Full text of Commercial and Financial Chronicle : June 21, 1924, Vol. 118, No. 3078

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

rfly The.
Pnimerriald
!Bank St Quotation Section
.ilictaiiway Earnings Section
VOL. 118.

financial

rontrie

INCLUDING
Railway & Industrial Section
Bankers' Convention Section

SATURDAY, JUNE 21 1924

Electric Railway Sectiow
State and City Sectiew
NO. 3078.

In the talk which he gave last week before the
Credit Men at Buffalo, Pierre Jay, Chairman and
PUBLISHED WEEKLY
Federal Reserve Agent of the Federal Reserve Bank
Terms of Subscription—Payable in Advance
12 Mos. 6 MOS. of New York, took occasion, while eulogizing the
pa Including Postage-$10.00
OM Federal Reserve
Within Continental United States
System and expatiating upon its
6.75
11 0
In Dominion of Canada
7.75
13.50
Other foreign countries and U. S. Possessions
'merits, to express his approval of the discussions
NOTICE.—On account of the fluctuations in the rates of exchange,
remittamces for European subscriptions and advertisements must be made in the report of the Reserve Board, the reading of
fa New York Funds.
which he "commended to every member of your
Subscription includes following Supplements—
BANE AND QUOTATION (monthly) RAILWAY & INDUSTRIAL (semi-annually) association," the National Association
of Credit
ELECTRIC RAILWAY (semi-annually)
RAILWAY Empanels (monthly)
SEAT. AND CITY (semi-annually) BANKERS' CONVENTION (yearly)
Men, and to quote approvingly some of the remarks
Terms of Advertising
contained in the discussion. One of the paragraphs
Transient_dliplay matter per agate line
45 cents
On request he read was to the effect that "the Federal Reserve
Contract and Card rates
Cuicaoo Orrice —19 South La Salle Street. Telephone State 5594.
LONDON °rams —Edwards & Smith. 1 Drapers Gardens. B.O.
System supplies the needed additions to credit in
WILLIAM B. DANA COMPANY, Publishers,
times of business expansion and takes up the slack
Front, Pine and Depeyster Streets, New York.
in times of business recession.' No one will deny
Published every Saturday morning by WILLIAM B. DANA COMPANY. that the country is now passing through a period of
President and Editor. Jacob Seibert; Business Manager,William D.Riggs,Treasurer.
William Dana Seibert; Secretary. Herbert D.Seibert. Addresses of all. Office of Co. "business recession." This, therefore,
is the occasion when the Reserve System should operate to
The Financial Situation.
"take up the slack" which we are told is one of its
The plethora of loanable funds continues and in strong points. But is it taking up the slack to rethe present week several more of the Federal Reserve duce discount rates so as to tempt the member banks
banks have made cuts in their discount rates. Nine to avail of the facilities of the Reserve banks—to
of the twelve banks have now lowered their rates borrow more when they ought not to be borrowirv
and in the case of the three banks at the financial at all?
In its discussion of its discount policy the Reserve
centres, New York, Philadelphia and Boston, the
rate is now La,
to 3 %, though the Federal Re- Board also takes up the matter of the open market
/
1
2
serve Bank of Philadelphia does not make the 3 % operations of the Reserve banks and with a great
/
1
2
rate uniform for all classes of paper, but names a show of plausibility points out how these open mar/
1
2
rate of 4 % for agricultural and live stock paper ket operations can be made an important aid in the
maturing within six months and 5% for that class of control of credit and the carrying out of the dispaper running beyond six months and maturing count policy. Now, it so happens that the present
within nine months. The cause of this plethora is week the Federal Reserve Bank of New York went
well known and perfectly understood by all. It re- ir to the market to enlarge its holdings of both acflects a huge accumulation of loanable funds, with ceptances and of Government securities—increasing
stagnant trade that is eventuating in steadily grow- its holdings of acceptances from $8,163,000 to $18,ing depression. But while the cause lies on the sur- 414,000, its holdings of Treasury Notes from $83,face it is not clear what the object of the managers 180,000 to $101,299,000, and its holdings of certifiof the institutions is in following the course of the cates of indebtedness from $18,060,000 to $34,043,000.
money market down or what it is hoped to gain In this way it ran up the total of its earning assets
thereby. In the last annual report of the Federal over $45,000,000 in a single week, or from $145,759,Reserve Board at Washington there is a beautiful 000 to $191,403,000, in doing which it was
also
dissertation on the discount policy of the Federal obliged to increase to some extent the
volume of its
Reserve Board. It is theoretically flawless and has Federal Reserve Notes in circulation. Of course
we
been heralded as the perfection of wisdom. The understand the Federal Reserve banks are all
under
trouble with the argument is that theory and prac- the necessity of earning money with which
to pay
tice do not seem to comport with each other and their expenses and hence must find a certain amount
evidently cannot be made to do so, because the Sys- of employment for their facilities, whether there is
tem, through the changes grafted upon it during the need for them or not, but can it be truthfully argued
war, has become inherently defective, besides being that they are taking in "the slack" when they are
projected on such a gigantic scale that it at all times doing this? Is it not plain that the Federal Reserve
is simply an engine of inflation, though the degree System is not functioning properly, or at least
not
of inflation varies; and this variation,.under which functioning in the way we are told it does?
the managers are as helpless at one extreme as the.
other, is mistakenly assumed to be genuine flexiThe country's foreign trade statement for May disbility.
closes much the same characteristics as the returns

gin Thronicle,




2998

THE CHRONICLE

[Vox,. 11&

for other recent months. Both merchandise exports
The election of a President of the French Republic
and imports during May this year show quite some on Friday, June 13, did not turn out as at first
reduction in value from the preceding months, and planned. It was expected that Paul Painleve would
while exports are larger than they were in May 1923, be chosen, but instead Gaston Doumergue was the
which was also the case in April, imports show a successful aspirant and candidate. He is the twelfth
further decline during the month just closed in com- President of France, and was elected by the Naparison with the corresponding month of 1923— tional Assembly at Versailles. The Paris corre.
which is natural considering that then they were of, spondent of the New York "Times" outlined in part
extraordinary proportions, so much so that they in- as follows the way M. Doumergue's election came
dicated serious dislocation of the country's trade. about: "After having ousted President Millerand,
Merchandise exports in May the present year were the Left bloc of the Chamber, victorious in the May
valued at $336,000,000. These figures contrast with 11 elections, met a reverse in the defeat of their can$346,858,617, the value of merchandise exports dur- didate for the Presidency, M. Paul Painleve. M.
ing April of this year, and $316,359,417 the figure Doumergue was elected because the Nationalists and
for May 1923. Imports during )(Iay 1924 were val- the Right of the Chamber voted solidly for him in
ued at $305,000,000, the corresponding figures for order that the choice of the executioners of Presiden.
April having been $324,427,481 and for May 1923 Millerand should not become chief of State. M. Dou$372,544,578. The increase in exports over May last mergue is of the Moderate Left as, indeed, was M.
Millerand once. But in the impossibility of electyear is $20,000,000, but the decrease in imports is
ing their own President the Right took advantage of
$67,000,000, and with the exception of February,
every month this year has shown a large decrease ii the split in the Left and thus in precisely the same
imports as compared with the corresponding month way in which the National bloc lost control of the
of 1923. As is evident from all this, the balance of Chamber, the Left lost the Presidency of • the retrade during May continued on the export side, ex- public. The Nationalists were divided on May 11.
ports in that month exceeding imports by $31,000,- The Left was divided to-day. There was but one
000—a year ago merchandise imports exceeded ex- vote. Doumergue received 515 ballots, Painleve 309,
ports by $56,185,108, May 1923 being one of the four -Camelina, the Communist candidate, 32, with 9 scatmonths of that year in which that very exceptional tered votes, there being 865 votes cast. The jovial
situation prevailed. For,the eleven months of the President of the Senate won on the first roll-call.
fiscal year ending with May, the total value of mer- The figures of the voting tell the tale. Painleve got
chandise imports has been $3,282,206,631, which con- the votes of the Chamber majority. Doumergue got
trasts with $3,460,725,166 for the eleven months of the vote of the Senate with a few exceptions plus the
the preceding fiscal year, a decrease of $178,518,535. Nationalist Chamber minority." The Paris correEight of the eleven months of the current fiscal year spondent of the New York "Herald-Tribune" reshow a decrease in imports. On the other hand, ex- ferred to the election of the new President as folports for the current fiscal year will exceed those of lows:: "Gaston Doumergue, 60 years old, Prot1922-23, and for the eleven months so far elapsed, estant and a bachelor, was elected President of
ten months have contributed to the increase. From France to-day."
last July to May this year inclusive the value of the
In his first interview, which was given the day of
merchandise exports has been $4,005,769,828. These
his election as President of the Republic, 11/I. Doufigures contrast with $3,636,776,420 for the eleven
months ending May 1923, and with $3,436,039,739 rnergue was quoted as saying that "the result of the
for the corresponding period of 1921-22. The in- general elections on May 11 showed clearly that
crease in exports for the eleven months ending this France is sincerely attached to republican instituyear over the corresponding period of the preceding tions and will never detach herself from them. Re)
fiscal year is, it will be seen, $368,993,408. For the garding foreign policy, there is a clear-cut indication
and already it seems that this is beginning to he
same eleven months exports the present year exceed
imports by $723,563,197, as compared with an excess understood abroad. France has accepted without
of only $176,051,254, for the same eleven months of reserve the experts' report and England has given
the preceding year, three of these last mentioned her adhesion, the same as the other Allies. If Germany shows good-will the problem soon will be
months having shown an excess of imports.
movement of gold and silver to and from for solved and the atmosphere of the world much ameThe
liorated. The financial question requires vigilant
eign countries during May showed little variation
action. France can put her finances in order and
from the other monthly statements of the past year.
must make sacrifices which effect economies, as has
Gold imports in May reached $41,073,650, while exalready been done. Regarding France's finances and
ports were only $593,290. Silver imports in May
foreign debts, the solution has seemed up to this time
were $5,639,582 and exports $9,686,517. Reference
most difficult, chiefly because the reparations probhas been made in previous issues to the increase this
lem was unsolved. The reparations solution has
year to date in gold imports. For the eleven months
been found and we hope it is imminent. It will be
of the current fiscal year the excess of gold imports
relatively easy to find an arrangement for the French
over exports is $381,905,595, which contrasts with
foreign debts in the spirit of justice and in the inter$216,182,520, the excess of gold imports for the coryear. On est of every one."
responding months of the preceding fiscal
According to a London cable dispatch dated June
the other hand, silver exports from the United States
13, "some disappointment was voiced in official
for the eleven months of the current fiscal year are
quarters over the election of M. Doumergue as Presilarger than imports, the excess of exports for that
dent of France, as the preference would have been
period being.$15,067,491, as contrasted with an exfor M. Painleve, because he is morely closely identicess of imports of $6,555,203 of silver for the correfied with the political bloc represented by M. Hersponding eleven months of the preceding fiscal year.
riot. It is pointed out that the Presidency of M.







'paw
04n1 4nd sum 4aodaa Riletua 0q4 azojaq quutu
-J00 panpap„'Sup emus am watuullaud o4 a2ussatu
«14B
45au sui
-uoaaux Susumu aa45Tum atmad TuTm saattbano
UT `wapTsaad mau 914 '0n2a9tuno1j uol.suo
„•SaTiod u2paoj ot jo aanpaj Jammu s!
pna-333m
puads 03 upanws plre011a 04 02
nuaTpA am 4u Sssuquza qauaaa oq jo uoissaaddns puu Supiad mutt Sauod 51(4 110 apqap 4d93311 P1°"
•saaaunnin puu saolTual Jo uondaaxa
mim '5.10
Supsany uo watztuund Jo sasnon ont4 Olfi aaojaq
-puajjo paimod 04 Asautuu sok:TIT:Toad lauTquo aq,", nod&
wont aq„
oso paaunoune ag dinaoni
•Smouoaa jo saansuam dam° puu Stuau
Jo. uop. aIoqm
jo Saraaomap jo 541121.1 0143 ospl wq ‘aattuad
-anpaa puu uouumuu2aoaa su ipmSB `ttrua2oad
JO s4112Ta atn. Sitio 4.OU parn2aps 4sutu 9A aoj 'sn
-alswnx
uo ST suoTpaado uogupuosuoa an" Sq mint 2u1iv3p u! &imams 4suTE2u dn nom puu Tllni
4qap 2uTpou am jo uouanpan '4a2pnq pcau am TT! tusouoTpu uutuaao •ANanos ssaMid moqs olis am
pue pooj uo Nom Sopadsa lusouolpu puu uounaa uumaao paumol
'aanouan4 ssauTsnq
law
`sore; 4.30auT am. JO UOISfA9.1 U mint `my" xus, 01U0D -aotuap uutuaap 2un0x
4aoddus 04 Ilona S.10A0
-ui am Jo uouvauddu aaaatiTs saspnoad uorpaupap 01411m nuqs
•11!m-poo2 Jo 453q atll !Lunt palm
aqa, •an2u3r" atu JO ioaluoa aapun spud 904uunn2 -mu an am. •Sumuaao pauntol Sauod Saompuoa
q2n0a1(4 ATattaas s,aauuad jo tuaiqoad am Jo 110T4 su 4110 Sana Him S1451um Sua„
panpap loTaaall
-liras B pulj mom 4.1 •suouux Jo 0n2u0ri am. Sq aims
Supattps 45114 mainaaluT uu UJ uo43ana4sqo 2114
-sod su uoos su Fre stamy 91(4 q Ammo° jo waTn
-.Taw aaojaq op 04 spuawt ail pqm moqs 04 A1Uu4a0d
aoj spuuls LI4STUTW atly •Sallana, gum -do Intj wpaall .1q
-umausTp
'panallaq s! 4! 'Lunt 4.I0A0A1011
anad jo uoisupuoa ptle 'uonuanuoo Jowl pilau 'UOMSOddo OTEI •At0.1.11n1 J011313.1 patuaap Sf IpplAt
-utzaalui oq jo puu apuaaajuop watuutuay .t1042ui 42u4uti4119q 0143411 uo Spa 04. 001 03 OC 1110.1j SUM 0111
atu p p3112I5 sa14naa4 2ti1UIutu3a am. Jo uopm 1111 paptunsa SI:1.10111111 11 suq waumaanon matt am,,
-Tjuva ldtuoad aoj soa uouvaupap atll„ luto pappu pm ow plus wapuodsaaaoa atu waatruad ITT Ap
wapundsaaaoa ssaad pappossy atu „-u!ssnu mint pauaano2 450q atu JOJ sassud II0II1A1 ‘SUOSPI u U0013.11.
suogupa lutuaou jo uopuaolsaa doj watuaDunouoad -sTuralpu "russappus ,saraS oF jo paoaaa B mpg p11411
sapnpu!„ puu „`dn 4as uaaq anq laodaa same(' -aq suq 4 10A0A1011 4.101t110,1,1 011I %MA% OM UI aoppia
.
am TIT papTnoad saa4Uunn2 atu !pun papnarna pooa. su 5144U0111 A10j B 04 pauwroa Rf 1.1101U11.10A00
aq 4011 lum
aqtiu ato 3111j4 stuauju 41 •pallaam R,A7.14111103 0113 UT anajaadxa asoqm 'llasanti 401.1a311
Smolt os suq 41 tiaTqm aauad
s;saaoad q puu aoqui 2u1pn13u4 ‘
`spoom 2unoS, 9.111 Sa4srauz
jo 5a31140
Sq Sawnoa sp14 04 anT2
04-tup auo Sitio anuq Illm au, 'Jowl jo aalspam pin a04.103111 am Jo a8451
4uaumaanoo
P14 puoaqv puu atuoq 4y„ :SA10110j -uTri a344114
:aan4inap2yJO aalsTum pun aaaam
SB dn patutuns aq mop 41,
p!us wapuodsamoa 41100 JO aalsIum uaaq 51114 aatuaoj atu •anapadxa
„satuTI„ :pox max au, .1, aunt tzo watuuund 04 pluatauaanop aiquaapTsuoa 1444m pump atn. JO saaq
.
S3H0d 5114 JO 1101W.1Up3p B aputu lomaall aaTtuaad
-maul Sitto am an 'aansnr Jo
aamum 'ilnottall atm'
puu 'amuuTa jo 3a45111Irc `104u0tual0 'N 'VT I03
0411J
„•flastum 0.11131110J "N 10 01(4 Jo pp 432 04 pawunt3nq ‘S14sTu1pE
1111411,1111
aamod 04 11.11140.1 31(4 liana tusparauTod jo now:lulus -113 Sq waumaanoo Jo asuadxa 3113 asuapuT 03 4)34111
-aa 11 2uTaq PUB S.104'011131103 aq 04 allsap saoTaaall
-Tsaq 'pm 111 31 '4o4aa3n
lauTquo NO am. UT szt
IIT31 Sllunwana Sum q1131i4 2tTiStrudtu033B SiqupuATIT 'm Jo pualsuT saals!um n 0.111 0.10114„
43.0j am 04
2umpa-aaqes puu sapund 2uTdda4s-asoo2 ‘saqaaads tionualp poop SSOJJ pappossy
jo anTpwasaa
Saau 114Im 'Slam aatiappa TIT Apulia os 2timanun -daz spud aqj, •suoTpiall u2paoa jo .10451114H su &TT
watunnom 31I51,Iu4TITut am Jo nu an0q13 puu 'Tpuaid -naas oso s! aaTmaad
„.40u4quo spI jo uonutuaoj
211poSa3n3 paumol apnmp aiquipuoaaaal apq4 0114 papidutoa pug 911 pm paauttoutzu„
11114113.13
Jo uouunuTwoa 411114 slsouourx alfi tzaum spaa Supaups 33o13,o 8 4y „.2Ttpuout ma'am-04 "upij
-q1 1 uutuaao •suomnoad s1,4:T0d3a 9144 }no Sana 04 -jo muanor 3144 n! 311011111.13.104) .1.311 0114 JO 59111011 0111
,
RaTal Snsattoq Suzunaap II aqua
ap113RA0 o4 was qsuqud pinom„ puu dpisaaltuaad 0113 paldaan putt all
-uoa pay podaa same(' atu Jo uopulaadaaw!
211!
pannotruu lopaall W S11p-o4 01111 403m B OORSIff
-pa112aa 3n114311a4 Jpsutpl molts mou !uAt ttoTssaalitT 01f3 311 4113N50.1a At011 0111 II4.1A1 00110.10j1103 13 .4,01JV
numaao Jo sarajqauala pool2uTnuti 401aa311 a pm.
„lopaag
jo apiad am pull ptruaamTE
anauaq sonnudo„ pm plus wapuodsaana „sautTy„
Jo SauapIsaad 0144 'amm am Jo Sallod 0143 'am
3114 `puull Jam() aM TIO „*041(1. imp asaom anoad -mod a Jo dpisaaltuaad
811f
,C
atu 'A1011 pawnoa aq , uut
11Int Itauq s
‘wpaall •TT pm anal(' 042uppas Sq sa9z RR 45044111115U3 OW, 'JOAO sT samod 2uTpq Jo mum
-um paiquo.i4 am no 110 211pnod Susnq 3.111 sivaaqm appall Foattuad pup anauTod W Jo 3311a2 Sq wapT
uumaan
puu `saIrup IttuaaluT 1111111.131) u! aaua -saad papap-Antau 'atantunoa 11045119 Jo sptmq 0313
-aajaaw4 pawapaaaadutt 1111 uo!pu manual,' qauaaa
umaj aamod paldaan %pump Sitio puu 4511I 'auo spi
am &gum) 511 pawnb s4 uumuasaals aa4s4u4J 112p sum 41 413114 2114335 '4o4a3H
111p-04 pall Sprats
-.10d .10111I0.1d tpuaaa 3144 35111111111 111111111.1 3.111 slso 11 uo 3311q 402 'TT ABjç jo Sliraormu 51101.10434n atu
-uourst Hultman au -aattuad 4sTo2u ananaa Jo .18.11 Jo appTpuua TunuapTsaid papid-puut! am 'alarmed
hI aoj suoTpaudatd ap1(3 asuaa suutuaae
ssapm urea 2uTddpisun puu. upa34s34c 4112111 am In dano 2u!
,c
pa4dopu 49S SUR 11141(4 .I0.10A08 SURTILIRD 25114111111 saau -1034 pun pauovano PuuJ0IIIN 3u3rqs0ad 2uIddoap
-$ram 4dopu Him aq 411114 2uTuaum sTIE pTIU aapilumi puu Naank 45114 uar" am 04 .13.10 1111113314 .101.0 04114S
,
aum. su 49140x Iv:ammo Jo wanimoddu sd.opaall TT Jo digs Tpuaad aqI„
„satuTI„ Naox max a(43
Sq wam.taj B ont1 umoatu uaaq Rug SuuumaD„ 411114 9' JO wapuodsaaaoa spud am Sup prau
TppdsTp u
annr uo pa/qua „samTj,„ 1410A max am Jo wapuods TIT uomsuj snoaotuuli 11114 Itonunm 31 2u4q4.135311
-aaaoa umag
•Sumuaao u! pm'4011 sum Sipa
-auddu
sul Jo 3113111331145
8,40pa9H aannaad
„•54.34Jju03 And tuoaj
„Ilanpa 04 panto! pow Spanua Nog 03 Swp s wapTsaa," 01(4 jo uoI4d33
‘
-111 aq 04 an 'attiT2aa anauTod 3144 aapun nun 31(4 -1103 aargua 3144 04 suanlaa anTwaaxa japio mat! alp J1
moaj palladxa suutuaao 000`2,„
zuamoo 311 apuot 'Liana 'amT2aa puuaaimy 3143 monoj04 SauapTial r At011R
41101U031111011111! (9T 01111
31111411119111 0111. 114
ITTA 'salon 4sT414213J uo Snaud pasuq '00.13111110g
SUAt

666.7.

arlonsiourro ara

{WU Tg aNar

3000

THE CHRONICLE

must prove her good faith." The Associated Press
correspondent in Paris cabled the same afternoon
that "it was commented in political quarters that the
- new President, in his message, which Premier Herriot had countersigned,lined himself up solidly with
M. Herriot's announced foreign policy. It was commented also that the statement appeared to differ
little in its attitude from that of ex-President Millerand and former Premier Poincare regarding Germany."

