191
Det Grand H. dr M 1w
May
Third week of June.
624.450
532,797
1923.
1922.
202.654
Increase. Decrease.
192.998
185,834
199,090
From Jan 1 2,656,722 1,982,190
585,350
410,806
560,818
375,388
Previously reported (14 roads)__ 18,069.358
Grand Trunk Western
17,075,143 994,215
Nevada-California-Oregon
May
1,825,314 1,286,828
5,730
554,141
7,625
260,689
1,895
496,149
198,310
Western Maryland RY
From Jan 1 8,132,261 5.660,110 2,330.671
487.169
293,885 193,284
727,322 2,033,067
412,899
*Great Northern System
Total (16 roads)
May
18,562,257 17,376,653 1.187.499
9,351,969 7,690,262 1,376,900 1,440,050
1,895
Net Increase (6.82%)
668,250
754,891
From Jan 1 42,350,699 33,487,954 4,893,177
1,185.604
4,514,855 1,439,013 1,648,377
Green Bay & Western
Net Earnings Monthly to Latest Dates.
May
115,457
-The table
110,558
14,929
23,230
6.565
15,230
From Jan 1
ollowing shows the gross and net earnings for STEAM Rail532,608
561,655
75.629
128,243
35,265
88,243
Gulf Mobile & Northern
roads reported this week:
May
486.548
413,753
117,413
-Grossfrom Railway- -Na from Railway- -Na after
119,095
90,806
101,838
From Jan 1 2,359,972 1,841,545
Taxes
-614,906
497,393
1923.
1922.
488,772
1923.
411,244
1922.
1923.
1922.
Gulf dr Ship Island
$
$
$
$
$
$
May
Amer.By Express' o.
339,128
267,859
75,502
87,119
49,628
68.975
From Jan 1 1,372,311 1,178,676
March
13.253,959 13,128,426
390.975
259,959
315,451
290,310
280,967
82,168
101,950 Hocking Valley
225,928
From Jan E38,585,722 38,791,889
831.288
860,027
305,097
307,963
May
Mob Topeka & Santa Ye
1,759,823 1,019,599
599,109
314.322
517,381
223,525
From Jan 1 6,843,935 5,172,392 1,420,741
Gulf Colorado & Santa Fe
1,623;558 1,018.038 1.170,143
May
1,874,596 1,653,075
Illinois Central System
124,419
108,443
43,523
22,60
From Jan 1_ 9,107,326 8,101.558 1,025,355
May
15,839,631 13,504,519 2,745,220 3,011,697 1,900.172
342,649
619,337
20,456
1,923,920
Panhandle Santa Fe
From Jan 1 80,075,921 64,721,019 16.743,210 14,842,849
11,995,512 9,356,085
May
639,740
599.999
73.341 -59,925
44,552
82,733 Illinois Central Co
From Jan 1_ 3,082,442 2,896.345
437,313
33,565
May
14,250,219 12,081,678 2,699,521 2,837.144
304,836 -80,955
Atlanta Birm & Atlantic
From Jan 1 71,790.944 57,417,376 15,911,465 14,065,860 1,965,816 1,867,998
11.719,254 9,172,013
May
371,076
330.541 -23,253
-8,578 Yazoo & Miss Valley
From Jan 1_ 1.952.596 1,530,329 -23,396 -15,398 -35,053
-170,678 -90,084 -245,243
May
1.589,412 1.422,841
45,699
174,553 -65,644
Baltimore & Ohio55,922
From Jan 1 8,284,977 7,303,643
831,745
778,989
276,258
184.072
Balt & Ohio Ch Terminal
Internat'l & Great Northern
May
328,286
270.654
36,284
May
42,856
1,175,038 1,286,549
-3,868
-8,541
165,755
From Jan 1_ 1.543,553 1,187,211
270,169
133,149
236,446
218,747
From Jan 1 5.708,949 5,651.483
107,350
8,747 -123,859
798,212
882,520
635,407
713,119
Bangor & Aroostook
Internat'l Ry in Maine
May
602,821
821,001
185,609
325,464
May
134,733
175,594
281,190
163,415 -27,810 -33,924 -42,810 -49,924
From Jan 1_ 3,014,764 3,925,715
732,468 1,592,730
From Jan 1 1,434,460 1,306,857
503,480 1,291,827
277.356
214,086
202,356
134,086
Bellefonte Central
Kansas City Mexico & Orient
May
9,471
8,841
312
may
1,952
165,455
192
1,832
103,563
17,896 -24,099
From Jan 1_
10.670 -32.419
57,664
37,794
2,973
From Jan 1
4,789
660,318
2,373
542,131 -38,402 --92,146 --74,876 --133,772
4,189
Belt Ry of Chicago
Kansas City Mexico & Orient of Texas
May
622,383
482,697
224,278
May
171,852
148,688
189,329
138,474
121,927 -24,478 --25.596 --30,478 --31,596
From Jan 1_ 3,018,988 2,388,946 1,024,416
From Jan 1
805,601
824,790
648,490
626,691
604,911 -104,837 --188,792 --135,910 --219,103
Bingham & Garfield
Kansas City Southern Co
May
38.901
15,971
9,256 -12,423
May
1,654,661 1,511,184
1,795 -16,662
402,360
348,120
From Jan 1_ 182.031
313,921
260,241
58,755
56,857 -95,625
From Jan 1 8,126,822 7,214,417 1,983,966 1,752,367
19,877 -122,448
1,545,060 1,261,798
Brooklyn E D Terminal
Texarkana az Ft Smith
May
137,168
May
129.672
227,333
58.628
167,304
54,424
112,495
50,130
50,914
47,836
101,038
43.134
From Jan 1_ 727,844
From Jan 1 1,073.709
669,697
349,392
270,185
704,396
511,068
299,772
249,100
238,201
453.653
198.458
Canadian Pacific
Kansas Oklahoma & Gulf
May
14,355.539 13,684,246
May
199,746
223,047
1,998,247 2,344,513
22,673
57.400
12,729
46,644
From Jan 1_65,90E575 62,484,911
From Jan 1 1,156,083 1.090,815
7,144,360 7,451,758
237,022
284,875
187,386
235,709
Canadian Pacific Lines in Maine
Lake Superior & Ishpeming
May
175,594
163,415
May
169,604
58,230
-42,810 -49,924
94,583
13.353
87,283
7,887
From Jan 1 1.434,460 1,306,857
From Jan 1
209,062
69.701 -62,834 -137,712 -99,326 -165,142
202.356
134,086
'Carolina Clinchfield & Ohio
Lehigh & Hudson River
May
863.716
May
671,786
215,634
278,477
232,023
155,952
95,659
165,410
10,637
191,906
83,157
-5,641
From Jan 1_ 3,907,279 3,164,035 1,129,021 1,036,052
From Jan 1 1,184,859 1,040,110
345,730
878,323
835,584
247,447
288,728
184,357
Charleston & West Carolina
Lehigh & New England
may
328,242
305,538
71,745
91,021
May
55,745
593,170
79,889
284,453
239,247
47,871
From Jan 1_ 1,708,012 1,452,751
206,765
41,226
485,562
From Jan 1 2,442,697 1,747,247
384,580
425,384
328,965
814,184
154,957
517,173
98,731
* Chicago & Alton
Los Angeles & Salt Lake
2,761,284 2,136,783
May
569,983
115,575
may
484,476
2,132.825 1,682,664
37,248
566,614
108,345
From Jan 1_13,642,292 11,826,590 2,842,775 2,156,861
453,655
87,049
From Jan 1 9,280,291 7,605,025 1,719,494
2,417,233 1,780,027
890,778 1,152.909
340,222
•Chicago Burlington & Quincy
Louisiana & Arkansas
May
13,704,092 12,401,625 2,026,060 3,296,040 1,097,613
May
346.663
276,896
132,400
88,022
From Jan L71.225.395 61,551,197 15,713,424 15,033,174 11,069,411 2,356,753
102,899
88.011
From Jan 1 1.697,136 1,312,943
10,424,712
655,978
317,484
509,470
220,577
* Chicago & North Western
Louisiana Ry & Navigation
13,787,108 11,758.933 2,073,006 1,865,353 1,320,899
May
May
343.236
271,390
35,498 -16,874
From Jan 1.63,841,582 53,995,307 8,749,855 7,794,385 4,983,994 1,133,971
18,322 -33,932
From Jan 1 1,688.390 1,326,140
4,129,819
240,717
115,920
153,431
Chicago Peoria ic St Louis
34,017
Louisville Henderson& St 1.01118
May
100.653
199,355
-8.136
-9,124 -17.636 -18,664
May
310,770
316,039
103,410
From Jan 1
101.032
578,246
98.686
965,092 -35,213 -25,640 -82.707 -73,213
92,281
From Jan 1 1,428,397 1,233,652
411,586
303,746
354,892
Chic River & Indiana
259,965
Minneapolis & St Louis
May
626,508
241,067
may
1.270,480 1,128,712
204,197
98,968
74,338
From Jan 1- 3,129,066
28,432
1,189,527
9,680
From Jan 1 6,882,987 6,239,742
999,992
924,814
805,240
584.739
Chicago Rock Island & Pacific
490,289
Minn St Paul & Sault Ste Marie System
May
10,156,771 9.632,956 1,685,514 1,798,323 1,234,107
May
4,120,576 3,530,286 1,007,709
382,455
rrom Jan 1_49,397,471 45,319,924 7,018,958 7,039,316 4.530,179 1,260,776
741,130
120,898
From Jan 119,337.364 15,050,597 3,297,856
4,391,714
1,067,440 1.993,273 -199,183
Chicago St P Minn & Omaha
Mississippi central
may
2,225,570 2,206.981
243,412
May
350,404
117,340
168,606
130.188
209,468
22,233
11,190
From Jan 1_11,507,835 10,589,618 1,644,137 1,453,126
17,232
4,872
From Jan 1
768.396
969,441
610,530
794,428
185,930
81,552
158,842
50,183
Colorado & Southern
Missouri-Kansas-Texas--1,094,219
May
982.303
126,206
107,590
May
2,830,184 2,858,778
62,246
41,416
793,349
From Jan 1_ 5,102.348 4,903,260
617,179
840,234
464,138 1,006,127
From Jan 114.055,849 12,530,146 3,196.452 1,055,953
143,316
674,488
4,190,415 2,428,649 3,295,924
Ft Worth & Denver City
Mo Kan& Tex By of Texas
752,212
754,789
May
152,838
282,317
114,528
235,822
May
1,501,337 1,737,838
326,491
798,009 1,093,812
From Jan 1. 3,545,724 3,577,494
441,656
270,970
389,269
591,092
From Jan 1 7,804,729 8,191,958
897,438
990.756 1,967,050
Trinity dr Braeos Valley
725,003 1,708,084
111,370
164,761 -14,215
May
-7,034 -21,715 -14,035 Missouri & North Arkansas
May
109,342
38,299
From Jan 1_ 637,645 1,440,273 -32,474
16,869
184.216 -70,448
680
149,092
--1,572
12,663
From Jan 1
587,993
38,299
Wichita Valley
86,887
-1,575
-4,827
65,838
110,092
Missouri Pacific
88,317
May
38,759
17.593
33,121
11,093
481,666
May
154,994
From Jan 1_ 521,012
9,698,074 8,641,367 1,369,735
118,139
125,125
89,092
985,625
950,337
From Jan 1 44,503,181 39,888,400 6,128,787 1,330,446
Denver & Rio Grande
5,898,338 4,259,093 3,902,388
2,646,542 2,424,366
378,109
May
432,938
209,741
277,674 Mo-Kan-Tex Lines
May
From Jan 1_12.574,114 11,718,984 1,229,989 2,747,234
4,331,521 4.598,616 1,119,839
387,513 1,971,296
897,709 1,230,128
From Jan 121,860,378 20,722,104 4,187,208 1,497,609
Denver & Salt Lake
6,157,464 3,170,121 5,012,879
36,748
-6,063 -47,364 -15,063 -56,364 Montour
183,491
May
775,502
513,860 -147,492 -18,271 -192,593 -63,281
From Jan 1_
May
258,298
20,218
110,425 -31,693
93,081 -33,749
From Jan 1
917,088
326,204
Detroit az Mackinac
309,410 --34,834
250,537 -47,266
161,848
May
154,726
-7,547
489
630 -10,835 Nevada Northern-5,732 -70,589 -28.716 -123,928
From Jan L. 725,659
629,776
May
88,962
47,676
50,908
44,307
24,916
18,800
FromJan 1
343,107
•Detroit Toledo & Ironton
140,072
168,083
28,431
135,083
-4,146
Newburgh & South Shore
May
332.901
917,327
889,503
251,321
320,337
236,421
From Jan E 4,156,877 3,573.291 1,333,987 1,069,510 1,271,041
May
195,973
206,639
996,382
40,692
82,583
30.678
66,138
From Jan 1
889,502
Detroit & Toledo Shore Line
818,608
97,138
158,055
285,812
224,052
May
404,658
258,639
201,279
116,321
182,979
102,321 New Orleans Texas & Mexico
From Jan 1.. 1,837,563 1,499,106
960,402
may
199,993
787,677
868,902
231,402
717,636
7,044
65A92
34,409
48,612
From Jan 1 1,279,894 1,121,182
Duluth Missabe & Northern
349,225
332,748
487,787
266,445
Beaumont Sour Lake & Western
May
2,454,565
600.500 1,555,245
14,124 1,120,638 -164.966
From Jan 1_ 3,186.983 1.165,660
may
169,581
185,180
201.096 -1,052,233 -543,241 -1,451,456
44,588
33,526
38,259
40,528
From Jan 1
921,504
Duluth South Shore& Atlantic
867,156
236,639
297,599
320,959
217.959
St Louis Brownsville & Mexico
May
570,227
•
357,928
159.467
-9,880
-42,886
May
487,600
From Jan 5 2,286,245 1,523,116
406,793
132,487
183,681
202,524
115,833
327,909 -128,237
From Jan 1 2,176,614 2,285,819
776,567
670,882
578,809
697,947
111:12;
-Grossfrom Railway
1922.
1923.
from
1923.
ailwav- -Net after Taxes
1922.
1923.
1922.
3
New York Oentml8,966,769 3,487,365
38.183,564 27,466,206 11,265,307 5,202,032 31,885,942 19.153,239
May
7,713.477
From Jan 1 175530,786 134577,006 41,982,186 2
Indiana Harbor Belt
248,406
273,482
289,985
312,239
810,039
973,135
May
1,221,734 1,179,997
From Jan 1 4,846.491 3,816,433 1,355,253 1,388,079
Michigan Central
1,852,165
8,578.828 6,740,054 3,102.600 2,314,561 2,545,415 6,029,193
May
10,687,639
From Jan 1 40,169.380 30,213,621 13,074,151 7,614,430
Cincinnati Northern
15,883
112,976
27,999
132,048
251,441
437,234
May
286,094
607,329
374.270
721,889
From Jan 1 2,253.635 1,432,557
N Y Chicago &St Louts
702,482
870,082 1.007,064
4.025.065 3,340,446 1,197.132
May
3,601,022 3,167,610
From Jan 1 18,643,009 15,347,707 4,560,814 3,899,996
Pennsylvania RR & Co
Baltimore Cites & Atl-24,088 --40.537 --28,987
144,443 -35,112 139,397
may
518,792 -165,830 --108,551 --172,844 --114,729
519,643
From Jan 1
Delaware & Virginia
Maryland
-2,928 --25.885
-23.570
-612 95.417
99,575
May
-92,298 --124,007 --95,318
375,846 -120,988 373,282
From Jan 1
Monongahela
219,835 -43,080
35,080
229,785 89,141
583,525
May
673,213
708,503
713,213
758,253
From Jan 1 2,300,687 1,601,032
Toledo Peoria & Western
--28,718 --22,202
-11.179
122.872 -17,667 150,830
May
645,512 -67,203 -29,996 -122,337 -85,396
757,188
From Jan 1
Northwestern Pacific-128.086
142.242
181,722
191,292
692,495
655,229
May
357,209
251,195
592,178
496,675
From Jan 1 2.855,713 2.838,227
Pennsylvania System
8,516,907
70,011,667 55,215,004 13,994,359 11,451,778 10,759,109 40,831,202
May
From Jan 1 311088,394 263710,318 52,654,415 51,216,215 41,093,149
Pere Marquette
667,820
807,548
722,590
948,730
4,000,896 3,400,302
May
2,605,540
From Jan 1 18,369,409 14,902,983 4,431,282 3,333,512 3,758,327
Pittsburgh & Shawmut38,911 -15,976 -47,617 --16,117 --47.730
89,460
May
--3,311 --35.988
-2,589 -35,365
454,722
611,718
From Jan 1
Pittsburgh & West Virginia
202,556
349,217
May
From Jan 1 1,500,711 1,162,800
91,185
364,256
49,817
254,597
ELECTRIC RAILWAY AND PUBLIC UTILITY CO'S.
Current Previous Current
Year.
Year.
Year.
Previous
Adirondack Pow & Lt May
Alabama Power Co__ May
Amer Elec Power Co_ May
Am Pr & Lt Co Subsid April
538,208 416545 2,859.980
631.022 441.707 2.913.825
1750,528 1568.356 9,004,289
2537,3772301.774 10,533,4
2,216.444
2,081.604
7,882,160
9,598,887
mAm Wat Wks & Sub May
Appalachian Pow Co_ May
Arizona Power Co.__ April
cArkansas Lt & Power May
Asheville Pow & Light May
2884,270 1641,914 14,227,196 8,401.900
275,613 241,152 *3.146,263 *2.690,002
*727,894
63.540
110,419 74,877 *1.392,598 *1.157,128
78,252 74,211 *927182 *869.236
817.688
236,825 156.569 1,001,519
106.569 80.666 *1.198.846 *1,080.898
601,859
641.809
114,462 111.111
4102.0483654.917 22,047.15018.897,507
239.707
266,939
48,552 46.525
262.803
300.065
80.205 54.642
405,506
484.428
89.032 78.700
360.876 310,460 1,908.210 1.641,159
3003.7992883,701 14,688.410 13.904.404
209900,0 16093000 96.593,000 78,249,000
3411,218 3147,921 g33589020 031526837
1086,8751086,4131/11139608910803850
7.237
8.530
396.063
410.89
192,998 188.422
395.453
409,6
191.432 188.778
8.800
10. ii
4,298
4.954
750.494
824.584
388.978 358,197
1833,358 1747.393 3,900.564 3.6F7.531
189,790
147.448
89,278 72,738
241,570
281,199
56,533 48,051
176.139 154,683 *2.111.241 *1.766.854
222.769
237,076
45,216 42.971
240.718 282.315 *3,095,150 *3.238,434
1589.994 1435,323 8,107.385 6.608.137
266.350
255.340
87.324 85.251
75,964 63.945 *895.995 *7n8.337
211,781
219,680
54.441 55,012
98.887 82.682 *1.065.859 *962,839
1596,042 1359.871 9,525.389 8,186.029
789,793
939.669
184.657 154,506
2308.5462032,61612,340.337 10.839.125
2955.8152660,442 15.601.71413,616,951
693.726
837.133
158,611 140,549
1304.271 1105,125 6.880,672 5,717,808
. ,
288,173 259.084
2510,677 1992,204 13,601.913 10.888,705
1529.714 1287,237 8.265,487 6.889.098
895,120 908.238 4,670,373 4,385.380
218.148 173.337 *2.365,048 2.35'9,795
377,548 270,999
197.014
218,095
43,629 37,748
716,590
821.396
168.273 151,202
1553.224 1304,770 4.919.124 4.393.889
571.233
692,466
121,869 104,965
203,409 189.919 1,015,503
955.888
A merleln Tel & Tel
Month.
I .nuarY
Associated Gas & Elec May
Aug-Aiken Ry & Elec April
Bangor Ry & Electric May
kBarcelona Tr, L & P May
Baton Rouge Electric May
Beaver Valley Trac__ May
Binghamton L, H & P May
Blackstone Val G & E May
Boston "L" Railway_ May
fBrazillan Tr, Lt & Pr May
Bklyn Rapid Transit_ May
Bklyn City RR (Rec) May
Bklyn Heights (Rec)_ February
Bklynqo &Sub(Rec) February
Coney I & BkIn (Rec) February
Coney Island & Grave February
Nassau Electric (Rec) February
N Y Consol (Rec)___ February
February
South Brooklyn
CapeBretonElCo,Ltd May
Carolina Power & Lt_ May
Cent Miss Val El Co_ May
Central Pow & Light_ March
May
Cities Service Co
City Gas Co. Norfolk March
CitizensTracCo&Sub May
Cleve Painesv & East April
Colorado Power Co May
Columbia Gas & Elec May
Columbus Elec & Pow May
24,921 Com'w'lth Pow Corp.. May
46,577
127,342 Com'w1th Pr,Ry&Lt May
158,628
May
Conn Power Co
Consumers Power Co May
731,450 -521,180 Cumberland Co P & L May
2,443,821-1,769,540 Detroit Edison Co_ May
Duquesne Lt Co Subs May
St Ry May
248 Eastern Mass Elec Co April
-20,498
Eastern Penn
-46,918 East St Louis & Sub. _ April
-81,402
EastShG &ECo&Sub May
1,638,001 1,542,245 East Texas Elec Co May
6,488.857 Edis El Ill of Boston_ March
8,082,158
Edis El III of Brock'n_ May
Electric Co May
-24,091 -39,979 El Paso & Pow Co of
-68,577 -151,443 Elec Lt
Abington & Rockl'd May
Ltg Co & Subs April
11,125 Erie River Gas Works May
-628
Fall
20.665 Federal Lt & Trac Co May
10,571
oFt Worth Pow & Lt_ April
•
473,491 Galv-Hous Elec Co
May
512,020
2,948,191 2,142,711 Gen G & L & Sub Cos May
Georgia Lt, Pr & Rys May
-158,867 -164.169 Georgia Ry & Power_ May
-962,571 -843,219 Great West Pow Syst May
Morgan's Louisiana & Texas
34,145
35,872
May
635,975
702,321
181,579
396,032
From Jan 1 3,713,489 3,222,773
Texas & New Orleans
51,825
91,206
667,929
742,821
May
501,281
243,695
From Jan 1 3,614,540 3,660,476
Spokane International
16,389
13,800
84.582
86,123
May
110,604
136,005
496,629
444,787
From Jan 1
Portland & Seattle
Spokane
221,362
692,082
231,116
607,265
May
898,845
From Jan 1 3,161,204 2,743,576 1,067,918
Texas St Pacific
533,119
2,429,882 2,378,881
498,984
May
From Jan 1 12,597,990 11,803,964 1,893,038 1,704,208
Western
Toledo St Louis &
342,481
908,051
494,963
May
From Jan 1 5,515,973 3,988,050 2,273,934 1,281,793
Union Pacific Co
8,839,060 7,985,410 2,332,009 2,264,482
May
From Jan 1 42,080,818 37,000,258 12,203,744 10,629,890
Oregon Short Line
427,411
498,680
2.823,023 2,678,967
May
From Jan 114.469,805 13,578,279 3,319,734 3,390,567
-Wash RR & NavOregon
249,378 -27,736
2.292,127 2,197,756
May
370,409
642,878
From Jan 111.046.163 10,355,677
St Joseph & Grand Island
270,306
30,367
33,169
271,641
May
209,210
205,917
From Jan 1 1,334,969 1,270,701
Western Maryland
235,699
485,505
2,133,410 1,218,784
May
From Jan 1 9,646.523 6,914,373 2,086,660 1,651,666
Western Pacing
289,302
866,010
90,130
1,116,514
May
791,869
383,164
From Jan! 4,617,919 4,025,499
--11,404
165,443
--13,768
-53,175
62,634
100,161
29,616
384,988
7,952
106,914
10,904
83,108
156,073
692,438
137,055
477.711
1.767,146
9,380,119
246,656
2,058,318
82,486
-191,099
17,000
139,822
395,505
1,711,660
210,827
406,624
5992.643 5134.27.
Hanover Pr Co & Sub May
Havana Elec R,L&P_ April
Haverhill Gas Light May
Helena Lt & Rys Co_ March
Honolulu Rapid Tran May
Houghton Co Elec_ _ _ May
Hudson & Manhattan May
Hunting'n Dev & Gas May
April
Idaho Power Co
Inter Rapid Transit February
Subway Division February
Elevated Division_ February
Kansas City Pr & Lt_ May
dKan Gas & Elec Co_ My
Electric Co AprilKeoku
Kentucky Trac Term. March
Keystone Telep Co May
Key West Electric _ May
Lake Shore Electric April
Lexington Util Co &
Lax Ice Co Consol_ April
Long Island Electric_ February
Los Angeles Gas Co March
Loulsv Gas & El no... January
Lowell El & Lt Corp. May
Manhat Bcige 3c Line February
Manh & Queens(Rec) February
Manila Electric Corp_ May
Market Street Ry___ May
Mass Lighting Co.._ _ May
Metropol'n Edison_ May
Milw Elec Ry & Light May
Miss Power & Lt Co_ May
Miss River Power Co_ May
Mobile Electric Co _ February
Mountain StatesPrCo January
Munk Ser."Co & Subs April
dNebraska Power Co_ April
Nevada-Calif Electric May
New Bedf G & Edis Lt May
Now Eng Power Sys_ May
New Jersey Pow & Lt May
Year.
5.942.643 5.134.270
148,993
178.801
33,573 27.246
388.066
517,999
118.216 87.774
393,328
409,744
89.655 84,636
429.594 396,624 2,358,257 2,183.872
x244,449 x201,363 x1,001,823 x820.154
284,127 298,261 1,348,22 1.365,404
1265.515 1036.562 6,313,234 5,278,872
710,490
816.457
165,131 141,828
1323,999 1178,757 6,725.684 6,287.805
562.483 635.517 *7.628.056 *7.289.946
*323.09! *260,435
27,273 22,36
1114,983 1074,432 4,414,26 4,371,628
219.717
237.58.
46.874 44.107
33.547 34.845 *413.982 *390.987
403,899
400.229
84.054 82.361
236.878
232,489
37.203 40,340
983.989 928,071 4,786.8P 4,618.889
508.654
591,992
112,943 106,566
687.353
745.836
185.166 166,177
4389,479 4171,667 9.329.634 8.846.059
2947,812 2790.787 6.265,751 5,922,205
1441.667 1380.880 3.063.884 2,923,853
694.685 572,206 3,868.167 3,251.197
499,254 453,744 *5,272.172 *4.909,385
156.086
33,138 30.007
169,451
348.747
383.843
128.630 120.547
688,807
729,363
148.500 135,874
103,141
20,239 19,350
107.011
734.464
892.:::
235,528 193,834
84,463
80.257 *1,121,044 *1.083,865
22.9S0 23.975
49,358
48,860
1157,173 1248,648 3.924,743 3.946,465
5654.105 4931.795 5.654.105 4,931.795
527.194
138,366 94,06
739,92
42.850
20,130 20,56
42.987
50.739
27.497 24.031
58.705
274.381 273.218 *3.578,746 *3,645.045
839.487 814,20 4,020,965
255.649 211,26 1.359,939 1,154,557
622,246 489.55 3,121,080 2,561.703
1805,802 1524.29 *20980914 *18586642
93,733 90,46 *1,202,729 *1,133,995
273,922 261.902 1.255,747 1,202.978
146.982
154,898
75.132 72.640
998.044
1152.932 998.044 1,152.932
883,097
418,356 220,415 1,753,420
x304,002 x278,217 x1,278.816 x1,118,575
358,797 281,095 1,582.086 1,229.567
469,969
252,428 299,195
620.397 432,796 *6.632.552 *5.536,779
268,163
362.395
76,160 51,280
Newpt News & Hamp
Ry. Gas & El Co__ April
New York Dock Co.._ May
N Y Railways
February
Ejghth Avenue......_ February
February
Ninth Avenue
294,036
1,046,722 N Y & Queens (Rec)_ February
NY & Harlem (Roc). February
February
1,697,389 N Y & Long Island
Caro Public Serv
7,790,759 Nor Ohio Elec Corp_ _ May
May
Nor
Nor'west Ohio Ry & P May
153,213 North Texas El Co _ _ May
2,014,875 Ocean Electric
February
dPacific Power & Lt_ _ April
208,713 Paducah Electric__ _ _ May
-535,894 Penn Central Light &
Power Co & Subs_ _ May
15,454 Penna Coal & Coke_ _ May
120,383 Pennsylvania Edison _ May
Phila Co. & Sutksid'y
Natural Gas Cos.... May
195,699
Philadelphia 011 Co.... May
1,421,666
Philadelphia & West_ May
Phila Rapid Transit_ _ May
3,451 Pine Bluff Co
May
-48,963 dPortland Gas & Coke April
y
Portland Ry, Lt & Pr
432,507
396,709
1,181,598 1,127,864
417,266
1,905,313
Jan. 1 to Latest Date.
Latest Gross Earnings.
Name of Road
or Company.
Pullman Co
250,700
5,984,480 5,212.242 •1,083.874 May
From Jan 1 28,001,914 24.997,816 *4,505,101 *-411,437
Quincy Omaha & Kansas City
4,174
95,741 -15,658
100,134
May
27.270
431.814 -57,724 562,587
From Jan 1
St Louis-San Francisco Co
7,426,631 7,228,542 1,977,886 1,911,124
may
From Jan 1 34,955,923 31,853,830 9,728,271 8,138,257
Fort Worth & Rio Grande
96,256 -20,223 -36,440
117,215
may
490,628 -49,593 -132,022
537,903
1
From Jan
St Louis-San Fran of Texas
12,989
1,604
132,187
123,472
May
30,530
21,432
639,337
602.029
From Jan 1
St Louis Southwestern Co
540.835
519.835
1,634,754 1,404,548
May
From Jan 1 8,977,975 6,901,604 3,386,752 2,434,348
St Louis South Western Ry Co of Texas
579,131-131.310 -140,152
617.020
may
From Jan 1 3,098,539 2.803,441 -827,634 -723,038
San Antonio & Aransas Pass
4,195
-7,499
17,846
8,111
461,255
452,609
May
-246,960
From Jan 1 2,006,401 2,067,602 -208,410 -178,586 -286,421
San Antonio Uvalde & Gulf
24,779
53,804
27,753
58,138
102,831
162,083
May
79,775
64,217
94,529
81,269
445,438
486,903
From Jan 1
Seaboard Air Line
729,113
804,650
981,360 .904,591
4,452,550 3,889,589
May
3,010,945
From Jan 1 22,839,175 18,826,308 4,994,896 3,867,954 4,115,332
Southern Pacific Co
16,573,262 14,939,705 5,117,863 4,427,093 3,838,597 3,085,234
May
From Jan 1 75,625,405 66,464,938 20,747,790 16,060.594 14.412.804 9,293,871
Arizona Eastern
132,433
117,912
156,154
145,286
328,158
335,300
May
348,988
478,412
468,400
613,069
From Jan 1 1,544,807 1,213,049
Galveston Harrisburg & S A
201,320
83,628
252,468
144,632
1,824,955 1,787,795
May
917,095
697,784
From Jan 1 9,076,691 8,645,729 1,003,258 1,174,516
Houston & Texas Central
162,859
106,465
206,504
160,963
1,090,738 1,119,213
May
922,488
260,218
531,013 1,143,586
From Jan 1 5,386,657 5,809,452
Houston E & W Texas
36,474
7,050
44,233
15,423
242,783
236,526
May
74,293
27,452
106,235
70,092
From Jan 1 1,177,203 1,131,071
Louisiana Western
39,256
64,295
58.281
92,460
325,564
May
375,177
302,440
378.542
439,409
528,610
From Jan 1 1.932,413 1,797,492
• Revised figures.
79
THE CHRONICLE
JULY I 1923.]
167,409
280,936
648,466
84,897
36.43
49,42
112,463
31,73
114.137
866,80
53,78
237,92
15.35
248.434
46,719
160,835
372.771
653.534
87,747
39,847
95.446
119,200
35,696
97,213
775.788
38.345
246,164
13.083
228.525
43,317
668.243
1.396,889
1,396,729
183.011
79.619
106.958
243,949
69,082
580,773
4,450,479
180.921
1,216,024
30.773
955.233
255.737
645,456
1.671.190
1,379.487
186,985
84.038
201,803
250.495
77.290
504.834
3.729.871
134.209
1,280,373
27.436
939.235
227,303
964,927
264,478 170,407 1,356,840
735.021 26.979 3.831.226 1.284,966
236,416 186.952 1.277.636 1,044,835
1064.236 1133,112 7,363,245 6,353,871
211,931
45,414 54.176
408,553
76,884 74.108
346.727
322,918
4039.012 3810,297 18.740,030 17.593,049
61.726 53.611 *867.209 *792,785
262,340 284,210 1.159.299 1,171,883
910.514 851.305 4,515,858 4,195,279
THE CHRONICLE
Latest Gross Earnings.
Jan. 1 to Latest Date.
[VOL. 117.
Gross
Earnings.
Net after
Fixed
Balance.
Taxes.
Charges.
Surplus.
$
$
Commonwealth
May'23 2,308,546
879.311
514,344
364,967
Power Corp
'22 2.032,616
768,895
503.665
265,230
S
12 mos ending May 31 '23 27,887,243 10,539.46
$
$
S
Pub Serv Corp of N J May
0 6,146,437 4,393,023
6937,071 6276,165 35,308.963 32,180,073
'22 25,224,955 9,645,301 5,865,904 3,779,397
Puget Sound Gas Cii. January
171,329 1118.816
171.329
108.816
Puget Sound Pr az Lt_ May
987,200 835,274 *11217127 *10104783 Commonwealth Pr May'23 2,955,615
964,342
753.376
210,966
Ry & Lt Co System
Reading Transit St Lt May
'22 2,660,442
272.815 253,368 1,291,453 1,196,947
902,083
741,240
160,843
12 mos ending May 31' 23 35,165,430 11,688,13
Republic Ry & Lt Co_ May
779,668 653,114 4.070,355 3.294.664
4 9,120,940 2,567,194
ItIchm Lt & RR (Roc) February
'22 32,092,527 10,768,815 8,728.718 2,040,097
56.705 52,702
122.134
111,739
Rutland Ry,Lt & Pr_ May
44,500 44,659
270,370
253,537 Consumers Pr Co May'23 1,304.271
San Diego Cons O&EI January
637 818
184,268
453,550
3756.665 3866.576 3.756.665 3,866,576
'22 1,105,125
Sandusky Gas& Elec_ May
541,991
203,039
80,197 65,043
338.952
12 mos ending May 31 '23 15.364.06
380,730
320,622
Savannah Elec & Pow May
7 7.226,560 2,401,653 4.824.907
129,320 132,491
664,683
668,844
'22 13,269,265 6,054,275 2,442,625 3,611.650
Sayre Electric Co_ _ _ _ May
15,985 13,802
88,837
79,249 Cumberland Co
Schenectady Ry Co__ May
May'23
74.836 142 534
686 407
288,173
740 516
112,660
63,157
49,503
Pr & Lt Co
Second Avenue (ree)_ February
69.734 67,773
'22
259,084
149,475
108,738
140.988
58,442
50,296
17th St Incline Plane_ May
12 mos ending May 31 '23 3,652,427
3,189
3.454
14,099
1,553,790
14.836
742,648 .811.142
Sierra Pacific Electric May
'22 3,371.521 1,313.065
83,998 72,560
414,117
368,769
706.957
Southern Calif Edison May
606,108
1677,339 1328,261 7,293,603 6,433,733 Eastern Shore
May'23
South Canada Power_ April
43,629
14,262
79,999 65.717
8,595
5,667
Gas & El Co & Subs
318.850
276,153
'22
South Colo Power Co February
37,748
11.290
156,416 151,631
7.917
3,373
12 mos ending May 31 '23
320,712
316,721
South N Y Pr & Ry__ March
523,085
175,748
48.491 45.386 '543,338 *528.517
101,058
74.690
'
1
Southern Utilities Co_ April
'22
469,922
166,260
243,439 228.570 *2.510.382 *2.617.473
85,243
81,017
Southwestern Pr & Lt April
May '23
897,854 761.661 3,670,999 3,234,876 Federal Light &
429,594
152,797
70,191
Tacoma Gas & Fuel__ January
82,606
Traction Co
455,053 577.227
'22
396,624
455,053
124,844
577,227
Tampa Electric Co__ May
55,313
69,531
12 mos ending May
171.229 145,234
915.422
766,752
31:23 5,258.087 1,956.400
737,145 1,219,255
Tennessee Else Pow_ May
735.706 650,808 y7.878,610 y6,988,051
22 4,947,096 1,588,087
659.851
Texas Electric Ry___ May
928,236
212,795 213.524 1.069,197 1,041,915 Honolulu Rapid
May '23
'Texas Power & light April
84.054
14,452
436,296 371,156 1,841,104 1,616,574
14,452
Transit Co
Third Avenue Ry Co_ May
'22
82.361
19,100
1289,952 122.262 5,869.489 5.7t4,129
74
19,026
5 mos ending May 31 '23
Un Rys & El of Balt_ March
400,229
75,190
1436.169 1345,418 4,045,237 3.804,118
5,110
70.080
United Electric Rys__ May
'22
404.899
92,400
692.801 681,936 3.388.097 3,162,947
2.067
90,333
United Gas & El Corp May
1101.332 913,613 5,903,616 5.116.848 Huntington Dev
May'23
112.943
43,611
20,485
UnitedLt&Rys&Subs May
23,126
& Gas Co
1011,488 917,421 5,211,836 4,702,377
'22
108,566
52,808
19,818
Utah Power & Light_ May
32,990
12 mos ending May 31 '23 1,278,105
644,637 536,253 3,384,089 2.800,607
508.635
241,796
;Utah Securities Corp May
266,840
781,279 684,430 *9.381.968 *8,449.002
'22 1.087,762
450,320
227,238
Vermont Hydro-Elec_ May
223,082
52,556 37,437
2%5,275
209,610 Los Angeles Gas & Mar '23 1,157,173
Virginia Ry & Pr Co_ May
409,015
850,199 768.417 4,330,102 3,595.996
112,989
296,026
Electric Corp
Western Union Tel Co May
'22 1.248.648
410.265
9021,169 8091,170 36,318,142 31.789,301
80.800
329,465
3 mos ending Afar 31 '23 3,924,743 1,406,357
West Penn Co & Sub_ May
1920,554 1164,727 9,693,450 6,085,630
339.002 1.067,355
Western Pow System_ May
'22 3.946,765 1,245,499
562,483 636,517 2,988,113 3,043.179
242,431 1,003.068
Winnipeg Electric Ry April
467.474 443.327 1.933,015 1,899.114 New Bedford Gas May'23
252,428
*78,033
,Yadkin River Pr Co May
40,968
37,065
& Edison Lt Co
161,189 97.436 1.502,463 1.148,204
'22
299,195
*95,946
York Hay Vat & Pow May
45.300
50,646
80,162 77.915
12 mos ending May 31 '23 3,601,078 *1,297.912
373,949
345.440
York Utilities Co....
602,971
694,941
ay
20,139 17.336
163.082
v......,....t, ro.t... pt.., nli 5S....,ra
'22
92.556
xo 4,0 41 ...1.4
len nAl
le nsn
Northern Ohio
May'23
866,802
192.083
157.482
34,601
Bloc Corp & Subs
'22
775,788
a The Brooklyn City BB. Is ti', longer win of the Brooklyn
180,801
169,163
11,638
12 mos ending May 31 '23 10,131,059 2,520,055 1,963,881
It;,
Transl.
System. the receiver of the Brooslyn i(eights RR.
556,194
Co. uavIng. with tit.
'22 8,703,355 2,441,660 1,924,815
approca I or the Court. clorliried to emit Moe payment
516,845
since OM 18 1919 one Broolditt City HR. has been of the rental: therefor, Penn Central Light May '23
264,478
117,399
32,274
85,125
operated by its owner.
& Power Co
b The E ig ,ti, vaam rid
'22
170,407
68,758
29,844
csnuP ft R. co
38,914
12 mos ending May 31 '23 2,886,256 1,256,886
leas s1 to the New York Rill ways Co.. but these -Tante,' wnre f wound .
,
368.215
888,671
on .1111y ii 1910. sloe,' Mild, il. ti' I hcse roads have been.es were terminated
'22 2.272.581
994.565
358.441
636.124
Portland Ry Lt
e Includes Pine Bluff Co. d Subsidiary of American operated snp kri PO%
May'23
910,514
361,430
174,911
Power & Light Co
186,519
& Pr Co
e Includes York Raven Water & Power Co. f Earnings
'22
851,305
315,603
177.542
given in milrels.
138,061
12 mos ending May 31 : 10,441.478 4,007,128
o Subsidiary companies only. h Includes
23
Ry.
2,106,251 1,900,877
cludes both subway and elevated lines. 3 OfNashville & & Lt. Co. i InAbington
3,664,932 2,137,878 1,527,254
,
Rockland (Mass.).
k Given in pesetas. I These were the earnings from
May '23 1,677.339
operation of the proper- Southern Calif
927,374
254,927
672,447
ties of subsidiary companies. in Includes West Penn
Edison Co
'22 1,328,261
834,187
323,106
511,081
metto Powei & Light Co. o Subsidiary of Southwest Co. n Includes Pal12 mos ending May 31 '23 17,842,097 10,206,35
ern
0 3,423,416
* Earnings for 12 mos. t Three mos. ending Dec. 31. Power & Light Co.
'22 16,799,075 9,865,040 4,087,862 6,782,934
5,777,178
mos. y Earnings for 11 mos. z Five mos: ending z Earnings for 10 United Electric
Nov. 30. s Four
May '23
mos. x Last week's figures for these companies
692,801
*93,655
55.223
38,432
Railways Co
were for March.
'22
681,936 *154,593
51,645
102.948
5 mos ending May 31 '23 3,388,097 *280.839
276,363
4.476
Electric Railway and Other Public Utility Net
'22 3,162,947 *555.308
256,780
298.528
West Penn Co & May '23 1,920,554 *685,132
Earnirirs.---Ilie following table gives the returns
460,496
224,636
Subsidiaries
of
'22 1,164,727 *392,223
300.712
91,511
ELECTRIC milway and other public utility gross and
12 mos ending May 31 '23 20,930,909 *7,517.02
1 5,116,601 2,400,420
earnings with charges and surplus reported this week: net
'22 14.178.476 *4,820.455 3,301,662 1,518,793
Western Pr Co
May'23
562,483
348,286
253,219
-Gross Earnings- -Net Earnings
95,067
'22
636,517
363.450
254,949
Current
108,501
Previous
Current
5 MOS ending May 31 '23 2,988,113 1.872.800 1,269,620
Previous
Companies.
Year.
603,180
Year.
Year.
Year.
'22 3,043,179 1,819,769 1,260,868
558,901
Binghamton L,H&P Co_May
* After allowing for other income.
89,032
76,700
x28,295
x18,178
12 mos ending May 31_ _ 1,098.579
963,238 t315.516 t243,703
aBrazilian Tr, L & P Co_May20.990,000 16,093.000
---Gross--- -Piet after
--Surp. after Charges-5 mos ending May 31_96.593,000 76.249.000 12,706.000 10.195,000
1923.
1922.
1923.
57,812.000 46,208.000
1922.
1923.
1922.
CocapacksGeorgia Lt., Pr. & Rye May 165,131
S.
141,828
8
c48,905
e30,366
5 mos ending May 31_ _ _ 816,457
710.490 c244,795 e123,928 Baton Rouge Electric Co
May
Hanover Pr Co & Subs_May
48,552
46,525
11,824
27.273
14,487
9,333
22.369
10,724
x10,050
x8,714
12 mos_ _ 612,338
12 mos ending May 31_ _ 323,099
562,839
217,732
206,350
181,312
260,435 t134.767 t104,006
155,946
Blackstone Valley Gas & Electric Co
bMetropolltan Edison Co.
May
and Subsidiaries
360,878
May 622.246
310,460
130,562
94,597
489,553 x224,333 x178,472
84,752
12 mos_ _ _ 4,270,495 3,866,231 1,571,660 ' 112.451 1,210,921
12 mos ending May 31_ _ 7.203,638 6.190,802 t2,405,31
1,412,603
1.077,826
3 t2,354,825 Cape Breton
Mississippi Pr & Lt Co_May
Electric Co, Ltd
93,733
90.462
x29,666
x27,638
May
12 mos ending May 31_ _ 1,202,729 1,133,995
56,533
48,051
8,136
5,698
2,518
192
t406,561 t329,584
12 mos_ ._
665,870
672,629
99,164
New Jersey Pr & Lt Co &
80401
31,573
12,437
Central Mississippi Valley Electric Co
Subsidiaries
May
76,160
51,280
x18,899
xI2,187
May
12 mos ending May 31__ 820,558
45,216
42,971
9,955
10,044
6,595
576,124 t257,556 t177.983
6,382
12 1flos_
562,242
532,931
Northwestern Ohio Ity &
156,843
145,440
114.283
101.627
Columbus Electric & Power Co
Power Co
May
53,782
38,345
x16,154
x6.633
May
184,657
12 mos ending May 31._ 539,945
154.506
98,738
76,330
459,240
t90,527
t78,932
12 mos_ _ _2,125,300 1,883,977 1,079,019 1,009,904
bPetmsylvania Edison Co
Connecticut Power Co
& Subsidiaries
May 236,416
186,952
x75,344
x52,399
May
158,611.
12 mos ending May 31_ _ 2.884,799 2,470,674 t971,132
140,519
61,298
62,635
43.820
44.930
6330.337
12 mos.__ 1.902,732 1,590,942 621,045
bReading Transit St Light Co
599,779
413,779
371,750
Eastern Texas Electric Co
& Subsidiaries
May 272,816
253.369
x24,297
x44,408
May
168,273
151,202
12 mos ending May 31_ _ 3,037.739 2,963,150 t317,014
61,144
49,672
42,900
31,174
t391,434
12 11103_ _ _ 1,894,491 1,659,523
705,032 1,104,169
Rutland Ry Lt & Pr Co_May
504,277
44,500
352.276
44.659
x11,715
x10,605 Edison Elm Ilium Co of Bro2kton12 naos ending May 31_
575.832
561.219 t149,579 t158,838
May
121.889
104,965
41,495
Sandusky Gas & El Co_ _May
32,781
40,653
80.197
31,946
65,043
12 mos
x21,267
1,503,272 1,306,705
x19,984
552.392
458,670
12 mos ending May 31_ _ 842.709
542,046
445,697
717,304 t209,529 t172.665 El Paso Electric Co
Sayre Electric Co
May
15,985
13,802
x4,055
May
203,409
189,919
x1,691
75,710
72,959
12 mos ending May 31.._
57,937
194,621
56,007
186,199
12 mos__
t41.422
2,350,454 2,293,622
t46,898
887,702
724,558
683,503
530,231
Tennessee Elec Pr Co....May 735.706
650,808 x332,942 x302,272 Elec Li & Pow of Abington & Rockland
11 mos ending May 31.... 7,898,610 6,988,051 x3,501,831 x3,306,28
May
33,573
27,246
2
3,287
4.260
3,621
2,590
Vermond Hydro-El CorpMay
52,556
12 mos_
414,034
37,437
360,026
x18,049
70,367
x15,957
67,285
62,534
53,282
12 mos ending May 31_ _ 668,577
523,589 t315,974 t160,488 Fall River Gas Works CO
York Haven Water &
MAY
89,651
84,636
24,244
15,181
14,955
24.231
May
Power Co
80,162
12 mos_ _ _ 1.023,102 1.005,410
77,915
x38,044
244,673
x44.963
271,082
268.992
241.232
12 mos ending May 31_
828,278
766,924 t140,810 1342,759 Galveston-Houston Electric Co
May
231,127
290,261
60,348
29,057
66,895
a Given in mikels. b Revised figures. x Net after taxes. t Net after
19,474
12 mos. _ 3.300,404 3,487,994
661,339
390,089
627,977
182,191
taxes and after allowing for other income.
Haverhill Gas Light Co
Balance after charges.
c
may
46,874
41,107
11,556
11,842
11,552
11.833
Gross
12 mos..
Net after
563.716
517,1180
Fixed
129,911
142,704
129.551
135.82
9
Earnings.
Taxes.
Charges.
•
Surmus. Iio...4iiton Comity Electric Light GoMaY
40,340
7,126
2,404
2,988
0.905
Am Wat Wks Sz El May '23 2,884.270 *5.164,967
12
314,661
_
519,172
830,324
88,724
140,593
79,125
140,011
434,643
Co & Subs
'22 1.641,914 *721,074
518,019
203,055 Keokuk Electric Ca
12 mos ending May 31 '23 30,176,47a*13.232.757 8,936,187 4,296,570
33,138
30,007
3,301
6,651
2,704
6,357
'22 19,874,248 *8,810,583 5.993,446 2.817.137
12 mos..
401,785
380,5u9
66,691
55,232
109,195
98,971
Associated Gas &
238.825
May :23
77,298
57,479
19,819 Key West Electric Co
Electric Co
53,033
May
36,648
L0,'239
19.330
16,385
3,491
5,431
6,038
2.789
12 mos ending May 31 '23 2,788.156
947,306
12 Inca.... 252,554
630,202
'251,560
317,104
72,213
103,474
47,128
7,743
'22 1,950.481
603.968
357,764
246,204 LoAell Electric Light Corp
Bangor Ry & Elec May'23
114,462
49,454
23,605
May
138,366
94,065
25,849
45,984
22,613
46,004
22,468
Co
111.111
'22
45.763
1,575,807 1,220,546
12 mos._
23,615
551,492
22,148
396,470
372,316
553,009
12 mos ending May 31 '23 1,528,887
773,178
284,216
488,962 mtasisalppl River Power Co
'22 1.446.769
672.529
283,767
388,762
510'
273,922
261.902
202,894
110,430
99,847
211,338
Citizens Trac Co May '23
30,077
75,964
2,959,442 2,798,934 2,200,551 2,088,438
12 mos
9,965
981,916
20,112
850,696
& Subsidiaries
'22
63.945
25,610
9.878
15,732 Northern Texas Electric Co
12 mos ending May 31 '23
895,995
375.817
118.125
257,692
237,928
May
246,164
49,667
76,743 . 81,107
58,031
'22
314,408
758,337
116,924
12 mos_ - _ _ 3,005,166 3,254,246 1,009,183 1,152.844
197,484
706,430
851,075
Name of Road
or Company.
Month.
Current Previous
Year.
Year.
Current
Year.
Previous
Year.
JULY 7 1923.]
THE CHRONICLE
Net after Taxes- -Surp. after Charges
-Cross1922.
1922.
1923.
1923.
1922.
1923.
S
$
$
2
$
$
CompaniesPaducah Electric Co
6,986
5,642
14,093
15,417
43,317
56,719
May
58,773
107,191
160,684
208,397
538,767
12 mos.... _ 589,621
'
Puget Sound Power & Light Co208,929
237,064
387,643
353,909
835,274
987,200
MaY
12 mos_ _ _ _11,217,127 10,104,783 4,529,014 4,321,238 2,769,605 2,560,895
Savannah E:ectric & Power Co
22,393
17,407
45,641
41,386
132,491
129,320
May
579,563
582,300
12 mos_ _ _ _ 1,598.933 1,661,015
Sierra Pacific Electric Co
26.213
34,044
32,035
39,369
72,560
83,998
May .
335,346
395,458
409,072
894,022
453,921
12 mos_ _ _ _ 955,727
Tampa Electric Co
41,847
46,273
62,659
145,234
68,823
171,229
May
671,156
723,925
772.983
834,088
12 mos_ _ _ _ 1,957.924 1,754,544
FINANCIAL REPORTS
-The following is an index to all
Annual, &c., Reports.
annual and other reports of steam railroads, street railways
and miscellaneous companies published since and including
June 2 1923.
This index, which is given monthly, does not include
reports in to-day's "Chronicle."
Bold face figures indicate reports published at length.
81
Western Pacific RR. Company.
(General Balance Sheet as of April 30 1923.)
The balance sheet as of April 30 1923 has been submitted
to the stockholders of the Western Pacific RR. Corporation
with the letter of Chairman Alvin W. Kreck (see below)
in connection with the Denver & Rio Grande Western RR.
reorganization plan.
COMPARATIVE GENERAL BALANCE SHEET.
Apr 30 '23 Dec.31 '22
Apr.30'23 Dec. 31 '22
LiahilitiesAssetsCommon stock_ _47,500,000 47,500,000
Road Jr equip_ _ _99,701,442 99,280,858
50,065 Preferred stock... 27.500,000 27,500.000
135
Sinking fund
1st Mtge. bonds__26,887.800 26,945.700
Deposits in lieu of
628,738 Traffic Jr car serv.
176,368
mortgaged prop_
336,894
balances payable 268,021
211,192
Misc. PhYs. prop-. 212,772
Inv. in affil. cos 2,129,802 2,000,006 Aud. accounts Jr
862,134
wages payable__ 836,266
Other investments 3,500.817 3,500,817
54,280
54.761
1,638.089 1.905,227 Misc, accts. pay__
Cash
25,582
49.834
unpaid_
Int. mat'd
Demand loans Sc
459,095
Unmet. int. am__ 229,040
dep. (mtge. tr.
122.898
97,489
5,471,943 Other curr. liabils_
5,258.665
funds)
23,746
12.322
49,834
25,582 Deferred liabilities
Special deposits......
161,773
91,137
Tax liability
Traffic & car serv.
551.077 Accr. deprec. on
balances roc_ _ 329,554
1.723.136 1,624,817
equipment
297,857
Agts. Jr cond. hal_ 206,566
454,829 Surp. inv.-equip.
468,741
Misc. accts. roc_
Jr 0th. prop. pur. 7,182,695 7,182,722
Mali Jr supplies__ 1,543,896 1,474,583
730,458
33,850 0th. unadj. credits 790,815
34,600
Interest receivable
177,356 Add'ns to property
161,902
Other curr. assets_
426,361
thr. Inc. Jr surp. 433,156
1,902
42,967
Deferred assets....
348,887 Fund, debt retired
Unadj. debits__ 385,918
199.935
thr. inc. Jr surp_ 249,865
Disc. on fund.debt 2.248,660 2.282,927
50,065
135
Sink,fund reserve_
credit bal.. 4,184.259 4.491.237
Tot.(ea.side)_118,090. 730 118,697,699 P. Jr L.
-V. 116. P. 2885. 2384.
Page.
Industrials (Concluded)Page.
Beam Roads3 4 International Mercantile Marine Co_2633
American Car & Foundry Co
2643
2991 International Nickel Co
Baltimore & Ohio RR
2876 International Shoe Co.(St. Louis)_ _2772
Boston & Albany RR
2521
2515, 2877 International Tel. etc Tel. Co
Canadian National Rya
Canadian Northern RYS. System...2762 Internat. Mere. Marine Co...2633, 2990
2395
2631 Invincible Oil Corp
Toledo & Ohio Central Railway.
Carolina Clinchtleld & Ohio Ry
3002
2989 Iron Products Corp
Central RR. of New Jersey
2630 Kellogg Switchboard & Supply Co_ _3003
(Report for the Year Ended Dec. 31 1922.)
Chicago & Eastern Illinois Ry
.....2773
3510 Larrowe Milling Co., Toledo, 0.
Chicago Great Western RR
The lines of tho Toledo Jr Ohio Central Ry, and its subsidiaries, viz.:
2773
.2636. 2762 Laurentian Power Co., Ltd
Cincinnati Ind. & West. RR.
Kanawha Jr
2992 Liggetta International, Ltd., Inc __ _2773 Zanesville & Western Ry., Kanawha Jr Michigan By. andYork Central
Eastern RR
Cleve. Painesville &
West Virginia RR. were leased as of Jan. 1 1922 to the New
2637 (P.) Lyall & Sons Construction Co..
Colorado & Southern Ry. Co
2521 RR.(V. 115. p. 544). The operation of.these lines for 1922. now known
Ltd
Denver & Rio Grande Western RR_ _2861
2644 as the Ohio Central Lines, are contained in the annual report of the New
2633 (H. R.) Mathnson & Co., Inc
Duluth Iron Range RR
3004 York Central RR., which shows the following results:
Duluth Mambo & Northern Ry.2763 Maple Leaf Milling Co
Southwestern Co....2516, 2632 Massachusetts Gas Cos., Boston_ _ _2773
El Paso Jr
TRAFFIC STATISTICS FOR CALENDAR YEAR 1922.
2521
Florida East Coast Ry. Co-2766, 2878 Maxwell Motor Corp
8,967.523
2774 Tons of revenue freight carried
2883 Mexican Investment Co
Georgia & Florida Ry
1,574,211,904
2890 Tons of revenue freight carried one mile freight
International-Great Northern RR_ _2766 Middle States 011 Corp
$1.45
Average amount received for each ton of
2521,3004
.2630, 2649 Moon Motor Car Co
Kansas City South. Ry, Co.
0.828 cts.
2396 Average revenue per ton per mile
2763 Mullins Body Corp
Minneapolis & St. Louis RR
1,678.291
Revenue passengers carried
2875, 2894 (Al.) Narntri & Sons, Brooklyn,N.Y2891
New York Central RR
41.606,213
2775 Passengers carried one mile
Northern Pacific Ry.Co_2990,2994,3009 National Acme Co
3.38 cts.
per mile
2767 New Bedford Gas & Edison Lt. CO.._3004 Average revenue per passenger
Peoria & Eastern Ry
Philadelphia & Reading Ry. 2384, 2401 New Mexico & Arizona Land Co.__ _2775
INCOME ACCOUNT FOR YEAR ENDED DECEMBER 31 1922.
2384 New York Air Brake Co
3004
Reading Company
Net railway oper. deficit. ___ $182,884
Operating Revenue2386
2768, 2878 New York Telephone Co
Rutland RR
213.035,953 Railway tax accruals, &c...... 1.022,827
2387, 2511 Nevada Consolidated Copper Co__ _2396 Freight revenue
Seaboard Air Line Ry
1,412,575
2630 North American Co
2522,3004 Passenger revenue
Ulster & Delaware RR. Co
Railway operating loss__ $1,205,711
312,957
2510, 2524 North American Edison Co
3005 Mall,express. Acc
245,467
Union Pacific RR
156,453 Equipment rents net credit._
Other traroportatien
2384 Northern Mexican Power & Devel127,886
Western Pacific RR. Co
229,065 Joint facility rents net debit....
_
3005 Incidental and Joint facility_
2989
opment Co., Ltd
Wbeeling & Lake Erie Ry. Co
Oceanic Steam Navigation Co., Ltd_2776
Net railway operating loss_ $1,088.130
_215,147,001
Total railway per. revs....
Electric Railways
Pacific Gas & Elec. Co_2397, 2633, 2655
Non-Operating Income
Alabama Tree., Lt. & Pr. Co., Lt4L2382 Pacific 011 Co
2633, 2661, 2776
2447,395
Dividend income
Operating ExpensetNorth Carolina Public Service Co....2991 Pennsylvania Coal & Coke Corp_ _ _ _2397
202,314
structures.. $2,518,824 Inc. from funded Jr unf. secs_
Portland Railway, Light & Power
for Guar. Mortgages_ __ _3005 Maint. of way Jrequipment__ 5,641,995 Other non-operating income_
24,692
Phila. Co.
Maintenance of
2385, 2405, 2994 Pillsbury Washburn Flour Mills Co.,
Co
193,153
Terre Haute Indianapolis & East2776 Traffic expenses expenses_
Ltd
def2413,729
Gross income
6,482,766
ern Traction Co
2777 Transportation
Co.. Inc
Deduct
432,645
2512 Postum Cereal
United Rys. Co. of St. Louis
2513 General expenses
Producers & Refiners Corp
23,151,386
30,504 Rent for leased roads
2513 Miscellaneous expenses
Pure Oil Co., Columbus, Ohio
21,693
Industrial
Miscellaneous charges
2769 Quincy Market & Cold Storage &
Alabama Power Co
2996
3005
Warehouse Co
$3,586,808
Allis-Chalmers Mtg. CO
Net deficit
Total railway oner. exp. $15,329,888
2990 Quincy (Copper) Mining Co. (New
American Car & Foundry Co
2523 -V. 115, p. 546.
2639
York and Michigan)
American Express Co
2397
American Pneumatic Service Co_ -2770 Ray Consolidated Copper Co
Brazilian Traction, Light & Power Co., Ltd.
2397
2996 Republic Iron & Steel Co
American Printing Co
3006
2887 Republic Rubber Co
Rolling Mill Co
American
(10th. Annual Report-Year Ended Dec. 31 1922.)
3006
American Zinc, Lead & Smelt. Co_ -2639 Revillon, Inc
3006
Rolls-Royce of America. Inc
Associated Oil Co. and Proprietary
The report will be published more fully another week.
2879 Sapulpa Relining Co. of Oklahoma
and Atfillated Companies
2647, 2777 COMBINED REVENUE STATEMENT OF PARENT CO. (BRAZILIAN
Associated Simmons Hardware Cos_2887
2777
2392 Scott Paper Co
Atlas Powder Co
TR.. LT. et PR. CO.) AND OPERATING SUBSIDIARIES.
2892
2392 Seneca Copper Corp
Baldwin & Co., Cincinnati
1919.
1920.
1921.
1922.
(1) /n
2392 Shell Transport & Trading Co., Ltd _2990
Beech Nut Packing Co
2523 Gross earningsfrom oper2518 Shell Union 011 Corp
Bell Telephone Co.(of Pa.)
in Brazil_ _. _ _2197,749,1052170,867,3532134,905.8322113,073,982
ations
.2398
2640 Sheridan-Wyoming Coal Co., Inc.
Bethlehem Shipbuilding Corp
2519, 2634 Sherman Clay & Co., Ban Francisco..2398 Net earnings from operBurns Brothers
124.505,563 95,105,553 69,990.657 58,423,485
ations in Brazil
3007
2634 Sliver King Coalition Mines Co
Bush Terminal Co
2777
2393 Simmons Co.. Kenosha, Wis
California Packing Corp
cents
2892 Approx. value of mare's_ 13.09 cents 12.51 cents 20.41 cents 26.80
2393 Simms Petroleum Co.. Inc
Callahan Zinc-Lead Co
3007
2770 (8.) Slater Jr Sons, Inc
Canadian Converters Co.,Ltd
(2) /n Dollars
.2892
2393 Southern Canada Power Co., Ltd.
Canadian Cottons, Ltd
$15,655,477
3007 Net earnings in dollars_ .816,299,229 $11,898,523 $14,286,039
2997 Southeastern Express Co
Canadian Explosives, Ltd
86,160
458.576
270,150
118,022
2998 Southern Counties Gas Co. of Calif _3007 Miscellaneous revenue__
Carnegie Steel Co.(N.J)
2398
Casein Co. of America(N.J.)
Metals Co
2393 Southwest
of subsid's_$16,417,251 $12,168,673 $14,744,615 $15.741,637
Total rev,
2398
2519 (A. G.) Spalding & Bros
Chino Copper Co
$4,143,517
2770 Springfield Light, Heat Jr Power Co_2398 Bond int. & oth. cbss.x_ $5,052,961 $4,534,038 84.831.723
Coast Valeys Gas & Elec. Co
2512 Reserves for deprec. and
2641 Steel Jr Tube Co. of America
Columbian Carbon Co
3,097,886
2,876.068
3.224,578
3,941.393
sinking funds
30013
2888 Sterling Coal Co., Ltd
(John S.) Connor Co
Consumers Power Co
2770, 2879 Stewart-Warner Speedometer Corp_2398
of subTotal charges
Continental Sugar Co
2519 Stromberg Carburetor Co. of Amer58,994.354 $7,758,616 87,707.791 $7,241.403
sidiaries x
2398
Converse Rubber Shoe Co., Maiden'2888
ica, Inc
(3) Parent Co. in Dollars
Cosden & Co.(Del.)& Subsid_2386, 3408 Stutz Motor Car Co.of America, Inc.
2398, 2513 Balance, being gross reve(Wm.)Cramp & Sons Ship & Engine
nue of Brazilian Trac.,
2779
Co
2998 Sun Oil Co
Building
Lt. Jr Power Co., Ltd. $7,422.897 $4,410.057 $7,036,824 $8,500,234
2399
2771 Superheater Co., New York
Crowell & Thurlow 5.5.Co
376,771
206,619
127,658
450,064
3008 Int. on investments, &c_
2519 Toledo Edison Co
Cunard Steamship Co., Ltd
2998 Tonopah Belmont Development Co_2780
Cuyamel Fruit Co
87.243.443 88,877.005
87.872.961 84.537,715
Total
2523
Dodge Brothers (Automobile Mfrs.),2771 Tonopah Extension Mining Co
Deduct-Genii and legal
.2771 Tucketta Tobacco Co., Ltd., HamilDubilier Condenser & Radio Corp.
139.732
313,788
166,465
185,840
exp. and admin. digs.
2399
2393
ton, Ont
Eagle OU Transport Co.. Ltd
663.306
674.538
833,568
535,153
3008 Interest and charges_ _
Underwood Typewriter Co
Edison Electric Illuminating Co.(of
600.000
600,000
600,000
600,000
Preferred diva. (6%)_ 2399
2394 United Alloy Steel Corporation
Boston)
2,131,511
2523 Common diva.(2%)
2888 United Dyewood Corporation
Elder Manufacturing Co
200,000
260,000
300,000
300.000
2888 United Gas Jr Electric Corporation_2648 Gen. amortiz. reserve_ _ _
Elgin National Watch Co
2387
2999 United Shoe Machinery Corp
Electric Auto-Lite Co
$1.848,321 81.603.038
$3,752,504 81,900,033
Total deductions
2520, 2634 United States Distributing Corp_ _ _2399
Exchange Bullet:Corp
$4.120,457 82.637.682 $5,395,122 $7,273,967
Balance, surplus
2771 U. S. Realty Jr Improvement Co.
Fairbanks Co., New York
x Inter-company items excluded.
2513, 2530
3000 (Geo. A. Fuller Co.)
Fairbanks, Morse & Co
0
-V. 116, P• 2 4•
Note.
-Above earnings are given in Canadian currency.
3000 U.S. Trucking Corporation
Co
2399
Federal Light & Traction
2764, 2781 Utah Copper Co
2400, 3008
Fisher Body Corp
Alabama Power Company.
2771 2990 Utica Gas Jr Electric Co
2400
Body Ohio Co
Fisher
Foundation Co., New York-2520,3000 Ventura Consolidated 011 Fields._ _ _2780
-Year ended Dec. 31 1922.)
(Annual Report
Vertientes Sugar Co. (COmParda2400
(H. II.) Franklin Mtg. Co., Syra-During 1922 company extended its facilities
Enlargements & Additions.
Azucarera Vertientes)
cuse, N. Y
2409 (V.) Vivaudou. Inc
2400 for service by enlargements and additions of its generating plants, subGeneral Motors Corp
2520 Vulcan Detinning Co
2780 stations and transmission lines, the most important of which was the
Glidden Co
2889 Warner Sugar Refining Co
2893 construction of Mitchell Dam,located on the Coosa River about 14 miles
Great Falls Mfg. Co., Boston
2520 Wells, Fargo Jr Co
2400 below Lock 12. At the beginning of the year the construction organizaGreene Cananea Copper Co
2386 tion was practically complete and the work well under way and was prose2520 Westinghouse Elec. & Mfg. Co
Holland-St. Louis Sugar Co
3002 Weyenberg Shoe Mfg. Co., Milwaucuted with such a degree of speed that the waters of the Coosa River
Holly Sugar Co
2400 were raised and permitted to flow over the dam in the latter part of
3002
kee, Wis
Co
Hood Rubber
2889 Whitin Machine Works,Whitinsville.
December. Industrial conditions improved rapidly during the year and
Howe Sound Co
2782 the former plentiful supply of labor had to be replenished by recruiting
2889
Maas
Hudson Motor Car Co
2771 Wickwire-Spencer Steel Corp_2409, 3008 from various labor centres throughout the State. The progress of the
Humphrey 011 Co
2514 work was maintained to meet the schedule notwithstanding the delays
Hurley Machine Co., Chicago-2772, 3002 Winchester Company
2521 Winchester Repeating Arms Co__ _ _2514 experienced in the delivery of materials due to the nation-wide railroad
Hydraulic Steel Co
2409 strike, which speaks well for the efficiency of the organization.
Yukon Gold Co
2395
Ingersoll-Rand Co
82
THE CHRONICLE
[vol.. 117.
Mitchell Dam.—As it stands to-day, contains more
of concrete, of which 189,000 cu. yds. were placedthan 200,000 cu. yds. Numerous lines connecting the plant with other parts of the system were
to raising the water in the reservoir, the entire area during 1922. Prior constructed to serve towns and cities, coal mines, mills and other indusand brush in accordance with the specifications of the was cleared of trees tries throughout the State. The wisdom of the company's course in
U. S. Public
Service and the State Board of Health and under their direction. Health selecting the location and building the plant has been amply justified, for
it is one of the most important elements of the system to-day.
The requirements of the health departments,
In the construction of the first unit a vast amount of work was done
were met and even exceeded with the view of both State and national,
eliminating malaria
other infectious diseases, and not only was the welfare of company and to prepare for the ultimate installation, and after the war began company
em- was requested by the Government to
ployees protected, but extensive work was done by company
aid in quickly supplying power for
inspectors nitrate plants to be erected at Muscle Shoals,
to insure the health of inhabitants throughout the area adjacent
to the power desired by the Government was in excess 90 miles distant. The
reservoir by providing medicine and treatment for them.
of the available
of the system, but company turned over to the Government, itscapacity
U. S. Nitrate Plant.—Though the Mitchell development
request,
at
large generating plant under construction during the year. was the only the use of its lands, foundations and under-water structures at Gorges.
the capacity
of the system was increased by leasing from the U. S. Government and thus enabling it to install therein a 30,000 k. w. unit and other incidental
facilities to be operated as a part of that plant.
rehabilitating at large expense the steam plant of the U. S. Nitrate Plant
At the same time company placed a right-of-way owned
No. 2, at Sheffield, Ala. The operation of this plant, although limited
by it at the
by the capacity of the available transmission lines and substations, added disposal of the Government on which to build a transmission line from
Gorges to Muscle Shoals. This enabled the Government to quickly
50,000 h. p. to the generating capacity of the system. A portion of this
capacity was contracted for by public utility companies in Georgia and secure the large amount of power from the company's system for the
construction and preliminary operation of the nitrate plants
North Carolina.
at Muscle
Shoals. A contract between the Government
Gadsden Steam Plant.—The generating capacity of the
and the company was signed
plant was increased to 15,000 h. p. during low water periodsGadsden steam In November 1918. binding the company to purchase the added facilities
by the installa- from the Government after the war, at
tion of revolving screens and the completion of a coal washer plant and
their fair value, and the company
additional coal storage and handling facilities at the Gorges steam plant agreed to pay interest to the Government on its investment pending the
purchase. The company has found increased need
maintained its capacity at 70,000 h. p.
the entire
since the war closed and has from year to year paid forGovernmentplant
Distribution System.—During 1922,the distribution
subthe
by the construction of the following transmission andsystem was increased stantial amounts representing interest on its investment.
distribution lines:
Sheffield Steam Plant.—Forecasting the needs of
(a) 12 miles of large capacity, double-circuit, steel-tower, 110.000-volt and adjoining
power in Alabama
States for several years, company in 1921 leased the Governline from Lock 12 to Mitchell to conduct energy generated upon the
completion of that plant into the present transmission system at Lock 12. ment's Sheffield steam plant which was constructed during the war as a
From this point, energy from Mitchell will be delivered to Sylacauga, part of the Muscle Shoals nitrate program and this lease was renewed in
1922. This foresight has been well repaid, and, indeed, has
Anniston and Huntsville and the eastern and northeastern sections of
been of great
State, and to the Birmingham district and western sections by waythe benefit to the sections of the State served by company, as well as many
of other parts of the South. Pending the completion
Bessemer and Magella.
of Mitchell develop(b) As a part of this system, construction was started on 39 miles of ment,company was enabled to contract for 30,000 h. p. to new and existing
customers, in addition to which it has agreements for power
"H" frame, single-clrcult, 110,000-volt line from Lock 12 to Leeds,
service to be
just
east of Birmingham, where a 110.000-volt primary substation is under connected during 1923 of approximately the same amount.
During the past two years company, through the interconnecti
way. From this station 16 miles of"H"frame, single-circuit, 44,000
on of its
-volt lines with those of other power companies in Georgia,
line is in progress to serve a substation at Fulton Springs which will,
Tennessee, North
in
turn, provide an additional point of service for the Birmingham Ry. and South Carolina, was called on to assist in emergencies by sending
power over those lines for use in the Atlanta, Macon and Columbus, Ga..
Light Jr Power Co. at Lewisburg and also supply the Kimberley mining
districts; in certain parts of South Carolina, and as far east as the Raleigh
district by means of the 22.000
-volt line recently purchased from the
Birmingham Co. The Lock 12 to Leeds line and the Leeds substation district in North Carolina, 600 miles from the Sheffield plant at Muscle
will provide an additional and entirely independent means of transmitting Shoals. This was accomplished by each of the companies transmitting
energy to the Birmingham district as well as to the eastern and northern to the connecting company the equivalent amount of power delivered by
Parts of Alabama, thereby increasing reliability of service to the entire the company at the Georgia-Alabama line. Of the total power thus
transmitted to other companies, it is interesting to note that 15,000,000
northern half of the State.
k. w. hours were transmitted for use in North Carolina, the most remote
(C) An additional outlet for energy from Mitchell southward and
the east is being provided by the construction of 80 miles of 110,000 to State of the group with respect to the super-power zone.
-volt
The use of this plant made it possible to respond to the demand of existing
"II"frame, single-circuit line via Lock 18 site to the Opelika district.
and now industries in Alabama for power service, as well as to partially
(d) The present 33,000
-volt line from Upper Tallassee to Montgomery
is being reconstructed for 44.000 volts and will give Montgomery a second meet the similar demands in other sections of the South. But for the
source of power supply sufficient to meet the demands of the entire district. leasing of this plant, many industries would have been limited in their
production or shut dovrn entirely due to lack of power, with resulting
This will not only increase the reliability of service at Montgomery
will add to the capacity so that the steam plant may be closed exceptbut loss to wage earners as well as to industry.
for
Company paid the Government $141,404 in 1922 for the use of its
stand-by service.
(e) A line from Upper Tallassee to Aubrey substation is also under extension to the Gorgas plant, and under the terms of the lease from the
Government for the use of its steam plant at Sheffield it was paid $207,864
construction and will give the eastern section served by the company a
new source of power sui ply sufficient to meet the entire needs of that during 1922 thereby making the total payment to the U. S. Government
during 1922 $349,269.
'
section as well as improve the service.
Interconnection with Other Companies.—The operation as a single system
(j) In addition to those mentioned, more than
and lower voltage lines were completed in 1922. 65 miles of 44,000-volt of the transmission facilities of the several companies in the Southeastern
The more important of these were 26 miles of line from Selma via Marion States by reason of the interconnection of their lines permits the separate
Junction to Marion, thereby giving hydro-electric service to both of these generating plants to deliver their energy into a common distributing
places. Heretofore Marion Junction had no electric service and at Marion network. Energy may be drawn from this reservoir at any point in any
an isolated steam plant was displaced with a considerable reduction in one of these States for any purpose,for lighting homes or for the operation
of factories, and, by means of the interconnection of these systems,
rates to users of electricity.
every
(0) 16 miles of line from La Fayette to Aubrey, near Opelika, were source of energy within the area can be put to use.
All available water power on the various systems
constructed, thus completing a distribution loop and making available
benefit of the entire area before reserve steam plants is operated for the
two sources of supply to the towns of Talladega, Roanoke, La
are called upon for
Fayette.
Opelika and Alexander City, as well as adding considerably to the available duty and, when these reserve plants are necessary, the large and more
economical plants in the Warrior coal fields are first used. These
capacity of this district.
plants
use less than two pounds of coal per k. w. hour and their operation permits
Transmission System.—The transmission system was also increased by the smaller and less efficient plants consuming
from two to five pounds of
the assumption from the U. S. Government of the operation and main- coal per k. w. hour to shut down, resulting
in a consequent decreased cost
tenance of 91 miles of 110.000-volt line from Gorges to Sheffield so that of service to the public and a lessened
burden upon the railroads for the
at Dec. 31 1922 there was in operation 590 circuit miles of 110,000-volt transportation of fuel.
line. 757 circuit miles of 44,000 and lower voltage lines, and 303 miles
The total amount of power supplied during
of distribution lines in local operations, making a total mileage in excess of the Southeastern States was approximatel 1922 by the power systems
2,000.000.000
of 1,600.
of whic c approximately 75% was provided y waterpower k. w. hours.
by
plants. To
Retail Operations.—Iletail activities covered the reconstruction of lighting have produced this entire volume of power by steam would have consumed 4.000,000 tons
circuits in Albany and Gadsden, a change in the distribution systems
of The production and of coal, whereas only 1,000,000 tons were used.
Anniston and Attalla, the construction of distribution systems
transportation of the additional 3,000,000 tons of
Marion Junction, Fairview and the Shades Mountain districtin Parrish, coal which would have been necessary had this entire amount of
mingham. Partial reconstruction of the distribution systems in near Bir- been produced by steam, would have been a tremendous burden power
all towns
directly served called for an expenditure of approximately $50,000, not the railroads and mining industries of the South. particularly as upon
they
including the construction of 14 miles of rural distribution line. Approxi- were handicapped by labor troubles and car shortage during the period.
The demand for power, therefore, could not have been met nor
mately 2.000 retail customers, including a number with electric rangu,
could
,
and other electrical appliances furnished through the merchandising industry in these States have continued to operate to full capacity during
the low-water period near the close of the year except by the
department, were connected to the system at a cost of approximatel
combined
y use of these hydro and
$95.000.
steam plants.
Industrial Development.—During the past year the South
In pursuance of its policy to enable the greater& use of hydro-electric
experienced
power in homes, company has established new rates for combined lighting an industrial revival that aroused the attention of those seeking a suitable
and cooking service, thereby placing this service within the reach of the place for the building of new plants to meet the ever increasing demands
average citizen for a variety a household duties. Company has initiated upon industry. Among the most important questions facing the industrial
expansion of the South is that of power. It has been found
a plan to sell customers appliances for household use.
that
Street railway operations in all the towns served were improved by who are interested in plant expansion in new territory are concerned those
with
replacements, partly on account of municipal paving programs and partly the ability of that territory to promptly meet the demands for power
from necessity as an operating measure. Three Birney safety cars were from year to year, hence the interconnection of the power systems and
put in service in Anniston and several others rebuilt. In the gas operations, the common use of facilities has resulted in benefit to every section of
the gas plant was improved and new mains laid in Selma and gas dis- the Solth.
Tallapoosa River.—Company, on Aug. 28 1922, filed an
tribution conditions in Anniston improved.
application
with the Federal Power Commission, through
Financing.—To finance the expenditures for construction work accom- Alabama Interstate Power Co., for a preliminary its subsidiary company.
permit under the Federal
plished during 1922 at a cost of $5,436.957, company issued and sold Water Power Act of June 10 1920, for
a project on the Tallapoosa River
$1,000,000 1st Mtge. Lien & Ref. Gold bonds. 6% Series, due 1951.
in Alabama to include four dams,
From thee ale of its Cumulative Preferred stock to its customers, 200.000 h. p. The Tallapoosa Is a with a total capacity of not less than
non-navigable stream, but on account
employees and the investing public in Alabama for cash or on deferred of its relation to the navigation on
payment plan, there was paid into the treasury $946,249. The remaining ment indicated that the developmentthe Alabama River. the War Departon
funds were provided from the proceeds of bonds sold in the previous year tion should be made under Government that river proposed by our applicaaugmented by temporary bank loans which have since been liquidated.
In due course, the Federal Power supervision and approval.
All the securities sold by company since 1914 have been sold to in- of the project, and on Jan. 27 1923 a Commission assumed jurisdiction
preliminary permit was granted in
vestors in the United States and company now has over 15.000 holders accordance with the application.
of its stock and bonds in this country, owning approximately 75% of llminary engineering and surveyingThe company is now engaged in prewith the view of proceeding with the
all the outstanding securities.
construction as soon as practicable of
Operations.—Operations during 1922 were the greatest in company's or on the Coosa River above the Lock additional plants on the Tallapoosa
history; and the total connected electric load at Dec. 31 was 403,936 h. p.,
Plants are to be constructed on the12 plant.
compared with 362.107 h. p. at the close of 1921. The maximum demand storing the flood waters and operating Tallapoosa River with the view of
upon the system increased from 115,500 k. w. (155,000 h. p.) in 1921 power developments of the company the same in connection with other
in
to 153.100k. w.(205,000 h. p.). The total energy supplied to the system the largest possible benefitfrom the stored the same region, thus obtaining
during 1922 was 607,133.242 k. w. hours, as compared with 432,991,540 several projects in different watershet water. This plan of co-ordinating
k. w. hours in 1921, an increase of 174,141.702k. w. hours.
in the public interest the navigation will develop, conserve and utilize
and water power resources of the
--Company has the Lock 12 hydro plant on the Coosa region to the greatest advantage.
Generating Plants.
The storage reservoirs to be included
River with an installed capacity of 110.000 h. p., and the Jackson Shoals in this plan of development will
also have an important effect in minimizing
hydro-electric power plant with 1.900 h. p., making a total of 111,900 the flood damage from the Tallapoosa
and Alabama Rivers.
h. p. of hydro capacity. Company was calld upon, however, at different
Muscle Shoals.—In
times during the year to deliver service to lighting and power customers submitted an offer toaccordance with the action of the directors, company
the Secretary of War. dated Feb. 15 1922, defining
largely in excess of the capacity of the water power plants. For instance, the terms upon which the Wilson
on Dec. 13 1922 the output of electricity for 24 hours was 2.753,600 k. w. problem of the Government in Dam would be completed and the nitrate
connection therewith simplified without
hours. This record of output for one day exceeded the record of any further advances or
previous year by 63%. Due to the dry weather during the last five months cussion of which will expenditures by the United States, a detailed disbe given later.
of the year, the flow of water in the Coosa River was very low. On the
After this coutry entered the
war, the Government in 1917 decided
above day, the electricity generated required the burning of over 2,290 to construct a nitrate plant
and in connection therewith a water power
tons of coal during the 24-hour period, which is equal to 57 cars of 40-ton development. Muscle
capacity. The maximum peak load of 153.100 k. w. reached on Dec. 18 desired the site of Dam Shoals having been selected, the Government
No. 2 on the Tennessee River, now known as the
exceeded the peak load record in previous years by 33%.
Wilson Dam site, for its
Gorgas Reserve Steam Plant.—In 1916. company acquired several hundred had for many years been war purposes. This site was at that time and
acres of land on the Warrior River on which to erect a reserve steam plant discussions between the owned by this company. There were various
officials of the company and the Government
to supplement the hydro plants of the company in times of low water. representatives as to
The site is approximately 25 miles from Birmingham and was selected this very important the terms upon which the Government should acquire
site and the flowage lands of'the company owned
on account of the fact that it was in the heart of the Warrior coal fields in connection
and there was abundant water for cooling purposes. Company projected Government therewith. There were differences of view batwoon the
officials and the company as to the value of the property
its requirements for reserve steam plants over a period of years, making and as to the
price
provision for 90,000 h. p. total capacity and the erection of the first unit as these differences which the Government should pay for the same; and
might possibly have
of 30,000 h. p. was completed prior to the war in 1917.
program, the company donated the lands delayed the Government's war
to the Government for $1, and
Company meanwhile arranged to open a coal mine on the lands acquired addressed a
and has obtakied the principal part of its coal supply from this source. the offer of letter to the Secretary of War dated Feb .18 1918 nutking
donation.