[Vol,. 118.

has not yet been found and the murderers have not
been apprehended." It was added that "the motive
for the crime is conceded to have been political, Matteotti having been silenced because he threatened to
make startling revelations against certain members
of the Government Party." Even before it was said
to have been definitely established that the man had
been murdered, "Deputy Aldo Finzi, Under Secretary of State for Internal Affairs and Vice-Commissioner for Aeronautics, tendered his resignation to
Premier Mussolini, who accepted it. He was folCommenting upon the political situation in lowed shortly afterward by Commendatore Cesare
France, the Paris correspondent of the New York Rossi, head of the press office at the Ministry of In"Herald-Tribune" said in a cablegram on June 18 ternal Affairs, whose resignation was also accepted."
that, "with the internal situation in French politics One Rome newspaper correspondent observed that
stabilized, the attention of the Government is once "the resignation of two of Mussolini's oldest and
again focussed on the Dawes report and questions of most trusted collaborators after being accused by
security. Premier Herriot to-day was busy drafting the Opposition press of being involved in the murder
memoranda to lay before Premier MacDonald when of an authoritative Opposition Deputy, naturally
he visits the latter at Chequers at the end of this produced an enormous impression on public opinion
week. These, embodying France's interpretation of which hardly knows what to believe. Deputy Finzi
the experts' recommendations, together with some and Commendatore Rossi asked to be relieved of
minor changes that are to be suggested, will be their duties `to be free to defend themselves from
handed over to the British statesman for his ap- libelous attacks of their enemies' and it is noticed
proval." The correspondent also said that, "after that Mussolini in his reply addressed them in most
his return from Chequers, Premier Herriot plans to cordial and friendly terms, thus clearing showing
make a trip to Brussels and have personal inter- that he does not believe the grave accusation made
views with both Premier Theunis and King Albert. against them. This represents a ray of hope, because
In his talk with Mr. MacDonald, M. Herriot plans nobody, not even the Opposition, questions Mussoto take up the matter of military control of Germany lini's undoubted integrity and honesty and his deas well as the Dawes report question. He held a long termination and ability to discover the whole
conference on this topic to-day with General Nollet, truth of Matteotti's murder and to punish
Minister of War and formerly head of the Inter- the guilty parties whoever they may be." The New
Allied Control Commission in Germany."
York "Times" representative in the Italian capital
declared that "Premier Mussolini is very hard hit
As the week advanced and before the new French by the turn of events, especially in view of his conGovernment had an opportunity to show what it ciliatory speech in the Chamber two days ago, and
could and would do in carrying out its international clearly expressed his consternation to-day when he
policies, naturally there was special interest in Ger- said to Parliament: `If there is any one in this hall
many's attitude toward the question of military con- who has the right to be horrified and exasperated it
trol in the Ruhr by the Allied Powers. According to
I, myself. Only an enemy of mine who had sat up
a special Berlin dispatch dated June 19, "the Ger- at night to devise diabolical schemes against me
man Government will accept the Allied demand for could have carried out this crime, which fills us all
resumption of military control in Germany, the New with loathing and disgust.'" It was also stated that
York 'Times' correspondent was confidentially in- "Signor Mussolini remained,almost the whole of last
formed to-day by a prominent political personage night in his office, personally directing and spurring
close to the arbiters of Germany's political destinies. on the efforts of the police in their search for Deputy
Moreover, the same informant declared that the Gov- Matteotti."
ernment would insist upon the reassembling of the
Reichstag next Tuesday, instead of postponing it unThe rumor was in circulation in Rome on the aftil July, because it wishes to tell the members the ternoon of June 16 that "the members of the Italian
reasons why it had bowed to the Allied demand. This Cabinet have placed their portfolios at the disposal
is expected to provoke a wild storm of indignation of Premier Mussolini in order to leave him free
from the Freedom Party, extremists of the Right either to present.the resignation of the Cabinet for
and the Nationalists, but the Government is con- its reconstruction or maintain it as at present."
vinced it can show the absolute hopelessness of re. According to an Associated Press dispatch,"a rumor
sisting the Allied demands just now."
was current to-night [June 16] that members of the
Order of the Annunziata have been summoned to a
The political situation in Italy has appeared dis- conference with King Victor Emmanuel for the purturbing and even serious all week. The trouble pose of forming 'a great concentration Ministry' to
started, on the surface at least, with the killing of include, besides Premier Mussolini, several former
Giacomo Matteotti, known as the "millionaire So- Prime Ministers, among them Signor Giolitti and
cialist member of the Chamber of Deputies." The Signor Orlando."
crime was supposed to have been committed on June
In a special Paris dispatch to the New York "Her13. Two days later, according to a special cable- ald-Tribune" on June 16 it was stated that "grave
gram to the New York "Herald-Tribune" from its internal events.in Italy, which are believed here to
correspondent in Rome, he "was murdered in the threaten not only the dictatorship of Premier Mussoneighborhood of Lake Vico, near Viterbo, where he lini but the whole structure of Fascism°, are being
was taken in an automobile by four kidnapers, it watched with the closest attention in official circles.
was definitely established tó-day; although the body It is not improbable that the Herriot Government




JUNE 21 1924.]

THE CHRONICLE

3001

may be obliged, under strong political pressure, to Premier Mussolini's own statements concerning the
dissolve the Fascist organization built up in political movements in Italy since the crime against
France." It was added that "the Socialist Party, Matteotti was committed."
The position of the Fascita Party, with respect to
comprising the Deputies on whom Herriot must dehis majority in the Chamber, met to-night the kidnaping of Deputy Matteotti did not improve
pend for
to urge the Premier to take immediate action against as the week progressed. Thursday evening the Rome
Fascist organizations in Paris, and the Socialist de correspondent of the New York "Times" sent a wiremarche in the same sense will be made to-morrow in less message in which he said: "The circle of Fasciti
the Quai d'Orsay. French Socialists are seeking of high position who are involved in the amazing
revenge for the kidnaping and murder of their com- scandals of this last week was enlarged late last
night by the arrest of Commendator Giovanni Marirade, Deputy Matteotti, of the Italian Chamber."
to an Associated Press dispatch from nelli for 'instigating others unlawfully to deprive
According
Rome on June 17, "several thousand Fascita militia Deputy Giacomo Matteotti of his personal liberty.'
from the Provinces of Rome and Tuscany marched Marinelli, who has always been in the forefront of
into Rome on that day singing their war songs. An the Fascista movement, has been Administrative
official communication issued by the commander of Secretary of the party since its birth, in 1919, in
the militia says the concentration is in no way con- which post he had charge of the party funds. He
nected with a necessity for the maintenance of public has the reputation of being a close friend of Mussoorder, but that the militia was ordered to Rome to lini, and had, in common with Cesare Rossi, who is
render honors to Ras Tafari, Regent of Abyssinia, also wanted by the police in connection with the Matwho is expected to arrive to-morrow to be received by teotti affair, the distinction of being a 'Corporal of
King Victor Emmanuel and Premier Mussolini and Honor,' which is the highest honorary rank in the
by Pope Pius on Saturday." It was claimed that "at Fascista militia."
several places in the provinces on that day there
Early in the week it looked as though serious trouwere demonstrations growing out of the Matteotti
ble might develop between Great Britain and Mexico.
case."
The Government of the latter country issued a stateThe cable advices from the Italian capital the next ment defending its determination to expel H. A.
morning indicated that the situation was quieter. Cunard Cummins, British Charge des Archives at
The New York "Times" representative cabled that Mexico City, following the refusal of the British
"now that almost all the participants in the murder Government to withdraw him. On June 15 the Mexiof Deputy Matteotti are safely in jail, and that jus- can Secretary of Foreign Relations issued a statetice is running its normal course, interest has again ment to the press in which it was alleged that "Mr..
shifted to the more purely political issues connected Cummins has been the principal cause of delay in
iih the affair." He said also that "these are chiefly restoring relations between Mexico and England becentred around the former Under-Secretary of State cause of interests and prejudices that have made him
for Internal Affairs, Aldo Finzi, against whom va- inform his Government in a way that was almost
rious accusations, some veiled and some open, of always inexact." The further charge was made that,
graft, speculation and perhaps even of indirect re- "using the character of a confidential agent of Engsponsibility for Deputy Matteotti's death, have been land he has sent notes to the Foreign Office which
made, and whose resignation was forced by Premier did not have the requisites of diplomatic correspondMussolini Saturday. If the Under-Secretary fails ence, as almost all were written in a violent form,
to clear himself fully of these accusations the whole lacking in respect for the Mexican Government."
Government will naturally suffer a severe moral The same day that the statement was issued, accordblow." The Associated Press correspondent de- ing to a special dispatch to the New York "Heraldclared that "the political consequences growing out Tribune" from Mexico City, "international diploof the disappearance of Deputy Matteotti, the 'mil- macy here to-day intervened in an effort to bring
lionaire Socialist,' have been far overshadowed in about a solution of the delicate Mexican-British sitpublic importance by the investigation into the al- uation that has arisen as a result of Britain's refusal
leged crime itself. Although the excited public is to withdraw H. A. C. Cummins, her semi-official repstill goading the nation's guardians of justice to resentative, and Cummins's refusal to obey the Mexisolve the mystery surrounding the dropping out of can order to quit the country that has been delivsight of Matteotti, the officials thus far have been ered to him on the spot." It was stated even then
unable to find any real evidence that the Deputy has that "it is understood in the British colony that the
Mexican Government has again cabled the British
actually been murdered."
in Italy was taken up in the British Government asking that Mr. Cummins be recalled
The situation
House of Commons and resulted in censure for Pre- forthwith."
On June 16 "Prime Minister MacDonald had an
mier MacDonald and his party. The Associated
correspondent cabled that "Premier MacDon- interview in his room at the House of Commons with
Press
ald and his Ministerial colleagues are charged by the Consul General for Mexico, Alexander Carrillo,
would
the anti-Government press and parliamentarians and intimated to him that Sir Thomas Hohler
adopting an amazingly offensive attitude to- not leave for Mexico until the dispute as to the prowith
the Britward the Mussolini Government in Italy by at least posed expulsion of Herbert A. C. Cummins,
He furtacit approval of a condemnatory resolution passed ish Charge des Archives, had been adjusted.
Government took a
yesterday at a meeting of the British Labor Party at ther indicated that the British
of interwhich Mr. MacDonald and some of the other Minis- very grave view of the incident as a breach
to a question in the
ters were present." When the Prime Minister was national courtesy." Replying
Minisquestioned in the House of Commons about the reso- House of Commons the same day, the Prime
"farfrom being a censure upon ter said that "His Majesty's Government regard the
lution he declared that
a grave breach.
the Italian Premier, the resolution only followed action of the Mexican Government as




3002

THE CHRONICLE

[vou 118.

of international courtesy, but I am still waiting for T. B. Hohler, who
had been preparing to sail immefurther information as a result of communications I ,diately, will not
go to Mexico and that British recoghave made to the Mexican Government. I can only nition of the
Mexican Government is indefinitely
add at the present moment that I have informed the postponed. It
is not expected that any serious deMexican Government that in the event of their tak- velopment will
result." It became known in Washing steps against Mr. Cummins with which His Maj- ington on Wedne
sday that "the American Embassy
esty's Government did not concur, the Hohler mis- in Mexico City
has taken charge of the archives of
sion could not be proceeded with." Answering an- the British
Embassy there, which have been in the
other question as to the cause of the trouble with custody of Herbe
rt A. C. Cummins, the British agent
Mexico he explained that "the allegations made by against whom
the Mexican Government has endeavthe Mexican Government against Mr. Cummins ored
to enforce an order of expulsion."
amount briefly to this, that Mr. Cummins made rude
Speaking in the House of Commons on Thursday,
c( mmunications to the Mexican Government" Go- Prime
Minister MacDonald said he saw "nothing obing still further, the Prime Minister admitted that
jectionable" in the letters of H. A. C. Cummins, and
the friction had arisen, "owing to Mr. Cummins's
severely criticised the Mexican Government for the
representations on behalf of the rights of British
unfortunate incident. Announcement was made in .
subjects on instructions from the British Govern
- a dispatch from Mexico City under date of June
19
ment." The further information was conveyed
that that "proceedings of the Mexican Government
to ex"Sir Thomas Hohler should go out on a specia
l mis- pel Herbert A. C. Cummins, Britis agent, were
h
orsion and report to the Prime Minister. On his
ar- dered stopped to-day by President Obreg upon
on
his
rival Mr. Cummins was to leave."
arrival in Mexico City. This action was taken by the
President after he had conferred with Foreign MinWord came from Mexico City on June 17 that
"the ister Aaron Saenz and learned that Great Britain
Foreign Office to-night [June 16] decided to
permit had ordered Cummins's withdrawal to-morrow."
His
diplomacy to operate in the tense situation betwee
n position and standing were outlined as follows in
Mexico and Great Britain over the case of
H. A. C. another dispatch from the same centre: "Herbert
Cummins." The Foreign Office issued a statem
ent Ashley Cunard Cummins is a Commander of the
in which it was set forth that, "in order to
indicate Order of St. Michael and St. George and a member
Mexico's limit of prudence in regard to the case
of of the Order of the British Empire. He is 53 years
the British subject Cummins, the Foreign Relati
ons old, and since 1911 a British Consul in Mexico, havMinister, as an example of high consideratio
n to- ing been stationed at Gomez Palacio. and Juarez.
ward the diplomatic corps, has agreed to wait,
for a He was appointed commercial attache of the Legabrief period, counted from last Saturday, for result
s tion here in 1916, and was placed in charge
of the
of the friendly intervention that the Chilean MinisLegation's archives in May 1917. He is a property
ter is making before his Government to obtain from
owner in Mexico City and has substantial personal
the British Government orders for the departure of
interests here. His salary is reported to be quite
Cummins from Mexico. The Foreign Relations Min- large,
and many persons believe it to be equivalent
istry announces that after a prudent wait for the
re- to the pay of a Minister. He is reserved and not
fond
sult of these negotiations, compliance with the exof social activities." In still another message from
pulsion order on Cummins will be carried-out.
"
Mexico City it was stated that he would leave Mexico
The next day it was stated in a Mexico
City dis- City Friday night for New York.
patch that "the British Premier, having inform
ed the
It is often regrettable, but none the less true,
Mexican Consul General in London that relati
ons that fear of the loss of actual trade, or even
of comwould be broken should Mexico expel Herbe
rt A. C. mercial relations, is the most potent factor
in the
Cummins, Charge, before the arrival of a Britis
h settlement of international disputes. That this
may
diplomatic mission, says an official statement,
the prove to be true in the case of the Anglo-Mexica
n
Consul General was instructed to reply that it
was incident is indicated in the following dispat
ch from
impossible to countenance Cummins's attitude Any
London to "The Sun" last evening: "Although Britlonger and that he must go. It is reported that Cumish financial and trade concerns with big intere
sts in
mins is ready to leave Mexico immediately upon the
Mexico regard with anxiety the prospect of
the exreceipt of instructions from his Government." Word tensio
n of American activity there as a result of the
came from London the same afternoon that "the
impasse now reached in Anglo-Mexican relati
ons
British Cabinet considered the Mexican situatim: there
is a feeling that it won't be long before the
this morning, discussing the policy to be adopted in Obreg
on Government makes it possible for Britai
n
view of Mexico's refusal to agree to the British pro- with
dignity to send Sir Thomas Hohler to Mexico
posals for settling the dispute over Cummins. Pre- City."
It was also stated that, "for the time being
mier MacDonald will make an important statement Prime
Minister MacDonald will not take any steps
in Commons this afternoon." It was announced on to open
a new phase of Anglo-Mexican relations."
June 18 that "Great Britain to-day broke off relations with Mexico, entrusted the protection of her
The British trade statement for May shows that,
interests there to America and Chile and ordered in comparison
with the previous month, the most
Herbert A. C. Cummins to return home immediately. striking change
s occurred in imports and excess of
This decision, taken at a Cabinet Council this morn- imports. In
the former "there was an increase of
ing, follows a note received yesterday in reply to £35,921,050
and in the latter of £27,206,820. In comPrime Minister MacDonald's warning that unless parison with
May of last year the largest changes
the persecution of the,British agent in Mexico City were in the
same items, namely an increase in imwas stopped the Hohler mission would be abandoned ports of
£32,690,253 and in excess imports of £32,and all relations terminated," According to a spe- 666,466.
The statement for May and for the first
cial dispatch from the- Chicago "Tribune" corre- five month
s of this year compares as follows with
spondent in London, "it is now announced that Sir the corres
ponding periods of last year:




THE CHRONICLE

JUNE 21 1924.]

Imports
x[ports, British products
Re exports, foreign goods
Total exports
Excess imports

—Jan. 1 to Matt 31May
May
1923.
1924.
1924.
1923.
£122,086,599 £89,396,346 £509,939,590 £449,470,157
70,260,882 71,554,864 326.433,882 319,795,468
13,091,195 11,778,426 64,103,195 52,908,852
£83,352,077 £83,328,290 £390,537,077 £372,704,820
£38,734,522 £5,068,056 £119,403,022 £76,765,837

A dispatch from London, under date of June 19,
announces a reduction of 1% in the discount rate of
the Bank of India, to 6%. The previous rate of 7%
had been in effect since May 29 last. No other
changes, however, were reported in official discount
rates abroad and the rate at leading European centres remain at 10% in Berlin; 7% in Norway and
2
1
/
Denmark; 6% in Paris; 5 % in Belgium and Sweden; 5% in Holland and Madrid, and 4% in London
and Switzerland. Open market discount rates in
London remained at very close to the levels of the
preceding week, and finished at 3% for short bills
and 215-16@3% for three months, while money on
2
1
/
call at the British centre closed at 1 %, after having touched 2% earlier in the week, the same as at
the close a week ago. At Paris the open market dis2
1
/
count rate continues to be quoted at 4 % and in
2
1
/
nd at 3 %.
Switzerla

3003

39,742,874,000 francs, but contrasting with 36,621,811,930 francs at the corresponding date last year
and with 35,852,312,005 francs the year previous.
In 1914,just prior to the outbreak of war,the amount
was only 6,683,184,785 francs. During the week a
further small gain of 36,275 francs was registered in
the gold item. The Bank's gold holdings, therefore,
now aggregate 5,543,076,625 francs, as against 5,537,695,944 francs last year at this time and 5,528,549,063 francs the year before; of these amounts, 1,864,320,900 francs were held abroad in 1924, 1,864,344,927 francs in 1923 and 1,948,367,056 francs in 1922.
For the week silver showed an increase of 92,000
francs; Treasury deposits rose 2,919,000 francs, and
general deposits were augmented by 82,664,000
francs. On the other hand, advances fell.off 51,480,000 francs, while bills discounted, following the
enormous reduction of 1,264,152,000 francs in that
item last week, recorded the further contraction of
51,480,000 francs. Comparisons of the various items
in this week's return with the statement of last week
and corresponding dates in both 1923 and 1922 are
as follows:

The Bank of England continues to add to its gold
holdings, and this week reported an increase of £22,062, while reserve gained £671,000 as a result of a
decrease of £649,000 in note circulation. Furthermore, there was a rise in the ratio of reserve to liabilities of 1.65 points, bringing it up to 18.06%, as
against 16.41% last week and 15.41% for the week
of June 5. At this time last year the reserve ratio
stood at 1914 and in 1922 at 20%. Public deposits
/
increased £582,000, but other deposits declined £9,020,000. Loans on Government securities were
smaller by £10,250,000, although loans on other securities increased £1,173,000. The bank's gold holdings stand at £128,235,145, as compared with £127,538,151 last year and £128,883,226 in 1922. Reserve
totals £22,497,000, against £23,547,511 a year ago
and £25,960,416 in 1922. Loans stand at £71,225,
000, in comparison with £71,177,008 and £76,801,257
one and two years ago, respectively, while note circulation is £125,487,000. This compares with £123,740,640 in the corresponding week of 1923 and £121,372,810 a year earlier. The minimum discount rate
of the institution has not been changed from 4%,the
level previously ruling. Clearings through the London banks for the week were £787,318,000, as against
£613,675,000 a week ago. We append herewith comparisons of the principal items of the Bank of England returns for a series of years:

BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as of
Changes
June 20 1924. June 21 1923. June 22 1922.
for Week.
Francs.
Francs.
Francs.
Francs.
Gold Moldings—
36,275 3,678,755,725 3,673,351,017 3,580,182,006
Inc.
In France
No change 1,864,320,900 1,864,344,927 1,948,367,056
Abroad
36,275 5,543,076,625 5,537,695,944 5,528,549,063
Inc.
Total
284,784,729
292,805,492
299,615,000
92,000
Inc.
Silver
1,970,023.912
Bills discounted_ _Dec. 22,353,000 3,704,191,000 3,169,142,911
Dec. 51.480,000 2,681,041,000 2,138,919,179 2,311,174,554
Advances
36,621,811,930 35,852,312,005
Note circulation. Dec. 153,798,000 39,742,874,000
13,297,329
21,043,314
18,333,000
Treasury deposits_Ine. 2,919,000
2,035,705,646 2,275,813,695
General deposits—Inc. 82,664,000 2,002,903,000

In its statement, issued as of June 7, the Imperial
Bank of Germany announced a further addition to
note circulation, amounting to over 27 quintillion
marks, or 27,375,585,000,000,000,000 marks. Rentenbank note holdings expanded 12,136,892,000,000,000,000 marks, and bills of exchange and checks
3,487,005,000,000,000,000 marks. Among other large
increases were 65,937,452,000,000,000,000 marks in
other assets and 41,105,266,000,000,000,000 marks in
deposits. Investments increased 4,850,000,000,000,000 marks and other liabilities 3,494,439,000,000,000,000 marks. In Treasury and loan association
notes there was a decline of 118,000,000,000,000,000
marks, while Rentenmark bills and checks fell 5,491,773,000,000,000,000 marks, advances 3,077,160,000,
000,000,000 marks and Rentenmark discounts and
advances 7,864,750,000,000,000,000 marks. Liabilities resulting from disCounted bills payable in Berlin were unchanged, as also were Rentenbank loans.
A decrease of 3,000 marks is shown in gold holdings,
to 441,910,000 marks. Silver coin reserve, however,
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1921.
expanded 6,960,684,000 marks. The bank's present
1920.
1922.
1924.
1923.
Just 23.
June 22.
June 21.
June 18.
June 20.
total of gold holdings compares with 756,914,000
121,372,810 127.477,995 115.240,110 marks last year and 1,002,862,000 marks in 1922.
125,487,000 123,740,640
Circulation
11,329,000 16,981,838 16,801,755 16,936,570 17,889,076
Public deposits
the lab113.236,000 105,255,030 113,156,219 121,992120 118,474,092 Outstanding note circulation has reached
Other deposits
Governm't securities 48,667,000 45,358,518 45,029,470 58,495,246 53,003,431 mlous total of 954,251,130,761,000,000,000 marks, as
71,225,000 71,177,008 76,801,257 78,905,249 80,139,557
Other securities
Reserve notes dr coin 22,497,000 23.547,511 25,960,416 19,329,150 21,025,305 against 9,309,000,000,000 marks in 1923 and 153,117,815,415
Coin and bullion- 128,235.145 127,538,151 128,883,226 128,357,445
000,000,000 marks a year mulles.
Proportion of reserve
to liabilities_
Bank rate