Jimy 71923.]
THE CHRONICLE
The Secretary of War accepted the company's offer of donation.
Great Northern Iron Ore Properties.
And in due course the Government issued its voucher for $1, payable
a the Muscle Shoals Hydro-Electric Co., the subsidiary company which
-Year ended Dec. 31 19.)
(16th Annual Report
held the title to the property.
During the time the company owned the site of Dam No. 2, efforts
The trustees under date of St. Paul, May 31, wrote in
were made for many years to bring about its development. Under date
of Dec. 10 1913, company submitted a proposal to the Government in substance:
Since the close of the year the Jackson Iron Mining Co.sold its undivided
response to its request for the construction of Dams Nos. 2 and 3 ana
this plan was considered in very full report and recommended to Congress one-sixteenth interest in the NW
of Section 29, Township 56,
of May 18 1914.
by Government engineers for acceptance under date
commonly known as Lewis Mine.
This was the first proposal made to the Government for the development Range 24 West, Itasca County, Minn.,
and
of Muscle Shoals in the interest of both power and navigation. No action and the Arthur Iron Mining Co. sold its lease on the NE3(-SE3
having been taken by Congress on the proposal of 1913, a further study 83. -SE
of Section 12, Township 57, Range 21 West, St. Louis County.
was made by Government engineers and the proposal of 1913 was again Minn., commonly known as Niagara Mine, to the Braddncic Iron Mining
approved and submitted to Congress with a favorable recommendation
by the engineers on June 28 1916, with the suggestion, however, that Co. of Duluth, a subsidiary of the United States Steel Corp.
During the year the Federal income and profits tax returns of the trustees
action on the proposal be suspended until it was determined whether
the Muscle Shoals power would be utilized in the manufacture of nitrate and the companies for the years 1917 to 1920, inclusive, together with all
for war purposes.
the companies to date, were audited
The Wilson Dam site and the flowage lands of the company owned in capital stock tax returns filed by
agreements
connection therewith had a large value, far in excess of the $500.000 which by the Government with satisfactory results and conclusive
we had expended in connection with this development. Having_ acquired have been executed with the Government pursuant to Section 1312 of
Dam and
the site, the Government began the construction of Wilson
the Revenue Act of 1921.
expended during and subsequent to the war about $17,000,000 on the
Leases covering the Carmi and Draper Annex Mines, which were being
project. Congress refused to make any further appropriation to continue
the project as a Government development and the Government addressed negotiated at the close of last year between the Tyler Iron Mining Co. and
a letter to this company inviting suggestions looking towards its com- the Mead Iron Co., and the Harrison Iron Mining Co. together with
pletion in some manner which would insure the Government a reasonable
& Co., respectively, and referred to
return upon its investment already made. Company then addressed other fee owners and John A. Savage
still under
a letter to the Government officers on May 28 1921, in which it again in the 1921 annual report, have not yet been executed, but are
expressed its interest in the development and stated that the project could consideration.
be completed on a commercial basis and that when Congress authorized
Court handed down an opinion sustainOn May 7 1923 the U.S. Supreme
the use of any of the power for commercial and industrial purposes, company ing the constitutionality of the so-called Minnesota Occupation Tax Law.
stood ready and willingto co-operate with the Government in any way adopted by the State of Minnesota on April 11 1921, which imposed "an
desired looking toward its completion.
occupation tax" equal to 6% of the value of the ore mined or produced
It appearing that Congress was prepared to give serious consideration during any year on all who are "engaged in the business of miningc
i
to the disposal of the project and financial conditions having meanwhile Producing iron ore or other ores" within the State of Minnesota.
become more stable so that this company could market its securities on sustaining of this law by the Supreme Court, we believe, will not materially
a basis which would enable it to complete the project entirely at its own affect the Great Northern Iron Ore Properties, inasmuch as none of the
expense, this company submitted its offer of Feb. 15 1922, which was Proprietary companies is directly "engaged in the business of mining or
ratified and approved by the stockholders.
producing iron ore or other ores" in the State of Minnesota.
Under the offer of Feb. 15 1922, company agreed to take out a license
[Signed Louis W. Hill, James N. Hill, Edward T. Nichols, Ralph Budd.
under the Federal Water Power Act of Juno 10 1920 to complete the Trustees.]
construction of the dam, locks and power house at Dam No. 2 at Its own
expense with an initial installation of 240.000 h. p., the subsequent installa- I. Developed Mines. Operated by Others, Showing (1) Whether Held on Feehold or
tion to be made in accordance with the Federal Water Power Act as might
Leasehold (2) Shipments and Minimums also Royalties Receivable by Trust.
be necessary to meet the market demands; to furnish free to the Govern1923
Royalty
Number of Gross Tons
ment, or its nominee. 100.000 ii. p. as required for the production of
Minimum
go Trust,
Shipped.MineInterest
fertilizer and munitions of war and for research in connection therewith,
Tons.
Net.
of Trust.
1922. To Jan.'23.
(I) "Old Leases":
and if not used by the Government, to purchase and pay for such power
Feehold 1,024,695 32,208,021 2734c to 1230 300,000
In accordance with a schedule to be set forth in the license: the power
1 Mahoning
100.000
201,800 4.880,187 20o to 12346
do
to be made available to the Government for this purpose to be the second
2 Utica
166.667
450
do
147,694 7,648,207
time available from the normal flow of the river.
Leetonia GO
3
100,000 h. p. at any
200,000
do
22.284 11,777,545 200 to 12340
4 Stevenson
Company alqo offered to purchase the Government's interest in the
1,846,174 20c to 1234.
5 West Stevenson (34) do
Warrior extol Bien of the steam plant of this company and facilities,
36e
473.524
8 North Stevenson(34) do
including the substation and transmission line from Warrior to Sheffield
75.000
25c
do
874,338 1,282.213
and the Government steam plant at Sheffield for the sum of $5.000,000;
7 Sweeney (SS)
it further offered to operate and maintain the power plant, dam and gates
841.607
2.270,809 59.895,876
Totals
at its own expense and to supply power to the Government for its operation
of the locks; and whenever the safety of the United States demanded,
(2) "New Leases":
the Government to have the right to take over and operate the project
15% of total 300,000
Feehold
8 Ann GO
for the purpose of manufacturing nitrates and for any other purpose inOre
do
310,223 1,486,913
volving the safety of the United States for such length of time as might 9 Patrick (34)
480,481 2,845,823 15% total ore 150.000
the 10 North Harrison (34) do
appear to the President necessary; and, finally, it was proposed that
803,103 30% total ore 100,000
do
23,382
project should be subject to recapture by the Government at the end of 11 Harrison
a
1.403 30% tots: ore
1,059
do
12 Lamberton-Annex
50 years under the terms of the Federal Water Power Act.
$1.10
95,649
4,887
The offer of this company for the completion of the Muscle Shoals 13 No. Uno G. N.(part) do
526,793 30% total orell
Leasehold
42,450
project would leave the Government in full title and possession of its 14 Kevhs
less unly soy.,
nitrate plants and would provide sufficient power for the operation to full
75,000
750
511.953
50,176
do
capacity without further expense and would create without cost to the 15 Smith
73,590 50% of proceeds
Feehold
Government immediately adjacent to these plants a largo power reserve 18 L. & W.(4)
$1.00
1,109,620
for any future emergency which might arise. Under these circumstances, 17 Mace No. 1 (34)___ do
10.000
$1.00
48 1,033,988
the Government might go forward with plans for fretilizer production or 18 Mace No. 2 (34)___ do
793,443 15% total ore 200.000
101,099
do
engage in fertilizer production with titable provision to protect the price 19 Warren (34)
$1.10. 95c.651
do
20 Enterprise
of fertilizer produced at the plant until it reached the ultimate consumer.
851
247.532 2,634.548
do
The subject remained before the commitees of Congress for a large 21 Harold
4,882 1,358.985 $1.00, 70e.
part of the year and reports were finally made as a result of the investiga- 22 No.Uno G.N.(part) do
1,266,995 $1.00, 700
do
23 South Uno G. N
tions of the committees, but no action was taken by Congress.
750.000
70e
488,350
121.234
do
The directors are of the opinion that the offer submitted by the company 24 Thorne(90.81%)
$1.15 to TO.
was the best and the fairest method of dealing with the project of any 25 Wab'n No.1(90.61%) do
650
52.923
I
the consideration of the matter; and that 21 WalYn No.2(90.81%) do
suggested at any time during
45c, 40.
Leasehold 223,070 1,004,662
the best interests of the public will be served by the completion of the 27 Fay
400,068 11,142,786, 70e, 40e ,
do
water power project and placing the same in public utility service so that 28 Leonard (4)
80c, 75e }
2.481
do
over as wide an area as possible, 29 Missabe Chief
the power therefrom may be distributed
700.000
75e
398,547 4.161.319
do
thus giving every community within transmission distance the benefit of 30 Dean
750.000
85e. 35e
700,823 3,415.089
do
this great natural resource; and in view of the fact that the proposal was 31 Dunwoody
$1.00. 85e
Feehold
made under the terms of the Federal Water Power Act of 1920, which is 32 Orwell
100,000
300
36,578 1,892,387
Leasehold
now our national policy for dealing with the water power situation, it is 33 Mississippi
307,000
45e
24,242
7,978
do
believed that the ultimate solution of the problem will be along the lines 34 South Agnew
758,162 2,775,510 75e to 35e 1,130,000
do
35 Hill-Annex
of the proposal made by this company.
80,000
480.483 1.10 to 700
Feehold
One of the offers submitted in connection with the project involved 36 Wade (90.61%)_
250,474 34 net proceeds 250,000
Leasehold 250,474
the taking over of the Government's interest in the Warrior steam plant 37 Boeing
150.000
182,387 7.185.818 $1.10 to 600
Feehold
of the company and the transmission line therefrom to Muscle Shoals, 38 Hill
1,187.410 850 to 60e
growing out of the contract mentioned above under which this company 39 North Star(90.61%) do
205,000
187,648 $1.10 to 600
167,848
agreed to go forward and extend its plant and to build the line to meet 40 Trumbull(90.81%)_ do
85e to 600
the Government's war needs. There was much discussion with regard 41 Bingham (90.01%)_ do
200.000
75e, 600
to this phase of the offer mentioned, but after very full consideration, 42 Bruce (3t)
do
3,088,939
the committees of Congress considering the subject decided against the 43 Walker
None
20,183 Not leased
3,240
effort to take any part of these facilities, holding in effect that they were 44 Miscellaneous
b
not a part of the Muscle Shoals project and that the Government should
5.957,000
4,515,988 51,931,470
proceed with the sale of the same to this company under its contract.
Totals
6,298,667
A comparative income account was given in V. 116, p. 2769.
6,786,777 111,827,348
Grand totals
-(1) Malfonlng Ore & Steel Co.:(2) Crete Mini=
Nos. 1 to 44 Operating Interests.
CONSOLIDATED BALANCE SHEET DECEMBER 31.
Co.(Picluuids, Mather & Co.):(3) Leetonia Mining Co.(Jones& Laughlin Steel Co.):
1922.
1921.
1921.
1922.
(4) McKinney Steel Co.;(5-6) McKinney Steel Co.(mines worked out):(7) Donors
Liabilities
Assets
Steel Corporation):(8-15) Butler Brothers:(18) Hanna Ore Mini=
Mining Co.
Cost of prop's_ _ _ x47,841,978 43,920,504 7% Cum.Fret.stk. 676,000
808,400 Co. (under(U.S.
contract, mine exhausted Dec. 1918): (17-18) Mace Iron Mining Co.
Const.work in prog 378,922
93,275 ($7 sh.( Cum.Ft&
(No. 17 exhausted during 1921); (19) Mead Iron Co.(Tod-Stambaugh Co.);(20-293
stock
51,027
Furn. & fixtures- Y1,454,934
55,104
208.188 Hanna Ore Mining Co.; (30) Dean Iron Co.(Tod-Stambaugh Co.): (31-32) Orwell
66.783 Common stock_ _z18,751.000 18,751.000 Iron Co.(Inland Steel Co. and Youngstown Sheet & Tube Co.): (33-35) Inter-State
65.582
Operating equiP'tIn afill., &e.,
1st M.5% bonds_10,221,000 10,221,000 Iron Co.(Jones &
Laughlin Steel Co.): (36) Cleveland-Cliffs Iron Co. and Strutter
companies
721,913 1st M.Lien & Ref.
2,946,678
Furnace Co.; (37-41) Mesaba-Cliffs Iron Mining Co.: (42) International Harvester
bonds (6%)
453,779
576,481
Cash
9.000.000 8 0
. 00.000 Co.: (43) disposition of interest in this mine was explained In report for 1919; (44)
Ltg. Co. 1st
under
Selma
Cash on dep.
-year 86 238,000
mtge. 30
295,000
238,000 Idle (not now underlease). rates are shown in this table, the Prot/onions of she
1st M. 55
Total
%
Notes & Deets pay 2,325,871
484,893 trustees shipments and royalty their interest is less than the whole.
U.S. Victory
being indicated where
1,000.715 Divs. declared on
1931.
notes
(a) Lease to Butler Brothers provides for exhaustion of mine before JUDO 30
19,418
31.113
Preferred stock18,095
12.870
Funds with empl
(b) Includes both toeholds and leaseholds.
84,708
wages
511,880
871,688 Salaries &
103.288
Notes & acets rec.
91,334
371
35,378 Taxes and interest
80.483
Int. accrued roc- II. TRUSTEES' STATEMENT OF RECEIPTS AND DISBURUMENTE.
842.292
889,850 Interest accrued
624,342
Materials & (mop_ 726,213
1919.
1920.
1921.
Receiptsfrom1922.
Customers' depos- 138,092
189,683
Stock subscr. rec.
$200,000
$200,000
5200.000
43,988
Coups.de divs. out.
$850,000
103,419 Leonard Iron Mining Co
from customers
178,370
205.785
88,185
North Star Iron Co
58,790
431,334
281,237 *100-yr. gold deb.
and employees
0
1,644,000 3,389.000 1,940,000 1.062.00
certificates
12.170.000 11.800,000 Arthur Iron Mining Co
Cash on depos. for
150,000
350.000
84.000
919,881 Grant Iron Mining Co
960,530
43,986
1,495.000
103,419 Deprec'n reserve
&c_
Pay coups.,
770,000
655,000
443.000
287,000
91.421 Harrison Iron Mining Co
Deferred charges... 3,061,155 4.074,608 Res.for injuriesotic 123,705
215,000 1,433,000
Tyler Iron Mining Co
981.000
21,000
Surplus (subject to
neve'. cost of elec.
85,000
224.000
95,815
4.210
F'ederal tax)_
384,759 Van Buren Iron Mfg. Co
518,344
1,183,348
-448,758
turn. market_.
2,110,000 1,940,000
544,000
Polk Iron Mining Co
84,000
Cost of devel. load,
13.000
Fillmore Iron Mining Co
172,846
Mitchell Dam
292,000
Jackson Iron Mining Co
6,000
Preis,ins.,licenses,
30,490
59,123
&e
Total dividends received
$4,450,000 58,070.000 55,899.765 15,816,370
27,879
24,808
18,083
15,035
Total
58,114,909 53,599,587 Interest, &c
58,114,909 53.599.587
Total
28.448
Federal taxes refunded
x Cost of properties, balance at Dec. 31 1921, $43,920,504. less cost of
$4,485,035 $8.088.083 55,952.817 $5,844.249
Total receipts
outside properties of subsidiary companies acquired by Alabama Traction,
697,960
$93,817
$98,357
$84,885
Light & Power (Jo., Ltd., $1,535,483; balance. $42.405,021; plus additions Expenses, &c
8,000.000 6.000,000
for 1922
-construction expenditures. $5,436,957: total as above, $47,841.- Dividends on trust certificates_ _ _ 4,500.000 6,000.000
($4)
(64)
(64)
($3)
Amount per share
Cumul. Pref. stock-no par value (Preferred on disso75. Y $7 per sharo
9
lution at $100 per share),authorized, 90,000 shares:issued and outstanding,
det$119.850 det$10.294 def$145.143 6316249,368
Balance for period
853.
11,236 shares, $993,081; subscribed but not issued, 4,877 shares
207.767
352,911
602,279
197,474
-no par-issued $461'out- Balance brought forward
and
'
= Common stock authorized, 400,000 shares
.
standing, 187,510 shares. * Without lien on companrs properties, V. 116,
$197,473
9352,911
1207.76V
$77,824
Total surplus Dec. 31
P. 2769. 2639, '2391.
84
THE CHRONICLE
M. PROPRIETARY COMPANIES
-RESULTS OF MINING, &c., OPERATIONS.
(Part of the disbursements are in the nature of:Investments. See footnotes.]
Revenuefrom1922.
1921.
1920.
191)).
"Old leases"
-see Table IV
$330.955
$179,623 111 $376,317
$318,741
Arthur Iron M.Co.-See Table 1V
177 35.057
833,534
"New leases"
-See Table V
2.773,039 1,517,011
3,171,607 2.910,470
Interest received
310.711
578,543
481,157
526,617
Advance royalty
871.094
1,857,737
233,485
73,760
Refund of advance royalty;
Leaseholds, let class
141,776
do
2d class
112.210
To Keewatin Mining Co
260,693
275.148
To Dean Iron Co
14,800
38,125
35,822
64,914
From sale of personal property
163,926
482,278
42,478
Divs. Mace Iron Mining Co_ __ _
125,000
75,000
75,000
Miscellaneous
34.764
40,995
27,479
65,338
Total revenue
$4,624,288 $4,087,035
Deductions
Sundry expenses, &c
92,606
315,007
Taxes on property,&c
175,574
193,464
Normal Inc. and cap. stk. taxes_
380,603
148,713
War Inc. and excess profit taxes
Cr.297,212
(k) Notes-Alexander Iron Co.__ Cr.27,400 0%27,400
(x) Royalties-State minimum
10,000
11,888
(k) Advance royalties
Cr.9,604
40,622
(k) Dean Iron Co. bonds
Cr.95,000 Cr.125,000
(f) Mine development and plant.
Temp. adv. Alworth lease
25,000
25,000
Mine operating expense
Dividends paid to trustee (as in
preceding table)
4,450,000 6.070,000
To others
856,090
209,135
(0 Advances to Butler Bros_
Cr.5,764
Cr.3.442
fa Advances to Orwell Iron Co
Cr.100,000 cr.loo.000
(0 Notes-Hanna 0. M. Co
Cr.200,000
(k) do Mesaba Cliffs I.M.Co. Cr.187,338
532,300
(C) do Butler Bros
Cr 50 000 Cr.150.000
(k) II.S. Liberty Loan
Cr.2.227,836Cr.1,673,914
(k) U. S. Ws. of indebtedness
Cr303.500
Total net deductions
Balance, surplus or del
$5,178,895 $5,162,987
Cr.34,208
121,182
130,841
10,538
233,6251
653,007
Cr.7,841J
Cr.44,275
Cr.59,173
11,079
10,000
Cr.123,266
74,255
55,000 Cr.110,000
Cr.1,079
15,793
11,135
Cr.279,243
5,899,765 5,816,370
221,315
218,270
Cr.28,436
Cr.13.423
Cr.100.000 Cr.100,000
Cr.200.000 Cr.200,000
687,000
550.000
549,779
Cr.40,189
53,500
$3.009,719 $4,960,872 $7,228,204 $6,755,120
sur.$1,614,569 def$873,837df32,047,3096f$1,592,133
(k) These items are in the nature of Investments: some
have
already been greatly reduced by collections. (t) Representof the amounts from
lessees as reimbursement of amounts principally reported as balances owing
mine expenditures In
prefious years. (.0 Credit for payments of this character to the State
of Minnesota
expires with the year for which made.
IV. SHIPMENTS AND RECEIPTS-"OhD LEASES" AND
ARTHUR MIN. CO.
-(1) Under "Old Leases"- Great West. -(2) Arthur M. Co.
Tons
Average
Revenue
Tons
Tons
Royalty's
Shipped.
Royalty. Received. Shipped. Shipped. Net Inc
.
1907
2002,880 13.9940c. 5406.229
13(.200
1909
2 964,051 14.9664c. 443.611
41,624
1911
1 758.182 17.3525c. 305.089 5,344,078
1914
1,825,519 18.4168e. 338,203 6,008,074
1915
2,982,821 16.1540c. 481,846
Lease
324,540 $223,584
1916
3 207,091 17.5457c. 562,706
ended
617,287
544,994
1917
3,284,469 15.3908e. 505,506 Jan. 1 '15. 539,409
955,274
1918
2,734,678 14.3592c. 392,680
633,913 1,468,155
1919
1 824.510 17.36030. 318,741
346,870
633,634
1920
2,423,445 15.5282c. 376,317
13,091
35,057
1921
705.900 25.4459c. 179,623
1922
1,759,794 18.8064c. 330,955
Note.
-The "old leases" cover the Mahoning, Utica, Leetonia
(34), Stevenson
and Sweeney Gil mines (owned in fee by the controlled companies above named,
along with the other fee holds), and were made prior to March 11912.
They are
held by the several companies above mentioned.
The"new leases" have been made to various interests (see above) in and
since
The "shipments" here excl. the proportions belonging to outside interests. 1913.
-Ed.
On account of leasing Its operating properties, mining operations by
Min. Co. ceased as of June 30 1917, and all ore in stock piles has been Arthur Iron
disposed of.
V. SHIPMENTS AND RECEIPTS UNDER "NEW LEASES."
Shipments,
Total
Tons.
Royalty.
Mines Included.
1915___- 420,988 $330,855 Dean and Mace No. 1
interest).
1916- -1,215,776
984,968 above 2: also Mace No.2(Si int.), Harrison,
North
Harrison
int.), and L. & W.(34 int.).
All above; also Hill Annex, Kevin. Smith and Dun1917-.2,247,634 1.637,051
woody (open pit), North U120, G. N. Patrick (34
int.), 'Thorne (90.6% Int.),Warren (34 Int.),
Leonard
int.).
All above; also Lamberton Annex, Mississippi,
1918_-3,136,749 1,819,2071 bison No. 2(90.6% int.) and Wade (90.8% Waint.).
1919___3,267,052 2,910,470 All above; also Fay and Harold.
1920-- _4,086,154 3,171,607 All above; also Hill. South Agnew, South
Uno G. N.
1921___1,681,661 1,517,011 All above.
1922----3,796,410 2,773,039 All above.
[VOL. 117.
Indianapolis Street Railway.
(Report for Year Ended Dec. 31 1922.)
INC9ME ACCOUNT YEARS ENDED DECEMBER
1922.
1920.
1921.
Pass,receipts, city lines_ 85.000,556 $1,694,812 $4,808,529
Track rentals
215,329
237,687
218,056
Rent terminal bldg., stations, equipment, &c_
289,127
276.049
276,328
Miscellaneousincome_ _ _
36,432
42,658
44,100
Interest, discount, &c
3.718
1,572
1,472
Gross earnings
85.545,164
Maint. way & structures $636,159 85,233,327 $5,367,936
$501,236
$548,879
Maint. of equipment _ _ _
528,326
550,120
626.031
Oper. of power plant
915,409
877,213
958.225
Operation of cars
1,553,811
1,565,814
1,564,501
General expense
423,657
420,418
417,890
Total oper. expense__ $4,057,361 $3,962,444
$4,067,883
Net earnings
81.487,802 $1,270,884 $1,300,053
Taxes
437,360
437,953
509,471
Net, after taxes
51,050,442
$832,931
8790,582
Bond interest:
Citizens St. RR. Co.,
54.000.000 55
$200,000
$200,000
$200,000
Ind. St. Ry. Co., $4,987.000 4s
199,480
199.480
199,480
Ind. T. & T. Co., $3,833,000 5s
191.650
191,650
191,650
Broad Ripple Traction
Co., $200,000 55.._ _
10,000
10,000
10,000
Trust equip. notes_ _ _
4,404
6,108
8,229
Ind. Car Equip. Co.,
Preferred stock_ __ _
9,050
10,250
11.450
Notes
32,759
27,580
7,822
Office maint., Ind. St.
By. Co. (1899)_....
31.
x19197
$4,202,051
244,177
•
254,816
35,284
2,614
$4,738,941
8429.571
519,940
657,376
1,281,383
369,927
$3,258,198
81,480.744
401,807
$1,078,937
$200,000
199,480
191,650
10,000
10,600
2,500
21,584
1.777
Total deductions
$647,343
$645,068
8628,631
$637,591
Balance, surplus
$403,099
8187,863
$161,951
$441,346
Deductions from surplus
Sinking fund not paid,
• but expended for
construction, year__
$70,000
70,000
66,666
60,000
Ind. T. & T. Co., for
construction, year__
60,000
60,000
60,000
60,000
Preferred dividends_(6%)300,000 %)
300,000(6%)300,000 (134)75,001)
(6
Pref. div. accrued......
100,000
Balance
def$26,900 def$242,137 def$264.716 sur$146,346
x Includes six months' operation, Jan. 1 to June 30 1919, under the lease
of the old Indianapolis Street By. Co. to the Indianapolis Traction &
Terminal Co., and six months' operation, July 1 to Dec. 31 1919, under
the operation of the new consolidated Indianapolis Street Ry. Co., incorporated June 30 1919.
GENERAL BALANCE SHEET DECEMBER 31.
1922.
1921.
1921.
1922.
Assets9
LiaMlities$
Property, plant &
Preferred stock.. _ 5,000,000 5,000,000
equipment
22,366,427 22,366,427 Common stock... 1,000,000 1,000,000
Trust equipment_ _
194,000
194,000 Com,stock held In
Sinking funds__
61,136
trust
1,500,000 1,500,000
Road & equipm•t_ 583.008
456,060 Cit. St. RR. Co.53 4,000,000 4,000,000
Indianapolis Car
Real estate mtge.
9,140
9,956
Equipment Co.
Ind. St. Ry. 4s_s_ 4,987,000 4,987,000
Common stock.
44,378
44,378 Ind.T.&T.Co.5s_b 3,833,000 3,833,000
Trust equipment__
11,000
64,000 Car trust Ms__
65,000
95,000
Cash
18,653
68,307 Ind. Car Equip.
Cashier's working
Co. contract_
140,000
160,000
fund
8,700
8,700 T. H. I. & E. Tr.
Emergency fund
1,000
Co. notes, 1933- 700,000
700,000
1,000
Acc'ts receivable
133,726
504,078
126,369 Notes &.acc'ts pay. 229,091
Material and supWages pay., maplies
292,153
9,997
4,576
274,793 tured int., &e.._
Prepaid items, &c.
12,028
87,980
88.911
8,785 Accrued int., &c__
Special deposits.
440,637
1,136 Deferred liabilities 433,730
Suspense
2.250
10,558 Res've for injuries
211,173
214,533
awl damages._ _
Operating reserves
64,078
Profit and loss.... 1,458,267 1,083,822
Total
23,728,456 23,624,512
Total
23,728,457 23,624,512
a After deducting $1,013,000 in sinking fund. Is After deducting
81.167,000 in sinking fund.
-V. 116, p. 822.
GENERAL INVESTMENT NEWS
RAILROADS, INCLUDING ELECTRIC ROADS.
The following news in brief form touches the high points
in the railroad and electric railway world during the week
just past, together with a summary of the items of greatest
interest which were published in full detail in last week's
"Chronicle" either under "Editorial Comment" or "Current
Events and Discussions."
CONSOLIDATED BALANCE SHEET DECEMBER 31.
[Trustees Great Northern Iron Ore Properties and their interests in proprietary
cos.7
Assets1922.
1921.
Mineral and non-mineral lands and leases
$47,335,523 280,861,098
Automobiles, furniture, office building, &c
28,859
41,310
. Advance royalty disbursements (leaseholds, first class,
81,054.319: second class, 5157.500)
-Cleveland Cincinnati Chicago & St. Louis RR..
Wage Increases.
1,211,819
1,230,347
Advance account Alworth lease
99,408
74,408 Cincinnati Northern RR., Chesapeake & Ohio Ry., Norfolk & Western
Advance under mining contracts: Dean Iron Co., $540,217:
RR., and Louisville & Nashville RR. have increased wages of employees,
Butler Bros., 258,574; Orwell Iron Co.. $873,472; Intereffective June 1, and Central of Georgia RR. effective Juno 15. "Times"
national Harvester Co.,830,000; Mesaba Cliffs Iron MinJuly 4, p. 1.
ing Co.,575,326
Baltimore & Ohio increases wages of clerks 10 cents a day and other
1,577,590 1,771,182
Deferred accounts, chiefly royalty suspense
3,656,734
cents per
1,388,711 classes of workers covered by agreement, from 1 cent to 2
Securities
-Bonds
--$100.000 C. B.& Q. Gen. 88.48
96,000
98,000 hour. "Times" July 1, Sec. 1, p. 5.
Liberty Loan bonds
Northern Pacific Ry. increases wages of clerical and station employees
1,582,588
Bonds, Dean Iron Co., 245,000; Notes. Alexandria Iron
2 cents an hour. "Philadelphia News Bureau" July 3, p. 3,
Co., $56,225; Butler Bros., $350,000; Mesaba-Cliffs
Chicago & Eastern Illinois RR. increases wages of maintenance of
Iron Mining Co., 51,032.461
1,483,886
1,820,251 equipment men 2 cents per hour, effective July 1. "Fin. Am." July 4, p. 1.
Stock-Mace Iron Min. Co.. $25,000 (total issue. $50.000)
Colorado & Southern increased shopmen's wages and Pere Marquette
25,000
25,000
Stock-Mesaba Range Townsite Co. (total issue. 52.800) train despatchers, also effective July 1, amount not known. "Financial
1,400
Cash (trustees, 8131.751: proprietary cos., 53.123,943)._
3,255,694
1,578,986 America" July 4, p. 1.
Atchison Topeka & Santa Fe By. increases wages of maintenance of
Royalties receivable, $254.415; accts. receivable, $258.557:
due on ore sales. $461.000: total (proprietary companies)_
974,053
731,337 equipment men from 1 to 2 cents per hour, effective as of June 1. "Wall
Interest accrued, not due
79,186
95,228 Street Journal" June 29. p. 10.
Third Ave. By. Co. (New York City) increased wages of motormen
Royalty ore in stock pile
85,973
273.809
and conductors 5%, effective July 3. "Boston News Bureau" July 2, p. 3.
Shopmen's Day Shortened.
Western RR.
-Delaware Lackawanna
Total assets
$59,910.924 591,566.233 reduces hours per day from 10 to 8 in Carbondale (Pa.)&
shops. "Times"
July 4, p. 21.
I.
-S. C. C. Declares Ohio Coal Rates Too High.-Readjustment to be made
Capital stock (of proprietary cos. owned by the trust")--$11.543,400 $12,988,400
Sept. 27: rates from Ohio mining districts to Michigan. northern Indiana
[The Great Northern Iron Ore Properties, the "trust."
and Northwestern Ohio to be reduced, while those from Tennessee. Kenhas outstanding 1,500,000 certificates of beneficial
tucky. West Virginia and Pennsylvania to same districts will be slightly
interest of no par value.]
Current liabilities (notably unpaid taxes, ex. $498,486)- 640,389
358,560 increased. "Times" July 4, p. 15.
Car Surplus.
-The Car Service Division of the American Railway AssoDeferred accts. (chiefly adv. royalty collected) 2,987,387_ 3,224,223 3,115.680
ciation announces that despite the fact that loading of revenue freight has
Surplus paid in, earned, &c.:
exceeded the million-car mark for three consecutive weeks, a record unheard
Paid-in surplus at date of acquisition, $24,266,224; earned
of at this season of the year in previous years, the number of surplus freight
surplus by development, 817.124,914; paid-in surplus
(non-mineral lands), 2503,730
41,894,867 72,740,545 cars in good repair and immediately available for service continues to increase.
(c) Undivided surplus, proprietary companies,$2,530.221:
Surplus freight cars of all descriptions Juno 22. the latest figures available,
undistributed receipts, trustees, $77,824)
2,608,045 2,363.049
totaled 58,671 cars, an increase of 6,683 over June 14. At the same time,
reported shortage in freight cars for the country as a whole amounted to
Total liabilities
$59,910,924 591,566,233 only 11,896 cars, a decrease sinoe June 14 of 891 cars.
This balance sheet shows only such amounts as represent the interests of the
Surplus box cars in good repair totaled 34,735, an increase in approxitrustees after elimination of outside stock holdings In the Leonard Iron Mining Co. mately a week of 4,875,
while surplus coal cars numbered 4,269, or increase
and the North Star Iron Co.
-V.116. D. 1538; V. 115, p.2273.
during same period of 1.140. Reports also showed 7,057 surplus stock cars
JULY
7 1923.]
85
THE CHRONICLE
June 22, an increase of 834 within a week, while surplus refrigerator cars Earnings of the Properties Available for Int. on Funded Debt. Deprec'm &e.
1922.
1921.
showed an increase of 133 during the same period, which brought the total
Calendar Years1919.
1920.
$451,771
$459,717
for that class to 11.769.
$395,618
Light & power gross earns $320,682
247.129
242,307
Of the total reported shortage of 11,896 freight cars, 2,054 were box cars, Tramway gross earnings
175,001
219,738
6,651
6,560
an increase of 357 since June 14, while the reported shortage la coal cars Miscellaneous earnings_
6,434
1,300
amounted to 7,976, a decrease within the same time of 1,281.
$705.551
Car Loadings.
$708,584
-For the third consecutive week and the fourth time this
Total gross earnings__
$496,983
$621,790
353,351
year, loading of revenue freight exceeded the million mark for the week Oper. & maint. expenses
328,586
306,206
302,171
which ended on June 23, the total for the week being 1.002,740 cars, the
$379,998 • $352,200
Car Service Division of the American Railway Association announced.
Net earnings
$315,584
$194,812
Freight loading so far this year has been the heaviest in history.
The amount required to pay interest on the above $1,500,000 bonds le
The total for the week of June 23 was an increase of 136,419 cars over the $97,500.-V. 115, p. 2904.
corresponding week last year, an increase of 227,293 cars over the corre-Acquisitions.
Central Illinois Public Service Co.
sponding week in 1921, and exceeded by a wide margin the corresponding
weeks in 1918. 1919 and 1920.
The company has acquired the Canton Gas & Electric Co. and the LewisThe total for the week of June 23 this year, for the country as a whole, town (Ill.) Electric Co. by purchase of their capital stock.
-V.116, p. 2135.
was 13.6% over the corresponding week last year. Freight loading in the
Central of Georgia Ry.-Guaranty.Western districts alone was an increase of 8.5%, compared with the same
week last year, while in the Southern district the increase was only 3.2%.
The I.
-S. C. Commission on June 26 authorized the company to assume
The increase in the Eastern district, which includes the Pocahontas dis- obligation and liability in respect of not exceeding $1,000,000 1st Mtge.
trict, was approximately 19.8%.
5% bonds to be issued by the Ocean Steamship Co. of Savannah. See
Owing to decreases principally in the loading of coal and merchandise V. 116, P. 2766.
and miscellaneous freight, which includes manufactured products, the total
CentralIndiana Ry.-Sale Ordered.
was a decrease of 4,513 cars under the preceding week this year.
Principal changes compared with totals for week ended June 16 were:
Charles Martindaye of Indianapolis has been appointed special master
Coal, 183,350 cars, decrease 3,659; merchandise and miscellaneous freight, by Federal Judge A.B. Anderson to sell the road at not less than $945,000.
581,244 cars, decrease 4,113; grain and grain products, 33,958, increase The date for the sale has not yet been fixed. The order of sale was obtained
55;livestock, 29,251 cars, increase 790; forest products 78,068 cars, increase on the petition of the Central Union Trust Co. of New York, trustee of
10 cars; ore, 82,041 cars, increase 2,743; coke, 14.828 cars, decrease 339.
the $1,500,000 1st Mtge. 4s. The Cleveland Cincinnati Chicago & St.
Compared by districts, increases over the week before in the loading of all Louis in April last offered to take up the $750,000 bonds which it guarcommodities were reported in the Central Western and Southwestern dis- anteed. See V. 116, p. 1892.
tricts, while the Eastern, Allegheny, Pocahontas, Southern and NorthCentral New England Ry.-Bo'nd Extension.
western districts reported decrease; All districts reported increases over
the corresponding week last year except the Pocahontas, while all except
-V. 116, p. 2636.
See Hartford & Connecticut Western RR. below.
the Southwestern, which showed a slight decrease, reported increases over
Chesapeake & Ohio Ry.-Acquisition.-'the corresponding week in 1921.
Freight Car Repair.
See Baltimore & Ohio RR. above.
-V.116. p. 2992.
-Fewer freight cars are now in need of repair than at
any time since January 1921, according to reports just filed to-day by the
-Tear Up Line.
Chicago Aurora & De Kalb RR.
carriers with the Car Service Division of the American Railway Associatin.
These reports showed that on June 15 this year 200,784 freight cars of
Work on tearing up the rails of this company, which was bought for
various kinds, or 8.9% of the total number on line, were in need of repair. $90,000 as junk several months ago by Israel Joseph, was begun June 22.
This was a decrease of 10,982 since June 1, at which time there were 211,766, The Illinois Commerce Commission, on the plea of farmer patrons, forbade
or 9.4%.
Joseph to abandon service, but his lawyers advised him to go ahead with
Of the total number; 150,540 freight cars were in need of heavy repair, the wrecking.
-V.116, p. 1531.
5,024 less than on June 1. There were also 50,244 freight cars in need of
Chicago Rock Island & Pacific Ry.-New Directors.
light repair, which was a decrease of 5.958 compared with the number in
George W. Davidson, President of the Central Union Trust Co. and
need of such repair at the beginning of the month.
During the first 15 days in June 1,280,277 freight cars were repaired A. J. Brosseau, President of Mack Trucks, Inc., have been elected directors
and turned out of the shops. This was an increase of 102,320 freight cars to fill two vacancies existing for some time.
-V. 116, p. 2992, 2388.
over the number repaired during the period extending from May 15 to
Chicago South Bend & Northern Indiana Ry.-WagesJune 1.
Locomotive Repair.
-Locomotives in need of repair on June 15 totaled
The company has granted its employees, including city and interurban
12,659, or 19.9% of the total number online, according to reports filed to- motormen and conductors, an increase of 3 cents an hour. This increase
day by the carriers with the Car Service Division of the American Railway brings the wages of city street car employees up to 50c. and of interurban
Association.
employees up to 52c.
-V. 113, p. 70.
This was a decrease of 24 locomotives compared with the number in need
Chicago Surface Lines.
-Municipal Ownership Proposed.
of repair on June 1, at which time there were 12,683.
Of the total number, 11,473. or 18% of the total number online, were in
Mayor Dever of Chicago has recommended to the City Council municipal
need of heavy repair on June 15. Under the program unanimously adopted ownership and operation of the surface and elevated lines.
-V.116, p. 720.
by the railroads of the country in New York in April, the number of locoChicago Terre Haute & Southeastern RR.
-Guaranty.
motives in need of heavy repair is to be reduced for the entire country to
15% by Oct. 1 this year.
Payment of $83,092 as the balance due on the guaranty totaling $132,092
Reports showed 1,186 locomotives, or 1.9%,in need of light repair, while has been certified to the Treasury by the I.
-S. C. Commission.
-V. 116
1.863 locomotives had been repaired and placed in storage up to June 15 p. 175.
to await increased transportation needs later in the year. On June 1
-Payment of Taxes Deferred.
Cincinnati Traction Co.
there were 1,569 locomotives in storage, or a net increase of 294 locomotives
during the first 15 days in June.
The City Council of Cincinnati. Ohio, has passed an ordinance to defer
The railroads of the country also repaired and turned out of the shops consideration of taxes until January 1924. Passage of the measure prefrom June 1 to June 15 a total of 18,937 locomotives, compared with vents an increase in fares.
-V. 116, p. 1275.
21,406 during toe last half of May.
-To Cease Oper.
New EQuipment.-The following is authorized by the Car Service Division
Dallas Cleburne & Southwestern RR.
of the American Railway Association:
The road has been ordered to cease operations by Judge Wilson in the
From June 1 to June 15 this year, 4,934 new freight cars were placed in U. S. District Court at San Angelo, Texas. The road has a stretch of
service by the railroads of the country. This brought the total number of line between Cleburne and Egan, a distance of nine miles, and has been
new freigut cars placed in service since Jan. 1 1923'up to 70,594.
running one train each way daily.
A total of 143 new locomotives were aldo delivered and placed in service
The line was leased to the Missouri Kansas & Texas By. in December
during the first 15 days in June, which brought the total number of new 1902. and was operated by the Katy until the reorganization plan was
locomotives delivered since Jan. 1 1923 to 1.840.
completed on April 1 last. After this the line was operated under the
Of the total number of new freight cars delivered by car builders to the receivership of W. C. Breg.-V. 90, p 502.
railroads, new box cars numbered 29,384: new refrigerator cars, 8,406. and
Dallas (Texas) Ry.-6Xent Fare Extended.
new coal cars, 28,757.
The railroads on Juno 15 also had on order and awaiting delivery 104,068
The 6
-cent fare charged by the company was extended for 18 months
new freight cars, while they also had on order on the same date 1,993 new
mom June 27 on condition that the railway spend $705,915 on extensions,
locomotives.
rebuilding and repairs and in the purchase of 30 additional cars during the
Matters Covered in "Chronicle" June 30.-(a) "Home rule" for the rail- 18 months. The company is given ten days to signify its acceptance or
roads, p. 2928. (b) Two new illustrations of railroad regulation, p. 2929. rejection and the 6
-cent fare is extended for ten days. "Electric By.
(c) Hearing before Inter-State Commerce Commissioner Hall on linking of Journal."
-V. 116, p. 1411.
Central RR. of New Jersey with New York Central RR: Port Authority's
Detroit United Ry.-Proposes to Inaugurate a Motor
statement of A. H. Smith, P. 2951. (d) U. S. RR. Labor
Hoard
Board
takes Pennsylvania RR. to task for attitude towards unions,
p. 2953. (e) Election of employees on Northwestern Region of Pennsyl- Truck Freight Line.
age!n
The company has applied to the Michigan P. U. Commission for pervania RR. completed, p. 2953.
mission to do a general freight hauling business with motor trucks and
(f) Clerks, station employees and common laborers get wage increase on
New York New Haven & Hartford RR., p. 2953. (g) Shopmen get wage trailers. If the application is approved, it is understood that the Detroit
Increase on the Delaware Lackawanna & Western RR., p. 2953. (h) United Rys. Trucking Co. will be organized with a capital of $500,000.
The Michigan P. U. Commission has directed the continuation of the
Canadian shopmen ask wage increase. p. 2953.
2
-cent a mile fare on the company's lines. The order is based on tentative
Atlantic Coast Line RR.
-Construction.
tcityandinterurnpropety,wasptcda339ig613ni
pralsandyaluationdedby.tpeCommiio. Tictotn : i1cludi
See Fort Myers Southern RR. below.
-V.116, p. 2254, 2249.
n%getro
Commission fixed the value of interurban lines and the value of the use
-Sells Coal Roads.
Baltimore & Ohio RR.
-cent
of city lines for interurban purposes at $26,691,320 and believes the 2
The company has sold to the Consolidation Coal Co. the Sandy Valley & fare will return the company 7% on this valuation.
-V.116, p. 720.
Elk Horn Ry. and the Millers Creek RD. and to Chesapeake & Ohio By. the
Long Fmk Ity., subject to the approval of the I.
-Wages Increased.
-S. C. Commission, or other • Dubuque (Iowa) Electric Co.
commissions so far as same may be necessary. The Consolidation Coal will
The company has granted the men an increase in wages. The new
pay $6.000,000 for Sandy Valley & Elk Horn By. and the Millers Creek RR. scale is as follows: 1st year, 40 cents an hour; 2d year, 44 cents an hour'
and the Chesapeake & Ohio will pay $2,000,000 for the Long Fork By. thereafter 49 cents an hour. An additional 5 cents an hour will be paid
-V. 116, p. 2991.
to one-man car operators. The old wage scale ranged from 35 to 45 cents
Bloomington & Normal Ry.& Lt. Co.
-Exchange of Stock. an hour. The scale proposed by the union provided for a maximum of 60
cents.
-V. 116, p. 2636.
The holders of 6% Preferred stock are advised under date of June 1 of
the consolidation of the company intn the Illinois Power & Light Co. and
Electric Short Line Ry. (Minn.)
-Receivers.
offering them to exchange their stock for the 7% Cumul. Preferred stock
-V. 116. D.
Willard Heild and Erie D. Luce have been named receivers.
of Illinois Power & Light Corp (par for par).
822.
The Central Trust Co. of Illinois. Chicago, Ill., has consented to act
as an agent for the receipt of certificates for the 6% Preferred stock of
Elgin Joliet & Eastern RR.-Earnings.Bloomington & Normal Railway & Light Co. and for the delivery in lieu
1921.
1922.
thereof of certificates for 7% Cumul. Preferred stock in the new Illinois Orating revenues
19 0
2
Operating
$21,4,415 $19.334,942 $22,051,470
83
Power & Light Corp. Those who so prefer may surrender their certificates Operating expenses
13,697,891 13,613.040 16.249,935
644,293
by sending thorn direct to the corporation, in care of Geo. M. Mattis, Tax accruals
933,166
1,154,697
Champaign, Ill., or of Daniel W. Snyder Jr., Bloomington, Ill. Compare
also Illinois Traction Co. above, and Illinois Power & Light Corp. in
Operating income
$6,630,827 $4,788,736 $5,157,240
2,050,409
V. 116, p. 1532, 2015, 2388, 2637.-V. 116, p. 1531.
1,418,386
1.478,736
Equipment rents
Boston & Maine RR.-Jtint New Erg!ard RR. Committee Renort -Boston & Maine RR.Rehabilitation Proposed.
See New York New Haven & Hartford RR.below.
Payment of $100,000 in final settlement of the guaranty. under Section
209 of the Transportation Act has been certified to the Treasury by the
-V. 116. p. 2992.
L-S. C. Commission.
Canadian National Rys.-Expansion Program Defeated.
The Canadian Senate. by vote of 47 to 10, has rejected the Canadian
National Railways branch line construction program, providing for expenditure of $28,000.000 over three years. The opposition was based on the
country's financial position and allegation that the proposed branches were
in some instances political instead of commercial. This measure had
-V.116, p. 2877.
previously passed in the House with tho large majority.
•
$3,370,349 $3,106,831
220,032
1,470,297
Net railway income
Other income
$5,152,091
322,721
Gross
Deductions
$5,474,813 $4,840,646 $3,326,864
2,238,548
3,579,869
3,808.961
Net income
Other credits
Surplus for year
Dividends
Other debits
$1,665,851 $1,260,777 11.088.316
225.423
50,939
44.157
1.311,716
1,313,739
1,710,008
400,000
400,000
400.000
,
18,036
31,547
Profit
Previous surplus
11,278,461
4.758,986
1893,680
3.865,306
$913,739
-Offering of Bonds.
$6,037,447 $4,758,986 $3,865,305
Camaguey Electric Co.
Surplus
The $1,500.000 6l.ez % 1st Mtge. Sinking Fund Gold Bonds, Series "A," -V. 114, p. 2468.
dated Oct.'1 1922, duo Oct. 11952, and described in V. 115, p. 2904, were
-Oil Contract.
Erie Railroad.
-New Equipment
originated by the Royal Securities Corp.. Ltd., Montreal. J. C. MackinThe company announces that new equipment to cost $5,500,000 has
tosh & Co. of Halifax only distributed a block, which they purchased from
been ordered. Contracts also have been awarded, it was said, for the
the original underwriters
A circular to the bankers dated April 15 shows:
reconstruction of 4,459 box cars, 1,000 gondolas and 100 refrigerator cars
86
THE CHRONICLE
Part of the equipment will be delivered and all the cars will be rebuilt in
time to handle the heavy freight shipments expected for this fall.
The company has renewed its contract with the Vacuum Oil Co. for a
further period of one year. This covers all lubricating oil and grease requirements of the Erie locomotives, passenger and freight cars, shops, power
houses and the anthracite colliery subsidiaries.
-V. 116, p. 2766.
Erie & Pittsburgh RR.
-Tenders.
-
The American Exchange National Bank, 128 Broadway, N. Y. City,
will until July 23 receive bids for the sale to it of Gen. Mtge. 314% bonds
dated July 1 1890, to an.amount sufficient to exhaust $36,650 at a price
not exceeding par and interest.
-V. 114, p. 78.
Florida East Coast Ry.-Equipment Trusts.
-
The company has applied to the I.
-S. C. Commission for authority to
issue $2,000.000 5% Equip. Trust certificates, to be sold to Bankers
Trust Co. New York, at 96.30% and the proceeds to be used for purchasing additional equipment.
-V. 116, p. 2878.
Fort Myers Southern RR.
-Construction.
--
The I.
-S. 0. Commilon on June 19 issued a certificate authorizing
the company to construct a new line of railroad in Lee County, Fla., but
denied the request for permission to retain excess earnings.
The proposed line of road will extend from a point at or near
In a southerly direction to a point in or near Marco, a distanceFort Myers
of approximately 46 miles, all in Lee County, Fla.
The company was organized on June 27 1917 and was chartered in
Florida on June 10 1918. On the date of organization 500 shares of capital
stock (Par $100 each) were issued and paid for in cash at par. All of
the capital stock excepting directors' qualifying shares, is owned by
-,
the Atlantic Coast Line RR., and it is the intention that the proposed
line, when constructed, shall be operated and maintained by the Coast
Line under an appropriate ccintract.
The cost of construction, as estimated, is $1,238,960. In addition to
the above, an estimate of $45,000 is submitted, covering the cost of construction of the Iona Spur. 3.31 miles long. Right-of-way for 24.5 miles.
valued at $17,000. Is expected to be donated. Funds for construction
will be advanced by the Coast Line as needed. and It is not the present
intention to issue additional securities for that purpose.
The application is granted upon the express condition that the construction of that portion of the line of road extending from Fort Myers
to Bonita Springs (24 miles), shall be commenced on or before Sept. 1
1923, and completed on or before June 30 1924: and the construction of
The line from Bonita Springs to Marco shall be commenced on or before
July 1 1926 and completed on or before July 1 1927.
Georgia Light, Power & Railways.
-Tenders.
-
The New York Trust Co. 100 Broadway, N. Y. City, will until Aug. 1
receive bids for the sale to it of 1st Lien 5% 30
-Year Gold bonds,
Sept. 1 1911, to an amount sufficient to exhaust $75,000, and at a dated
price
not exceeding 105 and interest to Sept. 1.-V. 113, p. 182.
Hartford & Connecticut Western RR.
-Bonds Extended.
Vice-President E.G. Buckiand of the New York New Haven & Hartford
RR.. issued the following statement June 30:
"An agreement has been reached with holders of $550,000 out of a total
of $700,000 of Hartford & Connecticut Western
bonds, maturing
July 1 for an extension for ten years at 6%, the414%
Central New England
Ry. agreeing to purchase one-tenth, or $70,000 each year. so that the
entire issue will have been purchased at the expiration of the 10
-year
period of extension."
--V. 116. p. 2636.
Helena (Mont.) Light & Ry.-Tenders.-
The Irving Bank-Columbia Trust Co., successor trustee, 60 Broadway.
N.Y.City, up to June 28 received bids for the sale to it of 1st Mtge. Sinking
Fund 5% 20
-Year Gold bonds, dated Sept. 30 1905, to an amount sufficient
to exhaust $34,926.-V. 116, to• 515.
Illinois Central RR.
-Review & Analysis.
-Clark,
Dodge & Co. have issued a 22
-page booklet (with map)
giving a oomprehensive review and analysis of the road.
receive (a) If liquidation Is Involuntary. $100 and divs., and no more: or
(b) If liquidation is voluntary, $105 and &vs.. and no more; before any
amount whatever from the proceeds of the liquidation is distributed or .paid
upon any shares of capital stock, other than the 7% Cumul. Pref. Stock.
(2) Other than shares of the 7% Cumul. Pref. Stock, now or thereafter
authorized, no capital stock having rank or precedence equal to, or superior
to, the 7% Cumul. Pref. Stock,shall be created if holders of one-fifth of the
outstanding shares shall in writing object thereto, other than
000,000 First & Ref. Mtge. Gold Bonds and the $10,000,000 nowthe $30,(3) Every share of 7% Cumul, Prof. Stock, whether presentlyissued.
or
after issued, shall have equal voting rights and powers,share for share,herewith
every other share of capital stock at the time outstanding.
(4) No dividends shall be paid on any share of the other capital stock
until all current and accumulated dividends on all outstanding shares of7%
Cumul. Pref. Stock shall have been paid in full.
(5) The 7% Cumul.Pref. Stock may be called and redeemed on any dividend date,. upon 60 days' notice, at 105 and dividends.
(b) 6% Cumulative Participating Preferred Stock (Par $50) of Illinois
Power & Light Corp.
-(1) Subject always and
the prior
rights and requirements of the 7% Cumul. Prof.in all respects toand status
Stock,
of the 6% Cumul. Participating Prof. Stock,shall be asthe rights In liquifollows:(1)
dation each share of the 6% Cumul. Participating Pref. Stock shall be
entitled to receive from the proceeds of the liquidation: (a) If involuntary,
$50 per share, plus dividends, and no more; or (b) If voluntary. $52 50 per
share and dividends, and no more; before any distribution is made to
common stockholders.
(2) Every share of6% Cumul. Participating Prof.
voting rights and powers, share for share, with everyStock shall have equal
other share of capital
stock of this corporation at the time outstanding.
(3) No dividends shall be paid on any share of the common stock
current and accumulated dividends on all outstanding shares of until all
Cumul. Participating Pref. Stock shall first have been paid in full. the 6%
(4) No dividends shall be declared and paid on the common stock in
excess of $3 per share, in any one year. unless there is likewise declared and
paid, during the same years, upon each share of the 6% Participating Prof.
Stock, in addition to the regular 6% dividend, a dividend equal to
amount by which the dividend on each share of common stock exceeds the
$3.
(5) The 6% Cumul. Participating Prof. Stock may be called and redeemed on any dividend date upon 60 days' notice at 5214 and div. per
share. Compare also Illinois Power & Light Corp.in V. 116, p. 1532,2015.
2388, 2637.-V. 116. p. 1532.
Indiana Columbus & Eastern Traction Co.
-New Co.
Control of the Lima-Defiance branch passed into the hands of the Lima
& Defiance RR.on June 1 last.
-V. 116. P. 2993, 2388.
International-Great Northern RR.
-New Control.
-
A group represented by Swartzout & Appenzellar, it was announced
July 2, purchased control of the company in a transaction that involved
the purchase of 28,000 voting trust certificates for 3630.000. or $22 50 a
certificate. This gave the group represented by Swartzout & Appenzeliar
38,000 voting trust certificates of a total of 75.000. While the brokers
would not reveal the identity of.the members of the group for whom they
made the purchase they stated that it was not for the immediate account
of any other railroad.
The block of stock was purchased from the syndicate which underwrote the recent reorganization of the International & Great Northern and
which was headed by J. & W.Seligman & Co. and Speyer & Co.
The block was a part of the stock that was to have been sold several weeks
ago to the St. Louis-San Francisco Ry.for $26 50 share. The acquisition
of the road by the St. Louis-San Francisco was a
prevented by an order of
the I.
-S. C. Commission on May 19.-V. 116, p• 2884, 2766.
International Ry. of Buffalo.
-Accident Injures Forty.
-
Homestead (Pa.)& Mifflin St. Ry.--Wages, &c., Inc.
-
The company announces a wage and fare increase, affecting employees
and patrons. The wage advance, effective June 1, brings the schedule
up to 70 cents an hour. This compares with 60 cents an hour previously
paid. Fares have been increased from 8 cents or 18 tickets for $1 to 10
cents or 15 tickets for $1.
[voL. 117.
Due to an accident on July 2 on the Niagara Falls high-speed line, about
40 persons were injured.
-V. 116, p. 2388.
International Rys. of Central America.
-Dividends.
The company Is offering to holders of the 5% Prof. stock in payment of
the 2si years' interest in arrears, accrued from Feb. 1 1921 to May 11923.
6% dividend notes due June 15 1936 at the rate of $11 25 per $100 Prof.
share. The notes will be in denominations of 310.000. $1.000 and $100
each, with coupons attached bearing interest at 6% per annum from June
15 1923. Fractions of$100 will be raid in cash. (London "Stock Exchange
Weekly Official Intelligence.")
-V- 115, No• 588
.
Joliet & Chicago RR.
-May Sue Chicago
& Alton RR.
The bankers point out that probably no transportation system of the
country to
-day is better equipped, both physically and financially, to For Bank Income Tax.
meet current transportation needs. Its present condition is the result
According to a letter of Pres. Joseph Walker to stockholders, dated July 1,
of a program of intensive development to which the management has steps are being taken by the stockholders to bring suit by which they hope
been committed for many years and which has required huge outlays to force the Chicago & Alton RR. to reimburse them for all income
for maintenance and for additions and betterments. These improvements they have paid on the dividends received on Joliet & Chicago stock. taxes
are reflected in the steadily increasing earnings of the property and in
The suit is to be based on the perpetual lease obtained by the Chicago &
the high investment position of its securities to-day. The fortunate Alton to the Joliet & Chicago trackage in 1864. in which the former guarangeographical position of the road and the favoring influence of the Panama teed the dividends on the Joliet & Chicago stock to be free of Federal taxes.
Canal are factors which have helped materially in this development. 'Unless a settlement is made by.the Chicago & Alton it is expected that the
While practically all the larger Western roads have felt the competition suit will involve all the back income taxes paid on Joliet & Chicago stock,
of the Canal, it has contributed to the Illinois Central an added volume aggregating 3100,000.-V. 116, p. 2007.
of business.
-V.116, p. 2388.
Illinois Power & Light Corp.
-Exchange of Pref. Stocks
for Stocks of Constituent Companies.
-
See Illinois Traction Co., Bloomington & Normal Ry. & Light Co..
Western It. & Light Co. and Southern Illinois Light & Power Corp.
elsewhere in this issue and compare V. 116, p. 1532, 2015, 2388, 2637.
Illinois Traction Co.
-Exchange of Common and Preferred
Stocksfor Preferred Stocks of Illinois Power & Light Corp.
'me stockholders, both preferred and common, are in receipt of a com-
munication dated June 15, advising them of the acquisition by direct or
indirect ownership of the property of all the corporations heretofore subsidiary to Illinois Traction Co., and of Southern Illinois Light & Power Co.
by the Illinois Power & Light Corp., and offering to exchange the preferred
stocks of the latter for the existing common and preferred stock as follows:
(a) Common Stock.-Illinole Traction Co. has received and now owns
and-holds most of the 31,875,300 6% Cumul. Participating Preferred Stock
of the Illinois Power & Light Corp. for the sole purpose of exchanging the
same,share for share, for Common Stock of Illinois Traction Co. Common
stockholders of Illinois Traction Co. desiring to take advantage of this offer
and receive the Immediate dividends payable on the Participating Preferred
Stock, may deposit their stock certificates with any of the following depositaries, viz.: Bodell & Co.. 115 Broadway, New York, and 10 Weybosset St.,
Providence, R.
Nesbitt,Thompson & Co., Montreal; National Trust Co.,
Ltd., Montreal: Industrial Trust Co.. Providence, R. I.: Central Trust Co.
of Illinois. Chicago: Geo. M. Mattis, Treas. Illinois Trac. Bldg., Champaign, 111.
Dividends on the 6% Cumulative Participating Preferred Stock will
accrue from June 1 1923. so that its holders of record on June 30 1923 on
the books of the transfer agent. Central Trust Co.of Illinois, will be entitled
to the first dividend payable on July 2 1923. It is contemplated that Hubsequent quarterly dividends will be declared regularly payable on Oct. 1, &c.
-Holders of the Preferred stock of the Illinois Trac(b) Preferred Stock.
tion Co. are also advised that the Illinois Traction Co. has acquired and
holds shares of the 7% Cumulative Pref. stock of the Illinois Power & Light
Corp. for the sole purpose of exchanging the same for the 6% Pref. stock of
the Illinois Traction Co. Holders who desire to avail themselves of this
offer should deposit their certificates with one of the above depositaries.
The regular quarterly dividend at the rate of 6% per annum will be paid
on the preferred stock of Illinois Traction Co. on July 2 1923. An additional amount suff cient to make the combined payment equivalent to 7%
Dec annum for the quarterly pealed ending July1 1923, will be paid to shareholders ovho make tee exchange offered above. Payment in adjustment of
such amount will accompany the certificates of 7% Cumul. Pref. Stock of
Illinois Power & Light Corp. issued in exchange. The certificates will be
dated July 2 1923 or thereafter for exchanges subsequent thereto, and be
delivered as soon as is possible after receipt of surrendered certificates of
Illinois Traction Co. It is contemplated that dividends on the 7% Cumul.
Pref. Stock of Illinois Power & Light Corp. will be declared regularly at the
quarterly periods payable Oct. 1, &c.
Description of Pref. Stocks of Illinois Power & Light Corp.
-
(a) 7% Cumulative Preferred (a. & d.) Stock (par $100).-(1) In the event
of liquidation each share of 7% Cumul. Pref. Stock shall be entitled to
Lehigh Valley Transit Co.
-Bonds Paid.
-
The $924,200 6% Coll. Trust bonds due July 1 were paid off in cash te
holders. No financing done and none now planned.
-Y. 116, p. 516.
Lima & Defiance RR.
-Acquisition.
-
See Indiana Columbus & Eastern Traction Co. above.
-Y.116. p. 1764
Long Fork Ry.-New Control.
-
See Baltimore & Ohio RR. above.
-V. 113, p. 848.
Louisville Ry.-Subsidiary Starts Bus Operation,
-
The Kentucky Carriers, Inc., a subsidiary, capitalized
started service on Third Ave., Louisville, Ky.., using at 3200,000, has
buses, each
seating 26 people, and being of the single-deck typo. four fare will be
The
10 cents. .A total of 12 double-deck buses will be placed in service in
September or October.
The company recently authorized the purchase of 40 new cars, to cost
approximately $330,000.-V. 116, p. 1275.
Mexican Railway Co.
-Report.
Income Statement of the Mexican Rai
:teat! Co.
19221921
2d Half.
1st Half.
2d Half.
181 Half.
36.754,158 $7.274,584 $8,567,289 $6.769.256
5.505.074
5,752,679 6,610,360
6.750,427
Net earnings
1E1.249,084 31,521,906 31,956.929 $1,018,829
£128,648
466,457
418,718
£219,372
Other income
1.701
12,126
10,312
5,296
Total income
£130,349
£130,844
£229.684
£171,753
Interest, &c
93,517
101,121
116.243
98,364
Profit and loss, deficit
471.323
581,546
694,986
508,056
-V. 116. p. 2884, 77.
Mexican 3Operating receipts
Operating expenses
Michigan United Rys.-Foreclosure Sale.
-
The property has been purchased at foreclosure sale on behalf of the bondholders for $5,000,000 by the Irving Bank-Columbia Trust Co.of New York.
(Compare reorganization plan in V. 115, p. 2684.)-V. 116. p. 2256.
Millers Creek RR.
-New Control.
-
Soo Baltimore & Ohio RR. above.
Minneapolis Street Ry.-To Operate Buses.
-
The company has amended its incorporation articles te permit it te
operate automobile buses in Minneapolis.
-V. 113, p. 2721.
Missouri-Kansas-Texas RR.
-Leases, &c.
The stockholders on June 28 approved the acquisition of the capital
stock of the Okmulgee Northern Ry., a 21-mile line between Olcmulgee
and Henryetta, Okla. They also voted to lease to the Wabash Ry., with
the option of purchase,the 69 miles of track between Moberly and Hannibal,
Mo.-V. 116. p. 2993. 2637.
Jur.,v 7 1923.]
THE CHRONICLE
87
Maturities Becoming Due.—The bearing of these facts on the road's
credit is vital. During the next 12 years the New Haven and Central
New England have $127,824,201 maturing indebtedness, of which $88.iiithe 6% Preferred stock to $4,303,075 and an increase in the capital stock 546,500 is to the Federal Government
and $39,277.701 represents bonds
by $10,696.925 7% Preferred stock and $3,000,000 Common stock.— in the hands of the public. There is in addition $12,819,505 for the leased
V. 116, p. 935.
lines. These maturities begin with $2,506.900 in 1924. followed by $24,of the European loan of 1907, due April 1925,
Montreal Tramways & Power Co., Ltd.—Annual Report. 431.251which has already been once extended at the less than two years
rate of 7% and in
away
Income Account for Year Ended November 30 1922.
addition 36.000.000 of other indebtedness coming due during the same year.
Receivership Would Involve Heavy Expense.—The committee declares
$672,515
Income from securities owned
537,118 that receivership for the New Haven would not only involve heavy expense.
Deduct—Discount on bonds, $10,588: interest, $526.530
37,123 but would be accompanied by a depressing effect upon all business activity
Montreal Hydro-Electric Co.,$7,569; misc. expenses, $29.554
in New England. The advantages of the method of rehabilitation through
$98,275 co-operation speak for themselves, and belief is expressed that the prompt
. Balance,surplus
and successful achievement of such a venture would give New England
Balance Sheet November 30 1922.
a new impetus forward.
Liabilities—
ArAssets—
Estimated Earnings in 1925.—The committee
the New
$17,578.330 Haven, if its operations can be conducted with estimates thatattainable
Securs, of other cos__ _ _x$17,089,800 Capital stock
a reasonable,
Canadian L.& P.Co.bds. 1,397,045 5-yr.614% sec. gold notes 7,300.000 degree of efficiency, should earn in 1925, if average business condition
,
Montreal Tram.Co.deb- 6,168,852 Montreal P.S.Corp.loan
and the pfesent
rate
Montreal Dev. & Land
2,592,500 of $143.232.000 level a netprevail, gross revenue from railway operation,
I account
and
revenue before
Co. stock
500,000 Accounts payable
1,276,199 This, after deducting $21,640,000 for fixed fixed charges of $29,155,000.
,
charges, would leave surplu
Mont.Tram.Co.Com.stk.
964,625 Accrued interest
52,042 after charges. of $7,515,000.
Accounts receivable
828,581
This is based on an estimated increase over 1922 of 4% a year in freight
Cash
75,531
traffic, 3% a year in passenger traffic,
Profit and loss
1,774,6371 Total (each side)
$28,799.071 and other railway operating revenues. and a similar gain in mail, express
It also assumes that the embargo policy, which during 1922 seriously
x Represents 59,903 shares Canadian L. & P. Co.'s stock; 11,029 shares
Montreal Tramway's Co.'s Common stock; 1,250 shares Montreal Public depleted net earnings, will be revised and put on a different basis, also
Service Corp.: 42,500 shares Montreal Hydro-Elec. Co. stock.—V. 116, P. that the "nimble freight car" will predominate on the New Haven system
and bring the average freight car miles up to 17 per day. The President
935.
of the road has advised the committee that it can be brought to 19 miles
per day. The committee assumes that there will be no important changes
Morris & Essex RR.—New Directors.—
in the present scale of wages and that expenses for maintenance will be
G. E. Hustis and C. C. Hubbell have been elected directors, succeeding substantially the same as in
the year ending June 30 1922, where they
C. B. Rogers and F. D. Sturges.—V. 110, p. 1973.
appear to have been about normal.
The
expenses assumes that the cost of coal
New Orleans Public Service, Inc.—Interest Payments.— will be estimate of transportation for the year ending June 30 1922, that
substantially the same as
Holders of the General Lien 4%% Gold bonds have been notified that the winter conditions will be normal and that traffic will be handled with
coupons due July 1 1923 will be paid on presentation at the Hibernia reasonable attainable efficiency. It also assumes that during the next
Bank & Trust Co., and those of the underlying companies as follows: year or two the present excessive number of idle bad order freight cars,
(1) New Orleans City & Lake RR. 5s, New Orleans City RR. 5s, New which averaged 10,951 during 1922, will be reduced to a normal of bad
Orleans Power House Co. 55, at the Interstate Trust & Banking Co.: (2) order cars, so that 7,951 cars will have been put back into service and be
St. Charles St. RR.4s at the Whitney-Central National Bank; (3) Edison earning money. It is assumed that net non-operating income should be
Electric Co. 5s at the American Trust Co., Boston, Mass.:(4) Merchants' increased from $2,650,000 in 1922 to about $4.000.000 in 1925.
Electric Co. 5s at the Illinois Merchants' Trust Co., Chicago, Ill.—
It is declared that the surplus over charges of $7.515.000 estimated for
V. 116, p. 2993.
1925 is not enough. In the first place this 35% above fixed charges is an
average figure. We are bound to have normal years, extra good years and
New York Chicago & St. Louis RR.—Dividends extra bad years. Every time we have an extra bad year the road might not
earn its fixed charges.
Declared on Stock of New Consolidated Corporation.—
The rule for first-class railroad
A dividend of 3% on the Preferred stock, series "A," and a dividend of close to twice the fixed charges. credit is that the net earnings must average
3% on the Common stock for the 6 months ending June 30 1923, being for
It is pointed out by the committee that the
quarterly periods of the year 1923, has been declared payable gested would reduce the annual fixed chargesscaling down of bond as sugthe first two
July 16 (not July 15) to holders of record July 7 of full shares of stock of reduce the total fixed charges of the road from by S3.641.505. This would
$21,640,000
the new company and to holders of certificates of deposit of the stocks of as compared with earnings of $29,155,000, a ratio between to $18.000,000,
the constituent companies and to stockholders who shall after July 7 and and average net earnings of 1.6. But this, as pointed out,Interest charges
does not go far
on or before Sept. 15 1923 present stock of the constituent companies for enough to establish first-class credit.
exchange and conversion,said dividend payable on such full shares of stock
To Realize $15,000,000 Through Sale of Stock.—The $15,000,000 to be obas shall be 'satiable to stockholders and retainable by them in accordance tained by the sale of new stock could be used to buy in
outstanding bonds.
with the plan (V. 116, p. 721) within 15 days after proper presentation of It would, in the opinion of the committee, buy in at
least enough bonds to
certificates of stock of constituent companies.
fixed charges $750,000, which would bring the total charges down
President J. J. Bernet, in a statement to the stockholders of„the con- reduced
to $17,250,000. compared with net earnings of $29.155.000.
stituent companies, announced the action of the directors in declaring a
State to Remit Taxes.—This, however, does not go far enough and
dividend of 3% on both the Preferred and Common stocks was based on a point the States can well play an important part by remission ofat this
taxes.
net income of $3.896,000 for the consolidated lines in first five months The sum paid by the New 'Haven in taxes to the three States, Connecticut,
this year.
Island and Massachusetts. in 1922 totaled $3,569.934, and the
The New York Stock Exchange has admitted to the list New York Rhode is of the opinion that if the road has $76,000,0000 of its bondscommittee
canChicago & St. Louis RR.. new "Nickel Plate" company 6% Cumul. Pref. celled, and $15.000.000 fresh cash put in and operations are
brought by the
stock, series "A," "when issued," and Common stock "when issued."
State Trustees
to the results believed possible of attainment, then thereThe Committee on Securities of the New York Stock Exchange has ruled after at least itup improbably that the States will be called on for any help
is
that the following certificates of deposits shall be quoted ex-dividend July 6. under their guaranty.
New York Chicago & St. Louis 1st & 2d Pref. and Common $3 a share;
to help for a
It is suggested that
Lake Erie & Western Common, $1 35 a share, and Pref. $2 70 a snare: the present two days shippers should be askedor unloading time by reducing
for loading
to one day—the
Toledo St. Louis & Western Common. $2 40 a share, and Pref. $1 95 a second day to have a of free time
moderate demurrage charge of say two dollars.
share. No dividends will be paid on fractional shares.
Federal Government to Reduce Int. Charge it Fund Debt.—If co-operation
The Committee on Securities of the New York Stock Excnange has on the part of the Federal Government is secured in reducing
the interest
issued the following statement:
debt owed
"Inquiries having been received in the matter of transactions in New charge by 2% on the $88,000,000 of charges to the Government, it vruold
down by $1.770.000. It is
bring the company's annual interest
York Chicago & St. Louis RR. 6% Cumul. Pref. and tommon stock.
Government fund the New Haven ma'when issued,' as to basis of said transactions in relation to the dividend of further suggested that the Federal
turities into a long-time loan.
3% on each class declared payable on July 16 to holders of record July 7,
Other Maturities.—If these are extended as proposed, the problem is left
notice is given that all 'w I transactions in said New York Chicago & St.
with
Louis Prof. and Common stocks are 'dividend on.' In other words, at time of dealing 1925, $52,000,000 of other maturities, of which more than half
mature in
consisting
of settlement of'w 1' transactions, the seller must pay to the buyer amount so-called European loan. principally of the $24,431,251 Debentures of the
The remainder of the maturities for the entire
of dividend if settlement is made after July 16, or deliver a due bill therefor 12
-year period include several million dollars ofstreet railway bonds assumed
If made prior to said date."—V. 116, p. 2993.
by the New Haven in connection with the acquisition of street railway propwhich in
New York New Haven & Hartford RR.—Joint New erties, the streetthe opinion of the committee, should be refunded or paid.
off by
railway properties, and almost
England Railroad Committee Report Suggest Plans to Rehabili- of underlying bonds, equipment trust obligationsthe entire balance consists
and bonds of leased lines.
of
requires
tate B. &M.and New Haven Roads.—The Joint New England allAs which the integrity of the system of the should be paid.
to European Creditors.—Holders
European loan
commitRailroad Committee comprising 30 representative citizens tee thinks should extend 30% of their principal, by taking the payment
in
appointed by the Governors of the six New England States therefor new 6% 1st & Ref. Mtge. bonds, maturing in November, 1937.
They will receive 30% of their principal in cash and the remaining 40%
on July I rendered through the Chairman of the State they will, under the committee's plan, receive in Preferred stock.
To Dispose of Trolley Investment.—The committee recommends that all
Committees (James J. Storrow of Lee, Higginson & Co. of
trolley investment of the
Haven should
as soon as their
Boston) its report on railroad consolidation in New Eng- fair value can be realized,Newcapital investedbe disposed of becoming availthe
in them thus
land and the financial and operating conditions of these roads able for the use of the company.
Monongahela West Penn Pub. Service Co.—Capital.—
The'New York Stock Exchange has received notice ofa proposed reduction
'
to the Governors assembled in conference at Poland Springs,
Me. The work of the Committee has extended over a period
of 10 months and its report comprises some 300 printed pages
with a profusion of maps and diagrams.
Plan of Recapitalization of New Haven Proposes:
(1) To issue a Prof. stock, bearing dividend of 5% and to become-cumulative on Jan. 1 1927: convertible into Common stock at any time in the
ratio of 1 y. shares of Common stock for each share of Prof. stock: sharing
all voting powers with the
stock upon
The conunittee prefers some method of financial rehabilitation and a for each share of Pref. stock Commonvote for each the basis of three votes
and one
share
New England merger to reorganization or consolidation with outside and preferred over the Common stock in liquidation of Common stock.
as the rate of 100
trunk lines. The committee discusses various consolidation plans ex- and dividends, and no more.
tensively. It finds objections both to consolidation plans as suggested
(2) The capital stock now outstanding to be converted, share for share.
by the I.-8. 0.Commission and to those suggested by Professor William Z. into Common stock of no par value. Both the Prof.
stock and the Common
Ripley of Harvard University. It opposes consolidation of New England stock to be issuable up to such aggregate
amounts as from time to time shall
roads with trunk lines, declaring a New England merger including the be authorized by the commissions and other
authorities having Jurisdiction.
Bangor & Aroostook, Maine Central. Boston & Maine, New York New
(3) The Prof. stock is to be offered to bond and debenture holders,
Haven & Hartford and the Rutland railroads and their respective con- specified below, upon surrender of a
portion of a certain proportion of bonds
trolled lines, including New York Ontario & Western and Central New or debentures held.
England, is best for New England. The committee declares New England
For each $100 of bonds surrendered bearing 5% int. or lees, one share
allowed to run its own railroads.
should be
of Pref. stock of par value of $100, and 1 1-5 shares of Prof. of $120 par
The report falls into three parts: (1) Examination into rail and water
transportation in New England, and study of railroad operating results and value for each $100 of bonds bearing interest of 6% or more.
Securities Affected by the Proposed Exchange for Preferred Block.
efficiency;(2)consideration of various consolidation plans:(3)recominendations for rehabilitation of New Haven and Boston & Maine railroads. A
P.C. to be Cony.
digest of the report will be given in another issue of the "Chronicle."
Am/. of
Ami.of
into Pref.
That part of the report dealing with the rehabilitation of the New Haven
Rate. Due. Amount. Stock. Reduction. Pro'. Stock.
and the Boston & Maine roads is summarized as follows:
N.H.conv.deb_ _ _ _3% 1956
Readjustment of New Haven Capitalization.
Non-cony. deb_ _ _3% 1947
Non-cony. deb__ _3% 1954 $24,136.250 40 $9.654,500 S0,654,500
Losses in Investments.—It is pointed out that since 1915, the New Haven
has sustained and written off losses of $40,546,840 on its outside invest- Naugatuck deb.._ _ _3% 1930
1947
ments. It is carrying on its books at cost price many outside investments N.H.non-conv.deb.4
Non-cony. deb_ _ _4
1955
which are of little value. The shrinkage is very large, including, as it
Non-cony. deb_ _ _4
1956
New York Westchester & Boston, which brings in no
does, such items as
1930
income and costs the New Haven $864.000 a year in interest on the guar- Hart.Ry.deb.8er.'M'4
4
46,049,650 40 18,419.861 18,419,860
1930
anteed bonds, and also the trolley investments, some of which have but a Cons. Ry. deb
do deb
1954
4
nominal value.
do deb
4
1954
Past Deficits.—There have been in the past three years large deficits
do deb
4
1955
after charges in the New Haven income account, as follows:
do deb
4
1955
1920 -----------------------------------$4,276,726
do deb
4
1956
1921 -----------------------------------13.603,654
N. H. cony. deb__ _6
38,541.200 40 15.416.480 18.499,776
1948
1922 ----------------------------------- 5,309,779
do European lo'n7
24,431,251 40 9,772,506 11,727,000
1925
B.& N.Y.Air Line_4
3,777.000 50
1,888,500
1955
1,888,500
Total---------------------------------$23,190,159
N. H. & North. ref_4
2,400,000 50
1.200.000
1956
1.200,000
1923 the New Haven had a deficit of$4.999,483 N.Y. Westch. & B..4% 1946
In the first four months of
19,200,000 50
9.600,000
9,600,000
after fixed charges. The management has estimated that the calendar Prov. Sec. deb
5,595,000 60 3,357,000
1957
4
3,357,000
Year 1923 will show about the same deficit as in 1922. In order to fulfill N. H.deb
11.163,000 60 6.697.800
1957
4
6.697,800
this estimate the company will have to earn in the last eight months of 1923
about $5,000,000 more than it earned in the same eight months of 1922.
Totals
$175.293,351
$76,006,640 $81,044,436
88
THE CHRONICLE
[VOL. 117.
New Common is to be issued share for share of the present Common and takes to donate right-of-way for the entire line, valued at $120,000,and other
$15,000.000 new cash to be raised by the sale of new Common at about lands at Boise for industrial trackage estimated to be worth $430,000; and
further agrees to provide sufficient funds to pay all taxes on the new line
the market price.
The holders of the $24,431,251 of debentures of the so-called European in excess of $1,000 a mile, for 25 years. It is proposed to finance the conloan, now maturing 1925. to accept new 6% 1st & Ref. Mtge. bonds ma- struction cost from current funds or from advances made by the Union
turing Nov. 1 1937 at par in payment of30% of the principal of their deben- Pacific RR., which owns all of the company's capital stock. Work is
tures; 40% of the principal of these debentures to be converted into Pref. expected to be finished by July 1 1924.-V. 114, p. 2360.
stock as above stated, and the balance to be paid in cash.
Pennsylvania-Ohio Electric Co.
-Proposes to Operate
Rehabilitation of Boston ez Maine.
-The committee declares the Boston & Maine Buses Over Interurban Liner.
Rehabilitation Necessary.
It is reported that the company is considering suspension of interurban
is in weak condition and that there is immediate necessity for rehabilitation
of its credit. In 1921 its deficit after interest charges was $6,612,422. electric car service between Youngstown, Girard, Nils and Warren, Ohio.
Although 1922 showed fixed charges earned by the narrow margin of The company, however, has made application to the P. U. Commission
$27.992, it has a deficit after fixed charges for the first 4 months of 1923 of of Ohio to segregate lines operating west from Youngstown, Ohio, from
the remainder of the system. Manager Graham stated that should it
$4.632,471, and a substantial deficit for the current year seems inevitable.
-The Boston & Maine has heavy maturities in the next 12 be decided to abandon the division, a fleet of buses may be placed in
Maturities.
years, a total of $99,633.379, beginning with $1,505,200 in 1924. $5.194,200 service between the towns. It is stated that for a number of years the
in 1925 and $10,720,200 in 1926. It is clear that the credit of the road Trumbull Division has not paid operating expenses and the loss on the
lines last year was about $75,000.-V. 116. p. 2994.
cannot stand the strain of this financing.
-The committee assumes that in 1925 the gross revenue
1925 Earnings.
Pere Marquette Ry.-South Haven Branch.
from railway operations should be about $86.180,000 under average business
The company on July 1 took over the operation of its line between
conditions and that net revenue before fixed charges should be about
$10,667,000. After deducting estimated fixed charges of $7,414,000, there Lawton and South Haven, Mich., which has been operated as part of
should remain a surplus of $3.253,000. The committee assumes normal the Kalamazoo Lake Shore & Chicago Ry.-V. 116, p. 2638.
expenses for maintenance and no change in wage scales or freight rates.
Pittsburgh & West Virginia Ry.-New Officers.
Purchase of Freight Cars -It is probable that the Boston & Maine should
Joseph R. Kraus, Vice-President of the Union Trust Co. of Cleveland,
purchase several thousand freight cars, but this estimate does not take into
account the effect of the ownership of additional cars. It is estimated that and Clarence E. Tuttle, of the Tuttle Coal Corp.. have been elected memfixed charges will increase about $4,550,000 over 1922, representing interest bers of the Executive Committee, succeeding Haley Fiske and W. H.
on the estimated annual expenditure of $2,500,000 for additions and im- Coverdale. Asa S. Wing has resigned as a director.
-V.116, p. 2994, 2131.
provements. The estimate of surplus over charges of $3,253,000 would
Public Service Investment Co.
mean a margin in an average year of about 44% over fixed charges. This,
-Larger Dividend.
The directors have declared a dividend of 1U9' on the Common stock,
however, is declared to be too close to establish a satisfactory credit for the
road. In order to build a thoroughly sound credit the road should be able and the regular quarterly dividend of 1;4% on the Preferred stock, both
to earn in an average year approximately twice its fixed charges of $7,- payable Aug. 1 to holders of record July 14.
On May 1 and Feb. 1 last dividend of 1 j4% each were paid on the
414.000.
Requirements for Refunding.-Requirements for refunding during the next Common stock.
-V. 114, 1). 313.
three years are approximately $17,400,000, and in 1929 maturities to the
Public Service Ry.(N. J.).
-Valuation.
public are $11,984,200, besides the maturity of $20,303,500 due the GovThe company has filed objections to Special Master Thomas G. Haight's
ernment.
If the rehabilitation plan recommended goes through, these heavy nearby report regarding the valuation of the company. The company holds
maturities should be dealt with by asking holders of S46.000,000 of these the valuation as being too low and the State. through the P. U. Combonds to assent to an extension for 12 years at the present rate of interest, mission, as too high. Compare V. 116, p. 2767.
except that for the period of the extension bonds now receiving a ccupon
Roanoke Traction & Light Co.