18.06%
4%

10t4%
3%

20%
354%

13.91%

15.40%

The Bank of France in its statement this week
shows a further contraction of 153,798,000 francs in
note circulation. Last week a reduction of 69,149,000 francs was reported in that item, following expansion of 409,542,000 francs and 153,370,000 francs,
respectively, in the two weeks immediately preceding. The total outstanding is thus brought down to




From the Federal Reserve Banks' statement, issued at the close of business on Thursday, it will be
seen that gold reserves sustained only minor
changes, while rediscounting operations for the System as a whole were further reduced. The figures
for the combined report indicate an increase in gold
holdings of $3,200,000. Rediscounts of Government
secured paper and "other bills" fell $24,600,000. Bill

3004

THE CHRONICLE

[voL. us.

buying in the open market, on the other hand, in- ical trouble in Italy nothing of an importa
nt and
creased $12,900,000. The total of bills discounted is definite character could be done with respect
to a
down- to $351,380,000, which compares with $731,- large international loan to Germany. With the
fur101,000 at this time last year. Earning assets de- ther lessening in commercial activity in this country
clined $8,600,000, although deposits were larger, ex- the demand for funds from that source has continue
d
panding $49,000,000. At New York gold reserves de- relatively light.
creased $1,000,000. Rediscounting of Government
secured paper declined slightly, $100,000, while in
Five of the Federal Reserve banks have this week
"other bills" there was an increase of $1,400,000. lowered their rediscount
rates, viz. the Federal ReOpen market purchases were augmented $10,200,- serve banks of Richmond,
Chicago, Atlanta, Phila000. Total discounted bills are only $36,445,000, as delphia and St. Louis. All
but the Federal Reserve
against $138,845,000 a year ago. Earning assets Bank of Philadelphia have
reduced their rates on
were heavily increased, viz. $45,600,000, and depos- all classes of paper,from 41 2
/ to 4%. The Federal
its $57,300,000. The System shows a decline in the Reserve Bank of Philadelphia
lowers its rate from
amount of Federal Reserve notes in circulation of 41 2% to 3 % on paper within
/
/
1
2
90 days, a 4 % rate
/
1
2
$18,700,000, while at New York there was an increase being continued on agricult
ural and live stock paper
of $1,300,000. Member bank reserve accounts ex- after 90 days but
within six months, and 5% being
panded heavily both locally and nationally—$61,- maintained on
this paper with longer maturity.
000,000 for the former and $72,000,000 for the latter. Further details
regarding the reductions appear in
The material addition to deposits was responsible an item in another
part of our paper to-day. The
for a lowering in reserve ratio, that at New York following is the
schedule of rates now in effect for
falling 4.2%, to 86.0%, and that for the banks as a the various classes
of paper at the different Reserve
group .3%, to 82.1%-.
banks:
DISCOUNT RATES OF FEDERAL RESERVE
BANKS IN EFFECT
Striking changes were revealed in last Saturday's
JUNE 20 1924,
statement of the New York Clearing House banks
Paper Matitring—
and trust companies, which reflected extensive shiftAfter 90 After 6
ing of funds to meet income tax and other semi-anDays. but
but
Within 90 Days.
Within 6 Within 9
nual payments. The loan item showed the abnor- FEDERAL RESERVE
Months. Months.
BANK.
mally heavy expansion of $151,662,000, accompanied
Com'rcial Recur. by
Agricul.• Agricut.
Agricui. U. S. Bankers' Trade
and
and
by an increase in net demand deposits of $122,407,&Licesil Govt.
AccepAccep- Livestock Livestock
Paper. Oblige- tances. tances. Paper. Paper.
n.e.s.
000. This brought the latter total up to $4,253,481,lions.
315
315
000, which is exclusive of Government deposits to the Boston
.334
315
334
334
New York
315
315
315
315
315
315
Philadelphia
33.1
315
314
amount of $17,681,000, the same as a week ago. Time Cleveland
315
4;5
4
4
4
4
4
4
Richmond
4
4
4
4
4
deposits expanded $14,643,000, to $493,690,000. Cash Atlanta
4
4
4
4
4
4
4
Chicago
4
4
4
4
4
in own vaults of members of the Federal Reserve St. Louis
4
4
4
4
4
4
4
Minneapolis
415
415
415
415
434
Bank fell off $1,583,00Q, to $45,995,000, but this is Kansas City
415
415
414
415
415
415
415
Dallas
415
415
415
415
415
415
not counted as reserve. Reserves in own vaults of San Francisco
4
4
4
4
4
4
State banks and trust companies fell $409,000, but *Including bankers' acceptances drawn for an agricultural purpose and secured
the reserve of these same institutions kept in other by wvehouse receipts. Ste.
depositories gained $331,000. In the reserve of memDealing with specific money rates, loans on call
ber banks at the Reserve Bank, there was an addi- have remained
stationary throughout the entire week;
tion of $13,280,000. This, however, was not suffi- that is
to say, on Monday, Tuesday, Wednesday,
cient to offset the huge increases in deposits, and ex- Thursda
y and Friday, call funds ruled at 2%, this
cess reserves were reduced $3,054,640, thus carrying •being
the high, the low and the renewal basis on each
the total excess reserves down to $36,135,890, as
of these five days. Funds continue abundant, notagainst $39,190,530 a week ago. The above figures
withstanding the heavy Government transfers of the
for surplus are on the basis of legal reserves of 13%
week. In time money the market was also easier,
for member banks of the Federal Reserve System,
and quotations were lowered to 3% for sixty and
but (19 not include cash in own vaults amounting to ninety
days, 3h% for four months and 33'2@ 33 %
, 4
$45,995,000 held by these member banks on Saturday for
five and six months' money, with very few takers,
last.
except for the shorter maturities. Money brokers
-• •
are predicting even lower levels, owing to the con• Wall Street borrowers of call money paid 2% for tinued
plethora of money. The figures here given
their accommodations this week. That was the pre- are for both regular
mixed collateral and all-industrial
vailing rate for day-to-day loans. Time money securities alike.
•
ranged from 3 to 33
4%. As no difficulty was expeMercantile paper rates have also been reduced and
rienced in getting money at these quotations further four to six months' choice
names are now quoted at
proof is not needed to demonstrate the extreme ease 3U@4%, against 4%,
and names less well known
that continued to prevail. The mid-month collec- at
.
4@431 %. New England mill paper and the
tions and disbursements, estimated at close to $1,- shorter choice names
are passing, usually, at 3%%.
000,000,000, were carried through without the slight- A fairly broad volume
of business was reported, with
est perceptible effect on the money market at this or inquiries from both
country and New York banks.
other financial centres. While the stock market has
Banks' and bankers' acceptances remain at the
been somewhat more active, it is estimated that levels ruling a week
ago, though the tone of the
brokers'loans have not increased to any great extent. market has been
easy. Trading in the aggregate
The offerings of new securities have gone forward on has been active with
a good demand, but offerings
a fairly large scale in the aggregate Because of the have been light.
For call loans against bankers'
fact that the new Government in France has been in acceptances the
posted rate of the American Acceppower only a few days and because of the fresh polit- tance Council is
now quoted at 13 %,against 13/2%
4




JUNE 21 1924.]

THE CHRONICLE

3005

row. On Monday better foreign news induced a
more active inquiry and rates advanced to 4 32@
4 32 5-16 for demand, to 4 3234@4 32 9-16 for cable
transfers, and to 4 29%@4 30 1-16 for sixty days.
Reaction set in on Tuesday and sterling prices
dropped about %c.; the range for demand was 4 31%
@4 32 1-16, for cable transfers 4 323/s(64 32 5-16,,
t
and for sixty days 4 29%@4 29 13-16; the marke
narrow. Wednesday no increase in
SPOT DELIVERY.
was dull and
30 Days
60 Days.
90 Days.
noted, but the undertone was steady
2%603( activity was
2%@2g
234<d42%
Prime eligible bills
13-16
and rates moved up a trifle, with demand at 4 31
FOR DELIVERY WITHIN THIRTY DAYS.
%
4 323 , and
1-16@t
/
2% bid @4.321 8, cable transfers at 4 32
Eligible member banks
,
214 bid
/
Eligible non-member banks
sixty days at 4 29 9-16@4 2978. Good buying
bankers, induced inchiefly on the part of London
quotations
enced creased firmness on Thursday, and
The sterling exchange market has experi
/
1-16 for demand,4 321 2
3234@4 34
another quiet and uneventful week, albeit the under- ranged between 4
ers and 4 30@4 31 13-16
for cable transf
tone has been firm with prices generally well main- @4 34 5-16
however, were
. From an opening figure for sixty days; aggregate transactions,
tained and tending higher
further gains were made and
Friday
of 4 31%, demand bills crept up to 4 32 5-16, sagged not large. On
11-16; cable trans,then recovered the loss and moved up demand went up to 4 323'@4 34
4
off to 4 317
at 4 32%@4 34 15-16 and sixty
to the highest point of the week, 4 34 11-16. Trad- fers were quoted
4 32 7-16. Closing quotations were
ing throughout has been light, although a fair days at 4 3034@
%
for sixty days, 4 323 for demand and 4 33
inquiry has been noted for small amounts. In 4 303'
for cable transfers. Commercial sight bills finished
the opinion of bankers here, the firmness is largely
at 4 303/s, ninety days at 4 28%,
attributable to cessation of the operations which at 4 32%,sixty days
for payment (sixty days) at 430% and
last week preceded Great Britain's semi-annual documents
day grain bills at 4 323/s. Cotton and grain
interest payment on her United States indebted- sevennt finished at 4 32%. No gold was reness. Offerings are still scanty, with apparently for payme
this week either for export or import.
no sign as yet of the expected influx of commer- ported
cial bills to cover seasonal shipments of cotton
Trading in the Continental exchanges this week was
and grain. Dealers continue to bide their time,
ittently active, brief spurts of nervous,
pending settlement of reparations and other Eu- only interm
buying and selling being usually followed by
ropean problems and it was noteworthy that most of excited
als of comparative quiet. Franc exchange
the limited business passing was for foreign account. long interv
to head the list in point of activity and
Late in the week a moderate volume of selling orders continues
and the steady improvement in France's
was placed', mainly by London banks, which in some strength,
al affairs was the signal for a buying movement
quarters was taken to indicate that a certain amount politic
e proportions, much of it for the purpose of
of control is being exercised over sterling values, with of sizeabl
ng short commitments, which brought about a
a view to preventing violent price changes. Certainly coveri
values of 24 points to 5.57 for demand bills.
for the last two,weeks or more quotations for British rise in
When this movement had subsided, however, it soon
currency have moved within a range of little more
became evident that the market was being left to its
than one cent.
devices. Evidences of Government support
Although the week's developments, so far as af- own
franc were completely lacking and after a
fects foreign exchange, have not been productive of for the
ion set in and practically all of the earlier
any very definite results, the outlook continues to be time recess
lost. The range for the week has been
favorably regarded and a general undercurrent of gain was
Antwerp currency moved similarly,
conservative optimism is observable. Formation of 5.333' to 5.57.
ing to 4.83, after having touched as low as
the new Cabinet in France proceeded along the lines advanc
regarding the policies of the
indicated in recent dispatches, while Premier Her- 1.59. News from Paris
h Government heads was favorriot's first official utterances before the French Par- newly-elected Frenc
Nevertheless, trading for the most
liament created a good impression. Some little un- ably interpreted.
character. The speculative
easiness was expressed over failure to lay stress upon part was of a desultory
than their usual degree of
the new Government's financial program; but on the element displayed more
evidently reluctant to commit
other hand, considerable encouragement is felt over caution and were
until M. Herriot's reparations
the soundness of the measures announced, some of themselves, at least
ed and placed in operation.
which are expected to bring about improvement in policy has been outlin
delays are looked for in inauguthe position of foreign exchange. As a result, franc The usual wearisome
fiscal reforms and there seems
values appreciated materially, and this in turn exer- rating tie muc i needed
Dawes plan will become imcised a stimulating effect on sterling. London cable to be little hope that the
It is believed that the large
rates were steady. Not even threats for a time of a mediately operative.
t in francs created after the elections
more or less serious political upheaval in Italy were short interes
has been in large measure liquidated. Moreover,,
able to disturb the even tenor of the sterling market.
French importers are known to have been heavy buyAs a matter of fact this phase of the situation had no
cies lately, so that no greitt presn
of
untoward influence upon the foreign exchange mar- ers foreig curren
upon iranc vatues is expected for the moment,
sure
ketias a whole.
predicted that the new Governing to quotations in greater detail, sterling while it is confidently
Referr
ment will be able to carry out its stabilization plans
exchange on Saturday last was steady and a trifle
4@ and place franc values on a stable basis.
higher, with demand fractionally up at 4 31.3
Lire came in for some attention this week, but for
at 4 31%@4 32 and sixty
%
4 313 , cable transfers
was nar- a while it seemed that not even the possibility of over..
days at 4 293/s@4 293'; trading, however,

the
a week ago. The Acceptance Council makes
eligible
discount rate on prime bankers' acceptances
for purchase by the Federal Reserve banks 2%%
60
bid and 234% asked for bills running for 30 and
bills running
4
days, 23/2% bid and 23 % asked for
4% bid and 2%% asked for
90 and 120 days, and 27
bills running 150 and 180 days. Open market quotations follow:




3006

TilE CHRONICLE

throw of the Mussolini Government was able to stir 10.70 and
10.75 last week. Chilia,n exchange was
quotations out of the rut into which they have fallen weak, finishing at
10.64, against 10.61, but Peru
during recent months. Before the close, however, advanced to
4.14, against 4.12, the previous quoweakness set in and lire quotations dropped 5 points to tation.
•
4.27. Reichsmarks were completely neglected with
Far Eastern exchange remained stable at close to
the quotation unchanged, while the same is true of the levels of last
week. Hong Kong currency finished
Austrian kronen. Rumanian lei and Czechoslovakian at 52%@52%
(unchanged); Shanghai, 723/2@ 723%,
crowns were a shade firmer, while Polish zloty did not against 723%@7
3; Yokohama, 4134@413/2, against
vary from 19.75, the price fixed when the new unit 413j(4)41; Manila,
4932@,49% (unchanged); Singawas launched. It is asserted that zloty are quoted pore,
503/2@503% (unchanged); Bombay, 31@31%,
abroad at par and at home are steadily becoming the against 30%@313/2,
and Calcutta, 313/2@31%,
regularly accepted medium for transactions, and are against 30%(0)313/2.
changing hands in substantial amounts. MBAs,
which are only used now on small transactions, ceased
Pursuant to the requirements of Section 522 of the
to be legal tender on July 1. The transition from
Tariff Act of 1922, the Federal Reserve Bank is now
Polish marks to the zloty is said to have been accompanied by the usual economic disturbances and ex- certifying daily to the Secretary of the Treasury the
buying rate for cable transfers in the different counporters in Poland are said to have suffered severely.
tries of the world. We give below a record for the
The London check rate on Paris closed at 79.88,
week just past:
against 80.60 last week. In New York sight bills on
the French centre finished at 5.373.,- against 5.231 ; FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
%
BANKS TO TREASURY UNDER
cable transfers at 5 383.I, against 5.243%; commercial
TARIFF ACT OF 1922,
JUNE 14 1924 TO JUNE 20
1924, INCLUSIVE.
sight bills at 5.361 against 5.2234, and commercial
4,
sixty days at 5.31, against 5.17 a week ago. Antwerp
Noon Buying Rate for Cab e Transfers
in New York.
Country and Monwar
Value in United States Money.
francs closed at 4.643 for checks and
Unit.
%
for
4.653%
June 14. June N. June 17. June
IS. June 19 June 20.
cable remittances, which compares with 4.49 and EUROPE$
$
$
$
$
$
Austria.
4.50 the previous week. Final quotations for Berlin Belgium,krone
$.000014 5.000014 5.000014 5.000014 $.000014 5.000014
franc
0463
.0480
.0471
.0467
.0469
.0469
Bulgaria, lev
marks were 0.0000000000233/2, the same as the pre- Czechoslovakia, kron 007133 .007233 .007150 .007167 .007190 .007155
.029317 .029342 .029455 .029454 .029481
029542
Denmark, krone
ceding week. Austrian kronen remained at 0.00143', England, pound eter 1688 .1689 .1687 .1686 .1687 .1691
ling
3176
4.3222
unchanged. Lire closed the week at 4.27 for bankers' Finland, markka
4.3221
4.3223
4.3270
025114 .025093 .025094 .025080 .025082 4.3379
.025053
France.franc
sight bills and 4.28 for cable transfers. Last week Germany, relchsmark 0539 .0553 .0541 .0537 .0539 .0540
a
a
a
a
a
a
Greece. drachma
017454 .017355 .016916 .017188 .017565 .017480
the close was 4.34 and 4.35. Exchange on Czecho- Holland, guilder
3737
.3737
.3741
.3742
.3742
.3745
Hungary.
000011 .000011 .000011 .000011 .000011 .000011
slovakia finished at 2.96, against 2.93%; on Bucha- Italy, lira krone
0435
.0432
.0434
.0433
.0433
.0431
Norway, krone
1351
.1352
.1349
.1347
.1349
.1355
rest at 0.44, against 0.4334; on Poland at 19.75 (un- Poland, zloty
.1929
.1928
.1928
.1925
.1931
.1930
Portugal, escudo
.0286
.0286
.0284
.0283
.0284
.0283
changed), and on Finland at 2.51, against 2.513. Rumania,leu
004328 .004322 .004355 .004375 .004396 .004370
Spain, peseta
1348
.1348
.1342
.1338
.1343
.1343
Sweden.krona
Greek exchange was under some pressure, as a result Switzerland
2656
.2657
.2656
.2556
.2656
.2656
, franc__ .1765
.1769
.1767
.1787
.1769
.1774
of speculative operations, and lost 9 points, though Yugoslavia, dinar- .011864 .011870 .011882 .011875 .011870 .011873
ASIAclosing at 1.743/2 for checks and 1.75 for cable trans- China- tael
Chefoo,
7221
.7242
.7229
.7225
.7229
.7258
Hankow tael
7258
.7275
fers, against 1.734 and 1.733 the week previous.
.7266
.7263
.7263
.7288
%
Shanghai tael
7140
.7146
.7141
.7138
.7141
.7159
Tientsin tael
.7313
Hongkong dollar- .5186

.7333
.5201

.7321
.5205

.7317
.5204

.7321
.5203

.7350

.5207
Mexican dollar-• Movements in the neutral exchanges, formerly so- Tientsin or Pelyang .5102 .5129 .5117 .5106 .5133 .5121
dollar
5125
.5179
.5154
.5146
.5183
.5163
called, were in line with those at other Continental Yuan dollar
5133
.5238
.5171
.5154
.5233
.5171
India,
3047
.3057
.3061
.3059
.3058
.3070
centres and the trend was upward, although changes Japan,rupee
yen
4070
.4074
.4086
.4102
.4113
.1408
were limited to a few points in most eases. Spanish Singapore(8.5.)dolls 5019 .5017 .5019 .5016 .5028 .5025
NORTH AMER.Canada, dollar
982917 .982989 .982627 .982479 .982558 .983203
pesetas were the exception, this currency closing at Cuba,peso
1 000234 1.000234 1.000234 1.000125 1.000156 1.000156
Mexico, peso
482208 .481875 .482500 .481906 .481906 .482750
a slight net loss. Trading was usually quiet and de- Newfoundland. della .980250 .980438 .979875 .979750 .980250 .980625
SOUTH AMER.Argentina, peso (gold) .7387
void of special feature.
.7398
.7393
.7364
.7380
.7410
Brazil, mllrels
1070
.1067
.1065
.1069
.1070
.1082
Bankers' sight on Amsterdam finished at 37.40, Chile, peso (paper) .1068 .1070 .1065 .1062 .1055 .1071
7794
Uruguay.Peso
.7786
.7758
.7682
.7663
.7699
against 37.35; cable transfers at 344, against 37.39;
a Quotations for German marks have been as follows: June 14, .0000000000
commercial sight at 37.34, against 37.29, and com- June 16, .000000000000234; June 17,.000000000000234: June .000000000000233:
18,
00234
mercial sixty days at 36.98, against 36.93 a week ago. June 19,.000000000000237; June 20. .000000000000236.
Swiss francs closed at 17.733/2 for bankers' sight bills
and 17.743/ for cable remittances, which compares
2
The New York Clearing House banks in their
with 17.64 and 17.65 last week. Copenhagen checks operations with interior banking institutions
have
finished at 16.84 and cable transfers at 16.88, against gained $4,171,602 net in cash as a result of the
cur16.833/2 and 16.873/2 a week earlier. Checks on Swe- rency movements for the week ended June 19.
den closed at 26.533/2 and cable transfers at 26.5732, Their receipts from the interior have aggregated
against 26.53 and 26.57, while checks on Norway $5,134,102, while the shipments have reached $962,finished at 13.52 and cable transfers at 13.56, against 500, as per the following table:
13.48 and 13.52 on Friday of last week. Spanish CURRENCY RECEIPTS AND
SHIPMENTS BY NEW YORK BANKING
pesetas closed the week at 13.41 for checks and 13.43
INSTITUTIONS.
for cable transfers. This compares with 13.46 and
Into
Out of
1 Gain or Loss
Week ending June 19.
13.48 a week ago.
Banks.
Ban.ts,
W Ban".
Banks'interior movement
As to South American quotations the situation
$5,134,102
8E82,500 Gain $4,171,802
remains without essential change. Trading was dull
As the Sub-Treasury was taken over by the Fedand nominal and quotations a trifle easier. Argen- eral Reserve Bank
on Dec. 6 1920, it is no longer
tine checks finished at 32.64 and cable transfers at possible
to show the effect of Government opera32.69, against 32.67 and 32.72, though Brazilian tions on the
Clearing House institutions. The Fedmilreis were steady and closed at 11.10 for checks eral Reserve Bank
of New York was creditor at the
and 11.15 for cable transfers, in comparison with Clearing House
each day as follows:




JUNE 21 1924.]

THE CHRONICLE

3007

ing about a just and generous settlement such as the
e.
policy of M.Poincare conspicuously failed to achiev
to his American
A0Oreya1e
y, Thursday, Friday,
What M. Poincare has to say
Saturday, Monday, Tuesday, Wednesd'
for Week.
18. June 19. June 20.
e
June 14. June 16. June 17. June
audience, however, is of much significance becaus
e is still far from clear.
74,000,000 Cr.479,000.000
73,000,000 91.000,000
the political outlook in Franc
74.000,000 73.000,000 91.000.000
huge mass of checks which come
troubled by cross-curNote.—The foregoing heavy credits reflect the the country in the operation of The political stream is still
from all parts of
to the New York Reserve Bank collection scheme. These large credit balances,
.
eddies, and the new pilots must
System's par
dangerous
House
the Federal Reserve
Reserve Bank's operations with the Clearing in the rents and
however, reflect only a part of the
leaders
City are represented
of be watchful and resourceful. That the new
as only the items payable in New York
institutions,
of checks on institutions located outside
daily balances. The large volume arriving at these balances, as such checks do
in
subsequent ParliaNew York are not accounted for
Federal Reserve whom the recent election and the
the Clearing House but are deposited with the
not pass through
acquit
of the local Clearing House banks.
Bank for collection for the account
mentary crisis have brought to power will
ground
themselves well there is, fortunately, much
The following table indicates the amount of bul- for expecting. The new President of the Republic,
attractive
lion in the principal European banks:
M. Doumergue, is a man of dignified and
experience, and his
June 21 1923.
June 19 1924.
personality and long political
Banks
have done
Total.
Silver. I
Total,
Gold.
Silver. I
Gold.
first message to the Chambers appears to
£
tion caused by the
I
£
£
£
relieve the irrita
127,538,151 a good deal to
128,235,14 127,538.151
England __ 128,235,145
The program of
11,680,000,158,614,041
France a__ 147,149,088 11,960,800,159,109,0 148,934,041 3.475,400' 45,070,700 forced retirement of M. Millerand.
Germany _ 22,095,500 5,752,850' 27,848,350 41,595,300
b2,000,0
b
I b2,000, b2,000,000 26,445,000I127,474,000 the new Ministry, notwithstanding some sharp stateb
Aus.-Hun_ 62,000,000
00
Spain ____ 101,346,000 26,276,000 127,622,000101,029 000 3,023,000 38,521,000
35,406,000 3.412,000 38,818,000 35,498,000
on the whole one of modItaly
818,000 49.301.000 ments about Germany, is
0048,463,000
830,000 45,114,0
Netherl'd 44,284,000
0 2,472,000 13,229,000
Nat. Belg_ 10,819,000 2,707,000 13,526,000 10,757,00
on, and the frank acceptance
00 4,112,000 25,578,000 eration and reconciliati
0
'
Switzerl d 20,742,000 4,023,000 24,765,000 21,466,0 0
15,176,000
13,751,00 15,176,00
an understandSweden__ _ 13,751,000
194,000 12,872.000 of the Dawes report opens the way to
12,678,00
898,000 12,540,0
_ 11,642,000
Denmark
8,115,000
8,115,000
8,182.0
Norway .._ 8,182,000
MacDonald Government in England
ing with the
52,219,400823.488,892
PoinTotal week 545,651,733 55.858,850601,510,583571,269.492 52,382,400623,633,192
such as could never have been possible under M.
Prey. week 5,620,370 55,907,850601,528,220571.250,792
977
holdings of the Bank of Wince this year are exclusive of .C74,573,
as seems not improbable, an international
care. If,
a Gold
held abroad. b No recent figures.
of
conference is summoned to consider the details
ot and Mr.
application, M. Herri
Co-Operation or Obstruction—M. Poincare and the report and its
MacDonald may be expected to act in essential ach Ministry.
the New Frenc
freeing of several thousand political prisThe New York "Evening Post" has shown com- cord. The
in the Ruhr, for whose incarceration the Poinmendable enterprise in attaching to its staff of spe- oners
es care regime was responsible, was a gracious act
cial correspondents M. Poincare, and the articl
effect will not be lost upon Germany, and the
which M. Poincare is to contribute from time to time whose
M. promised amnesty for political and other prisoners
to that journal will doubtless be widely read.
e, which it is to be hoped the Government
Poincare is in many respects the strongest personal- in Franc
lose no time in carrying out, will go far to reity that has appeared in European politics since the will
public tension which has long been very great.
war, and the commanding position which he held for lieve a
of
The appointment of General Nollet as Minister
more than two years naturally gives exceptional sigthan passing
the Herriot Cabinet merits more
nificance to anything that he may say. We are War in
ene notice. General Nollet is a distinguished repres
much inclined to think, however, that if the articl
of French officers
of the considerable class
which he contributed to the "Evening Post" of June tative
militarists,
to who, while soldiiers to the core, are not
16 is to be taken as a fair sample of those that are
ry and civil adminto whom the mixing of milita
follow, the effect of the articles upon public opinion and
which there
from that istration iu a one-time enemy region in
in this country may be somewhat different
nant. As head of the
is no longei• any war is repug
which M. Poincare himself has probably expected.
Berlin
assertive- Inter-Allied Mission of Military Control at
M. Poincare writes with the downright
Nollet seems to have perthe peace, General
ness which he was accustomed to employ when he since
ed upon him, and
thstanding that he is formed to the letter the task impos
was Premier of France, notwi
of his if Germany again becomes
be no fault
now only one of the leaders of the Opposition. He it will
known how to join to
es which were rebuked by the a military Power, but he has
is still for the polici
ess a courtesy and generosity which
l
French electorate at the polls on May 11. There is officia firmn
better elements of those
ar harping upon the guilt of Germany have won for him,among the
the same famili
he has had to do, respect and even regard.
as affirmed by the Treaty of Versailles, the bad faith with whom
criticism which his appointment has
and inherent untrustworthiness of the German Gov- The outburst of
the German press, principally
ernment, the firm intention that Germany shall pay evoked in a section of
nist or extreme Nationalist symall the reparations that the Allies choose to demand, in papers of Commu
expected, but as an indication of
and the imperative necessity of holding on to the pathies, was to be
is not important.
Ruhr until the Dawes plan or some other is fully in German public opinion it
for
All these are favoring circumstances, making
operation and its continued operation assured. One
ational accord. The
intern
gathers that he does not see in the recent change of stability, harmony and
weighed. M.
indication of a real disturbing factors must equally be
Government in France any
culture, an experiof ripe
change of heart. If M. Poincare imagines that the Herriot, although a man
speaker of the
familiar contentions will enced politician, and an able public
reiteration of such
a compromise Premier.
is
strengthen popular regard for France in this coun- forcible "two-fisted" type,
of a coalithe faith of the many who have found and has yet to prove his abilities as leader
try or confirm
atist. The Unified Socialists.
as a diplom
themselves wavering, he has, we fear, failed to gauge tion and
Deputies, care
present state of American public with 108 votes in the Chamber of
accurately, ,the
con- more for M. Briand, who is not a member of the Minlio is
opinion. Aks far as the reparations imbrog
continued supAmericans, we think, would like to see istry, than for M. Herriot, and their
cerned, most
purwill be a good port of the Government will doubtless have to be
it done with as soon as possible, and
sions, in does of France, Gov- chased at the price of political conces
deal disappointed if all the energi
er
bent to bring- :mastic if not in foreign policy. The former Minist
ernment and Opposition alike, are not

BANK
NEW YORK FEDERAL RESERVE
DAILY CREDIT BALANCES OF
AT CLEARING HOUSE.




3008

TH

E CHRONICLE
FOL. 118.
of War, M. Maginot, whose military reco
rd has given tend, therefore, to the over
coming of conditions inhim a considerable popularity in the coun
try, is one herent in environment and
in the free energies of the
of the leaders of the Opposition in the
Chamber of people. What is done for
a section, or a class, is at
Deputies, and the 29 Communist Deputies
are both the expense of all other secti
ons and classes. Uniaggressive and united. M. Poincare will
undoubt- versal application and impar
tiality are requisites of
edly head the Opposition in the Senate, and
a seat in good laws. So that few laws
are necessary; and
one house or the other will easily be foun
d for M. these should be restricted to
rules of right action that
Millerand if he desires to re-enter public life.
With are applicable to every citizen.
a coalition majority in the Chamber of Depu
ties of
In a somewhat indifferent way
these fundamental
less than fifty, particular importance attac
hes to truths concerning law and law
-making are in the
the course of M. Briand, whose political astut
eness common mind. Hence a breath
of relief over the
was chiefly responsible for the ousting of M.
Mille- adjournment of Congress, for
that body has fallen
rand from the Presidency, and who is believed
to be into the practice of enacting laws
affecting sections
not without further political ambitions, notwi
th- and classes. Recent laws passed and
proposed in the
standing his support of M. Herriot.
interest of farmers are an exam
ple. It must be
H. Poincare's reaffirmation of his own polic
ies in patent that if prices of agric
ultural products were
the columns of an American newspaper, accordingl
y, high and foreign exports large,
if there had been no
is a matter of more than ordinary importan
ce. It is great war and consequent
depression, few of these
indicative not only of his own unaltere
d state of "relief" measures would
have been proposed, and
mind notwithstanding the political over
turn' in fewer passed. Is it possible
to have high prices foi.
France, but also of his readiness to oppose
the Her- wheat and low prices for brea
d? Is it possible to
riot Government with all his great resources
in case tax the people to establish inte
rmediate credit banks
his lead is not followed. His appeal to
American for farmers without putting a
burden on one part of
public opinion is the more adroit because
of the large the population for which they
receive no return?
contribution which the United States
is expected to How does this condition of
depression, and local at
make to the proposed German loan of
800,000,000 that, a condition having no
connection with law, not
gold marks for which the Dawes plan
provides, and made by law, an inevitable
consequence of war, find
also because the question of the total
amount of rep- its way into Congress as an appe
al for help? Partly
arations which Germany is to be aske
d to pay is still by petition, but mostly by polit
ics.
wnsettled. On this latter point the figure
of 132,000,It must be confessed that the peop
le are much to
000,000 gold marks originally fixed by
the Repara- blame for this distortion of the law-maki
ng power.
tions Commission still stands as
the only figure to In the "pork-barrel" days there
was eagerness for
which the Allies are committed. Unde
r the Treaty appropriations for rivers and harbors that
were adof Versailles, it is not within the powe
r of the Com- mittedly local in benefit. The admission
was not
misison to reduce this figure without
the approval without protest by sections not favored.
But the
of the Allied Governments, and whil
e a minimum of present efforts to benefit classes and
sections is
50,000,000,000 gold marks has been discu
ssed it has traceable to a sinister political theory that the
prime
never been formally accepted. The
Dawes Commit- purpose of Government is to help the people
to prostee left the question open for the
simple reason that perity. It is due to the growth of a socialisti
c sentiit lay outside their province, but
their report clearly ment that while not demanding a whol
esale change
indicates that the total will have
to be reduced if in the form of government is pressing for
Governtheir recommendations are to be
successfully carried mental control of business affairs. And
these pieceout. The Herriot Government is
in a position to meal raids are successful, often, beca
use those ostenapproach this question in the same
spirit which it sibly benefited will not protest in the
face of the
has shown in its declarations on
other matters, and gratuities thus granted. One woul
d think that every
if it does,it will be for M.Poincare
and his followers farmer is crying for personal help.
It is not true.
to decide between obstruction and
co-operation. The majority of them know that the solut
There can be no doubt as to which
ion of their
course American difficulties is beyond Congress or
Law.
public opinion would approve.
The expression of relief over the adjo
urnment of
Congress is proof that the mass of the
people do not
want special laws, that they do want
Why the People Are Glad Congress
to be "let
Has
alone." Some economic writers tell
Adjourned.
us that because
of the complexity of social and
There is such a common expression
commercial affairs
of relief this old doctrine is dead
, that these rules for guidthoughout the country over the adjo
urnment of ance are becoming incre
asingly necessary with the
Congress, and the prospect of an inte
rim of six passing of every decade.
But does not the very commonths from Congressional proceedings
that the plexity talked of prohi
bit Congress, or any State
lesson ought to be pondered by the people.
Why legislative body, from brin
ging order into natural
should there be relief over the adjournment
of a conditions by artificial or
arbitrary methods? We
representative body constituted for the purp
ose of may talk, for instance,
of co-operative marketing
making laws for the guidance of the citizenry?
Laws measures, but will these
ever drive competition out
are necessary that liberty may exist. Laws are
rules of business? What can
resolve this vast interlacing
of right action. Naturally, they must be gene
ral in of business efforts and
interests into universal sotheir nature that they may protect all and be
ob- called harmony? It can
never be done by artificial
served by all. Legislation in aid of a class is
con- laws and aids save at the
complete sacrifice of initiatrary to the spirit of republican representative
gov- tive and ownership.
ernment. Aid is not the motive, the purpose, of
law.
The people at large know this. But the class
One class cannot be specifically helped without harm
es
and sections are blinded and delu
ded by efforts that
to another. Taxes taken from all must be expe
nded are political in their origi
n. Habits grow upon peoin the service of all. The field of law does
not ex- ples even as they do upon perso
ns. We have either




JUNE 21 1924.]

THE CHRONICLE

3009

meaning of the rejoicing over the temporary
connived at or condoned special legislation until it is the
t and pur- cessation of law-making.
requires a wrench in our public though
ly
pose to tear ourselves loose. Yet we are distinct
Business and the Moral Advance.
ceases to grind.
relieved when the law-making mill
We always expect Commencement Week to bring
Why? The reason is there is no general dmand for
for general laws. They do us "food for thought." In the addresses by leaders
these special laws, little
s by student-gradunot produce prosperity. Special laws we condone in education and in the oration
the "scholar" looking
when they are in our own interest. General laws we ates we gain the viewpoint of
pass, we note that
find are not superior to our energies and resources. out on the world. As the years
more practical outlook.
We know, at last, that while we cannot control or the "school" is taking a
reality reacts upon
order world conditions we cannot escape them. All Theory is applied to reality; and
ing appreciation of the nethat we are and have we have brought about our- theory. There is increas
cessity and meaning of the "material" life. The
selves. It is the overcoming that wins.
the only
If these things be true Congress is no longer a rep- "professions" are no longer held to be
al- worthy careers. And we find this "strikingly illusresentative body. It tends to become, if it is not
President
ready, an oligarchy. It could pass all needed legis- trated" in the baccalaureate address of
it- Lowell of Harvard, who is quoted as saying:
lation in three or four months if it would confine
vast complex
self to a representative field. But it goes on, year ". . . it is hard to contemplate the
all the time, considering a organization of the modern world and believe that
after year, sitting nearly
multitude of proposals that spring, not from the de- it is built up and held together only by purely selfish
the
mands of the people, but from the brains of legisla- and materialistic motives. During and since
did not
we
tors often fanned to fever heat by political and great war we have learned something, if
motives. It is sometimes said every citizen is know it before, about the nervous structure of human
selfish
mutual
a lawbreaker—that no one man can know all the society. We have learned that it is based on
s we call credit; and
laws or obey them if he could. Law ceases to be a confidence, which in busines
people
guide and becomes a whip "to haud the wretch in this means a confidence that, as a rule, other
upon the will fulfill their obligations, or, in other words, will
order." Congress piles increasing burdens
ar
executive department of the Government—and con- do their duty. If that confidence were to disappe
.
for a people sup- generally among men our civilization would crumble
strues itself the arbiter of destiny
into fragments, and the most prosperous regions of
posed to be free.
s man finds hope in respite. the earth would be unable to support more than a
So, now, the busines
ion. In the bewilHe has been carrying on all the time Congress has fraction of their present populat
nce that has folbeen in session. In fact, he is always at his post. derment and loss of mutual confide
some places we have
n in
But he has been afraid to project large enterprises; lowed a political overtur
been
hesitant about making contracts in the beheld people starving where food should have
he ha& been
therefore, justified in mainordinary course; he has been depressed because of abundant." "We are,
with all its materialthe uncertainty of proposed laws, not knowing their taining that our civilization,
aspects, with all its hypocrisy,
final form or how they will affect his administrative ism, with all its sordid
moral and religious principles
conduct. But he must know, and this is the,impor- is ultimately based on
its defects are due to moral imperfections."
tant consideration, that unless a new Congress in and that
President Lowell is discussing the value of relispirit and intent can be elected, like results will folfinds that the ascetic relow. Therefore, he must overcome his apathy and gious contemplation. He
exercise ligion of the Puritans was of a negative character.
distaste for politics, and, as far as may be,
more than
his influence in the coming election, that a Congress And he would have religion something
"religious
may be chosen that will restrict itself to the passing mere "spiritual exaltation," would have
life. And
of a few general laws, and these protective in char- principles" enter into all phases of human
upon his regacter rather than benevolent. At least he must vote, he says, as quoted:"Anyone who looks
has missed
and independently of party,for the time has come to ular occupation as mere breadwinning
often,fortunately,
stop the flood of minor, and sectional or class, and altogether its moral import. Less
infrequently,
even party, laws or the whole structure of free busi- than in the past, but still, I fear, not
must do something
young men say to themselves,
ness will be in danger.
obliged to
One would think that this sigh of satisfaction over to support myself, but I wish I were not
immoral, is unmoral,
the adjournment would come home to those who seek do so.' Such an idea, if not
moral duty.
re-election. Unfortunately, many of these men have and falls far short of a true sense of
of illness cannot work we pity;
become obsessed with a belief that Congress is en- Those who by reacon
vineyard but do not
dowed in some mysterious way with the duty and those who can labor in God's
more,for moral is more lamentpower of business guidance. They seem to think this should be pitied even
men must not
law-making body is responsible to the people for able than physical weakness. Good
or not only abstain from wrongdoing but be productive."
what is termed "prosperity." True, whether
used, it is hardly necesthe people would have voted for entering the war, Religion, as the term is here
in and practice of those
the Congress acted in a representative way in declar- sary to say, means the belief
are embodied in all the great
ing a state of war to exist. What followed is becom- moral principles that
These are to be infused into
ing ancient history. But the consequent trouble and religions of the world.
r the plane of effort bc
turmoil ought to teach to every man the one lesson the conduct of life whethe
or low. But, we may ask in passing, not to
that no law and no Congress can legislate into exist- high
upon the point, what vitality can this form of
ence after a war a swift era of peace and prosperity. dwell
when human conduct in the economic
This whole idea of the power and duty of Congress is religion have
social life is to be measured out by legal "conerroneous. The American people are willing to trust and
trol" fastened upon the individual by the State?
to their own energies. And they ask only to be freed
Putting the Golden Rule into business is a kind ol
from the self-imposed domination of Congress. This




3010

THE CHRONICLE

"fundamentalism" about which there can be no disus to the high plane in which we now live and
work.
pute. And it is indubitably true that it is alrea
dy It is impossible to think of a general busin
ess conlargely there, and that civilization could not
exist duct of good-will and honor proceeding
out of a race
without it, nor could the fine superstructure of "spirthe intent of which in business is to lie, deceive,
itual exaltation" be builded without it. When
we cheat, or even to oppress by the powe
r of money or
speak of the growing responsibility which attac
hes property. The unwritten constituti
on of trade is
to the possession of great wealth we confirm the
truth. Advertising men have announced this
in
truth.
adopting truth as their slogan. So that religi
on, outIt is a pleasure to find these thoughts emanating
side and apart, may teach the duty of man
to God by
from one of the largest and best of our universities
. showing that the expression of this
in trade is the
Our material achievement as a people is so vast, the
duty of man to man. Further than this,
civilization
severe exactions of life as a consequence are so great
is safe, from the fact that the unive
rsal failure to
that we do lose sight of the underlying cause of our
observe the natural forms and purpo
ses of trade
physical and mental effort in the field of production.
would inevitably destroy trade itself
. We must not
As the "Chronicle" has often attempted to empha
- forget that the purely spirit
ual affects the purely
size, profit and acquisition beyond the saturation
of material.
personal use and pleasure naturally take on the
We come, thus, to the individual in busin
form of benevolence, or the good of others.
ess. It is
Thou- not Psalm-singing and loud
professions we need to
sands of successful men to-day are contemplat
ing preserve, but rugged integr
ity and a silent performthe proper disposition of their fortunes. To
leave ance that never fails to
fulfill. Neither the sharp
all to heirs knowing that idle lives of indul
gence turn nor the quick return
are the motives that build
may follow will not fulfill the obligation
that all the common prosperity of
all. He who follows the
good men must work. To found schools and demo
- slowly developed customs of
.commerce cannot go far
unary institutions wholly, will not perpetuate
the wrong. We hear talk of artifi
cial and outside helps
productive power of accumulated capital. And
the toward "standardization" as
facilitating the permean between these two extremes cannot
be estab- formance, observance of
contracts, written and unlished without the moral education of the
youth of written. But business alone
can develop these standthe land. Hence the broad religious instructio
n by ards and should be allowed
to do so before they are
the school.
•
adopted. Money, property, enterprise, indus
If we may be permitted to use the term without
try, are
all natural developments of human relat
ions—and
offense, it is not professional religion that should
viewed in the light of aids to progress
are honest,
actuate our business conduct, but real and essential
honorable, helpful. The "professional" religi
religion; not the creeds and rituals, but the goodon may,
and ought to do this: teach that time is
will and common honesty innate in all religions.
not eternity;
It and that character and
conduct must impress themis not our feeling that the Church
as an organism selves for good upon
business. It is to-day,• not toshould invade business. The Church and
the Government are things apart. Yet there is in the for- morrow, we have in our own keeping. And he who
follows the "middle of the road" may
mer an incipient effort to state the terms busin
fail—yet sucof
ess ceed in the long run!
conduct. What is known as "Christian Socialism"
is an example. Recent attempts
to declare the
proper relations between employer
and employee is Annual Meeting of New York State Bankers' Association in Montreal June 23-25.
another. Given full reign, this work
by the Church
The coming week—June 23-25—the New York
will not only become militant but interf
State
ering. To Bankers'
Association will hold its annual meeting in Montteach men the nobility of work for work'
s sake, for real. The headqu
arters will be at the Mount Royal Hotel.
the building of character and the perfo
rmance of Willis G. Nash is
President of the Association and Edward J.
common duty, for the enlarging of produ
ction in ma- Gallien is Secretary.
There will be an address on "Modern
terial things, is not consonant with the
teaching of Banker and Merchant"
by Frederick H. Ecker, Vice-Presipoverty as a sacred condition of life. Fruga
lity is dent of the Metropolitan Life
Insurance Co., and George
not poverty; temperance is not abstinence. "Sell
all A. Slater, Surrogate of Westchester
County, will discuss
thou hast and give to the poor" may somet
imes be fiduciary problems confronting banks.
Dr. William Starr
commended as a test of character—but it
is not a Myers, professor of history at Princeton Univer
sity, will
practical thing—especially so, if we would prese
rve speak on "The Melting Pot," and Dexter S. Kimball, dean
the materials of civilization as a basis for the spir- of the Colleg
e of Engineering of Cornell University, will talk
ituals.
on "Industrial Democracy." Lieut.-Gov. Georg R.
Lunn
e
We need not fear any lack of good-will and honesty will address the delegates
at a banquet in the Mount Royal
because the Church and Government are outside Hotel on Tuesday, his subject
being "Democracy on Trial."
"business." The rules of conduct that spring out of With the conclusion of the conven
tion a three-day trip on
natural commercial relations become the guides to the steamer Richelieu of the Canadian
Steamship Lines to
honest effort. Confidence cannot endure when con- Quebec and up the Saguenay is planned.
tracts become "scraps of paper." The precision of
bargain and sale over time and territory compel the Annua
l Convention of American Institute of Banking
observance of word and bond. If men are not honest
to Be Held in Baltimore July 14-18.
from principle, naturally, and we think in the main
The twenty-second annual convention of the American
they are, they are taught to become so by the very Institute of Banking will be held July 14, 15, 16, 17 and 18
knowledge that "honesty is the best policy." Presi- in Baltimore, Md. The convention will include departmental
dent Lowell has stated a tremendous fact in stress- sions, conferences, institute conferences, convention sesArc. It is expected that a large delegation from the
ing the downfall of a material civilization when New York Chapte
r, Inc., will attend
conven
faith and honor in trade fail. And we can well be- a meeting to lay plans for the trip ofthe local tion and
the
group to
lieve that if there were not an innate honesty in man Baltimore will be held at 7:30 p. m. on June 25 at the New
progress in material things could never have brought York Chapter rooms, 15 W. 37th St. So far reservations
have been made for 65 from New York Chapter.