-Bonds Called.
rate of less than 5% shall be brought up to that level, and bonds now reVarious First Mtge. Coll, Trust 5% sinking fund gold bonds, dated Aug. 1
ceiving a coupon rate of more than 6% shall be brought down to 6% for
1908, have been called for payment Aug. 1 at 105 and interest at the Baltithe period of extension
Return of Taxes.
-As in the case of the New Haven,the committee recom- more Trust Co., Baltimore, Md.-V. 115, p. 309.
mends that the States served by the Boston & Maine, namely, Maine,
Sandy Valley & Elk Horn Ry.-New Control.
Massachusetts, New Hampshire and Vermont, should undertake to return
to the Boston & Maine such portion of the taxes paid to these several States
See Baltimore & Ohio RR. above.
-V. 107, p. 604.
as may be needed to enable the road to meet any failure of net earnings to
Savannah Electric & Power Co.
cover fixed charges of that year. The taxes paid by the Boston & Maine
-Notes Offered.
-Stone
during 1922 to and within the New England States totaled $2,488.049. Sr Webster, Inc., are offering at 993/i and int, to yield over
It is not proposed that the cities and towns should be called upon to return
the taxes paid. If State aid is to be thus given, the committee believes 6%%, $1,000,000 2
-Year 1113% Gold notes. A circular
that control and management of the company should be vested in State shows:
trustees to be appointed for 10 years.
Dated July 2 1923. Due July 1 1925. Int. payable J. & J. at New
Stockholders Not Asked to Make Sacrifices.
-The committee points out
that as a result of receivership and reorganization of the Boston & Maine, England Trust Co. Boston, trustee, without deduction for normal Federal
2%. Company agrees to refund Pennsylvania 4
-mill
holders of old leased line stocks waived their rights and took 1st Prof. stock income tax up to'
upon which they are receiving no dividends and have received none since tax. Denom. 031,000 and 1.'31,000 and multiples thereof. Callable
as a whole on 30 days' notice at the following prices and I: 101 before
nt.
1920. "Under the circumstances," says the committee, "we are not
inclined to ask either the first or second classes of Preferred stockholders July 1 1924; 100M July 1 1924 to Dec.311924; 100 Jan. 1 1925'to maturity.
Capitalization Outstanding upon Completion of this Financing.
to make any sacrifices at the present time. Neither the 1st Pref. stock nor
the second class of Preferred stock involves a fixed charge on the Boston
Bonds, including underlying issues
$4,897,000
Maine and so does not constitute a factor adverse to its financial stability." 2
-Year 63. % notes (this issue)
1,000,000
Although the committee considered asIdng the Boston & Maine Common 8 Cumulative Debenture stock
1,300,000
stockholders to buy new Common stock, as in the case of the New Haven, 6% Preferred stock
1,000,000
it came to the conclusion that results commensurate with the effort could Common stock
2,500,000
not be obtained, and therefore makes no recommendation for such a conCompany.
-Incorporated in Georgia. Will upon completion of this
tribution by Common stockholders. It does suggest, however, that for financing do the entire electric lighting and power and street railway
first 3 years at control by the trustees no Common stock dividends be business in the city of Savannah, Ga., and its suburbs. Population served
the
paid and that during the last 7 years not more than half the amount applic- estimated at 90.000.
able to dividends on the Common stock be actually declared or paid.
Purpose.
-Georgia P.S. Commission has approved this issue of$1,000,000
Would Ask Aid ofFederal Government.-It is pointed out that indebtedness notes to provide funds for the purchase of the property formerly owned
to the Government maturing in the next 12 years amounts to $41,796,479, by Savannah Lighting Co.. which has done a portion of the electric lighting
and it is suggested that the Federal Government be requested to aid in and power business in Savannah.
strengthening the credit of the Boston & Maine by taking bonds of longer
Earnings
-12 Months ending May 31 1923 (Combined Properties).
maturity bearing 4% interest in place of those it now holds carrying 6%.
Gross earnings
$1,942,083
List of Bonds for Which Extension Is Proposed.
Net after operating expenses and taxes
701.499
The committee recommends that B. & M. bonds maturing prior to Annual int, on bonds requires $278,800; annual int, on this issue
of notes requires $65.000
Dec. 31 1935 be extended for 12 years, with interest during the period of
343,600
extension at the rate of 5%, in respect of all bonds now bearing 5% or less,
Balance
and at 6% in respect of all bonds now bearing 6% or 7%. The list follows:
$ 357,899
Management.
-Stone & Webster management.
-V. 116, p. 2994.
NameRate.
Due.
Amount.
Boston & Maine
3% Feb. 2 1925
$500,000
South Carolina Gas & Electric Co.-Operatiors.Boston & Maine
4
Sept. 1 1926 10,000,000
The South Carolina RR. Commission on June 22 authorized the disBoston & Maine
4% Apr. 1 1929 11,700,000
continuance
Boston & Maine,gen. mtge. F
6
June 1 1930
3,843,000 on July 21. of operation within the city limits of Spartanburg. So. Caro.,
will be continued on the Clifton and Saxon lines
Boston & Maine, gen. mtge. I
7
Jan. 1 1931
609.000 and buses will Service inside the
city limits to connect with the Interurban
Boston & Maine. Fitchburg
4
May 1 1925
3,660.000 cars which the be used will
company
-V. 116, p. 1533.
continue to operate.
Boston & Maine, Fitchburg
4
Mar. 1 1927
2,750,000
Boston & Maine. Fitchburg
4
Apr. 1 1927
2,000.000
Southern New York Power & Railway Corp.
-BondBoston & Maine, Fitchburg
4
Jan. 1 1928
1,450.000
Boston & Maine, Fitchburg
May 1 1928
2,400,000 holders Offered Securities of Other Companies in Exchange
Boston & Maine, Fitchburg
4
Jan. 1 1932
1,200,000 for Their Holdings.
Boston & Maine. Fitchburg
4j
Jan. 1 1933
400,000
The holders of the $1.500,000 1st Mtge.6% bonds are offered
Boston & Maine, Fitchburg
5
Jan. 1 1934
1,872,000 for each $1,000 of bonds, either (a) 211 shares of the Cumul. in exchange
Prof. stock
Boston & Maine, B. & L
3% Sept. 1 1925
500,00 of the Associated Gas & Electric Co., without par value, paying
Boston & Maine, B. & L
4
Nov. 1 1926
500,000 at the rate of $3.50 per share per annum, payable quarterly (see dividends
description
Boston & Maine, B. & L
4
July 1 1927
325,000 below): or (b) $1,000 of 5)5e/0 1st Mtge. Gold bonds
Boston & Maine, B. & L
4
Apr. 1 1929
350.000 York State Gas & Electric Corp. (see description in due 1962 of the New
V.
Boston & Maine, B. & L
4
Apr. 1 1932
1,000,000 (c) part Cumul. Pref. stock of the Associated Gas & 115. p. 2166); or
Electric Co. and
Boston & Maine, B. & L
4% Feb. 1 1933
1,000.000 part 5)i% 1st Mtge. bonds due 1928 of the New York State
Gas & Electirc
Corp. upon the basis above stated.
Total
$46,059,000
In the case of the latter two options, exchanges can
The above constitute all the Boston & Maine bonds maturing pror to New York State Gas & Electric Corp. 53i% Gold bondsonly be made for
in blocks of $500
Dec. 31 1935, witn the exception of equipment trust obligations, of bonds or multiples thereof, as no denomination smaller than 8500 is available.
held by the Federal Government,of bonds secured by underlying mortgages,
A circular to the bondholders further says in substance:
the bonds next mentioned.
and of
The management of the Southern New York Power dr Railway Corp.
The $4,000,000 of6% General Mtge. Series M bonds, dated Jan. 11923,
due Jan. 1 1933, to be similarly extended for 12 years. These bonds are has made a careful study of the present and future needs of the properties
not listed in the above statement for the reason that the statement is made securing the bonds and the means of meeting those needs. Heavy expenditures will be required in the near future for rail replacement and
up as of Dec. 311922. and the bonds are dated Jan. 1 1923.
other necessary maintenance and replacements, and, as well, for the
Refuses Bill to Enjoin Road.
extension of service which the public demands and which is essential to
Judge Pierce of the Mass. Supreme Court has sustained the demurrer of maintain the earnings of the properties.
Under existing conditions, further financing by moans of this company's
the company in a bill in equity brought by Edmund D. Codman to enjoin
the company from exercising control of about 28.3% of the capital stock of mortgage is not feasible, nor can any other means of permanent financing
the Boston & Maine RR., which the trustees of the Boston RR. Holding be provided while the present bonds remain outstanding. The only
Co.. by a decree of the U. S. Court of the Southern District of New York funds available for the necessary expenditures are current earnings which,
on June 4 1923 were ordered to transfer and deliver to the New Haven, because of severe winter conditions, automobile competition and other
subject to the provisions of the statutes of Massachusetts. Mr. Codman causes, have not recently equalled expectations, and which cannot be
declared that a sharply defined issue has arisen between the stockholders of applied to these necessities too liberally without interfering with the regular
the Boston & Maine who favor various plans for the future operation of the payment of bond interest.
In this situation, interests affiliated with the company and willing to
road, either as an independent property, or as a part of a group system
in consolidation with other railroad properties, and he believes it is the sacrifice regularity of interest payments for the upbuilding of the properties
intention of the New Haven to use the stock to his irreparable damage. As pending permanent refinancing, have arranged for the exchange of securities,
an individual and as a trustee Mr. Codman owns 769 shares of the Boston as above, which should prove attractive to the bondholders.
& Maine.
The dividend of$3.50 per share per annum on the Prof.stock of Associated
-V. 116, p. 2993, 2884.
Gas & Electric Co. is at present being earned after all requirements.
Okmulgee Northern Ry.-New Control.
including depreciation, approximately 3.7 times. Each 20 shares pays
-V. 116, p. 2007.
-Texas RR. above.
See Missouri-Kansas
$70 annually, free from normal income tax, as compared with the $60,
subject to normal income tax over the 2% paid at the source, on each
--Construction.
Oregon Short Line RR.
$1,000 Southern Now York l'ower & Railway Corp. bond, or an increase
The j,5, C. Commission on June 20 issued a certificate authorizing the in income of $10 per year without considering saving in taxes.
company to construct an extension of a line of railroad extending from a
The bonds of the New York State Gas & Electric Corp are secured by
point on its main line at or near Orchard in a general northwesterly direc- a 1st Mtge. upon a prosperous and well-conducted public utility which
tion through the city of Boise to a connection with its Nampa-I3oise line is highly regarded from the standpoint of performance and earnings.
at or near Perkins, a distance of 27.25 miles. all in Ada County, Idaho.
These bonds are accorded a very high investment standing.
The estimated cost of construction is $2,787,000, which includes $221,400
Those interested in the exchange are requested to send their bonds
for station buildings and $92,000 for right-of-way. It is stated that the promptly to the Equitable Trust Co., 37 Wall St., New York, for exchange
Boise Chamber of Commerce, by an agreement made Aug. 14 1922, under- under the plan.
-V. 116. P. 617.
di
JULY 71923.]
THE
CHRONICLE
89
The approval of a plan of reorganization of the Denver & Rio Grande
Western 'RR. System (V. 116. p. 2881) involving the disposition of a
portion
par of the beneficial interest of this corporation in the unsatisfiedYork as
of the judgment recovered by the Equitable Trust Co. of New contract
the Denver & Rio Grande RR. on that certain
trustee against
dated June 23. 1905.entered into between the Denver & Rio Grande RR.,
the Rio Grande Western Ry., Western Pacific By. and the Bowling Green
Trust Co. as trustee under the first mortgage of the Western Pacific By.
dated June 23, 1905; the disposition in part of the interest of this corporation
in certain recoveries effected through such judgment: the sale of a half
interest in the Common stock of the reorganized Denver company to
the Missouri Pacific RR. for the sum of $9,000,000, and the performance
of the acts to be done and performed by this corporation, or the Denver
& Rio Grande Western RR., its subsidiary, under and in pursuance of
adopted
such plan, and the approval of the resolutions of the directors contract
on June 19 approving the adoption of such plan, the execution of a
between the Western Pacific RR. Corp. and the Missouri Pacific RR.
-Decision.
Terre Haute Ind. & Eastern Trac. Co.
providing for the sale of a one-half interest in the Common stock of the
Judge Fred C. Gause, in the Superior Court at Indianapolis recently reorganized Denver company by the Western Pacific RR. Corp. to the
injunction against the action of the Indiana P. S. Commission Missouri Pacific RR. on the terms therein set forth, and the performance
refused an
In permitting the company to enter the competitive field in Indianapolis of certain acts in execution thereof.
for supplying electric light and power, on the ground that there was no
Chairman Alvin W. Krech, in a letter to the stockholders
showing that the Commission had acted beyond its jurisdiction, had acted
with fraud or that its order had violated any constitutional rights of the July 3 says:
Indianapolis Light & Heat Co. or the Merchants Heat & Light Co.
A plan of reorganization for the Denver & Rio Grande Western RR.
Judge Gauss in his ruling said:"The public authorities are not prevented System (V. 116, p. 2881) has, subject to the approval of the stockholders
from granting a franchise to a subsequent and competing corporation of this corporation, been adopted and approved by the directors. The
merely because the effect of such subsequent franchise may be the creating plan has been agreed to also by the Missouri Pacific and has been approved
of competition which will injure the business of the original corporation. and adopted by the Hammond and Perkins committees and by the Sutro
Even if there was no evidence of public necessity, yet if we are right. Committee, representing Refunding or Adjustment bonds of the Denver
that no terms of any contract the plaintiffs hold have been violated, and & Rio Grande RR.
If they ate not being deprived of any property unlawfully, then, if the
In order that the entire matter may be laid before the stockholders in
action of the Commission was within its jurisdiction and no fraud was a summary and condensed form, the following account of the past trans-V. 116, p. 2994, 936.
shown, the action of the Commission is final."
actions, the proposed reorganization and the consequent situation of this
corporation is here given:
Third Avenue Ry.-Wages Increased.
This corporation has received in cash from the Equitable Trust
The company on June 29 announced an increase of 5% in the wages of
Co. of New York as trustee of the bondholders of the old
all motormen and conductors. effective July 3.-V. 116. p• 936.
Western Pacific Ry.pursuant to the judgment obtained by the
trustee against the Denver & Rio Grande RR.. approximately $8,200,000
-Doubling Capacity of Power Plant. And In the future will receive from such trustee in cash a sum
Tide Water Power Co.
200.000
Orders have been placed with the General Electric Co. for a new 6,000
estimated at approximately
k.w.turbine for the Tide Water power plant at Wilmington, N.C. Delivery
These payments will represent 94.903% of the net cash recoveries
has been_promised in 4 months,and installation will take a couple of months made by the Equitable Trust Co. of New York as such trustee. [Holders
more. The cost of the new turbine with the accessories and changes of 5.1% of the bonds did not become parties to the Western Pacific plan
necessary will amount to $250,000. The present capacity of the power of reorganization. The face amount of the judgment recovered in 1917
plant is 6,300 k.w. On the installation of the big new turbine, two of the by the Equitable Trust Co. as trustee exceeded $38,000,000 and in spite
original small 400 k.w. turbine will be removed, thus giving a net increase
of the recoveries made there is still due and unpaid over $30,000,000.
in the capacity of the power house of 5,200 k.w.. or a total capacity of the Judgment debtor's assets, however, are believed to have been exhuasted
11,500 k.w.
This corporation has also received in cash or Liberty bonds____ $2,928,814
Earnings for 12 Months Ended April 30.
The same being dividends declared and paid by the Utah
1922.
1923.
Fuel Co. (the equity in the stock of that company being
11.580,330 $1,537.221
one of the recoveries made under the judgment).
Gross earnings
958,756 And under the plan, if it be carried out, should receive in addi898,128
Operating expenses, including maint. & taxes__
27.045
9,553
tion thereto, either from the Utah Fuel Co. by way of a divInterest charges floating debt
108,102
151,112
idend or as a payment to be made to this corporation under
Interest 1st Mtge. bonds
2.000,000
52,500
' the plan, the further sum of
Interest 7% debentures
It also should receive as a consequence of the settlement of
1443.316
accounts between the Denver & Rio Grande Western and the
2469.036
Balance
740,821
receiver thereof at least the further sum of
-V. 116, p. 2258.
--Receivership.
Georgia.
Commission.
Joseph F. Gray, formerly a member of the Georgia Railroad
of the
has been named receiver for this company by Judge J. B. Jones,
Ga.
Northeastern Circuit in the Superior Court of Habersham County,
by Attorneys Charters.
The iaetition for the receivership was presented the Southern By., acting
of Gainesville. Ga., on behalf of
Wheeler & Lilly,
the Tallulah Falls
for itself and other creditors. The petition alleges that unpaid interest on
owes the Southern $1,155,472, this amount representing made to it by the
Tallulah Falls and cash advances
the bonded debt of the
Southern for the payment of taxes and current operating expenses. The
the Southern,
Tallulah Falls extends from Cornelia. Ga., on the main line ofTallulah Falls
the
58 miles to Franklin, N. C. The petition shows that 1909, on which no
has outstanding $1,519,000 5% bonds, issued March 1
Interest has ever been paid and that for several years the road has not
-V. 88, p. 884.
earned its operating expenses.
Tallulah Falls Ry. of
-Sale.
Toledo & Western RR.
The total cash receipts from the sources above mentioned will,
$14.069.635
It is estimated, amount to the sum of
Other recoveries were made of property in kind under the judgment,
Including in this category stock of the Utah Fuel Co.. the railway system
of the Denver & Rio Grande RR. transferred to the Denver & Rio Grande
Western RR., and other stocks and bonds.
The net (cash) cost of acquiring these last-mentioned properties. after crediting $9,706,657 or 94.903% on the bonds
$462,848
held by this corporation, amounted to
The net cash recovery under the judgment is therefore esti13,606,787
mated at
-Note Extension.
Union Terminal Co. of Dallas.
The properties (not including cash) which have been acquired
-S. C. Commission for permission to
The company has asked the I.
as stated above and which are not to be turned over to the
extend the maturity date on $510,000 6% Mtge, notes from Oct. 10, 1923
reorganized Denver company, taken at the amounts bid
1,282.235
to Oct. 10 1924.-V. 115. p. 870.
therefor at judicial sale, are valued at
It is now proposed that this corporation shall turn over, or make avail-Valuation.
United Railways Co. of St. Louis.
able, to the reorganized Denver company (a) future earnings of the stock
The company has declared that the valuation of approximately $52,- of the Utah Fuel Co. (to the extent provided in the plan). (b) 110,000.000
000,000 placed by the Missouri P. S. Commission on its properties as a In cash, and (c) properties now in the hands of the receiver of the Denver
-V. 116, p. 2638. 2995.
& Rio Grande Western System and will receive as consideration therefor
basis for establishing fares, is confiscatory.
all the Common stock of the reorganized Denver company. In conection
its execution, a
Ry.-Petition to Construction an Extension of with this transaction, however, and as a condition ofPacific RR. and
Virginian
into between
Wyoming County, W. Va., Denied.
- contract has been entered simultaneously the Missouri
its Line of Railroad in
with the transfer provided for
this corporation by which
-S. 0. Commission on June 25 denied the company's application as above stated the Missouri Pacific will purchase from this corporation
The I.
for authority to construct an extension of its Guyandot River Branch one-half of the Common stock of the reorganized Denver company and
from its present terminus, 1.25 miles from Elmore. in a westerly direction one-half of the equity of this corporation in the stock of the Utah Fuel
down Guyandot River a distance of 1.19 miles, all in Wyoming County. Co. (after earnings have been made available to the reorganized Denver
W. Va.
company and charges created in favor of the bondholders of the company
The report of the Commission said in substance:
as provided in the plan) and will pay therefor to this corporation the sum
"The proposed extension is in furtherance of the plans of the applicant of $9,000.000 together with certain incidental costs and charges.
for the development of its Guyandot River Branch, which is projected
In the event that this proposed plan is executed, it is expected that
to a length of 42.6 miles, and is expected to be profitable in itself as well this corporation will own:
as a feeder of the main line. The line was graded and culverts built in
(a) All the stock of the Western Pacific RR.
1917 and 1918. The applicant represents that there are approximately
(6) One-half of the Common capital stock of the reorganized Denver
17,800,000 tons of coal underlying the area to be served, which comprises company.
3,500 acres, of which 3,000 acres are in timber. The immediate object
(c) One-half interest in the stock of the Utah Fuel Co., subject to (1)
of the extension is to serve coal mines to be opened by the Pocahontas the existing pledge thereof under the Rio Grande Western By. Consol.
Fuel Co. on both sides of the river as soon as the line is completed. The 4% Mtge., and (2) the charges and trusts in favor of the security holders
timber will be exploited by the Raleigh Lumber Co. and is expected to of the reorganized Denver company as set forth in the plan.
furnish an immediately available traffic. There are no municipalities
(d) Cash and securities recovered from the Denver & Rio Grande RR.
along the route and the estimated population in the tributary territory is 250. under or pursuant to the aforesaid judgment, or received from the sale
"The construction cost is estimated by the applicant at $63,012, of of the half interest in the reorganized Denver company and the Utah
which $40.312 has been expended for the work done in 1917 and 1918. Fuel Co., 113,889.022.
No equipment is to be provided especially for this extension.
In brief, instead of owning all the stock of the reorganized Denver
"It is expected that 95% of the revenues accruing to the system will be company, and all of the stock of the Utah Fuel Co. and contributing
derived from coal traffic. Most of the coal will move to Sewall's Point. substantially $10,000,000 to the reorganization of the reorganized Denver
V., for transshipment, the average length of haul being 383 miles.
company, this corporation will own one-half of the Common stock of
"The applicant is not now, nor has it in the past, been able to furnish the reorganized Denver company, one-half the equity in the stock of the
the number of cars ordered by the mines already opened and dependent Utah Fuel Co., and while contributing $10,000,000 towards the reorganizaupon it in whole or in part for car supply. During the weekly periods tion of that company will nevertheless receive for a one-half interest in
from July 22. 1922 to June 9, 1923 it in no instance furnished cars in excess that company from the Missouri Pacific RR.$9,000,000.
of 74% of those required and during only six weeks was the average perThis settlement has been made In order to avoid litigation which
centage in excess of 70%. For 28 weeks of the above period the cars threatened to continue for a long period of time, and although in the
furnished the mines were less than 50% of the requirements. The opening opinion of counsel the final results of this litigation would not be adverse
would not. therefore, Increase the coal supply; in Lct. It to this corporation, it is believed that the benefits which will in the long
a new mines it
unless the applicant's car supply was greatly increased. run be derived from the plan now submittel will exceed those which would
would reduce
are at present more mines in the country than is consistent with the result from the continuance of such litigation.
There
most efficient use of carriers' equipment, and their aggregate capacity
tended
It is Intended that in the event the reorganization contemplated shall
exceeds greatly the country's demand. With the applicant not now in a be effected, a stock dividend will be declared, that Is to say, additional
position to adequately serve the mines already dependent upon it for Preferred and Common stock of this corporation will be distributed to
'cars, the opening of now mines would necessarily mean that the already Its stockholders at the rate of one share of Preferred and one share of
Inadequate car supply would be made more inadequate because of the Common stock for each six shares of Preferred or Common stock held by
necessity of placing cars at the new mines. This makes more difficult them, respectively, Preferred and Common stockholders sharing alike.
the process of distribution as the cars in service can not be handled as This dividend is to be declared for the purpose of capitalizing the recoveries
efficiently, nor can as much coal be transported in the aggregate as if above mentioned and recognizing the equal pro rata rights of the Preferred
and Common stockholders in the benefits arising from the assets derived
fewer mines were demanding service.
"Under the circumstances we are unable to find that the present and from such recoveries, as provided in the articles of incorporation of the
future public convenience and necessity require the construction by the corporation.
[A balance sheet of the Western Pacific RR Company is given under
applicant of the extension of its line of railroad described in the application."
-V. 116, p. 2885.
[It is expected that officials of the road will ask for a rehearing on the "Annual Reports" above.(
extension. See also editorial in last week's "Chronicle," p. 2929.1-Exchange of Stock.Western Rye. & Light Co.
V. 116, p. 2995.
The holders of Preferred stock are advised under date of June 15 of the
a•quisition by the Illinois Power & Light Corp.,directly or indirectly, of the
Wabash Ry.-Acquisition.property heretofore owned by the various corp3rations subsidiary to
-V.116, p. 2008.
-Texas RR. above.
See Missouri-Kansas
T-e-tion Co., AVngtnin Rys. & Light Co. and by Southern Illinois
--Acquisition.
Light & Power Co. Western Rye. & Light Co. has acquired shares of the
West Penn Power Co.
Cumul. Pr..f, stk oi toe new corp'ration suffiAent to enable it to
oc
The company has acquired the property of the Springdale Township
-V. 116. rl• oiler all the holders of its 6% Pref. stack the oppartunity to exchange the
Electric Corp. and plans to extend the transmission system.
same, share for share, for the shares of 7% Cumul. Pref. stock of Illinois
2768, 1894.
Power & Light Corp., and recommends that the stockholders make the
rate.
-To Dispose of One-half exchange promptly and obtain the increased dividend this
Western Pacific RR. Corp.
opportunity and
The
desire to take advantage of
Interest in New Denver & Rio Grande as Reorganized-Plans obtain stackholders who
icerqfICates with any
the increased dividend rate may deposit
-The stockholders will vote Aug.6 upon: of the following depositaries, viz.: Bodell & Co., 115 Broadway, New York
Stock Bonus, &c.
The company's property has been sold at a special master's sale to
Frank R. Coates. of the Henry L. Doherty interests, for 1600.000. Attorney Morton Seeley bid for Mr. Coates against marten M.Miller,Chairman
of the bondholders' protective committee. There are two underlying first
mortgages on the entire property, one for $1,250,000 on the Toledo & Western, and one for $250,000 on the Toledo Fayette & Western, both of which
aggregated together with matured coupons $1.773,096 at the time of the
decree. Bondholders, it is estimated, will receive between 25 and 30 cents
-V. 116, p. 2258.
on the dollar.
90
THE CHRONICLE
and 10 Weybosset St., Providence; Nesbitt Thompson & Co., Montreal;
Central Trust Co. of Illinois. Chicago; Geo. M. Mattis, Treas., Illinois
Traction Bldg.. Champaign, Ill.; National Trust Co., Ltd., Montreal, and
Industrial Trust Co., Providence, R. I.
The regular quarterly dividend at the rate of 6% per annum will
paid on the Pref. stock of Western Rys. & Light Co. on July 2 1923. be
additional amount sufficient to make the combined payment equivalentAn
to
7% per annum for the quarterly period ending July 1 1923 will be paid to
shareholders who make the exchange offered above. Payment
in adjustment of such amount will accompany the certificates of 7% Cumul. Prof.
stock of Illinois Power & Light Corp. issued in exchange. The certificates
will be dated July 2 1923. or thereafter for exchanges subsequen
It Is contemplated that dividends on the 7% Cumul. Pref. stock t thereto.
of
Power & Light Corp. will be declared regularly at the quarterly Illinois
periods
payable on Oct. 1, &c. Compare also Illinois Traction Co.
above and
Illinois Power & Light Corp. in V. 116. p. 1532, 2015,
2381. 2637.--V. 114,
p. 15.36.
Wisconsin-Minnesota Light & Power Co.
-Sale.
[VOL. 117.
Years of Activity.
'Years of Depression.
1917
2h3.540,000 1919
209,433,000
1918
270,728,000 1921
193.070,000
1920
252.801,000 1922
182,624,000
"Thus it is seen from the viewpoint of soft
coal production 1923 stands
slightly ahead of the average for the three
activity and
34.7, ahead of that for the three years of years of
depression
"
There was no slackening in the rate of anthracite .
production during the
third week of June, and production again passed
the 2
-million-ton mark.
According to reports from the principal
anthracite-carrying railroads,
39,055 cars were loaded and on this basis
put.including mine fuel,local sales and theit is estimated that the total outproduct of dredges and washeries,
was 2.042,600 net tons.
"The cumulative output during the present
calendar year to date stands
at 49,287,000 tons and compares favorably
with the output in the years of
great activity in anthracite mining."
Estimated United States Production in Net Tons.
Bituminous- Week-1923-Cal.Yr.to Date
In
with a vote of the citizens of
Week-1922-Cat.Yr.to Date
Lake. Wis., registered June 9
three years ago, the city of Rice Lake, Wis.. Rice shortly
10.676,000
241.818.000
will
5,136.000
172,248,000
take over the local electric light and power plant of the issue bonds to June 16
10,575,000
252,393,000
5,013.000
above
177.261.000
The property was appraised by the Wisconsin RR. Commissio company. June 23
10,411,000
262,803,000
5,363,000
182,624,000
n in August
Anthracite
1922 at 8233,000 and, with subsequent improvements, Is valued
at approxi- June 9
2,046,000
mately $250,000-V. 116, p. 213e.
45,192,000
13,000
21.855,000
June 16
2,053,000
47,245.000
22,000
21,877,000
June 23
Yosemite Valley RR.
-Jan. 1 1923 Interest.
49,287,000
24.000
21,901.000
Beehive Coke 2,042,000
The Mercantile Trust Co. of San Francisco gives notice
that funds have June 9
been deposited with them to pay coupons
416,000
8,862,000
99,000
2,887.000
5% bonds, due 1936, it was announceddue Jan. 1 1923 on the 1st Mtge. June 16
407.000
9,258,000
yesterday. Provision has also June 23
106,000
2,993,000
been made for the payment of coupons from the
413,000
9,671,000
same bonds due July 1
3,103,000
The "Coal Trade Journal" this week reviewed110,000
1923, which should be presented on or after July 1 1923.-V.
market conditions as
115, p.2269.
follows:
"Midsummer easiness rules most of the bituminou
s markets of the
country as tne last half of the calendar year begins.
INDUSTRIAL AND MISCELLANEOUS.
nessed improvement in demand only at Connellsvi The end of June witlle and Chicago, and
The following brief items touch the most important devel- there in limited scope.
"As for some time past, contract business continues
opments in the industrial world during the past week,
the backbone of
to- the trade. This, supplemented by spot Lake buying and special
gether with a summary of similar news published in full storage orders,answers the question so many producers ask when railroad
confronted
with weekly tonnage figures and their own sales
detail la last week's 'Chronicle" either under "Editori
difficulties. The steel
al and by-product Industries are consuming vast quantities of fuel, much of
Comment" or "Current Events and Discussions."
this tonnage coming from affiliated mines. Public utilities
tomers. General industrial purchasing, however, appears are steady custo be on a hand-Steel and Iron Production, Prices, &c.
to-mouth basis.
The "Iron Age" July 5 said:
"Bituminous export tonnage in May (the latest month for
which fig"The steel trade enters upon the second half of
1923 with production of ures are available) totaled 2,249.001 gross tons, as compared with 399,551
pig iron only 2% and that of steel ingots about 5%
tons
below the year's peak of a year ago and 1,384.879 tons in April. By far the greater proportion,
reached in May. There is no measurable change in
this tonnage, of course, moved
Canada.
product moving into consuming channels. Prices of the large volume of market, the export trade, outside to Baltimore As a distinct factor in the
of
, is exerting little influence
the
of finished steel are at a stand, but buyers are gettingimportant forms at the present time.
better delivery
promises and are keeping orders close to known needs.
"Lake trade, on the other hand, is a
of growing
"As has been the case for several weeks, primary
During the week ended at 7 a. m. June 25factor dumpins ofimportance.
cargo
materials are giving coal
bituminou
gr?und, fresh declines being reported in coke,
at Lake Erie ports totaled 1.127.771 net tons, bringing the total s
pig Iron and scrap.
for.
'Pig iron figures for June, received on tne
the season to 8,682,024 tons, as compared with 3,314
30 tons in 1922.
show an output last month of 3,668,413 tons. or first business day of July, 8,847,275 tons in 1921 and 3.330,898
122,280 tons a day, against
tons in 1920. During the week ended
3,867,694 tons in the 31 days of May. or 124,764
last Saturday 42 vessels were
naces blew in last month and seven blew out, 322 tons a day. Eight fur- approximate tonnage brought unloaded at the head of the Lakes. Theup in these bottoms was
furnaces being active on estimated
June 1. against 321 one month previous.
that the docks at the upper ports began the 375.000 tons. It is
'Humidity cut down the output in June, and a
mately 3.000,000 tons of bituminous coal in storage. months with approxiis looked for in July, as several furnaces are going further slight falling off
"Spot prices on bituminous coal continue to decline. Compared
out
with
capacity May 1 was 125,100 tons a day and was for relining. Active the preceding week, quotations
for the week
practically unchanged changes
on June 1.
in 53.9% of the figures. Of these ended last Saturday showed
changes
"A number of sheet mills are closed down this
reductions ranging from 5 to 50 cents and averaging 67.6% represented
week;
25.5 cents per ton.
next week also. The Steel Corporation's shutdowns some few will be idle The advances averaged 23.4 cents
and also ranged from 5 to 50 cents.
are limited at most The straight
plants to July 4,and this is the program also of most
average minimum for the
independe
"General speaking, labor shortage and weather conditions nt companies. 02 14 the week 'preceding, while the week was $2 07, as compared with
straight average maximum dropped
are offsetting
in part the tendency of some rolling mills to catch
up with their orders. from $2 49 to $2 46. A year ago the averages were $3 59 and $4 11.
Final specifications on second quarter contracts
came in freely last week, respectively.
indicating that consumers want what they have bought.
"Announcement of the anthracite miners' demands, not considered
toe
"The week's fabricated structural steel contracts
seriously by the operators, has further spurred
the
the average of recent weeks by unusual purchases, were brought up to with the result that the smaller independents are householder consumer,
able to get still greater
totaling 11,500 tons, premiums.
for oil tanks. Private projects continue noteworthy
During the past week as nigh as $13 was quoted on stove, egg
among structural and nut,
inquiries. Some recent bids on fabricated work indicate
that plain ma- broken. while $9 is now the independent minimum on these sizes and on
terial was figured considerably below the 2.50c. basis.
A stronger market is developing in steam sizes. Lake shipments
"That business in finisned steel was better in June than in
from Buffalo last week totaled
tons. During the same period eight
chiefly to rail and other railroad buying. The gain shows May was due vessels discharged 72.000 tons108,110 head of
at the
the Lakes and stocks there
no change of now are estimated
attitude by manufacturer buyers, who mostly
at 200.000 tons.
placed small tonnages for
specified purposes and definite deliveries.
"More activity is reported in both the beehive and by-product coke
mar"I'ne sheet market is inactive and the concession of
kets, although prices on the former fuel lack stability.
$1
sheets continues. The mill shutdowns will bring supply a ton on black
closer relation. The automobile companies are buying and demand into
Oil Production, Prices, &c.
body sheets rather
more freely, some for third quarter and
The American Petroleum Institute estimates the daily average gross
for shorter periods. The
Ford Motor Co.'s July schedule is 7,040 somea day,
cars
or 176,000 cars for crude oil production in the United States for the week ended June 30.
• 25 working days.
as follows:
"A good deal of tin plate inquiry has come up for
(In Barrels)July and August shipJune 30'23 June 23 '23 June 16 '23 JO/ 1 '22
ment, including one lot of 500,000 boxes and another
Oklahoma
of 100,000 boxes.
506,550
513,250
511,000
398,000
,
"Variations in bolt, nut and rivet prices are still
Kansas
a feature, with evi84,700
84,550
83,450
S5,600.
dences of weakness in several quarters.
North Texas
77,700
75,250
74,900
50,550
,
"In the pig iron market, on limited sales, price
recessions are general. Central Texas
145,450
140,750
135.450
133,700
,
Basic iron has declined $1 50 to $25 50. Valley, and
North Lotdslana
64,100
65,450
66,800
92,000
,
at $25 25. Prices on both foundry and steel-maki 2,500 tons was sold Arkansas
153,350
130.550
139,350
33,250.
at Chicago and on resales charcoal iron has been ng grades are down $1 Gulf Coast
sold $3 below furnace
100,850
100.450
98,100
107,250
,
quotations. In Buffalo, Cleveland and eastern
Pennsylvania quotations Eastern
112,000
111,000
110,000
115,000,
on foundry grades have receded, while in the South
135.150
129,200
$25, Birmingham, Wyoming and Montana
127,800
83.850.
still prevails.
*California
830,000
785,000
785.000
355.000
"Lake iron ore shipments were heavy in
making the total 16.185,482 tons to July 1. June. reaching 9.499,500 tons,
Total
But with
2,210,350 2,135,450 2,131,850 1.454,200,
ment In pig iron production in the Middle West some the expected curtailfurnaces will not take
as much ore as they planned early in the season.
*California production was 830,000
operations will not be pushed and the 1923 Lake In consequence, mining barrels, an increase of 45.000 barrels. barrels, as compared with 785.000.
Superior output is now
Santa Fe Springs Is reported at 304.estimated at nearer 55 million tons, whereas 60 millions
was the early season 000 barrels, against 258,000 barrels the previous week; Long Beach.
figure.
210.000 barrels, against 214.000 barrels, and Huntington Beach,
105,000'
"Of the recent rail awards by the Imperial Governme
barrels. algainst 102,000 barrels.
nt
about 5.000 tons is reported to have gone to a Belgian mill Rys. of Japan
Crude Oil Price.-Humble Oil & Refining Co. reduced Gulf Coast crude •
at £9 185. c.i.f. 25c
Japan, or not far from $46.
to $1 50 Grade "A" and $1 25 Grade "B" per barrel. Also
reduced
"It takes 7.800.000 marks this week to buy a ton of
Meade 25c. and Currie 35c. to $1 a barrel each.
sheets in Germany, Bureau,"
-"Philadelphia News.
or as much as would have bought a 4,000
July 5. p. 3.
-ton
current exchange this is only 2.03c. per pound.cruiser ten years ago, but at
Magnolia Petroleum Co.reduced Maxie crude to $1 a barrel.
Snarp
iron and steel prices on July 2 did not offset the fall advances in German
Magnolia Petroleum again reduced Corsicana light crude
and Powell t
steel bar quotation,for example,is equivalent to 1.25c.in exchange and the crude to 75 cents per barrel. "Evening Post"
per pound and No.1
July 6, p. 9.
foundry iron to $1868 per gross ton.
Texas Co. reduced Mexia and Currie crude to $1
"For nine weeks the "Iron Age" finished steel composite
a barrel. "Boston'
price has stood Financial News" July 5, p. 7.
-within 1%% of the highest
at 2.789c. per lb.
Magnolia Petroleum Co. reduced Corsicana Texas
"Lower than it has been since the first week of point in 28 montns.
light crude I5c. to
February
Age' pig iron composite price is now at $26 79 per gross ton,last, tne "Iron 75 cents per barrel. "Financial America" July 6, p. 1.
against $27 79
Canadian Crude Oil Price Reduced from $2 58 to $2 48 a barrel. "Financial.
last week. It is now more than $4 below its high point in March and April.
America" July 6, p. 8.
American Iron & Steel Institute Assents to Abolition of Twelve-Hour
Export Prices Reduced -Gasolin
"At Earliest Time Practicable."-Letter to President Harding, signedDay gallon, cargo lots and 13% cents e reduced 1% cents to 27.15 .cents Per
per gallon U.
directors of Institute, was in response to President's request for pledge by
Kerosene, standard white, reduced to 5% S. N. specifications in bulk.
to
-''Times" July 6,p.1.
reduce hour basis.
cents in barrels and 15% cents in cases; watercents a gallon in bulk, 12%
PO Coal Production, Prices, &c.
E E*4''
Instance. "Wall St. Journal" July 5, p. 15. white, 1 cent higher in each
▪U. S. Geological Survey, June 30 1923, estimated production as follows:
Prices, Wages and Other Trade Matters.
i "The rate of soft coal production continues steadily downward. The
-I
Price of Lead Reduced.
-American Smelting & Refining Co. reduced price •
total output in the week ended June 23 is estimated at 10,411.000 net
against a revised figure for the week preceding of 10.575,000 tons. tons from 7 to 6.85c. on June 28; to 6.65c. on July 2; to 6.50c. on July 3 and to •
For
the fourth consecutive week the rate of production per working day has 6.35c. on July 6.
National Lead Co. reduced price of all lead products % cent to 14c. a
decreased and is now practically at the level of mid-April.
-pound lots, effective July 2. "Financial America" July 6.
"Early returns on car loadings during the present week (June 25-30) pound for 100
indicate no improvement and as a matter of fact total loadings during the p. 6.
Copper Price.
-Actually sells at 143 to 14c. per pound,
first three days were less than on the corresponding days of the week before.
althoug%
It seems probable therefore that a further decline in production will occur. leaders hold out for 15c. "Financial America" July 6, p.6.
Automobile Price Increase.
the depth of which it is impossible at this time to accurately forecast.
-Studebaker increases special six touring $75.
"The trend of output for the last 6 weeks is shown in the following state- special six roadster $50, light roadster and light touring. $20 each. "Philadelphia News Bureau" July 2, p. 2.
ment of cars loaded daily:
Tire Price Guaranteed until October.
Co. guaranJune
May May 28June
June
June teed price against further reduction-Kelly-Springfield Tire St. Journal"
until Oct. 10. "Wall
21-26.
June 2.
4-9.
11-16.
18-23.
25-30. July 3. p. 10.
Monday _ _ _ _38.454
39.568
38.055
37,749
36,631
The plant at Akron. Ohio, closed July 1 for an indefinite period. About
35.984
Tuesday ---33.677
33.328
33,697
32,589
32.478
32,424 500 men are affected. "Boston Financial News" June 29, p. 5.
Wednesday__ _31,968
10,487
31,753
32,208
32.137
Alcohol Price Advanced.
30,479
-1.T, S. Industrial Alcohol Co. advanced price •
ursday_31.768
30,143
34,843
31,117
29.291
a
3 cents pgaerllognallio,teffective July
nnseel
Friday
lo makes cheapest grade sell at 35
30.964
29,530
30,022
31,564
28.483
cents
drums, carload
Saturday_ __ _27,178
24,917
27.676
24,686
23.306
Cable Rates Cut.
-Commercial Cable Co., following reductions made by
"Production during the first 148 working days
net tons. During the corresponding periods of of 1923 was 262,803.000 Western Union, announces following rates per word from Now York, effecthe six years preceding tive July 1: Denmark, 25c.; Eathonia, 36c.; Finland, 29c.:
t was as follows (in net tons):
Latvia, 34c.;.
Sweden, 26c "Wall St. Journal" July 2, p. 14.
JULY
7 1923.]
THE CHRONICLE
-Company continues to recruit new
Telephone Strike in New England.
ators. A few striking operators have returned, and in addition groups
traffic men are giving emergency service. "Bsoton News Bureau"
uly 6. p. 5.
-Stropping department wants inStrike in Gillette Safety Razor Plant.
wages and abolition of present bonus system. "Boston News
ureau" July 4, p. 1.
Wage Increases.
-Fifth Ave. Coach Co. increases wages 5%, effective
uly 1, making conductors' rate range from 62 to 68 cents an hour, and
vers'from 69 to 75 cents an hour. Company also grants one week vacaion with pay. "Evening Post" June 30, p. 3.
U.S. Shipping Board grantsfrom $10 to $20 per month increase to various
(nips, effective July 1. "Times" July 2, p. 20.
American Sheet & Tin Mill workers at Sharon, Pa., receive 10% wage
dvance, effective as of July 1. "Financial America" July 7.
Matters Covered in "Chronicle" June 30.-(a)Inquiry of Merchants' Asso-day week, p. 2930. (b) New capital flotations in
ation into results of 5
ay and tne 5 months since Jan. 1, p. 2931-2935. (c) Agreement signed
y bricklayers and Mason Builders Association for 2 years, p. 2938.
d) Cement workers strike for more pay in local building trades, p. 2938.
e) Wage increase by Haverhill (Mass.) shoe manufacturers, p. 2938.
(f) Einstein. Ward 8c,Co., N. Y. Stock Exchange firm. 25 Broad St..
ow York,fail, p. 2944. (g) Laurence Tweedy heads N.Y.Consol. Stock
xchange, p. 2944. (h) Nelson S. Murray expelled from N. Y. Curb, p.
44. (i) C. Ernest Gault, Montreal, fails, p. 2944.
(j) Anthracite miners again ask 20% increase in wages, p. 2953.
91
-Balance Sheet.
American Telep. & Teleg. Co.
Mar. 31 '23 Dec. 31 '22.
Liabilities
Capital stock__ _709.829,200 699,347,400
Cap.stk. Install. 22,037,250 15,736,454
6% 5-yr.g. notes 40,000,000 40,000,01X)
6% cony. bonds. 12,618,900 14 070,500
434% cony. bds. 6,894,200 7,191,800
4% cony, bonds. 2,589,000 2,689,000
4% coll. tr. Ws_ 78,000,000 78,000,000
5% coll. tr. bds_ 74.753,500 74,783,500
5% West. T.&T.
Co.bonds_ ___ 9,970,000 9,970,000
Ace'ts pay., are. 2,582,768 6,465,483
Divs. payable__ 15,950,054 15,719,753
Int. & taxes accr 6,836,140 7,630,586
Other accr. nab_ 2,332.948
Empl. ben. fund 4,951,257 5,000,000
Sum. unaPProP•
for dive. payle 15,785,978 01,471,956
Surp. unapproe.
Total (each side)1183481978 1163931842 & reserves_ 178.390,70 155;955.439
-V. 116, p. 2996, 1764.
Mar. 31 '23 Dec. 31 '22
AssetsStks. assoc. cos_664.714,879 662,529,359
Stcks. other cos_ 79,711,084 105,427,224
Bonds& notes of
and net advs.
to assoc. cos_ A46,773,085 115,671,083
Telephone plant 108,768,568 108,757,168
Teiep. lastru'ts_ 30,229,628 29,666,203
Real est., turn.
& fixtures__ __ 14,428,915 12,369,484
Cash & deposits. 40,432,719 26,517,547
U.S. obligations 48,698,849
Temporary cash
investments _
93,162,767
Bills receivable_ 38,017.000
Ace•te receivable 7,295,455 9,831,006
Other assets_ _ _ _ 3,890,079
0th.def'd debits
521,717
American Tobacco Co.
-Denies Charges:
-
The company on July 3 entered specific denial with the Federal Trade
Adirondack Power 8c Lt. Corp.
- Commission to charges that it had entered into a price-fixing agreement
-New Construction.
with the
New York P. S. Commission recently granted permission to the Jobbers' Keystone Tobacco Merchants' Association or the Central Tobacco
The
Association of Pennsylvania.
•orporation to construct a transmission line through portions of the towns
Another tobacco case before the Federal
f Stephentown, North Greenbush, Nassau and Sand Lake, Rensselaer ing P. Lorillard Co., the Ohio Wholesale Trade Commission is that InvolvGrocers'
and
•unty. N. Y. The transmission line is to be constructed under franchises The answer of the latter to the Commission's charge Association tried others.
that it had
to prebtained from the town boards of those towns. The order of the Commis
on provides that no electrical energy shall be sold or distributed by the vent the Lorillard Co.from selling to non-member wholesalers Is a complete
denial. The Ohio Wholesale Grocers' Association denies also that it has
rporation either directly or indirectly in any of the towns through which sought to prevent the Lorillard Company from selling to
any dealer because
e said line will pass.
The transmission line will furnish a connecting link between the distri- of the prices at which such dealer resold its merchanside.-V. 116, v. 2639,
ution lines of the corporation and those of the New England Power Co. 2133.
will be used for the transmission of energy between the two companies
American Tube & Stamping Co.
-New Chairman.
needed.
-V. 116. D. 2886.
Edwin W.Harrison has been elected Chairman.
-V.115, p. 1213.
-Obituary.
Ajax Rubber Co., Inc.
Horace de Limier, Chairman of the Board, died in New York City on
tine 27. Mr. De Lisser was also President of the Rubber Association
America.
-V.116. p. 2009.
Alabama Power Co.
-To Construct Hydro-Electric Power
am on the Tallapoosa River.-
Anaconda Copper Co.
-Definitive Bonds Ready.
The Guaranty Trust Co.of New York is now prepared to deliver definitive
let Consol. Mtge. Series "A"6% Coupon bonds, due 1953, In exchange for
the outstanding temporary bonds. Holders of trust receipts issued by the
National City Co. should present such trust receipts to the National City
Co. for exchange. (For offering of bonds, see V. 116, p. 298.)-V. 116.
p. 2997.
Pres. Thomas W. Martin recently announced that company will expend
Arizona Commercial Mining Co.
-Resumes Dividend.
10,000,000 in the construction of a hydro-electric power dam at Cherokee
luffs on the Tallapoosa River. With the exception of the Wilson Dam
The company has declared a dividend of 50c. a share. payable July 31
t Muscle Shoals, the new dam will be the largest in the South, both in to holders of record July 18. This is the first dividend since July 1918.ze and capacity. It will have an initial installation of 88,000 h.p., and V. 116. p. 2133.
n ultimate capacity of 132,000 h. p. The units of 44,000 Is. p. capacity
ch will be the largest ever installed in the United States.
Arizona Power Co.
-Earnings.
The dam will require 2jt years to build. It will be 120 ft. high, 800 ft.
Month of
Year ended
ong, and will contain 200,000 cu. yds. of concrete. The reservoir imPeriodApril 1923. Apr.30'23.
22,500 acres and hold 25,000,000,000 Cu. Gross earnings
ounded by the dam will cover
563.540
$727.894
t. of water. The new dam will not only make available a large additional Operating expense
31.632
350.302
olume of power and improve service throughout the power company's
ystem, but will permit of the regulation of flood waters to such an extent
Net operating revenue
$31,908
$377,592
hat floods will be greatly reduced in the Tallapoosa River. and in the Non-operating revenue
50
3,657
pper reaches of the Alabama River, safeguarding from overflows one of
•
o richest agricultural sections of the State. 28 miles of the Tallapoosa
Total corporate income
$31,958
$381,249
Ill be made navigable and a 43 -foot navigation stage on the Alabama
Stephens & Co., San Francisco, recently underwrote 9800,000 let Lien
p to Montgomery will be made possible throughout the year by increasing & Unifying 08 of 1947, which were offered to the public at 97 and int. Bee
ts minimum flow. On account of this relation to navigation, the Federal offering in V. 116. p. 1279.
overnment has assumed jurisdiction of the development.
The Alabama P. S. Commission has authorized the company to purchase
Armstrong Cork Co.
-Extra Dividend.
the dam and power house of the Mt. Vernon-Woodbury cotton mills on
An extra dividend of I% was paid on the Common stock July 2 to
the Tallapoosa River. near Tallassee, Ala.
holders of record June 27 in addition to the regular quarterly dividend of
The Alabama P. S. Commission recently denied the petitions of the corn- 154% on the Common and, ti% on the Preferred. An extra of 1%
1
any for authority to construct transmission lines between Huntsville and was also paid on the Common stock Jan. 2 last.
-V. 116, p. 1181.
heffield and to build a hydro-electric plant at Lock 17 on the Warrior
River.
-V. 116, p. 2769, 2639.
Arnold, Constable & Co., Inc.
-Balance Sheet Dec.31'22
-Bookings, &c.
Allis-Chalmers Mfg. Co.
Vice-President Julius Loeb has been elected Treasurer. and Vice-President
H. IC. Hochschild as Secretary, both succeeding Julian B. Beaty, who has
resigned as Secretary and Troasurer.-V. 116, p. 1896. 1279.
equip.,
Fixtures, equip,, &c.: add'ns to leased bldg., cost, $32,584: less
reserves.$11,378
$21,205
Store & office fixtures, $382.254; less reserves, $79,353.
x303.901
Delivery equipment, cost, $59,700; less reserves, $45,639
14,061
Leasehold, goodwill, &c
1,000.000
Cash
-415.266
Acc'ts rec.: retail customers, $541,625; less reserves, 522.000__.. 519,625
do Wholesale customers, $155,920; less reserves, $5,500
150,420
Other accounts receIvable
3.260
Inventories at cost or less, retail department
847,912
do Wholesale department
360.313
Prepaid insurance, &c
8,378
Supplies on hand
5.441
Deposits with mututal insurance companies
24,646
A. E. Little & Co., adv. repayable $1,500 each year
4,500
Total
33.478,928
Liabilities
Common stock, no par value 175,000 shares, declared value$3,143.580
Accounts payable
295,688
Accrued pay-roll, taxes, &c
3,987
Res'ves for possible add'l assessment of Fed, taxes and for other
contingencies
35.693
Total
3,478,928
American Public Utilities Co.
-Petition Dismissed.
-
x Based on appraisal made by Atlantic Appraisal Co., Inc.
-V. 116, 11.
1415.
Bookingsfor the first five months of 1923.It is reported, were S14.912.015.
Unfilled orders, it is stated, exceed $13,000,000, compared with $8,215,545
an. 1 1923. See also V. 116, p. 2996.
-Stock Dividend.
American Light & Traction Co.
The directors have declared a cash dividend of 1;4% on the Preferred
stock, a cash dividend of 1% on the Common stock and a dividend at the
rate of 1 share of Common stock on every 100 shares of Common stock out
tending, all payable Aug. 1 to holders of record July 13. Quarterly cash
dividend of 1% and stock dividends of 1% each have been paid on the
Common stock since Feb. 1921.-V. 116, p. 2010.
-Board of Directors.
American Locker Co. (of Del.).
The stockholders on June 26 elected 11 directors, as follows: E. R.
Baldinger, Pres. of the Dollar Savings & Trust Co. of Pittsburgh; Daniel
M. Clemson, formerly V.-Pres. Carnegie Steel Works; Augustine Davis;
George C. Forgeot; Arthur Hale of Washington D. C.; Thomas H. Lewis:
De Witt D. V. Reilly; Curtis G. Metzler; Charles E. Schuetz; Sidney Van
Dusen; Georges, Filigree (Boston, Mass.) of Pingree, Winans, Van Dusen.
-V. 116, P• 1896.
Inc., fiscal agents for the company.
-New Secretary and Treasurer.
American Metal Co.
Chancellor Wolcott in the Chancery Court at Wilmington, Del.. on June
29 dismissed the petition of the minority stockholders against the company for an order to prevent the company from putting into effect the plan
of stock reclassification made last February (V. 116, p. 518). See also
V. 116, p. 2996. 2887.
Associated Gas & Electric Co.
-Exchange Offer, &c.
-
For offer to exchange Cumulative Preferred stock for bonds of Southern
New York Power & Ry. Corp.. see that company under "Railroads" above.
Description of Preferred Stock.
-Dividends of $3 50 per share per annum
Q.
-J.
div. date at $60 per share
American Range & Foundry Co., Minneapolis.
-Notes. cumulative, payable both as Redeemable on any Stock is entitled id liquidaand diva. Preferred
to assets and diva.
Mercantile Trust Co.. St. Louis, are offering at 100 and int. $250,000 tion to $50 per share and divs, before any distribution is made to Common
6% Serial Gold notes. Date June 11923. Due semi-annually Dec. 1 1923 stockholders. Transfer agent. Seaboard National Bank, New York.
to June 1 1928. Interest payable J. & D. at Mercantile Trust Co.. St. Registrar, Irving Bank-Columbia Trust Co., 60 11'way, New York.
Louis, Mo., trustee, without deduction for Federal income tax not in
CapitalizationAuthorized. Outstanding, Stated Capital.
excess of 2%. Denom. $500c*. Redeemable on any interest date upon Preferred stock
100,000 shs. 28,500 shs.
$1,425,000
30 days' notice at 10234 and interest.
Common stock
110,000 shs. 60,000 shs.
1,800,000
Data from Letter of Vice-Pres. C. W. Nye, Minneapolis, May 10.
Bonds
$2,182.400
$1,396,300
-Business established In 1891. Is one of tho largest comCompany.
Earnings 12 Months ending Jan. 311923.
1922.
panies in the United States devoted to the exclusive manufacture of Revenues
$2.910,302 $2,528,734
porcelin ranges marketed under the registered trade name of "Sanleo." Operating expenses, incl. depreciation & taxes
2,061.957
1,842.990
located at Shakopee, Minn., and East St. Louis, Ill., have a
Factories
Gross income
combined capacity of 200 ranges per day.
$685,744
$848.345
-Combined net profits of the company and the Minnesota Int. on outstanding bonds, floating debt, amort. of
Earnings.
bond disct. and income applicable to stocks of
Stove Co. (now absorbed) for the five years 1918 to 1922 incl., applicable
subsidiaries not owned
482,938
380,899
to interest, but before depreciation, have averaged $50,264 per annum.
or over 3Si times the maximum annual interest charges on this issue of
Net income available for dive. on Pref.stock
$365.407
$324,845
notes. From Jan. 1 1923 to April 10 1923 net profits applicable to interest,
Dividend requirement on 28.500 shares
99.750
99,750
but before depreciation were in excess of $44,000.
Margin over dividend requirements
265,657
225,095
Capitalization Upon Completion of Present Financing.
Net income times dividend requirements
3.2
3.7
5250,00017% Preferred stock
6% Serial Gold notes
5150.408
Management.
-J. G. White Management Corp.
-V. 116, p. 2392.
225,330 Common stock
Special Preferred stock
260,120
retire current liabilities and for capital improve-To
Purpose of Issue.
Automatic Electric Washer Co., Inc., Newton, Iowa.
ments and other corporate purposes.
-Dividends.
American Shipbuilding Co.
-The Central State Bank of Des Moines
-Bonds Offered.
offering at 100 and int. $175,000 1st
is
(closed) Mtge. OM
The directors have declared four regular dividends of 2% each in cash,
on the Common stock, for the fiscal year beginning July 1 1923. payable Serial Gold bonds. A circular shows:
Dated June 11923. Due serially June 1 1925 to 1933. Denom.$1,000
Nov. 1 1923, Feb. 1, May 1 and Aug. 1 1924 to holders of record Oct. 15
1923. and Jan. 15, April 15 and July 15 1924, respectively. Like amounts $500 and $100 O. Int. payable J.& D.at Central State Bank,Des Moines'
have been paid quarterly since July 1922. Regular quarterly dividends trustee, without deduction for normal Federal income tax not exceedLug
of 1i-% each were paid from February 1919 to April 1922 incl. Extras, 2%. Red. all or part on any int. date on 30-days' notice at par and int.
in cash, paid since February 1919 are: 2%% quarterly to February plus a premium of l4% for each year or portion thereof between the date of
redemption and maturity.
1922; April 1922, 20%; June 1922. 10%.-V. 115, p. 2480.
92
THE CHRONICLE
[VoL. 117.
Guaranty.
-Bonds will be guaranteed,'principal and interest. by the erCalumet & Arizona Mining Co.
• sonal endorsements of H.L. Ogg,John Nelson, E. C. Ogg and H.E. Nelson
-Production.
-Month ofof Newton,Iowa The combined net worth of these guarantors, exclusive
June 1923. May 1923. April 1923. March 1923.
Copper production (lbs.) 3,548,000
of their interest in this business, exceeds the amount of these bonds.
2,868,000
3,520,000
3,506,000
-V. 116. p. 2641, 2392.
Company
-An Iowa corporation with plants located at Newton, Iowa
Was tne first company organized to exclusively manufacture and sell elecCambridge (Mass.) Electric Light Co.
-Notes Paid.
tric washing machines Business es-ablished in 1908 and incorp. in 1913.
The
Earnings.
-With the exception of 1921, the business has shown a profit Trust 3500,000 6% notes due July 1 were paid off at office of Old Colony
In every year since its organization in 1908. For the seven years ended 2,600 Co., Boston. In connection with this payment the company issued
Dec. 31 1922 net earnings, after depreciation, available for int., Federal from shares of capital stock (par 3100) at $180 the balance being provided
taxes and extraordinary charges, averaged $38,360 per annum,or 3% times 116, cash on hand. The stock was subscribed for by stockholders.
-V.
p. 2519.
•
maximum annual interest charges of 311.375 on these bonds. Net earn-.
logs for 1922 similarly computed were $53,411, and for the five months
Canadian Converters Co., Ltd.
-New Director.
ended May 31 1923 were 393.613, or at the annual rate of over 19 times the
T. R. Rennie has been elected a director, succeeding 0. N.
Brooks.
maximum interest charge on these bonds.
V. 116, p. 2770.
1
Purpose.
-To retire maturing obligations and to increase working capita •
Canadian
Baldwin Locomotive Works.
-Receives Polish
Payment.
The Polish Government June 30 paid the company the
first installment
of principal due July 1. through the National City Bank of
New York and
Drexel & Co., Phlla., amounting to $1,238,775, for
150 consolidation
type locomotives, ordered in June 1919.
•ve
In confirming the Polish payment. F. de St. Phalle,
V.-Pres. in charge
of foreign sales of Baldwin Locomotive, said: "We received
on June 30
the payment due us by the Polish Government July 1 for
and interest amounting to 31.238.775. This payment locomotive bonds
has been made on
time as have also all other payments of interest
previously due since we
entered into a contract with the Polish Government in
1919."-V. 116,
p. 2997.
Property, Co., Ltd.
-Bonds Offered.
-S. W.
Straus & Co. are offering at par and int. $1,300,000 1st
Mtge. Serial Gold bonds (safeguarded under Straus plan).
Bonds maturing during the first 7 years will
ing during the second 7 years will yield 61i% yield 634%. Bonds maturfor
during the second 7 years. Bonds maturing the first 7 years and 611
yield 615% for the first 7 years, 61i% for the during the last 6 years will
.
second 7 years and 6% during the last 6 years.
Dated June 1 1923; due serially, 2 to 20 years.
Bonds to June 1 1930,
611%;from June 1 1930 to 1937. 61.i %; final
six
coupons piayable in U. S. gold coin at offices of S. years, 6%. Bonds and
W. Straus & Co., Inc.,
in New York and Chicago,and in Canadian gold coin
at office of S. W.Straus
& Co. Ltd., Toronto. and at the offices of the
Royal Bank of Canada in
Batopilas Mining Co.
Canada. Int. payable .7. & D. Red. in whole or
-May Reorganize.
in part in inverse numerical order on any int. date
Application has been made to the New York Stock
Exchange by the to 2%,and Canadian taxesat 1023.5 and int. U. S. Federal income tax up
company to have its 450.000 shares of stock (par $20)
(deductible at the source) if any, paid by issuing
stricken from the list. comoration.
The shares were suspended from the Boston Exchange
some time ago.
These
This action is being taken, it is said, with a view to
reorganize the company. companybonds are the direct obligation of the company. This is a holding
The stock is being quoted at11"3 bid and offered at 11.
which holds title to all banking properties of the Home
Bank of
Canada, which owns
It was recently stated that the mortgage on the silver
'properties in of Canada is one of a controlling intereat in its stock. The Home Bank
southwest Chihuahua, Mexico, probably will soon be
foreclosed, as not 76 branches in the the oldest banking institutions in the Dominion, having
enough stockholders have approved the voluntary assessment
principal cities and towns in Canada. The properties
share to satisfy bondholders and provide working capital. of 60 cents a securing this bond issue, 21 in number,including the main bank at
Only 10% of located in the more important
Toronto.
2,500 shareholders, representing about 11% of the
cities and towns, have been appraised at
outstanding shares, $1,909,700. All of the
replied to a request for the approval or disapproval
properties are rented under lease to the Home Bank
Most of those who replied favored it, some, it is stated,of the assessment. of Canada for a period of 20 years from the date of these bonds at a total net
suggesting a larger annual rental more than
assessment.
-V. 114. p. 1894.
sufficient to meet the interest and pay off the bonds
as they serially mature, also to provide a sinking fund for payment
of bonds
in last maturity.
Beatrice Creamery Co.
-Annual Report.
The rent is payable monthly and the Home Bank of Canada
Years ending Dec.31-1921.
is obligated
1920.
1919.
to pay all maintenance, insurance, operating expenses and any taxes
Earns, after interest and taxes_ _311172
.92 ,168 3955.510 $862,955 31,046.944
6
that
may be assessed against the lessor.
Balance Sheet February 28.
1923.
1922.
Canton Co. of Baltimore.
-Extra Dividend.
1923.
1922.
Assets3
$
LiabilitiesAn extra dividend of $1 per share was paid July 3 to holders
$
$
of record
Real estate, bldgs.
Preferred stock__ _ 3,500,000 3.500,000 June 30. An extra dividend of 50 cents per share was paid
in July 1922
'and plant
5,609,819 5,264,086 Common stock__ 6.125,000 3,500,000 in addition to the regular
send-annual dividend of $3 per share.
Investments
2,134,902 2,192,725 Notes & acc'ts pay 507,889
The outstanding stock consists of approximately 22.000 shares
565.349
of no
Cash
310.414
701,954 Reserves
251,724
232.190 specified par value, though $100 per share is generally recognized as par.
Acc'ta & notes rec. 2,081,759 1,875,953 Surplus
805,036 3,071.825 -V. 115, p. 756.
Inventories
1,021,298
790,280
Deferred charges._
31,454
47,366 Total(each skle)__11,189,649 10,872,364
Carey Printing Co., Bethlehem, Pa.
-Receiver.
-V. 116, p. 1181. 81.
Max Rosette has been appointed receiver by the U. S. District Court
at
Philadelphia.
Bell Telephone Co. of Pa.
-Listing.
-
The Philadelphia Stock Exchange has authorized the
listing of$35,000,000
25
-year 1st & Ref. Mtge. 5% Gold bonds, Series B, due
Jan. 1 1948. (See
offering in V. 116, p. 1801.)-V. 14
16, p. 2997.
Benjamin Electric & Mfg. Co.
-Annual Report.
-
Years ending Dec. 311922.
1921.
1920.
Earns. after Fed. tax but bet.int_$203,724 def$403,586 $524,668
Balance Sheet December 31.
Assets
1922.
1921.
LiabilUies1922.
Land, bides., ma1st Pref. stock_
8600,000
chinery, &e..._ _31,714,768 $1,702,070 2d Pref. stock_ __ _ 1,000,000
Patents & goodwill
Common stock_ _ _ 660,000
(net)
617,090
592,091 Serial gold notes.
Investments
3,000
3,000 First mtge. bonds_ 1,500,000
Cash
295,797
277,865 Bills 41, acc'ts pay_ 1,027,767
Inventories
1,764,674 1,954,359 Accr. dive. & int_
57.000
Bills & acc'ts rec
471.127
296,758 Reserve for taxes,
Life insurance (surinsurance, &c._
78,312
render value)...
32,038
27,490 Reserves
Deferred charges
296,903
158,701 Surplus
272,318
Total
85,195,396 35.012,334
-V. 115, p. 77.
Total
1919.
$435,168
1921.
5637.501
1,000,000
660,000
1.350,000
1,111,173
85,195,396 $5,012,334
Big Ledge Copper Co.
-Plan Operative.
-
Boston Consolidated Gas Co.
-Gas Output.
-
Month ofJune 1923. May 1923.
Gas output (cubic feet)_655,823,000 741,064.000 April- 1923. Mar. 1923.
742,258,000 846,409,000
-V. 116, p. 2134, 2011.
Boston Store of Chicago.
-Offering of Netcher Building
Corp. Bonds.
See Netcher Building Corp. below.
-V. 116, p. 1764.
Buda Co. (Harvey, 111.).
-Annual Report.
Calendar
•
1922.
1921.
1920.
$179,119 def$456,496 $329,260
Balance Sheet December 31.
AMU1922.
1921.
Liabilities1922.
Land, buildings &
Preferred stock. _ _ $711,000
machinery
$1,551,571 $1,633,372 Common stock... 2,133.333
Cash
260,653
319,966 Notes payable....
U.S. Govt.secure. 237.792 234,860 Accounts payable_ 1,007.500
221,356
Inventories
1,898,640 1,968,017 Reserve for taxes_
16,895
Notes & acc'ts rec_ 735,327
431,624 Res've for doubtful
Empl. corn. stock
notes & accounts
33,660
subscriptions_ _
. 86,200
Res. for out freight
7.396
Pref. stk. sink. Id. 124,100
104,700 Surplus
863,930
Deferred charges
100,787
97.387
Total
$4,995,071 $4,789,926
-V. 116, p.81.
Total
1919.
$405.789
1921.
8710,800
1,507.000
1,177,500
63,843
17,321
23,040
1,290,422
$4,995,071 $4,789,926
Bunker Hill & Sullivan Mining & Concentrating Co.
-
Earns. Calendar Years1922.
1921.
1920.
Ore mined (tons)
421,532
426,530
409.986
Production revenue
$5,140,775 $4,612,445 36,915,141
Mining &mill'g costs,shipp'g exp.,&c. 3,368,072
3,72.1,539
4,073,184
Operating profit
Other income (net)
31,772.703
482,061
Total income
Deplel ion
Income taxes
Dividends
$2,254,764 $1,066,837 $2,142,784
558.778
583.226
1,359,350
207,624
53,026
94,585
1,062.750
981.000
1,962.000
Balance, surplus
- 114. p. 2583.
V.
$888,906 $2,841,957
177,931 def.699,173
$425,612 def$176,695 def3914.733
-Shipments.
Callahan Zinc-Lead Co.
Month ofJune 1923.
Zinc concentrates (lbs.). 5,240,000
Lead concentrates (lbs.)_ 1,506,000
Silver (ozs.)
• 14,307
- 116, p. 2641, 2393.
V.
Chandler Motor Car Co.-Shivments-Earnings.-
In a letter to stockholders President F.C. Chandler says:
shipments were about 15% greater than for the entireyear "Up to June 30
of 1922. During
the first six months of 1923 the great success of the 'Pikes Peak motor has
developed an exceptional volume of business for the company.
We have
every confidence that a satisfactory volume of business will be maintained
during the remaining six months of the current year. Our earnings
for the
first six months were greater than the dividend requirements for the
entire
year."
-V. 116, p. 1182.
Chicago Mill & Lumber Co.
-Earnings.
-
75,654
55,616
122,391
The reorganization plan outlined in the "Chronicle"
of Jan. 27 1923
has been declared operative. The name of the new company
is the Huron
Copper Mining Co. See also V. 116, p. 414.
YearsEarnings after taxes
Carrm Motors Corp.
-State Stops Sale of Stock.
-
John J. Dwyer, Chief Deputy Attorney-General, acting under the
Act, closed down June 29 on the stock selling activities of the above Martin
capitalized at 35,000.000, after $70,000 of its stock had been sold to concern,
the public. The petition alleged that not an automobile
except for exhibition purposes, which was said still had been manufactured
to be in the paint shop.
May 1923. April 1923. March 1923.
5.040,000
3,656,000
3,900.000
2,050,000
1,756,000
2,130.000
19,475
16,682
20.550
Calendar Years1922.
1921.
1920.
Earnings after taxes & int_ _ _ _708410,463 loss$721,573 $898,139 1919.
$942,220
Balance Sheet.
Dec. 31 '22 Oct. 31 '21.
Dee. 31'22 Oct. 31 '21.
Assets$
LiabilUies$
Real estate, bides..
Preferred stock... 2,000,000 2,000,000
timb. lands, &c_ 8,503,449 8,477,507 Common stock__ 4,619,900 4,269,000
Employees' notes_ 294.445
10-year serial notes 2,350,000 2,500,000
Inv. In MI. cos._ 426,798 1,127,232 Accounts payable_
535.5661, 278,836
Cash
539,049
493,197 Notes Payable.
916,158f
Marketable secure. 387,174
58,599 Accrued wages_ _ _
23,443
31,295
Liberty bonds
108,703 Reserve for taxes_
112,596
108,078
Notes & acc'ts rec. 2,429,805 1,008,899 Capital surplus. _ _ 2.564,890k
5,564,280
6% see, land notes
97,047 Earned surplus__ 2,148,289f
Cash advanced on
log contracts
129,209
58,891
Inventories
2,326.084 3,067,458
Deferred charges_
229,830
254.855 Total (each side). _15,270,842 14,752,388
-V. 115. P. 649.
-
Chicago Pneumatic Tool Co.
-Earnings.
-
Net earnings for the three months ended March 31 1923
taxes and depreciation, available for dividends, amounted after Federal
to $203,863•
-V. 116, p. 1416, 1182.
Chickasha (Okla.) Gas & Elec. Co.-Franchise.-
Tne citizens of Mince. Okla., have voted a franchise
to the company.
Construction of a power line, it is stated, will be
franchise provides for supplying the town of Mince started at once. The
with electricity for 25
years. The citizens also voted to sell tho municipal
power plant to the
company for $15,000.-V. 101, p. 530.
Climber Motor Co., Little Rock, Ark.-Rec, Asked.
W. H. Owens, Tulsa, Okla. as trustee for
tion in the Pulaski Chancery &nut asking for bondholders, has filed a petithe appointment of a receiver
for the company and a Judgment for $60,019 claimed
to be due on bonds of
the company. The suit also asks the foreclosure
the
company's property, executed to secure the bond of a deed of trust on the
issue, and the sale of
company's property to satisfy the claim of the bondholders.
According to the complaint, on Dec. 1 1922 the company issued $300.000
-Year bonds. The deed, and the bonds themselves, provided that
6% 10
they should be invalid for any purpose unless countersigned by the trustee
for the holders. Regardless of this provision and without any certification
the complaint alleges that officials of
the Issue
amounting to approximately $58,000.the company sold bonds of payment
Default was made in the
of interest on these bonds some time ago, the complaint alleges.
Commercial Cable Co.
-Rates Reduced.
-
The company on July 3 announced the following reductions in cable
rates from New York, effective July 1: Denmark, from 35 to 25 cents per
word; Esthonia, 43 to 36 cents; Finland, 40
to 29 cents; Latvia, 41 to 34
cents; Sweden, 38 to 26 cents.
-V. 116, p. 1280.
Consolidated Gas, El. Lt. & Power Co.
-Tenders.
-
The Bankers Trust Co., trustee, 10 Wall St., N.Y. City, will until Aug. 1
receive bids for the sale to it of First Refunding Mortgage Sinking Fund
Gold bonds, Series "A.""C,' "D" and "H," at prices not exceeding: Series
"A," 110 and int.; Series "0," 102 and int,.• Series "D," 110 and int., and
Series "E," 1071.5 and int.-V. 116, p. 2770, 2281.
Consolidation Coal Co.
-Acquisition.
-
See Baltimore & Ohio AR. above.
-V. 118. p. 2135. 1272.
Continental Oil Co., Denver, Colo.
-Stock for Empl's.
The stockholders will vote Aug. 2 on issuing stock to employees along
lines of the Standard Oil Co. of Indiana's employees stock plan. It is pro-
JULY 7 1923.]
THE CHRONICLE
posed that the directors shall fix the price when the plan is declared oper-V. 116. p. 128.0.
ative and every six months thereafter.
-New Timber Limits.
Continental Paper & Bag Mills.
The Province of Ontario has accepted the tender of the Continental Wood
Products Co., Ltd., a Canadian subsidiary of the Continental Paper & Bag
Mills, for the right to cut pulp wood and timber from an area comprising
1,049 sq. miles situated in the watershed of the Trout and Chapleau rivers.
in the districts of Sudbury and Algoma. Additional license and freehold
timber lands will give the Continental company control of approximately
1.340 sq. miles, all tributary to the saw mill and wood preparing plant at
Elsa.% Ontario. Approximately 4.000,000 cords of pulp wood and timber
are located in this territory. The future development of these i3/.0 timber
-V. 113. p.
resources will include the construction of pulp mills, it is said.
1892.
93
-Earnings.
Fairbanks Company (New York).
Feb.
Jan.
April. March.
Month of$17.131 $39,381 $69,210 $99,867
Net loss after int., deprec., &c
-V. 116, p. 2771.
-Wages Increased.
Fifth Avenue Coach Co.
President Frederic T. Wood announces that "effective July 1 1923 the
rates of pay of drivers and conductors will be increased. Thei new rate for
conductors will range from 62 cents to 68 cents per hour, depending on the
length of service, and correspondingly the rates for drivers will range from
69 cents to 75 cents per hour. Increases have also been made in the ratel
of pay of various other employees of the transportation department:.
-V. 116, p. 1057.
-Merger of Sub. Companies-Suit.
Fisher Body Corp.
President Fred J. Fisher states that the Ternstedt Manufacturing Co.
Shepard Art Metal Co., Detroit. Both of these comThe "Wall Street Journal" July 3 says: By Oct. or Nov., leading copper has acquired the number of years been owned by the Fisher Body Corp.
panies have for a
mines of the Southwest probably will have been combined into an operating and the amalgamation of the two companies is made with a view of effectwhole. This will round out the major integration of the industry on the ing economies inherent in such a combination.
producing end that began with Anaconda's absorption of American Brass
In a recent decision handed down by the New York Supreme Court, the
and Chile, second step of which was Kennec,ott's absorption of Utah and company is given complete rights to all patents and devices acquired by it
Nevada. Accomplishment of this third and final step will complete the from Alvar Ternstedt. Suit was brought against the corporation two
most constructive move in the history of copper, and will be of the greatest years
damages by Perfect Window Regulator Co., alultimate value to producer, fabricator, consumer, stockholder and worker. leging ago for $2,000,000 of the Ternstedt devices.
-V.116, P.2764.
it was entitled to use
Negotiations, which have been progressing for over two months, have
begun to take definite shape. The proposal has been accepted in principle,
-Shipments.
(H. H.) Franklin Mfg. Co.
it is understood, by all or practically all the companies that have been
7,064 cars in the first six months
Automobile Co.
approached. There is some doubt as yet as to just what company will ofThe Franklin increase of 63% shipped corresponding period of 1922.
over the
this year, an
take the leadership.
A dispatch from Syracuse, N. Y., states that the company has reduced
One of the prominent Southwest mining companies may be the nucleus
Franklin motor cars from 654 days to
around which the combination is made. A composite nucleus may be re- the factory operating schedule on
The company will, however, make no reduction in the
sorted to, with the affiliated porphyry companies. Ray,Chino and Nevada, 5 days a week
-V. 116. P. 2520.
the nucleus. Listing of Calumet & Heels Mining Co. on the New York number of employees, it is stated.
Stock Exchange, and the most detailed examination that is being made of
-New Hoskins Mound Plant.
Freeport Sulphur Co.
the possibilities of that company and its subsidiaries, may have much sigproduced its first sulphur on April 1 1923.
Plant
nificance. so that it is not impossible that Calumet & Heels might become the day "E" at Hoskins Mound completion of the plant. Before actual
originally scheduled for
the nucleus for the combination. However, it is more probable that the construction work could be started it was necessary to build 15 miles of
merger as finally accomplished will include only producers in New Mexico, railroad to reach the site. Construction of this railroad was started in
Arizona and northern Mexico.
actual plant, which started operation
The motive in this merger is to bring together into one operating whole June 1922 and construction of the 1922. See "Manufacturers' Record" of
begun until Oct.
a considerable part of the United States output that is as yet uncoordinated. recently, was not and 108.-V. 116, p. 2263.
June 7, pages 107
At present about 55% of the North and South American output is uncoordinated. The companies that are being considered in connection with
Gay Engineering Corp. of Calif.-Pref. Stock Offered.
this merger include: Calumet & Arizona, Calumet & Heela. Chino, GreeneAronson & Co., Los Angeles, are offering, at 100 and div., $300,000 8%
Cananea, Inspiration, Magma, Nevada, New Cornelia and Phelps Dodge. Cumulative, Convertible, Preferred (a. & d.) Stock. Dividends payable
It is not the intention to combine all of these properties. It is fairly Q.
and divs. Convertible
Redeemable, all or
certain that the merger as accomplished will include Ray, Chino, Inspira- at-J. tin-e prior to Dec. part, at anytime, at 110
earlier redemption, until
any
tion and Magma. New Cornelia and Calumet & Arizona will also probably and including redemption 31 1924 (or if called for
date) into Common Stock at $125.
be included, and possibly Greene-Cananea. But if Phelps Dodge should
Authorized. Outstanding
Capitalization (No Bonds)not come in, Greene also probably would stay out, while if Phelps Dodge
$600,000
$300,000
should come in, Calumet & Hecla would probably stay out, so as not to Common Stock
300,000
600,000
have output of the third unit too large, as it is probable that the new merger 8% Preferred Stock
The corporation, through predecessors, has been engaged in the installawill be kept in tonnage below 30% of North and South American production of cold storage and refrigeration in all its branches since 1910, operating
tion.
Whether the merger will be accomplished by voluntary exchange of shares through nine Western States. Corporation has the largest corps of highly
in other companies at previously agreed upon ratios in some new holding specialized engineers, plant and equipment of its kind west of Chicago.
company, especially organized for the purpose, or whether it will be accom- Customers include the Atchison Topeka & Santa Fe RR.. Pacific Fruit
plished by capital enlargement of some existing company selected as the Express, members of the California Fruit Growers Exchange, Imperial Ice
nucleus, as was the ease in the Kennecott-Utah combination, remains to & Development Co.
The average net earnings for the past six years, ending Oct.31 1922,after
be determined.
all taxes and charges, were $87,783, equal to $29 per share per annum, or
-Bonds. over 3.6 times the annual dividend requirement on this issue.
(Wm.)Cramp &- Sons Ship & Engine Bldg. Co.
The $1,022,000 5'7, bonds due July 1 1923 were paid off at maturity at
-Tenders.
General Gas 8c Electric Corp.
office of the Girard Trust Co., Philadelphia, Pa.
The Guaranty Trust Co., 140 Broadway, N. Y. City, will until July 18
George D. Martin has been elected Secretary and Treasurer, to succeed
-Year Gold bonds due Jan. 1 1925,
receive bids for the sale to it of 5% 10
the late Charles T. Taylor.
-V. 116, p. 2998. 1899.
to an amount sufficient to exhaust $14,602, at a price not exceeding par and
Cumberland Tel. & Tel. Co.
interest.
-V. 116, p. 1281.
-Injunction Granted.
The U. S. Circuit Court of Appeals on June 29 handed down a de-Expansion-Sales.
General Motors Corp.
cision granting the company's petition for an injunction to restrain the
Plans have been completed for the erection of three foundry units to be
State of Mississippi from interfering with the company in the collection of
added to the Cadillac factory at Detroit. These plans are part of a program
reasonable rates for service,fixed by the Mississippi Railroad Commission in
by Cadillac to take care of an increased production schedule.
December 1922.-V. 116, p. 2998.
H. H. Rice, President of the Cadillac Motor Car Co. says: "With the
Davis-Daly Copper Co.
-New Suit., &c.
'
completion of the new unit Cadillac will have a foundry not only equal in
A suit for $470,000 for ores extracted and damage resulting from injury capacity to its main plant production but will match the plant in efficiency
to plaintiff's property was filed in the Federal Court at Butte, on June 16, and layout. Our expansion program is based not only on our large business
against the company by attorneys for Thomas F. Hickey and the heirs of in the past two years, but also upon the optimism for the immediate and
Edward and Michael Hickey. The ore involved was mined from the Lizzie future prosperity of the country.
lode. The company is already engaged in litigation with the Anaconda
The Chevrolet Motor Car Co. in May last delivered 44,453 cars, against
-Daly Copper Co. state the ores in 45,791 in April. June sales were slightly more than 45,000 and July sales.
Copper Co. The officials of the Davis
question were owned by their company.
it is stated, will be between 45,000 and 47.000. according to firm orders
On motions of attorneys for the plaintiffs, the suit for an accounting now on hand.
-V. 116. p. 2771.
Instituted by Daniel F. Dillinger and David F. Roach against the company
Gilliland Oil Co.
-New Officers.
(V. 116, p. 1766) was on May 15 ordered dismissed without prejudice in the
Federal Court. The plaintiffs wanted an accounting, permission to exP. J. Hurley, formerly co-Federal receiver, has been elected President:
amine the books, records and contracts of the company and the Smoke- 3. H. Maxey, Vice-Pres.; D.W.Johnson, Sec. & Treas. H. W.Gibson, of'
house Mining (Jo., and an injunction perpetually restraining the Davis
- the Federal Reserve Board, and R. G. Hutchins, of Hall rten & Co., have
-V. 116, p. 2262.
Daly from mining in the Smokehouse ground.
been elected directors. The receivers were recentlydischarged by the
Court.
-V. 116, P. 2520.
-Tenders.
Delaval Separator Co.
The New York Trust Co., trustee, will until July 20 receive bids for the
-To Reorganize.
Gorton-Pew Fisheries Co.
Sinking Fund Gold notes duo Mar. 1 1931 to an
sale to it of 10
-Year 8%
In a report filed July 3 in the U. S. Equity Court at Boston, by Arthur
amount sufficient to exhaust $150,000 at a price not exceeding 104% J. Santry, co-receiver, the formation of a new company was suggested.
and int.-V. 116. p. 81.
Furthermore, it was stated that negotiations for the formation of the proposed new corporation had been carried on for some time by William L.
De Long Hook & Eye Co.
-Bonds Called.
Putnam. The sale of the company's assets, the report states,should be subAll of the outstanding $220,000 1st Mtge.6% Gold bonds dated Feb. 1 ject to an upset price sufficient to pay claims against the company and
1919 have been called for redemption Aug. 1 at 102 and int. at the Guarantee all unpaid expenses of the receivership, which would mean about 81.300,000.
Trust & Safe Deposit Co., trustee, Philadelphia -V. 108. p. 1514, 686.
It is suggested that in the event that the proposed new corporation is the
successful bidder for the plant, the receivers be authorized to accept in payDodge Bros. (Automobile Mfrs.), Detroit.
-Sales.
---year bonds of the
ment approximately $600,000 of first mortgage
Sales in the first six months of 1923 totaled approximately 104,000 cars, corporation and a balance in cash sufficient to 6% 10
pay creditors and all exagainst 85.890 the last six months of 1922.
penses of the receivership, under certain provisions.
President Haynes is quoted as saying: "We have laid out our schedule
shall be paid the prinIn
until Jan. 1 at approximately the same rate of production as the first half of cipal general, the plan contemplates that the creditorsas interest has already
amount of their claims, without interest, except
the year."
-V. 116. p. 2771.
been paid, prior to the appointment of receivers. Said payment will conDome Mines Co., Ltd.
sist of approximately 53% in cash and the balance in first mortgage bonds
-Production.
Month ofJune 1923. May 1923. April 1923. Mar. 1923. of the new corporation, the cash payment to be made from the cash in the
Gold production (value). $421,779
$355,532
$160,111
$259,866 hands of the receivers at the date of the transfer of the property and business, and the balance from the new corporation as part of the purchase
-V. 116. 13. 2888, 2771.
price.
-V. 116, p. 2643.
-Southwest Copper Merger Under Way.
Copper Merger.
Downey Shipbuilding Corp.
-Files Suit Against Govt.
-
The company has filed a suit for $3,733,077 against the U. S. Shipping Board Emergency Fleet Corp., claiming that sum as the balance due
.-V.114, p. 2722.
for the construction of 10 steamships for the Government
Duplex Envelope Co.,
ichmond, Va.-Pref. Stock.
Wheat, Williams & Co., Inc., Richmond, Va., are offering at 100 and div.
8170.000 8% Cumulative Sinking Fund Class "A" Prof. (a. & d.) Stock.
-J. Redeemable, all or in part, upon 60 days' notice,
Dividends payable Q.
at 105 and dividends, up to and including Jan. 1 1929; and at 110 and divs.
thereafter. Transfer agents, American Trust Co., Richmond.
Authorized. Outstanding.
Capitalization$170,000
$170,000
8% Cum. Sinking Fund Class"A" Pref. Stock
30,000
30,000
Preferred stock Class "B"
100,000
100,000
Common stock
157,520
Surplus _____ y.-Is engaged in the manufacture and sale of church and sundayCompanschool financial plans, records, envelopes and supplies of all kinds; printing.
engraving and the sale of mail order specialties. Founded in 1902 and
incorporated in 1903. company has continued to grow. Customers represent every denomination in every State in the Union in virtually every city
and town with a population of 1,500 or more.
Earnings,
-Net earnings available for dividends on Pref. stock, for the
10-year period ending March 31 1923, after all charges including depreciation, interest, Federal taxes, and taxes on unimproved properties on Broad
St.. have averaged $36,469. or 2.68 times dividend requirements:
-Proceeds will be used to retire current debt and for betterments
Purpose.
and extensions.
-New Directors, &c.
Elder Manufacturing Co.
Daniel W. Gurnett has been elected a voting trustee to succeed the late
Arthur C. Wright. Arthur T. Lyman has been elected a director.
V. 116. p. 2888, 2771.
-Objects to Reorg. Plan.
Habirshaw Electric Cable Co.
In a letter to the creditors under date of July 1, Thomas C. Perkins.
Chairman of the stockholders' protective committee, takes objection to
the plan of reorganization prepared by a reorganization committee representing the two creditors' committees and the bondholders' committee
(published in V. 116. p. 3001). The letter says in part:
"This plan of reorganization is, in the opinion of the writer, so inequitable
to all of the interests concerned, including the stockholders who are not
recognized in any way, and there are so many proper objections that may
be raised against it on behalf of the creditors, that in my judgment there is
no possible chance of this plan becoming effective if the creditors and the
bondholders understand fully just what this plan contemplates.
"Furthermore, I cannot dissassociate myself from the feeling that this
plan is for the benefit of the few and to the disadvantage of the many, and
contains in its essence the kind of plan of reorganization that has brought in
the past so much odium and unfavorable comment upon Wall Street
methods.
"One of the principal objections to this plan and to its presentation is
that very few who read it will in my judgment be able to understand what
It is all about, and it is my belief that such creditors as subscribe to it will
go into it blindly and will in the end be very much dissatisfied with the
outcome of the same.
"Furthermore, I wish to call to the attention of the creditors and debenture bondholders the fact that this situation has been allowed to drag on
for over two years without, to the best of my knowledge, any statement
having been sent in by any of these committees to the creditors giving the
facts as to these companies, their operation. et cetera.
"During this period, the stockholders' protective committee has exhausted
every effort to either co-operate with these various committees in an
equitable plan of reorganization or to bring the situation out into the open
so that all parties in interest could understand just what the situation was,
until finally the stockholders' protective committee was forced to present a
94
THE CHRONICLE
complete statement of the situation to the creditors, as well as a plan of
reorganization under date of June 1 1923 as a result of which the creditors
are now in receipt of a plan of reorganization submitted by a creditors'
reorganization committee which I believe is so filled with legal terms that
very few laymen can understand what it is all about.
"Furthermore, no statements are made in this plan as to the present
situation of the company, except very briefly in the most general way.
Nothing is said about the company having made a 2500,000 profit since
Jan. 1 up to the present time; nothing is said as to the company earning a
profit of approximately $100,000 a month at present: nothing is said about
the amount of business the company is doing; no statement is made that the
receivers are discounting all their bills, nor is any statement made as to
how much cash the receivers have accumulated in the bank; nor is there any
financial statement shown giving the present financial condition of the
properties, the amount of inventory carried at the present time and assets
and liabilities.
"As I read this plan, it amounts to about this: the creditors are not
given any information about the situation, but are simply told-'Here is a
small hole; you have got to go through it, whether you like it or not,'"
Compare V. 116, p. 3001.
Harper & Bros., New York.
-Par Value Changed.
-
The stockholders on June 8 changed the authorized Common stock from
20,000 shares, par $100 (all outstanding). to 25.000 shares of no par value.
(a)1,000 shares shall be issued in exchange at the rate of one share thereof
for twenty shares of the present Common stock, par $100. (b) 2,000
shares shall be issued in exchange at the rate of one share thereof for five
shares of the present outstanding Preferred shares, par $100. (c) 144 shares
shall be issued in exchange at the rate of one share thereof for each $2,000
of the outstanding income bonds. (d) 5,000 shares to remain unissued for
the time being. (e) The balance to be issued for providing capital, taking
care of debts and other lawful ptirposes. See also V. 116, r. 2643.
Hartford (Conn.) Steam Boiler Inspection & Insur-Stock Dividend.
ance Co.
-To Increase Capital
The stockholders will vote Aug. 15 on increasing the authorized capital
stock from $2,000,000 (all outstanding) to $2,500,000, Par $100. If the
increase is authorized it Is proposed to declare a 25% stock dividend to become payable Oct. 20.
The directors have declared an extra dividend of 2%% in addition to
%.
the regular quarterly dividend of
-Net Sales for Half Year.
Hartman Corp., Chicago.
-
six Months ending June 30Net sales
-V. 116, p. 2643. 2136.
1923.
$9,599,743
Increase.
1922.
$6,664,031 44.05%
(Mass.)
[VoL. 117.
titioned for authority to issue $2,760,000 bonds, $300.000 Preferred stock
and $619,000 Common stock. Later it urged the Commission, because of
an emergency, to issue an order immediately authorizing it to sell $500,000
worth a securities while the Conunission is investigating the merits of the
complete petition.
-V. 116, p. 2772.
Indiana General Service Co.
-Earnings.
-
Quarters ended March 31Gross operating revenue
Operating expenses and taxes
Net non-operating revenue
1922.
1923.
$715,662 $591,137
511,557 428.982
Cr.1,072 Cr.1,013
Total net revenue
Interest on bonds
Other interest and deductions
$205,177 $163,168
53.850 42,324
24,952
10,472
Net income
-V. 115, p. 766.
$140.855 $95,892
Indianapolis Water Co.
-Retires Preferred Stock.
-
All of the outstanding 31.017,000 7% Preferred
been retired
at 103 and dividends. The company now has anstock has
authorized capital of
$5.000,000 Common stock, all outstanding. Mee also V. 116, p. 1282.
1184.)-V. 116, p. 2772.
International Agricultural Corp.
-May Reorganize.
-
It is stated that the corporation is completing plans for reorganization
and readjustment of its capital, which will furnish the a
needed working
capital.
-V. 116, p. 2015.
International Paper Co.
-Earnings.
-
President Philip T. Dodge says in substance: "Our earnings continue
satisfactory. The consumption of newsprint shows no signs of diminution
and demand is at the peak. Beginning with March net earnings available
for dividends showed an improvement and that month's statement showed
about $415,000 available for dividends. There has been some slight falling
off since then on account of wage advances, but earnings are close to March
figure. Our mills are operating at slightly above normal capacity."
V. 116, p.2521.
Jersey Central Power & Light Corp.
-Debenture Bonds
Offered.
-Bolster, Pratt, Gillespie & Co., Inc., Frederick
Peirce & Co.(Phila.), Charles D. Robbins & Co., Bainbridge
& Ryan, and Untermeyer, Richardson & Moss, Inc., New
York, are offering, at 983i and interest, to yield about 73%,
$1,250,000 10-Year 7% Cony. Deb. Gold Bonds. A circular shows:
Haverhill
Electric Co.
-To Issue Stock.
Dated May 11923, Due May 11933. Int .payable M.& N.at EquitThe company has applied to the Massachusetts Dept. of Public Utilities able Trust Co., New York. trustee,or
of Illinois. Chicago,
for authority to Increase its capital stock by $313.950, par $25, to be without deduction for normal Federal Central Trust Co.exceed
income tax not to
2%.
Issued at $30, the proceeds to be used for additions to plant.
-V. 116. P. 4 mill tax, Conn. 4 mill tax. Maryland 434 mills tax and Mass. Penn.
634%
2395.
income tax refundable. Denom. $1,000. $500 hnd $100 c*. Redeemable,
all or part, on 30 days' notice on any interest date to and Including May I
1924 at 107 and int.•, thereafter to and incl. May 1 1925 at 105 and int.
-Balance Sheet Dec. 31.Hayes Wheel Co.
this premium of5% decreasing at the rate of 34 of 1% on each Nov. 1 thereafter: and on Nov. 1 1932 at 100 and interest.
1921.
1922.
Assets1921.
1922.
Company.
-Supplies electric light and power service to some 40 communiLand, bldgs.,maeh.
Common stock._ _32,000,000 31,633,320
& equipment_ _ _$3,344,439 $2,992,835 First mtge. bonds_ 682,100
771,000 ties in Central New Jersey, through local operating companies, all the
Trade names, PatAccounts payable_ 897,476
296,687 stocks and bonds of which are owned by it. The territory served includes
part of a great metropolitan district, tributary and suburban to New York
ents & goodwill_
1
Accr. payroll, int.,
Treasury stock__.
26,045
taxes, &c
97,995 City, and which is steadily growing in population. Present population in
107,119
excess of 100.000. The communities served include Morristown. Summit.
Investments
36,491
37,605 Fed'I tax provision 188.000
Lakewood, Spring Lake and Toms River. Corporation also controls
42,621 Contingency res've 100,000
Marketable secure.
291,334
352,543 Depreen reserve.
730,257 (through ownership of more than 78% of its Common stock) the Tide Water
Cash
1,957,172 1,490,346 Surplus
Inventories
3,330,462 2,127,464 Power Co. This company does all the electric light and power, gas and
electric railway business in Wihnington, N.C., and suburbs and, through a
674,246
Notes & aeola roc_ 1,608,443
subsidiary, all the electric light and power business of St. Petersburg and
65,627
41,230
Deferred charges
Clearwater, Fla.
Security.
-Secured by a lien, subject only th the lien of the First Lien
$7,305,157 $5,655,822
Total
37,305,157 $5,655,822
Total
bonds, on all the properties of the New Jersey operating companies referred
-V. 116, p. 3000. 2395.
to above, through pledge of all outstanding securities of such companies.
Including all of their bonds and stocks, except that in the case of Toms
Holly Sugar Co.-Bal. Sheet Mar. 31.
(Incl. Subs.).
River Electric Co. no bonds are outstanding or pledged. The issuance of
such pledged bonds and stocks has been authorized by the Board of Public
1923.
1922.
1922.
1923.
Utility Conunissioners of New Jersey, The Debenture bonds are addiI LiabilitiesAssets
s
$
$
Real est., plants,
1 Pref. 7% stock__ 3,300,000 3,300,000 tionally secured by a first lien on over 78% of the common stock of Tide
machinery,
9,437,776 9,367,426 Com,stock equity.x3.975,328 4,199,618 Water Power Co. pledged with the trustee as collateral.
Combined Earnings of Corporation and ofits New Jersey Constituent Companies
1,332,224 1,289,765 Minor. stkholders'
Investments.
for Twelve Months Ended April 30 1923.
Goodwill, water
Int. in Santa Ana
rts., contracts,
Sugar Co
839,729 1,372,522 Gross earnings
$1,217,024
1,705,918 1,849.604 1st M.7% s. f. bds 3,500,000
&c
Oper. exp. (incl. curr. maint. & taxes other than Fed. inc. taxes) 740.899
544,085 Accounts payable_ 134,9171
Cash
378,335
74,932
733,209 Arm'. Int.,taxes,&c 450.3651
Notes a( seets tee- 395,581
Net earnings
$476,125
Agrle.& other adv. 458,857
3,982,400 Non-operating income
867.621 Sills payable
32,970
Refined sugar... 1.470,777 1,268,344 Res've for deprec. 3,435,321 2,958,745
Materials & stipp_ 513,865
607,448 Contingency res've 1,031.093
Gross income
841,742
$509,095
Cattle and feed_
152,331
129,641 Insurance reserve_
Annual interest requirements on First Lien Bonds, Series A..-- 227,500
48,651
Deferred charges
869,740
Annual int. requirements on 10
72,868
87,600
-Year 7% Dobn. bonds outstand'a
Total
16,715,406 16,729,960
Total
Balance
$184,095
Sinking Fund.
-A sinking fund is provided in an amount equal to 1% of
this issue of Debenture bonds in each of the years from 1924 to 1928, incl.,
and 1 % of this issue of debenture bonds in each of the years from 1929 to
1932. incl. The sinking fund is payable semi-annually in cash or may be
satisfied by the surrender of bonds of this issue at their par value. All•
moneys in the sinking fund are to be used for the purchase or redemption of
Hudson Motor Car Co.-Consol. Balance Sheet.
Debenture
May 31 '23 Nov.30'22
May 31'23 Nov.30'22 canceled. bonds and all bonds acquired by the sinking fund are to be
AssetsLiabilities$
$
$
$
Conversion Privilege.
-Debenture bonds are convertible at any time into
Real estate, plant
Capital stock__ _ _y13,201,000 13,201,000 the fully paid and non
-assessable 7% Cumul. Pref. stock on the basis of
dr equipment_ _x8,871,641 8,828,301 Current accounts
par for Pref. stock and the then current redemption price for the Debenture
6,329,939 7,236,548
Cash
pay., not due... 6,811,155 3,957,491 bonds. This privilege may be exercised
at any time until the maturity
U.S. Treas, Notes 4,000,000
Taxes, payrolls &
date of the Debenture bonds or the redemption date of any Debenture bonds
Sight drafts against
sundries acct.,
which may be called prior to maturity.
B.L.attached__ 2,886,402 2,385,802
not due
1,122,189 1,073.921
For further description of property. capitalization, &c., see V. 116, P.
Accta. rec. & trade
Federal taxes
591,956
20
acceptances.- - _ 618.837
497,220 Fed, taxes par.__ 635.200 1,012,200 2395 and 2772.-V. 116, p. 2889.
7,190,926 5,378,007 Surplus
Inventories
7,934,764 5,289,475
Jones & Laughlin Steel Corp.
-Permanent Certificates.
69,110
68,220
Investments
The Bankers Trust Co. Is now prepared to
139.989
Tot.(each side).30,296,265 24,534,087 stock certificates for Preferred and Common deliver permanent engraved
Deferred charges- 329,410
stock in exchange for tem-V,116, p. 944, 612.
porary certificates.
x Real estate, plant and equipment, $13,599.233 (including equity in
land purchased, subject to 3267.700 balance of purchase price not nue),
Kaufman-Straus Co.,Inc.,Louisville.-Pref.Stk.Offered.
less depredation reserve, $4,727,591. y Capital stock: 1,200,000 shares
James C. Wilson & Co.. George T. Wood & Son and Block, Fetter &
without par value, $13,200,000, and 100 shares, $10 par value, 31.000.
Trost are offering at 100 and div. $100,000 79' Cum. Prof. (a. & d.) stock.
income account for the six months ended May 31 1923 was pub- Divs. payable Q.
The
-M. Red., all or part. at 110 and div. on 60 days' notice.
lished in V. 116. p. 2889.
A circular shows:
The company in June last shipped 4.695 Hudson and 5.290 Essex cars,
Capitalization (No Bonds)Outstanding.
Production schedule for July, it is stated, has been
a t
otal or 9.98.6.
Authorized.
7% Cumulative Preferred stock
$298,800
s300,000
set at 10,625. V. 116, p. 2889.
Common stock (par value $100)
510,000
750,000
Company.
-Engaged in merchandising of ladies' ready-to-wear, millinery,
-Orders New
ipment.Humble Oil & Refg. Co.
shoes, gloves, hosiery, silks, velvets, dress goods, upholstery. draperies,
8z Iron Works,
pa
The company has closed a contract with the Chicago Br'
-barrel oil storage tanks. rugs and carpets, laces, ribbons and voilings, china and glassware, books
calling for the delivery and erection of 10 80,000
stationery, men's furnishings, boys and youths' clothing, infants'
This order is in addition to one for a similar amount placed a few weeks ago. and
Both contracts call for the consumption of approximately 6,000 tons of goods, toilet articles, perfumery, leather goods and jewelry, wash goods,
art work and housekeeping articles. Sic. plIsi110/38 established In 1878.
p. 3002.
steel.
-V. 116.
Earnings.
-Net earnings applicable to payment of dividends, after allowing for inventory charge offs and adjustments, reserves and Federal taxes,
-Output.
Hupp Motor Car Co.
have averaged, for a period of 5 years, $126,068 per annum, or more than
The company in the first six months of 1923 turned out 24,126 cars, an 6 times amount required to pay dividends on this Preferred stock.
increase of 27% over the corresponding period of 1922. The schedule for
Purpose.
-Proceeds will be
retirement of Common stock held
the last half has been placed at 20,000 cars, which will bring total production in an estate, the beneficiaries used in the
of which have no active part in the managefor the year up to about 44.000. or 10.000 more cars than were turned out ment of the company.
last year.
-V. 116, p. 2771.
16,715,406 16,729,960
x Equity, being capital and surplus applicable to 67,298 shares of no par
value, subject to deferred cumulative dividends of $442,750 on Pref. stock.
The usual income account was published in V. 116, p. 3002.
-New Company.
Huron-Copper Mining Co.
See Big Ledge Copper Co. above.
-Bond Issue A tahorized.Indiana Electric Corp.
The Indiana P. FL Commission has authorized the company to issue at
once $500.000 of bonds at 90% of par. In Juno last the corporation pe-
Keeper Realty Corp., Montreal.
-Bonds Offered.
-W.A.
Mackenzie & Co., Ltd., Montreal, are offering at 100 flat
to July 1 1923 $750,000 63'% 1st (Closed) Mtge. Sinking
Fund Gold bonds. A &rcular shows:
Dated June 11923. maturing June 11943. Int. payable J. & D.at Royal
Bank of Canada, Montreal, Toronto, or at the agency of the bank in'N.Y.
•
THE CHRONICLE
JULY 71923.]
at the holders option. Red. as a whole on any int. date on 30 days'notice
on or after June 1 1933, and in part for sinking fund purposes only on or
after June 1 1927 at 105 and int. Denom. $1,000 and $500 cv. Trustee
and registrar, Montreal Trust Co., Montreal, Que.
Issued.
Authorized.
Capitalization$500.000
$1,000,000
Capital stock (par value $100)
750,000
750,000
First (closed) Mortgage bonds
50.000
50,000
Second Mortgage bonds
acquire the property known as Cadastral lot number
The corporation will
1580 in Montreal. This property has a frontage of 123 ft. on St. Catherine
St. by 111 ft. on Mackay St. and contains approximately 13.653 sq. ft.
on which the corporation will proceed immediately to erect a modern 10
story and office building to be completed not later than March 1 1924.
will be secured by a first closed mortgage, hypothec and
These bonds
charge on the land, building, equipment and assets of the corporation, the
value of which is conservatively estimated at 21,250,000.
-Federal
-Notes Offered.
Kellogg-Mackay Co., Chicago.
Securities Corp., Chicago, and the Union Trust Co. Cleveland, are offering at prices ranging from 96.45 and int. to
100 and int., to yield from 63'% to 7%,according to maturity, $800,0006% Serial Gold notes.
95
Long-Bell Lumber Co.-Consoi. Bal. Sheet (Incl. Subs.)
[Balance sheet as at Dec. 30 1922, after giving effect to the application
of the proceeds to be derived from $10,000.000 1st Mtge. 6% Sinking
Fund bonds, Series "B." See offering in V. 116. p. 3003.1
Assets.
Plant, buildings & equipment, less depreciation 26,445,979----210,176,831
Timber land, farm & ranch lands. Szc., 23.970,552; millsites.
4,384,353
townsittm., &c., $413,800
57,404.565
Stumpage
Columbia River bottom lands acquired for mlllsite & townsite &
9.223.650
e penditures for plant construction, &c
4,678,246
Cash
Proceeds from 1st Mtge. 6% S. F. bonds (net) after partial
5,225,000
liabilities
application in reduction of certain
85,263
Securities readily marketable
4.664.888
Notes and accounts receivable
35.689
Freight paid-recoverable
7,842,794
Inventories
353,808
insurance
Cash surrender value of life
1.350.000
Demand loans, due from brokers
3,483,000
1st M.6% S. F. bonds in treasury for corporate purposes
1.380.549
Other assets
2.174,038
Deferred charges
$112.462,672
Dated June 1 1923. Due serially June 1 1924 to 1933. Int. payable
Total
J. & D. in New York City or Chicago or at Union Trust Co., Cleveland,
Liabilities.
trustee, without deduction for normal Federal income tax not in excess of
$28.520,880
-mills tax, Mass, income tax not in excess of Capital stock (authorized $30,000,000) outstanding
2%. Penna. and Conn. 4
654% and Maryland securities tax refundable. Denom., 21,000 and $500. Minority shareholders' interest in subsidiary companies' capital
292.817
stock. 288,168; surplus, $204,649
and 2100 c*. Red. all or part at 105 and int.
1st M.6% S. F. Gold bonds (auth., $30,000,000), outstanding_ 20,000,000
Data From Letter of Pres. C. V. Kellogg, Chicago, June 28.
17,794,743.
Timber. land & plant purchase contracts & mortgage notes
Compang.-Has grown from a small business, originally organized in Other notes payable
1.318.116
1898 with an investment of approximately 210.000, to its Present position Notes payable to individuals
571,555
In the industry, with net assets opprwdmating $2.600,000. Gross sales Accounts payable
1,707,039
during that period have grown from 2312.000 in 1898 to over 24,000,000 in Accrued interest and taxes
1.139.129
1922. For 1923 the gross sales are expected to approximate $5,500.000.
Rm,for income taxes, 2629,000:res.for contingencies,$260.145;
Company, incorporated in Maine, is one of the largest concerns of its
1,217.857
other reserves, 2328,712
kind in the country, engaged in the sale of steam and hot water heating Surplus, including appreciation of book value of land and
as well as plumbing supplies,
39,900.536
are r inud
e t
az an fi igsing boilers and radiators,
stumpage to basis of appraisal
Authorized. Outstand'g.
Capitalization After This Financing$800,000
$800,000
% Serial Gold notes (closed issue)
252,578
x500,000
7% Cumulative Preferred stock
1.302,000
2.500.000
Common stock (par $100)
x Total authorized issue, but $247.421 redeemed from earnings.
Earnings Years Ending Dec. 31 1922.
seNet Earns.
uNet Earns. Year- Net Sales.
Year- Net Sales.
$429,734
$356,581 1920- - 64.550,381
1917.... $3,021,276
y13,550
211,337 1921---- 3,472,535
1918---- 2,567,698
246,221
444,721 1922-- -- 4,293,618
1919---- 3.283,087
x Not earnings available for interest after amortization and depreciation,
but before taxes. y After $120,000 inventory depreciation.
Gross sales for the first five months of 1923 are almost double those for
the same period last year, while the net earnings for these months on the
basis reported above are greater than any similar five months period in
the company's history.
-Proceeds will be used to retire mortgages on the property now
Purpose.
•
owned and to reduce outstanding debt.
Balance Sheet Dec. 31 1922 (After This Financing).
Liabilities
Assets
2367,267
$119.121 Accounts payable
Cash in bank
Notes & steels receivable_ 961.130 Reserve for taxes Sz salescommission
80,299
897,337
Inventories
55,495 65 % Serial Gold notes
U. S. Govt.. &c., securs
800.000
(this issue)
46,687
Life insurance
252,579
681,576 7% Preferred stock
Fixed assets
1,302.000
404,796 Common stock
Other assets
Surplus
364,001
Total
$3,166,146
Total
Total
-V. 116. p. 3003.
23,166,146
Kemper-Thomas Co., Cincinnati.-Pref. Stock Offered.
Irwin, Hellmann & Co., Cincinnati, are offering at 103 and div. $300,000
-M. Red. at 110 and
7% Cum. Pref. (a. Sz d.) stock. Divs. payable Q.
div. Transfer agent. First Nat. Bank of Cincinnati: registrar. Citizens
Nat. Bank & Trust Co. of Cincinnati. A circular shows:
Authorized.
Outstanding.
Capitalization2500,000
$500,000
Common stock
41,500
45.000
Preferred stock
300,000
500,000
Preferred stock special
-Application will be made to list securities on CM. Stock Exch.
Listing.
-To pay for the enlargement of factory and the purchase of
Purpose.
new machinery and. equipment.
-Is known favorably all over the United States. Reproducing
Company.
by color process work, original oil and water color paintings by well-known
artists, copyrighted by the company; manufactures high-grade art Calendars
for advertising purposes, direct-by-mail monthly service, fans. &c., also
cloth goods, in large quantities, used by national manufacturing firms, and
numerous novelties used as gifts and souvenirs for advertising purposes,
including high-grade loather goods.
Kentucky & West Virginia Power Co., Inc.-Acguis.The company has acquired the lines and franchises of the Sandy Valley
-V. 115, p. 1949.
Light & Power Co. and will extend the system.
-Notes Paid-Earnings.
Laconia Car Co.
The 2200.000 8% notes due July I 1923 have been paid off.
Earnings for the seven months ending April 30 1923, after interest and
other charges, is reported at $137.000. This compares with earnings for
the year ended Sept. 30 1922 of $131.726.-V. 115. p. 2801, 2693.
Lanston Monotype Machine Co.-Bal. Sheet Mar. 1.1923.
1922.
1922.
1923.
Liabilities$
S
Assets$
$
Capital stock
Real est., mach.,
6,000,000 6,000,000
Jigs. fiat., dic.... 2,232,137 2.160,780 Rills Payable
1,797.965 1,993,458
None
Accounts payable_
Rights, franchises,
None
impr.& patents_ 4,898,291 4,807,603 Surplus
4,677,791 4,550,396
541,738
525,437
Cash
Bills 4:. accts. me_ _ 2,303,497 2,647,578
Inventory
1,787,383 1,687,646
712,711
714,811 Total (each side).i2,475.756 12,543,854
Investments
The income account for the past four years was given in V. 116, p.
2395.
2015,
Lawrence Mfg. Co.
-Balance Sheet April 30.
(As filed with the Massachusetts Commissioner of Corporations.)
1923.
1922.
1922.
1923.
LiabilitiesAssets5795,590 $799,590 Capital stock
$2,500,000 52,500.000
Real estate
1,107,656 1,107,656 Accounts payable_ 106,413
89,024
Machinery
1,45i,912 1,997,939 Notes payable_._. 800,000
900,000
Merchandise
855,444
Cash tic accts. recle 2,067,705 1,597,520 Depreciation res've 859,686
1,500 Reserve for taxes.
1,500
88,740
88,740
Securities
70,620
71,476 Surplus
1,144,144 1,142.473
Prepaid insurance_
$5,498,983 85,575,681
Total
-V. 115. p. 2386.
Total
$5,498,983 $5,575,681
-New Plant.
Libbey-Owens Sheet Glass Co.
The directors have authorized immediate construction of a new glass
plant at Toledo,0. For this purpose, the company rec3ntly purchased the
-acre Hideout farm on the mainline of the New York Central RR. at
117
its junction with the Hocking Valley By. In East Toledo. 0.
The new plant, It is stated, will have an ultimate capacity of 15,000,000
-V.116. p.622.
square feet of polished plate glass annually.
-Special 4% Dividend.
Loew's Boston Theatres Co.
The directors have authorized a dividend of 4%, payable in Preferred
stock of the State Theatres Co. to holders of record July 2. as soon after this
record date as possible.
The directors have also authorized the purchase of additional Preferred
stock of the State Theatres Co. at 90 to enable the company to distribute
the dividend.
-V. 116, p. 2396.
$112.462,672
-Merrill,
-Preferred Stock Offered.
McCrory Stores Corp.
Lynch & Co. are offering at par and div. the unsold portion
'
of 33,000,0007% Cumul. Pref. (a. & d.) Stock not taken by
stockholders.
a
Dividends payableAuarterly, beginningnning Aug. 1 1923. Sinldng fund 3%
edeemable. all or part,at 11 and dim.
per annum beginning ay 1 1926.
Authorized. Outstanding.
Capitalization23.000.000 23.000.000
Preferred Stock,7% Cumulative (par $100)
500,000 shs. 313,188 shs.
Common Stock (no par value)
None
150,000 shs.
Common Stock, Class "B," no par value
Data from Letter of Vice-President Van C. McCrory.
-cent stores In nearly all the States
-and-10
Corporation.
-Operates 165 5
east of the Mississippi River. Business has not had an unprofitable year
during tne past 37 years.
Earnings for Calendar Years (with 1923 Estimated).
Dir. on •
Dios. an
New Pref. New Pref
Net after
Stock.
Stock.
Taxes.
Sales.
Stores.
Year1.65
2347,113
2210.090
$9.607,250
147
1918
2.21
464.208
210.000
11,487,045
148
1919
2.94
619.484
210.000
14,199,346
156
1920
3./7
210,000
687.770
14,406,403
159
1921
17,123.25285.
161
1922
7.14
210.000
1.500.000
21,000.000
1923(est.) --- 172
-Each Pref. stock certificate, at the time of
Stock Purchase Warrants.
issue, will be accompanied by a stock purchase warrant entitling the holder
of sucn warren ; .o purchase on or before Dec. 31 1930 new non-voting
Class "B" Common Stock at $40 per share on the basis of 24 shares of
Class"B" Common Stock for each share of Prof. Stock represented by each
such Prof. Stock certificate. The warrants contain appropriate provisions
by which the number of shares of Class "B" Common stock, which the
holders of the warrants will be entitled to receive, without additional
payment, will be increased in the event of the payment of stock dividends
prior to Jan. 1 1928. exceeding a certain fixed amount per annum, or the
sale by the corporation of Common or Class"B" Common stock at less than
$40 per share. Tno warrants also contain provisions as to the rights of tne
holders in the event that the corporation shall be consolidated with or merged
Into any other corporation or shall convey its properties to any other corporation. Warrants expire Dec. 31 1930.
-Application will be made to list Prof. stock on the New York
Listing.
Stock Exchange.
Consolidated Balance Sheet as of Dec. 31 1922[Adjusted to Oise Effect to New
Financing, Including Redemption of the Former Issue of Preferred Stock
. on July 1 19231.
Liabilities
Assets$797,809
Merchandise & supplies_ _ $3,856,534 Bills payable
Acc'ts payable & accruals 1,201,332
Due from employees,acc'
35.122
93,831 Deposits of employees.
of stock subscrip'ns, &c
24,142 Re.serve for income tax for
Acc'ts roceiv.. less res'ves
171.000
123,390 1922
Life insurance policies_ _ _
3.000.000
2,176.648 Preferred stock
Cash
Common stock (313,188
McCrory Realty Corp.325,020 shs., no par value, repCommon stock
7.829.700
726,758 resented by)
Advances, &c
460.041
Perm.imp s.,&c..less dep. 2,039,104 Surplus
129.578
Rents paid in adv.,&c_ _ _
$13.495,004
4,000.000 Total (each side)
Goodwill
-V. 116. p. 2890.
-Earnings for Second Quarter.
Mack Trucks, Inc.
For the second quarter of 1923, ending on June 30, the volume of business
and net profits of the company were the largest they have ever been in
the history of the company. •
Earnings for the six months ended june 30 (June partly estimated)
will be in excess of $4,000,000, after setting up ample reserves for taxes
and contingencies.
Orders are coming in at a greater rate than ever before at this season
of the year, and reports from the company's branches indicate that it
will not experience the usual seasonal summer lull in business to any
extent. The company has shown great judgment in the purchase of
its inventory and has no material on hand except to take care of orders
-V. 116, p. 2016. 1539.
booked.
-New Financing.
Magee Furnace Co.
-V. 116, p. 2773.
See Magee Realty Corp. below.
-Bonds Offered.
Magee Realty Corp., Taunton, Mass.
C. D. Parker & Co. Boston, are offering at 100 and int.
$575,000 20
-Year 7(7' 1st Mtge. Sinking Fund Gold bonds.
A circular shows:
Furnace Co.. Boston.
By the provisions of a 30
-year lease, the Magee
agrees to pay a rental sufficient for interest, sinking funds, taxes, maintenance, renewals, dividends and all expenses of the Magee Realty Corp.
Dated June 15 1923. Due June 15 1943. Int. payable J. & D. at
Citizens National Bank. Boston. Denom. 31.000, 1500 and $100
Corporation agrees to refund all income taxes (other than succession, estate
and inheritance taxes) assessed by Mass. not in excess of 8% per annum
(present rate 6.6%) and agrees to pay the normal Federal income tax of 2%
and to refund an additional amount not in excess of 2%. Citizens National
Bank, Boston. Mass.. trustee.
Sinking Fund.
-Company shall on or before Nov. 15 1924 and each year
thereafter, deposit not less than $28,750 (in monthly payments of 22,396
each. beginning Nov. 15 1923) in the sinking fund for retirement of bonds
of this Issue.
Security
.-A closed first mortgage on the entire real estate, plant and
equipment now owned, and on any fixed assets that may hereafter be ace
quired by the corporation er by the Magee Furnace 0o., and is further
96
THE CHRONICLE
secured by a 30
-year lease of its property to the Magee Furnace Co., which
lease is deposited with the trustee.
Net Income.
-The annual net income under the terms of the lease will
amount to more than 24 times the interest on the largest amount of bonds
that will be outstanding at any one time. This annual net income (payable
In monthly Installments in advance) is, by the terms of the First Mortgage
Indenture, payable to the Citizens National Bank, trustee.
Purpose.
-The Magee Realty Corp. bonds. Preferred and Common stock
were issued to the Magee Furnace Co. in payment for its entire real estate,
machinery and equipment. The Magee Furnace Co. will use the proceeds
of the sale of this issue of bonds to retire all of its loans, to pay for additions
to the above property and to add to its working capital. This will complete
Its financing to care for its increased business already in hand and its
growth for several years to come.
[VOL. 117.
Netcher Building Corp.
-Bonds Offered.
-Ames. Americh & Co. and A. G. Becker & Co. are offering at
int. $1,000,000 1st (Closed) Mtge. Leasehold 6% 100 and
Sinking
Fund Gold bonds. A circular shows:
Dated July 1 1923. Due July 1 1933. Callable
as a whole, but not
In part except for sinking fund, on 30 days'
notice at 107% an any int.
date prior to July 1 1928, and at 105 on
thereafter. Callable for sinking fund at that date and on any int, date
102% on Jan. 1 1925 to 1928
incl.: at 102 on Jan. 11929; at 101% on Jan.
1 1930; at 101 on Jan. 1 1931;
at 100% on Jan. 1 1923, and at 100 on
Jan.
at Illinois Merchants Trust Co.. Chicago, 1 1933. Int. payable J. & J.
trustee, or National Bank of
Commerce, New York, without deduction
for normal Federal income tax
not to exceed
Mayflower-Old Colony Copper Co.
-Annual Report.
.
- companv.-O2%. Denom. 31.000, $500 and $100c5
rganized in Illinois to acquire the leasehold and building
Calendar Years1922.
1921.
1920.
1919.
at 16 North State St., Chicago, occupied
Receipts
by the Boston Store.
$159,538
$37,458
178,783
$109,993
The building consists of 17 stories
Payments
and 2 basements, constituting the
92,951
104,726
121,948
118,937 north section of the Boston Store
located at
corner in the world" at State and Madison what Is known as "the busiest
Balance, surplus
Sta. Chicago. The leasehold
$66,587 def.$67,268
$56,835 def.$8.944 on the ground on which the building
-V.114. p.2365.
stands rum; to Oct. 31 2003 on very
advantageous terms.
Security.
-The bonds will be secured by a closed
Metropolitan Edison Co. (of Pa.).
first mortgage on all
-Bonds Offered.- the
corporation,
Halsey, Stuart & Co., Inc., are offering at 973/i and int. to Theproperty of the value of thewhich has an appraised value of $1,790,000.
reproduction
Is 51,200,000. The value of the building, less depreciation, as appraised
yield about 6.20%, $1,000,000 First & Ref. Mtge.
leasehold as determined by the valuation
Real Estate
Bonds, Series B,6%. Dated Feb. 1 1922. Due Feb. 1 1952 committee of the Chicago of Chicago, Board is 5590.000.
Income.
-Boston Store
Inc.,
until 1941 at an annual rental of $180,000 has a lease on this building
(see description in V. 114, P. 1541).
and taxes. The ground rental Is $51,000 plus maintenance, insurance
a year plus taxes, leaving an
Listing.
-The original issue of Series B bonds is listed on the New York annual income
of $129,000 available to pay
Stock Exchange and application will be made to list these bonds.
and miscellaneous expenses. It Is estimated bond interest. Federal taxes
that the surplus income of
Data from Letter of President E. L. West, Reading, Pa., June 27. this corporation during the life of the
lease to the
Store will be
-Owns and operates electric light and power properties in an more than sufficient to retire the entire issue. The Boston Is
Company.
rental
payable by
extensive territory in eastern Pennsylvania, serving Reading and Lebanon. the Boston Store irrespective of destruction or impairment
of the building
Pa., and 64 other communities, and supplies practically all of the power
New Cornelia Copper Co.
used by the Reading Transit & Light Co. At the present time about 60%
-Production.
Month ofJune 1923. May 1923. April 1923.
of gross earnings is derived from the sale of electrical energy for power
March 1923.
purposes. Population served estimated at 300,000. Additional territory Copper production (lbs.) 3,497,788
3,831,908
3,155,615
3,181,928
with a population estimated at 275.000 is served through its subsidiaries, -V. 118, p. 2645, 2138.
Pennsylvania Edison Co., York Haven Water & Power Co., Hanover
the
New England Steamship Co.
Power Co. and Gettysburg Electric Co.
-Balance Sheet May 8.
[As filed with the Massachusetts Commissioner of
Principal plant located at West Reading on the Schuylidll River, will
Corporations.]
have, upon completion of a 30,000 k. w. unit now being installed, a generat1923.
1922.
1923.
ing capacity of 71,500 k. w. Power is distributed through 12 principal
1922.
Assets
Liabilities$
sub-stations having aggregate installed capacity of 50,800 k. w. Company Real est., mach'y
s
5,812,400 5,812,400
has in excess of 232 miles of high tension transmission lines
& equipment- 5,556,196 5,490,730 Capital stock
more than
Mortgages
4,880.000 4,880,000
357 miles of distribution lines, a large portion of which, andthe city of Cash & debts reek) 3,389,262 2,680,479 Accounts
in
payable_ 341,837
Reading, is installed In underground conduits. A 66,000
332,504
159,793 Deferred liabilities 108,296
-volt transmission Investment adv's_
system connects the main generating station in West Reading with smaller Materials & suPP- 285,756
117,787
307,919 Profit and loss_ _ _ _ 286,096
a
plant at Lebanon and with Hamburg. It extends beyond Lebanon to Special deposits._ _
19,000
4,000
Annville. where connection is made with the 86,000
778,781
-volt line of the York Suspense
709.967
Haven Water & Power Co. The balance of the transmission lines
Leaseholds
263,144
300.430
at 13.200 volts. This system is connected and exchanges rower operate Goodwill
1,158,490 1,158,490
Philadelphia Suburban Gas & Electric Co. at Pottstown and with with the Deficit
330,881
Total(each side)11,428,629 11.142,691
Eastern Pennsylvania Railways Co. serving Pottsville and vicinity. thetrans- -V. 116, p. 2775.
A
mission line is now in course of construction which will connect the power
station of the Metropolltan Edison Co. at West Reading with the power
New Mexico & Arizona Land Co.
-Balance Sheet Dec. 31.
station of the Pennsylvania Edison Co. at Easton. This line is being
Assets1921.
Liabilities-built for 110.000
1922.
-volt operation and will permit the system to sell additional Lands (1,161,999 1922.
1921.
Capital stock
power now required for reserve.
acres)
$898,529 5898,529 Accounts payable_$1,000,000 $1,000,000
555
Capitalization After Present Financing-5,818
Securities
92,500
Authorized. Outstand'g.
96,588 Tax Ilab. & rents
Metrop. Edison Co. mtge. Series A 8s. 1935$1,593,0910 Cash, notes, bills
collected in adv..
38,094
40,600
do Series B 6s, 1952 (Including this issue)--__{
receivable, &c
26,161
40,535
(a)
{ 5,555,000 Deferred
do Series 5s, 1953 V. 116, p. 1186)
12,231
1,615
1,000.000 Deferred assets.._
Underlying 5% bonds, due 1939
692
55
2,492,500 Deficit debits_ _ _
(b)
Pref. stock (no par value, partic., pref. div. $7 per
6,536
9,097
Total (each side)31,038,649 81,046,418
share per annum)
The Income account was given In V. 116, p. 2775.
75.000 shs. 50,051 shs.
Common stock (no par value)
90,000 shs. 86,845 shs.
New York State Gas & Electric Corp.
a Issuance of additional bonds restricted by the provisions of the mortFor offer to exchange 1st Mtge. 53 % Gold bonds -Exchange Offer.
for bonds of Southern
gage. b Closed mortgage-bonds are issuable under the
New York Power St R.
th.. present Issue for retirement of underlying bonds. mortgage securing For description of 1st Corp. see that company under "Railroads" above.
Mtge. 534s see V. 115, p. 2166.
Company has agreed to guaranty by endorsement the payment of prinCapitalization.
-(a) Bonds: 1st Mtge. bonds. 5%% series,
cipal and interest on $3,250,000 First Mtge. Gold Bonds, Series A.
due 1982,
6%. $2.314.000;6% series, due 1952, 5700,000; Divisional Lien
due June 1 1953. of the Metropolitan Power Co. (see offering In
bonds, $82,000:
V. 116, P. total bonds
2521).
53,096.000
(b) Stock:Pref.stock (no par)
Purpose.
-For capital expenditures in accordance with the provisions of
3,598 sba.
Common stock (no par)
the mortgage.
46,484 she.
-Calendar Years- -12 mos.end. Feb. 28Earnings 12 Months EndedMay 31 '23. Dec. 31 '22. Dec. 31 '21.
Earnings1920.
1921.
Gross earnings (incl. other income)-53,703,1382 $3,347,081 $2,780,577
1922.
1923.
Gross earnings
$903,855 $1,066,306 $1,202,381 $1,240.835
Oper. exp., maint., rentals and taxes
Expenses & taxes (except
(exclusive of depreciation)
2,206,276
1,968.133
1.665.294
Federal taxes)
827,110
707,046
701,903
721,557
Net earnings
$1,497,406 $1,378,948 $1,115,283
Net earnings
5276.745
5359.260
Annual interest on bonds outstanding with public. Including this issue, Interest
$500,478
$519,078
on bonds outstanding, including this issue
requires 5635,365.-V. 116. p. 3004.
$173,510
About 77% of the operating income (before taxes) for
ended Feb. 28 1923 was derived from the sale of electricity. the 12 months
Middle States Oil Corp.
-M. S. 0. Road.
Management.
-J. G. White Management Corp.
The company has received reports from Wyoming that the railroad and
-V. 116. p. 1904.
transportation facilities being constructed in that State by a Middle States
Nichols Copper Co.
-New Officer.
undicate expects to have its first section from the Chicago & North Western
Julian B. Beaty has been elected Vice-les. & Secretary.
lig. to the Salt Creek oil field, hauling freight by the end of July. Rapid
-V.115,13. 995.
Rrogress also is under way in construction of the line north of Salt Creek.
Oldham,(N. Y.,) Saw Works, Inc.
-Bond
Two additional refineries are being located by large oil companies along the
The Empire Trust Co. has been appointed trustee for Issue.
line.
-V. 118, p. 2890.
Ref. 8% Gold bonds dated June 11923. due June 11933.$250,000 1st &
mt.,
Milliken Bros.(Inc.)., N. Y.
-Final Liquidating Dividend.
Pacific Gas 8c Electric Co.
The liquidating trustees have ordered the final dLstribution, amounting
-Obituary.
John A. Britton, Vice-President and General Manager,
to 65 cents, upon each share of Pref.stock, payable to Preferred stockholders
died June 29.
of record July 12 upon surrender of certificates at the Farmers Loan & Trust -V. 116. p. 2776. 2633.
Co., 22 WillIam St.. N.Y.. on or after July 18.-V. 112, p. 2419.
Packard Motor Car Co.
-Production.
-
Modern Glass Co., Toledo.
-Sale.
The company in the first six months of 1923
produced
The sale of the properties has again been set for July 17 at Toledo.
- 12,000 cars, against 5.800 for the same period of 1922 and approximately
9,600 in the last
V. 116. p. 1284.
half of 1922. The production schedule for July, it is
stated, calls for an
output of 1,500 single sixes and 500 single eights.
-V.116. p. 2891.
Montgomery, Ward 8c Co., Chicago.
-Purchase.
-Sales
1923
-1922. Increase.' 1923-6 Mos.-1922.
Park City Mining 8c Smelting Co.
-June
Increase.
511,612,004 58.655,443 $2,956,5611564,437.002 541.800,471 $22,638,549
This company and the Park-Utah Co.. both of -Production.
The company is reported to have purchased a tract of land in Oakland, same management, during the first quarter ofPark City, and under the
1923 together produced
Calif., for the construction of a 10
-story distributing plant.
-V. 116. P. 2,524 oz. gold, 1,470.430 oz. silver. 5.373.054 lb. lead. 572,152 lb. copp_er,
2,648.999 lb. of recoverable zinc, tuul 670.000 lb.
2521, 2265.
spolter.-V. 116. P. MIMontpelier & Barre Light & Power Co.
-Rates.
-
The Vermont P.S. Commission has issued an order approving an increase
in the power rates of the company, to become effective from April 1 1923.
This action was taken after the Granite Manufacturers' Association, which
had protested the rate, withdrew their protest and advised the Commission
of their desire to have the Increase granted. President Sands states that it
Is expected the new rate will increase the net income of the company by
approximately $60,000 a year.
-V. 105, p. 1999.
Pan-American Petroleum & Transport Co.
-Earns.
It is estimated that net earnings for the half
-year
excess of 516,000,000. or 56 40 a share onapproximaended June 30 were in
tely 2,500,000 shares
outstanding. These earnings, it is expected,
second half-yr. so that company will earn in will be maintained in the
ea
1923 about $13 a share on
the stock. The statement is made by directors that
the
$8 a snare on the stock will be maintained. Notwithstanpresent dividend of
ding
tures of money for development of its California properties, large expendithe company's
Moon Motor Car Co. (St. Louis).-Earnings.bank balance continues to grow, now being In
excess of $30,000,000.
Month of May 1923. 5 Mos.end. May 31 '23
PeriodThe company's first 12,500-barrel unit of its refinery at Wilmington,
on
$126,432
Net income before taxes
Los Angeles Harbor. is expected to be in operation in week
$671,704
a
similar unit will be added shortly thereafter. This Increased or two. A
-V. 118, p. 3004. 2890.
capacity will
further increase earnings, as it will enable the company to refine
-Earnings.
(J. W.) Murray Mfg. Co.
California
crude, which is being sold in the present period of overproduction at
Calendar Years1922.
1921.
1920.
1919.
prices. , Two huge concrete reservoirs are being constructed by the low
comEarns,after int. & taxes.. 5739,835
5233,377
5230,115
$243,520 pany at its plant at Wilmington. One
of them, which Is nearing
Balance Sheet December 30.
tion, will hold 1,250,000 barrels of oil, and the other, which vrill be complefinisned
shortly, will hold 1,500,000 barrels. ("Wall Street Journal.")
Liabilities1921.
1922.
Assets1922.
1921.
-V. 116.
Preferred stock... 5425,000 $450,000 p. 2124, 2139.
Ld., bidgs., mach.
.4 equipment-32,435,027 $1,950,427 Common stock- 1,650.000
980,000
Investment
1 Serial debentures. 1,000,000
Pan Motor Co., St. Cloud, Minn.
1
-Sale.
Cash
152,172 Purch.money °Wig 264,000
252,286
The company's plant will be sold at public auction Aug. 1 at St.
Cloud,
Notes & accts. rec. 918,748
370,094 Mtges. payable_
350,000 under an order issued by Judge John A. Roeser in the U. S. District Court.
Securities
30,812 Notes & accts. pay 649,117
23.911
-V. 115, p. 1738.
224,800
Inventory
292.327 Acceptances
1,473,725
124,457
3,190
Deferred charges_ 201,341
30,393 Deprec. reserve_
282,678
Pathe Exchange, Inc.
-Bonds Called.
Res. for taxes
129,870
Seventy 10
-Year 8% Sinking Fund Gold bonds of $LOW
Deferred liabilities
26.740 of $500 each and 30 of $100 each (total $82.000) have been each, 18 bonds
Total (es. side)-35,305,042 $2,826,226 Surplus
1,062,797
508,818 ment Sept. 1 at 110 and int. at the Harriman National called for pay-V. 116, p. 2890. 2265.
Bank, trustee,
New York City.
-V.116. p. 2018, 1770.
JULY
7 1923.]
97
THE CHRONICLE
interest, to
-Declares Two Dividends H. M. Byllesby & Co. are offering, at 98 and 6% Gold
Peerless Truck & Motor Corp.
yield about 6.15%, $1,438,000 First & Ref. Mtge.
-New Directors-Earnings.
Series C. Dated March 1 1921. Due March 1
President R. H. Collins states: "In view of the present financial condi- Bonds,
tion of the company, it was the consensus of opinion of the board that as 1947. A circular shows
at
the dividend for the year had been earned it might as well be declared
this time. Consequently it was voted to declare dividends at the rate
of $1 a snare for the last two quarters of the year, one being paid Sept. 30
to holders of record Sept. 20 and the other will be paid Dec. 31 to holders
of record Dec. 20."
Pres. Collins further states that earnings for the first five months were
more than double those of the corresponding period last year, and were
even in excess of the earnings for the first 11 months of 1922.
George A. Coulton, Fred R. White and Victor W. Sincere, all of Cleve-V. 116, p. 2891.
land. 0., nave been elected directors.
Pennsylvania Water & Power Co.-Listing-Acguis'n.
The London Stock Exchange has granted an official quotation to $1,315._
000 First Mtge. Sinking Fund 5% gold bonds, making the total amount of
bonds listed $11.878,000.
The borough councils of Pennsburg, Red Hill and Green Lane, Pa.,
have taken final action to sell their electric holdings to the above company.
116, p. 2891.
The price for the three holdings was fixed at $160,000
-Shipments.
Pierce-Arrow Motor Car Co.
The company in June shipped 170 passenger cars and 152 trucks, a total
of 322 vehicles. For the dr months ended June 30 last 1,118 passenger
cars and 1.039 trucks were delivered, making a total of 2,157 units,compared
with 509 passenger cars and 635 motor trucks, or an aggregate of 1,144
vehicles for the period in 1922.
President Myron E. Forbes says in substance: "Orders in hand and
prospects indicate that July shipments will approximate 300 units. Shipments for July and August are now expected to be more favorable than
previously planned schedules for these months, which took into consideration seasonal slowing up. Distributors' stocks are low and sales by them
-V. 116, p. 2522.
call for factory shipments in practically all cases."
-Bonds Stricken Off List.
Pittsburgh Rolls Corp.
The Committee on Securities of the Pittsburgh Stock Exchange has
stricken from the list $1,000,000 6% 1st Mtge. Sinking Fund Cony. Gold
bonds, due July 11932. The directors on Feb.10 1923 ordered these bonds
redeemed on July 1 1923 at 105. Tne Philadelphia Trust Co. of Philadelphia, Pa., acts as trustee.
-V. 116. p. 1061.
-Officers.
Potomac Edison Co.
inOptional at 105 and interest to and including Sept. 1 1930; at 104 and at
1938;
terest through Sept. 1 1935; at 103 and interest through March 1 March 1
101 and interest through
102 and interest through Sept. 1 1942; at
& S.
1946;at 10034 and interest through Sept. 1 1946. Interest payable M.2%.
without deduction for any normal Federal income tax not exceeding
California National
Harris Trust & Savings Bank. Chicago, and Bank of
Association, San Francisco, trustees.
-Authorized by Railroad Commission of California.
Issuance.
-Operates without competition an electric light and power and
Company.
an
gas business in the city of San Diego, Calif.. and vicinity, serving
estimated population of 145.500. Company has modern and well-maintained gas and electric generating plants, together with comprehensive
distributing systems. System has a total electric generating capacity of
31,200 k. w., and efficient gas manufacturing plants. Approximately
two-thirds of the present net earnings are derived from the electric light and
power business.
Authorized. Outstanding.
Capitalization$10,000.000 $4.625.300
Preferred Stock (7% Cumulative)
10.000.000 3.025,000
Common Stock (paying 10%)
5,680,000
(Closed)
First Mortgage 5s, March 1 1939
2,750,000
Bonds, Series A 6s, 1939.---}
First & Ref. Mtge.
50,000.0001 1,500.000
Series B 5s, 1947 (V.115. p.769)
1,438,000
Series C 6s, due March 1 1947 (this issue)
Earnings Years Ended April 30.
1922.
1923.
$3,710,980 $3.916,275
Gross earnings
2,703,204
Operating expenses, incl, maintenance and taxes_ _ _ 2,385,224
Net earn, avail,for int., depr., amort.&
Annual bond interest
41,325,756 51,213,071
610,280
Balance
-V.116, p. 2140.
$715,476
-Tenders.
Scranton (Pa.) Electric Co.
The United States Mortgage & Trust Co., trustee, will until July 16
receive bids for the sale to it of 1st & Ref. Mtge, bonds dated July 1 1907.
to an amount sufficient to absorb $127,978, and at a price not exceeding
110 and int.-V. 115, p. 184.
-June Sales.
Sears, Roebuck & Co., Chicago.
Officers include: Emory L. Coblentz. Chairman; M. F. Riley. President;
Increase.
---1922. Increased 1923-6 Mos.-1922.
-June
1923
C. M. Harris, Vice-President, all of Hagerstown, Md., and R. Paul Smith,
p. 2522; V. 109,P• 684
,
-V.116,
$13,333,349 510.910.108 $2,423,24115106,777,257$82.503,225524,274,032
of Cumberland, Md., General Manager.
-V. 116. p. 2523, 2018.
-Plant Site.
Public Service Electric Power Co.
President Thomas N.McCarter announces that the company has selected
the site for the erection of the new $40,000,000 plant. The station will be
built in two units of 200,000 h. p. each, and will be located on the Hackensack River between the Lincoln Highway and the Newark Turnpike, and
when completed will constitute one of the largest steam power plants in the
world.
-V. 116. p. 1770. 1659.
-Authorizes Bond Issue.
Seneca Copper Corp.
The shareholders on June 30 authorized the issuance as of July 1 1923 of
-Year Convertible 7% bonds. To cover conversion of the
51,500,000 10
bonds the stockholders have authorized an increase in the capital stock to
shares of no par value: rom 350,000 shares of no par. Compare
450,000
V. 116, p. 2892.
-Listing.
Silver Dyke Mining Co.
-Status.
Punta Alegre Sugar Co., Boston, Mass.
The Boston Stock Exchange has authorized for the list temporary notes
A published statement, understood by the "Chronicle" to be substantially for 5600.000 7% Sinking Fund Gold notes dated June 11923. due June 1
May 31 had cash, receivables and unsold
correct, says: The company on
1928, guaranteed as to principal and interest by American Zinc. Lead &
sugars inventoried at 5.60 cents, totaling $10,300,000. Payables, Includ- Smelting Co. See offering in V. 116, p. 2647.
ing tax reserves, bond interest accrued and $225,000 bond sinking fund requirements, totaled $1,500,000,leaving excess of cash,receivables and sugar
-Bonds Offered.
Sonoco Products Co., Hartsville, S. C.
on hand $8,800,000. Working capital requirements call for approximately
$5,000,000. Of 1,205,605 bags produced in last crop, the company has -Fred'k E. Nolting & Co., Richmond;Va., Trust Company
47% unsold. All this doubtless will have been liquidated by November
of Norfolk (Va.) and Trust Company of South Carolina,
-V.116.0. 1541.
("‘N all Street Journal.")
1st
-To Open New Service Stations.
Pure Oil Co.
Hartsville, S. C., are offering at par and int. $600,000
(closed) Mtge. 15-Year 7% Sinking Fund Convertible Gold
bonds. A circular shows:
The company recently announced that it is to open 22 new service
stations within the next two months. Eleven new stations have been
Dated July 2 1923. Due July 1 1938. Denom. $1.000 and $500 c*.
opened in the New York metropolitan district during the past week. The
without deduction for normal Federal income tax up
opening of the additional stations will give the company 40 stations in Int. payable J. & J.lot for sinking fund purposes and as a whole after three
and about New York, consisting of 7 Pa New Jersey, 8 in Westchester to 2%. Callable by
for first two years and at 34 of 1% less each year
County, Sin Manhattan and Bronx, and 17 in Brooklyn and Long Island. years at 10734 and int. at any time after date of issue into 13% Cumulative
thereafter. Convertible
-V. 116. p. 2891.
Preferred stock. Trust Co. of South Carolina, Hartsville, S. C., trustee
(and transfer agent and registrar for the Preferred stock). Interest and
-Sales (Incl. Subsidiaries),
(Robert) Reis & Co.
principal payable at office of trustee and at First National Bank, Rich1923.
1922.
Six Months ended June 30Va.
$3,889.460 $3,183,605 mond.
Grosssales
-Proceeds are to be used to retire $100,000 of Preferred stock
Purpose.
-V. 116, p. 1659, 1286.
now outstanding and to provide in part funds for the erection of additional
plant and installation of machinery, so as to practically double the present
-Earnings.
Reliance Manufacturing Co.
capacity output of company.
1921.
1922.
1919.
1920.
Calendar Years-Manufactures and sells paper and paper cones and tubes
Company.
Earns.after hit, but bef. Fed.tax_$1,012.428 $481.756 $79,159 $1,087,005 used by yarn mills. Commencing business about 25 years ago with a paidin capital of approximately $5,000, company has from earnings increased
Balance Sheet December 31.
Its assets to approximately $1,000,000 and is now experiencing so large a
1922,
1921.
1921.
1922.
Assetsdemand for its products from the Southern and Eastern yarn mills that the
Land, bldgs.& eq. $887,792 3883,320 Preferred stock._.$2,500.0001$2,650,000 management has decided to double its output capacity. Company supplies
258,482 Common stock._ 2,400,0001
480,727
Cash
80% of the tubes and cones used by the yarn mills in the South and
250,000 about percentage of those used by the yarn mills in the East. Company
Acc'ts receivable._ 1,671,961 1,480,067 Notes payable,..,., 500.000
a large
3,206,698 1,599,382 Accounts payable,
Inventory
manufactures its own paper, converting this into cones and tubes. Proptaxes, &e
166,890 erty consists of paper and board mills and 31 acres of land situated at Harts319,020
488,560
369,020
Investment
Reserve for continLite Maur. policies,
gencles
16,179
885,095 vills,
100,000
cash surr. value.
Earnings.
-Since date of its organization company has shown uninter24,859 Surplus
629,324 ruptedly net profits earned each year and during this period has averaged
799,251
Deferred charges.. 171,612
in net profits, after all interest charges and depreciation, 19.42% on the
16,787,812 $4,581,309 amount of capital employed. During the last 334 years net earnings after
Total
$6,787,812 $4,581,309 Total
-V. 116, p. 187.
depreciation have averaged $77,825. Applying this rate of earnings to its
capitalization, the company would earn its interest charges over
-Earns. 3 Mos. ended March 31 1923. increased
Replogle Steel Co.
434 times.
Authorized. Outstand'g.
$36.106
Net loss after expenses, taxes, &c
Capitalization5600.000
5600.000
73.759 First Mortgage 7% Cony. bonds(this issue)
Reserve for depredation
None
600.000
8% Cumulative Preferred stock
500,000
600.000
$109,865 Common stock
Total loss
363,089
Surplus
Consolidated Balance Sheet March 31 1923.
Assets
-Exchange of Stocks.
Southern Illinois Lt.& Pr. Corp.
$11.030,949
Property, plant & railroads, less depreciation & depletion
Under date of June 1 the holders of certificates of the 6% Pref. stock
1,770,180
Stocks & bonds, $1,750,180; Liberty bonds, $20,000
the properties formerly owned into
694,182 were advised of the consolidation of
Cash, $185,816; accounts & notes receivable. $508,360
228,160 the Illinois Power & Light Corp. and offering to exchange their stock for
Accounts & notes receivable of affiliated companies
1,867,672 stock of the new corporation. Holders of certificates for the Pref. stock
Inventories
50.015 of Southern Illinois Light & Power Co., for each share owned, are entitled
Deferred charges
39,526 to receive one share of the 7% Cumulative Prof. stock of Illinois Power
Deficit
& Light Corp. The Central Trust Co. of Illinois. Chicago. has consented
Prof. stock of
$15,680,684 to act as an agent for the receipt of certificates for the 6% lieu thereof of
Total
Southern Illinois Light & Power Co. and for the delivery in
Liabilities
Illinois Power & Light
certificates for 7% Cumul. Pref, stock in the new
Capital stock (represented by 375,000 shares of no par value)-$14.950,000 Corp. Those who so prefer may surrender their certificates direct to the
583.716
Accounts & wages payable
Bldg., St. Louis, Mo.
142,815 corporation, in care of Guy C. Lane, ComptonPower & Light Corp. in
insurance. taxes, &c
Reserve for
4,153 Compare Illinois Traction Co. above and Illinois1542.
Deferred items in suspense
V. 116, p. 1532, 2015, 2388, 2637.-V. 116. ro•
Total-----------------------------------------$15.680,684
-Rates Increased.
Southwestern Gas & Electric Co.
-v. 116, p. 1286. 947.
The Louisiana P. S. CommNsion has ordered an increase in the rates for
industrial gas, no change in the rates for domestic gas, and a reduction in
-Outlook, &c.
Republic Iron 8c Steel Co.
electric light and power rates, all effective June 1 1923.-V. 115, p. 1847.
Hayden, Stone & Co., in their weekly market letter June 29, state:
"The company is now in excellent financial position, with current assets
-To Issue Stock.
Springfield (Mass.) Gas Light Co.
as of March 31 1923 of over 530.000,000. as against liabilities of $4.368,000,
The company has applied to the Mass. Dept.of Public Utilities for authora ratio of 7 to 1. It had unfilled orders at the same date of 333,000 tons, ity to issue
$647.925 additional capital stock, par $25.
share
at
the largest amount on its books since the close of 1919. Preferred dividends the proceeds to$37.50 per pay offfloating debt incurred for plant extensions.
be used to
-V. 116, p. 2397.
in arrears amount to $5 per share."
The company recently changed the par value of its stock from $100 to $25
-V. 116. p. 2398.
- per share.
-Extra Dividend.
Salt Creek Producers' Association.
-Listing.
The directors have declared an extra dividend of 2.7 in addition to the
Springfield (Mass.) Realty Corp. for the list
to
of 2%. both payable Aug. 1° holders of record
regular quarterly dividend
5250.000 8%
The Boston Stock Exchange has authorized
.
July 16. Like amounts were paid May 1 last Compare V.116,p.1542.2140 20
-Year 1st Mtge. Gold Coupon bonds, guaranteed as to principal and inThe bonds are dated Feb. 15
by
-Bonds terest due Van Norman Mace Tool Co.& A. at Old Colony Trust Co.,
& Electric Co.
San Diego Consolidated Gas
Feb. 15 1942. Int. payable F.
1922,
-Harris, Forbes & Co., Blyth, Witter & Co. and Boston. trustee.
Offered.
98
TIM CIIRONICLE
Standard Oil Co. of California.
-Oil Purchase, &c.
-
The company is notifying all producers from whom it is purchasing
crude ell under contract that, effective immediately, deliveries under such
contracts will be restricted to the maximum quantity specified therein.
Further contracts entered into by the company will specify a maximum
delivery of not to exceed 30,000 bbls. per month, notwithstanding the large
Increase in pizI line and storage facilities provided by the company within
the past few months, to which the company is still adding. The above
action has become necessary in order to enable the company to meet
its
contractual obligations.
An official announcement says: "All contracts the company has for the
purchase of crude oil specify a maximum quantity the company is
to buy, but it has been the practice under normal conditions for obligated
the
pany to accept all the ell from the wells covered by the contract, comeven
though in excess of the specified maximum. In April of this year the company found it necessary to cut off 25% ofsuch excess deliveries. Last
week
the company made a further cut of 50% of all excess deliveries
and the
present action restricts all deliveries to contract maximums.
'
The company has contracted to deliver 3,200.000 barrels of
Panuco
heavy crude oil as follows: 1,200,000 barrels to the
at 75 cents a barrel, deliverable 60,000 barrels National Rys. of Mexico
at Tampico;500,000 barrels to the Mexican Eaglemonthly to loading racks
Ltd., at
a barrel, delivery to tanker at Tampico: 300.000 Oil Co.,monthly70 cents
barrels
for two
months to the Freeport Sulphur Gulf Co. at 72 cents a barrel
at
900,000 barrels to the East Coast Oil Co.(Southern Pacific Co.) Tampico;
at
a barrel, deliverable 10,000 barrels daily at Panuco on renewed 70 cents
contract.
- 116, p. 2647.
V.
[VOL. 117.
United States Finishing Co.
-Acquisition-Dir
ectors.---The directors have authorized the purchase
town. Ga., which the company will improve and of mill property at Cedaroperate
months. This is the company's first Southern plant. within the next few
It has two plants in
Connecticut and three in Rhode Island.
John G. Bausher, Charles A. Wimpfhei
been elected directors to fill vacancies. mer and William T. Joyce have
-V. 116, P. 215
6-
U. S. Food Products Corp.
-Reorgan
ization.
It is reported that a final plan of reorganiza
tion will be announced before
the end of the summer.
-V.115, p. 2168, 2058.
United States Stores Corp.
-Additional
Pref. Stock.
E.T. Konsberg & Co., Chicago, are
offering
Cony. Prof. (a. & d.) stock. (For descriptio additional 7% Prior Cumul.
n, &c., see V. 116. p. 2019.)
A circular shows:
Corporation operates through subsidiari
es
New Hampshire. Massachusetts, Vermont,582 stores throughout Maine,
Connecticut, Rhode Island,
New York. northern New Jersey, Ohio,
Michigan and Indiana. The system represents the consolidation of
have been in continuous business for various groups of chain stores which
many years and are well established in
their respective territories.
The consolidated net earnings
taken over as going concerns andfor the calendar year 1922 of the properties
now part
est of the parent company and subsidiary of the system, available for intercompanies, depreciation, Federal
taxes and holding company expenses, were
$357,997. The company has
acquired selected assets of Direct Stores, Inc.,
Aaron Ward & Sons, Inc..
and John J. Lane Co., but no effect for the
Standard Underground Cable Co.
-Obituary.
has been included in the foregoing figure. earning power of such assets
Vice-President Chauncey C. Baldwin died June 7 at Perth Amboy,
After
N. J. charges on 6 4% Notes and dividend on minority deduction of interest
- 113, p. 2828.
V.
Pref, stock, the balance
Is equivalent to over three times the dividend
requirements on the 7% Prior
Steel & Tube Co. of America.
-Purchase by Youngstown Preferred stock.
CapitatizationAuthorized. Outstanding.
Sheet & Tube Co. Conipleted-Minority Stockholders May Three-Year Convertible 6 % Gold Notes
$2.500,000
7% Prior Cumul,Cony. Pref. Stock (par
$500,000
Appeal Decision.
$100) ,-$10,000.000
1,500,000
81 Cony. Pref. stock (cumul. after July 11923)
See Youngstown Sheet & Tube Co. below.
(par $100)
10.000,000 x1,514,982
Common Stock,Class"A"and "B"(no par
Chancellor Wolcott Grants Preliminary Restraining Order.
value)500,000 sits. 109,408 shs.
Chancellor Wolcott at Wilmington, Del., July 6 granted a restrainin
g
x$5,500 par value held in treasury. See also V.
order for a preliminary injunction against the Youngstown Sheet
116, p.2019.
& Tube
Co. at request of W. S. Mlles, representing the Allied
Utah-Apex Mining Co.
-Earnings-Production, &c.
Corp. The case was brought to restrain distribution ofChemical & Dye
$110 a share to
Inn letter accompanying dividend checks mailed to
holders of Steel & Tube Co. of America Preferred stock, pending the
stockholders June 15.
out- President R. F. Haffenreffer, Jr., says in part: In accordanc
come of a hearing now under way.
e
of the Treasury Department a certain percentage of earnings with a ruling
The directors of the Steel & Tube Co.of America on July 6
is charged to
that the capital stock of the company be reduced through therecommended depletion account. These dividends are paid from that account,
the Preferred stock and the reduction of the Common stock retirement of therefore, stockholders are not liable for payment of income tax on and.
this
to a nominal distribution.
amount. A special meet&ngof stockholders has been called
Development work has been actively prosecuted, and
to act on these proposals. The Preferred stock will be retired for Aug. 7
our
at 110 and being carried on down to and including the 1,800 level. The extraction is
accrued dividend.
-V. 116. D. 2893. 2523, 2512.
shaft Is down
2,250feet,and exploration is advancing rapidly at the 2,000 level
for development of probable extension of the ore bodies
Sterling Salt
N. Y.
-Extra Dividend.levels. Ore reserves have been maintained now being exploited in the upper
to keep ample ore In sight for a
An extra dividend Co., was paid July 2 in
of 2%,
addition to a dividend of year's uninterrupted extraction in advance of the workings.
2%.-V. 115, p. 2865.
The management has recently acquired, by purchase,
a number of mining
properties contiguous to the Utah-Apex
Studebaker Corp. of America.-Prices--Production.---to the mine, and a consolidation of all . These properties mean added life
the mines now owned by us.
The corporation has announced advances in prices
Production during the first eight month,' of the present
of Its various models,
fiscal year is as
ranging from $20 to $75 scar.
follows:
The company is reported to have produced 81,000
Gold.
Silver.
cars
Lead.
Copper.
Zinc.
months of 1923, all of which were sold. The production in the first six 1,718 ozs. 276,670 ozs.
schedule for the
14,730,695 lbs. 925,440 lbs. 5,494,282 lbs.
third quarter of the year, It is said, calls for an
After paying the dividends (25 cents quarterly
output of 41.000 cars.
- litigation
and 25 cents extra), all
V. 116. p. 2647.
expenses, mill improvements, and the purchase of mining
properties, there is a balance of $1,073.834
negotiable securities in the
Stutz Motor Car Co. of America.
treasury exclusive of ore in transit. in cash andV.
-To List
Compare
116. P. 2019.
The New York Stock Exchange has received applicatio Stock.
shares of capital stock of no par value. The stock was n to list 263,000
Victor Monaghan Mills Greenville, S. C.- lay
list on April 151920,following the Allan A. Ryan corner. stricken from the
Sell.
A meeting of directors will be called within
-V.116, p. 2513.
an offer made by Eastern textile interests the next few days to consider
Superior Steel Corp.
to purchase the $6,600,000
-Tenders.
-Common stock, according to President W. E. Beattie,
The company, at its office, 60 Broadway, N. Y. City, will
who
until July 13 ident, to be succeeded by Vice-President T. M.Marchant retires as Presreceive bids for the sale to it of $52,518 let
.-V. 111, p. 903.
2d Preferred stock, at a price not exceedingPreferred stock and $60,732
Virginia Coal & Coke Co.
115 and clivs.-V. 116, p.
-Tenders.
-1287. 1063.
The Lynchburg Trust dr Savings Bank, trustee,
Lynchburg, Va., will
until July 19 receive bids for the sale to it of
Texas Co.
-Closed Deal with Transcontinental Oil Co.
dated June 111900, to an amount sufficient1st Mtge. Sinking Fund bonds,
to exhaust $13,000, at a price
A deal has been closed between the Texas Co. and the
Transcontinental not exceeding par and interest.
-V. 111, p. 598.
Oil Co. whereby the former will drill a
Hamilton Dome, Moffat County. Colo. test well on 1,600 acres on the
Wabash Valley Electric Co.
It is understood
-Consolidation.
Co. Is to carry the Transcontinental a half interest free onthat the Texas
The Indiana P. S. Commission has approved the petition this structure.
The rig is now up and drilling will be started in a few
,
of the
days. "Financial to take over the physical properties of the Putnam Electric Co., company
America.'-V.116, p. 1543.
Electric Co.. the Martinsville Gas & Electric Co., Spencer the Cayuga
Light, Power
Heat & Water Co., the Gosport Electric Co., the Morgan
Tomahawk Kraft Paper Co.
County Light &
-Bonds Offered.
-Second
Co. and
Electric Co.
Ward Securities Co. and First Wisconsin Co., Milwaukee., Power common the Roachdalecompanies already
The
stock of these
Is owned by the American
Public Utilities Co.. which is
are offering at 98M and int., to yield 6.15%, $1,200,0
015 Indiana, and is controlled by the parent company of the Brewer group in
the Central Indiana Power Co., which is a
First Mtge. Sinking Fund 15
-Tear Gold Bonds, Series "A" holding company controlling electric light, heat, power and railway companies in Indiana. See also V. 116. p. 2400.
6%, due April 1 1938.
The company has been organized to manufacture and
Waldorf System, Inc.
Its management is In the hands of men closely identified sell Kraft paper.
-Sales.
with the Wausau
Sulphate Fibre Co. There is an immediate and well-developed
1923
-June
-1922.
1923-6 Mos.-1922.
market for Sales
the company's product and the earnings are estimated at
$1,151.600
$983,276 $6,829,727 $5,757,060
$500,000 annually -V.116. p. 2648, 2532.
before interest and taxes. This is about 7 times the interest
on this issue.
Tonopah Mining Co.
-New Officers.
-
Warren Bros. (Asphalt) Co.
-Status.
-
During the six months to
Walter L. Haehnlen has been elected Vice-President,
30
succeeding Charles contracts for 4,638,881 sq. Juno of the company and its licensees received
R.Miller, who has been elected President, succeeding J. Harvey
yds.
now work. Carryover from
Mr. Whiteman has been elected Chairman, a new office. Whiteman. 4.347.758 sq. yds., making a total of 8,986.638 sq. yds. under 1922 was
contract
-V. 116, P. as of June 30 1923, an increase of 14% over the year
2648, 1772.
tracts received in June approximated 1,053,000 sq. before. New conyds. During the
year to May 31 the company and its licenses' laid
Tropico Potteries, Inc.
-New Control.
2.275,000 sq. yds. as
compared with 1,143,000 sq. yds. during the
Control of this company,which owns and operates one of the
corresponding period of
'
largest plants 1922.-V. 116, p. 1192.
on the Pacific Coast engaged in the manufacture of architectural
terra cotta,
vitrified sewer pipe, faience tile and kindred clay products,
Washington Pulp & Paper Corp. Seattle.
has
chased by the Madding Mclean Co. of San Francisco. The been pur-Complaint.
The Federal Trade Commission has dismissed its
July 1922placed through Stephens& Co.,San Francisco, an Issuecompany in
proceedings against
of 1400,000 the corporation. The concern was named in a
-Year 7% bonds. See V. 115, p. 83.
1st Mtge. 15
complaint with a number
of other respondents and the Commission's dismissal
of this particular
respondent was for the reasons that the company
Troy (N. Y.) Foundry & Machine-Co., Inc.
is not a wholesaler of
-Notes.
- paper and paper products, is not
The $250,000 10
-year 7% Gold Notes are being sold at par through spondent associations, and is not and never was a member of any of reengaged in the practices sot out in the
S.T.Pink & Co. Pittsburgh, Pa., and C. L. Howard & Co., Inc.,
-V. 114, v. 1782.
Troy, complaint.
N. Y. See aim; V. 116. P. 3008.
Western States Oil Corp.
-Initial
Underwood Typewriter Co.
-Balance Sheet.
The directors have declared an Initial monthlyDividend.
dividend of 1%, payable
Apr. 30'23 Dec. 31 '22
Apr.30'23. Dec.31 '22 July 31 to holders of record July 15.-V. 116, p. 2632, 2286, 2020.
Assets
Liabilities
West Side Lumber Co.
Pat's, goodwill,&c. 7,995,720 7,995,720 7% Cum.Pt.stk__ 3,700,000 3,800,000
-Listing.
There was recently admitted to the
Real estate, bldgs.,
Common stock__ 9,000,000 9,000,000
regular list of the Chicago Stock
4,640,291 4.567,772 Notes payable.... 2,000,000 1,000,450 Exchange 8750,000 6% serial gold notes,
plant, &c
dated May 1 1923, due $150,000
annually May 1 1924
319,383 Accts. pay., curr't. 793,521
Office furnitureAto 302,071
798,628 Abel Davis, Chicago. to 1928. Trustees, Chicago Title & Trust Co. and
292,985 Reserves for:
Stock in other cos_ 292.987
-V. 116, p. 2156.
Invest., spec.sum
Exp.,pay-rolls,&e. 229,396
282,093
White Eagle Oil & Refining Co.
181,500 Federal, &c.,tax_ 657,331
181,500
capital reserve
-Earns., &C.
689,205
Six Months ended June 30Inven., cost or les:3 5,651,952 5,570,073 Profit-sharing plan
1923.1922.
1921.
Gallons sold
Accts. & notes rereserve
108,418 Sales
x73,100,000 62.355,554
celv., less res've. 5,750,377 5,594,468 Pref. stock div.,
de_47,900,000 $6,187,185
earnings before Federal taxes,
2.128,449 1,202,543
Cash
payable Jan. 2_
66,500 Net
pletion and depreciation
Invest't in bonds
64,999
64,999 Corn, stock
$595,279
1, 05 00 81,434,610
192 :0
78
x June estimated.
PrePald Insurance,
Payable Jan.2.
-V. 116, p. 27824,
225,000
&c.,expenses__ _
134,585
117.020 Surplus
10.762,664 9,938,172
(C. H.) Wills & Co.
-Sale and Reorganization.
The property of the company was bid
Total
27,142,912 25.906,463
Total
27,142,912 25,908,483
in at receiver's sale on
-V.116, p. 3008. 2780.
$750.000 by Kidder, Peabody az Co. (reorganization managers). July 3 for
The sale
Included all the property with the exception of cash, accounts and bills
Union Oil. Co. of California.
receivable accruing during the
-Tenders.
drafts secured by
The Equitable Trust Co. of N. Y. trustee, will until July 17 receive
lading covering cars in transit inreceivership, and receiver upon date bills of
the hands of too
of sale.
bids
for the sale to it of let Lien 5% 20
-Year Sinking Fund bonds, dated Jan. 2
Digest of Reorganization Plan.
1911, to an amount sufficient to exhaust $9,038.-V. 116.
p. 2780. 2286.
In view of the sale,certain creditors and other parties interested.including
C. II. Wills, have formulated the following plan for the protection of their
United Oil Producers Corp.
-Tenders.
interests:
The Coal & Iron National Bank will until
receive bids for the
New Company.
-A new company (Wills Sainte Claire, Inc.) will be organsale to it of 8% Guar. & Partic. Production July 26dated
bonds,
July 25 1921. ized in Michigan to acquire the assets
to an amounksafficient toiexhaust $35.967.-V.
and to carry on the business heretofore
116. p. 2399, 1907.
carried on by C. H. Wills & Co.
99
THE CHRONICLE
JULY 7 1923.]
With these acquisitions the company now has arge manufacturing
4
Ifer C
cattia ve a r
nitho4-izet,Cu llifttion of the . .92 orporatiao00,000 plants in Ohio. Indiana. Illinois. Wisconsin and Michigan. This wider
OriOnal Aice
7 Prior Pref
of great benefit
5,000,000 geographical distribution of manufacturing facilities is near its principal
(cumulative after July 11924)
6 First Prof. Stock
to the company as it affords productive capacity located
common
6% Second Pref, Non-Cum. Stock (convertible into
cost of distributing its products.
5.000.000 markets, which materially lessens the
stock at $30 a share)
400.000 shs. The newly acquired properties have also increased the diversification of
Common Stock (no par value)
the company's product and have added new types of ore to its holdings.
Money.—It is proposed to raise not less than $2.855,000 in cash, to thus rounding out its ore supplies.