Jurin 21 1924.]

THE CHRONICLE

3011

The Indications of Cotton Acreage in June 1924
would normally have come from an increase
There has been a substantial further increase the which
acreage, with the result that the crop proved only
present season in the land devoted to cotton grow- in
larger than the 1922 crop, aggregating no
ing in the South and elsewhere in the United States, a trifle
than 10,128,478 bales, or less than 4% over the
as set out at length further along in this review. more
crop of 1922. The state of things as regards
But the experience of the two immediate seasons 9,762,069
damage then done by the boll weevil and inis suggestive of the caution that must be exercised the
conditions can be summed up in a
lest undue stress be laid upon this single element clement weather
pointing out that while the area
bearing upon the size of the crop. There are other nutshell by simply
last year was 1,666,000 bales
factors in the problem of equal if not of greater im- planted in cotton
planted in 1920, being 38,709,000
portance. The chief among these is the meteorolog- greater than that
37,043,000 acres, the crop in
ical conditions or state of the weather. Bad or se- acres, against
10,128,478 bales, while the crop
riously adverse weather, if prolonged, can ruin a 1923 aggregated only
ted no less than 13,439,603 bales the
crop, no matter what the extent of the acreage, of 1920 aggrega
shrinkage in the size of the crop being
though of course there is considerable protection in reason for the
entirely in the reduction of the average
a large acreage extending over wide sections of coun- found almost
from 178.4 pounds per acre in 1920 to
try, through different degrees of latitude and longi- yield per acre
in 1923.
tude, in which case there is assurance against com- 130.6
The possibilities involved in the bad handicap unplete and universal disaster to the crop, since naplanting starts in 1924, as it did in 1923
ture's destructive influences never operate with der which
and in 1922, should therefore be kept clearly in view.
equal severity in regions wide apart.
by no means follows that what hapAnd since the state of the weather is a paramount To be sure, it
the two previous years is again to happen
factor in determining the extent of the yield, it de- pened in
but obviously it would be folly to ignore the
serves to be noted at the outset, before taking up the in 1924,
ity itself in contemplating the further inquestion of acreage, that unfortunately, the weather possibil
in acreage the present season, which may or
the present year up to June 1 was decidedly unfavor- crease
eventuate in a considerable increase in the
able and decidedly injurious, just as it was in 1923 may not
of the crop. In one particular the disadvantage
and in 1922. For the third successive season the size
serious handicap at the outset, with the season
crop starts badly handicapped. The crop is again of a
rd all the way from one to four weeks, can
late—all the way from one to four weeks late—and it backwa
overcome, no matter how favorable the state
remains for the future to determine just what effect never be
weather may be for the remainder of the seathis will have in affecting the production. Given of the
We have reference more especially to the activipropitious weather for the rest of the growing sea• son.
the boll weevil. It is well known that the
soil and there will be ample time to retrieve the ties of
injury inflicted by this insect pest does not occur
present misfortune, but that did not happen last
until the squares form on the plant. It is desirable,
year, nor did it happen in 1922. On the contrary,
therefore, that the maturity of the squares and bolls
new troubles developed and the adverse effects behastened before the weevil come out of their hibercame cumulative, thereby destroying the chance of be
quarters. If the plant is well advanced and
realizing that substantial addition to production nating
an early start, this desideratum comes in a natwhich the larger acreage held out. Instead, the ad- gets
minimizing the possibility of damditions to yield were only moderate when the world ural way, thereby
But if the start is backhad need of very considerable growth in the size of age from their activities.
weeks late, with the fruit
the crop. In 1921 the production in this country fell ward and the crop several
, and no square or bolls apy
to 7,953,641 bales from 13,439,000 bales in 1920. That correspondingl delayed
their period of greatest
was the combined result of a huge reduction in acre- pear until the weevil attain
most sections is about the
age deliberately made to bring about a rise in price destructiveness, which in
danger from that source is
from the extraordinarily low level to which it had middle of July, then the
then dropped, and of the depredations of the boll present in its worst form.
That menace exists the present year as it did in the
weevil and other adverse influences tending to reagain caution is necduce the yield. That reduction in acreage was not two previous years. But here
ying the probable damage or
the only factor in the big shrinkage in the size of the essary against magnif
going to be severe, as
crop is evident from the fact that the average yield assuming that it is necessarily
in 1923 and 1922. There are offsetting influper acre dropped from 178.4 pounds in 1920 to only it was
e poisons are be124.5 pounds in 1921. Efforts to combat the weevil ences on the other side; for instanc
ing used much more freely, and in the second place
brought some increase in the product per acre in
to deal with the in1922, the average rising to 141.3 pounds, and this, farmers understand better how
harmful influence even
with the addition to acreage, brought an increase in sects and how to reduce their
or are available. Then
the size of the 1922 crop, which reached 9,762,069 where no poisons are used
tance to consider, howbales, as against the low total of 7,953,641 bales in there is still another circums
es great potentialities for
1921. But in 1923, with a further increase in the ever, which also possess
n. It is well known that
acreage through an addition of nearly 3,700,000 good on the present occasio
ed by natural influences.
acres to the planted area, the yield per acre, notwith- the weevil can be destroy
so effective as cold, especially
standing unremitting efforts to overcome the de- Among these none is
e cold and frost. As it happens, the past winstructive influence of the weevil, again declined, extrem
northern latitudes, had unusually
dropping back to 130.6 pounds, neutralizing to that ter, while mild in
crop low temperatures in the South, and in many sections
extent the legitimate increase in the size of the




•

3012

THE CHRONICLE

[you 118.

and on many nights there was actual frost. To the come, thereby greatl
y brightening prevailing prosextent that the weevil were thus killed off, the possi- pects.
bility of their developing life and doing damage has
Still another particular in which the situation is
been altogether removed. On the matter of the ex- immensely better is
in the further extension of the
tent to which this has happened there must neces- use of commercial
fertilizers. Of all the features
sarily be much conjecture, and we can only state here developed as a
result of our investigations on the
that very many of our correspondents make ref- present occasion there
is none that stands out with
erence to the probability that boll weevil damage greater clearness
or greater prominence than this
may in this way be minimized the present season.
one. Of course, there are parts of the South, more
While the nature of the drawbacks existing the especially the States
west of the Mississippi River,
present season are closely analogous to those en- where virtually no
fertilizers of -consequence are
countered in the previous two years, it is important used even now, but
in that part of the cotton belt
to point out that in some respects their scope this east of the Mississ
ippi, comprising the older States,
year has been wider and in other respects narrower. there has been a growin
g disposition to extend the
One feature apparently everywhere present, prac- use of fertilizers
and in no recent season has the
tically without exception, has been the low, tempera- movement been
so general and so widespread as durtures and cool, and at times even cold, weather. It ing 1924. Our
returns always carry the question,
is this that is responsible for the lateness of the crop, whether there
has been an increased or decreased
having at first prevented germination of the seed use of commercial
fertilizers, and on this occasion
and later retarded the growth and development of the replies are almost
uniformly in the affirmative—
the plants. We should judge that in that respect the that is in those
States where fertilizers are used at
1924 season had been even worse than that of 1923 all. Not only that,
but many of the returns lay emand 1922. Another adverse condition common to the phasis on the
extent of the increase, saying that the
whole South was the wetness of the seasmt.
quantity applied to the soil has been very
greatly
plaints in that regard come from all sections of the extended. Moreov
er, our correspondents, many of
South. And as far as the cold and the wet combined them, take occasion
to point.out that not alone has
have been unfavorable factors, they have the present the quantity used
been heavily increased, but that
season taken the whole South within their embrace. the consumption has
been all through of a higher
Last year Texas stood apart from the rest of the grade and of a better
quality. The tenure of our adSouth. It then had favoring conditions, when the vices is uniform in that
respect, all of the returns
rest of the South, by reason of floods and rains and saying that planters have
been turning to fertilizers
verflows and cold weather, was shrouded in gloom. of the very best types
and have been discarding the
Not so the present season. There is one part or poorer and inferio
r grades.
Texas where drouth has existed in 1924, but the bulk
It is easy to see that many different circumstance
s
o the State is suffering from continued wet weather
have combined to further the use of fertilizers. In
and retarded growth and development, the same as
the first place planters are becoming more and more
other sections of the South. Conditions as a whole
impressed with their importance as an aid in
proin Texas are not as good as they were in June 1923,
ducing the best results—in getting the most out
of
and that is a fact of no small significance, considerthe soil. In the second place the high price at which
ing the magnitude of the acreage in that State. The
they have been able to dispose of their cotton has
outlook in Texas is distinctly less promising than
it given them the means with which to make
purchases
was twelve months ago, though as against this is
to and has also furnished the inducement
to resort to
be set the increase in acreage to which reference will
every expedient for increasing the product. Back
in
presently be made further below.
1921, when the price of cotton on the farms was
10
On the other hand, though wet weather has been
cents a pound or less, the situation was differe
nt.
experienced everywhere in 1924, the downpour
has Planters then were too poor to buy
and the incentive
been more in the nature of occasional or repeat
ed likewise was lacking, since there
was no object in
showers, and it has not been attended by such exaugmenting the quantity of a product that could not
treme floods and overflows and washouts as
be disposed of at a profitable figure. Then, also, fermarked the course of the early months of 1923. Overtilizers the present season have been cheap—as a
flows and washouts did enormous amounts of dammatter of fact, some fertilizer companies have been
age in 1923, causing the abandonment of much acreforced into receivers' hands because of inabili
ty
age and the giving up of contemplated increases in
to keep a-going at the low figures at which they have
acreage. There has been no repetition of these overbeen obliged to dispose of their products. The plante
r
flows in 1924, at least not on the extensive scale
on his part has found this his opportunity and been
in which they were encountered in 1923. To that
adding to the quantities purchased.
extent the situation is distinctly better than it was
We think this is easily the foremost featur devele
a year ago.
oped by our investigations the present time, namely
Another point of difference and another particu- the
increased consumption of fertilizers. Its siglar in which there has been very noteworthy change
nificance certainly cannot be exaggerated. We have
for the better is that last year the floods and wash- alread
y noted that in 1923 the yield of cotton per
outs in many cases extended into June, inflicting acre
in the United States was only 130.6 pounds, as
further damage and operating to intensify the harm agains
t 1784 pounds per acre in 1920, but if we go
previously done. In 1924, on the contrary, the state furthe
r back the contrast becomes still more strikof the weather during June, at least up to the pres- ing, for
in 1914 the yield was 209.2 pounds per acre
ent time, has been in nearly all sections almost ideal. and in
1911 207.7 pounds. It is commonly assumed
As a consequence, instead of there being a further that
the great decline in productivity reflects the
accumulation of injury, existing misfortunes have,: damage
done by the boll weevil and the unfavorable
to a considerable extent, as already stated, been re- state
of the weather. But may it not be true that the
trieved and the previous setback to an extent over decline
has been due at least in equal degree to grad-




JUNE 21 1924.]

THE CHRONICLE

3013

, Tennessee, South Carolina and
nal soil exhaustion in the older parts of the South? tion of Louisiana
d meal sales are not included. In
At all events, that is a matter, in our estimation, Virginia cottonsee
the records are not kept in such a way
that has not been receiving the attention it deserves. those States
it possible to separate fertilizer proper
For it must be remembered that it is not the fruit as to make
cottonseed meal.
alone, the cotton, that is taken away, but also the from
TAG SALES REPORTED BY THI3 COMMISSIONERS
seed, the crushing of the cotton seed having devel- FERTILIZER TAX
OF AGRICULTURE.
oped into a most important industry. As is known,
I July 1 1921 to July 1 11922 to July 111923 to
June 1 1922. June 1923 June 1924
States.
the seed of the cotton plant is large and heavy
Tons.
Tons.
Tons.
and the quantity thus subtracted from the soil
471,783
435.674
293,543
97,954
80,704
. Few per- Alabama
33,630
Arkansas
reaches each year an enormous aggregate
381,238
360,653
314,216
677,638
666,328
522,031
have a proper realization of the mag- Florida
Georgia
sons doubtless
129.230
107.390
64,687
Louisiana
210,885
222,640
129,240
Mississippi
nitude of the quantities involved. The weight of the South Carolina
872.594
674,360
498,595
1,291,339
1,073,562
909,401
North Carolina
is far in excess of the weight of the cotton. Tennessee
seed crop
117,266
102,447
95,824
127,878
76.329
25,096
The latest definite figures available are those relat- Texas
443,002
437,176
421.572
Virginia
ing to the crop of 1922, which reached 9,762,069 bales Total
4,800,807
4,237,263
3,307,835
of 500 pounds. Reduced to the tonnage equivalent
It will be seen that in the eleven months of the
this represents 2,440,517 tons taken out of the soil.
current year the sales or consumption of fertilizers
The seed produced was no less than 4,336,000 tons,
as against 4,237,263 tons in
or nearly double the weight of the cotton. The two has been 4,800,807 tons,
the eleven months of the preceding year, and no more
together make a grand total of 0,776,517 tons. Of
tons in the eleven months of 1921-22.
the seed produced in that year 3,241,557 tons were than 3,307,835
quantity The increase in the two years, it will be noted, has
crushed, and as furnishing some idea of the
far from 50%.
involved we will say that the seed crushed yielded been, roughly, 1,500,000 tons, or not
as compared with
133,722,995 gallons of oil, 1,487,067 tons of cake and Every State shows a large gain
the movement reaches its height
meal, 943,773 tons of hulls and 584,177 bales of lint- two years ago. But
Carolina, where the consumption for the
ers. In the following table we have combined for in North
months aggregates 1,291,339 tons (over
each year back to 1910 the cotton with the cotton past eleven
one-quarter the total for the eleven States represeed, after first changing the crop from bales into
sented combined), as against 1,073,562 tons in the
tons.
corresponding eleven months of the preceding year
COTTON AND COTTON SEED PRODUCTION COMBINED.
and only 909,401 tons in the same period two years
Total CoUon
Cotton Seed
Cotton ProCotton Proand Seed
Produced.
auction in
auction in
ago. Of course, the fertilizers used are not alone for
Tons.
Tons.
Tons.
-lb. Bales.
-500
Year
8,077,154 application to the cotton plants, but for-application
5,175,000
2,902.154
11,608,616
1910
10,920,175
6,997,000
3,923,175
15,692.701
1911
9.529,855
6,104.000
3.425,855
13,703.421
crops, and in North Carolina
1912
9,844,122 to all other fertilized
6,305,000
3,539,122
14,156,486
1913
11,219,733
7.186.000
4,033,733
16,134,930
1914
on in a highly intensified
7,789,955 cotton planting is carried
4,992,000
2,797.955
11,191.820
1915
7.975.483
5,113.000
2,862,483
11,449,930
1916
Carolina State Agricultural Sta7,865,594 form. The North
5,040,000
2,825,594
11,302,375
1917
8,370,133
5,360,000
3,010.133
12,040,532
1918
7,929,191 tistician has made a special inquiry into the subject
5,074,000
2,855,191
11,420,763
1919
9,330,901
5,971,000
3,359,901
13,439,603
1920
5,519.410 and he finds that of the total amount of fertilizer
3,531,000
1,988,410
7,953,641
1921
6,776.517
4,336,000
2,440,517
9,762,069
1922
6,938,120 used the present season 49% was reported as devoted
*4,406.000
2,532,120
10,128,478
1923
118,086,343 to cotton, while the remaining 51% was applied on
75,590,000
42,496,343
Total 14 years_169,985,365
all the other crops combined. He notes, moreover,
* Estimated.
combined the a point to which we already referred, that "there is
It will be seen that for the 14 years
fertilizer&
total of the tonnage of cotton has been 42,496,343 a distinct increase in the high grade of
75,590,000 used." The same authority also tells us that almost
tons and the total of the seed produced
fertons, making for the two combined no less than 118,- 99% of the cotton acreage in the State has been
086,343 tons—which affords an idea of what is in- tilized the present year, and furthermore that the
reports show an average of about 458 pounds to the
volved in the question.
Such figures as the foregoing are certainly highly acre at an average cost of $26 90 per ton. As indiis in
suggestive of soil exhaustion and it is this that in- cating how highly intensified cotton raising
pointing out that the
vests with so much importance the increased con- North Carolina it is worth
per
sumption of commercial fertilizers, for it is only by yield ,in that State in 1923 averaged 290 pounds
any other State with the
the use of these artificial aids that the soil can be acre, or in excess of that of
product
restored to its full former productivity. We have exception of Virginia, in which State the
and that even if North Carostated that nearly all our correspondents featured was 325 pounds per acre
still larger
the increase in consumption of fertilizers, but our lina the present year, as a result of its
but use of fertilizers, should be able to attain the same
conclusions do not rest alone on what they say,
fertilizers per acre
are supported by statistical evidence. As in former yield, the use of 458 pounds of
figures derived would even then mean nearly one and one-half
years we have again obtained certain
cotton pro,
from official statements, showing the absolute pounds of fertilizer for every pound of
amount of the fertilizer sales in the different South- duced.
We now present our estimate or approximation of
ern States. The figures have been very kindly furfor the counnished to us by S. D. Crenshaw, the Vice-President the planting in the different States and
figures we wish to reOf the Virginia-Carolina Chemical Co. at Richmond, try as a whole. In giving the
years, namely
and the Manager for the receivers of the company, iterate what we have said in previous
exactness—that there
and they show the quantity of fertilizer emu-pined; .that we make no pretense to
involved in the colas indicated by tax tag sales reported by the Com- are always many uncertainties
of the returns and that premissioners of Agriculture of the different States for lection and compilation
ions and deficiencies
the period from July 1 1923 to June 1:1924, in com- cautions against imperfect
on.long experience often prove futile; furtherparison with the figures for the,corresponding eleven based
no legs than in 1923 and
months of the two previous years. WitliThe &cep; more, that the present year,




3014

THE CHRONICLE

[Vox,. 118.

1922, many special factors have existed, serving
If we are correct in putting the addition for the
enormously to increase the uncertainties and the dif- whole South at 6%, the total acreage in cotton
the
ficulty of the work. In the circumstances our fig- present season is 41,018,000 acres, or
in excess of
ures and statements cannot be considered anything that of any previous season. The highest
previous
more than estimates and approximations-approxi- planting was in 1923, when,the acreage
was 38,709,mations, to be sure, as close as it is possible to make 000 acres, as will be seen from the foregoing
table
them by calling to our aid every source of informa- showing the area planted and the area picked, with
tion at command,but subject, nevertheless, to greater the yield per acre and the crop produced for each
or smaller modification as the uncertainties referred year back to 1910.
to are resolved into actual facts, thereby removing
As already indicated, the area is only one element
the elements of conjecture and doubt. It is proper in the problem and what the size of the 1924 crop is
to say again also that in applying our percentages to be will depend mainly upon the yield per acre,
of increase in area for the present year we use the which in turn is dependent upon a variety of conrevised figures of acreage for last season issued the siderations, such as meteorological conditions, the
1st of the current month by the Department of Agri- depredations of the boll weevil, etc.,
etc. On the
culture. There seems no reason why these figures basis of last year's yield of 130.6 pounds per acre the
should not be regarded as absolutely correct after crop on the present acreage would be 10,713,901
the pains that have been taken to make them so, and bales; on the basis of the yield ten years ago, namely
U is our understanding that the Agricultural De- 209.2 pounds per acre, the crop would be 17,161,931
partment always acts in collaboration with the Cen- bales. This year's yield per acre is not likely to go
sus authorities.
to either extreme, but the possibilities lie between
these two extremes.
Acreage
Estimate
Probable
Planted,
for 1924
Acreage
The main stimulus to a larger acreage in'1924 has
1923
Increase or
1924.
been, of course, the high level of prices prevailing.
Dept. of
Decrease.
STATESAgriculture.
This was the case last year, and has again been the
Virginia
74,000 Increase 8%
80,000 case the present
year. On March 1 the middling
North Carolina
1,687,000 Increase 6%
1,788,000
upland spot price for cotton in New York was 28.25c.;
South Carolina
005,000 Increase 4%
2
2,085,000
Georgia
3,844,000 Increase 5%
4,036,000 on April 1 28.50c.; on May 1 30.30c., and on June 1
Florida
171,000 Unchanged
171,000 32.75c. The corresponding
figures in 1923 were
Alabama
3,190,000 Increase 3%
3,285,000
30.40c., 28.55c., 27.50c. and 27.55c. But back in 1921
Mississippi
3,392,000 Unchanged
3,392.000
Louisiana
1,464,000 Increase 10% 1,610,000 they were only 11.65c., 12.00c., 12:90c. and 12.90c.
Texas
14,440,000 Increase 8% 15,595,000 Corresponding differences are seen when the farm
Arkansas
3,120,000 Unchanged
3,120,000 price is
taken. In the following we show the New
Tennessee
1,221,000 Decrease 5%
1,160,000
Missouri
394,000 Increase 8%
425,000 York price and the farm price each month for a long
Oklahoma
3,400,000 Increase 15% 3,910,000 series of years. The farm prices are those of the
California
435,000 Increase 17%
a275,000 Agricultural Department at Washington
and as to
Arizo_ia
130,000 Increase 30%
169,000
the methods employed in arriving at its averages the
All other
b92,000
92,000
Department explains that the prices are "averages
Total
38,709,000 Increase 6.00% 41,018,000 of reports of county crop
reporters weighted accorda This includes 150,000 acres in 1923 and 175,000 acres in 1924 for
the portion of the Imperial Valley lying in Lower California (Mexico) ing to relative importance of county and State."
It will be seen from the foregoing that for the
South as a whole there is an increase of 6.00%. There
is only one State where we find ourselves justified
in reporting a decrease, namely Tennessee. This is
a State of small acreage and we put the falling off
at 5%, which the official figures may somewhat reduce when they become available. In the case of
Florida, Mississippi and Arkansas we leave the
acreage the same as last year. All the other States
show larger or smaller increases. The biggest percentage of increase in the case of any State of considerable size is that of Oklahoma, with a gain of 15%.
For Texas the June 1 estimate of the Texas Commissioner of Agriculture shows an addition of 10%, but
we make the increase only 8%,to be on the safe side.
ACREAGE AND PRODUCTION OF COTTON IN
UNITED STATES, 1910-1923.
Avg.Yield Production
Acreag
Picked.
per Acre
(Census)
Planted.
(Acres)
(Pounds) 500-lb.bales
Year(Acres)
32,403,000
170.7
1910__.._33,418,000
11,608,616
36,045,000
207.7
15,692,701
1911 ____36,681,000
34,283,000
190.9
13,703,421
1912 ____34,766,000
37,089,000
182.0
1913 ____37,458,000
14,156,486
36,832,000
209.2
16,134,930
1914 ____37,406,000
31,412,000
170.3
11,191,820
1915 ____32,107,000
34,985,000
156.6
11,449,930
1916 ____36,052,000
33,841,000
159.7
11,302,375
1917 ____34,925,000
36,008,000
159.6 • 12,040,532
1918 _ _ _ _37,207,000
33,566,000
161.5
11,420,763
1919 ____35,133,000
35,878,000
178.4
13,439,603
1920 ____37,043,000
30,509,000
124.5
7,953,641
1921 .___3l,678,000
33,036,000
141.3
1922 ____34,016,000
9,762,069
37,130,000
130.6
10,128,478
1923 ____38,709,000
1924 ___-_41,018,000
(?)
•
(?)
(/)




PRICE OF MMDLING UPLAND COTTON IN NEW YORK ON DATES
GIVEN AND AVERAGE FOR SEASON.
1923- 1922- 1921- 1920- 1919- 1918- 1917- 1916- 1915- 1914- 19131924. 1923. 1922. 1921. 1920. 1919. 1918. 1917. 1916. 1915. 1914.
Aug. 1
Sept. 1
Oct. 1
Nov. 1
Dec. 1
Jan. 1
Feb. 1
Mar. 1
Apr. 1
May 1
June 1
July I
RI/AMUR

WW54WWNNW.P.P..Nbal
1
W48. .44.11
Cm. 0 .0 0000i
01

and which we disregard in our footings. b Including New Mexico.