New
be used so far as necessary to make part payment of the purcnase price, the
The Youngstown Sheet & 'rube Co. is one of the leading producers of
balance to be turned over as working capital to the new company. First steel in the United States, and the largest independent manufacturer of
Provisions as to Different Classes of Stock.—The Prior Preference and net tubular products. As now constituted it is a self-contained, well-rounded
of the
Prof. Stocks will be callable at 105. As a sinking fund 20%
organization. It has an approximate annual production capacity of
earnings in each calendar year, after providing for and paying dividends 2.500.000 gross tons of pig iron, 2.800,000 gross tons of ingots and 3,000.000
on the Prior Pref., First Prof. and Second Prof.stock,including any accrued net tons of by-product coke. Its approximate annual capacity of finished
and unpaid dividends for previous years, shall be applied to the purchase or products is 860,000 net tons of tubular products, 840.000 net tons of bars,
retirement of Prior Prof. and First Pref. Stock, an equal amount being ap- billets, plates, &c., 450.000 net tons of sheets and 150,000 net tons of
plied to the purchase or retirement of each class. No dividend shall be paid wire products. The iron ore properties it owns or controls are equipped
on the Second Prof. Stock or the Common Stock, nor shall funds be used to produce the company's full current requirements. The coal mines
to retire anar Prior Prof. and First Prof. stock under the operation of the it owns or controls are equipped to produce 4.200,000 tons of coking,
sinking fund, if the net quick assets are there by reduced below $4,000,000. steam and gas coal annually, which is about 65% of the company's reAll shares of stock, both Common and Pref., shall have equal votingpowers. quirements, with estimated reserves of 230,000,000 tons.
Outstanding.
How New Cash Needed to Carry Out the Plan Will Be Raised.
Authorized.
Capitalization after New Financing—
987,606 shs.
1,000,000 shs.
Deferred Liabilities.—Holders of deferred liabilities of C. H. Wills & Co. Common stock (no par value)
$14,974.400
to $4.400,000. who have proved 7% Cumul. Prof. stock (par $100)
215,000,000
(that is, of the revolving credit) amounting
40.000.000
50,000,000
their claims before the special master (and who on or before June 19 filed 6% Debenturebonds
x34,972,066
with the managers their assent to this plan) upon payment to the managers Underlying bonds
when called of an amount equal to 30% of their Claims, will be entitled to
receive therefor an amount of Prior Prof. stock of toe new company equal
Includes (I) $10.000.000 Brier Hill Steel Co. 1st 534s, (2) $540,000
x
at par to the cash so paid, and an addition an amount of Second Pref. stock Brier Hill Steel Co. 1st Serial 6s,(3)25,802,000 Series"B"6sand $9.334,000
equal to 50% of the face amount of their claims.
Series "C" 7s Gen. Mtge. Sinking Fund bonds of Steel & Tube Co. of
the holders of all the deferred liabilities assent to this plan and exercise America, and (4) about 26,700,000 underlying bonds of the latter comIf
their privilege, this will provide 21,320,000 in cash and call for an issue to' pany as follows: $892,000 Iroquois Iron Co. let 5s, $568.000 Iroquois
them of $1,320,000 Prior Prof. Stock and 22,200,000 of Second Prof. Stock Iron Co. Ref. 6s, 23,430,000 Mark Mfg. Co. let Serial Os. $1.010,000
of the new company.
Northwestern Iron Co. 1st • Serial 6s and $800,000 Gen. Mtge. Serial 7s
Certain of the holders of the deferred liabilities have already assented to of Northwestern Iron Co.
the plan and agreed to pay in cash 30% of tneir claims, so teat the raising
Purpose.—Approximately $33,000,000 of the proceeds from the sale
of not less than $2,855,000 of new money is already provided for.
of these bonds is to be used to reimburse the company for the expenditures
First Preferred Slock.—Holders of the First Prof. Stock of C. H. Wills & made in connection with the acquisition of the properties of the Steel &
Co. who on or before June 19 file with the managers their assent to this Tube Co. of America, and the balance for additional working capital.
plan, upon payment to the managers when called of an amount in cash equal
Court Proceedings Against Acquisition of Steel & Tube Co.—A temporary
to 30% of the par value of the stock held by them, will be entitled to receive injunction against the sale of the business and assets of the Steel & Tube
therefor an amount of Prior Prof. stock equal at par to the cash so paid, and Co. of America, obtained by certain minority stockholders thereof, having
in addition an amount of Second Prof. Stock equal to 40% of the par value been vacated by the Delaware Court, the Youngstown Sheet & Tube
of the Preferred Stock held by them.
Co. acquired such business and assets under the terms of a contract dated
If the holders of all the First Prof. Stock assent to this plan and exercise Jan.6 1923. One of such minority stockholders has stated its intention to
their privilege, this will provide 2600.000 in cash and call for an issue to them take an appeal from such decision, or to commence other legal proceedings.
of 2600,000 Prior Prof. Stock and 2800,000 Second Prof. stock of the new In the opinion of counsel such proceedings, if any, will not succeed in
company.
setting aside the sale. If, however, such sale should be set aside, it is
Additional Sale of Stock.—Arrangements have also been made for the sale the opinion of such counsel (in which counsel for the bankers concur)
of $587,000 Prior Prof. Stock,$51.000 Second Prof.stock and 300.000 shares that the purchase price, approximately $33,000,000, must be refunded
of the Common Stock (no par value) for $1.925.000.
to the Youngstown Sheet & Tube Co. The indenture will provide that
Creditors.—Creditors of C. H. Wills & Co., including merchandise credi- such amount, if and when received, must be paid into the sinking fund
tors and banks having claims, amounting to about $4.000,000, which have and used to retire bonds or to acquire additional properties.
priority over the holders of the revolving credit, and who have proved their
Consolidated Sales & Earnings for the Ten Years ended Dec. 31 1292.
claims before the special master, will be given the opportunity to exchange
z Balance.
their claims for an amount of First Pref. Stock of the new company equal
y Deprec.
xNet Earns.
Net Sales.
claims (provided that on or before June 19 they 1913
$5,241,597
at par to the face of their
21,164.891
$6,406,488
$52,440,534
filed with the managers their assent to the plan).
3,444,013
44,348.527
1914
7,561,927
Amount of Stock to Be Outstanding.—If all the holders of the deferred liabili- 1915
1,503.550
9,065,477
59,002,694
33.113,199
ties and the First Prof. Stock make the payment as provided, the new money 1916
2,294,044
35,407,243
105,607,679
67.131,836
raised will be $3,845,000, and if all the merchandise and other creditors 1917
5,373.137
72,504,973
183.091,890
24,864,828
having claims against tne company in priority to the revolving credit ex- 1918
19,738,102
44.60,2.930
182,494,007
11,536,837
change their claims as provided, the original issue of stock of the new com- 1919
7,255.513
18,792,350
138,367.987
22,785,829
pany will be approximately as follows:
8,471.107
31,256.936
212,608,566
1920
4,685,268 def.9.305,110
76,847,415 def.4,619,842
Prior Preference Stock--.$2,507,000[Second Preferred Stock_ _ _23.051,000 1921
4,456,896
6,180.419
4,000,000 Common Stock (no par).-300,000 shs 1922
10,637,315
First Preferred Stock
124,331,551
17,003,586
5,746,202
22,749.788
117.914,085
As representing this issue of capital, the new company will have the assets Average
at the receiver's sale and all of the $3 845,of C. II. Wills & Co., purchased
x Net earnings before depreciation, interest and Federal taxes. y In000, except such portion as may be needed to make part payment of the
facilities.
purchase price at the receiver's sale. To the extent that holders of deferred cludes depreciation and depletion and amortization of ear
and to z Balance available for interest before Federal taxes.
liabilities and of the First Pref. Stock do not pay their assessment,
Consolidated earnings available for interest, before Federal taxes but
the extent that holders of other than deferred 'liabilities do not care to ex31 1922. as above
change their claims, the amount of cash raised and the original issue of after depreciation, &c., for the ten years ended Dec.annual interest reshown, averaged $17,003,000 or over 3% times the
Prior Prof.. First Pref. and Second Pref. stock will be relatively reduced.
upon
Reorganization Managers.—For the purpose of carrying out the plan. quirements of 24,513,000 on total funded debt to be outstanding $17,Kidder, Peabody & Co. have consented to act as managers without com- completion of this financing. Of the average annual earnings of Sheet
pensation, upon the understanding that they are to have the sole right to 003.000, as above stated, the properties comprising the Youngstown
determine all questions whim may arise in connection with carrying out the & Tube Co. alone contributed 210,132,000. very satisfactory; for the first
Current Earnings,—Current earnings are
plan, including the organization and issue of stock of the new corporation,
except so far as the same are specifically provided for; and in particular to four months of this year earnings available for depreciation and Interest
shall become operative.
were $9,836,000.
determine whether or not the plan
Kidder, Peabody & Co., in a letter, June 22, say:"We are advised that
Consolidated Balance Sheet Dec. 31 1922 (After Proposed Financing).
during the receivership the output of new cars has been substantially as (Youngstown Sheet & Tube Co., Brier Hill Steel Co., Steel & Tube Co.
great as during the corresponding period of last year, that the sales by
of America and Subsidiaries.)
dealers exceed in amount the sales during the corresponding period, and that
Liabilities—
Assets—
there are now on hand firm commitments for 464 new cars. Substantial
Fund,debt: underlying bds..
quantities of creditors' commitments have been taken and paid for by the Land, bldgs., mach'y. &c.
$34,972,066: 6% Deb.
equip. & mining prop. less
we are advised that the new company's requirements will
receiver, and
bonds (this issue) $40,253,164,222 res. for deprec.
probably be such as to result in a continuance of existing business relation000.000
ship upon terms satisfactory to merchandise creditors. The new cash
of plants, deplet of mineral
9.868,343
Notes payable
resources & amort. of war
provided by the plan should assure the new company of adequate credit and
facillties
2118,464,847 Bonds maturing Jan. 1 1923
capital.
ample workirecead
333.000
(since paid)
to act as managers without compensation, and are our- Inv. In adv. to mining &c.
We have a
11.031,395
companies
6,599,304 Accounts payable
selves furnishing a substantial part of the new money for which we are to
2.596,196
Aocr. gen. taxes, int.,
Due on employees' dwelling
receive Common Stock.—V. 116, p. 2896.
384,275
517,467 Deferred ore payments
purchase contracts
410,000
122,923 Accr. Fed.income taxes
Stk. res, for officers & empl_
Willys Corp.—Sale of Willys Overland Stock.—
315,237
73.830 Deferred bonus payments._
that Sinking fund assets
Federal Judge Knox, New York, has notified the different interests
7.896.251 Rea.(1) for relic. & rebuild.
unless plans for reorganization are submitted to him by July 23, he will Cash
!Me
a plan of his own for straightening out the affairs of the company. Call loans & accrued interest 5.765,594 furnaces, $2,707,507; (2)
present
for ins., oonting..&c.,21.Keen contest for possession of 739.866 shares of Willys Overland Co. Marketable Investments... 1,245.518
,
4,201,545
494,038
26,391,534
representing about one-third) has developed among various factions, and Notes & accts. rec, less res
28,849 Min. stkholders' equity In
Adv. paym'ts on ore contr.several bids have been made to the Court.—V. 116, p. 3013.
412.169
subsidiary companies_
Invent. of fln, and semi-fin.
prods.. raw inat'ls & suppl 47,231,078 Preferred 7% Cumul stock._ 14,974,400
Youngstown Sheet 8r Tube Co.—Bonds Offered.—
wig
786,805 Common,no par value (outBankers Trust Co., Guaranty Co. of New York, Union Deferred charges
75.000.000
standing 987,606 shs.)
20,625,373
'
Surplus
Trust Co. of Pittsburgh, National City Co. New York,
I
Cleveland Trust Co., Cleveland, Union Trust CO., Cleveland,
Guardian Savings & Trust Co., Cleveland, and the Continental dr Commercial Trust & Savings Bank, Chicago, are
offering at 99 and int. to yield over 6.05%, $40,000,000
-Year 6% Debenture Gold bonds. (See advtg. pages.)
20
Dated July 1 1923. Due July 1 1943. Denom. $1,000c*. Interest
payable J.& J.at Bankers Trust Co., New York,trustee, without deduction
for normal Federal income Tax up to 2%. Redeemable on any interest
date upon 30 days' notice at 105 and interest, as a whole only (except for
sinking fund) up to and incl. July 1 1933, and thereafter also by lot at
that figure in amounts of $1.000.000 and multiples thereof. A sinking
fund is to be provided commencing July 11924, sufficient to retire $750.000
bonds annually through purchase at not exceeding 105 and interest, or
redemption by lot at that figure.
Data from Letter of Pres. J. A. Campbell. June 29 1923.
Company.—Incorporated in 1900 in Ohio. Recently acquired the
properties of Brier Hill Steel Co. and the Steel & Tube Co. of America.
[The purchase price of the Brier Hill Steel Co. was as follows: The
Youngstown Sheet & Tube Co. a_greed to exchange a part of its Common
stock for the Common stock of Brier Hill Steel Co. as follows: 1 share
of Youngstown Common stock for 4 shares of Brier Hill Common stock,
and agreed, at its option. to either retire the Preferred stock of Mier Hill,
according to the terms of its iSSUC, or to exchange therefor 1 share of the
Preferred stock of the Youngstown company for 1 share of the Preferred
stock of Brier 11111 company.]
(The purchase price of the Steel & Tube Co. of America was as follows:
The contract provided for the assumption and payment by the Youngstown
Sheet & Tube Co. of all of the debts, obligations and liabilities of the
Stool & Tube Co.and in addition the payment in cash of a sum equal to $110.
and accrued dividends for each share of preferred stock outstanding in
the hands of the public (being the full amount to which holders of the
Preferred stock would be entitled if the Preferred stock were called for
redemption) and $14.509,954 in cash. being equal to $15 for each share
of the Common stock of the Steel & Tube (jo. outstanding.]
$215,123,999
Total
$215,123,999
Total
Contingent Liabilities.—(a) In respect of notes receivable discounted,
$708,793; (b) in respect of 25% of outstanding bonds of Elkhorn Pine,'
Coal Co. guaranteed by Steel & Tube Co. of America. $541,375.
The report of the Youngstown company was given in V. 116. p• 1192:
that of the Brier Hill Steel Co. in V. 116. p. 1528, and the Steel & Tube
Co. of America in V. 116, p. 2512.
[William E. Manning, Vice-President and General Sales Manager. died
June 15 at Youngstown, Ohio.1—V. 116, p. 3013, 2898.
CURRENT NOTICES.
—The tenth edition of "Borton's Pocket Manual of Cleveland Securities." prepared and published by Berton & Dorton, Hanna Building,
Cleveland, Ohio, Is a booklet of over 250 pages, which briefly describes
corporations whose securities are bought and sold in the Cleveland market
In addition to giving reference data concerning these securities. Investors
interested in Cleveland securities are invited to send for copies of this
manual, which will be sent without charge on request.
—Tower Bates, of the firm of Goodbody & Co.. who has had charge of
the bond activities of that firm for a number of years, is now retiring in
order to organize a new firm which will transact a bond and stock investment
business. For the present Mr. Bates will continue his headquarters at
115 Broadway.
—The board of directors of Gorden N. Selby & Co.,investment bankers,
Chicago,announce the selection of Harry F. Kasting as First Vice-President,
Ray H. Morris as Second Vice-President and Hugo A. Green as Secretary.
The policy of the organization, it is stated, will be entirely the same,"with
adlitional activity."
100
THE CHRONICLE
[vol.. 117.
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE
-GRAIN-PROVISIONS
PETROLEUM-RUBBER-HI DES-METALS
-DRY GOODS
-WOOL
-ETC.
COMMERCIAL EPITOME
(The introductory remarks formerly appearing here will now be
found in an earlier part of the paper immediately following the
editorial matter, in a department headed "INDICATIONS OF
BUSINESS ACTIVITY.'I
there is a rise of 25 to 33 points. Of Cuba for the second half
of July shipment, 30,000 bags sold to-day at 5 5-16c. c. & f.
Some of this is understood to have been done between operators. Refined was quiet at 9.25c.
Spot
(unofficial)_ _ 5,ic-ISeptember---5.28 © 5.291March
3.76 ©3
.77
Friday Night, July 6 1923.
July
5.38
'December_ _4.72ig4.74 I May
3.82(8
COFFEE on the spot quiet and lower; No. 7 Rio, 11c.;
LARD firmer; prime Western, 11.65 ©11.75c.; refined to
No. 4 Santos, 16(0.14.3.; fair to good Cucuta, 13%@14%.3. Continent, 12.50c.; South
America, 12.75c.; Brazil in kegs,
Futures declined with falling prices in Brazil and steady 13.75c. Futures fluctuated
within narrow limits early in
z
Iiridation. The Department of Commerce says the Bra- the week. Later they
..
advanced. July was steadier with
an Government has announced that it has not changed its signs of lessened liquidation
policy in regard to valorization and will if necessary support stocks too,it is surmised, and with hogs higher. European
must
prices over a certain level by purchasing in the market pool on June 30, it is true, be becoming depleted. Liverthroughout the crop. The level of prices to be maintained certainly not very encouraginfell 6d. to Is. 3d., which was
g and on July 2 September fell
will depend upon exchange, the size of the crop and the pol- in Chicago. But
icy followed by North American consumers. Restriction by Buying for a turn the undertone seemed fairly steady.
has at times been reported. On the 5th
the Government on Santos entries will be enforced whenever inst. prices advanced with
hogs up 25 to 35e., Liverpool
they exceed the announced quota of 35,000 bags daily. If 3d. to 9d. higher, a
demand
the demand in Santos justifies it, a sufficiently large amount and packers' commission at Chicago from the Continent,
houses and shorts buying. At
will be let in to take care of this demand. The New York western points, it
is true, stock of lard increased in Juno
Coffee and Sugar Exchange reports the receipts for the year 41,000,000 lbs., reacing
ended June 30 of 9,477,000 bags at Rio and Santos, com- that the commercial 86,000,000 lbs. Washington wired
supply of hogs will be as large this
pared with 11,833,000 the previous year. Laneuville gives year as that
his figures on the world's production for the season just indications from the spring crop of last year, according to
ended as follows: Rio, 2,669,000 bags; Santos, 6,759,000; partment of semi-annual special swine report of the DeVictoria, 569,000; Bahia, 197,000; other kinds, 5,705,000, tenths of of Agriculture. There was an increase of nineor a total crop of 15,899,000 bags. According to this in the six 1% in the number of pigs saved from farrowings
months ended June 1 as compared with the number
authority the world's visible supply as of July I amounted to saved
in the same period last year. For fall pigs, hog raisers
.5,330,000 bags, against 8,593,000 last year.
have expressed an intention to breed 28.3% more sows than
Dinning & Zoon put the world's visible supply on July 1 farrowed
at 5,340,000 bags, a decrease in June of 147,000 bags. A marketed last fall. The fall crop this year which will be
next summer, would then be larger than that of
year ago the visible supply was 8,639,000 bags. Estimates
of the 1923-24 coffee crop of the State of Sao Paulo, Brazil, last year. To-day futures advanced, ending at a rise for the
vary from 12,000,000 to 18,000,000 bags of 60 kilos each, the week of 45 to 48 points.
Department of Commerce is advised. The estimate most DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Sat.
Mon. Tues.
Wed. Thurs. Fri.
frequently made, the report stated, is 14,000,000 bags, which July delivery
cts_ 10.75
10.72 10.82
Roll- 11.02
11.15
September delivery_
day. 11.25
is the figure usually given by the growers in the interior. October delivery __ _10.97 10.97 11.07
11.37
11.10
11.07
11.07
11.35 11.45
To-day futures declined with cables down and long liquidaPORK quiet; mess, $25; family, $30; short, clear, $21 to
tion a feature, especially in July. The market was in no
condition to stand further long selling. Brazilian shippers $25 50. Beef, dull; mess, $15; packet,$14 50 to $15; family,
seem more disposed to sell. Spot trade is stagnant. Probably $16 50 to $17 50; extra India mess, $28 to $30. No. 1
the short interest is increasing, and it may tell later on. But canned roast beef, $2 35; No. 2, $4 05; 6 lbs., $15; sweet
for the moment at least the market lacks snap. Final pickled tongues, $55 to $65 nom. Cut meats steady;
changes for the week show a loss of 34 to 57 points, the pickled hams, 10 to 24 lbs., 143/i to 173c.; pickled bellies,
%
6 to 12 lbs., 13 to 133e. Butter, creamery seconds to
latter on July.
high scoring, 343 to 39c. Cheese, flats, 18 to 26c. Eggs,
Spot (unofficial)__ _1Ic.1September _ _7.36 © 7.381March
6.88 ©6.90
July
8.13E48.20[December_ -6.94 ©6.961May
6.88 © 6.90 fresh gathered trade to extra, 21 to 32c.
SUGAR.
-Cuban raws early in the week were quiet at
OILS.
-Linseed meets with a fair jobbing demand and
53e. but later on became steadier, with 5he. bid and 53/ac. prices showed no change. Spot carloads, $1 08 to $1 12;
asked. The Java crop is reported short by something like tanks, $1 09; less than carloads, $1 14 to $1 17; less than 5
15%. In Java prices on Thursday were Me. higher. It is barrels, $1 20; boiled, tanks, $1 05 to $1 07; carloads, $1 10
recalled that the decline in New York and European markets to $1 12; 5 barrel lots, $1 13 to $1 15; less than 5 barrels,
recently was largely due to sales against Java sugar. If the $1 16 to $1 18; refined, barrels, carlots, $1 15; varnish type,
Java crop should turn out to be disappointing there may be barrels, $1 15; double boiled, barrels, cars, $1 11 to $1
interesting developments ahead. British cables reported a Cocoanut oil, Ceylon, barrels, 9% to 93c. Cochin, 10313.
3
%c.
better trade demand for Java white, and higher quotations Corn, crude, tanks, mills, 83 c; spot New York, 10%c.;
4
on Thursday for British refined. Some resale granulated refined, 100-barrel lots, 123 0. Olive, $1 15. Cod,
/
dohas been selling here latterly at 9 to 9.10c. But stocks of mestic, 68 to 70c.; Newfoundland, 70 to 74e: Lard,strained
such sugar are said to be much depleted. Refiners have winter, 12c.; extra, 11%c. Spirits of turpentine,
been quoting 9.25c. Much of the time there business has Rosin, $5 85 to $7 50. Cottonseed oil sales to-day,93c.
inbeen slow. Futures on the 2d inst. were dull with Cubas cluding switches, 7,800 barrels; crude S. E., 9c. asked.
selling at 5%c. The demand for refined was not urgent. Prices closed as follows:
Most of the buying of raws continued on a hand-to-mouth Spot
10.50011.0018eptember 10.57010.581 December. 8.62(4
8.6.5
10.64(810.90 October..
basis, supposedly merely or largely to keep machinery July _ --10.70 ©10.75 November_ 9.620 9.64 January_ _ 8.630 8.66
August
8.76 8.78 February-- 8.63(8 8.75
moving. Receipts at Cuban ports for the week were 23,755
PETROLEUM.
-Despite recent general cuts in crude oils,
tons, against 47,184 last week and 94,051 last year; exports, refined products are
42,525 tons, against 64,202 last week and 166,949 last year; tion in raw materials held firmly. Many feel that the reducwarrants
stooks, 590,209 tons, against 608,979 last week and 844,622 schedules for gasoline and a cut of 30% in the tank wagon
kerosene. It is also said that
last year. Centrals grinding numbered 6, against 8 last Eastern refiners could reduce
week and 20 last year. Of the exports, 25,235 tons went to under existing conditions and prices several cents a gallon
still
United States Atlantic ports, 10,086 to New Orleans, 1,229 they did before the recent crude make as good profits as
to Galveston, 643 to Canada, 3,285 to Europe and 2,047 to Approximately 50% of the.crudes oil cuts went into effect.
Chile. Havana cabled "Rains decreasing." United States refineries is said to be California now being run in Eastern
Atlantic ports receipts for the week ended July 4 were 21,107 deal cheaper than Mid-Continent. crudes which are a great
And
tons, against 43,854 tons last week and 73,263 last year; the increased production in California aside from all this,
offsets the small remeltings, 36,000, against 52,000 last week and 80,000 last ceipts of Mexican oil. On the
other hand, many look for ft
year; total stook, 164,417 tons, against 173,310 last week high record consnmption of gasoline during July and August,
and 193,015 last year.
and have not believed that
be reduced much
The Java crop is estimated at 15 to 30% under last year, until later on in the season. prices would further increase in
In spite of
when it was 1,750,000 tons. British. refiners advanced output, stocks of gasoline during Mayadeclined 7,884,624
August delivery 3d. Here refined was in rather better de- gallons, according to the Bureau
Mines. They are now
mand on Thursday and Cuban raws firmer. One report 328,533,247 gallons. Production of
made a new high record
put the Porto Rico crop at 338,000 tons, against a previous during the month, totaling 631,704,69 gallons, against
619,estimate of 350,000. The last previous crop was 362,000 042,667 gallons in April. The daily 3
.
average, however, detons. To-day futures declined 7 to 14 points at the opening, clined from 20,634,756 to 20,377,571 gallons. With imports
with local and Front Street interests selling. Wall Street of 14,642,980 gallons,
.
bought. One thousand tons of Philippines in port sold at in May was 646,347,67the total available supply of gasoline
3 gallons. Consumption in this coun7.03c., equal to 51443. for Cuba. The net loss for the day, try increased to
582,554,181 gallons, as compared with 487,however, proved to be only 4 to 6 points. For the week 837,277 in April. The
daily average shows a gain of 2,500,..
JULY 7 1923.]
THE CHRONICLE
101
000 gallons. With exports of 71,678,116 gallons, the total it is said, 35 to 40c. under those for Pennsylvania. Several
more cargoes are enroute to Boston.
in May was 654,232,297 gallons.
$1 87
$ 90 Illinois
Penn
TOBACCO has remained steady enough,but trade has for
$300 Ragland
1 45
1 90 Crichton
1 70 Wooster
Corning
then, it is true,
1 00 the most part been rather slow. Now and
2 08 Currie
Cabell
1 71 Lima
1 25 the demand appeared to revive, but when it came to actual
1 98 Plymouth
1 55 Indiana
Somerset
1 00
1 87 Mesta
Somerset, light- 1 75 Princeton
buying it was usually a matter of nothing more than small
The export prices of gasoline was reduced by the Standard lots that were taken. Some firms reported a fair business
Oil of New Jersey 1 Ac. a gallon. The new price on gasoline in this way in both wrappers and fillers. Supplies in general
in cases of cargo lots is 27.15c. a gallon, and on U. S. Navy have been anything but burdensome; in some cases being it
specifications, In bulk, 133/20. Standard white kerosene is seems quite moderate. Under the circumstances it seems
/
0. no very difficult matter to maintain prices. But the
reduced to 53/2c. a gallon, in bulk, 123/2c. in bbls. and 1532
in eases. Water white kerosene prices are lc. higher than interest of nine-tenths of the trade centres on the new crop.
these. Export naptha is also reduced 1 Mc. a gallon, to
COPPER,like other metals, is weaker. It could be had,
-68- it is reported, at 143/2c. Though first hands refused to quote
-66-deg. and 19c. for'66
1632c. in cargo lots, 180. for 63
/
2,522 that price openly, it is believed they would accept business
deg. In the oil fields east of the Rocky Mountains
wells were completed in June, 41 less than in May,although at that level. Buyers in some cases, it is said, have asked for
370 more than during June last year, according to the Oil postponements of finished products, which in turn has caused
City "Derrick." Initial production was 469,597 bbls., an requests for postponements of deliveries of refined copper.
increase of 80,314. At the close of June, new work con- Imports are running ahead of exports. The weakness of
sisted of 1,322 rigs and 4,828 drilling wells, a reduction from the stock market has helped to depress copper. The shutMay of 143 and 161, respectively. New York prices: down of the North Butte Mining Co. is an indication of
Gasoline, cases, cargo lots, 28.65c.; U. S. Navy specifica- what others may do. Zinc and lead ore operators in the
tions, bulk, per gallon, 15e.; export naphtha,cargo lots, 16c.; Tri-State District have curtailed drastically and copper
-68-deg., 19c. Kerosene in cargo lots, producers may follow suit.
-66-deg. 18c.; 66
63
cases, 153/2e. Petroleum refined, tanks, wagon to store,
TIN lower in spite of a decrease of 890 tons in the world's
14e. Motor garages (steel bbls.), 21 Mc.; bulk, delivered, visible supply. London prices declined. The total visible
New York, 143/c.
supply at the end of June was 21,297 tons, against 22,187
RUBBER quiet nd easier. Buyers are not inclined to tons at the end of May and 24,082 tons in June 1922. In
meet sellers' prices and very little actual business is being the United States at the close of June it was 11,079 tons,
done. London of late, however, has been firmer. First against 11,305 tons in the previous month. Shipments in
latex arepo spot and July 253/sc.; August 253/c.; September June were: Straits, 5,390 tons; Banka, 2,097 tons; Chinese,
26c.; October-December 26%c. Smoked ribbed sheets spot 592 tons.
and July 243 c.; August 25c.; September 253/c.; October4
LEAD lower. The American Smelting & Refining Co. in
/
December 263 0. Later the market here became firmer with the forepart of the week cut its price $4 per ton to 6.65c.,
higher London cables. First latex crepe and smoked ribbed New York. The East St. Louis price was lowered about $3
4
sheets spot and July 25c.; August 253/c.; September 253 c.; per ton in sympathy, i.e., to 6.40c.
and October-December 27c. In London plantation on
ZINC easier. Spot New York, 6.05 to 6.10c.,• East St.
June 30 fell to 135,id. a decline of Md. In London on the Louis, 5.70 to 5.75c. One maker, it is reported, reduced
2d inst. plantation aandard on the spot dropped Md., high grade zine Mc., to 8.50c. London has been weaker.
reaching 133/d. But a further reduction of 324 tons was
STEEL production has fallen off somewhat and prices in
made last week in the London stock, which, according to
steady. But deliveries continue to imofficial returns, were 50,766 tons, against 51.090 tons a week the main have beenproduction is only 5% under the "high"
ago, 71,771 tons a year ago and 69,310 tons in 1921. In prove. Steel ingot Prices have stood about stationary in
- reached in May.
London on July 4 plantation standard was firm on the spot
in pig iron, coke and scrap. Some
4
closing at 133 d., recovering the loss of a week. In London spite of recent declines idle this week and next. Recently
be
on the 5th inst. plantation standard on the spot advanced of the sheet mills will hot and there is also a labor shortage.
the weather has been,
Md. to 14d.
$1 on black sheets. Here and there the
in some eases weak. About 2,000 Sheets have dropped and demand, however, is bridged by
HIDES were quiet and
-May and June bulls sold at gap between supply sheets are being taken in rather large
April
Brooklyn small packer
mill shutdowns. Body
83/2o. Country hides have been neglected. Small lots of quantity by automobile makers for the third quarter and also
sold early in the week at WO.
Pennsylvania all weights
nearer delivery. In July the Ford Co. plans to make
selected, with 7o. generally the top otherwise. Later for for
with a pretty good demand
43. and 176,000 cars. Tin plate has met In fact it is said that there
4
Eastern small packer cows and steers bids were 103
for July and August shipment.
11c. asked. Foreign hides declined again and cables from are inquiries for some 600,000 boxes. Prices for bolts, nuts
the River Plate reported that 7,000 Sansinena steers sold at and rivets show a downward drift. Semi-finished steel at
14o. and 4,000 Wilson steers at 143/c. Common dry hides Pittsburgh has been weaker. It is said that structural and
were weak. Bogota, 200.; Orinocos, 17e. Leather was dull. boiler rivets are obtainable at $1 to $2 under nominal quotaLater in the West packer sold a little more readily, with sev- tions of $3 25 to $3 35 base on a good-sized order. Smaller
eral cars of April-May native bulls sold at 10c.; also some rivets,it is added,are also obtainable at attractive quotations
-May heavy cows
June-July take-off. Several thousand April
also sold in the West at 103/2e. Foreign hides were in a trifle on liberal orders.
PIG IRON has been lower. Eastern Pennsylvania furbetter demand with sales reported of 6,000 Swift Montevideo
2x and $30for No.lx.
cows at 113/c., 3,000 Sansmena 1130. About 2,000 Ar- naces have named $28 base,$29for No.the official price was
mour steers sold at 14 11-16c., with 4,000 later at 1434i. This reduction is general. Recently
there has been rather better inquiry,
OCEAN FREIGHTS were in fair demand at first. Later '29 base. Latterly
even if actual business has not been liberal. Pig iron propoo- rnd rates weakened.
the demand was
for June was 3,668,413
Charters included coal from Atlantic range to Antwerp-Hamburg. $2 15 duction keeps up well. The total
prompt; grain from Montreal to Genoa direct, 17 Sic., July; grain from tons, or 122,280 tons a day, as against 3,867,694 tons in
Montreal to West Italy, 3s. Pd., July; coal from Atlantic range to West
day. This marks a big increase
Italy, $3. option Venice or Trieste at $3 30. brompt; coal from Atlantic May, or 124,764 tons a
range to West Italy, $3, July; to Marseilles, $3 25, prompt; to West Italy, since last February, when the total was 2,994,187 tons,
$3 20. late August; deals from Miramicht to Preston and (or) Belfast, 65s.. or an average of 106,935 tons a day. In January it was
August; four months' time charter. 1,292-ton steamer in West India trade.
that
$1 25. prompt; grain from Montreal to West Italy. 17c., July; grain front 3,229,604 tons, or 104,181 tons a day. The point is
Montreal to Genoa, 18c., prompt; deals from Miramichi to Sharpness, 1923 continues to show totals far in excess of recent years.
to Jacksonville or Savannah, $3.
67s. 6d.. prompt; kainit from Hamburg
July; coal from Swansea to Halifax, 10s. prompt; coal from Hampton Basic has latterly declined $1 50. It is now $25 50 Valley.
Roads to Rotterdant-Hamburg range, $2. fitly; coal from Hampton Roads And it is understood that 2,500 tons sold as low as $25 25.
to Rotterdam-Amsterdam,$2 10. July; coal from Virginia to Three Rivers,
Chicago.
$1, July; six months' time charter. 1,134-ton steamer in West Indies trade, Foundry and steel-making grades dropped $1 at
$140, July; grain from Montreal to West Italy and islands. 17c., 1734c., Charcoal iron resold at $3 under the furnace price. Lower
18c., last half July loading; grain from Montreal to Avonmouth. 2s. 7 lid.,
as well as in
July; coal from Hampton Roads to Rotterdam.$2 10, July;from Hampton prices are reported at Buffalo and Cleveland,
Roads to Rio de Janeiro, $3 25, July; to Italy. $3 10, prompt; grain from eastern Pennsylvania. At the South the general quotation
Montreal to West Italy or islands, 4s, one port, 44s. two ports, July;
wired on the 3d inst. that
coal from At antic range to Pernambuco, $3 60, prompt; coal from Balti- is $25 Birmingham. Chicago
more to Dunkirk.$2 no. prompt; one round trip in United States and West prices were down to $28 to $30, or a drop of $2 to $3 within a
Coast South America trade. 1,881-ton steamer. $1 85, July; one-year time month.
charter, 1.471-ton steamer in West Indies trade.$1 15, prompt; six months'
time charter, 1.443-ton steamer in West Indies trade, $I 20, prompt; one
WOOL has been dull, but on the whole rather steady,
-ton steamer in West Indies trade, $1 15. prompt; one
round trip, 1,640
owing to the fact that the London auctions as a ride have
-ton Veamer, $1 60, prompt.
round trip in West Indies trade, 850
there
-Bituminous was dull at the north. Low and been turning out better than expected. Prices to the
COAL.
steadied, much
high volatile early in the week was steadier. Anthracite wavered at first last week, then they of the water. The
was firm for a time with a steady demand, but the Welsh satisfaction of the trade on this side
some uneasiness.
are competing in .the American market. Later prices were results had evidently been awaited with have shown any
sales
Low volatile coals for Hampton Roads were $5 50 It cannot be said that the London it. They have simply
steadier.
and none too freely offered at that price. Southern opera- marked recovery of prices; far from
people had dared to hope.
tors have bought up much of the stocks on coal piers of resulted more favorably than most
firmer tone here despite the
Navy standard. Pool 2 was quoted at $5 00; high volatiles And now some are predicting aThey think business si likely
were in better demand at $4 30 to $4 35, but higher was present slowness of business.
The trouble is that the
asked, say, $4 40 to $4 45. Still later on, Northern coal to increase before many weeks.
shape.
were Pool 1, $3 25 to $4 00; Pool 71, $2 50 to woolen industry is in none too promising slumped.Cancellaprices quoted
demand
Predic$2 25 to $2 75; Pool 10, $2 to 162 50; Pool 11, tion of orders hit it when retail
$2 80; Pool 9,
this fall of 10 to 15%
net ton, run of mine. Spot prices for coal tions some months back of an advance
$1 75 to $2; all
be verified. Some prominent
at New York piers were firmer; Pool 1 coal was quoted at in spring goods may not advances. Predictions and
the
9, $5 55 to $5 80; Pool 10, $5 to $5 50. manufacturers still predict
$6 to $6 50; Pool
Boston has bought 2,000 tons of Welsh anthracite at prices, verification of them are of course different matters. An
102
THE CHRONICLE
[VOL. 117.
increase in the American consumption oi „,v00,000 pounds
The following table shows the week's total receipts, the
in May is reported by the Census Bureau. Condensing its total since Aug. 1
1922 and stocks to-night, compared with
figures from 603 manufacturers, they show that 51,154,244 the last year:
pounds of wool were consumed in May,as against 48,197,619
pounds in April. There was a slight gain in the number of
1921-22.
1922-23.
Stock.
Receipts to
woolen spindles in operation, but slightly fewer worsted
July 6.
This Since Aug This Since Aug
spindles. In spindle hours gains occurred in looms wider
Week. 1 1922. Week. 11921.
1923. I 1922.
than 50 inches reed space. The consumption included
Galveston
4,506 2,327,274 21,340 2,492,600
35,375 111,685
40,613,784 pounds in the grease, 7,521,786 pounds of Texas City
69,798
966
31.683
13
1,011
scoured wool and 3,018,674 pounds of pulled wool. Reduced Houston
905 723,413 5,974 472.056
Port Arthur, &c_
10,305
to a grease equivalent these quantities would amount to New Orleans
4.245 1,351,106 16,277 1,242,992
56,097 120.221
59,682,254 pounds. The grease equivalent for April was Gulfport
8,123
Mobile
894
89.286
56,410,887 pounds.
971 159.812
718
2,276
Pensacol,a
9,220
3,350
In London on June 29 joint offerings were 11,000 bales, Jacksonville
9,156
2,614
4,034
1.433
4,734 435,424 7,352 747,705
mostly crossbreds. Prices were rather firmer. Sydney,329 Savannah
18,590
73,499
Brunswick
4
28,524
243
1,465
29,662
bales; greasy merino 22d. to 31d.• Victoria, 1,746 bales; Charleston
422 131,578
905 154,111
25,443
57.433
crossbreds, greasy, 103 d. to 16
A
scoured, 103/2d. to Georgetown
Wilmington
4,021 101,017
719 107,201
7,897
16,630
24d.• pieces, 83 d. to 31d. New ioaland, 5,563 bales; Norfolk
4
2,590 279,713
924 347,926
43,052
32,094
'
crossbreds, greasy, bulk to home operators, with a good N'port News, &c_
583
New York
1,000
9,460
100
32,089
83,512 184411
quantity to America, 83/2d. to 24Md.; scoured, 113/2d.
Boston
695
74,944
to Baltimore
38
43,414
7,053
5959
364.; pieces, 121 d. to 343/2d.; slipe, 103/2d. to
458
18,185
4
618
59,595
1,548
1,218
283/2d. Philadelphia
4,942
29,576
3,919
Puntas, 2,744 bales; Falklands, 498 bales; greasy crossbreds,
3,403
Totals
the bulk to the Continent, the best, 244. and 20d., respec24.472 5.663.020 56.184 5.976.817 275.116 4123.702
tively. In London on July 2 joint offerings were 12,620
In order that comparison may be made with other years,
bales. Good demand; prices firm. But withdrawals rather
we give below the totals at leading ports for six seasons:
. numerous, owing to the limits. Sydney, 2,005 bales; greasy
merino, bulk to Continent, 243/2d. to 33d. Queensland, 758 Recpipts
at1923.
1922.
1921.
1920.
1919.
1918.
bales; scoured merino, 45d. to 573/2d. Victoria, 4,405 bales;
Galveston.. _ _ 4,506
21,340
40,944
5,211
crossbreds, best greasy, 253/2d. New Zealand, 4,145 bales; IIowtton,&c_
35,517
10,737
_
905
966
21,861
361
7.506
627
crossbreds, chiefly to Yorkshire, best greasy, 21d. Cape, New Orleans4,245
16.277
13,120
11,471
23,070
8,342
Mobile
894
971
2,671
972 bales; mostly withdrawn, best greasy, 261/2d,; snow
599
565
1,052
Savannah_ _ _ 4,734
7,352
15,298
3,781
28,064
5,785
white, 42d.
Brunswick _ _ _
4
5.000
2,000
422
In London on July 3d, 10,250 bales of free wools were of- Charleston_
905
575
10
3,681
105
Wilmington....
4,021
719
1,390
15
3,419
618
fered. Attendance good. Selection mostly crossbreds. Norfolk
2,590
924
2,273
1,176
8,131
211
Demand active, especially from Yorkshire. Prices firm. N'port N.,&c.
29
38
148
2.151
6,730
2,018
2,306
1,168
2,585
Sydney, 326 bales; greasy merino, 293,d. to 32d., the bulk All others- --to the Continent; Queensland, 690 bales scoured merino, Tot. this week
24,472
56,184 100:186
24,959 118,267
32,062
.
413d. to 56d., also largely to the Continent. Victoria, .......- A..... 1 IA•OA, Ann E r.
....e eine. Ann 0140 ,
TA1 041 0 ',AA en') A.7111 lila
.
.
•
.
•
•
•
•
•
r
•
1,237 bales; scoured merino, 35d. to 49d.; pieces, 16d. to
The exports for the week ending this evening reach a total
434. West Australia, 1,093 bales; greasy merino, 20d. to
29d.; scoured, 41d. to 48d. New Zealand, 5,789 bales; of 59,495 bales, of which 16,035 were to Great Britain,
greasy crossbred, 8d. to 25Md.; scoured, 1130. to 404. 11,325 to France and 32,135 to other destinations. Below
Falkland, 906 bales; greasy crossbred, the bulk to the Con- are the exports for the week and since Aug. 1 1922.
tinent at prices showing little change compared with May;
Week ending July 6 1923.
the best brought 2234d.
From Aug. 1 1922 to July 6 1923.
Exported toExported to
In London on July 4 joint offerings were 12,000 bales.
Exports
fromGreat
chiefly crossbreds. Sydney, 1,218 bales; greasy merino,
Great
Britain. France. Other. Toga. Britain. France. Other.
Total.
26d. to 32d. mostly withdrawn owing to the firm limits.
Queensland,.448 bales; scoured merino, the bulk to the Con- Galveston._ 1,483 3,96 13,293 18,741 421,569 315,73 1,162,6331,899,937
Houston _ _
235,284 153,292 331,157 719.733
tinent at the best prices of the series
-51d. to 573/2d. Vic- Texas City.
3,76
3,785
toria, 3,440 bales; greasy merino, 27Md. to 32Md.• pieces, New On
8,825 4,151 0,56 19,645 206,803 84,491 508.12 799,417
Mobile
750
750 24,162
4,94
29,779 58,886
to 31d.; greasy crossbred, 83.4d. to 17d. dew Zea- Jacksonville
233/2d.
7
675
land, 6,155 bales; crossbreds, best greasy, 264.; scoured, Pensacola _ _
7,961
1,261
9,220
Savannah
5,25 5i257 129,329
- "
4,410 142.781 276,520
363/2d.;slipe, 24d. Capes,405 bales, all withdrawn owing to Brunswick__
.
_
21,36
7,05
28,424
the limits.
Charleston.
31,86
1,094 50,22i 83,189
Wilmington
11,600
In London on July 5 offerings were 10,000 bales
81.000 92,600
of free Norfolk...._
-845.1
83
5.877
1,75
48,491
wools. Australian greasy merinos were plentiful, mostly New York_ _ 5,021 2,374 4;85i 8,550 105,674 46,721 143,206 155,923
1,15
62,714
252,641
202
second-hand lots, but they met with a steady demand, it Boston
202
4,029
7,18
11,194
Baltimore._
_
1,479
167
1,046
is said, in one dispatch. British and Continental operators Philadelphi
215
1,754
1,989
bought. Prices, one dispatch said, were unchanged but Los Angel
12,897
1,977
3.925 18,799
,
San Fran_
-575 575
211 68,912 69,112
there were a number of withdrawals on the limits. Sydney, Seattle
9.532
9,532
1,630 bales, greasy merino; 22 Md. to 32d. Queensland,
Total_ _ 16,035 11,326 32,135 59,4951,270,800 614,8382.601,5354,493,182
2,004 bales; greasy merinos, 23d. to 3
13/2d. Victoria, 1,939
Total '21-22 37,45 17.930114,350 169,735 1,699,923 739,824 3,391,324
bales; greasy merino, 253'2d. to 32d.; scoured merino,
373/2d. Total '20-21 14,409 14.106108,502 137,017 1,667,319 539,28 2,962,556 5,831,071
5,169,163
to 58d. Adelaide, 1,560 bales: greasy merinos, best, 2
93/2d.;
NOTE.
-Exports to Canada.
-It has never been our practice to Include in the
scoured,51 Md. West Australia, 1,147 bales; greasy merino, above
table exports of cotton to Canada, the reason being that virtually an the
223/2d. to 303/24. New Zealand, 1,918 bales; greasy cross- cotton destined to the Dominion comes overland and it Is impossible to get
returns
bred, 83Ld. to 263/2d., practically all sold to Yorkshire. concerning the same from week to week, while reports from the customs distrcts
/
on the Canadian border are always very slow in coming to band. In view,
Another London dispatch said the offerings on the 5th
of the numerous inquiries we are receiving regarding the matter, we will sayhowever,
inst.
that for
were 10,370 bales and that the increase in the discount rate the crop year from Aug.1 to Ma 31.(no later returns are as yet available) the exports
to the Dominion the present season have been 181.544 bales. In the corresponding
of the Bank of England led to an easier tone. Buyers
period of the preceding season the exports were about 174,000 tialoi.
were
not keen; sale slow. Greasy merinos sold 10%; fine crossIn addition to above exports, our telegrams to-night also
breds, 5%; medium crossbreds. 10%, and coarse crossbreds, give us the following amounts
of cotton on shipboard, not
734% under the last series. Cape of Good Hope and Natal cleared, at the ports named.
grades were unchanged to 5% cheaper.
On Shipboard, Not Cleared for
Great
GerOther
July 6 at
- Britain. France. many. Coning. Coast- Total. Leaving
Stack.
wise.
COTTON.
Galveston
200
800 1,500 2,000
30,375
500 5,000
Friday Night, July 6 1923.
New Orleans_ _
410 1,788
100 2,584
51,115
100 4.982
18.090
500
THE MOVEMENT OF THE CROP, as indicated by Savannah
500
Chlrleston___ _
25,443
our telegrams from the South to-night, is given below. For Mobile
-iio
208
-586
"MO
Norfolk
32.094
the week ending this evening the total receipts have reached Other portse.... 7,500
2,000 3,000 1,8645
92,549
250 14;i8o
24,472 bales, against 29,371 bales last week and 30,728 bales
Total 1923-- 8,270 4,588 4,600 6,434
25,242 249,874
the previous week, making the total receipts since Aug. 1
Total 1922.. 20,153 11.167 17,654 22,202 1,350 74,229 549.473
1922, 5,663,020 bales, against 5,976,817 bales for the same
Total 1921-- 37,404 8.220 38,586 62,700 3053 150.810 1,364.732
3,900
period of 1921-22, showing a decrease since Aug. 1 1922
Speculation in cotton for future delivery has been rather
of 313,797 bales.
Receipts at-
Sat.
Mon.
Tues.
Galveston
800
755
563
Houston
905
New Orleans
1,597
11
.
463
Mobile
65
211
_- -_
Savannah
174 2,452 1,047
Brunswick--- Charleston_
80
50
152
Wilmington
807 1,704
81
Norfolk
260
166 1,860
New York
1.000
Boston
334
181
---Baltimore
TotAle thlo.=.....b.
0 100
ft ona
a QOA
Wed. Thurs.
Fri.
437
1,18
.
5
---_-__
---- 301
----
_--_
1.951
_
250
31
---60
718
66
368
1,030
4
80
410
238
----
-
HO
9 1111
ii'i
1 99
ri8§
Total.
4,506
6
05
4,245
894
4,734
4
422
4,021
2,590
i8i
695
456
c,
iort
OA A70
small than otherwise and prices declined some 60 to 75 points
on the Government report of July 2. The condition of 69.9
then given was not bearish.; quite the contrary. But it had
been discounted. And ti e acreage and crop figures were distinctly larger than had been expected, especially the acreage
-12.6% increase. It surprised and mystified people. The
condition given of 69.9 was .7 of 10% above an average of
many previous private reports, i. e. 69.2, and was the same
as the average estimate by Members of the New York Cotton
Exchange of exactly 69.9, compared with the Government
figures of 71 last month, 71.2 last year, 69.2 in 1921, 70.7 in
1920, 70 in 1919 and 85.8 In 1918 and 76 as the 10-year average. But when it came to the figures on the acreage they
JULY 7 1923.]
THE CHRONICLE
103
rallied despite the
The range of was not so good as expected and stocks
were a kind of thunderclap from a clear sky.
of discount to 4%. Conincrease in acreage of 5.9 to rise in the Bank of England rate still two to three weeks
estimates had pointed to an
the total tracts became scarce. The crop is
8.75%. But the Government put it at 12.6% and
first week of Jul,y is gone.
in Government reports of late. The plant is small and the
in
at the unprecedented aggregate
To-day prices declined early, and then rallied sharply by
year, 31,678,000 in 1921,
38,287,000, against 34,016,000 last
That was wanted
1919, 37,207,000 in 1918 and the later business, especially on July. impression. Some of
37,043,000 in 1920, 35,133,000 in
poured spot people, according to the general
34,925,000 in 1917. This was too much. Liquidation broke the buying was attributed, rightly or wrongly, to Southwestand prices
been
down on the market from all directions
of ern or Texas interests. Freight engagements have York
sharply. Yet the condition of 69.9 showed a deterioration
of the New
improvement. That made for the shipment of some 15,000 bales double or more
1.1% during June instead of the normal
condition stock to Europe and Japan this month, and
has often been 2 to 5%. In 1920 it was 8.3%. The But the than this quantity to Japan, according to one rumor, during
of 69.9%, too, is 6.1% below the 10-year average.decline in August. In fact, it is said even more than this will go out
report came upon a listless maiket relaxed by a
within the next two months from New York. The Continent
stocks, poor Liverpool cables, dulness of cotton goods, slow- wants New York cotton, especially, it appears, Havre. The
a genness of spot markets, quietness in general trade and
strength of July offset poor spinners' takings for the week
eral indifference to bull speculation, whether in commodities and on the whole a favorable weather map. A higher stock
to
or anything else. To be sure, there was a rally of some 30
market helped cotton. Spot prices were up 30 to 40 points
40 points in the later trading on July 2, when stocks sud- here and at the South. The technical position is considered
denly advanced and cotton shorts tried to cover. There is much better than it was after a decline of about 250 points
believed to be a big short interest in Wall Street and uptown from the recent highs Yet in spite of all this the final prices
and what looked like uptown short interests bought 15,000 to to-day show a decline for the week of 47 to 81 points, July
20,000 bales of October in the afternoon. Not a few, too, standing up the best and the next crop suffering the most.
were buying on a scale down. They believe that abandoncotton closed at 28.05c. for middling, a decline for the
ment owing to weevil and labor shortage will cut down the Spot of 50 points.
and also that July crop estimates are not as a rule week
acreage
The official quotation for.Middling upland cotton in the
to be relied upon. They may be 1,300,000 to 3,000,000 too high,
New York market each day for the past week has been:
in 1922 and in 1918, respectively.
as they were
Sat. Mon. Tues. Wed. Thurs. Fri.
June 30 to July 6—
But with trade dull at home and abroad and private crop Middling uplands
28.25 27.85 27.25 Hot 27.65 28.05
reports in not a few cases favorable, the turn of prices has
NEW YORK QUOTATIONS FOR 32 YEARS.
been downward. In about 10 days October has fallen 250 1923
6.12c.
13.50c. 1899
9.50c. 1907
28.05c. 1915
6.25c.
10.80c. 1898
13.25c. 1906
points. Spot markets have been declining. Liverpool has 1922
22.70c. 1914
7.88c.
11.10c. 1897
12.35c. 1905
12.05c. 1913
latterly been dull, with very small spot sales. There has 1921
7.44c.
10.75c. 1896
12.15c. 1904
40.00c. 1912
1920
7.12c.
12.10c. 1395
14.85e. 1903
been a certain amount of reversing of straddles there, long 1919
34.40c. 1911
7.25c.
9.31c. 1894
15.35c. 1902
31.80c. 1910
and depression generally, partly owing to the 1918
liquidation
8.88c. 1893 • 7.94c.
12.75c. 1901
26.15c. 1909
7.31c.
10.12c. 1892
New York, while the disturbed state of European 1917
1900
decline in
11.30c.
13.00c. 1908
1916
politics has also counted for not a little. Manchester has
MARKET AND SALES AT NEW YORK.
been dull and unsettled, partly because of the political tension in Europe. Early in the week there was talk of strained
SALES.
Futures
Spot.
Market
Market
relations between England and France. The London stock
Spot. Gontet. Total.
Closed.
Closed.
unsettled, with some predictions of a higher
market was
bank rate, which came on Thursday, a rise to 4%. More- Saturday_ _ _ QuIet 30 pts. dec._ Steady
Steady
uiet,
over, the Ruhr situation did not improve. Things were still Monday --- Quiet,40 pts.dec_ _ _ Steady
60 pts.dec
___
in their old impasse. On this side of the water the stock Tuesday
. HOLIDAY
Wednesday_
adv..
market was for a time a distinct depressant. Wall Street Thursday _ _ Steady. 40 pts.adv- Steady steady
Barely
Steady. 40 pts
bearish on the cotton situation, and Friday
operators, too, have been
Total
although some of them have covered from time to time they
have put out new short lines later on if they judged the moTHE VISIBLE SUPPLY OF COTTON to-rught, as made
been quiet. Fall River
ment opportune. Worth Street has
as
up by cable and telegraph, is as follows. Foreign stocks,
has been dull. Its sales for the week are estimated at 45,000
well as the afloat, are this week's returns, and consequently
pieces of print cloths. Commodities generally have been
figures are brought down to Thursday evening.
more or less depressed. Finally, liquidation of July cotton all foreign
t
But to make the total the complete figures for to-nigh
has been renewed. As for the crop, it is believed to be in
(Friday), we add the item of exports from the United States,
better shape than it was on June 25, the real date of the re- including in it the exports of Friday only.
port of July 2.
1920.
1921.
1922.
1923.
July 6—
bales 454,000 875,000 1.117.000 1.034,000
Liverpool
But on the other hand there are those who believe that Stock at London
12,000
2,000
1.000
2.000
at
93.000 142.000
56.000
42.000
the short side is being overdone. They think there is a large Stock at Manchester
Stock
short interest in October, not to mention other months.
498,000 932.000 1.212.000 1,188,000
Total Great Britain
30,000
30,000
33.000
October, it seems, has been the favorite sale of many in and Stock at Hamburg
19,000
88,000
47,000 203,000 693.000
out of Wall Street. Wall Street and uptown interests are Stock at Bremen
57.000 143.000 136.000 254,000
Stock at Havre
10.000
supposed to be rather heavily committed to the short account. Stock at Rotterdam
12,000
6,000
84,000 116,000 108.000
81,000
And some criticize the Government report as being too high Stock at Barcelona
94,000
25,000
11.000
9,000
Stock at Genoa
on the acreage and crop. Some question the correctness of Stock at Ghent
26.000
8,000
15.000
1.000
3.000
the Government figures, especially as they give the acreage Stock at Antwerp
as "In cultivation." Many doubt whether the acreage in cul237.000 495.000 536.000 564,000
Total Continental stocks
tivation is as large as 38,287,000. In any case the acreage
735.000 1,427.000 1.748.000 1,752,000
Total European stocks
report is considered more or less ambiguous. It is pointed
38,000 110,000
84.000
80,000
out that it makes no allowance for abandonment of acreage. India cotton afloat for Europe
American cotton afloat for Europe 119,000 346.000 344.274 138,470
42,000
77.000
47.000
And one thing is certain, namely that a critical period for Egypt,Brazil,&c.,afloat for Eur'e 165,000 243,000 271.000 42,000
88.000
Alexandria. Egypt
the crop of some six or seven weeks lies just ahead. Of Stock in Bombay,India
591,000 1,114.000 1.202.000 1.340,000
Stock in
275,116 623.702 1,515,542 874.848
course, what may happen to the plant is purely conjectural. Stock in U. S. ports
331,666 498,935 1.240,354 957,497
in U. S. interior
But in the ordinary course of nature there is deterioration. Stockexports to-day towns
12,632
18.768
3,188
U.S.
Moreover, the statistical position is regarded by many as
4,416,825 6,419.938 5.315,447
2,343.782
Total visible supply
strong, quite as strong as ever, if not more so.
Of the above, totals of American and other descriptions are as follows:
Meanwhile it is not believed to be possible that general
American—
bales_ 170,000 519.000 711,000 716.000
business of the world can long remain in its present dull Liverpool stock
76,000 129,000
41,000
23,000
Manchester stock
state. Sooner or later it must emerge from the fog which Continental stock
144,000 409.000 463,000 458.000
119,000 346.000 344.274 138.740
American afloat for Europe
has recently settled down over it and cotton will share in any
275,116 623,702 1.515.542 874.848
port stocks
Improvement. 'Stocks of cotton at home and abroad are U. S. interior stocks
331,666 498.935 1,240,354 957.497
U.S.
12.362
18.768
3,188
down to a low stage. This means visible and invisible U. S. exports to-day
stocks. Also, some believe that the Ruhr trouble must be
1,062,782 2,440,825 4,368,938 3.286,447
Total American
East Indian. Brasil. &c.—
nearing an end. It has come to such a pass that the Vatican
284.000 356,000 406.000 318,000
stock
12.000
2,000
Is endeavoring to use its good offices toward a settlement of Liverpool
1.000
2,000
London stock
13,000
17,000
15,000
19.000
the vexed question. "When things get to their worst they Manchester stock
73,000 106,000
86.000
93,000
Continental stock
38,000 110,000
mend." On this principle there are those who believe that India afloat for Europe
84.000
80.000
42.000
42,000
77.000
47,000
a settlement of the trouble over the reparations question is Egypt, Brazil, &c., afloat
88,000
165.000 243.000 271.000 1.340.000
Alexandria, Egypt
not far off. Latterly Liverpool and Japanese interests have Stock in Bombay.India
1,202.000
591,000 2.114.000
Stock in
been buying. July, in spite of liquidation, has maintained a
1.281,000 1.976,000 2,051.000 2,209,000
Total East India &c
good premium over October. New Orleans has latterly been
Total American
1 062,782 2.440.825 4.368.155 3.286,447
buying. Spinners have been buying October and other
2,343.782 4,416.825 6,419,938 5,315,447
Total visible supply
months. With the technical position stronger and a recent Middling uplands, Liverpool
7.844. 25.12d.
15.62d. 13.50d.
12.20c. 40.50c.
about $12 a bale not a few believe that a rally at Middling uplands, New York_ _ _ _ 28.05c. 22.90c. 18.00d. 64.50d
decline of
Egypt, good sakel, Liverpool_ _ _ _ 17.158. 22.25d.
whether prolonged or not, is due.
any rate,
Peruvian, rough good, Liverpool- 18.75d. 14.566. 11.00d. 46.00(1'
7.55(1. 19.85d•
12.70d. 12.058.
Cotton advanced 95 points on July from the "low" on Broach fine, Liverpool
8.05d. 21.166:
13.858. 12.95d.
Thursday and 50 to 66 on other months, when it was found Tinnevelly, good. Liverpool
Continental imports for past week have been 60,000 bales.
that the market had become oversold here and in New OrThe above figures for 1923 show a decrease from last week
leans, if not in Liverpool. Early prices here were lower, it
is true, owing to generally good weather, poor cables, a de- of 121,892 bales, a loss of 2,073,043 from 1922, a decline
off of 2,971,665
cline in stocks and foreign exchange and renewed liquida- of 4,076,156 bales from 1921 and a falling
tion of July. Later came the upturn as the weekly report bales from 1920.
104
THE CHRONICLE
FUTURES.
-The highest, lowest and closing prices at
New York for the past week have been as follows:
1
Saturday. Monday, Tuesday, Waylay, Thursd'y, Friday,
June 30. July 2. July 3. July 4. July 5. July 6.
(VOL. 117.
Movement into sight in previous years:
Week1921-July 8
-July 9
1920
1919
-July 11
Bales.
Since Aug. 1135,586 1920
-21-July 8
107,196 1919
-July 9
-20
157,599 1918
-July 11
-19
Bales.
11,965,557
11,206,857
11.915.579
Week.
QUOTATIONS FOR MIDDLING COTTON AT
July
Range
26.90-f20 26.35-J10 26.00-.35
25.50445 26.10-.97 25.50-127 OTHER MARKETS.
-Below are the closing quotations for
Closing
27.04-.07 26.58-65 26.00-02
26.40-A526.78-.82---- middling
cotton at Southern and other principal cotton
August
Range
- -26.00-.25 25.67-100
25.05-.70 25.40-.75 25.05425 markets for each day of the week:
Closing
26.44 -26.10 -25.67 25.65 -25.60 - September
Range
---25.00 -24.60-.80
24.40-.53 24.35-.56 24.35 e00
Closing Quotations for Middling Colon on
Closing
25.32 -25.00 -24.60 24.53 -24.45 ----- - Week ending
OaotterJuly 6.
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
Range
24.55-65 23.83-155 23.55-.99
23.22-.88 23.54-110 23.22-165
Closing _
Galveston
24.57-.80 24.14-.16 23.65-.70
28.10
23.77-.80 23.95-.97-- 27.60
27.20
27.55
27.90
November
New Orleans
28.50
28.00
27.50
27.00
27.38
Range
Mobile
ROLL28.50
28.00
27.50
27.50
27.38
Closing ____ 24.30 -23.85 -23.40 - DAY 23.53 -23.70
Savannah
27.85
27.40
-26.80
- -Norfolk
27.20
27.40
December
27.50
27.13
26.75
HOLI- 27.00
27.50
Range
24.00-.10 23.30-.98 23.06-42
22.75-138 23.08-.60 22.75-110 Baltimore
28.00
27.25
DAY 27.00
27.00
Closing
24.03-.05 23.59-65 23.16-.18
Augusta
28.00
23.28-.31 23.46-48- - 27.63
27.25
27.7")
27.50
January
Memphis
28.50
28.25
28.00
28.00
27.7 ,
Range
23.65..75 23.00-.60 22.79-118
28.00
22.45-104 22.73-12522.45-175 Houston
27.60
27.00
27.40
27.7.,
Closing __
23.68 -23.37 -22.85-86
Little Rock_ _ _ _ 28.00
22.99-10023.16-17-- 28.00
27.75
27.72
28.00
February
Dallas
27.55
27.10
26.60
27.00
27.40
Range
Fort Worth_ __ _ ____
27.00
26.50
26.80
27.20
Closing
23.66 -23.34 -22.83 22.98 -- 23.16 ----- March
NEW ORLEANS CONTRACT MARKET.
-The closing
Range
23.60-.70 23.00-.55 22.77-114
22.43-.97 22.71-123 22.43-170 quotatio
ns for leading contracts in the New Orleans cotton
Closing
23.65 -23.32-.34 22.82 22.97 -23.16-.17-- April
markets for the past week have been as follows:
Range
Closing...... 23.58 -23.26 -22.77 22.91 -23.10 --- May
Saturday, Monday, Tuesday, Wednesday, Thursday,
Friday,
Range
23.50-.53 22.90-130 22.72-105
June 30.
July 2.
22.35-.85 22.67-89 22.35-153
July 3.
July 4.
July 5.
July 6.
Closing
23.51 -23.20-.25 22.72-.73
22.85 -23.04 - - July
27.13-27.20 26.70-26.73 26.29-26.30
J 27e. I 24c. 123c. t26c. e 25e.
26.3826.69-26.70
October
23.88-23.91 23.43-23.44 22.93-22.96
23.08-23.13 23.27-23.30
AT THE INTERIOR TOWNS the movement-that is, December 23.47-23.48 23.06-23.08 22.60-22.65
22.77-22.81 22.98-22.99
23.38-23.40 23.00-23.03 22.58-22.59 . HOLI- 22.68-22.70 22.87-22.90
the receipts for the week and since Aug. 1, the shipments for January 23.21-23.25 22.87March
22.46-22.54
DAY
22.54.- 22.76-22.77
the week and the stocks to-night, and the same items for the May
23.02 bid 22.72-22.75 22.31-22.35
22.40-22.42 22.61-22.64
Tone
corresponding periods of the previous year-is set out in Spot Quiet
Quiet
Quiet
Quiet
Steady
detail below:
Ootions
Steady
Steady
Steady
Steady
Steady
Movement to July 6 1923.
Towns.'
Receipts.
Week. Season.
Morement to July 7 1022.
.
' Ship- Stocks.
Receipts.
Ship- Stocks
' ments J ,iy
'meals. Jul
Week.
Week. Season. Week.
6.
ol
7.
1
Ala.,Birtning'm
2 41,268
54 3,440
6
32,35
302 2,110
Eufaula
4001
8,737,
500
629
6,735
3,288
Montgomery.
240 60,9541
369 6,866
5
48,801
Selma
41 54,316
2 1,399
14 41,590
2851 2,856
Ark., Helena
34,544
____ 8,005
2 31,566
429 7,042
Little Rock
170,8371
594 15,199
269 184.062 3,4851 22,503
Pine Bluff _
2001 133,140 1,200 25,664
200 127,320 2,6251 28,707
Ga., Albany__ ___
6,255
8 2,075
6,964
1,287
Athens
-235 45,837
300 14,320
550 08,368
724 20,099
Atlanta
2751 274,271 2,657 18,341
235,381 3,6891 17,552
Augusta
1,028 295,9031
408 18,603 1,9791 391,015 7,167 74,316
Columbus_ _ _
432 124,760
741 4,246
782 64,082
311 8,136
Macon
118 56,884 1.198 7,145
320 38,084
386 7,870
Rome
200 48,278
200 5,283
58, 30,96
3051 7,960
La., Shrevepo
____
74,100
___
62,213 1,700 7,900
200
___
24 786
232
644
3 20,746
178
592
Nfiss.,Columbus- 97 128910 1,117 19.851
Clarksdale
.
134,255
---- 15,347
Greenwood_ _
7 106,733
438 18.232
92 91,607
932 13,220
Meridian
214 34,316
.3741 34,071
144 1,361
818 2.465
Natchez.
5 32,476
482 2,830
10 32,255 1,478 2,281
Vicksburg_ _ 1
23,137
41 3,435
27,076
34434
Yazoo City
1
28,126
128 8,325
30 30,628
3981 5,595
Mo., St. Louis_ 3,372 712,305 4,173 8,023 8,236 815,772
10,966 15,846
N.C..Gre'nsbo
190 106,586 1.138 15,228
935 63,402 1,319 9,822
Raleigh
9 11,261:25
54
143
14,176
530
300
Okla., Altus__ _
102,729
115 1,143
83,520
396 1,480
Chickasha_ _ _
. 81,389
__
126 61,931
354
973 1,371
Oklahoma_ _ _
78,127,
_ 1,945
219 64,276
985 5,606
S.C.,Greenvill
0001 17uggi 3,000 20,778 2,046 181.110 3,174 27,679
Greenwood
___
___ 6,100
14,472
304
.
Tenn..1Viempla
2,798 ,10 ,6111 4,317 60,844 7,2651 932,6
1
851 10,538 76,731
Nashville
291,
23
362
Texas, Abilene_
45,7971
186
81,17
Brenham__
18,481
3.883
14,16
2,41
Austin__
35,591,
_
308
29,345
____
521
Dallas
-i
87 85,621, - 03 1,781
288. 169,7051 1,770 7,635
Honey Grov1
110
-_ , 19,700!
Houston__ _ _ 3,1 ,2,677,111, 5,560"
81
24,213 11, 952,622,309
1,51:810
1
'Paris
71,6391
____
42
16: 52.472
___ 1,963
San Antonio_
____
41,188. __-30
1261 51,131
109,
581
Fort Worth_
64,1741 ___
439
1391 67,391
soa 3,308
Total, 41 tow. 13,8947,223,738! 29,704331.666 37,4097,10
9.150 79,211498,935
---.1
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.
JUiti 6ShippedVia St. Louis
Via Mounds, ace
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
----1922-23---Since
Week. Aug. 1.
4,173 701,519
2520 238,488
7,926
375
56,408
3.619 178,182
8521
474,870
Total gross overland
19,208 1,657.393
Deduct Shipments
Overland to N. Y.. Boston, &c... 2.151
107.931
Between interior towns
492
27,856
Inland, &c., from South
2,780 475,039
Total to be deducted
5,423
610,826
Leaving total net overland *
13,785 1,046,567
•Including movement by rail to Canada.
-1921-22Since
Week. Aug. 1.
10,966 808,680
2,700 366,111
7,986
1,203
82.591
4,120 251.592
8,644 435,925
27,633 1,952,885
756
465
4.654
169,554
28,319
382,847
5,875
580,720
21.758 1,372,165
WEATHER REPORTS BY TELEGRAPH.
-Reports
to us by telegraph from the South this evening indicate that
showers have been frequent and scattered and in a few
instances rainfall has been heavy. In almost all sections of
the belt the weather has been somewhat too cool, especially
the nights. Many localities report weevil activity, but these
have caused little damage to the crop as a whole.
Texas.
-The condition of cotton continues very good
except the late planted, which in some few instances is
affected by drouth. In a few localities boll weevil, grasshoppers and leafworms are becoming active.
Mobile.-Low temperatures have retarded the growth of
cotton and favored the development of the boll weevil.
There has also been complaint of shedding. Rainfall has
been light and good progress has been made against grass.
Charleston, S. C.
-There has been very little rain, which
now would be an aid in the growth of the plant.
Rain. Rainfall.
Thermometer
Galveston, Texas
5 days 5.31 In. high 86 low 68 mean 77
Abilene
dry
high 92 low 58 mean 75
Brenham
day0.11 in. high 97 low 68 moan 83
1
Brasnwville
5 days 2.94 In. high 92 low 72 mean 82
Corpus Christi
2 days 0.07 In. high 90 low 74 mean 82
Dallas
1 day 0.01 in. high 92 low 66 mean 79
Ilenrietta
dry
high 102 low 59 moan 81
Kerrville_ .,
9 days 0.95 in. high 93 low 59 mean 76
Lampasas
1 day 0.40 in. high 102 low 62 mean 82
Longview
dry
high 92 low 62 mean 77
Luling
1 day
1.32 In. high 100 low 64 mean 82
Nacogdoches
0.15 in. high 94 low 60 mean 77
1 day
Palestine
3 days 0.07 in. high 90 low 64 mean 77
Paris
dry
high 97 low 59 mean 78
San Antonio
dry
high 98 low 70 mean 84
Taylor
2 days 1.10 in. high -- low 64 moan
Weatherford
dry
high 91 low 61 mean 76
Ardmore, Okla
1 day 0.21 in. high 94 low 57 mean 76
Altus
dry
high 100 low 66 mean 83
Muskogeedry
high 95 low 5
5 mean 75
ea
Oklahoma City
2 days 0.37 in. high 94 low 54 mean 74
Brinkley. Ark
1 day
0.09 in. high 95 low 52 mean 74
Eldorado
dry
high 94 low 58 mean 76
Little Rock
dry
high 90 low GO mean 75
Pine Bluff
dry
high 92 low 54 mean 73
Alexandria. La
1 day
0.40 in. high 96 low 63 mean 79
Amite
2 days 5.10 in. high 89 low 59 mean 74
Shreveport
1 clay
0.04 in. high 91 low 64 mean 73
Okolona, Miss
1 day
0.04 in. high 92 low 53 mean 73
Columbus
1 day 0.23 in. high 96 low 51 mean 74
Greenwood
1 day
0.60 in. high 94 low 52
Vicksburg
1 dag 0.48 in. high 91 low 60 mean 73
mean 76
Mobile. Ala
2 days 1.06 in. high 91 low 63 mean 77
Decatur
1 day
0.271n. high 89 low 53 mean 71
Montgomery
1 day
1.16 in. high 90 low 59 mean 75
Selma
1 day 0.15 in. high 90 low 56 mean 75
Gainesville, Fla
5 days 1.07 in. high 90 low 66 moan 78
Madison
2 days 0.96 in. high 88 low 66 mean 77
Savannah, Ga
4 days 0.29 in. high 88' low
o
Athens
3 days 0.97 in. high 94
mean
Augusta
2 days 1.83 in. high 90 low 62 mean 76
Columbus
2 da ys 0 2 In
4
. 4 a: high 9
.77
0 low 60 mean 75
3
Charleston, S.C
eai
11,oww 67 mean
m l
Greenwood
2 days 1.54 in. high 88
58
Columbia
2 days 0.38 in. high., low 63 mean _ _
Conway
2 days 1.35 In. high 96 low 65 mean 81
Charlotte, N. C
53
0
3.
.
aan
91 low 62 mean RI
5 ia w60
Newborn
days
9 In. high
3 n. high
6
2
Weldon
1 day 0.06 in. high 100 low 59 mean 80
Dyersburg, Tenn
1 day 0.01 in. high 92 low 52 mean 72
Memphis
dry
high 90 low 59 mean 75
(monn 7g
,,.
51
i
n
The foregoing shows the week's net overland movement
has been 13,785 bales, against 21,754 bales for the week last
year, and that for the season to date the aggregate net overThe
land exhibits a decrease from a year ago of 325,598 bales. graph, following statement we have also received by teleshowing the height of rivers at the points named
-1922-23
1921-22
at 8 a. m. of the dates given:
In Sight and Spinners'
Since
Since
Week.
Takings.
Aug. 1.
Week,
July 6 1923. July 7 1922.
Aug. 1.
Receipts at ports to July 6
24,472 5,663,020
1,046,567
4,149,000
56.184 5.976,817
21.7581,372,165
81,000 3,454,000
140,257 10,858.587
*15.810 • *18,405
158,942 10.802,982
*41,802 *617,834
Net overland to July 6
13.785
Southern consumption to July 6 a-102.000
Total marketed
Interior stocks in excess
Came Into sight during week_ - -124,447
117.140
Total in sight July 6
10,840.182
10,185,148
Nor,spinners'takings to July 6_ _ - 21,042 2,316,931
* Decrease during week and season. a These figures29,632 2,163.921
are consumption;
takings not available.
Now Orleans
Memphis
Nashville
Shreveport
Vicksburg
Above zero of gauge_
Above zero of gauge_
kbove zero of gaugeAbove zero of gauge..
kbove zero of gauge_
Feet.
14.9
15.3
8.5
11.3
35.9
Feet.
8.4
15.4
10.3
.
19.
7
RECEIPTS FROM THE PLANTATIONS.
-The following table indicates the actual movement each week from
the plantations. The figures do not include overland receipts nor Southern consumption; they are simply a statement of the weekly movement From the plantations of that
part of the crop which finally reaches the market through the
outports.
Week
endin
105
THE CHRONICLE
JULY 7 1923.]
Receipts at Ports.
1921-22. •
1922-23.
32s Cop
Twist.
Stocks at Interior Towns. IReceiptsfrom Plantations
811 lbs. Skirt- Coen'
ings, Common mtd.I
UPrSi
to Finest.
32s Cop
Twist.
811 tbs. Skirt- Doi's;
ings, Common Mid.
UP1's
to Finest.
e. d. d.
.
d. s d.
d. e. d.
e. d. d. Id.
1922. 1 1921, 1 1923. 1922. ; 1921. 5 ar. d.
2351 17 0 @174 15.18 1754 @ 1851 15 416(416 015 10.11
20 22%
,
27 22%
2454 170 @174 15.46 17% @ 1854 15 454(8160 10.2L
April
Iay
13__ 34,990 114,l06 95,43 665,834 1,096,51711,623,688 10,19 65,555 72,586 / 4 22%
235( 16 6 @172 14.7611716@ 1951 15 754(8163 11.00
67 48,571, 8.5,832
20__ 34,60101,999 99.803 631,756 1,043,089 1,609.714
22% 16 0 @164 14.08 1851 @ 1954 15 10161416 6 11.58
11 2151
604,345 1,008,857 1,568,716 10,436 52,528, 76,986
27__ 35,743 86.760117,9
2011 16 114@ 16 9 11.98
2251 160 @164 14.74 1951
18 2151
May
2051 16 154(8169 11.69
22% 16 0 @164 15.60,1931
25 21%
51.484109,731
4._ 28,589/ 94.458133,24 572.660 965,8831,545.200
II__ 35332124.013138.041 510,812 898,2181,543,401 5,420 56.348136,247 J une 22%
2056 16 134@i69 12.03
23% 163 @169 15.96 19
1
47.588107.874
131,551 508.435 838,3601,519,729
18__ 26,647106.558
2016 16 136(416 9 12.30
24si 16 3 @170 16.33 19
8 22%
25__ 36,894109,273119,85 471,972 782,196,1,496,657 1.983 53,109, 96,780
21 16 1341816 9 12.78
24% 17 0 ;417 4 16.61 1951
15 2251
I
June
24% 17 0 @173 16.57 20%
2154 163 (416 1016 13.59
22 2251
447,224 715,192 1,456,790 5,568 46,444 76,936
L. 28322113,448116.803,
1 16.52 20%
24 16 6 (417
2134 16 134(8161054 13.08
29 22%
133 45,767 76,727
8... 25.060 94.570109.659 419,670 666,7981,423.858
I
15_ 31,651 70,575113,556 391,675 627,4631,374,665 5.241 31,240 64.363 J uly 22
a, 223,4 16 3 (8161034 13.50
(4 232 16 5 (417 0 15.62 21
6
22._ 30,728 75,711100,160 369,047 588,3321,339,017 9.959 36,580 64,512
29_ _ 29.371 72.514103.323!348,278 540,737,1,292,856 8,046 24.919' 57.162
-Shipments in detail:
SHIPPING NEWS.
July
Bales.
6__ 24,472 56.184100.1861331,665 498,93511,240,354 8.662 14,382 47,684
-To Havre-June 29-Pipestone County, 900; Chi/ EW YORK
2,374
cago, 972.... _June 30-Suffren, 502
The above statement shows: (1) That the total receipts
-Cedric,2.500_ -..June 30-Caronia.877 3.377
-June 29
To Liverpool
996
-Bremen,3
-America,993_--June 30
To Bremen-June 29
from the plantations since Aug. 1 1922 are 5,139,198 bales;
79
-Conte Verde, 30; Cabo Espanol, 49
To Genoa-June 29
in 1922 were 5,261,859 bales, and in 1921 were 6,812,723
1,644
To Manchester-June 29-Ninian, 1,644
-Frederik, 80
80
To Copenhagen-July 2
bales. (2) That although the receipts at the outports the
past week were 24,472 bales the actual movement from ( ALVESTON-To Genoa-June 28-Ida Z. 0.. 3,455---June 30- 3.655
Maddalena 0., 200
plantations was 8,662 bales, stocks at interior towns having
-West Norranus, 550-June 30
To Rotterdam-June 28
West Segovia, 425
975
decreased 15,810 bales during the week. Last year receipts
700
-West Norranus, 700
To Hamburg-June 28
from the plantations for the week were 14,382 bales and for
1.478
-Cripple Creek, 1.478
To Liverpool-June 30
5
-Cripple Creek.5
To Manchester-June 30
1921 they were 47,864 bales.
3,965
-Federal, 965
To Havre-June 30
100
To Antwerp-June 30
-Federal, 100
TAKINGS OF COTTON.
WORLD'S SUPPLY AND
-Federal, 448___July 2-Penrith Castle,
-June 30
To Ghent
998
550
The following brief but comprehensive statement indicates
3,300
To Bremen-June 30
-West Segovia. 3,300
of cotton for the week and
at a glance the world's supply
3,565
To Japan-July 2
-Dryden, 3,565
-To Liverpool-June 29-Dorelain. 3,651
since Aug. 1 for the last two seasons, from all sources from : EW ORLEANS
8.680
June 30-Eldena, 5,029
which statistics are obtainable; also the takings, or amounts
145
To Manchester
-June 30-Eldena, 145
4,151
gone out of sight, for the like period.
-Cardigan, 1,231; Elkhorn. 2,920
To Havre-June 30
200
-Elkhorn. 200
To Antwerp-June 30
250
-June 30
-Elkhorn, 250
To Ghent
1921-22.
1922-23.
Cotton Takings.
4,169
-Evergreen City, 4,169
To Bremen-June 30
Week and Season.
-West Jeffrey, 600
600
To Rotterdam-June 30
Season.
Week.
Season.
Week.
1,350
To Genoa-July 5-Calamaris, 1,350
-June 22-Winifredian, 202
202
OSTON-To Liverpool
4,554,689
2,465,674
Visible supply June 29
750
OBILE-To Bremen-June 30--Clavarack. 750
6,111,250
3.760,450
supply Aug. 1
Visible
4.238
ORFOLK-To Bremen-June 30
-Essen. 4,238
American in sight to July 6......- 124,447 10,840,182 117,140 10,185.148
300
To Rotterdam-June 30-Edgehill. 300
37,000 3.336,000
27,000 3,603,000
Bombay receipts to July 5
835
To Havre-July 2
-Eglantine, 835
225,000
1,000
348,550
9,000
Other India shipm'ts to July 5
504
-West Cohas,504
To Liverpool-July 3
704,000
6.000
1.600 1,333,000
Alexandria receipts to July 4-.575
-To Japan-June 30-Tenyo Maru,575
AN FRANCISCO
360,000
3.000
4,000
373,000
Other supply to July 4-*-b--4,495
AVANNAH-To Bremen-June 30-Sisostris. 4,495
100
To Gothenburg-June 30-Sisostris, 100
2,631,721 20,258,182 4,718.829 20,921,398
Total supply
660
-Liberty Bell, 660
To Genoa-July 5
Deduct
2,343,782 2,343,782 4,416,825 4,416,825
Visible supply July 6
59,495
Total
287.939 17,914.400 302,004 16,504.573
Total takings to July 6_a
-Sales, stocks, &a., for past week:
LIVERPOOL.
170,339 11,727,938 244,004 11.818,553
Of which American
July 6.
June 15. June 22. June 29.
58.000 4,686,020
117.600 6.186,462
Of which other
25,000 .25.000
23,000
31,000
Sales of the week
*Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
9,000
8.000
13,000
8,000
Of which American
3,000
6,000
4,000
3,000
a This total embraces since .Aug. 1 the total estimated consumption by Actual export
45,000
39,000
Southern mills, 4,149,000 bales in 1922-23 and 3,454.000 bales in 1921-22- Forwarded
43,000
40,000
526,000 498.000 478,000 454,000
takings not being avallable-and the aggregate amounts taken by Northern Total stock
228,000 205,000 188.000 170.000
and foreign spinners, 13,765.400 bales in 1922-23 and 13.050,573 bales in
Of which American
22,000
25,000
13,000
1921-22, of which 7,578,938 bales and 8,364,553 bales American.
16,000
Total imports
4,000
b Estimated.
5.000
1,000
Of which American
93,000
78.000
81,000
92,000
Amount afloat
16,000
16,000
8,000
29.000
INDIA COTTON MOVEMENT FROM ALL PORTS.