23.65 22.55 12.90 40.00 35.70 29.70 25.65 13.25 9.30 12.50
25.95 22.25 17.50 30.25 32.05 36.50 23.30 16.30 9.75 __ _
.
29.50 20.45 21.10 25.00 32.25 34.30 25.25 16.00 11.09
31.25 24.45 18.75 22.50 38.65 29.05 28.75 18.75 11.95
37.65 25.30 17.55 16.65 39.75 28.10 30.90 20.35 12.55 7.65
35.40 26.45 18.65 14.75 39.25 32.60 31.75 17.25 12.40 7.80
34.00 27.40 17.20 14.15 39.00 26.75 31.20 14.75 11.95 8.50
28.25 30.40 18.70 11.65 40.25 26.10 32.70 17.00 11.45 8.25
28.50 28.55 18.10 12.00 41.75 28.60 34.95 19.20 12.00 9.80
30.30 27.50 18.95 12.90 41.25 29.40 28.70 20.70 12.30 10.40
32.75 27.55 21.00 12.90 40.00 33.15 29.00 22.65 12.70 9.55
27.85 22.05 12.00 39.25 34.15 31.90 27.25 12.90 9.60
Reason
2fl 20 18.02 17.80371 25 qi 0490 RR 10 19 11 02 207 12 20
AVERAGE PRICE OF corron ON THE FARM.
1923- 1922- 1921- 1920- 1919- 1918- 1917- 1916- 1915- 1914- 19131924. 1923. 1922 1921 1920. 1919. 1918. 1917. 1916. 1915. 1914.

Aug. 1
Sept. 1
Oct. 1
Nov. 1
Dec. 1
Jan. 1
Feb. 1
Mar. 1
April 1
May 1
June 1
July 1

23.5
24.1
27.2
28.8
31.0
*32.5
*31.4
*27.7
•28.7

20.7 9.8 38.8 32.5 27.8 24.3 12.6 8.1 12.4 11.5
21.1 12.6 31.1 30.3 32.2 23.4 14.6 8.5 8.7 11.8
20.0 19.8 25.5 31.3 31.8 23.3 15.5 11.2 7.8 13.3
22.4 17.7 19.4 36.5 29.3 27.3 18.0 11.6 6.3 13.0
23.8 16.2 14.0 35.7 27.6 27.7 19.6 11.3 6.8 12.2
24.5 16.3 11.5 35.9 28.7 28.9 17.1 11.4 6.6 11.7
25.9 15.5 11.8 36.2 24.9 29.7 16.8 11.5 7.4 11.9
27.7 15.9 10.3 36.2 24.0 30.2 15.9 11.1 7.4 12.6
28.4 16.0 9.4 37.3 24.5 31.8 18.0 11.5 8.1 11.9
26.9 15.9 9.4 37.7 26.0 28.5 18.9 11.5 9.1 12.2
25.6 18.7 9.8 37.2 29.5 27.4 20.2 12.2 8.6 12.4
26.2 20.4 9.6 37.4 31.1 28.6 24.7 12.5 8.6 12.4
• Prices of the let of the month not being available, we give averages as of the
15th of the month.

We now present our summaries for the different
States:
VIRGINIA.
-This State lies in the extreme northern
fringe of the cotton belt and the area devoted to cotton is not
large. However, under the stimulus of the high price prevailing for the staple the land under cotton is gradually
being extended. The United States Department of Agriculture at Washington in its revised figures published June
2and printed by us in our issue of June 7, page 2852, reports
the area planted to cotton last year in that State as 74,000
acres, and the whole of it picked-that is, none of it having

JUNE 21 1924.1

THE CHRONICLE

3015

ve rains 602,808 bales; Arkansas, with 3,026,000 acres, produced 626,subsequently had to be abandoned because of excessi
and Oklahoma, with 3,197,000 acres, produced
or other causes. This compares with 57,000 306 bales,
or washouts
severer depredations of
in 1922. Conditions the 655,356 bales. Worse weather and
acres planted and 55,000 picked
every- the boll weevil than in North Carolina may account to some
present year in Virginia were the same as nearly
contend with extent for this difference, but the larger product follows
where else in the cotton belt, farmers having to
mainly from the freedom with which fertilizers are used to
excessive rains and with temperatures below the normal,
cold most increase the fertility of the soil. If tax tag sales are any
the nights particularly having been cool—in fact,
more fertilizing material
12 with the aver- guide, North Carolina consumes
of the time. Planting began May 5 to May
by far than any other State in the cotton belt. At all events,
been done
age date about May 9 and much replanting has
inas 20 fertilizer consumption in that State has enormously
since May 20. The replanting is estimated at as high
con- creased during the last two years, the further increase the
to 3Q%. The acreage will be only 8% larger, weather
plant present season having been over 20%. This further increase
ditions having reduced the prospective increase. The
chief importance at the
for the same the present season is the point of
Is backward, as was the case last season, and
juncture, for it indicates that, though North Caropresent
reason, namely cool and wet weather. And yet is not backlina, like the rest of the South, may the present season suffer
ward to fully the same extent. The season is not more than
of a
to from other causes, it is not going to suffer because
a week to ten days late. The seed came up poorly, owing
tion of commercial fertilizers. The yield
poor. diminished applica
the cold and the rains, and the stands secured were
of cotton per acre in North Carolina last season was 290
The weather having been so wet, the fields have become
better pounds, or almost double the yield in Texas, where there
grassy inasmuch as cultivation was not possible, but
soil in recent years of
of the time in have been large additions of virgin
weather, such as has been experienced much
high productivity, far in excess of the yield in any other
June, is counted upon to work material improvement in that
are an Southern State excepting only the small area planted to cotrespect within a short time. Commercial fertilizers
ton in Virginia already mentioned and a yield which finds
important element in the crop in this State, and for that rea- Its only parallel in the irrigated sections of California and
son the yield of lint cotton per acre is high. The Agricul
season on
season at 325 Arizona where the product of lint per acre last
tural Bureau at Washington put the yield last
small areas devoted to cotton was respectively 285
the
pounds per acre, or in excess of that of any other cotton
and 292 pounds.
producing State. One of our correspondents in Virginia pounds
With these circumstances in mind, it will be readily apsays that approximately 98% of the total area is fertilized.
the further increase in the conThis makes it important to team from the same correspond- preciated what a bearing
used sumption of fertilizers the present season has on the probent that the average amount of commercial fertilizers
the crop, other things, of course, reper acre will average 10 to 15% greater the present year abilities of the size of
ed maining the same. The figures on this point are quite notethan last year. Special returns which we have succeed
sales show that from July 1. 1923 to
in obtaining from the State show that the quantity of fertil- worthy. The tax tag
of course, by any June 1 1924 the consumption of fertilizers has been 1,291,izers consumed in Virginia (though not,
1,073,562 tons in the corresponding
means for the use of cotton alone) based on tax tag sales 339 tons, as against only
than 909,401 tons in
339,193 tons in the first five months of 1924, eleven months of 1922-23 and no more
aggregated
of the same period of 1921-22. North Carolina, of course,
against 295,675 tons in the corresponding five months
and other produce on which fertil1923, 304,597 tons in the five months of 1922 and 243,588 raises much garden truck
ade manures have izers are used, but an inquiry just made by the North Carotons in the same months of 1921. Home-m
ture establishes the fact that of
been used to about the same extent as in other years. As lina Department of Agricul
was for
a is so far north, it is too early for the present year's consumption of fertilizers 49%
the latitude of Virgini
51% for all the other crops cominformation about the boll weevil. This pest, however, ap- application to cotton and
speak of an increase in the
peared in several counties late last season, and whether bined. Almost all our returns
some of our correspondents make a
they are likely to reappear the present year, and do damage, use of fertilizers and
connection with the matter. They
will depend, of course, mostly on future weather conditions. further point of interest in
to say that because of the reduced price of fertilizer the present
A prolonged period of hot dry weather would do much
more liberally, but
season the farmers have not only used it
render them harmless.
North
bought of the higher grades. We notice that the
NORTH CAROLINA.—Necessarily great interest is felt have
cian in his report for June 3
tural Statisti
a
In the cotton prospects in this State. Outside of Texas, more Carolin Agricul
North
that "the usage of commercial fertilizers in
cotton was raised in North Carolina last year than in any says
was made on 99% of the land
a the present season
other State in the cotton belt. With the exception of Texas, Carolin
cotton," and in his report of June 11 he says
North Carolina was the only State that produced a million planted to
ers."
a distinct increase in the high grade of fertiliz
bales of the staple, its crop having been, according to the "there is
pounds per acre apthe average
final figures of the Bureau of the Census at Washington, He states, moreover, that
been 458, and he gives the average cost
1,017,325 bales (of 500 pounds), against 851,937 bales in plied to the soil has
d by several hundred cotton
1922 and 776,222 bales in 1921. As a matter of fact, during per ton at $2640 as reporte
Carolina.
a with its farmers throughout the cotton counties of North
the whole of the past three years, North Carolin
application of fertilizers will
crop of 1,017,325 bales in 1923 and Arkansas with its crop of How intensive has been the
between this 458 pounds
1,018,021 bales in 1922, have been the only States that have appear when comparison is made
of
ers the present season and last year's yield
had a million bales to their credit, whereas prior to 1921 of fertiliz
million-bale States were quite common. But Arkansas cotton lint per acre of 290 pounds.
the same
Complaints this year from North Carolina are
which, as just stated, had a crop of 1,018,021 bales (of 500
the weather has been too
pounds) in 1922, dropped to only 626,306 bales in 1923, while as from elsewhere in the South—
notice that one correspondent
North Carolina moved up,as we have seen, to 1,017,325 bales, cold and too wet, though we
says that at first it was too
placing her far in the lead of any other State excepting in the central part of the State
wet. Planting began about
Texas. The latter is an•empire in itself and alwaya ranks cold and dry, and then cold and
from
and extended over the period
pre-eminently first—so much so that no other State can hope the same time as usual
average date April 25
the
for the future to come within even close approach to her, as April 10 to May 10, with perhaps
replanting had to be done, the
will be evident when we say that the yield of Texas last or April 26. Considerable
s running all the way from
season was 4,339,940 bales of 500 pounds. North Carolina estimate in the different section
lly everywhere
its high yield per acre. 5 to 20%. The seed came up poorly practica
holds one other distinction, namely
r and in a few instances also
of nearly because of the cool weathe
It is this that has enabled her to produce a crop
hardly
an acreage less than there was some rotting of seed in the ground. It can
one-quarter the size of that of Texas on
the
stand was secured anywhere in
year in North be said that a good
one-seventh that of Texas, the area picked last
only fair, but latterly
ng it poor, or
Carolina having been 1,679,000 acres and in Texas no less State, the returns reporti
some of the reports say
14,150,000 acres. It is the same advantage that has there has been improvement and
than
stand. In the
when States with cotton farmers are making a big effort to get a good
put her in the million-bales rank,
much betactually over double, her cotton case of late planted cotton it appears the stand is
areas nearly double, or
planted. On account of the
falling 300,000 bales to 400,000 ter than in the case of the early
acreage, have produced crops
weeds
mark. For while North Caro- wet weather many of the fields are bothered with
bales below the million-bale
grass, but perhaps not more so than usual in recent
5 bales on an area of 1,679,000 and
lina raised a crop of 1,017,32
far the
acres, raised a crop of only years so early in the season, and during June thus
acres, Georgia, with .3,421,000
proacres, produced only weather has been much better, enabling cultivation to
0
587,969 bales; Alabama, with 3,079,00
and weeds, Labor has been
3,170,000 acres, produced ceed In rooting out the grass
586,512 bales; Mississippi, with




3016

THE CHRONICLE

[Vol,. .118.

much more plentiful than a year ago, owing to the closing decrease in the area
devoted to cotton, and put the dedown of many of the cotton mills, and this has been an im- crease at 10% or more,
but the generality of the returns say
portant aid, both in carrying on cultivation and in extend- either that there has been
no change or else that there has
ing area. The crop is late, not a few of our returns saying been a substantial
increase with additions all the way from
20 days, some 10 to 14 days, but only 5 to 6 days in one or 10 to 25%. Our
computations point to an average increase
two instances. `Ale coastal counties are least backward, and of about 4%. Some of
our returns speak of labor being
the extreme western counties most, but it is in this latter scarce, which is contrary to
the tenor of the reports from
region that the weather during June has been most propi- North Carolina mentioned above,
where labor is pronounced
tious, with the result that lost time is now being made up. plentiful because of the growing
idleness in the cotton milk,
The acreage is unquestionably larger than a year ago. None North Carolina being the largest
cotton manufacturing
of our returns speaks of a decrease, only a few report the State in the South, though it
does not surpass South Carolina
acreage unchanged, while the great majority show increases very greatly in that respect.
running from 5 to 12%. We think that for the State as a
GEORGIA.—The outlook in this State is appreciably
whole the increase will average about 6%. There is no
betallusion by any of our correspondents in North Carolina to ter than it was 12 months ago. The weather has been genthe boll weevil and at this stage of the season it is much too erally too cool and too wet, but the seed came up better than
early for information in that partieular, as they do not usual, although some replanting was necessary in scattered
sections, due to unseasonable cold. The accounts differ
appear until later.
SOUTH CAROLINA.—Accounts from this State are not considerably as to the extent of replanting necessary. In
so bad as they were a year ago, but that is perhaps because the southern part of the State there seems to have been only
last year they were so extremely bad that they could hardly a moderate amount of replanting, while in the northern part
have been wor§e, the returns then being the gloomiest and a considerable amount appears to have been required, in
most pessimistic from any part of the South. Nevertheless some cases to the extent of 20%. For the State as a whole
the census figures show that the State had a cotton crop in there has apparently been less than usual, and mainly in
1923 of 769,416 bales of 500 pounds, against 492,400 bales in scattered sections. While plants are small, they look
1922 on substantially the same acreage. However, that was healthy as a rule and seem to be free from blight. Stands
nothing to boast of, for in 1920 the South Carolina crop was generally are very good, including the replanted cotton.
1,623,076 bales, in 1919 it was 1,426,146 bales, and in 1918 The period of planting, speaking of the State as a whole,
1,569,918 bales, though on a much larger area in those years. extended from April 1 to May 1, but replanting, what there
But the returns the present year are by no means satisfac- was of it, was not entirely completed by the end of May.
tory. The complaint is the common one that it has been Warm weather during June has been beneficial, but as it has
altogether too wet and too cold. The returns are only nega- been accompanied by showers the fields are becoming grassy,
tively better than they were in 1923 in that they are less because farmers have been unable to carry on the work of
pessimistic in tone. One correspondent who reports the cultivation. The crop is from one to three weeks late in
latest planting he has ever known, with cold weather up different parts of the state. In south Georgia it may be
to May 17 and rains and storms almost daily for six weeks, said to be 10 to 15 days late, and in north and middle Geortakes pains to add a postscript saying: "We have people gia about a week to 10 days. As to acreage, one return in
here who don't give up and if any section makes a cotton the extreme southern part of Georgia speaks of a decrease
crop this year we will." In the extreme southern portion and puts it at 50%, but this is an isolated instance and all
of the State, planting began as early as March 1 and was the other returns say either that there has been no change
finished by April, 15 but replanting was necessary to the or else that there has been a moderate increase. While some
extent of about 25%. In the extreme northern part of the sections unquestionably show a decrease, though as a rule
State putting the seed in generally began about April 20 and only a light decrease, our computations indicate that for the
work was completed about May 10. Here little or no re- State as a whole there has been an increase of about 5%.
planting was found necessary; the seed came up well. The As to the use of fertilizers, accirding to a statement spestand is good, and the fields are quite clear of weeds and cially prepared for us, the tax tag sales show that for the
grass. It is from the southwestern portion of the State that five months from Jan. 1 to June 1 1924 the consumption of
the most unfavorable reports come. Here replanting had fertilizers in Georgia has been 668,137 tons, against 659,097
not yet been completed by June 10, a third planting in some tons in the five months of 1923 and 513,566 tons and 526,536
cases having been found necessary. In those parts grass tons, respectively, in the first five months of 1922 and 1921.
is plentiful, the fields having been too boggy from rains to While one correspondent says that there has been an inmake it possible to chop out the grass to any great extent. crease on the farms devoted to tobacco rather than on the
For this reason the conditions of the stand is very irregular cotton plantation, this is in cenflict with the general tenor
with the plants of all sizes, and with some of the replanted of the advices, which speak of an increase of 10 to 15% on
cotton only a week old. It is in these parts, however, that cotton lands. What is more, the reports agree in saying
our correspondents speak of increases in acreage running that a much better grade of fertilizers has been used. There
from 15 to 25%. Latterly there has been considerable has been the present season also a larger use of home-made
warmth which has been highly beneficial, and our accounts composts. The boll weevil are not yet much in evidence,
say that the main thing against the plant is the lateness of but have lately been making their appearance in scattered
the season with heavy intermittent rains. Except in the districts. In such cases poisoning has been promptly renorthwestern part of the State, the crop is two to three weeks sorted to. The belief is expressed that the unusually cold
late. Condition on the whole is better than a year ago, winter (for the South) killed many insects, including some
though leaving much to be desired. An additional advantage of the boll weevil. Our advices are that the farmers in
exists nearly everywhere in a greatly increased use of com- Georgia are in better shape the present season for carrying
mercial fertilizers. With one or two exceptions all our re- the crop to completion than they have been for several years
turns advert to this and the statistics appear to be alto- past. We are also told that they understand fighting the
gether conclusive on that point. The tax tag sales show boll weevil better than in previous seasons and have adjusted
that the consumption of fertilizer in the eleven months from their acreage to their ability to cultivate the fields and at
July.1 1923 to June 1 1924 in South Carolina was 872,594 the same time to fight the weevil with poison and by picking
tons, against only 674,360 tons In the corresponding eleven off the first infected squares. Colored man labor seems
months of the preceding year and but 498,595 tons in the still to be scarce, but our returns say that cultivation is unsame period of 1921-22. The State has suffered severely in der way with women and children in the fields doing the
the past from the activities of the boll weevil, but the re- chopping out of weeds and other light culture.
turns indicate the probability of a greatly increased use of
FLORIDA.—This State is each year assuming increased '
calcium arsenate and a most determined effort to stamp out importance as a winter
resort, but does not cut much figure
this insect pest, besides which only a light infestation is in- as a cotton producer,
and last season fared rather badly
dicated in most sections at the present time. It would seem with the small area
actually devoted to the staple. It had
as if with aid from these various directions a substantial 171,000 acres in cultivatio
n at the beginning of the season,
Increase in the drop could easily be brought about, for the but only 147,000 acres
remained at the end of the season to
yield in that State last season, while by no means so small be picked, and on this
the yield was only 40 pounds of lint
as in many other States, was yet only 187 pounds of lint per to the acre, with a
result that Florida had a crop of no more
acre, as against 290 Pounds in the adjoining State of North than 12,345 bale's,
as against 25,021 bales in 1922 on a very •
Carolina. As to the acreage, the.estimates Vary widely. ,A much smaller'acreage.
On that basis there is little inducefew of our Correspondents estimate that there has been a ment'to
engage in the work of co/ton'raising. However, the




JUNE 21 1924.]