Of which American
1922. 1921.
1923.
0
1923.
1922-23.
July 5.
Receipts at-
Since
Week. Aug. 1.
1921-22.
Week.
Since
Week. Aug. 1.
27.000 3,603,000 37.000 3,336,000 45,000 2.651.000
Bombay
Since August 1.
For the Week.
Exports.
From
Since
Aug. 1.
1920-21.
Great
Great Conti- /a
Retain runt. China. Total. Britain.
Conti- I Japan &
new.
China. 1 Tots.
Bombay1922-23._
1921-22_
1920-21._
Other India
1922-23._
1921-22_
1920-21._
4.000
____
__
Total all1922-23_
1921-22_
1920-21_ _
I
I
16,111 207,000 872,0502,015,500'3,094,550
4,000 12,000
____ 38,000 39,001 77.000 47,000 699,0001,716,000,2,462,000
.
_ _ _ 13,000 35,000 48,000 43,000 664,00011,187,0001,894,000
1
____ 7,000 __ _ 7,000 127,000 603,50012,015,500 2,746,000
____ 37,000 39,t i i 76,000 37,000 502,0001,698,00012,237,000
_ ... _ 12,000 35,000 47,000 22,000 482,00011,160,0001,664.000
5,000
1,000
1,000
_.. 9,'''
____ 1,000
____ 1,i i 1
80,000 268,550,
10.000 197,001
21,000 182,000
I 348,550
18,000! 225,000
27,000; 230,000
According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's receipts of
10,000 bales. Exports from all India ports record a decrease
of 61,000 bales during the week, and since Aug. 1 show an
increase of 632,550 bales.
ALEXANDRIA RECEIPTS AND SHIPMENTS.
Alexandria, Egypt.
July 5.
Receipts (cantors)
This week
Since Aug. 1
Exports (bales)-
1922-23.
1921-22.
1920-21.
8,000
6.673,152
50,000
5.375,665
75,000
4.618.310
Since
Since
Since
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
229,825 7,000 171,609
-111,195
To Liverpool
170,227 5,000 148,323 4:M 87,750
To Manchester, Sra
Continent and India.. 6,000 319.122 3,500 225,552 3,550 145,256
To
207,695
50 164,592 ---- 46,638
To America
6,000926.869 15,550710,076 7.550 390,839
Total exports
-A cantor is 99 lbs. Egyptian ba es weigh about 750 lbs.
Note.
This statement shows that the receipts for the week ending July 5 were
8,000 cantata and the foreign shipments 6,00,0 bales.
-Our report received by
MANCHESTER MARKET.
cable to-night from Manchester states that the market in
both cloths and yarns is quiet. Demand for both yarn and
cloth is poor. We give prices to-day below and leave those
for previous weeks of this and last year for comparison:
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Monday.
Saturday.
Spot.
Market,
12:15
P.M.
Quiet.
Friday.
Quiet.
Quiet.
Quiet.
Quiet-
16.22
HOLIDAY
15.97
15.66
15.60
15.62
5.000
Mid.HPI'da
Sales
Tuesday. Wednesday. Thursday.
5,000
.5,000
5,000
5,000
Futures
Market
opened J
Quiet,14 to Quiet, 6 to Quiet, 3 to Quiet but Quiet but
19 pts. dec. 10 pts. adv. 5 pts. dec steady,7 to et'dy, 17 to
10 pts. dec. 22 pta. adv.
Market, I
4
P.M.
Barely stdy Barely stdy Quiet,
Steady,
SteadY,
42 to 46 pts 1 to 16 pts 1 to 3 pts. 23 to 30 pts 27 to 32pte.
decline.
decline.
decline.
decline. advance.
Prices of futures at Liverpool for each day are given below:
Sat.
I
Mon. 1
Tues. 1
Wed.
Thurs. 1
Fri.
June 30
to
July 6.
12511 12161 1234 4:001 1251 4:00 1251 4:00 1251 4:00 1254 4:00
11
P. n:10.111.1). m.P. m.11. In. P.In. p.la.P. m.P. m•P.m.:P. m.p.in.
d.
d. d. d. I d. I d.
d. d. d.
d.
d. I d.
15.07 14.8814.82 14.60 ____ 14.59 14.5014.3014.5214.60
July
14.56 14.3814.32 14.10 ---- 14.08 14.00 13.8014.01 14.09
August
14.05 13.9713.86 13.6 ---- 13.69 13.59 13.4013.61 13.69
September.._...
13.53 13.39 13.33 13.16 ___ 13.14 13.07 12. 13.08 13.16
October
November
HOLI- 13.21 13.07 13.00 12. --_- 12.82 12.75 12.5812.77 12.90
December
DAY 13.1012.96 12.89 12.73 _...... 12.71 12.6512.4 12.6712.80
12.91 2.77 12.73 12.57 ---- 12.5 12.4 12. 12.5212.62
January
February
12.81 2.67 12. 12. ____ 12.47 12.4212.26 12.4512.56
12.4 12. 12.22 12. 12.52
12.7512.62 12.5 12.46 -.
March
12.6812. 12.52 12. ____ 12.37 12.3 12.16 12.3412.46
April
12.61 . 12.4 12.3 ____ 12.31 12.2 12.11 12.2 12.40
May
.54,12.41 12.3 12.2 ____ 2.2 12. 12. 12.21 12.33
June
BREADSTUFFS
Friday Night, July 6 1923.
Flour has been quiet, with prices veering upward or downward with wheat. Last week there was some improvement
in business, but the flour trade would not have objected at
all to a much greater increase. At times, when wheat advanced on black rust reports from the Northwest, flour took
on rather more steadiness. The state of supplies here is not
quite so much in buyers'favor. The big piling of stocks last
fall is, of course, not forgotten. Dealers hope for a more
normal state of things this season. And for one thing it is
said that mills seem less inclined to consign flour to New
York, that is, to a slow market. Such consignments have
106
THE CHRONICLE
[VOL. 117.
naturalry had a tendency to make bad worse. Still, it is said reached unless relief is provided, he said." To-day prices
that regular mill prices have been shaded at times recently ' declined for a time with Liverpool down 12 to 11d., the
/
/
2
in order to do business. With the export demand slow and weather in the main favorable, not a little hedge selling and
• the home demand of a tentative and more or less hesitant some general liquidation. Also, shipments from Argentina
sort, it wOuld be easy to imagine a much better condition of reached the liberal total of 3,228.000 bushels, while India
business here. Later the demand increased somewhat, but shipped 1,720,000 bushels. Australia, to be sure, took the
the actual business was only moderate. Kansas City con- edge off these figures to some extent by shipping only 248,tinued the third largest milling centre in the United States 000 bushels. In the end shorts covered and prices rallied.
in the crop year ended July 1. It had a production exceed- The final for the week shows a rise of 1 to 2 cents. Everying 5,000,000 bbls. In all, the twelve Kansas City mills pro- body is now awaiting the Government report with a good
duced 5,080,144 bbls. of flour, compared with the previous deal of interest.
record set last year of 4,656,000 bbls. The addition of one
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
miff, the Washburn-Crosby plant, was largely responsible
Sat. Mon. Tues. Wed. Thurs. Fri.
cts_127
126%
12734 Ho.126% 1265(
for the increased production. Last year at this time the No. 2 red
daily capacity of the mills was 19,150 bbls. at present it DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
is 23,150 bbls. The weekly capacity has increased from 114,- July delivery in e evator
cts_103
102 34 10334 Hot!- 102H 103
900 to 132,900 bbls. The Kansas Flour Mills' new plant in September delivery in elevator. _ _103% 103 10334 day. 102 103
December delivery in elevator
10634 10634 10634
105 106
North Kansas City will be ready in August, adding 3,000
Indian corn declined under heavy July liquidation in a
bbls. daily and an ultimate capacity of 6,000 bbls. The best
prices of the year were recorded early in the season, when long market. The drop in a little over a week has been about
high patent sold up to $7 and $7 15 in cotton 98s. The low 8c. But on July 2 there was an early advance of 1%c. on
for the season occurred toward the close of the crop year, July, with receipts light, shorts covering, bull support and
when prices dropped below $6. Short patent now $540 to two houses, it seems, taking the deliveries. The July deliv$570 and very quiet. At Minneapolis flour has been hard to eries on the 2nd inst. were expected to be 500,000 bushels.
sell. The sales were mostly for prompt shipment; shipments They were 551,000 bushels. The American visible supply inincreased sharply with a gain in ordering out recent pur- creased last week, however, 202,000 bushels, against a dechases. The out movement for the week was 60,000 bbls. crease in the same week last year of 1,989,000 bushels. But
larger than the week before. The total was 310,000, against the total is only 3,367,000, against 29,337,000 last year. July
250,000 a year age„ It is said that some mills are well sold at one time acted firm, rising on the 2nd inst. %c. despite
ahead. The reduced rate on winter wheat to Duluth milled July deliveries of 550,000 bushels, but it reacted later. Some
in transit here may lead to larger buying for mixing. Min- of the crop estimates have been 2,867,000,000 bushels to
neapolis in carlots, best family patents, $610 to $630 f. o. b. 3,068,000,000 bushels, against 2,891,000,000 last season. The
The "Northwestern Miller" said: "Not since early summer weather has been favorable for the crop. Also, some dwelt
of 1916 has flour been as cheap as it is now; the short wheat on the fact that the visible supply last week increased 202,crop of 1916 started an advance which was maintained at a 000 bushels, as against a decrease in the same week last
level higher than the present one for seven years."
year of nearly 2,000,000 bushels. They thought that was a
Wheat advanced on reports of black rust in the Northwest, bit significant, especially as the receipts on the 2nd inst.
higher cables, small world's shipments, covering of shorts, greatly exceeded the estimates. But after some further detalk of measures to be taken at the West to help the farmer, cline a rally occurred the next day in sympathy with an adand so forth. Liverpool on the 2nd inst. advanced % to Tiic. vance in wheat and also because of small receipts. That
per cental. The world's shipments last week dropped to 11,- caused shorts to cover, partly for the reason that Snow's
721,000 bushels, against 12,657,000 in the week before. The report was disappointing to them. It put the area at 101,quantity on passage fell off by the remarkable amount of 456,000 acres, or a reduction of 1.000 000 acres, suggesting
7,000,000 bushels. And the American visible supply de- only 2,800,000,000 bushels, against 2,890,000,000 bushels harcreased last week 2,030,000 bushels and the bonded supply vested last year, when this was inadequate. Later in the
1,733,000 bushels. The decrease in the visible supply in the week prices fell further, owing to good weather. December
same week last year, to be sure, was 4,229,000 bushels. But broke to a new "low." To-day prices, after a momentary dethe total is now down to 26,313,000 bushels, though this must clothe, advanced on short covering, something which offset
be contrasted with 17,773,000 bushels a year ago. Another favorable weather. Last prices show an irregular result for
drawback was the dulness of export trade. Declines in the the week, July being up %c. and September down %c.
stock and cotton markets at times have also militated more
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
or less against wheat as tending to lessen outside interest in No.
2 yellow
cts 9934 100 10034 Hol. 10034 10034
the buying side. Also, recent Government interference with
CORN FUTURES IN CHICAGO.
grain trading has had a distinct tendency to drive out specu- DAILY CLOSING PRICES OF Sat. Mon. Tues. Wed. Thurs.
Fri.
lative buyers. Big operators have avoided the market. July delivery in elevator
cm 78
783i 79% Ho
79
79%
delivery in elevar__
7434 74% day. 74
to
74%
There was a decline on the 2nd inst., with the weather good. Septemberdelivery in elevator _ _ 75
December
6291
6334 62
6134 62 34
On the other hand, the cables were steady, there were some
Oats declined with trade light and July under liquidation.
crop complaints as usual and there was talk to the effect
that a plan was being proposed for holding back 200,000 The deliveries on July 2, however, were only 10,000 bushels,
bushels of wheat. But some pointed out that it would merely and at one time on that day July advanced a fraction. On
help Canada, that the United States would shake the bush June 30. too, 100,000 bushels, it was said, were taken for Lonand Canada catch the bird. At the same time American crop don. Weakness in corn at times held oats back. The visible
estimates showed a tendency to rise. But the next day supply in the United States decreased last week 1,266,000
prices advanced with rains in Kansas, light receipts, scanty bushels, against 1,834,000 in the same week last year. The
sales by farmers and some less favorable crop news. Farm- total is now down to 8,522,000 bushels, as against 42,733,000
ers were supposed to be holding back for higher prices. Also, a year ago. But favorable weather, dulness of cash trade,
an unexpected thing happened. Snow's report was unsatis- heavy selling of September and December caused depression.
factory. It put the spring wheat condition at 82.8%, against September and December dropped to the lowest prices of the
90.2 in the June official report. On this basis the yield was season. On Tuesday prices rallied a little, though they sagged
estimated at 238,000,000 bushels. The winter wheat yield he later. Nothing seems to rouse the market. And on the 5th
put at 591,000,000 bushels, making a grand total of 829,000,- Inst. July astonished everybody by a vertical drop of 3%c.
1300 bushels, against 817,000,000 bushels last month. This and December fell 1%c., with crop reports favorable and
was not up to the expectations of many. The suggestion predictions of an early movement of the crop. Stop orders
made by the American Farm Bureau Federation that the were met on the way down. Naturally, they hastened the
intermediate credit banks finance the warehousing of 200,- decline. To-day prices were lower early, but rallied later
000,000 bushels of wheat, to keep that much grain off the on with other grain, in spite of favorable weather over much
market after harvest and stabilize the price of wheat got a of the belt. The recent liquidation has put the market to all
noticeably cool reception in Washington official circles. appearance in rather better technical shape. Last prices,
The scheme was described as impractical and as incapable of however, show a decline for the week of 13c. to 2%c., the
producing the desired end. It was called a wild-cat remedy. latter on July. July at one time was down to 362 on the
/
1c.
Paris wired on July 3 that France is now buying wheat all 5th inst.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
over the world to secure a three months' supply. Wolff & Co.
Sat. Mon. Tues. Wed.Thurs. Frt.
of Chicago and Dreyfus Bros. of Paris have been doing this No.2 white
cts_ 54
54
Hal. 54
54
54
buying. Recently it was thought that only a month's supply DAILY CLOSING PRICES OF
OATS FUTURES IN CHICAGO.
would have to be bought by France to last till the next harSat. Mon. Tues. Wed. Thurs. Fri.
Ju y delivery in elevator
40$ Holt- 38% 38%
vest. French buying has depressed francs. Rome cabled September delivery in elevator_cts_ 403i 40
___ 36% 3534 35
day. 34 34 35
July 3 that the Italian harvest prospect was good and it was December delivery in elevator
383. 37
3834 3634
37
hoped that the wheat production might reach approximately
Rye advanced on July early in the week if September hung
52,000,000 quintals, which meant a considerable diminution back. On
July 2 the deliveries were expected to be 800,000
in the amount necessary to be imported. About $50,000,000 bushels, and
they did reach 813,000 bushels. But large as
worth of Russian grain, according to reports, will be ex- they were
they had no great effect. In fact, at one time on
ported by the Soviet Government to Germany, one-half to be that day prices
paid for in goods. Canada is also complaining of low prices 50,000 bushels. advanced slightly. Later, exporters took
This was, of course, only a small business,
for wheat. Saskatoon, Sask, wired to-day: "Canadian but prices
showed for a moment more steadiness, with a dewheat prices will fall below the cost of production, exerting crease
in the estimate Of the crop in a private report. It put
a disastrous effect on the entire economic life of Western
the yield at 63,600,000 bushels, compared with 72,500,000 in
Canada, unless a voluntary wheat pool is formed, J. H. Has- the Government
crop last month and last year's final crop of
lain, economic adviser to the Farmers' Union of Canada, de95,500,000 bushels. This is a decrease of about 35%. The
clared at the annual convention to-day. It has become ob- visible
supply in the United States last week decreased
vious durimg the last month that new low level
prices will be 1,091,000 bushels, against 945,000 in the same week last year.
JULY
107
THE CHRONICLE
7 1923.]
Barley.
Oats,
Am.
Wheat.
IM Corn,
bush.
bush.
bush.
bush. 'M., bush,
445,000
Minneapolis
12.040,000
178,000 3,426,000 4,349,000
14.000
94,000
111,000
277,000
St. Louis
160,000
183,000
56,000
Kansas
2,577,000
26,000
23,000
Peoria
4,000
Indianapolis
300,000
57,000
39,000
2,000
60,000
362,000
Omaha
1,233,000
160,000
230,000
136,000
On Lakes
58,000
769,000
Canal and River
445,000
60,000
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO. On
Sat. Mon. Tues. Wed. Thurs. Fri.
Total June 30 1923_ _ _ _26,313,000 3,367,000 8,522,000 14,329.000 1,148,000
cts_ 621 62% 63% Roil- 63% 6435
July delivery in elevator
Total June 23 1923_ _28,343,000 3,165,000 9,788,000 15,420,000 1.204,000
September delivery in elevator- _ 6534 6534 6534 day. 65% 67
Total July 1 1922._.A7,773,000 29,337,000 42,733,000 1,635,000 1,676,000
elevator
70%
69
6834 6934
69%
December delivery in
Note.
-Bonded grain not included above: Oats, New York, 17,000 bushels; BaltiThe following are closing quotations:
more, 35,000: Duluth, 20,000: On Lakes, 100,000; total, 172,000 bushels, against
GRAIN.
733,000 bushels in 1922. Barley, New York, 362,000 bushels; Buffalo, 113,000;
Duluth, 115,000; total, 590,000 bushels, against 106,000 bushels in 1922. Wheal,
Oats
Wheat
New York, 299,000 bushels: Boston, 239,000; Philadelphia, 72,000; Baltimore.
No. 2 white
54
$1 26%
No. 2 red
117,000; Buffalo, 607,000; Buffalo afloat, 50,000; Duluth, 86,000: Toledo, 118,000:
No. 3 white
1 2234
52%
No. 2 hard winter...
Chicago, 53,000: total, 1,641,000 bushels, against 2,287,000 bushels in 1922.
Barley
Ocrn-Canadian
Feeding
Nom.
1 0034
No.2 yellow
629,000
422,000 1,393,000
576,000
3,794,000
Malting
75
8134 ® 8234 Montreal & Pt.
-No.2
Rye
Arthur_ 9,730.000
2,862,000
Ft. William
1,652,000
FLOUR.
373.000
Other Canadian
2,974.000
1,103,000
Spring patents
$5 95@$6 35 Barley goods
Total June 30 1923..._16,498,000
422,000 4,148,000
576,000 3,864,000
No. 1, 1-0, 2-0
Winter straights, soft 5 00 525
$575
Total June 23 1923___ _16,223,000
.512,000 3,829,000
429,000 4,106,000
Nos. 2, 3 and 4 pearl- 650
Hard winter straights__ 5 25
550
Tdtal July 1 1922.. _20,506,000 1,534,000 4,050,000 1,057,000 1,350,000
590
Firstspring clears
5 00 575
Nos. 3-0
Summary
Nos. 4.0 and 5-0---- 600
Rye flour
3 90c41 460
American
26,313,000 3,367,000 8,522,000 14,329.000 1,148,000
-carload:
Oats goods
Corn goods, 100 lbs.:
422,000 4,148 000
576,000 3,864 000
Canadian
16,498.000
2 75 ® 285
Yellow meal
Spot delivery
2 15(4 225
Total June 30 1923__42,811,000 3,789.000 12.670,000 14,905,000 5,012,000
Corn flour
2 20(4 2 30
Total June 23 1923..._44,566,000 3,677,000 13,617,000 15,849,000 5,310,000
For other tables usually given here, see page 54.
Total July 1 1922____38,279,000 30,871,000 46,783,000 2,692,000 3,026,000
The total is 14,329,000 bushels, against 1,635,000 a year ago.
Later, export sales were made of 200,000 to 300,000 bushels.
4c.,
To-day prices advanced 1Y partly in sympathy with other
grain and partly on covering of shorts, with, it is understood, some export inquiry. Final prices show a rise for the
week of 1%c.
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday June 30 1923 follow:
Receipts asNew York__ _
Philadelphia.
Baltimore... _ _
Newp't News.
New Orleans*
Galveston_ _ __
Montreal,....
Boston
Flour.
1Vheat.
Corn.
Oats.
Barley.
Bushels.
Bushels.
Bushels.
Barrels.
104,000
97,000
745,000
150,000
30,000
56,000
236,000
22,000
300,001
54,000
3,000
3,001
18,000
60,000
24,000
67,000
34,000
6,000
442,000
70,000 2,161,000
9,000
28,000
247,000
12,000
Rye.
Bushels.
2,000
Bushels.
736,000
3,000
63,000
AGRICULTURAL DEPARTMENT REPORT ON
-The AgriCOTTON ACREAGE AND CONDITION.
cultural Department at Washington on Monday 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 1923.
15,000
5,000
The Crop Reporting Board of the 'United States Department of Agricul3,000 ture estimates, from the reports of its correspondents and field staUxdclans,
that the area of cotton in cultivation this year (1923) in the United States
344,000 1,725,000 473,011
878,000 Is about 38.287,000 acres, as compared with 34.016,000 acres, the revised
Total wk. '23 327,000 3,837,000
Since Jan.1 '2312,320,000 122,248,001 32,461,000 21,833,000 5,707,011 19,358,000 estimate of acreage in cultivation a year ago, being an increase of 4,271,000
acres. or 12.6%.
962,000 1.717,000 446,00, 810,000
Week 1922_,_
350,000, 5,587,000
The condition of the growing crop on June 25 was 69.9%
Sincesen i .99 12 nao mull 01.203.000 89.348.000 35.339.000 8.251.000 16.170.000 condition, as compared with 71 on May 25 1923, 71.2 on June of a normal
25 1922 and
*Receipts do not include grain passing through New Orleans for foreign ports 76 the average condition for the past ten years on June 25.
A condition of 69.9 on June 25 forecasts a yield per acre of about 142.6
on through bills of lading.
pounds and a total
final out.'
The exports from the several seaboard ports for the week turn may be larger production of about 11,412.000 bales. Theconditions
or smaller than this amount according as
ending Saturday, June 30 1923, are shown in the annexed developing during the remainder of the season prove more or less favorable
to the crop than the average. Last year the production was 9,761.817
statement: •
bales, two years ago 7.953,641, three years ago 13,439,603 and four years
ago 11.420.763 bales.
Corn. Flour.
Wheat.
Details by States follow:
Oats.
Rye. Barley. Peas.
Exports fromNew York
Boston
Philadelphia
Baltimore
Newport News_
Mobile
New Orleans
Montreal
Bushels. Bushels. Barrels. Bushels. Bushels, Bushels. Bushels.
1,468,820
25,500 66,748 162,272 737,247 35,446
145,000
90,000
92,000
156,000
156,000
3,000
133,000
3,000
3,000
9,000
. .
2,000
4,000 30,000
2,320,000
43,000 122,000 757,000 199,000 52,000
72,500 236,748 921,272 1225247 87,446
Total week 1923. 4,190,820
Week 1922
4,397,130 3,422,760 224,319 1,764,899 2043899 428.449
____
The destination of these exports for the week and since
July 1 1922 is as below:
I ••..
Wheat.
Flour.
Reports for 1Veek
Week
Since
and Since
Week
Since
July 1
June 30.
July 1 toJune 30 July 1
1922.
1923.
1922.
1923.
Barrels.
United Kingdom. 100,470
Continent
100,556
So.& Cent. Amer_
West Indies
11,6645
Brit.No.Am.Cols
Other countries
17,722
Corn.
Week
June 30.
1923.
Since
July 1
1922.
Bushels.
Bushels. Bushels. Bushels.
Barrels.
5,405,684 1,327,836 98,237,540
68,500 30,004,634
7,288,381 2,833,984 219,416,255
52,589,231
513,332
462,000
41,000
1,502,800
9,000
42,000
4,000 1,835,700
4,000
48,700
972,155
20,000 2,990,830
24,000
236,748 15,776,352 4,190,820 321,148,625
72,500 84,543,265
224,319 14,420,389 4.397,130 269.990,047 3.422,760 148045941
Total 1923
Total 1922
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange for the week
ending Friday, June 29, and since July 1 1922 and 1921,
are shown in the following:
Corn.
Wheat.
Exports.
1922-23.
Week
June 29.
Since
July 1.
1921-22.
Since
July 1.
1922-23.
Week
June 29.
Since
July 1.
1921-22.
Since
July 1.
Condition.
Area June 25 1923.
Preliminary B timate.
June 25.
Stale.
Virginia
North Carolina
South Carolina
Georgia
Florida
Alabama
Mississippi
Louisiana
Texas
Arkansas
Tennessee
Missouri
Oklahoma
California (a)
Arizona
All other
Per Cent
Compared
with
1922.
Acres.
145
103
105
108
140
118
109
112
115
107
120
196
110
112
127
240
83,000
1,704,000
2,049,000
3,927,000
171,000
3,312,000
3,353,000
1,316,000
14,077,000
3,025,000
1.193.000
394,00
3,357,00
235.00
133,00
115,00
Change Betto'n
May 25 and
June 25.
TenYear
10-Yr
Awe. 1922. 1923. Avge. 1923.
81
77
74
72
76
73
76
76
76
79
79
81
78
92
b88
85
76
60
58
75
68
76
69
72
80
83
92
76
91
85
85
90
80
64
56
65
68
67
69
77
66
67
62
64
91
92
80
+11
+3
-9
-22
--2
--3
+1
+3
+3
+3
+1
+2
+4
b+4
.=3 +8
+1
-2
U. S. total (a)___
112.6 38.287.000 76.0 71.2 69.9 +2.4 -1.1
(a) About 157,000 acres in Lower California (Old Mexico) included in
California figures, but excluded from United States total. b 6
-year average.
Pima Egyptian cotton in Arizona is estimated at 43,000 acres this year.
compared with 77.000 acres in 1922.
Note.
-Previous June 25 forecasts were above final yields per acre 6 times,
range 2% to 25%, average 14.8%: 2 times below, range 3% to 13%, average 8%. Average of last 8 years, 9.1% above. Reversing the comparison.
and using the forecast instead of the final yield as the basis. the 6 final
yields below the forecast averaged 12.5% below, with a range of 2% to
20%, the 2 above the forecast averaged 8.5% above, with a range of 3%
to 14%, and the average final yield of the entire 8 years was 7.2% below
the average June 25 forecast yield. (Yield equivalent used thLs year 4.5%
below that of July a year ago.)
Approved:
CROP REPORTING BOARD.
C. F. MARVIN,
W. A. Schoenfeld, Chairman;
Acting Secretary.
W.F. Callender, S. A. Jones,
G. K. Holmes,
J. A. Becker,
Z. R. Pellet,
H.H.Schutz.
CRITICISM OF AGRICULTURAL DEPARTMENT'S
COTTON ACREAGE FIGURES.
-REPLY OF DEPARTMENT.
-As the increase in ctton acreage reported by the
Department of Agriculture is so much larger than was expected, the estimate has naturally caused considerable
comment. It appears from the following Washington dis11,722.000 661,540,000 636,691,000 5,352,000225,788,000301,949,000 patch, appearing in
Total
the "Journal of Commerce" of this city,
The visible supply of grain, comprising the stocks in gran- yesterday (July 6) that the Department in its figures did
ary at principal points of accumulation at lake and seaboard not take cognizance of the acreage abandoned, which, the
present year, has been especially heavy because of the rains
ports Saturday, June 30, was as follows:
GRAIN STOCKS.
and floods, while most of the private investigators in their
Wheat,
Corn,
Oats,
Rye,
Barley, computations did take that factor into consideration.
bush,
bush,
bush,
United Statesbush.
bush.
Bushels.
Bushels.
Bushels. Bushels. Bushels. I Bushels.
North Amer. 6,383,000445,102,000405,739,000 186,000 88.392.000158,853,000
6,931,000 4,688,000 238.000 7,041,000 15,755,000
Russ. dr Dan.
142,883,000 112,188,000 4,928,000 125,604,000 114,142.000
Argentina_ _ 3,371,
47,092,000 113,364.000
Australia --- 768,
1,200,000 19,532,000
712,00
India
0th. countr's
4,751,000 13,199,000
New York
Boston
Philadelphia
Baltimore
New Orleans
Galveston
Buffalo
" afloat
Toledo
Detroit
Chicago
Sioux City
Milwaukee
Duluth
St. Joseph, Mo
.
241,000
2,000
246.000
77,000
404,000
554,000
825,000
241,000
271,000
19,000
1,339,000
301,000
51.000
4,527,000
604,000
133,000
15,000
173,000
278,000
282,000
358,000
28,000
819,000
137,000
101,000
137,000
303,000
54,000
251,000
22,000
32,000
901,000 1,393,000
148,000
216,000
74,000
346,000
.118,000
42,000
126,000
33,000
1,000
25,000
76,000
97,000
67,000
849,000
294,000
6,000
12.000
1,288,000
30,000
107,000
6.088.000
23,000
2,000
40,000
3,000
357,000
2,000
99,000
8,000
55,000
51,000
3.030
Widespread trade criticism of the Department of Agriculture for having
failed in making its record breaking cotton acreage estimate to allow for
abandonment of cotton lands was answered to-day by the official declaration that this factor had been disregarded in early forecasts since 1919.
The Department has found, it was claimed, that correspondents take the
factor of abandonment into account in estimating the condition of the
growing crop, so the former practice was discontinued.
While the crop rep irting board asserts that it was fully conscious of the
fact that its estimate of 38,387,000 acres was far in excess of the trade expectation. it expresses a willingness to allow the future to Justify the forecast. According to Dr. S. A. Jones. Secretary of the Crop Reporting
Board, the Department's sources of information were more complete this
year than ever before. More extensive studies of the cotton situation have
been conducted, he added, and a far greater number of absolute counts of
acreage in cotton made, representing "many, many thousands of miles.'
108
THE CHRONICLE
The number of farmers reporting directly the acreage planted now totals
about 15.000, it was stated.
Estimated in December.—Not until December will the Department of
Agriculture make an estimate of the abandonment of acreage for the present
year, Dr. Jones declared.
"It is true that the Crop Reporting Board made no allowance for the
abandonment of cotton acreage in the July 2 statement," Dr. Jones stated.
"Our studies have shown us that the correspondents make allowance for
this factor in their condition figure, which shows the percentage of the
normal crop. Therefore, after 1919 we stopped making any deduction as
the percentage of abandonment was reflected in the condition figure. In
the .December report, however, the Department will ascertain from its
correspondents what the abandonment in the cotton States has been and
will deduct this in estimating the yield for the 1923 season."
The trade, in criticising the Government for its failure to take into account this factor, has pointed out that in 1922-23, the acreage abandonment
was figured at 3%,3% in 1921-22. 3% in 1920-21 and 4% in 1919-20.
It was contended that, if the average abandonment for the past four years
had been reflected in the recent crop estimate, the yield would have been
not 11,412,000 but 11,085.000 bales. Or, even if the abandonment were
placed at only 1%, the prospective crop would be 11,309.000 bales.
Former Forecasts Too Iligh.—The Government has been making crop
forecasts In cotton for eight years, according to officials here. They admit
frankly that in six of the years the early forecasts as to future yields have
been too high. It is their belief, however, that there has been an unusually
high proportion of bad seasons since the Government first undertook to
forecast what the yields would be. Furthermore, it is stated candidly
that the number of predictions have been too few to give stable averages.
Studies of past years, extending over a long period, do
indicate that
the string oflbad seasons will continue, according to Dr.not
Jones, who says
that it would seem there has just been too many bad seasons to the few
good ones when viewed by and large.
The Federal Board contends that the trade will be In a better position to
Judge as to the accuracy of the forecast when the last ginning report is submitted. While it was fully conscious of the fact that the private estimates
of the acreage fell far short of the 12.6% increase, the members felt that it
had no other recourse but to announce the result of its studies on the growing crop.
[VOL. 117.
THE DRY GOODS TRADE
Friday Night, July 6 1923.
While textile markets are in a more or less unsettled condition at present, there is a feeling that buying will be resumed in a moderate way by the middle or latter part of the
current month. Readjustment is again under way and merchants are now said to be striving to interest their customers
in goods to be made. Lower prices have been named on
many stock goods, which are expected to encourage a moderate volume of new buying. Resistance to higher prices is
still manifest in many directions, and it is stated that while
jobbers and their representatives talk of good business they
have not as yet displayed much indication of it in the form
of active ordering for future distribution. On the other
hand, it is believed in many quarters that cotton goods buyers who are counting upon goods being plentiful enough to
meet their needs are being misled, in some directions at least.
For instance, there is said to be no substantial stock of percales or prints in first hands. Bleachers have been very cautious about stocking up, and when any large orders are submitted they have been obliged to ask the buyers to wait and
take a later delivery. In raw materials, troubles continue.
Cotton goods merchants are of the opinion that goods will be
priced low and cotton high for the next 60 days, and they are
not only expecting but are encouraging a substantial volume
WEATHER BULLETIN FOR THE WEEK ENDING of curtailment of operations among mills. With costs very
JULY 5.—The general summary of the weather bulletin high, mills are being forced to operate on very narrow profit
issued by the Department of Agriculture, indicating the margins, thus causing a general desire to shut down machininfluence of the weather for the week ending July 5, is as ery when orders expire and to refrain from tying up money
In merchandise produced at high costs. There are many
follows:
Early in the week. ending July 3. there was a marked change to much prices which are below cost of production, and if the mills
cooler weather in all sections east of the Rocky Mountains. The middle do not lose on them it will be because of fortunate
purchases
and latter parts of the week were unseasonable cool in the Central and
cotton some months ago. However, while the uncertainty
Northern States, with night temperatures much below normal
South. of
Light frost was reported in some portions of the western upperin the region. about cotton is believed by many to be at the
Lake
bottom of the
On the other hand it was much warmer west of the Rocky
and the week was rainless in nearly all sections of that area. Mountains slow trade in cotton goods, this opinion is not universal.
Heavy rain fell in most Gulf Coast sections from the Mississippi River
DOMESTIC COTTON GOODS: Quietness has prevailed
eastward, which, together with the cool weather, was unfavorable for
agricultural interests, as field work was hindered, and it was too cool for in markets for domestic cotton goods during the past week,
best plant growth. There was sufficient moisture
Val- which has been partly due to the national holiday. The lack
ley localities, and crops made satisfactory advancein nearly all Ohio
in that area,
It was rather cool for best growth. Timely rains occurred in thealthough of confidence in values appears to be very general, and goods
extreme
lower Missouri Valley, and grasses and grains were greatly benefited by are only moving when lower prices
are named. Dull condirainfall in most Central-Northern States.
The general dry and much warmer weather, following the cool, damp tions continue in the market for ginghams except on the few
conditions of last week, was very beneficial in the more northwestern highly styled lines where wash goods buyers and cutters
States, where the soil is in unusually good shape at the present time. crops
were favorably affected also by the warmer weather in California and Ne- have placed fair-sized mill orders. It appears to be genervada, but drought continued in the Southwest, being especially severe in ally accepted among leading cotton merchants, and in some
Arizona and western New Mexico.
Rainfall was mostly of a local character in the middle Atlantic area other divisions of the market, that a revision of finished
and the Northeastern States, but many sections received beneficial rains, goods prices must take place before buyers will make future
particularly in Now Jersey. Many other sections, however, are still dry., commitments on a liberal
scale. Some lines have already
and crops were suffering greatly. Many crops are reported as almost failbeen reduced 10%, and the expectation is that other lines
ures in New Jersey.
The weather was exceptionally favorable for harvesting in the middle will have to be similarly revised before
buyers will display
Atlantic States and good progress was made in the northern Ohio Valley
States. Rain caused some delay, however, in the trans-Mississippi area. much interest. Whether or not the predicted price concesThere was some hail damage in portions of Kansas and in some localities sions will take place remains to be seen. There is a
very deof the central Rocky Mountains, while crops were harmed by flooding in
cided disposition among the larger houses in the primary
Milk River Valley of Montana.
SMALL GRAINS.—Wheat harvest was begun In Pennsylvania and markets to make every effort possible to secure their share
was in progress in the northern Ohio Valley States. This work was completed in Missouri, except along the northern border and was started in of the business that is to be had. Not only are styles being
the Plains area northward to southeastern Nebraska. The weather was changed, but the new prices that are being named are taken
generally favorable for this work east of the Mississippi River, but there
was some delay by rain in southern Iowa, and rather slow progress was to indicate that every resource,of the more prominent factors
reported from Nebraska, with much complaint of lodging and muddy fields is being brought to bear to make competition felt and to asIn northern Kansas. Winter wheat made good progress in the more northern States and fine wheat weather prevailed in the northwestern sections sure buyers that excessive profits are not being sought. On
the other hand, summer curtailment of production should do
of the country.
Cooler weather favored the development of spring wheat and soil mois- much to bring
out more strongly the fact that the textile
ture was sufficient in nearly all sections, except that it was too dry in parts
of North Dakota. It was exceptionally favorable for this crop in South trades are not facing over-production so much as they are
Dakota and Montana, while fairly good progress was reported from the contending with a
restricted consumption. As far as stocks
eastern portions of the belt.
Oats improved in most of the Northern States, but were heading short are concerned, the situation is believed to be fairly healthy.
In the interior sections east of the Mississippi River. They were greatly Print cloths, 28
-inch, 64 x 64's construction, are quoted at
benefited by rain in Iowa and were filling nicely, and were maturing well
-inch, 64x60's, at 6%c. Gray goods in the
In the northern Great Plains. Oat harvest was under way in Virginia and 7%c., and the 27
In the interior to Kentucky, while this work was well along in Oklahoma. 39-inch, 68x72's, are quoted at 11%c., and the 39
-inch, 80 x
Flax did well in South Dakota and the early crop was in excellent condition in North Dakota, but the late crop was not so good. Grain sorghums 80's, at 123c.
were favorably affected by the weather in the southern Great Plains.
WOOLEN GOODS: Summer dulness has characterized
Warmer weather was favorable for rice in California, and this crop made
the markets for woolen and worsted goods during the past
good progress in the west Gulf States.
CORN.—Whlle the weather was rather cool in the principal corn produc- week, and the dulness is expected to
continue for another
ing States, that crop made satisfactory growth generally, as moisture was
sufficient in most sections and the soil was warm at the beginning of the week week or two. Clothing manufacturers have been buying
following the preceding warm weather. The crop was fairly well culti- sparingly, as they have not been able to
secure goods at the
vated in the Ohio Valley States, although there was considerable complaint
of weeds in the southern portions of Indiana and Illinois, and in western prices they had counted on for a full output, and are now
Kentucky.
said to be bearish in their views of the worth of fabrics for
The condition of the crop was reported as fair in Iowa; about ono-third
laid by, and considerable waist-high. Vigorous, healthy growth was noted future use. On the other hand, leading manufacturers do
In Dlissouri and good advance generally in the Plains States. Corn grew not believe that wool or labor will be any cheaper during the
well in the middle Atlantic area, although more moisture would be bene- coming season, which will
make it impossible for them to
ficial, while improvement was noted in the south Atlantic Coast States.
The warmer weather favorably affected this crop In the more northewstern name as low prices as they did at the opening of the fall seaStates.
son. The spot piece goods market continues quiet and unCOTTON.—Generally cool weather prevailed throughout the Cotton
Belt, except that the weekly mean temperatures were about normal in the changed. Thejobbing trade has been doing a little business,
southwestern portion and along the Immediate Atlantic Coast. Showers mostly dress fabrics, but aside
from this, quietness prevails.
were rather frequent in the eastern half of the belt, with heavy rainfall from Mills continue
to make deliveries on fall goods, but re-orders
the extreme lower Mississippi Valley eastward.
Beneficial showers occurred at about two-thirds of the reporting stations are slow to come in.
In Texas, and temperatures were fairly favorable; cotton made fair to very
FOREIGN DRY GOODS: Markets for linens have been
gciod progress, except the late planted in the dry sections, where it was poor.
Some increase in weevil activity was noted. The progress and condition less active during the week, partly due to the holiday. There
fair in Oklahoma, but it continued considerably later has been less
of the crop were
evidence of retailers shopping for bargains,
than the average; fields were mostly clean.
Except for the cool weather the middle part of the week, conditions were while mail orders have also been less numerous. Orders for
mostly favorable in Arkansas where cotton made very good advance. low-end crashes have been
very light in volume, and the betSquares and blooms were forming in Tennessee. and cultivation was satisfactory in that State. with progress and condition fair to very good. The ter grades showed little or no sales animation. Dress linens
weather was cool and showery in Mississippi and Alabama, the nights be- displayed the most activity, and
prices on present season ofing unprecedentedly cool in the former State; growth was generally poor, ferings
have been well maintained. There has been no inalthough fair the first part of the week in Alabama.
Heavy rains occurred again in much of Georgia and the nights were cool; centive to reduce prices during the prevailing
season as imgrowth was fair the first part of the week, and there was a slight improve- porters have
been behind with deliveries. In various quarment in cotton generally, but its condition continued very poor as a rule,
with increasing weevil damage and the weather too wet to apply poison. ters fall handkerchief linen business has halted,
as many
It was cool, cloudy, showery and unfavorable in Florida, but conditions lines
have been completely sold up in all importing houses.
were more favorable in the Carolinas. Progress and condition were reported
as very good in North Carolina, although rain was needed in some sections. The demand for stock goods at present is said
to be confined
Beneficial showers occurred in the Piedmont section of South Carolina,
and the progress and condition of cotton were fair in that State, though to low and medium priced goods. Burlaps have been in light
plants were still backward; weevil were numerous, but doing little damage, demand, and prices developed an easier undertone.
Light
with active preventive measures being taken.
weights quoted at 5.35 to 5.40c.; heavies at 7.25 to 7.30c.
JULY 7 1923.]
THE CHRONICLE
109
at 100.60, a basis of about 5.45%; two issues of Hennepin
County, Minn., 44% bonds, one for $2,000,000, issued for
tate anti Tity glepartment
I road purposes, awarded to the Bankers Trust Co., Estabrook & Co. and Eldredge & Co. of New York at 101.47, a
MUNICIPAL BOND SALES IN JUNE.
basis of about 4.52%, and the other for $750,000, issued for
As a result of the sale of two very large State bond issues a tuberculosis sanitorium, awarded to a syndicate composed
the aggregate of State and municipal bonds placed during of the Bankers Trust Co., Estabrook & Co. and Eldredge
June was swelled to the figure of $156,366,800, the larg- & Co. of New York, the First Trust,* Savings Bank of Chiest total reached in any month of June. This month, cago, the Wells-Dickey Co. and the Minnesota Loan dz
however, has often in the past been distinguished for bond Trust Co. of Minneapolis at 101.609, a basis of about 4.57%;
disposals of exceptional extent. It is to be noted, also, $2,500,000 43i% public building and improvement bonds of
that municipalities issuing obligations during the past St. Louis, Mo., awarded to Geo. H. Barr & Co., P. F.
month were fewer in number than in June 1922. A year Cusick & Co., Rutter & Co., H. L. Allen & Co. of New
ago the largest block of bonds placed was $13,000,000. York and the Federal Securities Corporation of St. Louis
that being by the State of Michigan, and the ten largest at 101.17, a basis of about 4.375%; and $2,200,000 refunding
disposals aggregated $46,242,000. In June 1923 the State water bonds of Portland, Ore., awarded to the Harris Trust
of Kansas sold $25,000,000 and the State of Iowa $22,000,- & Savings Bank of Chicago and the Ladd & Tilton Bank of
000, both issues having been made for payment of bonuses Portland on a bid of 100.077 for 4 2s, a basis of about 4.49%.
to war veterans, and the five largest issues alone aggreBonds offered but not sold during June7aggregated $7,519,gated $63,720,000.
121. Included in this total are $3,700,000 bonds of the
It should be pointed out, too, that in the earlier months of State of North Dakota.
1923 the sales ran well behind those for the same months of
In addition to the long-term bonds placed during June,
1922. The result is that notwithstanding the big State an aggregate of no less than $53,089,124 securities of a shortissues brought out last June, and some large issues as well term character was issued. This includes $30,629,000 borin other months, the aggregate of State and municipal rowings of New York City and $15,000,000 of the State of
bonds that have come on the market during the half year of North Carolina. The latter consisted of one-year notes.
1923 falls considerably short of that for the half year of 1922, The State has as yet disposed of only $15,073,000 out of the
being in fact only $571,893,563, against $655,086,150.
$20,073,000 43% serial bonds offered last January.
The two issues which attracted the most attention during
Canadian provinces and municipalitieeplaced $12,752,246
the past June were the $25,000,000 Kansas and the $22,000,- new bonds during June. Of this total, $8,155,000 was con000 Iowa bonds. The State of Kansas awarded its issue, tributed by three provinces: Saskatchewan issued $3,155,000
which bore 43'% interest, to a syndicate composed of the 5s, Manitoba $3,000,000 5s and British Columbia $2,Bankers Trust Co., National City Co., Wm. R. Compton 000,000 5s.
Co., Halsey, Stuart & Co., Inc., E. H. Rollins & Sons and
Below we furnish comparison of all the various forms of
Hayden, Stone & Co., all of New York; Harris Trust & Sav- obligations sold in June during the last five years:
ings Bank, First Trust & Savings Bank, Illinois Merchants
,
1922.
1920.
1921.
1919.
1923.
$
Trust Co., Continental & Commercial Trust & Savings
Permanentloans(U.S.)156,366,800 118,969,2/35 110,632.0.59 45,113,020 100.378,461
Bank and Marshall Field, Glore, Ward & Co., all of Chi- *Temp'ry loans(U.S.) 53,089,124 23,321.465 50,651,500 31,894,225 36,470,000
cago, at 100.68, a basis of about 4.43%.
Canadian loans(perm't)Placed in Canada.._ 9.597.246 10,514,539 10,818,561 7.660,752 8,50.5,410
The State of Iowa, after trying for some time to sell its
450,000 4,002,000 1,500,000 1.500,000
3,155.000
Placed
$22,000,000 issue at 45,4% interest, on June 2 awarded the Bonds U.In U.S
None
180.000
None
None 4,700,000
S.Possessions
bonds at a price which makes the money cost the State
222,208,170 157,955,289 176,284.120 86,167,997 146,853,871
Total
approximately 4.36% annual interest. The bonds were •Includes temporary securities (revenue bonds and bills and corporate stock
awarded to a syndicate composed of Estabrook & Co., notes) issued by New York City, $30,629,000 in June 1923, $11,000,000 in June
538,944,500 in June 1921, $21,145,000 In June 1920. and 527,600,000 in
Remick, Hodges & Co., Redmond & Co., Curtis & Sanger, 1922, 1919.
June
Bank, Brown Bros. & Co., Kissel, Kinnicutt
First National
The number of municipalities in the United States issuing
& Co., Blodget & Co., Bankers Trust Co., Kountze Bros.,
permanent bonds and the number of separate issues made
Hornblower & Weeks and Hannahs, Ballin & Lee, all of
during June 1923 were 390 and 550, respectively. This
New York; Detroit Trust Co. of Detroit; Northern Trust
and 571 for May 1923 and 560 and 752
Co. of Chicago, and Geo. M. Bechtel & Co. of Davenport contrasts with 394
for June 1922.
45.4s and $9,655,000 432s.
on a bid of par for $12,345,000
For comparative purposes we give the following table,
Other prominent issues of the month were: Moffat Tunnel
for June and the six months for a
District, Colorado, Ois, in the amount of showing the aggregates
Improvement
series of years. In these figures temporary loans and bonds
$6,720,000, purchased by R. M. Grant & Co., Inc., of
municipalities are excluded:
New York at 103.199, a basis of about 5.28%; $5,000,000 issued by Canadian
For the
Month of
Month of
For the
4% bonds of Chicago, Ill., Sanitary District, awarded to
Mr Months.
June.
June.
Six Months.
8156,36 /.800 $571,803,563 1907
1923
S21,390,486 3115,347,889
the Harris Trust & Savings Bank, the National City Co., 1922
118,969,285 655,086,150 1906
21,686,622 102,338,245
110,632,059 466,635.487 1905
19.016.754 111,723,054
the First Trust & Savings Bank, the Illinois Merchants' 1921
45.113,020 322,661,532 1904
1920
24,425.909 137.869,155
Trust Co. and the Continental & Commercial Trust & 1919
79,576,434
100,378,461 305,650.839 1903
16.926,619
27,821,083 151,766.284 1902
28,417,172
87 628.395
Savings Bank of Chicago on a basis of 4.44%; State of 1918
61,223,060
28,510,832 221,579,100 1901
1917
13.468,098
77,943,665
47,555,691 283,464,572 1900
19.670,126
New Jersey road and bridge 43s, $5,000,000 in amount, 1916
63,345.376
1915
z108,976,230 322,928,610 1899
29,348.742
disposed of to several financial institutions in New Jersey 1914
44,078,547
54.403,737 357,557,177 1898
9,704,925
73.275,377
39,386.230 218,879,270 1897
16,385,065
at various prices; two issues of Jersey City 43 s, in amounts 1913
4
1912
49.485,807 246,289,293 1896
43,176.964
12.792,308
27,470,820 223,262.370 1895
1911
56,991,613
15.907.441
of $2,228,000 and $2,046,000, awarded to Harris, Forbes & 1910
19,369,775 162,846,110 1894
66.426,992
16,359,377
32,663,115
•42,124,450 207,125,317 1893
1.888,935
Co., the National City Co. and the Bankers Trust Co. of 1909
49,093,291
31,606.064 169,082.57911892
1908
12,249,000
N. Y. at prices which cost the city 4.44% annual interest;
* Ind. $40,000,000 48 of N. Y. City. z Incl. $71,000,000 434s of N. Y. OM
City of Milwaukee bonds, four issues, aggregating $3,790,In the following table we give a list of June 1923 loans in
000, bearing 43% interest, awarded to a syndicate composed of the Wells-Dickey Co., Minneapolis; Eldredge & the amount of $156,366,800 issued by 390 municipalities.
Co., First National Bank, Stacy & Braun, Kissel, Kinnicutt In the case of each loan reference is made to the page in the
& Co. and Redmond & Co., New York; Northern Trust Co., "Chronicle" where accounts of the sale are given:
Name.
e.
4x Maturity. Amount. Price. Basis.
Chicago; Old Colony Trust Co., Boston, and Edmunds Page.
2673__AbIngton Sch. Dist., Pa_ l a1
$350,000 102.596 4.05
!
8,100 100.08r 4.69
N.Y
2797 Ad
4.70 1927-1943
Bros., Boston, at 100.631, a basis of about 4.43%;four issues 3024__Akron, Ohio
1,075,0001 100.911 4.67
(3 issues)_43
i 1924-1952
of 4s of Trenton, N. J., aggregating $3,210,000, two of 3024__Akron, Ohio (6 issues) 5
1924-1932 187,5005
4)4
which were awarded to Estabrook & Co., Hannahs, Ballin 2905__Alabama (State of) Callf.4,‘ 1943-1948 3,000,000 101.56 4.62
3024_ _Alameda High S.D.,
1924-1963 750,000
4.45
50,000 100.53
1924
Hodges & Co., R. L. Day SE Co., Hornblower 3024Alameda County, Calif 5
& Lee, Remick,
13,000
2797__Alamosa, Colo
555
5.24
97.98
55,000
1924-1943
& Weeks and H. L. Allen & Co. of New York as follows: 2673__Alcoa. Tenn
50,000
2905__Alliance Sch. Dist., Neb_45
$1,993,000 at 101.87, a basis of about 4.36%, and $1,075,000 2905. Andover, Mass
150.000 102.479 4.03
1924-1953
43
75,000
3024__Anguilla, Miss
6
at 101.25, a basis of about 4.37%, and the other two to 2797Ansozda, Conn
1924-1943 200,000 102.25
4.23
4
____
serially 425,000 102.49
John A. Robbling & Sons Co. of Trenton at a price to yield 2797__Appleton, Win
10,400 101.25
1924-1933
5.24
2905__Archbold,
about 4.21%; $3,000,000 4M% highway bonds of the State 112- _Ascalamore Dr. D. No. 1,
Ohlo5%
1925-1944
Miss
6
80,000
of Alabama, purchased by the Weil, Roth & Irving Co. of 112__Ashtabula, Ohio
1924-1947 120,000 101.72
5
20,000 102.10
434 19274943
Cincinnati; $2,750,000 5% navigation channel bonds of 2797__Aspinwall. Pa
150,000
112- _Atlanta. Ga
19234940
6
40,000
96
6.42
Calcasieu Parish, Louisiana, awarded to Sutherlin, Barry & 2905__Bandon, Ore
3024__Beaufort County, No.
1929-1953 250,000 100.28
Caro.(2 issues)
5
Co., Inc., of New Orleans and Caldwell d: Co. of Nashville
4.97
ffi
110
THE CHRONICLE
[VOL. 117.
Pai7e.
Name.
Rate. Maturity. Amount. Price. Basis. Page.
Name.
Rate. Maturity. Amount. Price. Basis.
3024__Beanmont. Tex
534
220,000 98.06
2907_ _Green Co., Ohio
534 1923-1932 114,600 100.90 5.29
3024_ _Beauregard Parish, La_ _ _6
1924-1933 150,000 101.52 5.70 2675_ _Greene Co., Ind.(5 iss.)..5
1924-1933 144,000 101
3024_ _Bellville Sch. Dist., N.J-5
4.80
1925-1951
68,000 104.19 4.63 2800-Greene County, Ind
5
1924-1933
13,500 101
3024_ _BellyMe 8th. Dist., N.J_5
4.79
1925-1936
12,000 101.52 4.76 3026__Greene Un. Fr. S. D. No.
2905_ _Beloit, Wis
434 1924-1938
70,000 100.71
4.40
4, N.Y
434 1924-1953
60,000 100.385 4.47
2905__Bernalillo Co. S. 13. No.
2800_ _Greenville S. D.,Mich_ 5
1924-1929
12,000
4, N. Mex
6 d1933-1943
6,000 100
6.00 3026_ _Greenfield, Mass.(3Iss.)-4g 1924-1943 120,000 100.25 4.92
2905__Bernalillo Co. S. D. No.
101.145 4.11
3027__Greensboro, No. Caro.
-5
1925-1944 1.000.000 100
5.00
9, N. 51ex
6
1933
8,500
3027_ _Greensboro, No. Caro_-5
1925-1964 300,000 100.08 4.99
2905__Bernalillo Co. 8. D. No.
2800Greenville S. D. No. 17,
11, N. Mex
6
8,000
So. Caro
1924-1947 240,000 100.81
2905__Bernallilo Co. S. D. No.
4.92
2800_ _Gregory S. 13., So. Dak_ _55
1943
70,000 100.25 4.98
61, N. Max
6
4.000
2800__Hamburg (Town), N. Y.
2,400
113- _Bessemer, Ala
5
1943
.
150.000 99
5.08 3027__Hamlet Pub. S. D., No.
2905_ _Baylor Spec. S. D.. Mo 5
18,000 100
5.00
Caro
5g
2797....Birmingham Ala
5.23
534
140,000 102.64
_
114-Hardin County, Ohio_ _534' 1924-1952 110.000 100.31
_ _514 1924-1932
34,000 100.11
3025__Bismarck, No. Dak
5.47
5
yearly 225,000 100
-- 6o 2800_ _Hartford,So.flak.(2iss.)5h '33-'38&'43 31,000 100.95 5.66
5.
3025__Bismarck, No. flak
7
yearly 450.000 100
7.00 2908--Haverford Twp. S. 13.,
3024_ _Blanchester 8. D.,Ohlo 5)4 1924-1947
75,000 103.66
Pa
4
1953
2906__Boonton, N.J
21,000 100
4.00
5
1924-1933
19,000 100.12 5 0 7 3027_ _Haverhill, Mass
4.95
9
434
2798_ _Boonton Sch. Dist., N.J.5
210,000 100.15
1924-1951
68,000 103.27 4.70 2800_ -Hayti, So. flak
6
1933
2798__Boulder. Colo
12,000 102
1774
6
8,500 100
3027_ _Heath Soeo , So. Caro.,
6.00
( issprings
2
)
2906__Boulder Co. S. D. No.
6
1943
35,000 106
35, Colo
6.00
5
serially
11,000 101.59
2908__Rendricks Co.,Ind
4h' 1924-1933
2798__Bradley Beach S.13.. N.J.5
11,500 100
4.75
1924-1953 125,000 100
5.00 3027_ _Hennepin Co., Minn
4g 1928-1942 750,000 101.609 4.57
2673_ _Branch County, Mich_ _ _5
65.000 100.04
2675__Hennepin Co., Minn_-_4h 1928-1942 2,000,000
2906__Branson, Colo
101.47 4.52
35,000
2908_ _Henry Co. Tenn
5
3025_ _Brookline, Mass
85.060 100.58r 434 1924-1941 250.000
2675-Herkimer,N.Y. iss.)-5
(2
1924-1943
2906_ _Brownwood, Tex
36,000 103.85 4.50
5
82,000 100
5.00 2908--Herington, Kan
2798_ _Brule County, So. Dak_ _5 d1928-1933
19,000 99.75 ---55,000 100
5.00 2908--Hermann S. /3., Mo
5
1924-1943
2798--Bunoombe Co..No.Caro_5
50,000
250,000 101.04
3027_ _ Hiawatha, Kan
434
113_ _Burlington County, N. J_5
45.000 100
1924-1933 221,000 101.85 4.61 3027__Iligh Point, No. Caro._ --5g
4.50
1925-1948 834.000 100.10 5.24
2673 __Calcasieu Parish. La
534 1923-1952 2,750,000 100.60 5.45
114_ Howard County, Md___ _4 3.4
Howard
1953
240.000 103.09 4.32
3025_ _California (State of)
434
1,000,000 100
114--Hudson, N. Y
4.25
434 1927-1934
7,500 100.14 4.48
2906__Canajoharie, N. Y
1924-1928
5
10,000
2908_ _Hudson Falls. N. Y_
5
1925-1934
26.650 102.32 4.58
113- _Capo-Au-Gris Dr.D..Mo-5g 1925-1943
50,000
114-Huntington County, Ind _5
1924-1933
5.600 100.50 4.89
113_ _Carlton County, Minn_ _ _5
1933-1942 175.000 101.55
114-Huntington County, Ind_5
1924-1933
8.800 100.61
2798_ _Carteret Co., No. Caro_ _6
4.87
1925
50,000 100.65 Kos
114. Huntington County, Ind_5
1924-1933
15,000 100.11
2798_ _Cass County. No. Dak.-514
4.98
68,931 101.49
114--Huntington County. Ind_5
„
1924-1933
6,300 100.51
2798_ _Celina Viii. S. D., Ohio_ -5g 1924-1940
4.89
17,000 100.576 -.
114- _Huntington County, Ind_5
5:i7
1924-1933
9,760 100.58 4.88
3025_ _Center Sch. Az Center Civil
114-Huntington County, Ind_5
1924-1933
17,600 100.57 4.88
Tvrps., Ind.(2 issues).5
1924-1943
58,000 102.50 4.78 2908-_Huntingdon Spec. S. D.,
2906- _Chamois,Mo
5
30,000
Tenn
serially
50,000 y100
3025_ _Charlotte County, Fla__ _6
_ _
200,000 100.37 ___- 2908_ _Huntington Un. Fr. S. D.6
3025__Chautauqua Union Free
No.3, N.Y
434 1928-1952 475.000 102.31
S. D. No. 1, N.Y
4.30
434 1925-1943 152,000 100.278 4.48 2675-Ruron Co.. Mich.(5 iss.)
yearly
534
199,400 101.22
3025_ _Cherokee Co., So. Caro_ _5
20,000 100.31
_
115--Huron County, Mich.__ _5g yearly
199,400 100.61
2906_ _Chicago Sanitary D., 111_4
1925-1943 5,000,000 96.177 4714
115-Huron, So. flak
1943
25,000 100.42 4.97
2674...Chicopee. Mass
434 1924-1928
18,0001 101.517 4.16 3027_ -Idalou Ind. S. D.. Tex_ 5
50,000
2674_ _Chicopee, Mass
434 1924-1933 175,000J
3027- _Indiana (State of)
434
• 200,000
2798__0houteau County Rural
r _
2675_ _Iowa (State of)
4.)4 1923-1942 12,345,0001 100
S. D., Mont
4.36
6
1933
51,500
5.77 2675__Iowa State of)
434 1923-1992 9,655,0001
2798_ _Clairton Sch. Dist., Pa--4 Y1 1928-1953 550.000 101.54
3027 _Isabe a Co.. Mich.(3 km.)
69.600
2674 ClarkCounty, Ind
434 1924-1933
10,000 101.11
4.27 2908- _Jackson Co.,So. Dak_ __ _5 g
1933
2798--Clarks, Neb
30.492
2675_ _Jackson Sch.Twp.,Ind_ _5
1924-1934
11:000 101.52 4..7(1
0 00 100
0
3025_ _Clinton S. D. N.J
55
1924-1953
55.000
2801_ _Jasper Co.,Ind
5
1924-1933
113__Olark County Ind
19,600 101.02 4.79
1924-1933
5
18 000 100.33 4.93 2801_ _Jay County, Ind
434 1924-1933
27,200
2798-Clay & Cicero (Towns)
2801- _Jefferson Co., Wise
5
1933-1939 600,000 104.03 4.58
Un. Free S. D. No. 12.
2801- _Jennings Co.,Ind.(2 is.)_5
1924-1933
18.200 100.96 4.80
N. Y
434 1926-1952
78,000 100.395 4.47 2801- _Jennings Co.,Ind.(2 is.)_5
1924-1933
29,000 100.94 4.80
3025_ _Cleveland City S. D.,
2675_ _Jersey CitY. N.J
434 1924-1957 2,228,000 103.47 4.44
Ohio
434 1924-1943 700,000 100
4.50 2675-Jersey City, N.J
434 1924-1955 2,046,000 103.29 4.41
2906--Cody, Neb.(2 issues)_ _ _ _6 d1933-1943
24,000
115--Johnson County, Ind_ _5
.5
1924-1933
18,000 100.5.5 4.88
3025- _Colorado (State of)
5
1,500.000 100.61
r 2908_ _Johnstown, Pa &
4
2798--College Hill S. D.,Pa.---436 1928-1947
30,000 102.41
4.28 2908 _ Kalam.z00(E1ty ohTwp.3 g 1924-1953 825.000 100.634 4.20
. s na N0. 5n
.
4,i
3025- _Columbia Twp.S. D.,Ind --16,800 100.52
-64,000 100.65 _ _ _
2799__Condos Co.S. D. No. 10.
2801- _ Kansas (State of)
4)4 1924-1948 25,000,000 100.68 4.43
Colo
534 d10-20-yrs
7,000
3028- _Kenmore Un. Fr. S. D.
3025-Concord, Mass
434 1924-1928
29,000 100.583 4.29
No. 1, N.Y
414 1928-1957 495,000 100.56 4.46
2799- _Conrad Sch. Dist.. 1owa-4 h 1928-1943 150,000 100.70 4.70 2908_ _ Kenosha, Wise
4g 1929-1943 500,000 100.23 4.48
2906_ _Cook Co.S. D.No.90, 111414 1928-1943
83,000 100
4.50 2801- -Kernersville. No.Caro_ _ _6
1926-1950
25,000 103.29 5.65
2674- _Corsicana, Tex
1928-1963 600,000 Y102.75
5
- 2801.-Key West, Fla.(2issues)_6
175,000 103
3025_ _Cuba. N. Y
110,790 100.417
434
3028-- King City, Mo.(2issues)5
127,500
2906_ _ Cumberland Co.,No.Caro5
1926-1952 210.000 100.78 4.92 2801- _ King County S. D. Union
113__Curry Co. S. 13. No. 52
"R," Wash
4h
53,000 100
4.75
N.Mex
6 d10-20 yrs.
60 000
2801--La Grange S. D.,Texas_ _5
115,000 •
113--Curry Co. S. D. No. 68,
3028- - Laird 8.b., Calif
5g 1925-1950
15,500 101.31
5.37
N.Mex
6
did-20 Yrs.
5,000
115-.Lake County, Ill
4)4 1924-1943 300,000
2674--Custer Co. High Sch.
2675._Lake County,Ohlo
1925-1942 225,000 101.53 4.7."
5
Dist. No. 1. Colo
5
25,000
3028- _La Junta. Colo
434 d10-15 yrs.
20,000 98.02
2674__Cuyahoga County. Ohio_5
1.:24-1932
23,972 100.329 4.93 2801--La Porte Co.. Ind.(4 is.)_5
1924-1933 210,300
2674-Cuyahoga Cotmty. 01110_5
1924-1934
71,917 100.329 4.93 2909- _Larchmont. N.Y.(2 iss.) 6
1928-1953
78.000 100.12 5.911
2906__Dade Co.Spec. Tai S. D.
26'IL-La Salle. N. Y_ _ - - -4h
25,500 103.13
No. 6. Fla
6
1943
17,000 105
5.58
115- _Las Animas Co.6. D.-No.
2799.. _Davison County, So. Dak5 d1928-1933
25,000 99.62
5, Colo
6 di0-20 years
5,500
2799- _Dearborn Ccunty,Ind_ _.
5
1924-1938
62.400 101.78 4.73
115_ _Las Animas Co. S. D. No.
113--Deertail, Colo
534
400,000
63. Colo
6
5.500
2799_ _ DtAand, Fla
6
1934-1953 314.000 106.10 6,48
196._ _Las Animas Co. S. D. No.
2907_ _Delta Co. S. D. No. 9,
69, Colo
6 d10-20 years
8,500
Colo
6 d10-20-yoars
5,000
2909- _Lawrence Co., Ohio
109.000
3026_ _Denver (City & County),
3028- _Lebanon Ind. 8. 13.. So.
(Moffat Tunnel 131st.),
flak
1933
23,000 98.86
.
Colo
serially 6,720.000 103.199
534
3028- _Lecompte, La
•6
1924-1943
45,000
114__Dewey County, So. Dak-536
1933
30,000 101.03 5.10 3028-Lemoor Un. High S.
nollf
D.,
-De Witt Un. Free S. D.
30261924-1943 175.000
5
No. 14, N. Y
434 1928-1957
90.000 100.385 4.47 3028- _Lewiston, Me
434 1924-1943 100,000 101.39 4.32
114--Dillon S. D.No.8,So.C-5g
1943
30,000 100.65 5.20 2676- _Lewisville, Minn
5)4 1926-1930
5.000 100
2907_ _ Dr nora 8th. Dist., Pa-.434 1933-1940
5.50
25.000 104.081 4.34
115-Lima, Ohio (14 issues).--5)4 1924-1932 210,301) 100.82 5.33
2674_ _Doyl.atown, Pa
434
1943
40,000 102.073 4.11
115-Lima, Ohio
1924-1947 280,000 103.75 5.10
_Dubois County. Ind
3026434 1924-1933
4,500 100
4.50
115-.Lima. Ohio
76.000 103.83
3026_ _ Duluth, Minn.(2 issues)
.434 1924-1948 275,000 100.58 4.45 2909...Lincoln S. D.. Nebr.
175,000
__
2907- _Eagle School & Civil
116-Lincoln Co. S. D. No. 19,
• Two., Ind. (2 Issues).. _5
1924-1939
77,670 101.70 4.79
Wyo
5
100,000 100
114__East Side Levee & Sani5.00
2909-Linden Two.S. D., N.J.4g Ifig-1- - 3 203,000 100
-9
6
tary District, Ill
4.50
5 1938 & 1939 200.000
2801--Littleton, N H.
4)4 1924-1943 130.000 100
2907_ _ East Whittier Sch. Dist..
4.50
3028-Los Angeles City High
Calif
• 5
1924-1943
30,000 100.56 4.91
S. D., Calif
434 1923-1962 1,760,000 100.29 4.73
2907_ Eastwood. N. I'
6
1926-1946 105,000 101.14 5.87 2676_ Loveland. Wyo
3026_ _Ector Ind. S. D.. Tex_ _- _6 dl0 -years
14.000 100
-40
6.00 2909--Lovrndes Co., Miss
0
10 0 8100
6
8.1
0
114_ _El Segundo, Callf
150.000 100.21
3028--Lubbock Ind. S. D., Tex_5
80,000
2907_ _El Paso, Tex
5
46,000 104.69 -_ -- 2801_ _Lucas Co.. Ohio (10 iss.)_5
1924-1932 452,658 100.27 4- 9/
.
3026_ _El Paso, Tex
6
1934
150.000
115 -Lucas County. Ohio
6
1924-1932 296,111 103.51
5.21
2907_ _Elwood, Ind
5
1928
15,000
115--Lucas County, Ohio
1924-1932
.
5.21
2907_ _Englewood, N.J
.
434 1925-1960 458,000 103.78 4A5 2909--Lycoming County, Pa 6 (1
434 4 38& 531 400,000 102.799 4:i6
9 1913,1
5
_4.05
2907_ _Englewood. N.J
434 1925-1952
28,000 103
4.48
1924-1934
2674_ _English. md
5
4.000
2676 McComb, Miss
534
150,000 y104.66
2674_ _Erie County. N. Y
1943-1952 930.000
4
.
2909 _ Maine (State of)
4
1941-1950 800,000 97.79
3026_ _Fairfield, Ala.(2issues)_
70.000 100
3028- -Malden, Mass
4g
6
1926-1950
30,000 101.66 5.84 2801 Manchester, N. 11
114-..Fairmont, No. Caro
4
1924-1943 310907.0"00 191..019
57
22,000 100
26/4_ _Falls County,Tex
4.6
Marles Co., Mo
5
1924-1943 100,000 99.55
85.000
2799_ _Fergus Falls, Minn
3028 - -Marblehead. Mass
4g 1924-1943 178.000 101.28
6
Florence, Ala
Florence.
124*.000
2799_
Morshfnd (5tote on
ma yloield 0 e
r
454
6
5
01. 7
100. 3 4.3,)
434 1927-1051
75.000 101.375
114--Frankfort, N. Y
1926-1938 1,655..00n
7
0
434 1927-1951
75,000 101.375 4-63 2801- -Memphis, Tennschools,i54 34 192
3026_ _ Frankfort, N. Y
2 610 3 021:00 100.079 4.78
43 9 2 906 0 0
00
0
4
62,000 102.51
2907_ _Frederick County. Md_--4g 1939-1947
4.31 2801- -5Mieemmophihiss,
3026_ _Fulton County, Ohio_ _ - -5g 1924-1928
17.0001100
- -- - 28021
City
1929-1949 330,000 100.24 5.73
1924-1932
53,5001
3026- _Fulton County. Ohio_ - - -5
Tenn_
- 14h 1950-1962 420.000
2799__Galen Un. F. S. 13. No.
116_ _Menno Ind. S. D. No. 2,
1924-1930
14.000
5
16, N. Y
So. flak
5 ' 1943
35,000 100
5.00
40.000 100r
434 1936-1939
114--Gary,Ind
4.50 3029_ Mercer County,Pa
1926-1950 165,000 101.50
2799_ _Geneva High S. D.,N.Y.4 34 1926-1963 480,000 100.451 4.22 3029_ _Meridian, Miss
6
144.000 103.30
Yearly
1924-1933
16,000 100.10 4.99 3029_ _Meriden. Conn
5
2675- _Gibson County, Ind
41i 1926-1930
50.000
1924-1933
3026_ _Gibson County_Ind
6.000 100.72 4.81 2802_ _Miami Beach, Fla.(2 iss.)5 h 1925-1943 440.000 100.789 1.6i;
5
99.55
5.81
114_ _Goshen Co. S. D. No. 2.
116--Miami County, In
7,560 100
4)4 1924-1933
4.50
1948
40,000 100
Wyo
5
5.00 2909_ Miami County. Ind
19,200 100.76 4.35
43 1924-1933
2907_ _Graford Ind.8. D.,Tex.._
23,000 1.403
2802_ _Mills County, Iowa
5
1924-1943 149.000
2800__GranIte Co. S. D. No. 1,
3029_ _Milton, Pa
125,000
Serially
434
50,000 101.50
Mont
6
2802_ _Milwaukee, Wis.(4 iss.)_4 g 1923-1943 3,790.000 100.631 4.43
3026.
..Grand Junction, Colo.
2802..-Minneapolis,MInn.(5iss.)414 1924-1953 1,689,057 101.14
4.40
101,750 100.98
(2 issues)
534
2910_ _NlinneapolLs, Minn- -.434 1924-1943 409,192 100.07 4.49
2675-Gratiot Co. Assessment
2910- _Mocksville Graded S. D.,
99,000 100.373
fists. Nos.2 & 5 MIch.5g
No. Caro
45,000 106.14 5.19
1924-1953
6
2800.-Green Bay. Wise '
600,000 102.10 -,1"; 2676_ _Monessen. Pa
'434
150,000 103.78 4.22
434
2800.-Greenburgh Un. Fr. S. D.
2676_ _Monessen, Pa
85.000 102.47 4.20
43
No: N.Y
8,
48,000 101.16 4.35 2802 _Monongahela City, Pa.. _4 g 1928-1937
434 1924-1953
55,000 100.71
4.15
VI
3;6._
2 8
9
1=13
JULY 7 1923.]
THE CHRONICLE
Rate. Maturity. Amount. Price. Batts.
Name.
Rate. Maturity. Amount. Price. Basis. Page. -Taylorsyille Village 5.1).,
Page.
Name.
118- --28'02_ _Montgomery Co., Ohio_ _535 1926-1945 228,000 104.93 4.95
22,000 p100
535 1924-1945
Ohio
5.12
71.000 101.65
2802-_Montgomery Co., Ohio_ _534 1924-1932
Bridge
1924-1953 100,000 101.40 4.85 3031__Terra Cola Road &
6.37
S. D.,Calif_ _5
96
2676_ _Montebello
55,000
6
District, Fla
4.39
40,0001 100
4 d1933-1043
461,500
2910__Montana State of)
2013_ _Texas (State of)(35 iss.)414 d1933-1943 150,0001
2910_ _Montana State of)
150.000 103.60 5.65
1926-1947
1926-1940 227,000 104.901 5.36 2913-Thomasville, No. Caro--6
2910__Montgomery Co., Ohio-6
23,626 101.75 5.62 3031__Tippecanoe County, Ind.
1924-1932
15,500 103.98 4.21
2677__Montville Twp., Ohio__ -6
1924-1933
5
(2
25,000 101.50 4.76 2804_ _Tiogaissues)
1925-1936
5
Ind
7,000 100.43 4.93
3029__Monticello,
1924-1930
, N.Y
5
2.600 100.20 4.92 2679-Tonawanda,N.Y
1924-1928
24,000 101.397 4.23
2802- _Moorefield Sch.Twp.,0-5
435 1924-1947
58,450 101.50 ---- 2679__Tonawanda, N.Y
22,
21,000 102.127 4.24
2802_ _Mosquito D. D. Iowa _6
1924-1944
4%
2677__Mount Airy, No. Caro.
118__Torrance Co. S. I). No.
65,000 101.04 5.39
5% 1926-1953
(2 issues)
30,000 103.01
6
13. N. Mex
5.00
512.000 100
4:3
2910_ _Moulton, Tex
435 1925-1959 1,993,000 101.87 -.,
---- 3031_ _Trenton, N. J
24,000
3029_ _Montro.se,Colo
4% 1925-1948 1,075.000 101.25 4.37
3031_ _Trenton, N. J
,74,000 101.34 4.24
2802_ _Mt.Morris Un.Fr.S. D.
1924-1933
-Trenton, N. J
434
4 15 1924-1961 190,000 102.188 4.33 3031 _Trenton, N. J
N.Y
68,000 101.22 4.21
4% 1924-1932
3031_
3029__Mountain View S. D.,
11,000 102.80 4.28
4% '33.'41&'48
12.000 100.27 5.46 2679_ _'Frafford, Pa
535 1925-1936
Calif
276.000 100.88 4.15
434 1924-1943
2804- _Troy. N. Y
15,000 100.02 4.49 2804__Troy, No. Caro
435 1924-1928
3029-Mt.Vernon,N.Y
60.000 102.57 --6
2802__Murray Po. Ind. S. D.
County,Ohio--535 1924-1932 200,000
1938
125.000 100.53 4.94 2804__Trumbull
5
No.52, Minn
5% 1927-1932 400.000
2913-Tulsa, Okla
2910__Muskegon County,Mich.
---1933-1947 600,000
5
2913-Tulsa, Okla
80,775 y100
5%
Yearly
(3 issues)
Union
- 3031-Union (T.) 5, N. Free
r
43,000
- _5
3029- _Nacogdoches Co.. Tex35,000 100.08 4.59
S. D. No.
Y__--4.60 1923-1940
4.11
2677_ _Nassau County, N. Y_ _ _4% 1925-1932 700.000 102.13
434 Every 5 yrs. 300.000 101.895 4.10
Pa
4&435 1924-1963 500,000 100.279 ---- 2804__Uniontown,
3029_ _Newburgh, N.'
2804__Upper Arlington, Ohio
2910__Newcastle County, Del.
(2 issues)
5% 1924-1932 297,000 101.132 5.26
435 1939-1949 150,000 100.352 4.46
(2 Issues)
118_ _Utica, N. Y.(9 issues)_ _ _4%. 1924-1943 403,037 100.44 4.19
Var. Var.
5,000,000
1938
2910__New Jersey (State of) 414
6.00
3,500 100
_6
1928-1934
6.000 105.025 4.86 3031_ _Valley Springs,So. Dak_
1924-1931
2677_..New Lexington, Ohio_ __..6
118_ _Van Buren Water Works
15,384 100.37 4.92
1924-1933
3029_ _Newton County, Ind_ .. _ _5
210,000 97.13
Impt. Dist. No. 1, Ark_535
16,640 100.55 4.89
1924-1933
1.66
.Newton County, Ind_ _ _ _5
3029.
1924-1932 117,800 100
118_ _Van Wert County,Ohio_ _6
12.528 100.330 4.94 3032__Vernon, Tex
1924-1933
3029__Newton County, Ind_ _ 5
110.000
Serially
5%
12,600 100.809 4.83 2913„Vicksburg, Miss
1924-1933
3029_ _Newton County. Ind_ _ _ _5
1924-1948 125.000 100.10 4.99
5
100.32 5.89 3032__Vigo County, Ind
2.300
1925-1928
6
116-Newton Falls, Ohio
7.400 100.91 4.82
1924-1933
i
410,000 104.64 4.71 3032
1952
5
3029_ _Norfolk. Va
20.000
1925
-Wake County, No. Caro_535
20.000 100.60 4.13
2677...Northampton. Mass__ ..434 1924-1933
434 1924-1942 350,000 101.487 TAW
1 i9_ _Waltham. Mug;
2802...North Hompstoad Un.Fr.
_Warren, Ohio (3 issues)--534 1924-1933 138.805 101.446 4.19
1928-1947 130,000 106.141 4.41 3032_ _Warrick County. Ind- _ - _5
S. D.No. 10, N. Y___ _5
3,650 100.41 4.92
1924-1933
119_
5.00
18,000 100
1924-1932
2677- _Norwalk S. D., Ohio_ _ _ _5
32,000 101.09 5.91
1924-1952
6
2804-Washington, La
200,000 100
Yearly
__
2910__Oakland County, Mich
4A§ 2013__Washington Sch. Twp.,
30,000 102.57 -1924-1933
5
2677_ _Ohio County, Ind
89,500 100.40 5.44
535 1924-1938
Ind
435 1924-1933 217,000 100.19 4.46 2013_ _Waterbury,Conn.(2155.)4%
3029_0neonta, N. Y
350,000 103.25 4.29
Yearly
4.50
5,800 100
1924-1933
4
2911_ _Orange County, Ind
30,000 102.67 4.71
1924-1943
5
102.64 4.58 2805_ _Wawatosa, Wis
1942-1959 219,270
4
2677__Oregon (State of)
3032_ _Washington County, Ind.
2911__Ouray County Sch. Dist.
11.920 100.15 4.97
1924-1933
5
(2 issues)
5,000
6
No. 11, Colo
3032 WashingtonUn. H. S.
117- _Oxford. N. C.(2 issues)- -5% 1924-1943 182,000 100.58 5.613
5
D.'
1924-1948 150.000 101.68 4.82
Calif
5.000
2803_Parishville, N.Y
.Watertown,Mass.(4 Ws.)4% 1924-1943 107.500 101.02 4.10
2913.
5.09
2911__Pearces Mill Twp. Sch.
50,000 105
1943
Co.,No.Caro.534
2913_
75,000 107.20 - --- 2805_ _Wautauga
Dist., No.Caro
_Wendell Graded S. D.,
3030__Pecos Co. Water Impt.
25,030 Y109.31 --,_-=
1953
6
No. Caro
60,000 590r
1930-1941
6
Dist. No. 1, Tot
77,000 100.59 4.65
434 1925-1935
4110 3032__Westfleld. N. J
15,000 100.16 . . 3032__Westfield, N. J
1929-1943
3030_ _Person County,No.Caro.5
4% 1925-1934 105,000 100.46 4.67
4% 1924-1943 350,000
5.00
3030._Pettis County, Mo
1925-1937 290,000 100
3032-_West New York, N. J_ _ _5
2677__Pelham Un. Free Sch.
1925-1963 127,000 100.50 4.96
New York, N.i_..5
7,000 103.52 4.47 3032--West Orange. N.J
1928-1934
Dist. No. I, N. Y...5
83,000 100.10 4.49
..434 1925-1943
2805- _West
150.000 100.10 ---435
2911__Phillipsburg, N. J
__
250.000 101.51
_Weymouth, Mass
4% 1925-1963 248,000 101.12 4.66 3032_
.8
4 9
11.500 100.52 -- .
2803__Perth Amboy, N.J
1924-1933
5
119-1Thlte County. Ind
49,500 100.04 4.74
4% 1925-1938
8,500 100.55 4.88
2803_Perth Amboy,N.J
1924-1933
5
1 I 0_ _White County, Ind
30,000 102.66 4.45 2914Whittier Un. High S. D.,
1924-1933
5
2803__Piko County, Ind
4.50
39,000 100
4% 1924-1943
2803__Pike County, Ind
1924-1948 225,000 102.28 4.80
5
Calif
.
45,000 103.06 5.15 2805__Williamsport, Pa
117-Pike Twp. Rur. S. D.,0-535 1924-1946
434 d1933-1953 100,000 101.065 --5.25 3032__Winchester, Ind
2.000 1100
2911-_Piru Sch. Dist., Calif_ _ _5% 1924-1925
25,000 100.086 4.74
4% 1924-1943
117-Pittsburgh, Pa. (5 iss.j..-4% 1924-1053 1.021,000 101.925 4.07
120-Winyah-Indigo Sch. Dist.
_ __ _
29,000
60.000
5)6
1943
3030-Plattsmouth, Neb
5
No. 5. So. Caro
:5:156
32,000
1924-1931 304,000 100
5
2678- _Pleasantville,N.Y.(21ss.)435 1924-1943
120_ _Wood County, Ohio
2911-Pontiac Twp. Sch. Dist.
1924-1943 252,000 100.09 3.99
2805_ _Worcester. Mass.(4 iss.)_4
1929-1943 100,000 104.84 4.50 2914__Worcoster, Wis10,000 100
5
5.00
No.90. Mich
5
90,000 102.73 4.30 3032--Wyoming Twp. S. 13.
434
2911-POrtage, Pa
25,000 98.74 4.62
2678_ _Portage Twp.S. D.,Pa_ _43411933, '38.1
1938
43
Mich
l'43,'48&'531 100.000 102 91 4.34 3032-Xenia, Ohio
5.50
18.000 100
5% 1924-1932
52,600
10,000 102.10 5.54
2803__Porter Co.. Ind.(3 iss.)_ _434 1924-1933
1924-1933
6
.49 2914__Yankton, So. Dak
4
434 1934-1943 2,200,000 100.077r -12,000 100
2678-Portland, Oro
_
S. D.,
2914-_Yocona Con.
40.000 100.17 -- _2803_ _Port Gibson Separate Sch.
iss.)_5
5.25 2914_ _Yuba City, Calif.(2Miss_50,000 100
Yearly
5%
Dist., Miss
2803_ _Port Gibson Separate Sch.
(3'0 municipalities
Total bond sales for June
10,000 102.50
5%
Dist., Miss
$156,366,800
covering 550 separate issues)
1924-1965 100.000 99.64 5.03
2803_ _Port of Seattle. Wash_ _ _ _5
6 d1933-1943
6.000
REVISED TOTAL FOR PREVIOUS MONTH.
-Pukwana, So. Dak
117117-Quitman (in. Super Dist.
The following item, included in our total for the month
50.000
5% 1924-1948
No. 5. Miss
48.000 104.17 5.35 of May should be eliminated from the same. We give the
1924-1938
117-Railroad Sch. Twp., Ind_6
118,700 100.61 4.87
3030- _Ranckiph Co.. Ina.(4 iss.)5
page number of the issue of our paper in which the reason
117--Raton Municipti School
50.000 98.50
Dist. No. 11, N. Mex__5
for the elimination may be found:
2912__Redwood County S. D.
Amount.
Name.
15,000
4.95 Page.
1953
454
No.69, Albin
3120.000
2914- Wisconsin Rapids, Wis. (May list)
65,000
435 Every 5 yrs
2912--Renova, Pa
500,000
1957
4%
2912-Richmond, Va
We have also learned of the following additional sales for
500,000} 100.14 4.49
1933
434
2912-Richmond. Va
435 1924-1938 500.000)
previous months:
2912--Richmond, Va
12.000 100.416 5.43
-Richmond Heights, Ohio_534 1924-1935
2912.
Rate. Maturity. Amount. Price. Basis.
Name.
Page.
25.000
2912-Ringwood S. D., Okla_ --6%
1928-1953 $160.000 ------ ---5
113__Clay County, Ky
20.000 100.92 4.76
5
1924-1931
2912-Ripon, Wis
60,000 100.25r 4.98 2006-Cordell Sch. Dist., Okla.
1925-1962
5
2912__Rock Hill, So. Caro
5.00
5
40,000 100
(April)
41,000 100.67 4.95
1939-1944
2912-Rockingham Co.,No.Car.5
6.00
Serially
47,000 100
3026-Faith, So. Dak.(3 iss.)_ _6
27.000 103.919
2878--Routt Co.S.D.No.2,Colo.535 d1933-1943
2907_ _Fouke Spec. S. D., Ark.
y101.81
10,000
2803_ _Routt Co.S.D.No.11.001.5 V4 d1933-1943
6.00
6
20.000 100
(April)
45,000 101.78
2912--Routt 0o.S.D.No.38.Col.535
5
30.000 104.323 4.61
1934-1943
2907_ _Freeport, Ill
3030-Roxboro, N. C.(3 issues).534 1926-1984 230.000
46,000
1948
2907- _Grandifle S. D., Okla__ _ _6
115,000 99.16
Serially
5
2803-Royal Oak, Mich
1.66
13,500 100
114- _Green Forest S. D.,Ark- -6
21,600 100.88 4.89 2908-Harrisburg Township, 111.
1924-1943
5
3030_ _Rush County, Ind
50.000 100.10
2803_ _Rtltherfordton, No. Caro.5%
5
50,000
1925-1934
(April)
434 1928-1943 2.500.000 101.17 4.37 2908-Harris Co. Drain. Dist.
118--St. Louis, Mo
118--St. Louis Co. Ind. S. D.
6
75.000
1924-1948
No. 1, Tex
No.35, Minn.(2 iss.)_ _ _ _ 1927-1936 639,000
5
54.624
Kan
455,0001 100.033 4.23 3028_ -Larned, Wash.(8
1943
4
2912-84. Paul, Minn
various 164.947
Issues)_6&7
2912_-Seattle,
645,0001
1943
435
2912-St. Paul, Minn
6
14,415
11 8--Tacoma, Wash
2912-Salem Un. Fr. S. D. No.
25,000
1943
14.000 100.357 4.91 2913--Vorden Soh Dist., Olda_6
1924-1930
5
16, N. Y
3032-Viroqua (City and Town
1924-1962 1,000,000 102.76 4.76
2678_ _San Antonio IS.D..Tex _5
of). Joint S.D.No.1 Wis434 1926-1938 140,000
2912_ -San Buenaventura S. D.,
38,500 101.34
4% yearly
119-Voorheesyille, N. Y
25,000 100.85
4.93
1924-1948
5
Calif
1924-1963 920,500 100.10
.San Diego, Cal. (2 Ns.)-5
118.
All the above sales (except as indicated) are for May.
8.000 100
Kod
1924-1928
_Sault Ste. Marie, Mich_ _5
2012.
4.83 These additional May issues will make the total sales (not
23,000 101
1925-1938
2803 _ _Sayreville Sch. Dist.,N.J-5
2678__Scarsdale Un. Free S. D.,
issues)
'4% 1925-1966 219,500 101.43 4.29 including temporary loans) for that month V3,482,692.
N Y.(3
2803__Shelby Co..Tenn.(2 Ns.).4% 1933-1957 975.000 100.08 4.74
DEBENTURES SOLD BY CANADIAN MUNICIPALITIES IN
20.000 101.34 4.88
1932-1951
JUNE.
2912__Simi Val.U.H.S.D.,Calif_5
2,000 103.76
118--Spicer, Minn
P e.
Rate. Maturity. Amount. Price. Basis.
Name.
80,000 101.05 4.87
1924-1943
5
209,500 102.81 --2803-Spring Lake. N.J
1963
- -Alberta (Province of)----5%
Township Sch.
100.000 103
118-Springdale
1952
3033-Alberta (Province of)_ _ _ _535
20,000
4351948 & 1953
District, Pa
5
186,750 96.812 - 751
Yearly
120_ _Beliville,Out
5
1924-1953 630,000
4
3031-Springfield, Mass
3032-British Columbia (Prov.
248,000
4% 1924-1953
1.000,000
3031-Spring Valley. N. YS. D.
1943
of)
5
2803__Stockton Un. Free
.
28,000 106.77 4.48 3032-British Columbia (Prov.
1933-1951
5
1,000.000
No. 7, N.Y
of)
1948
5
5.34
60,000 106.11
1930-1941
400.000 99.05 5:59
2679.._Stekes County, No. Caro.6-- Yearly
120_ _Chicoutimi, Que
534 Yearly
6,500 100
Con.S. D., Miss.
5.48
30.000 100.11
yearly
2803_ _Stringer
2914--Coubourg, Out
5
Twp,
100,000 101.833 5.34
3031_ _Sugar Ridge Sch.
yearly
2681- _Cornwall, Ont
5
5.00
8,000 100
1924-1934
5
150,000 97.56 5.65
Ind
5
55,000 100.66 4.45 3033-Edmonton, Alta
435 1925-1963
16,500 100.56 5.43
2913._Summit. N. J
120-Elmira. Out
5
4.75
152,100 100
35.200 98.86
3031_ -Sumter County, Kans 43(
yearly
2915-Huntsville, Ont.(2 iss.)--5
40,000 103.07
S. D., Ariz--133,500 98
5:64
3031_ -Superior
5
120_Joliette, Que
4.50
9,100 100
Ind_435 1924-1933
368,891
2679_ _Switzerland County.
yearly
3033-Kitchener, Out.(3 issues)5
1953
150,000
93.000
yearly
2804„Surry County, No. Caro_5
Out.(2 issues)-534
2915-Leaside,
105.000
1943
100.000 97.33 5.26
2$04_Surry County, No. Caro_5
5
4.81 3033--London, Out
435 19241948 150,000 97.07
16,000 101.63 ---1943
3031_ _Swanton, Vt
835
2805--Lunembul, N S
N.
1924-1933 603,0001 100.07
2803_ _Syracuse, N.Y.(3 issues)4
1,000,000 99.93r _
1924
2914--Manitoba Province of)--5
-4% 1924-1943 420,0001
.- __2803_ _Syracuse. N. Y-, 2,500,000 97.28 5 H
.
1943
3033_ -Manitoba Province of)--5
4.40
2804--Tacoma S.D. 10, Wash-4.40 1925-1944 1,200,000 1C0
76,000
120_ _North Sydney, N.S
2913_ _Tallahatchie Con. 5, D.,
130,001) 97.08
Yearly
3033_ _North York Twp., Ont_ _5
15,000 100
Mies
ng
112
Page.
Name.
Rate.
120__Orillia, Ont
534
2805- _Oshawa, Ont
5
3033_ -Parrsboro, N S
2805_ _Pointe Clare, Que
534
120-Queens County,N.B
2915_ _Red Deer Mun. Hospital
Dist., Alta
7
2681_ _Saskatchewan (Prov. of)_5
120_ _Shawinigan Falls,
.534
_ Sherbrooke Protest t Sch.
Commission, Que
5
2681_ _Sudbury, Ont
.120- _Sydney. N.S
2915_ _Teck Twp., Ont
6
2681_ _ Phorold, Ont
6
2806_ _Vernon. B.C
- 534
3033-West Vancouver Dist.,
B. C
5I4
3033_ _Windsor, Ont.(2 issues)514
2915_ _Woodworth R. M., Man..534
2915_ _ York Twp.. Ont.(3 iss.)_ ar.
THE CHRONICLE
[VOL. 117.
Maturity. Amount. Price. Basis.
99.493 101.87
5.37
Yearly
273,938
96.13
5.45
12,000 100
5.50
200,000 99.18
5.59
8.000 100.77 - Yearly
10,000
99.56 - 1943
3,155,000
95.09r 5.46
1924-1953
75,000 99.57 • 5.53
Georgia.
-Legislature Convenes.
-On June 27
lature convened in regular session. The new the LegisGovernor,
Clifford M. Walker, assuming office on June 30,
inaugural address, expressed the opinion that the in his
system of the State needed to be reformed. He taxation
General Assembly to enact legislation which urged the
would tax
intangible personal property.
1924-1953 100.000 100.413
Illinois (State of).
-Governor Signs $100,000,000 Road
Yearly
37.000 97.09 - :85
5
Bond Bill.
1942
-Governor Small on June 29 affixed his signature
142,000
Yearly
60,000
to the $100,000,000 road bond bill passed at
Yearly
35,937 102.212
session of the Legislature. The measure will the present
1938
30,000 96.337
be submitted
to the voters for ratification in November
1924.
5,000 93.22 6.10
Yearly
249,123 100.11 --San Diego.
-East San Diego Votes to Become Part of
Yearly
60.000 97
5.78 Diego.
-On June 26 the voters of East San Diego, San
Yearly
554,414
99.458 5.375
by a
majority of 235, ballotted in favor of annexatio
Total amount of debentures sold in Canada
n to the City
of San Diego.
during June
$12,752,246
Texas (State of).
Average date of maturity. d Subject to call in and during the earlier
-Gasoline Tax in Courts.
year and to mature in the later year. k Not including
stitutionality of the Gasoline-tax Law passed -The contemporary loans reported, and which do not belong in the853.089,124 of
at the recent
list. z Taken session of the
by sinking fund as an investment. y And other consideratio
Legislature (V. 116, p. 2905) is being tested
ing bonds. * But may be redeemed two years after date. ns. r Refund- in the courts. The
Pioneer Oil & Refining Co. and the
Slimp Oil Co. have refused to pay the
levy imposed by the law, and Asisstant one-cent-a-gallon
NEWS ITEMS.
Attorney-General
Frank Kemp has now brought
Alabama (State of).
-Certain County Indebtedness not to tax in the Fifty-third Travis suit to force payment of the
County Court.
be Included in 3
Debt Limit, Court Rules in Russell County
Case.
-In a suit brought by the Troy National Bank, of
Troy, Ohio, against Russell County, to force the county to
BOND PROPOSALS AND NEGOTIATIONS
recognize some of its securities, about $100,000 in amount,
consisting, in the main, of road warrants which the county this week have been as
follows:
had repudiated on the ground that the securities which were
ADA COUNTY SCHOOL DISTRICT NO. 32 (P. 0.
Kuna),
placed by previous county officials, had exceeded the debt -BONDS VOTED.
-At an election held on June 23, $31,200 Idaho.
school
limit of 332% as defined in Sec.224 of the State Constitution, building bonds were voted
ADAMS COUNTY (P. 0. Natchez), Miss.
the U. S. District Court at Montgomery has upheld the
-BOND SALE.
-The
validity of the obligations, and has decided that the county 825.0005% coupon bonds offered on July 2(V. 116, n.2005) were awarded
to the City Bank & Trust Co., Britton & Koontz Bank
and the Bank of
must pay the principal on them. Judge Henry D. Clayton, Commerce, all of Natchez, at par.
who wrote the decision, held that obligations of a county,
AKRON CITY SCHOOL DISTRICT(P.O. Akron),
Summit County,
Ohio.
--BONDS NOT SOLD.
-The issue of 2800,000 4% To school bonds
which are mandatory and involuntary, are not "debts" offered on
July 3
within the meaning of Sec. 224. The Birmingham "Age- be re-advertised.(V. 116, p. 2797) was not sold. The bonds will probably
Herald" of June 24 contained the following in reference
ALABAMA (State of).
-BONDS
-The
Well, Roth & Irving Co. of New YorkOFFERED BY BANKERS.
to the decision:
and Sutherlin, Barry & Co., Inc.
of
New Orleans are offering to investors, at prices
to yield 4.40%, the
An interesting interpretation of the law as it affects Alabama counties $3.000,000
% coupon or registered series "B" highway construction
in contracting debts is found in the opinion handed down
S. District bonds awarded to them as stated in V. 116, p. 2905.
Judge Henry D. Clayton in the case of the Troy National by U.vs. Russell
Bank
ALAMANCE COUNTY (P. 0. Graham), No. Caro.
County. Judge Clayton held that obligations of a county watch .are
-BOND OFFER-Sealed proposals will be received until 2 p. m. July
mandatory and involuntary are not "debts" within the meaning of Sec. ING.
12 by
224 of the Constitution of Alabama, and further that in such a case where Rogers, Clerk Board of County Commissioners for $95.000 couponB. M.
(with
a county seeks to repudiate an obligation on the ground that it is invalid privilege of registration as to principal only) funding bonds.
the burden of proof is upon the county to establish the invalidity of the $1,000. Date July 1 1923. Prin. and semi-ann. int. (J. & J.) Denom.
payable
in gold coin at the National Park Bank. N. Y. City.
obligation.
Due on July 1 as
The case in question was that in which Russell County authorities follows: $2.000, 1924 to 1936 incl.; 83.000. 1937
sought to repudiate obligations of the county on the ground that a previous 1945 to 1953 incl. Bidder to name rate of interest to 1944 incl.; $3,000
not to exceed 5W7( •
Board of County Commissioners had exceeded tne constitutional limita- A certified cneck for 2% of bid, upon an incorporated bank
tion of 334% of the assessed value of the county property in contracting pany. payable to Alamance County, required. Successfulor trust comthe debts. M. S. Carmichael. appointe4 by Judge Clayton as special be furnished with the opinion of Reed, Dougherty & Hoyt of bidders will
N.
master, held that the county had not exceeded its debt limit and that that the bonds are valid and binding obligations of the County of Y. city,
Alamance.
the obligations were valid, and his report was sustained in Judge Clayton's
ALBION, Orleans County, N. Y.
-BOND SALE.
opinion which held that Russell County must pay the sum sought to coupon or
-The $14.000
registered street
-Improvement bonds offered on July 2 (V. 116.
be repudiated, amounting to nearly $100.000. The suit was brought by p. 2905) were awarded
to Parson, Son & Co.. of New York, on a
the Troy National Bank of Troy, Ohio. one of the purchasers of the con- 100.68
for 54, a basis of about 4.786 . Date Aug. 10 1923. Due bid of
tested securities.
$1,400
°
Road warrants constituted a considerable proportion of the obliga- yearly on Aug. 10 from 1924 to 1933, inclusive.
tions whicn Russell County sought to repudiate.
ALLEN COUNTY (P. 0. Fort Wayne), Ind.
-BOND OFFERING.
In his opinion Judge Clayton stated:
Sealed bids will be received by Thos. J. Connelly,County
Treasurer. until
"The Legislature of the State has wholly or in a large measure dele- 10 a. m. July 10 for the purchase at
gated its power and authority over the public roads of the State to the of the following issues of5% couponnot less than par and accrued interest
bonds:
several counties; and as to•that subject the county has legislative, judicial $16,000 Rodenb iwk Road construction bonds.
Denom. $800.
and executive authority. Acting through its Court of County Com9,000 Reynolds Road construction bonds. Denom. $450.
missioners or Board of Revenue, the county may by virtue of the statutes
Date July 5 1923. Int. M. & N. 15.. Due one bond
make all reasonable lay t. rules, regulations and contracts with respect each six months from May 15 1924 to Nov. 15 1933 inclusive.of each issue
to the construction. ma inicnance, use and operation of
roads.
ALTON, Madison County, III.
Including the right to kv a special county tax for thatits public and as
-BOND ELECTION.
-A
purpose,
election will be held on Aug. 7 to vote on the question of issuing special
has many tirres been sail by the Supreme Court of Alabama,
$115,000
reasonable intent must he indulged in favor of the legality of such every playground and city hall impt. bonds.
,
rules, regulations and con,racts. It may be seriously doubted that acts.
ARCHBOLD, Fulton County, Ohio.
such
-NO BIDS RECEIVED.
-There
obligations of the clunty, and temporary loans made in anticpiation of were no bids received for the
$10.400 5 J4% Union Street improvement
taxes for the current yell*, for the purpose of raising revenue to care for bonds offered on July 2 (V. 116,
p. 2797).
the mandatory and involuntary obligations of the county, are or ought
ASCALAMORE DRAINAGE DISTRICT NO. 1 (P. 0.
to be considered 'debts' within the meaning of the constitutional proCharleston),
Tallahatchie County Miss.
vision in question.
-BOND SALE.
-The $80,000 6% bon&
"Indeed, this seems to be substantially* the view entertained by the offered on June 26-V.1.16, p. 2797
-were awarded to the Bank of ComSupreme Court of Alabama and likewise by the Attorney-General of the merce & Trust Co. of Memphis. Due 1925 to 1944, Incl.
State as indicated by his opinion introduced in evidence, and the view
ASHEVILLE, Buncombe
-BOND OFFERING,
adopted by the Examiner of Public Accounts of the State in his investiga- E. G. Thompson, Secretary County, No. Caro.
of Board of
tion and report upon the financial condition of the county; and since the bids until 4 p. m.July 9for the following Commissioners, will receive sealed
6% bonds,regating $925,000:
original bill was filed in this case counsel for the county has petitioned $275,000 public impt. bonds. Due
as follows: $6
„
this Court monthly for the payment of such claims and expenses on the
$7.000, 1940 to 1954, incl., and $8,000, 1955 1925 to 1939, incl.
ground that they are mandatory obligations, absolutely essential to the
650.000 street impt. bonds. Due as follows: $32,000,to 1964, incl.
1925 to 1934, incl ,
functioning of tne county, and such claims nave been uniformly allowed
and 833,000, 1935 to 1944, incl.
by this Court, amounting in the aggregate to something approximating
Denom.$1,000. Date June 1 1923. Prin. and semi-ann.
int. (J. & D.)
$120.000.
payable in gold in New York. A certified check for 2%
of amount of bonds
"There is admittedly conflict of authority on this question, but the bid for required. Bonds will be prepared
under the supervision
Supreme Court of the United States, as also the Supreme Court of Ala- United States Mtge.& Trust Co.of
the
N. Y. City, which will certify asof the
to
barna. have indicated that they favor that line of authorities whirls make genuineness of the signatures of the officials
and the seal impressed thereon,
for a liberal construction of such constitutional provisions
-a construction and the validity of the bonds will be approved by
Chester B. Masslich,
which accords with reason and 'common sense. I am therefore inclined N. Y. City. Bids to be made on blank
form by above trust company.
to the opinion that those obligations of the county are mandatory and
ASHTABULA, Ashtabula County, Ohio.
involuntary and not 'debts' within the meaning of Sec. 224 of the Con-PURCHASER-PRICE.
The issue of 5% coupon main sanitary sewer bonds
stitution
offered
-was awarded to Wm. R. Compton & Co. on June 6Again, in his opinion. Judge Clayton stated: "When as here it is V. 116, p. 2420
of Now York,
admitted that these obligations were issued,.sold and marketed in good in an amount of $120,000, for 2122,065 equal to 101.72. Date April 1
faith; that the revenues derived therefrom were properly expended by 1923. Due serially from 1924 to 1947. A list of the bids received for this
the county in order to enable it to discharge its duties and functions. Issue was given in the "Chronicle" of June 16.
and that the holders thereof acquired them in good faith, for value; and
ASHTABULA COUNTY (P. 0. Jefferson),
-BOND OFFEROhio.
when the county now, and in the face of the expressed solenm recitals ING-Sealedbids will be received by
W. W.
and declarations of its constituted authorities, on the faith of which they County Commissioners, until 1 p. m.(Eastern Howes, Clerk of Board of
standard time) July 16 for
were sold, seeks to repudiate these obligations, common honesty and the $22.500 5.!6% road impt, bonds, issued
,
under Sec. 6929 of Gen. Code.
principles of fair dealing suggest that their invalidity should be shown by Denom. $50). Date April 11923,
Due $2,500
clear, satisfactory and convincing evidence, and may not be left to doubt Oct. 1 from 1924 to 1932, incl. EachInt. A. & 0.accompanied yearly on
bid must be
by a certiconjecture, and the burden of establishing the fact rests upon fied check for $500. payable to
surmise, or
the County Treasurer.
the county."
ATLANTA, Fulton County, Ga.-BOND SALE.
Judge Cayton held further that "It appears that one of the duties of
-Our Western reprethe Commissioners Court in issuing the obligations of the county is to sentative advises us that the Loury Bank & Trust Co. of Atlanta has purascertain'whether or not the debt limit has been, or will be thereby ex- chased $150,000 market bonds.
only reasonable, but necessary that this
ceeded. It would seem not
ATLANTIC
-BOND OFFERING.-some official or tribunal of the county. Sealed bids will CITY, Atlantic County, N. J.
duty should resolve upon some one
be received
The purpose of the county in issuing its obligations is of course to raise Albert Beyer, Director of until 2 p. in. (daylight saving time) July 18 by
Revenue and Finance, for the purchase at not less
revenue or to pay debts and It is manifest that if the prospective creditors than par and int.
or purchasers of such securities are required to investigate and ascertain tration as to prin.of an issue of 21,620,000 coupon (with privilege of regisand int. or prin. only) bonds to bear interest at a rate not
each for himself, whetner or not the debt limit has been exceeded, it is to exceed 5%. No more bonds
will
nardly reasonable to suppose that the county would make much if any of$1,000 over $1,620,000. These be awarded than will produce a premium
bonds are issued in four
progress in the disposition of such securities."
$993,000 general impt. bonds. Due yearly on July 1 asblocks as follows:
follows: $33,000
Toward the conclusion of his opinion, Judge Clayton called attention
.
1924: $30,000 1925 to 1934 inci.,• $35,000 1935 to 1937
to the fact that it is not the public policy
in .cl.•
the State of Alabama 'to
325,000 1938 to 1949 incl.; $30 000 1950 to 1953 incl.;
repudiate its obligations on technical grounds."
$35.000
1954, and $25,000 1985 to 11 incl.
Judge Clayton held at another point in his opinion that the road cer295,000 school bonds. Due yearly on July 1 as follows: $10,000
tificates and'warrants issued by the county are not negotiable.
1925 to
1953 incl., and 25,000 1954.
a
.Tury 71923.]
THE CHRONICLE
113
Freeman & Co.ofPhiladelphia
-was awarded to M. M.
29-V.116,p. 2798
183,000 water bonds. Due yearly on July 1 as follows: $8,000 1924; on a bid of 41225,105 81 for 5221.000, equal to 101.85. a basis of about
$10,000 1925 to 1934 incl., and 55.000 1935 to 1949 incl.
4.61%. Date Aug. 1 1923. Due yearly on Aug. 1 as follows: $23,000,
149,000 city improvement bonds. Due yearly on July 1 as follows: 1924 to 1932 inclusive. and 314.000. 1933.
519,000 1924 and $10,000 1925 to 1937 incl.
-TEMPORARY LOAN.
CAMBRIDGE, Middlesex County, Mass.
Denom.$1,000. Date July 11923. Int. J. & J. Prin.and int, payable
1923,
at the Hanover National Bank. New York. Cert. heck on an incorporated The temporary loan of$400,000 in anticipation of revenue for the yearTrust
bank or trust company, for 2% of amount of bonds bid for, payable to the offered on July 2(V. 116, p. 3025), has been awarded to the Harvard
required. Bonds will be prepared under supervision Co. of Cambridge on a 4.17% discount basis. Date July 3 and maturing
City of Atlantic City,
of U. S. Mtge. & Trust Co.. New York: legality will be approved by Clay Nov. 15 1923.
& Dillon, New York. Successful bidder must take up bonds by Aug. 10.
CAMDEN TOWNSHIP RURAL SCHOOL DISTRICT(P.O. Kipton),
Bids must be made on blanks furnished by the city.
-F. E. Sharp, Clerk Board
-BOND OFFERING.
Lorain County, Ohio.
- of Education, will receive sealed bids until 7 p. m.July 18 for the purchase
SALE.
-BOND
ATLANTIC COUNTY (P. 0. Atlantic City), N. J.
The issue of 5% coupon or registered building-construction bonds offered at not less than par and accrued interest of 530,000 5% coupon emergency
on July 3(V. 116. p.2905) was awarded to the Bankers Trust Co. of Atlan- school building bonds, issued under Sec. 7630-1 of General Code. Denom.
tic City on a bid of $140.012 50 for $136.000 bonds, equal to 102.95-a $500. Date June 1 1923. Prin. and semi-ann. int. (A. & 0.) payable
follows:
basis of about 4.65%. Date July 11923. Due yearly on July 1 as follows: at the Kipton Bank Co. of !Upton. Due yearly on Oct. 1 as
1929;.
$7.000, 1925 to 1936, inclusive; $8,000, 1937 to 1942, inclusive, and $4,000, 51,000, 1924: $1,500. 1925 and 1926: 31.000. 1927: $1.500. 1928 and and
$1,000, 1930; $1.500, 1931 and 1932: 51.000, 1933; 51,500, 1934 1940
1943. Other bidders were:
Bid,
Amt. Bonds.
and 1938; 31.000. 1939: 31,500,
1935: 51,000, 1936: 51.500, 1937
Name1140,000 00 and 1941, and $1,000, 1942 to 1947 incl. A certified check for 5% of the
$136,000
Wm. R. Roberts & Co
140,622 00 amount bid for, on an Ohio bank, payable to the above clerk, required.
138.000
A. W. Lampert & Co
140,802 40 Purchaser to pay for bonds within ten days of the sale.
137.000
Seasongood & Mayer
139.000 • 140.000 00
Union National Bank. Atlantic City
CAP-AU-GRIS DRAINAGE DISTRICT, Lincoln County, Mo.140,897 97
139,000
Atlantic Safe Deposit & Trust Co., Atlantic City
-Browne, Simrall & Co. of St. Louis have purchased $50,000
BOND SALE.
DISTRICT NO. 14, Texas.
BAILEY COUNTY COMMON SCHOOL
% drainage bonds. Date May 1 1923. Prin. and semi-ann. int.
-The State Comptroller of Texas registered (M.& N.) payable at the State National Bank, St. Louis. Due on May 1
-BONDS REGISTERED.
510,0006% 10-40 year school bonds on June 20.
as follows: $1,000, 1925 and 1926; 51,500, 1927 to 1929, incl.: 52.000, 1930
33,500, 1937 to 1940.
BELLAIRE CITY SCHOOL DISTRICT (P. o. Bellaire), Belmont and 1931: $2,500. 1932 to 1935, incl.: $3,000. 1936:
-H. T. Tyler, Clerk Board of incl.: $4,000, 1941 and 1942, and $4.500. 1943.
-BOND OFFERING.
County, Ohio.
-BOND DESCRIPTION.
Education, Box 175, will receive sealed bids until 2 p. m. July 23 for the
CARLTON COUNTY(P.O.Carlton), Minn.
purchase at not less than par and accrued interest of $80,000 5% coupon -The $175.000 5% road bonds awarded as stated in V. 116, p. 3025.
school bonds. Issued under Sec. 7630-1 of General Code. Denom. $1,000 are described as follows: Coupon bonds. Denom. 51,000. Date July
and $500. Date July 23 1923. Prin. and semi-ann. int. (J. & J.) payable 1 1923. Prin. and semi-ann. int. (J. & J.) payable at the Capital National
at the First National Bank of Bellaire. Due yearly on Jan. 23 as follows: Bank of St. Paul. Due on July 1 as follows: $17,000, 1933 to 1937
33,000, 1925 to 1932 incl., and $3.500, 1933 to 1948 incl. Each bid must inclusive, and 518.000. 1938 to 1942 inclusive.
be accompanied by a certified check for $2,000 on some solvent bank,
-BOND OFFERING.
CARVER COUNTY (P. 0. Chaska), Minn.
payable to the above clerk.
William Schimelpfenig, County Auditor, will receive sealed bids until
-By a 10 a. m.July 10 for 5250,0005% road bonds. Denom.$1,000. Date July 1
-BONDS VOTED.
BEN FRANKLIN, Delta County, Texas.
vote of68"for" to 28"against" a proposition to issue $16,000 school building 1923. Int. semi-ann. A cert. check for 5% of amount of issue, payable
bonds carried at an election held on June 16.
to the County Treasurer, required.
-A special
CASPER, Natrona County, Wyo.-BOND ELECTION.
BERGHOLZ VILLAGE SCHOOL DISTRICT (P. 0. Bergholz),
-Bids will be received telegraphic dispatch from our Western correspondent advises us that an
OFFERING.
-BOND
Jefferson County, Ohio.
until 6 p. m. (Central standard time) July 24 for the purchase of $50.000 election will be held on Aug. 7 to vote on the question of issuing $200,000
5% coupon bonds, issued under Sec. 7630-1 and Secs. 7625 et seq. of the water and $95,000 sewer bonds.
General Code. Denom. $500. Prin. and semi-ann. int. payable at the
-On
-BOND SALE.
CAYUGA COUNTY (P. 0. Auburn), N. Y.
Bergholz State Bank, Bergholz. Due $1,000 each six months from Oct. 1
bonds offered on that date (V. 116.
1924 to April 1 1949. Certified check for $500, payable to the above July 2 the 5150,000 43% court house
Barker & Jennings of New York at
official, required. Legality of bond issues approved. it is stated, by p. 2906) were awarded to Lampert.
yearly
100 311. a basis of about 4.38%. Date May 1 1923. Due $30,000
court.
1 from 1924 to 1928 incl.
-Ward, Sterne on May
-BOND SALE.
Jefferson County, Ala.
BESSEMER,
-An election
7
CHADRON, Dawes County, Neb.-BOND ELECTION.
& Co. of Birmingham have purchased the $150,000 55 school bonds
-at 99, a basis of about 5.08%. will be held on July 24 to vote on the question of issuing 325,000 6%
offered on June 10-V. 116, p. 2905
District No. 6 bonds.
Int. J. & J. Due July 1 1943.
Paving
Denom. $1,000. Date July 1 1923.
-BOND SALE.
CLARK COUNTY (P. 0. Jeffersonville), Ind.
-BOND SALB.-On Jlaly 2 the
BESSEMER, Lawrence County, Pa.
- The 518,000 5% coupon Harry H. Bean et al. road in Silver Creek Town-V. 116. p. 2905
$28,000 5% coupon paving bonds offered on that date
-were awarded to Fletcher
& Co. of Philadelphia at 101.63, a basis of about ship bonds offered on June 30-V. 116. p. 2906
were awarded to Redmond
218,061-equal to 100.33-a basis of
4.71%. Date July 2 1923. Due yearly on Jan. 1 as follows: 54,000, 1925; American Co. of Indianapolis for Due $900 each six months from May 15
$2,000. 1926;$3,000, 1927; 32,000, 1928: 13,000, 1929;$2,500, 1930; 33.000. about 4.93%. Date May 7 1923.
to Nov. 15 1933, incl.
1924
1931. 1932 and 1933, and $2,500. 1934.
-Caldwell
-On July 3 the
-BOND SALE.
CLAY COUNTY (P. 0. Manchester), Ky.-BOND SALE.
BLASDELL, Erie County, N. Y.
-were & Co. of Nashville have purchased $160,000 5% coupon road bonds. De-V. 116, p. 2906
$39,718 80 sewer bonds offered on that date
& N.)
Co. of N. Y. on a bid of 101.283 and interest for nom. $1,000. Date May 1 1923. Prin. and semi-ann. int. (M.
awarded to Farson, Son &
or at the Fifth-Third
414s, a basis of about 4.64%. Date July 1 1923. Due $1,588 75 yearly payable at the First National Bank of Manchesterfollows: 514.000 1928:
National Bank of Cincinnati. Due on May 1 as 16,000 1939 to 1943
on July 1 from 1928 to 1952, incl.
incl.; 54.000 1934 to 1938 incl.;
-On July 23 $3,000 1929 to 1933 1948 incl.; 58.000 1949 to 1951 incl.: 510,000 1952,
-BOND ELECTION.
BOUNTIFUL,Davis County,Utah.
incl.: 37,000 1944 to
an election will be held to vote on issuing the following bonds:
1953.
and 312.000
is still offering at
$5,000 city hall purchase bonds. I 510.000 street bonds.
The above firm has resold $885,000 to investors and
mature yearly from
3.000 fire bonds.
I
35.000 water supply bonds.
prices to yield 4.75% the remaining $75,000, which
John W. Hill, City Recorder.
inclusive.
1928 to 1950.
Financial Statement.
BRIDGEPORT VILLAGE SCHOOL DISTRICT (P.O.(Bridgeport),
$5.449,789
-P. A. Kennedy, Clerk Assessed valuation (1922)
-BOND OFFERING.
Belmont County, Ohio.
160,000
only)
Board of Education, will receive proposals until 1 pl. m. July 25 for the Total bonded debt (this issue19.795.
Population, 1920 Census.
par and accrued Interest of 535.000 5% school
purchase at not less than
bonds, issued under Sec. 7630-1 of General Code. Denom. $1,000. Date
CORSON COUN'TY (P.0. McIntosh), So. Dak.-BOND OFFERING.
July 15 1923. Int. J. & J. 15. Due yearly on July 15 as follows: $2,000. -Sealed bids will be received until 2 p. m.July 10 by A. R.Kersten, County
1924 to 1933 inclusive, and $3,000. 1934 to 1938 inclusive.
Auditor. for $40,000 53.. % coupon bonds. Denom. $500. Date June 1
-The following 1923. Int. semi-ann. Due June 1 1933.
-BOND SALE.
BRISTOL, Sullivan County, Tenn.
3025-were
bonds, aggregating $99,500, offered on July 3-V. 116,
CROWLEY DRAINAGE DISTRICT (P. 0. Crowley), Crowley
p.
of Bristol at a premium of $1,500, equal to County, Colo.
-The proposition to issue 5100.000
awarded to the Bank of Bristol
-BONDS VOTED.
101.51, a basis of about 5.21%:
bonds, submitted to a vote of the people at an election held on
impt. bonds. Denom. $1,000. Date June 1 1923. 6% drainage 116, p. 2674
525.000 5% school
-carried.
June 16-V.
Due June 11953.
CURRY COUNTY SCHOOL DISTRICT NO. 52, N. Mex.-BOND
15,000 5% Beaver Creek bonds. Denom. $1,000. Date June 1 1923.
Simmons, Fels & Co. of Denver have purchased $60,000
-Sidle,
SALE.
Due June 11953.
bonds.
-20
10,0005% overhead Bridge 1bonds. Denom. 51,000. Date June 1 6% 10 -year (opt.) school building
1953.
1923. Due June
CURRY COUNTY SCHOOL DISTRICT NO. 68 (P. 0. Clovis),
1 1923.
% General impt. bonds. Denom. $500. Date July
16.500
Mex.-BOND SALE.-Sidlo, Simons Fels & Co. of Denver have purDue on Jury I as follows: $500 1924 to 1932 incl., $1,000 N.
-20
chased 55,000 6% 10 -year school building bonds.
1934 to 1942 incl., and $2,500 1943.
-BOND OFFERING.
CUYAHOGA COUNTY (P.O.Cleveland),Ohio.
33,000 6% street impt. bonds. Denom. $500. Date July 11923. Due
of
on July 1 as follows: $3,000 1924 to 1932 incl.. and $6,000 1933. -Until 11 a. m. (Cleveland time) July 25 A. J. Hieber, Clerk Board at
of July 4 the following bids County Commissioners, will receive sealed proposals;for the purchase
According to the Bristol "Herald Courier"
coupon
-BOND SALE. not less than par and accrued interest of $116,953.50 5% General "Hill(P. 0. Fort Lauderdale), Fla.
BROWARD COUNTY
Laws.
authority of the
-The Lauderdale State Bank of Fort Lauderdale has purchased the $200.- side Board Bridges" bonds. issued underGeneral Code. Denom. 51.000.
-at a premium particularly Secs. 5643 and 5644 of the
0006% highway bonds offered on July 3-V. 116, p. 2673
Bond No. 1, which is in denom. of 5953.95. Date Aug. 1 1923.
of $5,160, equal to 102.58. a basis of about 5.76%. Date Jan. 1 1923. except
53.953.50. 1924; 54.009,
Due on Jan. 1 as follows: 55,000 1932 to 1936, incl., $15,000 1937 to 1941. Int. A. & 0. Due yearly on Oct. 1 as follows: Certified check on some
1925 and 1926. and $5,000. 1927 to 1947 incl.
incl., and $20.000 1942 to 1946, incl.
making the bid,for at least 1% of the total amount
bank other than the one
-BOND OFFERING. of bonds bid for, payable to the County Treasurer. required. Bonds
BROWN COUNTY (P. 0. Georgetown), Ohio.
-Sealed proposals will be received until 12 m. July 21 by John B. Stephan. to be delivered to the successful bidder at the office of the Board of County
• County Auditor, for the purchase at not less than par and accrued interest Commissioners.
of the following 5 % bonds, issued under authority of Sec. 1223 of the
-BOND OFFERING.
CUYAHOGA COUNTY(P.O.Cleveland), Ohio.
General Code and other related sections:
of County
$23,800 I. C. H. No.CO, Sec. P-2, impt. bonds. Denom. $1,000, except -Sealed bids will be received by A. J. Bieber, Clerk Board 18 for the
standard time) July
one for $800. Due yearly on Jan. 1 as follows: 32,800, 1925; Commissioners, until 11 a. m. (Eastern
580.000 5% coupon
$3,000. 1926 to 1930 inclusive, and $2,000, 1931 to 1933 inclusive. purchase at not less than par and accrued interest of bonds, issued under
87,450 I. C. H. No. 30, Sec. 2 inapt. bonds. Denom. $1,000 except sewer district and water supply special assessment June 1 1923. Prin.
one for $450. Due yearly on Jan. 1 as follows: $8,450. 1925: Sec. 6602-20 of Gen. Code. Denom. $1,000. Date Treasurer's office.
and semi-ann. Int. (A. & 0.) payable at the County
59.000. 1926, and 510.000. 1927 to 1933 inclusive.
All bids must be acDate July 1 1923. Certified check for 2% of the face value of the Due $4,000 yearly on Oct. 1 from 1925 to 1944 incl. other than the one
bid upon, payable to the County Treasurer, required. Bidders companied by a certified check on some solvent bank
bonds
but making the bid, for 1% of the amount bid for, payable to the County
will be requd to satisfy themselves of the legality of the bonds,
bonds within 10 days from time of award.
full transcript will ho furnished the successful bidder, as provided by law. Treasurer. Purchaser to pay for
-BONDS OFFERED
Purchaser to pay accrued interest.
CUYAHOGA COUNTY (P.O. Cleveland), Ohio.
-Harris, Forbes & Co.of New York are offering to investors
BRUSH CREEK TOWNSHIP RURAL SCHOOL TOWNSHIP BY BANKERS.
-Sealed at prices to yield from 4.60% to 4.70% (according to maturities) $370,-BOND OFFERING.
(P. 0. Otway), Scioto County, Ohio.
bonds. Denom. $1.000 and $500. wit a
road and
proposals will be received by F. H. Hill, Clerk Board of Education, until 560 625% couponodd pieces sewer
due 1924. Of ilia total 5370,560 62, 5130.000
of
12 m. July 20 for the purchase at not less than par and accrued Interest the exceptionare6
dated July 1 1923 and $240,560 62 road bonds are dated
5% school -bonds, issued under the authority of Sec. 7630-1 sewer bonds
of 324,000
and semi-ann. int. (A.-0.) payable at the County
of General Code. Denom. $1,000. Date June 1 1923. Prin. and semi- June 1 1923. Prin.
Due on Oct. 1 as follows: 522,060 62, 1924; 532,500.
ann. int. (J. & D.) payable at the above official's office. Due 51.000 Treasurer's office.
from 1924 to 1947 incl. The denomination of the bonds 1925 and 1926; $34.500, 1927 to 1932 incl.; 56.500, 1933 to 1943 incl., and
yearly on Sept. 1
must 55,000, 1944.
may be changed, but the maturity cannot be changed. Each bid clerk.
DARROUZETT INDEPENDENT SCHOOL DISTRICT (P. 0. Darbe accompanied by a certified check for $1,000 payable to the above
-An election
-BOND ELECTION.
rouzett), Lipscomb County, Texas.
-During the month of June the city will be held on July 7 to vote on the question of issuing 315.000 6% serial
-BOND SALE.
BUFFALO, N. Y.
issued the following 4% securities:
school bonds. M. L. Beck. Secretary of School Board.
15
$9.361 41 monthly local works bonds. Date June 15 1923. Due June
DAWSON COUNTY COMMON SCHOOL DISTRICT NO. 23, Texas.
1924.
-The State Comptroller of Texas regist1
I -BONDS REGISTERED.
554,762 49 certificates of indebtedness. Date June 30 1923. Due July
-20
$1,900 6% 10 -year school bonds on June 28.
1924.
-BONDS VOTED.
DEERTRAIL, Arapahoe County, Colo.
-At a
-BOND OFFERING.
BURKBURNETT, Wichita County, Texas.
water bonds were voted. These
J. Englemann, City Comptroller, will receive sealed bids until July 16 recent election $400.000 5)4% voted to the International Trust bonds
being
Co. of
r $38,000 water works and $48,000 street improvement 8% bonds. Date had been sold subject to
Denver.
Sept. 10 1923. Duel to 20 years. A certified check for $1,000 required.
-BOND OFFERING.
DEFIANCE COUNTY (P.O. Defiance), Ohio.
-BOND SALE.
COUNTY (P. 0. Mt. Holly), N. J.
BURLINGTON
Miller, County Auditor, will receive sealed bids until 12 m. July 19
The issue of 5% coupon or registered road impt. bonds offered on June J. T.
114
THE CHRONICLE
for $47,350 5% Inter-Co. highway bonds. Denom.
$3,501. Prin. and semi-ann. int.(M.& S.) payable at$1.000 and one for
the County Treasurer's office. Due $5.350 in 1924 and $6,000, 1925
to 1931,incl. Enclose
a certified check for $1,000.
DEWEY COUNTY (P. 0. Timber Lake), So.
The $30,000 5)e% coupon bonds offered on June Dak.-BOND SALE.
were awarded to the Swain-Collins Co. of Aberdeen26-V. 116, p. 2907
at
equal 1.0 101.03. a basis of about 5.10%. Date Mar a premium of $311,
1 1923. Duo May
1 1933.
[VOL. 117.
follows: 838.000, 1930; $60,000, 1931; and $2,000 1932.
A certified check
for 2% required.
HALLS, Lauderdale County, Tenn.
-BONDS VOTED.
-By a vote
of 129 "for" to 60 "against" $35,000 school bonds were
voted at an election
to be held on June 25.
HANCOCK COUNTY (P. 0. Findlay),
-BOND OFFERING.
Sealed bids will be received until 1 p. In. Ohio.
July 9
County Auditor, for $5,500 53e% McMillen Roadby G. It. Morehead.
impt. bonds, issued
under authority of Sec. 6929 of the General Code. Denom.
DILLON SCHOOL DISTRICT NO.8(P.O. Dillon),
$500. Date
So. Caro.
-BOND SALE-The $30.000 coupon school Dillon County, July 1 1923. Prin. and semi-ann. bat, payable at the County Treasurer's
bonds offered on
June 25-V. 116, p. 2907
-were awarded to the Lowry Bank & Trust Co. office. Due yearly on Jan. 1 as follows: $500, 1925, and $1.000, 1926
to 1930 incl. Certified check or cash, on
of Atlanta as 5s at 100.65, a basis of about 5.20%.
some solvent bank, for $100
Date July 1 1923. recruired. Purchaser to pay acrued
Due July 1 1943.
interest.
HARDIN COUNTY (P. 0. Kenton), Ohio.
EASTSIDE LEVEE AND SANITARY DISTRI
-BOND SALE.
-The
CT,St. Clair and Mad- $34,000 5)4% Sec."A"
ison Counties, 111.
of 1.0. H. No. 228 road bonds offered on Juno 30
-BOND SALE.
-An issue of
. been purchased by R. M. Grant & Co., Inc.. of $200,000 5% bonds has -V. 116, p. 2800
-were awarded to Sidney
Co.
the bonds to investors at prices to yield 4.657. Chicago. who re-offered $34,039, equal to 100.11, a basis of about 5.47 Spitzer &Juno of Toledo for
7. Date
1 1923. Due
0 Denom. $1,000. Date yearly on Sept. 1 as
June 1 1923. Prin. and semi-ann. int.
follows: $3,000. 1924 and 1925, and 84,000, 1926 to
Treasurer's office. in East St. Louis. (J. & D.) payable at ttte District 1932 inclusive. Other bidders were:
Due 9134,000 June 1 1938 and
$66.000 June 1 1939.
NamePremium.
NamePremium.
Federal Securities Corp
Financial Statement.
$177 00 N. S. Hill & CO
$301 00
Real valuation
Bohmer-Reinhart & Co
346 80 Sidney Spitzer & Co
8150,000.000 Seasongood & Mayer
539 00
Assessed valuation
205 55
42,276,600
Togal bonded debt
BOND OFFERING.
1,800,000
-Sealed bids will be received until 12 m. July 26 by
Population (present estimate), 150,000.
Ethel Holycross, Clerk of Board of County Commissi
oners, for the purELIZABETH CITY GRADED SCHOOL
chase at not loss than par and interest of
City), Pasquotank County, No. Caro. DISTRICT(P.O. Elizabeth issued under authority of Section 6496, the following 533% ditch bonds,
-BOND
General Code:
-The 9120,000 $2.240 Bartlett
coupon school bonds offered on July 2-V. 116. SALE.
Ditch No. 540 bonds.
p.
-were awarded
to nerdden & Co. of Toledo as 5lis at a premium2549
on Sept. 1 from 1924 to 1927 incl. Denom. $560. Duo $560 yearly
of
102.39, a basis of about 5.30%. Due $4,000 yearly on $2,868, equal to
824 Crozier Ditch No. 551 bonds. Denom. $412.
Jan. 1 from 1927
Due $412 Sept. 1
to 1956 inclusive.
1924 and 1925.
4,500 Price Ditch No. 552 bonds. Denoms.
ELIZABETH TOWNSHIP SCHOOL DISTRICT
31.000 and $500. Due
(P. 0. Boston),
$1,500 Sept. 1 1924 and $1,000 Sept. 11925, 1926 and
Allegheny County, Pa.
-BOND OFFERING.
1927.
-P. H.
1.136 Shafer Ditch No. 555 bonds. Denom. $568.
tary of Board of School Directors, will receive sealed Sandmeyer, SecreDue 8568 Sept. 1
1924 and 1925.
bids until 7 p. m.
(Eastern standard time) July 24 for tne purchase of
5,100 Bader Ditch No. 562 bonds. Denoms. 91.000
$60.000 43i% coupon
school bonds. Denom. $1,000. Date Aug. 1 1923.
and $275. Duo
$1,275 yearly on Sept. 1 from 1924
1927 incl.
Due $10,000 1928, 1933. 1938. 1943, 1948 and 1953. Interest semi-ann.
5,586 Hefflefinger Ditch No. 560 bonds.toDenoms.
Enclose
check for $1,000. Purchaser to pay for printing of bonds. a certified
Due 31.862 yearly on Sept. 1 from 1924 to 1926 $1,000 and $862.
1.695 Wm, Thomas Ditch No. 565 bonds. Denoms. incl.
ELKHART COUNTY (P. 0. Goshen), Ind.
-BOND
31,000 and $695.
Sealed bids will be received by Roy M. Stark, County OFFERING.
Due Sept. 11924.
5,180 Wallace Ditch No. 566 bonds. Denoms. $1,000
10 a. m. July 12 for the purchase at not less than par and Treasurer, until
and $180. Due
accrued interest
of $64,000 4U % Melvin C. Ulerg eta]. County Unit
Sept. 1 1924.
.
Road No. 39 coupon
710 Reese Hill Ditch No. 568 bonds. Due Sept. 11924.
bonds. Denom. $400. Date Juno 15
405 Hastings Ditch No. 571 bonds. Due Sept. 11924.
9,3,200 each Six months from May 15 19241923. Int. M. & N. 15. Due
to Nov. 15 1933 inclusive.
4,430 Tighe Ditch No. 752 bonds. Denoms. $1,000 and $430.
EL SEGUNDO, Los Angeles County, Calif.
Doe
Sept. 1 1924.
-BOND SALE-The
Wm. R. Stoats Co. and Cyrus Peirce & Co.,
725 Shuster Ditch No. 577 bonds. Duo Sept. 1
both of Los Angeles, have
jointly purchased $150,000 water-supply bonds
Date July 1 1923. Prin. and semi-ann. int. (M. 1924.
at a premium of $318.
equal to 100.21.
& S.) payable at the
County Treasurer's office. Cert. check
able to Dean 0. Jones, County Auditor,on a Kenton bank for $500, payEUNICE SCHOOL DISTRICT, St. Landry
required. Bonds to be delivered
Parish, La.
-BOND and paid for within fifteen days from date of
SALE-The 3150,000 5% school-construction
award.
V. 116, p. 2907
-wore awarded to the Hanchett bonds offered on July 2HARRIS
-BONDS REGISTE
at par. Date July 11923. Dpe on July 1 as Bond Co., Inc. of Chicago, -The StateCOUNTY (P.O. Houston), Texas.
Comptroller of TOMAS registered $4,000,000 5% serialRED.
follows: $2,000, 1924 to 1926.
incl.: 93,000, 1927 to 1931, incl.: 94.000.
ship
1932 to 1936, incl.: $5,000, 1937 channel bonds on Juno 28.
to 1941, incl.; 36.000, 1942 to 1945. Incl.;
97,000, 1946 to 1949, incl.; and
HEARNE, Robertson County, Tex.
$8,000. 1950 to 1953. incl.
-BOND
ELECTION-On
July 24 an election will be held to vote on
BOND SALE.
-The $22,000 5% refunding bonds offered
the question of issuing $51,000
at the same 6% serial sewer construction bonds.
time were also awarded at par to the above
W. H. Ely, Mayor.
company. Date July 11923.
Due $1,500 yearly on July I as follows:
HENDERSON COUNTY COMMON SCHOOL DISTRI
91,500.
to 1928, incl.; $5,000, 1929 to 1932. incl.; and 1924 and 1925; $4,000, 1926 Texas.
CT NO. 21,
-BONDS REGISTERED.
$6,000. 1933.
Juno
Texas registered $1.200 5% 20 -Onschool 28 the State Comptroller of
FAIRMONT, Robeson County, No. Caro.
-year
bonds.
-BOND SALE.
-The
$30.000 6% water and sewer bonds offered on June
HIGHLAND PARK, Dallas County,
29-V. 116, p. 2674
were awarded to the Title Guarante
Tex.
-BOND ELECTION.
On July 28
of $477, equal to 101.66, a basis of e & Trust Co.of Cincinnati at a premium municipa an election will be held to vote on the question ofissuing $65,000
about 5.84%. Date July 11923. Duo
l building bonds.
91,000 yearly on July 1 from 1926 to 1950 incrsive.
HIGHTSTOWN, Mercer County, N. J.
-BOND OFFERING.
FLOYDADA INDEPENDENT SCHOOL DISTRI
CT (P. 0. Floyd- bids will be received by Geo. P. Dennis, Borough Clerk, until -Sealed
ada), Floyd County, Texas.
8 p.
-BONDS REGISTERED.
July 27 for the purchase at not less than
par of an issue of
troller of Texas registered 190.0005% 20 -year school -The State Comp- (with privilege of
% coupon
-40
registration as to both principal and interest or principal
bonds on June 25.
only) bonds, not to exceed $88,500. Denom.
FRANKFORT,Herkimer County,
$500. Date Juno 1 1923.
-BOND SALE.
-The $75,000 Interest J. & J. Duo yearly
paving bonds offered on June 28 as ,5e N. Y.
on Juno 1 as follows: 83.000. 1925
45es to Sherwood & Merrifield of New(V. 116. p. 2907) were awarded as Inclusive; $4,000. 1932 to 1947, inclusive. and 33.500. 1948. A to 1931.
York at 101.375, a basis of about check for 2%. drawn
certified
Date Juno 1 1923. Due $3,000 yearly on Sept. 1
on an
from 1927 to to the order of the Borough incorporated bank or trust company. payable
1951 inclusive.
Collector, must
bonds were offered without success on June accompany each bid. These
26 as 434s.
FREEHOLD,Monmouth County, N. J.
-BOND SALE.
-The $60,000
43j% coupon or registered water
HOLLISTER, San Benito County, Calif.
works bonds offered on July
-BOND OFFERING.
p. 2907
-have been awarded to J. S. Rippel & Co. of Newark 2-V. 116, Howard O'Brien, Town Clerk, will receive sealed bids until 7 p.
in. July 9
for 160.511, for 148,0006%
equal to 100.85, a basis of about 4.65%. Date
April 1 1923. Duo 53,000 on Dec. 1 from sewer bonds. Denom.91,000. Int. J. & D. Duo $2,000
yearly on April 1 from 1924 to 1943 inclusive.
1923 to 1946. incl.
HOLYOK
FREMONT GRADED SCHOOL DISTRI
-BOND SALE.
-The following
CT (P. 0. Fremont), Issues of 4 E, Hampden County, Mass.
Wayne County, No. Caro.
coupon bonds offered on July 3(V. 116.
-BOND OFFERING.
Board of Trustees, will receive sealed proposals -E.G. Deans, Secretary awarded to Edmunds Bros. of Boston at 101.26-a basisp. 3027) have been
of about 4.10%;
until 3 p. m. July 12 for $55,000 "playground
115,0006% coupon registerable as to prin. and int.
bonds, payable $2,000 yearly from July 1 1924 to
$500. Date July 1 1923. Prin. and semi-ann school bonds. Denom.
July 11948,inclusive, and 31,000, July 1 1949 to 1953.
J.) payable
85.000 "land and building" bonds, payable $5,000 yearly frominclusive.
In gold coin at the National Bank of Commerc . int.
e.
July 1
July 1 as follows: $500, 1926 to 1951 incl., and N. Y. City. Due on
to 1928. inclusive, and $4.000. July 1 1929 to 1943, inoluMve 1924
.
$1,000, 1952 and 1953.
40,000 "sewer" bonds, payable $2,000 yearly
A certified check on an Incorporated
from July 1 1924 to 1943,
Inclusive.
amount bid for, payable to the Board bank or trust company for 2% of
45.000 "park" bonds, payable $2,000 yearly from
will be prepared under tho supervision of Trustees. required. The bonds
of the U. S. Mtge. & Trust Co.,
July 1 1924 to 1943,
N. Y. City which will certify as
inclusive, and $1.000 July 1 1944 to 1948, inclusive.
23.000 "fire department equipment" bonds, payable
the officials of the school district to the genuineness of the signatures of
'
and the seal impressed thereon. Successful bidder will be furnished with the opinion
July 1 1924 to 1927. Inclusive, and $3,000 July$5,000 yearly from
11928.
Other bidders were:
Hoyt of N. Y. City that the bonds are valid andof Reed, Dougherty &
Fremont Graded School District, Wayne County. binding obligations of
Rate.
Rate.
Old Colony Trust Co
101.170 E.IT. Rollins & Bons
FROSTBURG, Allegheny County, Md.-BO
100.890
R.L. Day
ND OFFERING.
101.159 Kidder, Peabody & Co
-Sealed Merrill. dr Co
bids will be received by John Stewart, City
100.752
Oldham
101.100 Blodget & Co
for 955.000 4le% water-Improvement bonds. Clerk, until 5 p. In. July 16 .Estabrook & Co & Co
100.521
Denom.
101.040 Curtis & Sanger
1923. Interest F. & A. Due Aug. 1 1923. Enclose $500. Date Aug. 1 Stacy & Braun
100.420
a certified check for
1100.925 National City Co
2% of the amount bid for.
100.140
Brown Bros. & Co
GAINES COUNTY COMMON SCHOOL
HOWARD COUNTY (P. 0. Ellicott City), Md.-BO
DISTRICT NO. 14,
.
-BONDS REGISTERED.
ND SALE.-The
-On June 20 the State Comptroller ofTexas. $240,000 4)3% coupon tax-freo series "B'
Texas June
registered $9,000 6% 5 -year school bonds.
-40
29 (V. 116, p. 2424). were awarded topublic road bonds offered on .
Alexander Brown & Sons of
Baltimore at 103.093, a basis of about 4.32%.
GALVESTON, Hunt County, Texas.
Date July 1 1923. Due
-BOND
-On July 1 1953.
June 18 the State Comptroller of Texas registered S REGISTERED.
•
$615,000 5% refunding
bonds.
HUDSON, Columbia County, N. Y.
-BOND SALE
-The $7,500
433% coupon or registered fire truck and
GARY, Lake County, Ind.
-BOND 8.4LE,The $40.000 refunding 28-V.
equipment bonds offered on June
116, p. 2908
bonds offered on June 30-V. 116, p. 2907
-were awarded as 4)5s to at 100.14-a basis -were awarded to Sherwood & Merrifited of Now York
Bonbrieht & Co. of Chicago at
of about 4.48%. Date Aug. 1 1923.
Date July 15 1923. Due $10,000 Aug. 1 as follows:
Due yearly on
81.000. 1927 to 1933. incl., and 9500,
yearly on July 15 from 1936 to 1939 inclusive.
par'
1934.
HUDSON COUNTY (P. 0. Jersey City),
GARY SCHOOL CITY (P. 0. Gary), Lake County,
N. J.
-BOND OFFERING.
-BONDS -Walter O'Mara, Clerk of Board of Chosen
NOT SOLD.
-The $364,000 coupon school bonds offered Ind.
Freeholders. will receive bids
on
-were not sold. The issue will be offered at a June 28- until 3 p. in. (daylight saving time) July 12 for the purchase at not less than
V. 116, p. 2799
private sale. par and Interest of the following two
GORMAN, Eastland County, Texas.
of registration as to prin. and int. orissues of 4)4% coupon (with privilege
-BONDS VOTED.
-At an
election held on June 15 a proposition to issue $25,000 now high school either issue to be awadred than will prin. only) bonds, no more bonds of
produce a premium of 81.000 over the
building erection bonds was voted.
amount of bonds offered:
$986,000 road bonds. Due yearly on
GOSHEN COUNTY SCHOOL DISTRICT NO. 2 (P. 0.
Aug. 1 as follows: $51,000 1924 and
1925, and 352,000 1926
Lingle),
Wyo.-BOND SALE.
-The $40,000 5% school building bonds
386,000 boulevard reconstruction to 1942 incl.
offertlx
on June 18-V. 116, P. 2550
bonds. Duo yearly on Aug. 1 as fol-were awarded to the State of Wyoming
lows: $25.000 1924 to 1927 incl.. and
at par. Date July 1 1923. Due July 1 1948.
$26,000 1928 to 1938 incl.
Denom.91.000. Date Aug. 11923,
Prin. and semi-ann. int.(F. & A.)
GRAND ISLAND SCHOOL DISTRICT (P. 0. Grand
payable in gold coin of the
Island), County Treasurer's office. present standard of weight and fineness at the
Hall County, Neb.-BIDS REJECTED.
-The $350,000 coupon school
Cert. check on an incorporated bank or trust
bonds offered on June 28-V. 116. p. 2550
-were not sold, as all bids company for 2% of amount of bonds bid for, payable to the Treasurer. required. Bonds will be prepared under supervisi
received were rejected.
on
Co., Now York; legality approved by Hawkins, of U. S. Mtge. & Trust
GRANT COUNTY (P. 0. Canyon City), Ore.
Dolafield & Longfello,w
-BOND
- New York.
Mabel Ferguson, County Clerk, will receive sealed bids untilOFFERING.
5 p. m. July 7
for $140,000 be
HUNTINGTON COUNTY (P. 0. Huntington),
e% road bonds. Denom.$1.000. A cert. check for $7,000
Ind.
-BOND SALE.
-On June 29 the six issues of 5% road
required.
bonds, offered on that date(V. 116,
p. 2908) were awarded as follows:
GREEN FOREST SCHOOL DISTRICT (P. 0. Green Forest),
Carroll County, Ark.
To J. F. Wild et Co. State Bank. Indianapolis.
-BOND SALE.
-The 113.500 6% school bonds offered
at public auction on May 10-V.116, p.2042
-were purchased by the First $5,600 David McEntarfer Road, Huntington and Whitley counties, bowls,
National Bank of Green Forest at par.
for 35,628, equal to 100.50, a basis of about 4.896%.
Denom.$280.
GREEN LAKE COUNTY (P. 0. Green Lake), Wisc.To Thomas
BOND OFFER- $8,800 Wm. H. Deemer etD. Sheerin ei Co., Indianapolis.
ING.
--G.A. Wednkauf County Clerk,
al. road in Warren and Clear Creek townships
July 24 for $100,000 highway bonds. will receive sealed bids until 2 p.
Denom e 448 853 75. equal to 100.61, a basis of
bonds f i $ :
0
Dcnom. $500. Due on Apr. 1 as
about 4.875%
J. &
JULY 7 1923.]
THE CHRONICLE
115
Prin, and semi-ann. int. (A. & 0.) payable at the office of the Director
15,000 L. Kimmel et al. road in Dallas Township bonds. for 915,016 50. of Finance. Each bid must be accompanied by a certified check for
equal to 100.11, a basis of about 4.98%. Denom. $750.
the amount bid for, payable to the "City of Lakewood."
6,300 Spahr & Knight et al. road in Jefferson and Salem townships bonds 5% of
-BOND OFFERING.
LA PORTE COUNTY (P. 0. La Porte), Ind.
for $6,332 50, equal to 100.51, a basis of about 4.894%. Denom.
10 a. m.
Sealed bids will be received by John Line, County Treasurer. until the fol$315.
-American National Bank, Indianapolis.
than par and accrued interest of
To Fletcher
July 17 for the purchase at not less
$9,760 John Rindchen et al. road in Jackson Township bonds for $9,817, lowing two issues of 5% coupon bonds:
Due
equal to 100.58, a basis of about 4.88%. Denom. $488. $17.701, $364,000 Geo. B. Johnson et al, gravel road bonds. Denom. $910. incl.
Creek Township bondsfor
$18,200 each six months from May 15 1924 to Nov. 15 1933 Due
17,600 Tilton T. Dill et al. road in Rock
equal to 100.57, a basis of about 4.88%. Denom. $880.
72,500 Wm, P. Miller et al. gravel road bonds. Denom. 9725. incl.
Date May 15 1923. Int. M.& N. 15. Due one bond of each issue each
93.625 each six months from May 15 1924 to Nov. 15 1933
Date July 15 1023. Interest M.& N. 15.
six months from May 15 1924 to Nov. 15 1933. inclusive.
Tried
-The $25,000 5%
LAS ANIMAS COUNTY SCHOOL DISTRICT NO. 5 (P. 0. have
HURON, Beadle County, So. Dak.-BOND SALE.
-were awarded to Gates. dad), Colo.
-Boettcher, Porter & Co.. of 'Denver.
-BOND SALE.
sewer bonds offered on June 26-V. 116. P. 2800
bonds. Denom.
to 100.42. a basis of purchased 95.500 6% 10 -year (opt.) school
-building
-20
White & Co. of St. Paul at a premium of $106, equal
New
Prin.
about 4.97%. Coupon bonds, denom. $1,000. Date July 1 1923. July 1 $500. Date June 1 1923. Int. J. & D., payable at Kountze Bros.,
York City. Due June 1 1943, optional June 1 1933.
and ann. int.(July 1) payable at the Firt Nat. Bank, St. Paul. Due
1943. The following bids were received:
LAS ANIMAS COUNTY SCHOOL DISTRICT NO.63,Colo.-BONDS
Thompson, Kent & Grace, Chicago-Par, plus premium of $11 and VOTED
-20-At a recent election an issue of *5,5006% 10
-BOND SALE.
accrued interest from date of bonds to date of delivery, with int. payable year school-building bonds were voted. These bonds had been sold to
annually.
at said election.
Trust & Savings Bank. St. Paul-Par, plus premium of Boettcher. Porter & Co.. of Denver. subject to being voted
Merchants
Broad$126 50 and accrued int. from date of bonds to (late of delivery. interest
LAS ANIMAS COUNTY SCHOOL DISTRICT NO. 69 (P. 0.election
payable semi-annually.
-At a recent
-BOND SALE.
-BONDS VOTED
-Par, plus premium of $106 with accrued head), Colo.
These
Gates, White & Co., St. Paul
-20
$8,500 6% 10 -year (opt.) school-building bonds were voted. Co.. of
interest from date of bonds to date of delivery. int. payable annually.
to Boettcher. Porter &
-Par, plus accrued int.; int. payable bonds had been sold, subject to being voted.
Wells, Dickey Co., Minneapolis
Denver.
semi-annually. City to pay $400 for legal services.
-At
-BONDS VOTED,
-Par. plus accrued int.: int. payable
V
LEELLAND, Hockley County, Texas.
Drake-Jones Co., Minneapolis
recent election an issue of 5.50,000 school building bonds was voted: Thew
annually. Cit.to allow $595 for fiscal vear.
Minneapolis Trust Co., Minneapolis--Par. plus accrued int.; int, payable bonds had been sold, subject to being voted, at par. Notice of the election
and sale was given in V. 116, p. 2551. The official name of the place
semi-annually. City to pay $375 brokerage fees.
-On issuing these bonds is "Levelland Independent School District."
-BOND SALE.
HURON COUNTY (P. 0. Bad Axe), Mich.
June 18 Kinsey & McMahon. of Toledo, were awarded $199.400 534%
-BOND OFFERING.-tintil 1 p. m.
LEESBURG, Lake County, Fla.
coupon Covert Act road bonds at par plus a premium of $1,220. equal to July 18 sealed bids will be received by W. E. Harkness, City Clerk. for
100.61. Denom. $1,000. Date May 1 1923. Due one-tenth yearly for $25,000 6% public utility bonds. Denom. $500. Date March 1 1923.
ten years. The bonds are issued for the following roads: As.sessment Dis- Prin, and semi-ann. Int.(M.& S.) payable at the First Nat. Bank of Leestrict Road No. 179. Chandler & McKinley Twps.. $74.000; Assessment burg. A certified check for $1,000, payable to the City Treasurer, reDistrict Road No. 42, Chandler, Oliver, McKinley & Winsor Twps.. $28.- quired. Due on March 1 as follows: $2,500. 1925 to 1932. Incl., and
000: Assessment District Road No. 40, McKinley & Winsor Twps.. $5,400 55.000. 1933.
Assessment District Road No. 30. Bloomfield & Lincoln Twps., $42,000;
-BOND OFFERING.
LEWISTON, Androscoggin County, Me.
and Assessment District( Road No. 141, Bloomfield & Lincoln
Eugene J. Cronin, City Treasurer, will receive bids until 12 m. July 11
$50,000. A like amount of bonds was reported sold in V. 116. p. 207
armory bonds. Denom. $1,000. Date July
for 9200,000 4;4% coupon
IDALOU INDEPENDENT SCHOOL DISTRICT (P. 0. Idalou), 15 1923. Prin. and semi-ann. int. (J. & J. 15) payable at the City Treas-On June 25 the
-BONDS REGISTERED.
Lubbock County, Texas.
urer's office in lawful money of the U. S., without deduction for Federal.
of Texas registered $25.000 6% serial school bonds.
State Comptroller
State or city taxes. Due $10,000 yearly on July 15 from 1924 to 1943
-BIDS RE- incl. Certified check on an incorporated bank or trust company for 2%.
(P. 0. Statesville), No. Caro.
IREDELL COUNTY
approved by McGilli-All bids received for the $300.000 5% coupon (registerable payable to the City Treasurer, required. Legality
JECTED.
- cuddy & Morey of Lewiston.
as to principal) rotd and bridge bonds offered on July 2-V. 116, p. 3027
Due on July 1 as follows: $10.000,
were rejected. Date July 1 1923.
LEXINGTON SCHOOL DISTRICT NO. 1 (P. 0. Lexington), Lex1924 to 1947 inclusive, and $60,000, 1948.
-BOND OFFERING.-Sealed,bida will be reington County, So. Caro.
-Sealed ceived until 12 m. July 12 by the Secretary Board of School Trustees. for
-BOND OFFERING.
IRWIN, Westmoreland County, Pa.
John Wagoner, Borough Secretary, until 8 p. m. $45.000 coupon school bonds. Denom. $1,000. Date July 11923. Prin.
bids will be received by
(standard time) July 9 for $35,000 43.i %. paving State-tax-free bonds. and semi-ann. int.(J. & J.), payable at the Hanover National Bank, N. Y.
Date July 1 1923. Int. J. & J. Due on July 1 as follows: $5,000, 1929, City. Due on July 1 as follows: $5,000. 1928;$10.000. 1933,and 915,000.
1934 and 1937; and $10,000. 1944 and 1949. Each bid must be accom- 1938 and 1943. A cert. check for 5500 required. Int. rate not to exceed
6%. Legality approved by John C. Thomson, N. Y. City.
panied by a certified check for 9500.
-Sealed
-BOND OFFERING.
JAY COUNTY (P. 0. Portland), Ind.
-BOND SALE.-Prudden & Co. of
LIMA, Allen County, Ohio.
bids will be received by 0. Leroy 1%torrow. County Treasurer. until 1 Toledo on June 20 were awarded bonds in the amount of $566,300 as
p. m. July 16 for the purchase at not less than par and accrued interest follows: The following 534% bond Issues, notice of the offering of which
of the following issues of 43i% coupon bonds.
in V. 116. p. 2551-for *212.027, equal to 100.82 and interest.
$20,000 Ed. Snyder et al, road in Wabash Twp. bonds. Denom. $1,000. was given about 5,33%:
22.000 Peter Bishop et al. road in Bearcreek Twp. bonds. Denom.$1.100. a basis of
Baxter St. paving bonds. Denom. $800 and $1.000. Due
20.000 A. J. Frost et al. road in Wayne Twp. bonds. Denom. $1,000. $22,800 yearly on Oct. 1 as follows: 31,800. 1924: $2.000. 1925 to 1927
30,000 James S. Learned et al. road in Richland Twp. bonds. Denom.
Inclusive, and $3,000, 1928 to 1932 inclusive.
$1.500.
10.300 Atlantic Ave. paving bonds. Denom. $300 and,$1 000. Due
9,200 0. F. Schwartz et al. road in Pike Two, bonds. Denom. $460.
yearly on Oct. 1 as follows: $1,000. 1924 to 1930 inclusive;
8,200 J. F. Miller et al. road in Madison Twp. bonds. Denom. $410.
$1,300. 1931. and $2.000, 1932.
Date July 16 1923. Int. M. & N. 15. Due one bond of each issue
Due yearly
9.100 Ohlo St. paving bonds. Denom. $100 and $1,0041.$1,100, 1932.
to Nov. 15 1933 inclusive.
each six months from May 15 1924
on Oct. 1 as follows: $1,000, 1924 to 1931 incl., and
$700 and $1,000. Due
Ind.
(P.O. Upland), Grant County,
JEFFERSON SCHOOL TWP.
10,700 Dingledlne Ave. paving bonds. Denom.
'Township
-Sealed bids will be received by Ross Troyer,
yearly on Oct. 1 as follows: 91.000. 1924 to 1930 inclusive:
BOND OFFERING.
Trustee, until 2 p. m. July 21 for the purchase at not less than par and
$1,700, 1931, and 92.000, 1932.
yearly
accrued interest of $105.000 5% coupon high-school building bonds.
6,500 Woodlawn Ave. paving bonds. Denom. $500. Due $500 incl.
on Oct. 1 from 1924 to 1928 incl., and 51.000, 1929 to 1932
Denom. $500. Date Uuly 1 1923. Principal and semi-annual interest
bonds. Denom. $1,000. Due yearly on
each six
(J. & J.) payable at the Upland State Bank of Upland. Due
14,000 Kenilworth Ave. paving
Oct. 1 as follows: $1,000, 1924 to 1927 inclusive. and $2,000.
months from July 1 1924 to July 11937. Each bid must be accompanied
1928 to 1932 inclusive.
by a certified check for $500, payable to the above official.
7.100 Fairview Ave. paving bonds. Denom. 5500 and $100. Due
-BOND OFFERING.
JENNINGS COUNTY (P. 0. Vernon), Ind.
yearly on Oct. 1 as follows: $500, 1924 to 1926 inclusive; $600.
Sealed bids will be received by Harry Y. Whitcomb, County Treasurer,
1927, and 11,000. 1928 to 1932 inclusive.
until 1 p. m. July 10 for the purchase at not less than par and accrued int.
28.000 Wayne St. paving bonds. Denom. $1.000. Due yearly on
of$4,320 5% LOUIS Richart etal.coupon County Line Road bonds. Denom.
Oct. 1 as follows: $3,000. 1924 to 1931 incl., and 84,000, 1932.
Date July 10 1923. Int. M. & N. 15. Due $216 each six months
$216.
24.000 Collett St. paving bonds. Denom. $1,000. Due yearly on
from May 15 1924 to Nov. 15 1933. incl.
Oct. 1 as follows: $2,000, 1924 to 1926 inclusive, and $3,000,
-The
-BOND SALE.
1927 to 1932 inclusive.
JOHNSON COUNTY (P. 0. Franklin), Ind.
29,600 Grand Ave. paving bonds. Denom. $600 and $1,000. Due
5% Barnes et al. road in Pleasant Twp. bonds offered on June 27918,000
yearly on Oct. 1 as follows: $3,000, 1924 to 1929 inclusive;
-have been awarded to J. F. Wild & Co. of Indianapolis
V. 116, p. 2908
$3,600, 1930; 54,000, 1931 and 1932.
-equal to 100.55-a basis of about 4.88%. Date June 15 1923.
for $18.099
15,800 Albert St. paving bonds. Denom. $800 and $1,000. Due yearly
Due $900 each six months from May 15 1924 to Nov. 15 1933, incl.
on Oct. 1 as follows: $1,000. 1924 and 1925; 31,800. 1926. and
JOHNSON COUNTY COMMON SCHOOL DISTRICT NO.34, Texas.
$2,000, 1927 to 1932 inclusive.
-The State Comptroller of Texas registered
-.BONDS REGISTERED.
14,000 Linden St. paving bonds. Denom. $1,000. Due yearly on Oct. 1
$8,000 6% serial bonds on June 21.
as follows: $1,000. 1924 to 1927 inclusive, and $2,000, 1928 to
-Seipp,
1932 inclusive.
-BOND SALE.
LAKE COUNTY (P. 0. Waukegan), III.
2,900 Collett St. paving bonds. Denom. 9100. Due yearly on Oct. 1
PrIncell & Co., of Chicago, have been awarded the $300.000 4;4% courtas follows: $300, 1924 to 1930, and $400, 1931 and 1932_,_
house bonds offered on June 29(V. 116. p. 3028). Denom.$1,000. Date
15,500 Holmes Ave. paving bonds. Denom. $500 and $1.000. Due
July 1 1923. Principal and semi-annual interest (J. & J.) payable at the
yearly on Oct. 1 as follows: $1,000, 1924 and 1925; 51.500.
Continental & Commercial Trust & Savings Bank, Chicago. Due 915,000
1926, and $2,000, 1927 to 1932 inclusive.
to 1943, inclusive.
yearly on July 1 from 1924
Date April 1 1923.
Financial Statement.
For $290.507, equal to 103.75 and interest, a basis of about 5.10%•
$100,000,000
Actual value of taxable property, estimated
44,294,221 they also acquired the *280.0005)4% "Lima Sewer District" bonds, dated
Assessed valuation as equalized for 1922
1,525,000 May 15 1923 and maturing yearly on Nov. 15 as follows: $11,000, 1924
Total bonded debt, including this issue
Total bonded debt less than 23.1% of the assessed valuation. Population to 1931 incl., and $12,000. 1932 to 1947 incl. (For notice of offering of
this issue see V. 116. p. 2676.) They were also awarded $76.000 sewer
(U. S. Census 1920), 74,285.
103.83, and interest.
-On bonds for $78,913, equal to
-BOND SALE.
LAKE COUNTY (P. 0. Painesville), Ohio.
-On June 29
LUCAS COUNTY (P. 0. Toledo) Ohio.-BOND SALE.
July 2 the 9170.000 5% Mentor Sewer District No. 1 bonds, offered on
part
-V. 116. p. 2908
-were awarded to Richards, Parish & Lamson the two issues of Toledo-Napoleon i.ó. H. No.51, Secs. N-1, N-3 and that
that date
of Cincinnati for $170,528, equal to 100.31. a basis of about 4.96%. Date of "Maumee" stone road improvement No. 175 6% bonds, offered on
Sidney
Due yearly on Oct. 1 as follows: $9,000, 1925 to 1934 date (V. 116, p. 2801) were awarded to a syndicate composed oflocated
April 1 1923.
Spitzer & Co. Stacy & Braun and Prudden & Co., all of whom are
Inclusive, and $10,000. 1935 to 1942 inclusive.
'
- in Toledo, as follows: $306,522 10, equal to 103.51. a basis of about
LAKEWOOD, Cuyahoga County, Ohio.
-BOND OFFERING.
9296.111 10 bonds for
A.0.Guild, Director of Finance will receive sealed bids until 12 m.(Eastern
5.21%. Denom. $1,111 101 and 51,000. Duo yearly 011 Sept.
time) July 16 for the purchase of the following Issues of 57 bonds:
2 as follows: $32,111 10, 1924, and $33.000 yearly thereafter
°
$50,000 city portion street hunt. bonds. Date July 1 1923. Denom.
from 1924 to 1932, inclusive.
$1,000. Duo on Oct. 1 as follows: $5,000, 1924 and 1925, and
5.21%.
150,50505 bonds for 5155,818 05,equal to 103.53, a basis of aboutfollows:
$4.000, 1926 to 1935 inclusive.
Donom,$50505 and 51,000. Due yearly on Sept.2as 1932.
11,360 Adios Drive paving bonds. Date day of sale. Denom. $360
515.50505, 1924; $16,000, 1925, and 517,000. 1926 to
and 91,000. Duo on Oct. 1 as follows: 9360. 1924; $1,000,
• inclusive.
1925 to 1029 inclusive, and $2,000, 1930 to 1932 inclusive.
Date July 2 1923. The following are the bids received: 9296,111 10 /ss.
$150.505 05 Issue.
2,824 Clifton 131vd. sewer bonds. Date (lay of sale. Denom. $124 and
f
em .
f um
Pj e ed
$300. Due on Oct. 1 as follows: $124. 1924, and $300, 1925 to
Premium
Offered.
1933 inclusive.
33,414 Edgewater Drive paving bonds. Date day of sale. Denom. Tucker, Robinson & Co.. Toledo; W. L.
$414 and $1,000. Due on Oct. 1 as follows: $2,414, 1924:
Slayton & Co.. Toledo; A.T.Bell Co., Tol. 54,606 00
617
06
8.
" 1 00
5,102 25
$3,000, 1925, and $4,000, 1926 to 1932 inclusive.
,
Spitzer-Rorick & Co. Toledo
11.458 Indianola Drive paving bonds. Date day of sale. Denom. Sidney Spitzer & Co.,Toledo;Stacy & Braun.
.5.313 00
and $1,000. Due on Oct. 1 as follows: $458, 1924; $1,000,
$458
Toledo; Prudden & Co., Toledo
10 4120°
9..711 44
4,936 56
1925 to 1929 inclusive, and $2,000. 1930 to 1932 inclusive.
Otis & Co. Cleveland
8.691 Niagara Drive paving bonds. Date day of sale. Denom. $191. Hayden, Miller & Co., Cleveland: Harris,
$1,000. Duo on Oct. 1 as follows: $691, 1924, and
National
$500 and
Forbes & Co., New York; The
9.81000
4,982 00
' $1,000, 1925 to 1932 inclusive.
City Co.. New York
9,12022
4,635 56
1,206 Spring Garden Ave. paving bonds. Date day of sale. Denom. The Prov. Says. Bk.& Tr. Co., Cincinnati
1 1924 to 1932 inclusive.
9134. Due $134 on Oct.
Ryan, Bowman & Co.. Toledo: Blanchet,
3.838 50
7.55000
4,266 Waverly Ave. sewer bonds. Date day of sale. Denom. $266
Vandersall, Toledo
Thornburgh &
and $1,000. Due on Oct. 1 as follows: $266. 1924. and $1.000,
Bids of 103.15 and 102.85 were also received from American Elxchange
1925 to 1928 inclusive.
Irving Bank-Columbia Trust Co., both of whom
$164 National Bank and the
2,104 Waverly Ave. water bonds. Date day of sale. Denom.$500. are located in New York respectively. These bids were declared to be
and $500. Duo on Oct. 1 as follows: $164. 1924. and
Irregular because they were for the two Issues combined.
1925 to 1928 Inclusive.
116
THE CHRONICLE
[Vol,. 117.
LINCOLN COUNTY SCHOOL DISTRICT NO.
19 (P. 0. Afton), 116, p. 3029
Wyo.-BOND SALE.
-were awarded to the National City Co. of Boston
-The $100,000 5% coupon school bonds offered
at 100.941,
on a basis of about 4.14%. Date July
June 30-V.116, p. 2801-were awarded to the
State of Wyoming at par.
follows: $12,000, 1924 to 1926 incl., 1 1923. Due yearly on July 1 as
and 311,000. 1927 to 1943 hicl.
LOS ANGELES COUNTY (P.O. Los Angeles)
, Calif.
-BOND SALE.
MIAMI COUNTY(P.O.Peru),Ind.
-The $1,250,000 5% impt. bonds offered on July
-BOND SALE.
2
awarded to a syndicate headed by the Bank of Italy (V. 16, p. 2909) were Julius Pritz et al. road in Allen Twp. coupon bonds -The $7,5604%%
offered on June 26
of San Francisco, at a (V. 116. p. 2802), with
premium of $39,652, equal to 103.17, a basis of
three other issues of
11923. Due on July 1 as follows: $62,000, 1928about 4.68%. Date July the First National Bank of Peru at par and43% bonds, were awarded to
accrued interest. Date June
to 1937,incl., and $63,000 15 1923. Due $378
1938 to 1947, inclusive.
each six
incl. The other three issues,months from May 15 1924 to Nov. 15 1933
aggregating $25,160. which were offered at
LOWELL GRADED SCHOOL DISTRICT NO.
7 (P. 0. Lowell), tne same time, were not sold.
Gaston County, No. Caro.
-BOND OFFERING.
-Sealed bids will be
MILAN COUNTY COMMON SCHOOL DISTRI
received by T. P. Rankin, Decretary, Board
CT NO, 5, Texas.
July 15 for $25,000 6% school bonds. Denom.of Trustees, until 10 a. m. BONDS REGISTERED.
-The State Comptroller of Texas registered $3,600
$1.000. Date June 1 1923. 5% serial bonds on
Prin. and int. payable at the National Park Bank,
June 28.
N.Y.City. Due $1,000
yearly on June 1 from 1926 to 1950, incl.
MINNESOTA (State of).
A cert. check for 2% of amount
bid for, payable to the District Treasurer, required
-BOND OFFERING.
-T. 0. Ofsthun •
Secretary of the State Rural Credit
.
sealed bids until 11 a. m. July 10 for Bureau (P. 0. St. Paul), will receive
MADISON COUNTY (P. 0. Anderson),
$3,000,000 4%% coupon (registerable
Ind.
- as to prin, and int.) rural credit bonds.
Henry P. Hardie. County Auditor, will receive -BOND OFFERING.
Denom. $1.000. Date July 15
sealed bids until 11 a. m. 1923. Prin. and semi-ann
July 16 for the purchase of $125.000 5% coupon
Orphans' Home bonds. office or at State's fiscal . Int.(J. & J. 15) payable at the State Treasurer's
Denom. $1,000. Date July 16 1923. Prin.
agency in N. Y. City at option of holder, and
and semi-ann. int. (J. & 3-) interest on registere
payable at the County Treasurer's office.
d bonds will
lows: $5,000 1924;$10.000 1925 to 1936 incl.Due yearly on July 16 as fol- exchange if desired. Due July 15 be payable in New York or Chicago
1943. A certified check on a solvent
ied by a certified check for 3% of the amount Each bid must be accompan- bank or trust company for $15,000,
payable to the State Treasurer,
bid for, payable to the Board required.
of County Commissioners.
MOGADORE, Portage County, Ohio.
MAMARONECK, Westchester County,
-BOND OFFERING.
-BOND OFFERING.
-George
Sealed bids will be received by Edgar L. N. Y.
- Smith, Village Clerk, will receive sealed bids
p. m. July 9 for $30,000 5% fire house Howe, Village Clerk, until 8:30 purchase at not less than par and accrued until 12 m. July 12 for the
Interest of $4,000 6% Bast
semi-ann. Due 92,000 yearly on July 15 bonds. Denom. $1,000. Int. Middleburg Street improvement bonds, issued
in anticipation of the
a certified check for 5% of the amount from 1926 to 1940 incl. Enclose collection ofspecial assessments and under
bid for.
$1,000. Date July 1 1923. Interest A. Sec. 3914 of Gen. Code. Denom.
& 0. Due $2,000 on Oct. 1 in
MANCHESTER, Hillsborough County, N.
1927 and 1928.
H.
-BOND OFFERING.
Sealed bids will be received by
2 p. m. July 9 for $300,000 4%W. 0. McAllister, City Treasurer, until
MONROE, Monroe County, Mich.
-BOND OFFERING.
coupon
-Sealed bids
Date May 1 1923. Prin. and semi-ann bridge bonds. Denom. $1,000. will be received by Fred M. Kressbach. City Clerk,
.
until
National Shawmut Bank of Boston. Duein (M. & N.) payable at the for the purchase of the following two issues of bonds 7.30 p. m. July 9
to bear interest at
$15,000 yearly on May 1 from such per cent as will
1924 to 1943, incl. The bonds are certified
insure their sale at par:
as to genuineness by the $150,000 water works bonds.
Amoskeag Trust Co. of Manchest
Due $25,000 yearly on July 1 from 1944 to
Boyden & Perkins of Boston. er. Legality approved by Ropes, Gray.
1949, inclusive.
50,000 storm sewer bonds. Due yearly on July 1
as
MARIETTA TOWNSHIP RURAL SCHOO
1944. $15,000 1945 and 1946 and 87,000 1947. follows: $13,000
L DISTRICT (P. 0.
R. D. No. 1, Marietta), Washington
Denom. $1,000. Date July 1 1923. Prin, and semi-ann.
County, Ohio.
-BOND OFFERING.
-Sealed bids will be received by Louise
int.
Rose Mitchell, Clerk Board at the City Treasurer's office. Each bid must be accompanied payable
of Education, until 12 m. July 20 for the
with a
certified
accrued interest of $75,000 5%% schoolpurchase at not less than par and and shallcheck, payable to the city of Monroe, in the amount of $1,000
include the cost of printing and furnishing of the bonds.
impt. bonds. issued under Sec.
7630-1 of Gen. Code. Denom. $1,000. Date
The
legality of the proceedings held in connection with both
July 1 1923. Prin. and
semi-ann. in (M.& S.) payable at the
issues have been
approved by Miller, Canfield, Paddock & Stone of Detroit.
on Sept. 1 as follows: $4,000 1924 to above official's office. Due yearly
1926 incl.. and $3,000 1927 to 1947
incl. Each bid must be accompan
MONTGOMERY COUNTY (P. 0. Dayton), Ohlo.-BOND
OFFERpayable to the Board of Education.ied by a certified check for $1,000. ING.
-Sealed bids will be received by F.
Commissioners, until 10 a. m. (Central A. Kilmer, Clerk Board of County
time) July 9
MARION, Plymouth County, Ohio.
the purchase at
not less than par and accrued interest of 8568,000 5 for coupon
-BOND OFFERING.
-Sealed
bids will be received by J. F. Landes, City
%%
Belmont
Auditor, until 12 m. July 26 for Sanitary Sewer District No. 1 bonds, issued under Secs. 6602-1 and
the purchase at, not less than par and
6602-4
of General Code. Denom. $1,000. Date July 1 1923. Prin.
accrued interest of $24,000
street lighting hydrant rentals and fireman
and semi554%
and police salary bonds. Denom. ann. Int. (J. & J.) payable at the County Treasurer's office. Due yearly
$1.000. Date July 1 1923. Interest M.
& S. Due $60,000 yearly on on July 1 as follows: $37000, 1926; $38.000. 1927 to 1939 incl.. and
Sept. 1 from 1924 to 1927, inclusive
to the City Treasurer, required. . A certified check for $1,000, payable 937,000, 1940. The approving opinion of D. W.& A. S. Iddings, Dayton.
and Peck, Shafer & Williams. Cincinnati, will be furnished to
the successful
bidder,otherwise bids must be strictly unconditional,
MARILLA, Erie County, N. Y.
the question of legality
-H. B. Foster, of this issue to be determined before the bids are
Town Clerk, will receive sealed bids-BOND OFFERING.
made. A certified check.
until 8 p. m. July 16 for the purchase drawn on any
of the following two issues of 5% bonds:
solvent bank or trust company, for $25,000 is required
with each bid.
$16,000 bridge bonds. Due $1,000 April
1 from 1928 to 1943, incl.
10,000 highway bonds. Duo $1.000
MONTGOMERY COUNTY (P. 0, Dayton) Ohio.
April 1 from 1929 to INS,incl.
-BOND OFFERDenoms. $1,000 or $500. Date
,
ING.
-F.A.
Oct
(A. & 0.) payable at the Bank of East 1 1923. Prin. and semi-ann. int. sealed bids Kilmer, Clerk of Board of County Commissioners, will receive.
until 9 a.
for 5% of the amount bid for, payable Aurora. Enclose a certified check Mt. Auburn Sewer m.(Central standard time) July 16 for $33,000 534
to the Town Supervisor.
District No. 1 bonds, issued under Sec. 6602-1 and
6602-4 et seq. of Gen. Code. Denom. $1,000. Date July
MARION COUNTY SCHOOL DIST No.
11923. Prin.
1(P.O.
BOND OFFERING.
- and semi-ann. Int.(J. & J.) payable at
-R. J. Blackwell. Secretary of Marion),So. Caro.
School Trustees, will yearly on July 1 as follows: $2,000,the County Treasurer's office. Due
receive bids until July 13 for $100,000
.
1925 to 1928,
high school bonds.
$2,000, 1930 to 1933, incl.: $3,000, 1934: $2,000, 1935incl.; $3,000. 1929:
to 1938, incl., and
MARYLAND (State of).
-BOND OFFERI
-Sealed bids will be $3,000, 1939. Enclose a certified check for 91,000, payable to the Countsreceived until 12 m.Aug.9 by John M.Dennis, NG.
Treasurer. Legality approved by D. W.& A. S.
State Treasurer,for an issue and
Iddings, Dayton & Peck
of8250,0004%% coupon (with privilege
Shaffer and Williams of Cincinnati.
ofregistration) Baltimore-Southern
Maryland Trunk Line Road bonds. Denom.
$1,000. Date Aug. 15 1923.
MOOERS UNION FREE SCHOOL DISTRICT NO.3(P. 0.
Int. F. & A. 15. Due serially on Aug. 15
Mooers),
as follows:
Clinton County, N. Y.
Series.
-.--BOND OFFERING.
Amount.
-H. Wallace
Redeemable. Series.
Amount.
Redeemable. f President of Board of Education, will receive sealed bids until Knapp,
$14,000
Aug. 15 1926"U"
$20,000
July 12 for the purchase at not less than par and accrued interest 10 a. rn
Aug. 15 1933f
15,000
Aug.151927"V"
21.000
Aug. 34 1934f 5% coupon school bonds. Denom. $500. Date July 1 1923. of $10,000
16,000
Prin. and
Aug. 15 1928"W"
22.000
Aug. 15 1935f semi-ann. int. (J. & J.) payable at the First National Bank of Champlain.
16.000
Aug. 15 1929"X"
23,000
Aug. 15 1936f Due $500 yearly on July 1 from 1930 to 1950, incl. Each bid must be ac17,000
Aug. 15 1930"Y"
24,000
Aug. 15 1937f companied by a certified check for 3% of the amount bid.for.
18,000
Aug. 15 1931"Z"
25,000
Aug. 15 1938f
19.000
Aug. 15 1932
MOREHOUSE PARISH ROAD DISTRICT (P. 0. Bastrop),
La.
The bonds are advertised
BOND OFFERING.
State, county and municipal as free from Federal income taxes and from sealed bids until 12-C. N. Dalton, Clerk of the Police Jury, will receive
taxation. • Cert. check for 5% of amount of
m. July 25 for the following 5% road
bonds bid for, payable to the State
$820,300 Road District No. 2 bonds. Due on Feb. 1 as bonds:
Treasurer. required. Bonds to be defollows: $10,000
livered and paid for at the State Treasure
1924. $11,000 1925. 812,000 1926. 813,000 1927 to 1929, incl.;
r's office on Aug. 15.
~surd
815,000 1930 and 1931, 816.000 1932 and 1933. 818,000 1934 and
MASSENA, Saint Lawrence County,
N. Y.
-BOND OFFERING.
1935, $19.000 1936. 821,000 1937 and 1938. 822,000 1939, 824.000
H. A. Little. Village Clerk, will receive
for $18,000 4%% street paving bonds. sealed bids until 7 p. m. July 16
1940,$25,000 1941 and 1942,829,0001943 and 1944.$31,000 1945.
$32,000 1946, $334,000 1947, $36,000 1948. $37,000 1949, $39.000
ann. Due $1,200 yearly on Aug. 1 fromDate Aug. 11923. Interest semi1928 to 1945, incl.
1950. $41,000 1951, $43,000 1952, $45,000 1953, $48,000
1954
MAUNABO (Municipality of),
and $49,300 1955.
-BOND OFFERING.
Manuel Ortiz Suya, Commissioner Porto Rico.
- 329,700 Road District No. 1 bonds.
Due as follows: $4,000 1924. 85,000
will receive sealed bids until 10 a. of Public Service. Police and Prisons,
1925 to 1928. incl.; $6,000 1929 to 1932, incl.: $7,000 1933 to
m. July 18 for $60,000 coupon impt.
bonds. Denom. $1,000. Date
1935,
incl.: .8,000 1936 and 1937, $9,000 1938 to 1940, incl.;
$10,000
6%. Due $3.000 yearly on JulyJuly 1 1923. Interest rate not to exceed
1941, 11,000 1942 and 1943,812.000 1944 and 1945. $13,000
1 from 1927 to 1946, Incl. Prin. and int.
1946
payable in Washington, D.C., N. Y.City
and 1947. 814.000 1948, 815,000 1949. 916,000 1950,
or Porto Rico. A certified chock
for 2% of bonds bid for, payable to the Commiss
1951 and 1952, $18,000 1953. $19000 1954 and 819.700 $17,000
ioner of Finance, required.
1055.
Denom. $1,000. Date Feb. 1 1923. Prin. and semi-ann.
MAYFIELD RURAL SCHOOL DISTRICT
int. (F.
-A.).
(P.O. Gates Mill), Cuya. payable at the Hanover National Bank, N. Y. City. A
hogs County, Ohio.
certified chock
-BOND OFFERING.
Board of Education, will receive bids until-Homer L. Ilunscher, Clerk of for 2% of amount of each issue payable to the Parish Treasurer required.
12
at not less than par and interest of $226.000 m. July 17 for the purchase Notice of this offering was given in V. 116, p. 3029; it Is given again as
554% coupon school'building additional data have come to hand.
bonds issued under authority of
and $1,000. Date Apr. 11923. Sec. 7630-2, Gen. Code. Denoma. $100
MURCHISON INDEPENDENT SCHOOL DISTRICT,
Prin. and semi-ann. int. (A. & 0.) payHenderson
able at the office of the Clerk-Treasurer
County, Texas.
-BONDS REGISTERED.
-On June 20 the State Compof the
39.100 Oct. 11924;810,000 on Oct. lie 1927. Board of Education. -Due troller of Texas registered $17,000 5% 20-40
1929, 1931, 1933, 1935, 1938,
year school bonds.
1940, 1942. 1945 and 1947. and $9,000 on Oct. lie
NEWBERRY COUNTY (P. 0. Newberry), So. Caro.
1925, 1926, 1928, 1930.
1932, 1934, 1936, 1937, 1939. 1941, 1943,
-BOND SALE.
1944
for 5% of amount of bid, payable to the District and 1946. Cert. check -The Exchange Bank of Newberry has purchased the $118,000
5%
Clerk, required. Bonds road and bridge bonds offered on July 2-V. 116.
to be delivered and paid for within five days
p. 3029
-at a premium
from date of award.
of $2,134 60, equal to 101.80, a basis of about 4.85%.
Date July 11923.
MAYWOOD SCHOOL DISTRICT, Los Angeles
Due on July 1 as follows: 31.000, 1924 to 1931
incl.; $2,000, 1932 to
County, Calif.
- 1939 incl.; $3,000, 1940 to 1948 incl.;
BOND OFFERING.
-L. E. Lampton, County Clerk (P.
$4,000, 1949 to 1956 incl., and
0. Los Angeles),
will receive sealed bids until 11 a. m. July 23 for
863.0005% school bonds. $5.000, 1957 to 1963 incl.
Denom.$1,000. Date July 11923. Prin. and int.
NEWCASTLE SCHOOL CITY (P. 0.
payable at the County
Treasury. Due on July 1 as follows: 33,000, 1924 to
Newcastle), Henry County_,
Ind.
1953, Ind. A certified check for 3%,payable to the 1926;$2,000. 1927 to lig -BOND OFFERING.-Blds will be received until 1.30 p.
July 23
, the Board of School Trustees, for the
Chairman of Board of
Supervisors, required.
purchase at not less than par,
0,000 434% school building bonds of 1923.
Denom. $1,000. Dte
a
uly 1 1923. Prin. and semi-ann. int. (J. &
MEEKER COUNTY (P. 0. Litchfield), Minn.
-BOND OFFERING.
J.), payable at any bank or
- trust company at Newcastl
Until 1 p. m. July 9 bids will be received by J. A.
Simonson, County responsible bank or trust e. Duo July 1 1943. Certified check on a
Auditor, for $180,000 5% road bonds. Denom.
company located within
1923. A certified check for 5% of issue required. $1,000. Date July 1 for at least 3% of the face value of the bonds bid for,the State of Indiana
payable to the Board
of School Trustees required. Accrued interest
MENNO INDEPENDENT SCHOOL DISTRICT NO.2
paid by the successful
(P.O. Menno), bidder from July 1 1923 to date of delivery. to be stated that the bonds
Hutchinson County, So. Dak.-BOND SALE.
It is
-The $35.000 5% coupon will be exempt from all taxes levied or to be
levied by the State of Indiana,
school bonds offered on June 29-V. 116, p. 2909
-were
or by any political
& Co. of Minneapolis at par. Date June 11923. Dueawarded to Ballard America, bidders tosubdivision of the State, or by the United States of
pay the principal and accrued interest concurrently
June 11943.
with the delivery of bonds.
METAMORA SCHOOL TOWNSHIP (P. 0. Metamora),
County Ind.-BOND OFFERING -Louis B. Foster, Townshi Franklin
NEW PHILADELPHIA, Tiscarawas County, Ohio.
will receive bids at 12 m.July 14 at the Farmers Bank, Metamor p Trustee,
-BOND OFFER-Sealed bids
ING.
a.for
3505% coupon bonds. Denom. $400. except bond No. 1 for $350. $14.- 12 m. July 9 for thewill be received by W. C. kaiser, City Auditor, until
Date
purchase of the following issues of 534% paving bonds,
May 11923. Int. J. & J. Due $350 July 1 1924 and $400 each
from Jan. 1 1925 to Jan. 1 1942. Purchaser to pay accrued six months aggregating 380,208
$22,672 93 city's portion bonds, issued under Sec. 3939 of General Code.
interest.
Denom. $500 and one for
METAMORA CIVIL TOWNSHIP (P. 0. Metamora),
Due yearly on April I as
Franklin
follows: $2,500, 1925 to $672 93.
County,Ind.
$2,672 93, 1933.
-BOND OFFERING.
-At 12 m.
57,535 50 assessment bonds, issued 1932 incl., and
by Louis B. Foster, Township Trustee, at the July 14 bids will be received
under Sec. 3814 of General Code.
Farmers Bank, Metamora,
Denom. $500 and one
for the purchase at not less than par and accrued interest
$535 50. Due yearly on April
of 814.350 5%
follows: 86,500, 1925 for 1932 incl., and $5.535 50, 1933. 1 as
coupon bonds. Denom. $400, except bond No. 1 for
to
$350. Date May 1
Date May 15 1923. Int. A. & 0. A certified check for $200
1923. Int. J, & J.
required
Jan. 1 1925 to Jan. 1 Due $350 July 1 1924 and $409 each six months from with each bid.
1942 incl.
NEWTON FALLS,
METHUEN, Essex County, Mass.
-BOND SALE.
-BOND SALE.
-The
-The $223,000 $2.300 6% water main Trumbull County, Ohio.
% coupon "School Loan Act of 1923" bonds
bonds offered on June 29-V. 116, p. 2910
-were
offered on July 2-V. awarded to the First
National Bank of Newton Falls for $2,307 50, equa
JULY 7 1923.]
THE CHRONICLE
117
ed
Dak.-BOND OFFERING -Seal
PIERRE, Hughes County, So. 9 by E. B. Peterson, City Auditor.
yearly on
July
Date May 15 1923. Due
bids will be received until 8 p. m. Date June 20 1923. Int. J. & D. 20.
to 100.32. a basis of about 5.89%. 3600, 1926 to 1928 inclusive.
.
for $51.065 96 5% paving bonds
0. North
May 15 as follows: $.500. 1925. and
SCHOOL DISTRICT (P. 00 54%
-During the month of
PIKE TOWNSHIP RURAL
-The $45,0
-TEMPORARY LOANS.
0,
-BOND SALE.
NEW YORK CITY.
awarded to
ties in the aggregate of $30,629,00
, Clark County Ohio.
securi
Hampton)
116, p. 2911-were to 103.06.
tax notes:
June this city issued short term
equal
bonds offered on June 29-V.
bonds,corporate stock notes and
consisting of revenue bills and
sold. school r, Reinhardt & Co. of Cincinnati for $46,377, follows: $2.000.
Bohme
1 as
Amount. Int.Rate. Maturity. Date
. Due yearly on Sept
ue Bills of 1923.
Reven
Water.
a basis of about 5.15%
Date sold.
1946.
Amount. Int.Rate. Maturity. June 28 500,000 4% to or beforel
1924 to 1945 inclusive, and $1,000.
2 (P. 0. Casa
$10,000,000 4li% Nov. 2 19231923.
June 8 1924IJune 8
TRICAL DISTRICT NO. issue 3528.150
PINAL COUNTY ELEC
ition to
Special Revenue Bonds of
-A
be
500,000 4% On or before June 15 Grande), Ariz.
ND ELECTION. ofpropos
-BO
the people at an election to
250,000 4% 1On or before June 8
June 15 1924
a vote
ic bonds will be submitted to
Dee 31 1924
800,000 4% On or before June 27 electr July 23. F. C. Templeton, Secretary.
before
held on
issues of
350,000 4% On or
(June 27 1924
-The following five
Dec. 31 1924 June 27
-BOND SALE.
, which were
Rapid Transit
PITTSBURGH, Pa.
bonds, aggregating $1,021,000
0,
100,000 41‘7 On or before June 15 434% coupon or registered p. 2911-were awarded to the Union Trust
.
Corporate Stock Notes
of about
June 15 1924
offered on June 29-V. 116.
5, equal to 101.925, a basis
Various Municipal Notes.
9,000 4% On or before June 27 Co. of Pittsburgh for $1,040,654.2
2,500,000 4% On or8 before June 8
June 27 1924
on May 1 from 1924 to
4.07%:
1924
$21,000 yearly
June
500,000 4li% On or before June 27 $630,000 funding bonds. Due
from
10120000 4% On or before June 15
June 27 1924
1953 inclusive.
$12,500 yearly on May 1
June 15 1924
00 fire apparatus bonds. Due
0 43i% On or before
250,0
100,00
On or before
2,000,000 4%
June 27 1924 June 27
1924 to 1943 inclusive.Due 31,700 yearly on May 1 from 1924
June 22 1924 June 22
Tax Notes.
51,000 public safety bonds.
2,500,000 4% lOn or before
1924 to
or before
to 1953 inclusive.
$1,500 yearly on May 1 from
1June 29 1924 June 27 150,000 4% 1On
Dec. 31 1924 June 15
45,000 playground bonds. Due
1953 inclusive.
0 4% On or before
1 from 1924 to 1953 incl.
250,00
yearly on May
Dec. 31 1924 June 27
45,000 park bonds. Due $1,500
Date May 1 1923.
PONED.
. Friendship),
-BOND ELECTION POST
SHIP RURAL SCHOOL DISTRICT (P.O
NILE TOWN
-Edward Warren, Clerk,
PLANO, Collin County, Tex.on of issuing 365.000 high school bldg.
-BOND OFFERING. for the purchase at not
Scioto County, Ohio.
vote on the questi
p. 2678)
24
The election to
taken place on June 23(V. 116,
will receive sealed proposals until 12 m. July
school building bonds, issued bonds which was scheduled to have
less than par and interest of $336,000 57General Code. Denom. $500. has been postponed.
Texas registered
under authority of Sec. 7630-1 of the ° in (J. & J.) payable at the
-The State Comptroller of
BONDS REGISTERED.
20.
Date July 1 1923. Prin. and semi-ann. yearly on Oct. 1 from 1924 to
0
serial city hall bonds on June
00 5 3 %
1 (P. 0.
office of the District Clerk. Due $1,50
le to the Board of Education, 310.0
SCHOOL DISTRICT NO.
1947 incl. Certified check for $1,000, payab
-At the
POCATELLO INDEPENDENT Idaho.
-BONDS VOTED. building.
ty,
required.
$100,000 school
Pocatello), Bannock Coun
2911-the
issues, sub-BOND OFFERING.
Mass.
on held on June 25-V. 116. p.
$15,000 equipment bond 50.
NORFOLK COUNTY (P. 0. Dedham), 10 by the County Treasurer electi
site, $15,000 impt., and
512 to
July
Sealed bids will be received until 11 a. m.lture bonds. Date July 15 1923. $10,000 a vote of the people, were voted by a count of
d to
mitte
-BOND OFFERING.
for $39.000 44% coupon school of agricu
County, N. H.
PORTSMOUTH, Rockingham will receive sealed bids until 11 a. m.
Due 1924 to 1930.
rer,
-The following -C. R. Kimball, City Treasu purchase of 3105.000 414% coupon pa
DS NOT SOLD.
-BON
$7.
NORTH DAKOTA (State of).
-were not sold: (standard time) July 10 for the
June 1 1923. Payable
. 116. p. 2554
two issues of5% bonds, offered on June 28-V follows: $500.000 1934, and and impt. bonds. Denom. 31.000. Date ann. int. (J. & D.) payable in
on Jan. 1 as
and semi82,500,000 real estate series. Due
000. 1952. The June 1 1925 to 1939 incl. Prin. Treasurer, or at the First National Bank
and $250,
1939; 3750,000, 1944; 8500,000, 1949 e this amount as soon as gold coin at the office of the City
of and certified
ed under the supervision n; their legality
Commission reserves the right to reduc
may be delivered at of Boston. Bonds are env
nal Bank of Bosto
the bonds are printed; at least $2,000,000
genuineness by the First Natio Palmer & Dodge. whose opinion
as to
issue
by Storey, Thorndike,
once if desired.
papers incident to this time.
Date June 1 1923. Due $300,000 on will be approved
1,200,000 mill and elevator series. incl. At least $500.000 of this amount will be furnished the purchaser. All legal
may be inspected at any
Jan. 1 from 1929 to 1932
First National
more will be filed with said bank, where they
12 at the
000 to $700,000
will be sold on above date and from $500,block of3300.000 or a Bonds will be delivered to the purchaser about July
may be sold. Bids to be received on each
000 or mul- Bank of Boston.
, Va.-BOND
portion thereof in amounts of not less than $100,
TY (P. 0. Princess Anne)
PRINCESS ANNE COUN be received until July 30 by John C. Wood.
tiples thereof.
-Sealed bids will
.
terable as to prinOL DISTRICT NO. 11 OFFERING
for 3250,000 5 % (regis
DeNORTH HEMPSTEAD UNION FREE SCHO
Chairman Board of Supervisors,
road and bridge bonds. 15)
& J.
-Sealed bids will be received cipal only) Lynnhaven Magisterial District
-BOND OFFERING.
Prin. and semi-ann. int. (J.
Nassau County, N. Y.
July 11 nom. 31.000. Date July 15 1923. rer's office or at the Hanover National
until 12 m.
by Elsie A. Wickey, Clerk. at Carle Place, Wetsbury,
County Treasu
1928: $4.000
. Denom. $500. payable in gold at the
on July 15 as follows: 33.000 1939 incl.:
for the purchase at not less than par of $3,000 5% bonds
1937 to
at option of holder. Due
st payable at the Bank of Westbury, Bank, 1932 incl.; $5,000 1933 to 1936 incl.; 36,000 0 1945 and 1946;
Int. J. & J. Principal and intere
1929 to
1943 and 1944; 39,00 1951 and 1952:
to 1941. inclusive. Cer- $7,000 1940 to 1942 incl.; 38,000
Westbury. Due $500 yearly on Jan. 1 from 1936
1949 and 1950; $12,000
le to the Board 310.000 1947 and 1948: $11,000$15,000 1955 to 1957 incl. A cert. check
above
tified check for 10% of the par value of bonds bid for, payab
1954, and
313.000 1953; 314,000 or trust company for 2% of issue, payable towill be
of Education, required.
upon a bank
on, New York City,
bonds may be found on a subsequent or draft required. Opinion of John C. Thoms
The official notice of the offering of these
official,
furnished free of charge.
-The 36,000
page.
SALE.
ty, So. Dak.-BOND
-were awarded
-BOND OFFERING.
County, N. J.
PUKWANA, Brule Coun June 18-V. 116. p. 2803
NORTH WILDWOOD, Cape May
offered on
9
Due June 15
July
until
-P. L. Peterson, City Treasurer, will receive bidsof the 12 m.ing two 6% municipal bonds local investor. Date June 15 1923.
follow
to Leo Stransky, a 15 1933.
for the purchase at not lass than par and interest
June
1943; optional
issues a bonds:
-The two issues of
ty Mass.-BOND SALE. (V. 116, p. 3030)
. Denom. $2,000. Date June 1 1923.
350.0005% registered 0 bonds beginning June 11924.
QUINCY, Norfolk Coun '
bonds offered on July 2
about
Due $2,00 yearly
Due 4.4% coupon serial municipal Co. of Boston at 100.71-a basis of
1922.
16,000 6% coupon bonds. Denom. $1,000. Date Oct. 1interest after were awarded to Estabrook &
s:
are described as follow
$1,000 yearly on Oct. 1; redeemable at par and
1928,inclusive.
4.15%. The issues payable $10,000 July 1 from 1924 to to 1933, inclusive
ten years.
00 sewer loan,
1 "”om 1924
Int. semi-ann. Certified check on an incorporated bank or trust company $50.0 00 school loan. payable $15,000 July
250,0
to 1943. Inclusive.
for 2% of amount of bonds bid for required.
and $10,000 July 1 1934
5 (P. 0.
ORS DISTRICT NO.the Central
RICT (P. 0. Oakley),
SUPERVIS
OAKLEY RURAL HIGH SCHOOL DIST
QUITMAN COUNTY SALE.
-At the election held on
-A. K. Tigrett & Co. and
-BONDS VOTED.
ND
ty, Idaho.
Cassia Coun
$50,000 514%
rt). Miss. -BO
-the 35,000 site purchase and $5,000 school LambeNational Bank, both of Memphis, jointly purchased and semi-ann.
lime 30-V. 116. p. 2910
.
1.
State
July 1 1923. Prin.
m. $1,000. Date Bank, N. Y. City. Due as follows:
impt. bond issues were voted by a count of 51 to
bonds. Deno
-B, K. road
Hanover National
-BOND OFFERING.
0 1946 and 84.000
OWOSSO, Shawassee County, Mich. p. m. July 11 for the purchase int. payable at the
32,000 1929 to 1945 incl., $3,00
Lucas, City Clerk, will receive bids until 7:300 South Water St. 5% special $1,000 1924 to 1928 incl..
e
1947 and 1948.
of $17,600 East Main St. paving and $8,00
San Pierre), Stark
one for $600. Due yearly as
TOWNSHIP (P. 0. school impt. bonds ofassessment bonds. Denom. $1,000 and
RAILROAD SCHOOL
0, 1928 and
-The 348.000 6% the Fletcher Savings &
follows: $2,600, 1925; $3.000. 1926; $4.000, 1927: 35.00 panied by a County, Ind.
-BOND SALE.
to
bid must be accom
1929, and $3.000. 1930 and 1931. Each for, payable to the "City of fered on June 26(V. 116. p. 2678) were awarded 104.17, a basis of about
June
850.001 50, equal to
certified chock for 3% of the amount bid delivery.
Trust Co. of Indianapolis for Duo each six months as follows: $1,600
Owosso." Bonds are printed and ready for
26 1923.
. Date June
-The follow- 5.35% to Dec. 26 1937 and $3,200 June 26 1938.
-BOND SALE.
26 1924
OXFORD, Granville County, No. Caro.
Raton),
0.
prinOL DISTRICT NO. 11 (P. Co. of Dening coupon (with privilege of registration as to principal only or both 116,
Phillips &
RATON MUNICIPAL SCHO
29 (V.
cipal and interest) street-Improvement bonds offered on June as .534s at a Colfax County, N. Mex.-BOND SALE.-Benwell, 98.50.
school bldg. bonds at
awarded to the H. D. Fellows Co. of Chicago
13• 2911) were
ver, have purchased $50,000 5%
-The $10.000
premium of $1,058, equal to 100.58-a basis of about 5.66%: 1925, and
-BOND SALE.
N. Y.
RED CREEK, Wayne County, bonds offered on July 3 (V. 116,3).
$88,000 Series 1, maturing on July 1 as follows: $8,000. 1924 and
inclusive.
registered highway impt. Maloney of Red Creek. at 101.25 for
39.000, 1926 to 1933.
1929, coupon or awarded as 5s to Fred R.
0 yearly on July
94,000 Series 2, maturing on July 1 as follows: $4,000, 1924 to
3030) were
Date July 11923. Due $1,00
Inclusive, and $5,000, 1930 to 1943, inclusive.
5s. a basis of about 4.74%. Other bidders were:
incl.
Date July 1 1923.
Rate Bid. Int Rate.
1 from 1924 to 1933,
5
100.27
-BOND
Name.
Nassau County, N. Y.
OYSTER BAY (P. 0. Oyster Bay), or
Corporation
514%
100.33
registered Central Park Water Union National
-On July 3 the $135,000 coupon
SALE.
534%
100.13
116, p. 2911), were awarded to Geo. B. Gibbons & Co
District bonds offered on that date (V.
ood & Merrifield
50(100.07)
-BOND OFFERING.
Sherwood & Merrifield. Inc., of New York, on a bid of$135.0941923. Due Sherw
Ohio.
COUNTY (P.O. Mansfield), m. (eastern standard time)
of about 4.34%. Date July 1
and interest for 4.35s. a basis
RICHLAND
p.
Commissioners,
proposals will be received until 2
39,000 yearly on July 1 from 1928 to 1942,inclusive. Other bidders were:
Int.Rate. -Sealed A. B.Cunningham. Clerk of the Board of County auth. of Sec.
Name
under
July 11 by
431% for $44,000 514
3136,687 50
Ritter's Run Bridge" bonds issued Date June 1 1923.
Union National Corporation
Denom. $1,000. County Treasurer's
4 47
136,069 29
Bank of Hicksville
2434 and 6929 of the Gen. Code.
le at the
4
137,193 75
35.000. 1925
and semi-ann. int. (A. & 0.). payab
W. R. Roberts Co
4.40% Prin. . Due yearly on April 1 as follows: $4,000 1924, and ield, or any
51 00
135.3
office
(leo. B. Gibbons & Co
in the City of Mansf
- to 1932. incl. Cert. check on any bankvalue of the bonds bid for. payabie
ND SALE.
-BO
purPAMLICO COUNTY (P. 0. Bayboro), No. Caro.
-were national bank, or cash, for 3% of the par
2554
be delivered to the
The $100,000 5$4% bonds offered on July 2-V. 116. p. $50, equal to the County Auditor, required. Bonds will soon after the sale thereof
um of
or as
Awarded to Sidney Spitzer & Co. of Toledo at a premi
interest.
at the office of the County Treasurer
chaser
to pay accrued
to 100.05.
as the same are prepared. Purchaser l is also scheduled to receive bids
(P. 0. Carthage),
-The above officia 26 for $250,000 514% funding
PANOLA COUNTY ROAD PRECINCT NO. 4 the voters approved
BOND OFFERING.
time) July
78 to 35,
-By a vote of
rn standard
-BONDS VOTED.
and semi-ann. int.
Texas.
on held on June until 2 p. m. (easte
July 1 1923. Prin.
Oct.
the proposition to issue $10,000 road bonds at the electi
bonds. Denom. $1,000. Date y Treasurer's office. Due yearly on1932.
Count
(A. & 0.), payable at the
327.000. 1931 and 3%
16--1T. 116. p. 2554.
- 1 as follows: $28,009, 1924 to 1930, incl.. and
-BOND OFFERING.
some national bank for re0. Rockville), Ind.
ield or on
PARKE COUNTY (P.
County Treasurer, until Cert. check on some bank in Mansf
the County Auditor,
Sealed bids will be received by J. N. Chapman, par and accrued interest of the par value of the bonds bid for, payable to Gen. Code. Bonds will
ase at not less than
and 5659 of the
2 p. m. July 10 for the purch5% road bonds:
. Auth. Secs. 5656. 5658 the office of the County Treausrer, or as
quired
issues of
of the following two et al road in Union Township bonds. Denom. $210. be delivered to the purchaser at
aser to pay acsame are prepared. Purch
14,200 John Wilson
soon after the sale thereof as the
hip bonds. Denom. $542 50.
Liberty
10,850 Towpath Road inInt. M. Towns 16. Due one bond of each issue crued Interest.
& N.
DISTRICT (P. 0,
Date June 19 1923.
RURAL SCHOOL RING.
to Nov. 15 1933 inclusive.
-Sealed bids
RIDGEVILLE TOWNSHIP
each six months from May 15 1924
-BOND OFFE
-Mark J. Ridgeville) Lorain County, Ohio.
-BOND OFFERING.
, Board of Education, until 7
County, Nab.
PENDER, Thurston receive sealed bids until July 24 for $8,000 ice will be received by M. B. Robinson, Clerk purchase at not less than par
will
20 for the
Ryan, Village Clerk,interest at a rate not to exceed 6%. Date July 15 p. m.(central standard time) July deficiency bonds, issued under the auth.
% coupon
plant bonds to bear 1943; optional July 15 1928.
and int. of $160,000
Denom.$1.000. Date May 11923.
1923. Due July 15
seq. of the Gen. Code. payable at the Cleveland Trust Co.,
of Sec. 7625 et
(A. & 0.),
WATER DISTRICT(P.O. Tacoma),
CE COUNTY EAST SIDE E. Tisch, Chairman Board of Water Prin. and semi-ann. int. follows: 6,000, in each of the even years from
PIER
as
-0.
00 Lorain. Due on Oct. 1 37,000 in each of the odd years from 1925 to 1939.
-BOND OFFERING.
Wash.
e sealed bids until 11 a. m. July 16 for $30,0
incl.. and
Cert.
Commissioners, will receiv
1 1923. Int. rate 1924 to 1938,
mature yearly from 1940 to 1947, inch
bonds. Denom. $1,000. Date Aug.int. payable at the Incl.. and $7,000 will also other than the bidder for 5% of the amount of
coupon water
bank
Aug. 1 1943. Prin. and
not to exceed 6%. Due or at the fiscal agency in New York. A certified check upon an Ohio to the above official,required. Bonds to be delivered
bonds bid for,payable
County Treasurer's office,
check for 5% required.
118
THE CHRONICLE
[VOL. 117.
and paid for Within 10
days from time of awar
transcript will be furnished
d.
to the successful bidder. A full and complete 000 bonds dispo
sed of as
ROCHESTER,N. Y.
Denom. $1,000. Date stated in V. 116,4). 2046, are described as
-NOTE OFFERING.
June 1 1923. Prin. and
by J. C. Wilson, City
follows:
-Sealed bids will be
payable at the
semi-ann
ester notes as follows:Comptroller, until 2:30 p. m.July 9 for City received Sept. 1 from National Bank of Commerce. N. Y. City . int.(M. Sz S.)
of Roch1928 to
. Due seria
3500.0001m-41 improvement notes
above bonds were the1953. incl. Int. rate 534%. The sourchaser lly on
.
Nati
s of the
200,000 subway construction
Co., both of St. Louis. onal Bank of Commerce and Stitch
notes.
Nicolaus &
100.000 subway railroad notes
.
SPICER, Kandijohi
Notes will be made payable seve
County, Minn.
n monthsfrom July 12
village hall bonds offer
-BOND SALE.
Union Trust Co., N.
-The 82,000
1923 at the
ed on June 26-V.
erable at the CentralY. City, will be drawn with interest and will Central to Mrs. Martha Nelson, a local
116. p. 2912
-were avrardep
Unio
investor, at a premium of
rate of interest, designate n Trust Co., N. Y. City, July 12 1923be deliv- 103.75.
$7.5. equal to
.
deno
notes shall be made payable. minations desired, and to whom (not State
SPRINGDALE TOWNSH
bearer)
Allegheny County, Pa. IP SCHOOL DISTRICT (P. 0. Harw
ROCKWELL CITY, Calh
ick),
-BOND SALE.
oun County, Iowa.
An election will be held on
-The $20,000 434% coupon
-BOND ELECTION - school bonds offered on June 26
Union Trus
(V. 116,
city hall and $28,000 memo July 18 to vote on the question ofissuing $47,.
rial bldg. bonds.
000 as follows: t Co. of Pittsburgh. Date July p. 2679) were.awarded to the
11923. Duo yearly on July
35,000 1948 and $15,
ROOSEVELT COUNTY
1
000 1953.
SCH
STEUBEN COU
Mont.
-BOND OFFERING -BidOOL DISTRICT NO. 3 (P. 0. Popl
ar), Earl Tuttle. CountyNTY (P. 0. Angola), Ind.
s will be received until
by the Board of Trustees.
-BOND OFFERING.
Treasurer, will recei
1 p. m. July 21
for $10.087 20 bonds.
the
certified check for $200 requi
Denom. $504 36. A for5% purchase at not less than par and ve sealed bids until 10 a. m.July 12
red.
of
accrued int. of the following
coupon road
ROOSEVELT COUNTY
issues
$12.200 Burk Handybonds:
SCHOOL DISTRICT NO.
N. Mex.-BONDS VOT
9(P.O
24,000 Burl Hugheset at. road in Clear Lake Twp. bonds. Deno
ED.
et al.
m.$610.
2678).$20.000school build -At the election held on June 23. Portales),
12.500 John W. Butz et road bonds. Denom. $600.
(V. 116, p.
ing bonds were voted. R.
al.
H.Grisson,Secretary.
Date June 27 1923. Int. road in Scott Twp. bonds. Deno
ROOSEVELT COUNTY
m. $625.
M.& N. 15. Due
SCHOOL DISTRICT NO.
each six months from
Mont.
one-twentieth of each issue
-BOND OFFERING.
25(P.O.Popl
May 15 1929 to Nov.
-A, M. Lodmell, Cler
15 1933 incl.
will receive bids until 1
k Board of Trustar),
STURGIS, Saint
ees,
to bear interest at a ratep. m. July 16 for $17.000 coupon schoo
election held on June Joseph County, Mich.
-BONDS VOTED.
not to exceed 6%. Deno
l bonds
25 (V.
-At the
check for $200, payable to
the above official, requi m. $850. A certified The main project was a bond116, p. 2913) the 888.000 bonds were vote
issue of $30,000 for
red.
d
wells. Another importan
ROYALTON
t item was a $30,000 bondthe installation of new
tion of a 400,000-gallon eleva
County, Ohio. TOWNSHIP (P. 0. Brecksville, R. No. 2),
-BO
ted steel water tank to issue for the construcCuyahoga fire protection
-Sealed bids will be
W. Veber, TownshipND OFFERING.
give tile city adequate
. The voters also voted
Clerk,
on $5,000 for sanitary
for the purchase at not less until 8 p. in. (central standardreceived by B. $13,000 on paving.
sewers and
time) July 20
than par and accrued int.
of 534 s coupon Akin Tilb
of the follo
SUMMIT
y
$12.10 14 (township's, porti and Albion Roads impt. bonds: wing issues Sealed bids COUNTY (P. 0. Akron), Ohio.
-BOND OFFERING
s
will be received by Scott
on) bonds. Denom.
.
Porter. Clerk Boar
$1.000. $500
100 14. Due yearly on Oct.
missioners
as follows: $1.109 and $1.- at not less, until 12 m. (Centra lstandard time) July d of County Com$1,000, 1925 and 1926, and
14,
10 for the
than par and
Anth., Sec. 3295 of the (len $1,500 from 1927 to 1932,1924: "B" of Barberton:Sprin accrued inte-est of $154.200 5% Secs. purchase
inch
. Code.
"A-2" and
gfleld Road. C. H. No. 14
8.754 78 (property owners'
impt. bonds, issue
in the city of
porti
$754 78. Due yearly onon) bonds. Denom. $1.000 and 1 for and one for 3200. d under Sec. 6929 of General Code. Deno Kenmore,
Oct.
Date
$1,000. 1925 to 1932, incl. 1 as follows: 3754 78, 1924, and payable at the County July 11923. Prin. and semi-ann. int.m. $1,000
(A. &
Auth.. Sec. 3298-15
issi
Code.
of the Gen. follows: $17,000, 1924 Comm1930oner's office. Due yearly on Oct 10.)
to
as
Date June 11923.
incl.: $18,000, 1931.
Each bid must be accompan
Pearl Street Savings StPrin. and semi-ann. int. (A. & 0.), payable
ied by a certified check for and $17,200, 1932.
Trust Co. of Cleveland.
at the bid for, on some solvent bank, paya
5% of the amount
panied by a cert, check on
All bids must be acco
ble to the Board of County
missioners.
some solvent bank or
mComone making bid, for
trust company other than
Township Trustees. 10% of the amount bid for, payable to the
TACOMA, Wash.
-BOND SALE -During the
Purchaser to receive bond
Boar
award. Bids are requested
month of May the City
s within 10 days ofd of of Tacoma issued $14,414.70 6% .
for each issue
the
Paving District
ered to the successful
bidder at the office separately. Bonds to he deliv- May 9 1923. Due May 9 1935. Bonds are subjectNo. 4115 bonds. Date
of the above trust comp
to call yearly In May.
ST. LOUIS, Mo.-BO
any.
TAYLORSVILLE VIL
ND SALE.
LAGE SCHOOL DISTRI
-The $2,500.000
(registerable as to princ
Muskingum
CT (P. 0. Philo),
434%
ipal
-BOND SALE.
building and improvement only, or both principal and interest)coupon bonds offered County, Ohio.
-The $22,000 534% schoo
on June 25 (V. 116.
public Bowm
l
were awarded to a syndi bonds, offered on June 29-V.
p. 2679) have been
an & Co.
- bonds. Date of Toledo at par plus a premium of $11. awarded to Ryan,
Cusick & Co.. Rutter & cate composed of Geo. H. Burr 116. p. 2912
plus cost of
& Co.,
June 1 1923. Due $1.0
Co., it. L. Allen & Co.,
the Federal Securities
00 yearly on Sept. 1 from printing
all of New YorkP. F. 1945 ipcl.
Corp.of St. Louis at 101.1
1924 to
, and
Date July 1 1923. Due
7. a basis of abou
on
TERRY COUNTY
1929: $103,000, 1930',$107 July 1 as follows: $435,000, 1928 t 4.375%.
SCHOOL DISTRI
-The State Comptroller CT NO. 7, Texas.
3125,000. 1934: 8130.000. ,000. 1931: 3113.000. 1932; $117 : $100.000: REGISTERED.
-BONDS
,000, 1933, 15-20 year school bonds
1935: $135.000. 1936;
of Texas registered $3.5
1938; 8153.000. 1939; 8162
on June 21.
3142
00 6%
.000, 1940; 8168,000, ,000, 1937: $148,000,
and $185,000, 1943.
1941; $177.000, 1942,
TETON COUNTY RUR
AL HIGH SCHOOL DISTRI
The following bids were
(P. 0. Driggs), Ida.
CT NO, 3
also received:
-BOND ELECTION.
BidderJuly 16 to vote on the quest
-An election will be held on
ion
R. W.Prewprich & Co..
Amount of Bid. bonds. M. R. Kilipack, Clerk.of issuing 310.000 6% high school building
New York
Stifel, Nlcolaus & Co.. St.
$2.523.425
Louis; B. J. Van Ingen &
TEXAS (State of).
Continental & Commercial
Co.. N. Y.;
have been registered by-BONDS REGISTERED -The following bond
Northern Trust Co.. Chic Trust & Savings Bank, Chicago:
the State Comptroller of
s
ago, and Illinois Merchant
Amount.
Texas:
Co.. Chicago
s Trust
$3,600
Due. Int. Ride. Date
Gaines Co. C. S.
First National Co.,St. Loui
Erg.
No.
2,506.752
s,and Bankers Trust Co.,
5-20 year
3,600
Gaines Co.0.S. D. No. 7
Mississippi Valley Trust Co..
6%
New
June 20
D.
12
St. Louis: National Bank York_ 2,515.750
2,100
5-20 year
IIouston Co.C.S. D. No.
6%
merce,St. LonW.; the
of ComJune 20
2.500
Wise Co. C. S. D. No, 28_ _ _ _ 5-20 year
Field, Glore. Ward &Guaranty Co.of New York and Marshall
6%
June 21
30
10-20 year
Barr Bros., N.Y.: First Co.. Chicago
4%
June 21
THROCKMORTON,Thro
National Bank. N. Y.; Redm
2.515,300
ckmorton County, Tex.
N. Y.: Union Trust CO., East
ond & Co.,
TION-An election will
-BOND ELECSt. Louis, and Smith, Moor
Co., St. Louis
Issuing $440.000 5% 10 be held to-day (July 7) to vote on the question of
e&
-40
-year water bonds.
Harris Trust & Savings Bank
,
TORRANCE COUNTY
go, and Wm.R.Compton Chicago; National City CO., Chi 2,519,750
SCH
Co., St. Louis
taineer), N. Mex.-PRICE.- OOL DISTRICT NO. 13 (P. 0. Moues
Walker & Co.. St.
The price paid by Benwell,
N.Y.• Blodget & Co.. Louis; W. A. Harriman & Co., Inc., 2,514,425 of Denver for the $30.000 6%
.
N. Y.:
school bldg. bonds awar Phillips & Co.
stated in V. 116, p.3031. was
Union.
Trust Co., N.Y.: First Equitable Trust Co.. N. Y.;
par plus a premium of $950. ded to them, as
Trust & Savings Bank,Chic
and L. B. Anderson & Co.,
equal to 103.01.
ago,
TRENTON, Mercer County,
St. Louis
Halsey, Stuart & Co.. Inc.,
N. J.
-BIDS.
-Following is a complete
2,521,025 list of tne bids received for the four issue
Lafayette-South Side Bank St. Louis
s of 434% coupon (with privilege
,St. Louis, and Mx & Co..
2,503.775 registration as to both principal
of
Kaufmann-Smith-Emert &
St. Louis..
and inter
Co.,
St. Louis, and Estabroo 2,527,204 reported sold in V. 116, p. 3031. the first est or principal only) bonds,
& Co., Reraick, Hodges &
two issues going to a syndicate
composed of Estabrook
k
Inc..
Bros. and Hannals, Baili Co., R. L. Day & Co., Kountze
Co.. R. L. Day & Co.. & Co.. Ilannahs. Tiallin & Lee. Remick. Hodges &
n & Lee, New York
Liberty Central Trust Co..
Hornblower & Weeks
St.
Co. and Lehman Bros., New Louis; Blair & Co.. Hallgarten & 2.516,007 the other two to John A. Roebling Sons CO. ofand H. L. Allen & Co.. and
Trenton:
York. and Mercantile Trus
For $2,030,000 School
St. Louis
t Co.,
For $tom000 General
74.000 68,000
Funding Bonds.
Funding Bonds.
ST. LOUIS COUNTY IND
2,519,310
Amount
A ssessnel Assessin't
EPENDENT SCHOOL
Price
(p. o. Buhl), Minn.
Amount
Price
Flind.lids. Fund.Bds.
DISTRI
Purchased.
-BOND SALE.
Paid.
-The 2 issues of school CT NO. 35
Purchased.
on June 30(V. 116, p. 2912) were
Paid. Price Paid. Price Paid.
bond
$
$500.000 school bonds. Date awarded to A. C. Allyn St Co. of s offered A
$
1 993.000 00 2.030.400 00
5
Chicago:
Jan. 30
$
30 from 1927 to 1936, inclu 1922. Due $50,000 yearly on June •
2 003,000 00 2,030,381 00 1.073,00000 1.088.1300.00
sive.
139,000 school bonds. Date
•
2 002,000 00 2,030.497 70 1,082,000 00 1,088,168 02 74,000 00 68,000 00
Aug. 9
1,080,000 00 1,088,583 36 74,027 38
$11,000. 1927; 314,000. 1928 1921. Due on Aug. 9 as follows: •
2 004,000 00 2,030,627 00
68.025 16
1,082.000 00 1,088,481 80 74,151
1931: $19,000, 1932; 86.0 ; $4,000. 1929;$2,000 1930: $26,000 •
2 011,000 00 2,030,305
00 68,151 00
00, 1933: 325.000, 1934
1,085
2 012,000 00 2,030,815 60 1,085 .000 00 1.088.472 00 74,091 00 68.06300
;.
SAN DIEGO, San Diego
332.000, 1935, •
75
County, Calif.
,000 00 1,088,554 00
•
-BOND SALE.
of Italy. San Francisco.
100,000 00 104,280 05
-The
premium of $950, equalpurchased on June 27 the following 5% bond Bank
74,991 60 68.820 60
500,000 00 505,000 00
to 100.10:
s at a
Names of Bidders.
$770,000 Imperial Ave. impt.
-(A) Estabrook & Co., Remi
bonds. Due $5,000,
325.000 impt. bonds. Due
1924 to 1937, inclusive. Weeks. Hannahs, Baum & Co.and H.L. Allen A; ck, Hodges & Co., Hornblower &
$9.0
Co. (B) Graham. Parso
Trenton Banking Co.
1929 to 1963. inclusive. 00. 1924 to 1928. inclusive, and $8,0
ns
00. Nat. Bank (Trenton). (Trenton), Mechanics Nat. Bank (Trenton), Broa & Co..
30,000 improvement bonds.
(C)
d
and Robert Winthrop & Co. Barr Bros. & Co.. Dillon. Read & Co.. Redmond Street
495,500 pier-completion bonds.Due $3.000. 1924 to 1933. inclusive.
Due $12,500, 1924 to
Compton Co., Kountze Bros. (D) Guaranty Co. of N. Y.. Eldredge & Co., & Co.'
$12.000, 1955 to 1963. Inclu
1954. inclusive, and
Wm,R.
. Lehman Bros., Freeman & Co.
(E) W. A. Harriman & Co.. Equit
and
Denom.$1.000 and $500. Date sive.
able Trust Co.. Clark, Willi Boland & Priem.
Stone & Co. and Huntington.
Interest (3. & J.) payable at the July 11923. Principal anti semi-ann
ams & Co., Hayden.
Jackson & Co.
ual
City Treasurer's office or
City Bank. New York City.
at the National City Co. and Harris. Forbes & Co. ((3) John(F) Bankers Trust Co., National
An issue of 8400.000
A. Roebling Sons Co.
ward C. Rose & Co.
offered at the same time were not sold.
improvement
(B) EdNotice of this offering was bonds
V. 116, p. 2912.
TROY, Rensselaer County,
given in
--BOND OFFE
SANTA CRUZ COUNTY SCH
Toohey. City Comptroller, will N. Y.
-William A.
OOL DISTRICT NO. 13
receive bids until 10 RING.
Ariz.
purchase at not less than par
-BOND ELECTION.
(P.O.
a. in. July 10
-At an election to be held
on July 18 aAnado), tered water works bonds. and interest of $31.000 4%.% coupon for the
tion to issue 810,000%_ 15
proposi-yea
vote of the people. R.L. Masor school bldg. bonds will be submitted to a 20 for $500 and 20 for $50. Date Aug. 1 1923. Denom. 20 for or regisn, Clerk.
Int.
from 1924 to 1943 incl. Cer't semi-ann. Due $1,550 yearly on $1,000.
SHERIDAN COUNTY SCHOOL
Aug. 1
payable to the City of Troy. check for 1% of amount of bonds bid for.
ridge), Neb.-BOND ELECTION. DISTRICT NO. 38 (P. 0. Sand
required.
-On
issuing $7,000 school building bonds will July 13 an election to vote on
TREZEVANT, Carroll
be held.
County, Tenn.
election held on June 20 the
-BONDS
SODUS, Wayne County, N. Y.
-At the
proposition to issue 535, VOTED.
-An issue of $195,
and electric light bonds carried
000 434% remodeling and addition-BONDS VOTED.
000 6% water works
to
by a vote of 138 to
In election held on June 15 by a coun school building bonds was voted at
77.
UTICA, Onei
t of 51 "for" to 5 "against
W. J. Tour, Clerk Board of Education, info
" the issue. by Sherwood & da County, N. Y.
-CORRECTION.
rms us that the bond
-We are
Merri
offered about Sept. 1.
s will be reported sold to them field of New York, that the nine issue informed
s of bonds.
at
SOUTH RIVER, Middlesex County,
whicn is a basis of about 4.19 In V. 116, p. 3031, were awardod as
N. J.
-BOND OFFERING
'
John R. Petrie, Borough Clerk,
.
VAN BUREN WATER WOR
for the purchase at not less than will receive proposals until 8 p. in. JulyKS
23
par and
(with privilege of registration as to princ interest of an issue of 5% coupon (P. 0. Van Buren), Crawford IMPROVEMENT DISTRICT NO. 1
ipal
-BOND SALE-Our
electric-light bonds, not to exceed $65,000, and interest or principal only) Western representative advises us In County, Ark.
a special telegraphic dispatch that the
no more bonds to be
First National Bank of Fort
than will produce
awarded
premium of 81.000 over $65,000.
Smith
Date July 1 1923. a
Denom. 81.000. water works improvement bonds offer has purchased the 8210,000 534%
Principal and semi-annual interest
ed on June 30--V. 116, p. 2913-at
97.13. Date July 11923.
the Borough Collector's offic
(J. & J.)
e; interest on registered bonds will payable at
mail in New York exch
be paid
VANCOU
follows:44,060, 1925 to ange at request of holder. Due yearly on July 1 by bids will be VER, Clarke County, Wash.
-BOND OFFERING.
as
1934. inclusive, and 85,000, 1935 to
-Sealed
Certified chec
1939,inclusive. for $35,000 received until 8 p. tn. july 16 by D. E. Crandall, City
municipal bonds not to
Clerk,
of bonds bid k op an incorporated bank or trust company,for 2% of
exceed 6% Interest. Deno
for, payable to August Nuss, Borough
amount Date July
Bonds will be prep
Collector, required. required. 20 1923. A certified check, or cash. for 5% of amou m. $100.
nt of bid
New York; legality ared under supervision of U. S. Mtge. & Trust
will be approved by Caldwell & Raym
Co.,
Bonds to be
VAN WERT COUNTY (P.
ond, New York.
0. Van Wert), Ohio.
are prepareddelivered to purchaser on July 25, or as soon thereafter as
The $117
-BO
. Bids are desired on form obta
;
they 27 (V. ,800 5', coupon county's share road impt. bonds ND SALE.s
or the U. S. Mtge.
ined from the Borough
& Trust Co.
Clerk Savi 116. p. 2679) were awarded to a syndicate composedoffered on June
ngs Bank. First National
of the People's
SOUTHEAST ARKANS
Bank and the
AS LEVEE DISTRICT, Desh
Van
Lincoln Counties
a, Chicot and Sept Wert at par and accrued interest. Date Van Wert National Bank of
, Ark.
-DESCRIPTION
July 11993. Due yearly on
. 1 as follows: 312.800 1924
-PURCHASERS.
-The $300.- 1932.
: $13.000 1925 to 1931 incl., and
$14,000
G.%
119
THE CHRONICLE
Jura- 7 19231
-BOND SALE.
County, Fla.
WEST PALM BEACH, Palm Beach bonds offered on July 3-V. 116.
-An election will
-BOND ELECTION.
ON,Pima County, Ariz. question of issuing the following 5X% The 3114;000 514% coupon special impt.Bank & Trust Co. of West Pain
TUCS
-were awarded to the Farmers
p. 3032
be held on July 23 to vote on the
. a basis of about 5.48% •
Beach at a premium of 82.800, equal to 102.45
bonds:
$10,000, 1924; 811.000, 1925
al bonds.
Date July 11923. Due on July 1 as follows: incl.
830,000 garbage dispos
1929, to 1933,
to 1938, incl. and $12,000,
25,000 sewage disposal bonds.
DISTRICT (P. 0. Wheeler),
75.000 arroyo culvert bonds. & 0. Due Oct. 1 1943. Louis H. Frische,
WHEELER INDEPENDENT SCHOOL TERED.
-On June 28 the State
Date Oct. 1 1923. Int. A. that the aforementioned proposed bonds
-BONDS REGIS
y, Texas.
.
City Auditor, says: "Assuming July 23 1923, they cannot be offered for Wheeler CountTexas registered $40,000 5)4% 1-20
-Year wheel bonds
Comptroller of
the election on
are sanctioned at
following September. Further informa-The two
-BOND SALE.
sale before the latter part of the hed until after the election of July 23."
TY (P. 0. Monticello), Ind.
WHITE COUN
116. p.2914 were awarded
ation, therefore. will not be furnis
-Sher- issues of5% road bonds offered on June 27-V.
-BOND SALE.
y, N. Y.
VOORHEESVILLE, Albany Countbeen awarded an issue of $38,500 as follows:
hip. bonds to
York have
et al., road in Big Creek Towns
wood & Merrifield of New 23 for $39,019 70, equal to 101.34. Denom. $11,500 Herman SchroederMonticello for $11,560, equal to 100.62. a basis
the State Bank of
water bonds on May Interest M.& N
1950.
4%
The bends run until
of about 4.89%. Denom. $575. to the Farmers' State Bank of
$1.000. Date May 1 1923.
-BOND OFFERING.
y, Conn.
8,500 Floyd Miller et al., road bonds100.55, a basis of about 4.38%.
WALLINGFORD, New Haven Count s, Borough Clerk, until 7 p. m.
Monticello for $8,547. equal to
Biggin
by Harry
Sealed bids will be receivednot less tnan par of $150,000 4 X% water bonds.
Denom. $425.
issue each six months from
July 30 for the purchase at
Date May 1 1923. Due one bond of each
Interest semi-annual.
May 15 1924 to Nov. 15 1933, inclusive.
Mass.-PURCHASER--PRICE.-The
-A
-were
WALTHAM,Middlesex Coutity, on June 14-V. 116, p. 2679
-TEMPORARY LOAN. n.
Mass.
offered
WHITMAN, Plymouth County,
n Co. of Bosto
a basis
$350,000 high school bonds
City Co. of Boston at 101.487,follows: temporary loan of $80,000 has been awarded to the Grafto e July 6 1924.
awarded as 4Ks to the National
Date July 6 1923. and payabl
yearly on July 1 as
nt basis.
Due
of about 4.07%. Date July 1 1923. 0 1932 to 1942. incl. A list of the on a 4.27% discou
Disc.
Other bidders were:
$19.000 1924 to 1931. incl., and $18,00
Disc.( Name.
the "Chronicle"of June 23, p. 2913.
Name.
441
bids received for this issue was given in
460 Rockland Trust Co
-The S. N.Bond Co
-BOND SALE.
Ind.
4.41
WARRICK COUNTY (P. 0. Booneville), on June 20(V. 116, p. 2804)" First Nat. Bank, Rockland
Thos. W.Miller et at. bonds offered
a $15
83.6505%
Bank of Indianapolis at par plus
RICT (P. 0. Willard), Huron
were awarded to the Meyer-Kiser of about 4.92%. Due 818250 each six
WILLARD VILLAGE SCHOOL DIST t Wolff, Clerk Board of Educa-Ber
premium, equal to 100.41. a basis 15 1933 incl.
-BOND OFFERING.
County, Ohio.
July 20 for the purchase at not
to Nov.
months front May 15 1924
receive sealed bids until 12 m.
fireproof school impt.
Wayne tion, will par and accrued interest of $185,000 5
.
than
TOWNSHIP (P. 0. Milton),
WASHINGTON SCHOOL INO.-Sealed bids will be received by less construction bonds, issued under Sec. 7630-1 of Gen. Code. Denome
and
bit.(M. & S.), payabl
D OFFER
nn.
-BON
for the
County, Ind.
Trustee, until 2 D. m. July 27 school- $1,000. Date July 1 1923. Prin. and semi-a Sept. 1 as follows: $9,000
William H. Miller. Township School
office. Due yearly on
$72.000 4%'%
d interest of
at the above official's
must be accompanied by a
purchase at not less than par and accrue
one for $400. Date April 15 1923. 1924 and $8,000 1925 to 1946. Each bid
construction bonds. Denom.$500 and J.) payable at the Bank of Milton. certified check for $1,000. payable to the above Clerk.
&
pal and semi-annual interest (I.. July 1 1924 to Jan. 1 1937,incl.. and
Princi
-BOND OFFERING.
), Ohio.
accompanied
Due each six months as follows:82.400
WILLIAMS COUNTY (P. 0. Bryan
a. m. July
1938 incl. Each bid must be
$4,800, July 1 1937 and Jan. 1payable to the above trustee. A transcript it. C. Miller. County Auditor, will receive sealed bids until 10 of $85,455
accrued interest
by the
chock for $500,
par and
by a certified
these bonds will be furnished
hip
17 for the purchase at not less than
312 impt. in Springfield Townsand
of the proceedings for the issue of
534% Secs."D" and "C" I. C. 11. No.
.
of General Code. Denom& $4.455
above official.
L SCHOOL TOWNSHIP bonds. issued under Sec. 1223
int.(M. 8.) payable
SHIP RURA
1923. Prin. and semi-ann.
WEATHERSFIELD TOWN
-BOND OFFERING -Sealed $1,000. Date July 10rer's office. Due yearly on Sept. 10 as follows:
y, Ohio.
ion until at the County Treasu
(P. 0. Niles), Trumbull Count
1931 incl. and 811.000. 1932. Each
s Brooks. Clerk Board of Educat
t bid
bids will be received by Charle at not less than par and accrued interest of 814.455. 1925; $10,000, 1926 to
a certified check for 3% of the amoun
purchase
I p. m. July 18 for thebonds, issued under Sec. 7625 of the Gen. Code. bid must be accompanied by Williams County. Bonds to be delivered
t bank in
8200,000 5% school
and semi-ann. int. (A. & 0.). for, on some solventen days of the award.
2 1923. Prin.
Denom. $1,000. Date July Co. of Niles. Due $9.000 on Oct. 1 in each and paid for within
epayable at the Niles Trust 1935, 1938, 1941, 1944 and 1947. and $8.000
DISTRICT NO. 95 (P.O. Georg
WILLIAMSON COUNTY ROAD-An election will be held on July 21
of the years 1026. 1929, 1932. from 1924 to 1946. incl. Each bid must be
-BOND ELECTION.
Clerk.
y Judge.
town), Texas.
on Oct. 1 in each of the years
0 5M% road bonds. F. D. Love, Count
check for $1,000, payable to the above
to vote on issuing $30,00
accompanied by a certified
ance),
RICT NO. 2 (P. 0. Floresville),
ROAD
OL DISTRICT NO. 52 (P. 0. Sever
WILSON COUNTY ATED. DISTproposition to issue $200.000 53-4%
WELD COUNTV SCHO a recent election an issue of $6,000 514%
-The
-At
-BONDS DEFE
the election held on June
-BONDS VOTED.
were sold, subject to being Texas.
Colo.
submitted to a vote of the people at
voted. These bonds
refunding bonds was the International Trust Co. of Denver. Notice of road bonds p. 2558
-failed to carry.
23-V. 116.
voted at election, to was given in V. 116. p. 2558.
the election and sale
NEW LOANS
NEW LOANS
$60,000
We Specialize in
Township of Susquehanna,
City of Philadelphia
Cambria County, Pa.
36
/2
31 2
48
/
41 48
2
1
/
4 8
58
45
51/
211
51/
4
Biddle & Henry
Street
104 South Fifth
Philadelphia
Private WYre to New York
Call Canal 8437
United States and Canadian
Municipal Bonds
ly
iti
vtiVOCK GORDo
AND
v' •
WADDE.LL
Ground Flom singer Duildinf
New York
119 Liberty Street
Telephone Cortlandt 3183
BONDS AND STOCK CERTIFICATES
--ENGRAVED BY
SECURITY BANK NOTE CO.
"PROVIDE ABSOLUTE PROTECTION"
Requests for Quotations Solicited
•
PHILADELPHIA NEW YORK
223-27 Chestnut St..
20 Broad St.
Improvement Bonds.
NEW LOANS
$3,000
UNION FREE SCHOOL DISTRICT NO. 11,
TOWN OF NORTH HEMPSTEAD,
Nassau County, New Yolk
SCHOOL BONDS
six bonds
a, Cambria
TAKE NOTICE that sealed bids for
The Township of Susquehann sale to the
for
s each. of Union leree School
County, Pennsylvania, will offer 0.00 of Im- of five hundred dollar
North Hempbidder $60,00
ct No. 11, of the Town of of New York.
Distri
highest responsible
hip of the
County and State
provement Bonds 1923. of said Townsat the rate stead, Nassau t at the rate of five per centum.
interest
par value of $1,000.00 each, per annum, payable bearing interes nnually on the first days of Jancent
payable semi-a
of four and one-half per
will be received by the
March 1, in
1
semi-annually September ionand taxes of the uary and July each year. School District until
for
Board of Education of said
each year, without deduct
. Said bonds the 11TH DAY OF JULY, 1923, at 12 o'clock
Commonwealth of Pennsylvania Bonds No. 1
the school
at which hour, in Carle Place, in bonds *ill
will mature and be paid as follows:
No. noon,
the said
to 15 inclusive, September 1. 1928: Bonds No. house in and for said district, a price which shall
Bonds
at
1
16 to 30 inclusive, September 1. 1933, and Bonds be sold to the highest bidder reserving the right
1938,
not be below par, said Board
31 to 45 inclusive, Septembermber 1, 1943.
notice of
to reject any or all bids and republish a
No. 46 to 60 inclusive, Septe
certified
All bids must be accompanied by aTownship sale of said bonds.
bonds is payable and matures on
"Treasurer of the
One of said
check, payable to the
the years 1936
in
of $1,000.00, which
of Susquehanna." In the sum hip of Susquehanna the first day of January theeach of as it accrues
interest
to 1941, inclusive; and
will be retained by the Towns
failure of the successful and the principal of each bond as it matures is
as liquidated damages for
ury. Westbury,
bidder to fulfill his contract.es the right to reject payable at the Bank of Westb
York.
The said Township reserv
sealed and New bids must be enclosed In a sealed envelope
be
Said
any or all bids. All bids mustthe hands of J.
ATION OF
in
marked "Bid on Bonds" and er. Pennsylvania, addressed to "BOARD OF EDUC Westbury,
11, Carle Place,
Harrison Wegtover, Spangl
M. DISTRICT NO.
ed check
eleven A.
Solicitor for Supervisors, before and time said Nassau County, New York." and a certifi ion of
payable to the order of "Board of Educat North
July 24, 1923, at which place
of
bids will be opened.
Union Free School District No. 11, Townpar value
E. J. ROSS, Secretary.
Hempstead." for ten per centum of the
bidder, shall
J. HARRISON WESTOVER, Solicitor.
of bond or bonds bid for by such said bid is
accompany such bid, which, in case
in
ed to the bidder, or to
rejected, shall be return
refuse
case such bid is accepted and the bidder complete
e of the purchase price and of sale
pay the balanc
date
the purchase within ten days from the
shall be forfeited.
Members New York Stock Exchange
and
charge upon said district
Said bonds are a
duly passed
are issued in pursuance to resolutions entitled to
HARTFORD
l meeting of the inhabitants 11. Town
at a specia
No.
vote of Union Free School District Nassau. New
of
of North Hempstead, County
Place
purpose, held at Carle t on
York, called for that
said distric
in the school house in and fortions a tax was
By said resolu
June 27, 1923.
ty of said district
LIQUIDATION
voted upon the taxable proper dollars ($3.000).
te
in the sum of three thousand
ion was directed to comple The Board of Educat
THE HAYDEN-CLINTON NATIONAL
the school house accord
OF COLUMBUS.
a proper fire escape upon and to issue bonds and
BANK
ing to plans duly approvedbe necessary not to exNotice of Liquidation.
as might
vement.
Bank of Colum- borrow money
The Hayden-Clinton Nationalbus, in the State ceed $1,200 to pay for said impro of Education
located at the city of Colum
resolutions the said Board
,
By said
its affairs. The Huntington
sum of $1.800 for labor
of Ohio, is closing Columbus has purchased all was directed to expend the
recreaand improvement upon thethe sum
National Bank of
tax of
all of the liabilities and material
said school and voted a ty in said disof toe assets and has assumed
s and creditors tion field of
proper
of this Bank and all note nolderhereby notified of $1.800 upon the taxable
therefor, and to borrow money and
of the association are therefore
for payment. trict to pay for that sum or so much thereof as
to present the notes and other claims Caier.
Issue bonds
sh
the said improveW. P. LITTLE,
be necessary to pay for
might
Dated, Columbus. Ohio. May 2. 1923.
ment.
of Education of School
By order of the Board of North Hempstead.
BANK.
Number 11, Town
The WHITE HALL NATIONAL
of Maryland, District of Nassau. State of New York.
in
located at White Hall, MIthe State
County
noteholders and other
Dated June 29. 1923. DORWIN,
is closing its affairs. ation are therefore hereby
GUSTAVE S.
creditors of the Associ notes and ether claims
JOHN R. HILL,
notified to present the
HENRY C. RENDLER.
nt.
for payme
C. EVANS WILEY. Cashier.
ELSIE A. WICKEY. Clerk.
1923
Dated, White Hall. Md., M ay 1
tiALLARD & COMPANY
Connecticut Securities
120
THE CHRONICLE
[VOL. 117.
WINNSBORO, Franklin
-BONDS
following three issues of bondParish, La.
-The tered gold bonds.
s offered on June 25- NOT SOLD.
were not sold:
Denoms. $1,000 and $500. Date
V. 116, p. 2914
- pal and semi-annual
July 2 1943. Princ
$5.000 5)4 %, water works bonds
inter
Canada. in Toronto, Mont est (J. & J.) payable at the Imperial Bank i;
of 1923. Due in 20 years.
10,000 53i% sewer bonds of
Eng., at par of exchange real or Edmonton, or at Lloyds Bank, Lond oi
1923. Due in 20 years.
20,000 6% electric light plant
on.
. Due July 1 1943.
bonds of 1923. Due in 10
BELLEVILLE, Ont.-B
years.
WINYAH.INDIGO
OND SALE -An issue of 5% bond
s, amounting
Georgetown County,SCHOOL DISTRICT NO.5(P.O. Georgetown), to 3186,750 has been awarded to A. .
So. Caro -BOND SALE.
Jarvi
-The $50.000 5% coupon a basis of about 5.31%. The bonds matu s & Co. of Toronto at 96.812.
school bonds offered on June .
re yearly in 15, 20 and 30 years
1 (V.
Bowman & Co. of Toledo. Date 116, p. 2429) were awarded to Ryan- Other bids were: Gairdner, Clarke
.
& Co., 96.74; Natio
96.61: Wood, Gundy &
June 1 1923. Due June
Co. 96.56; Matthews & Co., nal City Co..
1 1943.
Young, Weir & Co., 96.23
WOBURN, Middlesex Coun
96.31; McLeod,
ty, Mass.
; A. E. Ames & Co., 96.195; VV.
-TEMPORARY LOAN.
June 29 a temporary loan of
& Co., 96.064; Municipa
A. Mackenzie
-On Co.,
rent year was awarded to $200,000 in anticipation of revenue for the cur95.67; G. Bell, Gouil Bankers Corp., 95.84: Dyment, Anderson &
discount basis. Denoms.the First National Bank of Boston, on a 4.21
ang5d.53C4.;
inurgnowballo nlock & Co., 95.62: Nesbitt Themson & Co..
B, Sess & c Co.
6 for $25,000; 4 for $10,
,., 95 496; Dominion
%
95 3 ;
54
Due Jan. 15 1924.
000, and 2 for $5,000.
H.
Securities Corp, 95.451.
CHICOUTIMI, Que
WOOD COUNTY (P.
.-DEBENTURE SALE.
0. Bowling Green), Ohio
debentures
-The block of
The $304.000 5% road impt
.
-BOND
- Xavier (V. offered on June 26 by the trustees of the Parish of St.$400,000
were awarded to the Wood. bonds offered on June 29-V. 116, SALE.
116, p. 2681) were awar
Francois
- Ltd., of Mont
ded to Versailles,
par and accrued interest. County Savings Bank of Bowling p. 2805
Green at for 27 years.real, at 99.05 for 5 34s, a basis of about Vidricaire & Boulois,
Date June 15 1923. Due
Sept. 1 from 1924 to 1931
5.59%. Due serially
$38,000 yearly on
incl. There were no other
bidders.
ELMIRA, Ont.-B
WOONSOCKET, Prov
-Matthews
been awarded $16.500OND SALE.
J. W.Quinn, City Treas idence County, R. I.
5)4% bonds at 100.56, & Co. of Toronto have
-BOND OFFERING.
urer, will receive sealed bids
- Other bids were: A. E. Ames
a basis
saving time) July 10 for
until
& Co., 100.23; McNeill,of about 5.43%.
$1,000,000 5% coupon funding 2 p. m.(daylight 100.13: Municipal Bankers
$1,000. Date July 1 1923.
Corp.. 100.10: Wood, Gund Gralinn & Co..
bonds. Denom. Gairdner, Clarke &
Due $100,000 yearly on
y & Co.. 99.85;
1933 incl. Prin. and semi
Co., 99.73; 01. H. Burgess
July 1 from 1924 to Anderson &
& Co., 99.62, and Dyment,
Co.. 99.23.
Bank of Boston. Thes -ann. bat. (J. & J.) payable at the First
National
e
at the request of the holde bonds may be exchanged for regis
GRANDE DAZE Que
tered bonds
3nd certified as to genui r. Bonds are engraved under the super
that tenders are invited up.-DEBENTURE OFFERING.
-1t is reported
legality will be approvedneness by the First National Bank of Bostvision of 6% 30
to 8 p.
-installment debentures dated in. July 16 for the purchase of $70,000
by Ropes, Gray, Boyden &
on; their
will be furnished the
June 1 1923. F. Berge
Perkins, whose opinion
purchaser. All legal paper
ron, Sec.-Treas.
be filed with said bank
s incident to this
JOLIETTE, Que.-DEBE
will be delivered to the, where they may be inspected at any time issue will 30
-An issue of
-year debentures has been NTURE SALE.
.
purchaser about July 16 at
of Boston.
the First NationalBonds 98, a basis of about 5.64 sold to Rene T. Leclerc, Inc., $133,500 5 Si%
of Montreal. at
Bank
%.
Debt Statement June 22
NORTH SYDNEY, N.
1923.
Assessed valuation 1922
-BOND SALE.
-It is stated that Jonn
& Ward have been awarded S.
3% ofsame
son
an issue of $76,000 bonds.
363.027,625 00
Total bonded debt
1,890,828 75
ORILLA, Ont.-BOND
*Floating debt
36,538.000 00
-It is reported that an
for $99,493, bearing 5;i% SALE.
issue of bonds
1,000.000 00
Gundy & Co. of Toronto and 6% interest has been awarded to Wood,
Total debt
were: MacNeill, Grahamat 101.87, a basis of about 534%. Other bids
Deductions
& Co., 101.71; Matthews ,
-Water bonds
37,538,000 00 Gairdner, Clarke & Co.,
& Co., 101.558;
Sewer bonds
101.57; Municipal Bankers'
$618,000 00
Burgess & Co., 101.07; A.
Sinking funds
E. Ames & Co., 100.79; andCorp.. 101.27; C. H.
620,000 00
Corp.. 100.31.
Dominion Securities
1.467,258 21-2,705,258
21
Net debt
QUEENS COUNTY, N. B.
-BOND SALE -It is repor
Water sinking fund
ted that
34.832,741 79 issue of $8.000 bonds nas been purchased by .
Sewer sinking fundss
Eastern Securities Co. an
$189.735 92
a price of 100.77.
at
* To be paid from proce
eds of above mentioned221,115 88
SHAWINIGAN FALLS,
bonds.
Que
an issue of $75,000 534% deben .-DEBENTURE SALE.
WOOSEY INDEPENDE
-During June
tures was sold to McLeod,
NT SCHOOL DIS
Co.
Beadle County, So.
Dak.-BOND OFFERINGTRICT (P. 0. Wolsey), 1924at 99.57. a basis of about 5.53%. Date May 1 1923 Young, Weir &
sealed bids will be recei
to 1953.
. Due serially.
.
-Unt
ved by Burr B. Wiltse. Clerk il 2 p. m. July 13
for $20,0005% school
. Board of Educ
SPRINGHILL, N. S.
at place of purchaser's bonds. Date July 11923. Prin. and int, ation. Town Clerk
-DEBENTURE OFFERINO.-Daniel
choice. Due July 1 1943
, will recieve bids until
payable
McLe
payable to the Distr
- A cert. check for
July 7 (to-day) for $25,000 .53i od,
bentu
requi
% deson. Junell & Dorseyict Minne red. Legality approved by Lancaster,$2.000 1923•res for school purposes. Denoms. $500 and $1,00
of
Interest semi-ann. Due
0. Date July 15
apolis.
Simp1948.
SYDNEY, N. S.
-DE
-It is repor
5 ti% debentures have BENTURE SALE.
been.purchased by Johnston & ted that $142,000
Due Oct. 2 1942.
Ward, of Sydney'
TERREBONNE COUNTY
ALBERTA (Province of).
, Que.-DEBENTURE OFFERING
.
-Una-Wood, Gundy & Co. and [fetal reports state that tenders will be recei
A. E. Ames & Co., of Toro -BOND SALE.
ved up to 5 p.
the purchase of 351.000 5%%
investors at 97.50. to yield nto, have purchased, and are now offering
10
-year debentures. Datein. July 10 for
to Denom. $100
about 5.20%. an issue of
$2,000,000 5% regis St. Jerome. . $500 and $1,000 each. J. V. Leonard, Secre June 1 1923.
tary-Treasurer,
CANADA, its Provinces
and Municipalities.
FINANCIAL
FINANCIAL
NOTICES
Chartered 1836
No. 12370
TREASURY DEPARTMENT
Office of Comptroller of the Curr
ency
Washington, D. C., May 9.
1923.
Whereas, by satisfactory evide
to the undersigned,ft has been madence presented
to appear that
Ft_"FRANKLIN NATIONAL
Pk (psis IN NEW YORK." BANK
,
In the City of New York, in
York and State of New York the County of New
,
all the provisions of the Statuhas complied with
tes
Stems. required to be complied of the United
with before an
association shall be authorized
to commence the
business of Banking'
Now Therefore, I, HENRY
M. DAWES.
Comptroller of the Currency,
do hereby certify
that
"FRANKLIN NATIONAL BAN
K
IN NEW YORK."
the City of New York, in the Coun
ty of New
York and State of New York
,
commence the business of Bank is authorized to
in Section Fifty-one Hundred ing as provided
and
the Revised Statutes of the Unite Sixty-nine of
d
In Testimony Whereof witness layStates.
band and
seal of office this ninth day of
May, 1923.
HENRY M. DAWES,
wean
Comptroller of the Currency
.
In
institutions Desiring
Philadelphia Connections
are invited to avail themselves
of the Banking, Trust, Real
Estate and other facilities of
this Company, which is now
serving many clients in other citie
s.
The continued growth of this
Company, without consolidatio
n,
since its establishment under perpetual charter in 1836, is evidence
of the satisfactory service rendered.
Capital and Surplus. . $10,000,
000
Resources . . . . 56,000,0
00
Individual Trust Funds.
285,000,000
Corporate
Trust Funds$1,386,000,000
GIRARD
TRUST COMPANY
Broad & Chestnut Sta., Philadelph
ia
High Grade Investment Securities
Commercial Paper
Bankers eAcceptances
Hibernia Securities Co., Inc.
Hibernia Bank Building, New
Orleans
New York
Atlanta
Dallas
S. A. TRUFANT
718 Common St.
Investment Securities
A BUSINESSEECUTIVE
''.4 3181111EPTICTIS"!;t707
'
" Ps=
and capable head7,7"" any.7one
for
of your Departments can be
obtained by inserting a small
ad in the Classified Depargment
of the
Member of New Orleans Stock
Exchange
NEW ORLEANS. LA.
B. W. Strassburger
SOUTHERN INVESTMENT SEC
URITIES
mentoomtry. Ala.
FINANCIAL CHRONICLE
Cur Classified Department faces the
nada, back cover.
@FedFRASER