THE CHRONICLE

3017

other crops rather than to cotton. The
plant made a good start the present season, and though the applied mostly to
cotton in Alabama will be, it would seem, modweather has been too cold a good stand has been secured and acreage in
larger than in 1923. At one time it looked as if the
the acreage is about the same as last year. Planting began erately
and though, as addition would approximate 10%, but weather conditions inabout April 1 and was completed April 25
the planting of much of the contemplated
stated, low temperatures have prevailed practically every- terfered with
The fields are clear extra acreage. The conclusion we reach after careful study
where, little replanting was required.
returns is that there has been an increase in area of
of weeds and grass, but the crop is about 10 days late. Dur- of the
progress has been made, except in the western about 3%.
ing June good
part of the State, where rain has delayed cultivation. The
MISSISSIPPI.—This is another State which proved a
rain has been beneficial in most sections, but some damage great disappointment last season. The acreage was larger
has resulted at local points. There have been thus far no than in 1922, even after allowing for subsequent abandonmanifestations of the presence of the boll weevil. Commer- ment, 3,392,000 acres having been planted and 3,170,000
cial fertilizers appear to have been employed to about the acres being left to be picked against 3,076,000 acres planted
same extent as last year, though as the area in cotton is so and 3,014,000 acres picked in 1922, but the crop turned out
small the aggregate needs for the purpose, even if increased, to be only 602,808 bales, against 989,273 bales in 1922 and
would not be large. The State applies fertilizers, however, 813,014 bales in 1921. The yield was only 91 pounds of lint
liberally on its other crops. For the 11 months from July 1 per acre, the same as Alabama. This is important here
1923 to June 1 1924 the tax tag sales indicate a consumption because it reflects a poor situation all through the planting
of 361,238 tons within the State, comparing with 360,653 tons and growing situation. Accounts in 1924 are a little better
in the 11 months of 1922-23 and 314,216 tons in the corre- than last year, when they were, as already indicated, very
sponding period of 1921-22.
bad. Planting began about April 1 to April 10 and was
ALABAMA.—Alabama gave a poor account of itself last completed between April 25 and May 5. Replanting, of
year and any change the present year ought to be for the which there was considerable, though perhaps not to the
better. It was one of the States which substantially in- same extent as in 1923, was not finished until about the
creased its acreage in 1923 and yet suffered great contrac- beginning of June. All the returns advise that it has been
tion in its yield, raising a crop of only 586,512 bales, as too cold, that having evidently been an adverse circumstance
against 823,498 bales in 1922. The yield per acre was only 91 affecting the whole South, and many of the returns remark
lbs. of lint, which is the lowest of any State except Florida that it has been most of the time too wet. There has been
and Georgia and about one-third the yield in that State of not quite so much change for the better during June as in
intensified farming, namely North Carolina. The present most other States, the weather having been warmer, with
year it has been everywhere too cold and in many sections only light rains generally but locally quite heavy in some
too wet. The accounts from the southern part of the State, instances. Stands in the north and central portion of Misparticularly the portion bordering on the Gulf of Mexico, sissippi are not as good as elsewhere in the State, but they
are as a rule better than those from the northern part. In cannot be denominated bad or very poor anywhere. Almost
the southern part considerable cotton was planted about without exception our correspondents state that the stand is
April 1 and the bulk of the seeding was done between April fair to very good, one of them adding "on account of try,
10 and May 1. In this part of the State germination was try again." The crop is from one to two weeks late on the
very poor as a rule and the early planted cotton did not average, though extremes of 20 days late are met with in a
come up very well owing to cool weather. Considerable few instances. The fields are moderately clean over the
replanting was found incumbent. The later planted cotton, greater part of the State and only grassy in spots. The
however, came up quite well. In some instances, where re- plant being still very small in most cases no indications of
planting was necessary, corn was substituted for cotton. the appearance of the boll weevil are yet noted except in a
Where the rains have been excessive, the stands are poor, few isolated instances. There has been a somewhat greater
but generally a good stand has been secured, though in some application of commercial fertilizers. These, however, are
Instances after several plantings. In the northern part of much more sparingly used in Mississippi than in many other
the State, planting was not begun until about April 20 and States, as will appear when we say that the fertilizer tax
continued until towards the end of May. Here the extent of sales indicate a consumption for the five months ending May
replanting was very high, the estimate running up to 25% to 31 1924 of less than 200,000 tons for all purposes, the exact
40%. The accounts are uniform, however, in saying that figure being 192,979 tons. This, though, shows a very congood stands have been obtained practically everywhere with siderable increase over other recent years, which, after all,
the fields quite free of grass and weeds. The crop is about is the important point, the quantity consumed having been
two to three weeks late in the northern part of the State, 189,229 tons the five months of 1923, 116,635 tons in the five
but only about a week late i the lower half and in the Gulf months of 1922 and no more than 45,918 tons in the same
section about up to the average, favorable weather during period of 1921. Changes in acreage vary considerably in difthe last two or three weeks having led to rapid development ferent localities in Mississippi. A very few of the returns
sufficient to overcome •the early setback. There is still say there has been a decrease and in one instance the deneed, however, of cultivation in most parts of the State. crease is put as high as 10%. On the other hand, the preponAlabama suffered greatly from the weevil in 1923 and in the derating number of correspondents say either that there has
lower half of the State our correspondents report them at been no change or else that there has been an increase of
work in some localities the present year, but say that up to from 5 to 10%. To be on the safe side, we leave the acreage
the present time they have not been as active as they were for the State just the same as in 1922.
last year. In the northern part of the State it is still too
LOIIISIANA.—This is not a very important cotton raising
early for much evidence of their presence. No damage has
in the State and the opinion appears State, contrary to the general supposition. Even after some
yet been done anywhere
to be quite general that the State will suffer no such injury increase the area planted in cotton in 1923 was only 1,464,000
from the activities of the insect as was the case last year, acres and the area picked 1,405,000 acres, on which Louisiboth because the planters know better how to deal with the ana raised a crop of 367,658 bales in 1923, against 343,272
weevil and also because they will use poisons on a more ex- bales in 1922 and 278,858 bales in 192L The product was 125
tensive scale. Advantage will also accrue from a larger lbs. per acre, which compares with 91 lbs. for Alabama and
application of soil stimulants. Commercial fertilizers have Mississsippi and only 82 lbs. for Georgia. Last year the acbeen employed on a greatly increased scale and have been of counts from Louisiana in June were much better than from
better quality. The addition is reported by some of our cor- other parts of the South, the State having largely escaped
respondents as high as 25%, and special returns to us with the excessive rains then so common elsewhere. The present
regard to the tax tag sales bear out the reports of an en- year the whole State complains of the low temperatures exlarged application of this soil food. Based on these tax tag perienced and particularly of the cool nights. In other resales the consumption of commercial fertiliZers in Alabama spects, however, a sharp distinction must be made between
the upper
in the five months ending May 31 the present year has been the lower half of the State and the upper half. In
against 411,890 tons in the five months of 1923, half most unfavorable conditions have prevailed throughout
444,900 tons,
282,830 tons in the five months of 1922 and but 166,810 tons the whole period. In the month of May the rainfall reached
bureau at
in the same period of 1921. This is an increase, it will be 7 inches, according to the records of the weather
reports that it
seen, within two years, of almost 200%. Not much attention Shreveport, and one of our correspondents
can recall. The
is paid as a rule by the generality of farmers to home-made was the coldest month through May that he
up poorly, much reomposts, for the reason, as they say, that it is "too much seed in that part of Louisiana came
are still reported
trouble" to save it. Where manure is freely used, it is planting had to be done, and the stands




3018

THE CHRONICLE

poor. The weather has prevented cultivation and the fields emphasizes the need of considering the different subdiviare said to abound with grass and weeds. This has refer- sions separately. In northeast Texas the returns show that
ence, as stated, to the northern part of the State, where the season has been much too cold and much too wet and
planting began early in May, but was not completed, under that as a consequence much replanting had to be done, a
great difficulties, until the last of May. From the southern third planting having been required in not a few instances.
part of the State, where planting began about the Through these repeated plantings a good stand has been
same time the reports are much more encouraging. generally secured, the accounts saying that the plant, while
Here comparatively little replanting was required, small above ground, has a good root as a whole. In that
the stands are declared to be fairly good, with the part of the State planting and replanting extended over the
fields quite clean. There has been no trouble yet from the period from April 20 to May 31, and the acreage either runs
boll weevils, but as their ravages in Louisiana have been about even with last year or shows an increase of 5 to 10%.
serious in all recent years after July 15, planters, at least in In northwest Texas, including the Texas Panhandle, plantthe northern part of the State, are apprehensive concerning ing extended over about the same period and here there is
the outlook, since, owing to the backwardness of the crop, very little complaint except to say that it has been too cold
no cotton will be safely made by that time the present year. and in some instances that it has been rather dry. Except
The crop is about three weeks late in the upper part of the for the low temperatures, conditions were generally quite
State and about two weeks late in the Gulf districts. There satisfactory and the stand is reported good to "very fine,"
has been an increase in the application of commercial fertil- with the fields reasonably clear of weeds and grass. The
izers to the soil by very many of the planters all over the crop.is, however, generally two weeks late, the same as in
State. The fact of the matter is, however, that these aids to northwest Texas. This comprising
the part of the State
soil fertility are still only sparingly used in Louisiana in where there is much new land the
percentages of increase in
farming of every kind, notwithstanding there has been con- acreage run into very high
figures
-20%, 100% and even
stant and quite decided growth in their application during 200 or 300%, but these represent
increases as compared with
the last three years. From the tax tag sales, regarding relatively small areas in 1923. In
south Texas down to the
which we have obtained official figures, it would appear Mexican border planting began
much earlier, say March 15,
that the entire quantity of commercial fertilizers consumed and was completed in April.
Here, also, there is complaint
for all purposes in Louisiana during the five months ending of too much rain, requiring
very extensive replanting—one
May 31 in 1924 was no more than 111,112 tons, comparing return says as
much as 50%. The crop is 10 days to three
with 86,026 tons in the five months of 1923, 52,392 tons in weeks late, yet accounts
from these parts agree pretty well
the same period of 1922 and only 23,948 tons in these five in saying that in most
places a good stand has been secured
months of 1921. Earlier in the season it looked as if there except where the plants
were washed up by excessive rains.
might be a substantial addition to the area devoted to cotton The fields generally
are reported quite free from weeds,
In Louisiana. But the excessive rainfall in the upper part though one of our returns
says that one-third is grassy and
of the State compelled the abandonment of many of the two-thirds fairly clean. Moderate
increases in acreage have
plans contemplated in that respect. For the State as a occurred in this portion of
the State, say 3 to 5%. Much
whole it would seem that the acreage will run larger, to the larger increase was contemplated,
but heavy rains with
extent of 8@12% and on advices from Baton Rouge we overflowing of the creeks, compelled
the abandonment of
make the average increase 10%.
intentions in that respect, and one return mentions the posTEXAS.—This State holds a predominant position in cot- sibility of a slight decrease from that cause. For the State
ton production in the United States and whether the grow- as a whole, owing to the irregularity of the changes, it is
ing crop of the country as a whole is to be larger or smaller unusually difficult to arrive at a trustworthy estimate of
than that of last year will depend to a very great extent the increase. R. M. Gordon & Co., cotton factors at Houston.
upon the outturn in Texas. The State last season raised who have made remarkably close estimates of the size of the
over 40% of the entire crop of the United States, its produc- crop in recent years, report an average increase in acreage
tion having been 4,339,940 bales (of 500 pounds) out of a for the State of 7.9. These figures•are of date May 23. The
total crop of 10,128,478 bales. Of the total area planted in Texas Commissioner of Agriculture, in his estimate of June
cotton in the United States in 1923, which was 38,709,000 1, makes the increase 10% and puts the condition of the
acres, of which 37,130,000 acres remained to be picked, Texas plant at 69. To be on the safe side we make the average
contributed 14,440,000 acres, of which 14,150,000 acres was increase 8%. Neither fertilizers nor home manures are
picked. Its crop is over four times that of the next highest used to any great extent in Texas. A few boll weevil are
State, namely North Carolina with 1,017,325 bales, and even reported in South Texas, but generally the plant is yet too
North Carolina could not have produced a crop of a million small to warrant their presence and the State as a whole
bales, except for the intensified farming pursued in that apparently did not suffer greatly from the depredations of
State, which gives it a yield per acre more than double that the weevil last year. The presence of grasshoppers, howof the United States cotton area as a whole. Moreover, ever, in considerable numbers is reported in some parts of
while the total United States crop in 1923 increased only southern Texas, and it is claimed that they are doing dam366,409 bales over that of 1922, Texas by itself had an in- age.
crease of 1,118,052 bales, this going mainly to make up for
ARKANSAS.—This State has over 3,000,000 acres devoted
the falling off in other parts of the country.' And the show- to cotton, but unfavorable conditions so reduced' the yield
ing is the same when comparison is made with the very that the 1923 crop dropped to 626,306 bales of 500 pounds,
small crop in 1921. In the two years from 1921 to 1923 the against 1,018,021 bales in 1922, when the acreage was over
production of the United States moved up from 7,953,641 200,000 acres smaller. The accounts last year in June were
bales to 10,128,478 bales, being an increase of 2,174,837 very gloomy and they are no better the present June. Tembales. But in the same two years the Texas crop juinped up peratures during May of this year were unusually low, espefrom 2,198,158 bales to 4,339,940 bales, being an increase in cially at night, and this kept the ground cold and retarded
that State of 2,141,782 bales or within a few thousand bales the germination of the seed and the growth of the plant. At
of the gain in the entire crop—all of which goes to show how Helena, Ark., there was frost on May 11, which killed quite
much depends upon the crop of that State. In June last a little cotton. There has also been a great deal too much
year Texas stood apart from the rest of the United States, rain. Nevertheless, one unusually careful correspondent
blessed with a crop situation that left little to be desired states that about the worst that can be said of the crop is
and offered possibilities of a large crop which the figures the smallness of the plant and this is now being remedied,
just cited show to have been subsequently realized. The the plant having been growing rapidly during June under
present season that big State again stands somewhat apart the influence of decidedly warmer weather. Planting began
from the rest of the country, but only in minor degree, as April 1 to April 10 and was completed about May 15. Much
several sections of the State have suffered from excessive replanting was necessary on account of wet and rain. In
rains the same as the greater part of the rest of the cotton most cases the stands are reported as good, though the
belt. As a consequence, general conditions in June 1924 are plant is small. However, the stands are of several different
not quite so favorable as they were in 1923 and this state- sizes on some farms. The fields are quite generally clear
ment applies to nearly all the main subdivisions of the of weeds and grass, and the most of our correspondents say
State, namely north Texas, centrarTexas and south Texas. that very little labor will be required to clean those that are
The State comprises such a wide domain that it occasionally grassy, though there is the usual exception, one correspondhappens that cotton is being already begun to be picked in ent saying that lots of grass remain in the fields and labor
the extreme south, on the Mexican border, when some very is short. The crop apears to be from five days to two weeks
late cotton is still being planted in the extreme north—which late, though there are one or two correspondents that re-




JUNE 21 1924.]

TM' CHRONICLE

3019

ported it 20% late. Some planters are resorting to increased April 15 to April 25 and was complete about a month later.
application of fertilizers, though farmers in Arkansas are On account of the unfavorable weather, however, much renot yet much accustomed to their use. Some of our returns planting was necessary, and the latter was not completed in
most cases until May 25. During April farmers made rapid
speak of increases running from 20 to 30%, but that is evi- progress and conditions on May 1 looked very promising.
dently in comparison with very small figures in 1923. The But owing to the coldest May on record, with one exception,
tax tag sales show 95,925 tons of commercial fertilizers used 'the seed germinated poorly, thus accounting for the extenin the first five months of 1924, against 89,873 tons in the sive replanting found necessary. Some of our corfirst five months of 1923, 33,864 tons in the same period of respondents from this State say also that the extra
seed proved hard to procure. The stands are gen1922 and 41,348 tons in the five months of 1921. As to the
erally good except where replanting was found necboll weevil, the extent of the infestation is not known, it essary and in those cases they are reported only
being too early for much information on that point, but indi- fair. Some grass is complained of, but generally the fieldscations point to less likelihood of great trouble from them are in good shape. Since the first of June, the weather in
the present year, in the estimation of some of our corre- Tennessee has been quite favorable, and this has permitted
spondents, than was the case last year. Data regarding the rapid cleaning out of what grass remained. As to the acreage, the bad weather has resulted in a number of decreases,
acreage are decidedly conflicting. Some correspondents re- even though in most cases the acreage remains the same ag
port a decrease of 10% or more, but the preponderating last year. For the State as a whole we figure a decrease
number of them express the opinion that there has been a of 5%. Fertilizers are not extensively used in Tenmoderate increase. In these circumstances we leave the nessee, but there has undoubtedly been some increase in
their application the present year, besides which our returns
acreage the same as in 1923.
speak of a much higher grade having been used. Tag sales
OKLAHOMA.—This is another one of the cotton produc- show that about 91,950 tons of commercial fertilizers have
ing States which has been raising in recent years only a been used for all purposes in the first five months of 1924.
small crop on a large acreage. Oklahoma in June 1923 had against 80,217 tons in the five months of 1923.
3,400,000 acres under cotton cultivation and of this 3,197,000
MISSOURL—This State lies outside the regular cotton
remained under cultivation to the end of the season and belt, but has nevertheless been steadily enlarging its area
cotton was picked from it. Yet the crop of the State, though during the last two or three years. According to the Departa little larger than that of 1922, amounted to only 655,356 ment of Agriculture at Washington, the State last year in
June had 394,000 acres of cotton under cultivation and 355,bales (comparing with 627,419 bales in 1922 and 481,286 000 acres were picked. The
yield per acre was much higher
bales In 1921), the yield per acre having been only 98 than the average for the entire belt, being 171 pounds per
pounds. Back in 1920 Oklahoma had a crop of 1,336,298 acre, but this was much below the average of the previous
bales on an acreage somewhat smaller than that of 1923— year and accordingly the State's crop reached only 120,449
which shows that planters, as elsewhere in the South last bales, as against 142,529 bales in 1922 on a planted acreage
then of only 201,000 acres. Conditions were quite unfavoryear except in Texas, had unfavorable conditions to contend
able then and the story is much the same the present season
with. The present year conditions were little, if any, better. —it was too cold early in the season and too cold and too
The complaints are a repetition of those that have come wet later in the season. Planting started about the middle
from nearly all other parts of the South in 1924 to the effect of April, or about a week later than in 1923, and, owing to
that weather conditions have been very unsatisfactory, hav- unfavorable conditions, considerable replanting was necesing been both too cold and (in certain instances) too wet, sary. This latter in some instances was not completed until
June 5. Some fields had to be replanted twice and then
though emphasis is chiefly laid on the cold. This latter
yielded only indifferent results. Late planted cotton shows
first prevented germination of the seed and later retarded a good stand, as also does the early planted cotton in about
the development of the plant. Replanting had to be done 75% of the cases. On account of the wet only about oneagain and again. Much planting had to be done a second half the fields have been chopped and plowed, and hence
and a third time because of the cold and wet. One of our there is considerable grass. The crop is declared now to be
returns says that 60% of the seed had to be put in a second only about ten days late as far as early planted seed is concerned and double that in the cases where there was reseedor a third time and another one says that this had td be
ing. As to the acreage, all that can now be said, according
done in two-thirds of the cases. Planting was begun the to W. C. Etheridge, Professor of Field Crops, is that some
latter part of April and was generally finished about May 1 Increase is probable, but its exact extent cannot be deterto May 15. 'While, however, conditions have been extremely mined until after the present extremely wet and unfavorable
unfavorable a good stand has been secured in the great ma- weather conditions have come to a close. The Department
of Agriculture at Washington reports, as already stated,
jority of cases—one correspondent says in about 75% of the
that 394,000 acres were planted in cotton in Missouri in
plantations—and the fields are quite, generally clear of 1923. We put the acreage for 1924 at 425,000 acres, an inweeds and grass. The crop is about three weeks late, taking crease of a little over 8%. There is very little commercial
the State as a whole, and in some districts it is claimed to fertilizers used in cotton farming in Missouri, notwithstandbe fully a month late, though on the other hand, in a few ing that the yield in that State is relatively high.
Instances, the returns say the season is only 10 to 15 days
CALIFORNIA AND ARIZONA.—In the Imperial Valley
backward. There has been a pretty general increase in of California, including the Mexican side of the valley, conacreage. Reports of additions to last year's planting of 10% ditions have on the whole been quite favorable and the
are common and from this figure they run up to as high as crop there is from one to two weeks earlier than the average.
30%. No official estimate will be available before July 1, There was a warm spell the early part of February and some
planting was done then, but the weather proved deceptive
but those most competent to arrive at correct conclusions, and the cold which subsequently developed made these early
and whose judgment we unqualifiedly accept, think that the efforts abortive and necessitated doing the work over. The
increase will be about 15% over the figures of 1923. The planting season proper extended from about April 15 to May
additions are not so very notable in the regular cotton coun- 20 and the results here were very satisfactory. The days
somewhat
ties, but are large in districts that have heretofore grown no have been clear and warm, but nights have been
cool occasionally. Stands as a rule are good to excellent
It should be added that during June the weather and the
cotton.
fields are in a high state of cultivation and in fine
has been almost ideal and prospects are now measurably im- condition. There have been some considerable additions to
proved as compared with the outlook at the beginning of the acreage, and for the Imperial Valley as a whole we put the
month. Very little commercial fertilizers are used in Okla- acreage at 275,000 acres, against 235,000 acres reported by
homa, though a few planters are beginning to show an in- the Department of Agriculture at Washington last year, an
Increase of about 17%. In ARIZONA the prospects are also
clination to avail of them and occasionally a car or two has quite
satisfactory except that the native weevil has apfound its way into some of the counties. No boll weevil have peared near Tucson. This is said to come from wild cotton
appearance as yet, though generally some of in the mountains. We are informed that 3,000 acres of
made their
them are seen at this time, and we are told by one corre- planted cotton is under quarantine and the expectation is
spondent that planters do not expect many of the pest the that it will be destroyed by the State. In all other respects
present year and attention is directed to the fact that "last the situation seems to be exceptionally assuring. In the case
of Pima or Arizona, Egyptian long staple cotton planting
winter was a hard and cold one."
began in March, and in the vase of short staple cotton in
TENNESSEE.—Tennessee is one of the small cotton pro- April and May, mostly May, and was completed by the end
ducing States and last season had only 1,221,000 acres under of the latter month. Of the seed planted in March and
cultivation, of which 1,172,000 acres remained to be picked April about 10% had to be replanted on account of cold
at the end of the season. The yield was low, only 92 pounds weather. The May plantings and replantings came up in
per acre, and the crop reached only 226,622 bales, against fine shape. The weather has been good except that the
390,994 bales in 1922. In that State, as in other parts of the nights have continued cool. Generally at this season the
cotton belt, it was too wet and too cold last year. The situa- nights are hot. The crop is about 10 days late, but exception the present year in that respect has not been greatly tionally good stands have been secured and the fields are
different, if anything a trifle worse. Planters again suf- clean, with little grass present. The acreage is larger than
fered very much from cold wet weather. Planting began In 1923 by about 30%. No commercial fertilizers are used.




3020

THE CHRONICLE

[vol.. 118.

Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME. here. The yield of 62,500,000 bushels now indicated is
33,000,000 bushels smaller than the high record crop of two
Friday Night, June 20 1924.
With a rise of 20 to 30 degrees in the temperatures in years ago, though nearly 25,000,000 bushels larger than in
parts of the West the condition of the crops has improved the five-year average just before the World War. The forand retail trade has also advanced. The wheat harvest has eign demand for American oats is not unlikely to increase
begun in Texas and in parts of Oklahoma and Kansas. It with the crop nearly 200,000,000 bushels smaller than before
was better weather for the corn crop and beneficial, with the war and 250,000,000 bushels smaller than in some recent
rains in the spring wheat belt. But the improvement in years. And so with barley, the crop of which is estimated
trade has been limited to retail lines. Wholesale business at some 95,000,000 bushels below the high record of 1918, and
is still inert. The great industries are still sluggish. Some even 60,000,000 below the crop at times before the war.
large sales were reported of pig iron, but at lower prices, Nature has cut down the production of grain at home and
and in the main iron and steel have been quiet. The output abroad and the farmer will find his labor more profitable
of steel averages only about 45%. In some cases it is and, as already stated, through purely natural causes, with
lower. Textiles are still quiet. The sales of print cloths at no admixture of political playing- to the gallery. It is an
Fall River fell off to half the total of the previous week. object lesson and should never be forgotten.
Another historic feature of these times is the remarkable
Worth Street shows little life, with most of the transactions
in small lots. There is more or less further curtailment in cheapness of money. Of course it is a natural outcome of
the textile field of New England. What it needs is lower the supply of funds accumulated in the United States, which
costs through lower wages and not improbably they will is nothing less than colossal and almost incredible. The latcome in time. Building is still on a large scale. It is one of est fact of interest in this connection is a decline in the rate
the exceptions.
which prove the rule. Yet the lumber trade for money for 90 days to 3%. Federal Reserve banks have
is not active, and prices here and there have yielded. Also, lowered rediscount rates. The rate on call loans secured by
there is considerable unemployment in this country. The acceptances is 1%%. Cheap money tends to stimulate the
grain markets have been a conspicuous feature of the week. buying of bonds. Such conditions usually precede a rise in
Active trading and rising prices have signalized it at home prices and sooner or later bring a recrudescence of speculaand abroad, spurred by a fear of deficient supplies of wheat tion. Thus far there has been no marked inflation. And for
during the coming season. The Russian drouth persists. a long period speculation has been quiet. Exceptional cirAnd it is of interest to notice that No. 2 Red wheat here is cumstances are now causing some increase in speculative
up to $1 30% and No. 1 Northern to $1 52%. Also, No. 2 trading in grain, particularly in wheat, both at Chicago and
Mixed corn is $1 016 and No. 2 Yellow $1 03, with No. 2 Winnipeg. But it is based on what it is feared is a wellWhite oats at 62%c. and No. 2 rye at 86c. This is a very grounded apprehension of a shortage of supplies. Otherdifferent state of affairs from that which prevailed at one wise speculation in this country even now is quiet, whether
time during the profound depression in the grain trade of In stocks or commodities. July coffee has this week got up
this country. It may easily mark the beginning of a new above 14c., owing to artificial restrictions of receipts at
epoch in the great West and Northwest.
Brazilian ports and the probability of a short Brazilian crop.
The farmers' position is gradually mending. Recently And Cuban raw sugar has risen •to 3%c. The warmer
wheat has advanced 15 to 16 cents per bushel, with the weather in this country has latterly stimulated business In
prospects pointing to a crop in this country of 92,000,000 the refined sugar. Under the circumstances transactions
bushels smaller than that of last year, 155,000,000 bushels in the raw product have at times been heavy. Cotton has
smaller than in 1922, 275,000,000 smaller than in 1919, 332,- declined somewhat in spite of reports at one time of damage
000,000 less than in 1915 and nearly 200,000,000 bushels less to the Texas crop by temperatures of 100 to 114 degrees, and
than in the five-year average from 1918 to 1922. It is even with 100 to 113 in Oklahoma and 100 to 103 in some other
48,000,000 bushels less than in 1912, 70,000,000 less than in parts of the belt. But to-day it was cooler throughout most
1913 and 198,000,000 less than in 1914. To cap the climax, of the cotton region. So that there is a small net decline for
the world's wheat crop is apparently short through the par- the week. The crop is believed to have been helped by
tial failure of foreign crops. As a striking illustration, Ar- higher temperatures. Speculation in cotton is at a low ebb
gentina's prices of wheat in a single day, Thursday of this and has been for some time past. In stocks there has been
week, advanced 8 cents per bushel. Liverpool prices ad- moderate trading, but the tone in the main has been rather
vanced equal to 5 cents. At Winnipeg prices have been rap- firm, especially of late on railroad and utility stocks. Lonidly rising. On the 19th inst. the export sales of Manitoba don to-day was quiet but steady. The new Premier, Herriot,
wheat were estimated at as high as 1,000,000 bushels. There of France, seems disposed to adopt a conciliatory policy towas also some European inquiry for American wheat to be wards Germany, while looking to guarantees as to reparashipped via the Gulf of Mexico ports. European markets tions before leaving the Ruhr. French francs have recently
have become alarmed. Russia, which might have helped out, been advancing. The political situation in Italy is naturally
has been suffering from drouth. In this country May was watched with keen interest with its new reminder of the
the coldest month east of the Rocky Mountains with only more or less precarious hold that almost every Premier has
two exceptions
-1907 and 1917—for a generation. To make in the directing of affairs of a Government. The report of
matters worse, the Pacific States have suffered from severe the kidnaping and murder of the Deputy Matteotti, millionand protracted drouth, with temperatures in May the highest aire Socialist, may not impossibly bring about striking
for 27 years past. Its effect en California crops are only changes. The case has aroused great interest among the
too plain. Meanwhile the wheat acreage of the United Labor Party in England. Meanwhile this country is conStates is the smallest in winter wheat for ten years and in fronted with another national convention, namely that of
spring wheat for nearly 25 years. The acreage in oats, bar- the Democratic Party, which is to be convened at New York
ley and rye has also been considerably reduced. The corn on Tuesday, the 24th inst., Naturally, the business comcrop is getting a late start, owing to prolonged wet and cold munity is interested to know what kind of platform this one
weather and on Wednesday corn advanced 3 to 3% cents. of the two great parties of the country will adopt. Then will
These are all natural occurrences hinging on the weather come a period of more or less suspense before Election Day.
But there are not wanting those who study the economic
and not on paternalistic legislation or on a tariff of 42 cents
per bushel on wheat against the once purely nominal 25 phenomena of the times who lean to the view that not imcents, or on McNary-Haugen bills or on official tinkering of probably there will be more or less of a revival of business
any sort. So "Time disarms with its surprises the worst of In this country next fall, even if in the meantime transacill fortune." With the size of the country's export wheat tions should keep within comparatively moderate bounds.
surplus during the season which will open on July 1 more But cheap money alone, it may as well be recognized, will
problematical than it has been for years past and with a not of itself cause increased production. What is needed is
Possibility, as some suggest, that there will be none at all, a reduction of costs. The overhead is too great. Wages are
the predictions of higher prices are not difficult to under- too high. Taxes, despite some reduction, are still burdenstand. American• rye will evidently have to be used more some. Meanwhile buyers as a rule still incline to the caufreely by Europe. Europe has latterly been inquiring for it tious policy of supplying only their immediate needs. It is




JUNE 21 1924.]

THE CHRONICLE

3021

very probable they will adhere to this plan until there are land,Twhere 5 persons died of the heat: Several died in
unmistakable indications that the tide has turned and that Chicago. It was 92 in Indiana and 100 in Iowa. To-day
prices are to rise. At the present time retail business in Chicago's temperature, after a sudden rise this week of 33
clothing and hardware is larger than it was recently. But degrees, dropped to 72. Thousands had sought relief at
as a whole cotton and woolen goods as well as furniture, the Lake beaches there. The heat wave was also broken
leathpr and the shoe industry are all slow. Wages have been in Kansas and partially so in Texas and elsewhere in thecot.
reduced 10 to 20% in the shoe factories at Haverhill, Mass. ton belt except in Oklahoma. In New York it has been
Bank clearings, on the other hand, have increased, owing cloudy to-day and by noon the temperature had fallen to
to a larger business at New York. There has been some 66 degrees, after being up to 81 earlier in the week. The
unavoidable increase in failures due to the slowness of the forecast is for unsettled conditions to-night with possible
recent turnover coincident with bad weather. But taking showers.
the country as a whole, the condition of affairs is one of
latent strength, which is likely to become more obvious with
Review of Industrial Situation in Illinois in May—
seasonable weather and a resumption of buying on someMany Mines Closed—Unemployment Greater
thing more like the normal scale.
Greater Than at Any Time Since Fall of 1922.
At Fall River, Mass., the mill curtailment is 75 to 80%.
R. D. Cahn, Chief Statistician of the General Advisory
At Lowell, Mass., on June 18 the Lowell plant of the MassaBoard Illinois Department of Labor, in his review of the
chusetts Cotton Mills announced a three weeks' shutdown
situation in Illinois in May, states that unemploybetween June 23 and July 14. Lack of orders is assigned as industrial
ment has become a serious problem in Illinois. With manuthe cause. When running full time the mills employ 2,800
employment declining more sharply in May thaa
persons. At Lawrence, Mass., the Everett mills will close facturing
at any time since 1921, with. many mines closed and others
from June 18 to July 14 owing to dulness of trade. At
held back somewhat
Millbury, Mass., the Cords Mill, manufacturing tickings, closing and with outdoor occupations
number of unemployed
closed Wednesday until July 7 for a vacation. These mills by the continued cool weather, the
larger than at any
have been operating three days a week and are of the Bliss, people of the State, he says,.has,become
early fall 1922. Continuing, the review says:
Fabian & Co. chain of mills. Colored goods mills, it is said, time since month of May employment in Illinois manufacturing industries
During the
have curtailed to the extent of 40 to 50%.
as revealed from the reports of manufacturers who employ more than
workers of Illinois,
At Pawtucket, R. I., mills are curtailing 30 to 70%, it 40% of thehave shown declines,fell, by 2.5%. Surveil's for 11 of the past
but the drop in May was more precipitate
12 months
is stated. At Fitchburg, Mass., the Parkhill Mfg. Co.'s than in any ofthe other months. Industry has now lost a full third of what
three mills making ginghams have started on a schedule of it gained in the expansion following the depression of 1921. The adverse
to a point 8.6% below
four days a week with 80% of the quota of operatives at change of the month carried the employment index ofindustrial operations
the stage of May 1923. On the down grade the level
work. These mills hitherto have been operating at two to in Illinois now is at the point where it was on the up grade in Oct. 1922.
four days a week. At Winchendon, N. H., Nelson D. Fewer people are at work in the factories of Illinois now than at any time
19 months.
the
White & Sons' mills, large manufacturers of denims,resumed in But last would be an unemployment problem even though there had
there
full time at its two plants, one in White Valley and the other not been a substantial reaction. As was pointed out in several of the
mills at Peterboro and East Jaffrey, N. H. In the Carolinas bulletins last year, the migration into Illinois from other areas during the
months of 1923 was Nery substantial.
five mills were reported running full time. At Chester, last six free employment office index testifies to this same conclusion.
The
So. Caro., the Baldwin cotton mills have reduced their During May 1922, when industry was on the up grade,the free employment
schedule to 40 hours per week. At Kershaw, So. Caro., offices of the State placed 17,159 workers. During May 1923, with industry
near the peak of the most recent expansion, the offices were able to place
the Kershaw mills have closed for a week's vacation.
22,593 workers. Last month the total placements for all offices was
The retailer is to blame for bad trade conditions in textiles, only 11.961.
Expressing the operations of the free employment offices as a
says B. B. Gossett, cotton manufacturer, of Charlotte, N. C. between registrants and orders for help, these facts appear: In May ratio
1924
The retailer demands that the mills sell at prices below the there were 153.5 persons registered for each 100 jobs; in April the ratio was
ago the index number stood at 105. Again there have
cost of production. Foreign mills, hampered by low ex- 135.6. A year
been times when the ratio was more adverse. In May,1921, in the depths
change, pay even more than American mills for cotton. of depression, 220 persons sought each 100 opportunities to work.
High wages, high cotton and the retailers' policy of holding
In Chicago the unemployment index during May 1924 was 163.3. For
time since March 1922. Some of thedownaloof hit American mills. High costs hamper them in com- this city,this lathe worse of anyseverely than has Chicago. Cities showing
State cities have been hit more
peting for the foreign trade. Cohoes, N. Y., reports an im- serious unemployment are Danville. where there were nearly four jobprovement in the knit goods business of the Mohawk Valley seekers for each available opportuhity to work,and Cicero, a manufacturing
of Chicago,
index was 258. In Decatur and East St.
this week. At Paterson, N. J., on June 18 a few of the suburb there were inwhere the two persons per vacancy at the State free
Louis,
excess of
manufacturers who had planned to stop some of their looms employment offices.
A far more important key to the situation is given by the monthly surthis week started up some 20
-yard warps on a few of the
vey of the actual number employed
Of the 1,521 reporting
novelty jacquards. At Passaic, N. J., the Brighton mills firms only 546 added workers duringin indu.stry. period. The reports for
the 30
-day
will close the Allwood plant on June 27 indefinitely.
concerns, which represent 411,478 workers, represent 9 industrial
these
At Wayne, Ind., knitting mills will close to-morrow for groups. In 8 of the 9 employment was reduced in May. Of 54 separate
Industries represented in the tabulations, 38 show net declines during the
two weeks. At Thompsonville, Conn., the Bigelow- month.
Demands for building materials are not what they were one year ago.
Hartford Carpet Co. closed its plant June 18 until Monday,
May
July 7. The company normally employs some 4,000 During 6%. •planing mill concerns experienced an employment decline ex-•
Several brick
ceeding
reported closed and others reducing
operatives. Some weeks ago the plant announced an indefi- the scale of operations as lowkilns were
as 33 1-3%. In the industry as a whole, hownite shutdown, but one week later operations were resumed ever,the instances of growth outnumbered those of decline, and the employment change for the month aggregated a very slight gain. Expansion prein some departments.
vailed in the glass factories and some of the larger have the largest payroll
The Fiske Tire Co.has cut prices 10 to 15% on the larger of any time in three years.
In the metals, machinery and conveyance group, there was curtailment
sizes, owing to a reduction in costs, and the other tire comin 10 of 12 industries. The industries which were contrary to the general
panies have followed suit.
trend were the car shops, which followed the slight gain of April with an emGovernor Alfred E. Smith on Monday appointed a com- ployment increase of 3.4% in May. In preceding months, it will be recurtailed. In addition
mittee of five to hear the points at issue between the cloak membered that car building had been sharply the foundries, replies toto a
the
decline of 3.1% in the number of workers at
and suit manufacturers and jobbers and the International inquiry on the extent of operations show that more than one-half of the
Garment Workers' Union and to attempt to suggest workers who were retained are working only part time.
Ladies'
The agricultural implement industry, which regularly declines at this time
a basis of settlement.
of year, appears to have experienced a drop that is much larger than the
Emigration from western United States to Canada has usual seasonal one. The month brought lay-offs of 7.6% of the farm imfallen off to such a point that the Canadian Government plement workers. The largest decline for the group, however, came for
the workers
automobile accessories and parts. In
has just closed a number of land offices which had been this case thein factories producing was slightly more than 15%. This,
employment reaction
maintained for 25 years.
following the decline in March, with no change in April, carries the employthe
News of a hot wave at the West was cheering to dry goods ment of these concerns about one-third below Maystage ef one year ago.
was 4%•
In the machine shops the employment drop in
men, as trade in all lines has been delayed by bad weather
Each of the 5 industries in the wood products group had fewer employees
over the entire continent for many weeks. Heavy rains fell In May than one year ago. Leading the downward movement were the
piano
Not only was there a decline of 15.9% following the drops
on the 18th inst. in the Northwest, Southwest and South. of 5.4 factories. in two preceding months for the piano factories' workers,
and 1.3%
It was 100 to 110 in Texas and 100 in Oklahoma. On the but also the factories reported that even for those workers whose names
19th it was 100 to 110 in Texas and 100 to 113 in Oklahoma. remained on the payroll, more than three-fourths were employed only part
closed down and in those
At Winnipeg on the 19th it was 60 in the morning. Near time. Some important furniture factories have
operating employment fell by 2.8%.
Rock Springs, Wyo., on June 19 there was a light fall of
Employment in shoe factories for the fourth consecutive month declined
snow. By Thursday the Central West was in the grip of for the 27 factories which had about 9,500 workers during May. The break
Employment in each of the other
30
-day period was
a heat wave which had swept up ffrom the Southwest. It during theof the leather group,1.3%.
Industries
responding sympathetically to the demand
was 94 degrees in Chicago and Kansas City and 90 in Cleve- Li acti, ell 1 y tc tairg n-tre Mtn . Chemical industries were al




3022

THE CHRONICLE

[VOL. 118.

In a state of reaction. The declines were severe in nearly every case. EmChanges in Retail Prices of Food by Cities.
ployment in the oil refineries dropped 8.8%. The group drop for miscel
During the month from April 15 1924 to May 15 1924, the average
laneous chemicals and for paints and dyes was between 6 and 7%.
family
Employment in job printing plants and newspapers held firm. Mis- expenditure for food increased in 25 cities as follows: Philadelphia, 2%;
cellaneous paper goods, however, showed a decline of 5.6%. There was Baltimore, Boston, Butte, Cincinnati, Columbus, Detroit, Fall River,
little change in the extent of operations of manufacturers of commercial Indianapolis, New York. Peoria, Pittsburgh, Springfield. Ill. and Washington, D. C., 1%; and Bridgeport, Buffalo, Chicago, Dallas, Denver,
paper containers.
New
The wearing apparel industries continue depressed. A slight fluctuation Haven, Norfolk, Providence, Richmond, St. Paul and Salt Lake City, less
than five-tenths of 1%. Twenty-three cities decreased: Little
in the employment in men's clothing factories probably represents some adRock, Los
justments incidental to the inauguration of the insurance fund in the Chicago Angeles, Memphis and Mobile, 2%; Charleston, Houston, Jacksonville,
Manchester, Rochester, San Francisco and Seattle, 1%; and
clothing market. The other factories show a sharp reaction. Nearly one
Atlanta.
fifth of the employees in women's clothing factories were laid off. Women's Birmingham, Cleveland, Kansas City, Louisville, New Orleans, Omaha,
underwear and furnishings show a decline of about 14%. Eight per cent Portland, Me., Portland, Oreg., St. Louis, Savannah and Scranton, less
than five-tenths of 1%. There was no change in the month
in Milwaukee,
of the men in the haberdashery firms lost their jobs in May.
During the past three months nearly 15% of the workers in the stock Minneapolis and Mobile.
For the year period, May 1923 to May 1924, 40 of the 51 cities
yards have been laid off. During the year from May 1923 to May 1924
showed a
there has been a reduction of about one-eighth In the number of workers decrease: Little Rock and Scranton, 5%; Fall River and Manchester. 4%;
In the yards and in the packing houses. Other declines in the food indus- Bridgeport, Buffalo, Cleveland, Denver, Houston, Minneapolis, Philatries were 9% in the flour mills and 5% in beverage concerns. Confection- delphia, Portland, Me., Providence, Richmond, St. Paul and Savannah,
3%; Birmingham, Boston, Charleston, Indianapolis,
ers, ice cream and ice manufacturers, and tobacco factories experienced
Memphis, Mobile,
New York, Norfolk, Omaha, Rochester and Washington,
seasonal upward employment changes.
D. 0., 2%;
In wholesale and retail trade the trend was definitely downward. Five Atlanta,Baltimore, Detroit, Jacksonville, Kansas City, Louisville, Newark,
mail order houses had 8% fewer employees than in April. In the year New Haven, New Orleans, Pittsburgh and St. Louis, 1%;and Los Angeles
and Milwaukee, less than five-tenths of 1%. The
May 1923 to May 1924 employment at the mail order houses has fallen by
following 11 cities inone-sixth.
Elsewhere in wholesale and retail trade the trend was also creased: Springfield, 111., 2%; Chicago, Cincinnati, Columbus and Peoria.
1%; and Butte, Dallas, Portland, Oreg., Salt Lake City, San
downward.
Francisco
The depression in the mining industry is general. Numerous mines have and Seattle, less than five-tenths of 1%.
As compared with the average cost in the year 1913,
been closed and in those whicA are continuing to operate, part time work has
food in May 1924
was 50% higher in Chicago; 48% in Baltimore and
greatly diminished average earnings.
Richmond; 47% In DeMeanwhile, building work is expanding seasonally. Building construc- troit, New York and Washington, D. C.; 45% in Birmingham and Miltion work, however,showed an increase of only about 2% during the month. waukee; 44% in Charleston. Philadelphia and Pittsburgh: 43% in Boston.
In many of the down-State cities reports of great activity in road construc- Buffalo, Cincinnati, Providence and Scranton: 42% in St. Louis; 41% in
tion have come. Thirteen road builders reported to the Department of Dallas and New Haven; 40% in Atlanta: 39% in Cleveland, Manchester.
Labor that they have already put to work 1,094 workers. The increase Minneapolis, Newark, New Orleans and Omaha;38% in Fall River, Kansas
during May was about 189%; during April the increase was 254% in the City and San Francisco; 37% in Indianapolis and Los Angeles; 36% in
number of workers. Rates paid from one of the localities were reported to Seattle; 34% in Jacksonville; 33% in Memphis; 32% in Little Rock and
Louisville; 30% in Denver; 29% in Portland, Oro. and 22%
by $.35 and $.40 an hour.
in Salt Lake
Analysing the reports by size of firm, the middle sized employers appear City. Prices were not obtained from Bridgeport, Butte, Columbus, Houston, Mobile, Norfolk, Peoria, Portland. Me., Rochester, St. Paul,
to have suffered the most in the employment curtailment in the 30
Savan-day
period. Employers of between 250 and 500 workers lost 5.3% of their nah and Springfield, Ill., in 1913, hence no comparison for the 11-year
period can be given for those cities.
employees. Those having between 501 and 1,000 workers laid off 4.5%.
The largest and the smallest employers suffered least. Employment fell
by .7% for employers of more than 1.000 workers and by 1.6% for those
Decrease in Wholesale Prices in May 1924.
having 100 or fewer workers.
The downward swing of wholesale prices which develOf 1,104 employers who responded to the query as to the extent of
operations about ,1 of the workers were working full time. Part time oped late in 1923 continued through
May, according to
operations were the rule for about one-fifth of all workers. Nineteen facinformation gathered in representative markets by the
tories were reported closed down.
The employment loss was greater for male workers than it wasfor females. United States Department of Labor through the Bureau of
The percentages of decline were respectively 2.7 and 1.2. There is no Labor Statistics and made public June
16. The Bureau
information available to show the extent, if any, of the substitution of
either men for women or women for men at this time. 1,191 manufac- says:
The Bureau's weighted index number, which includes 404 commodities or
turers employing 290,493 persons paid out $6,918,474 in the week of
May 15 1924. This was a decline of 3.3% of the amount the identical price series, declined to 147 for May, compared with 148 for April and 156
for May 1923.
firms paid out during the week of April 15 1924.
Decreases in farm products and metals were chiefly responsible for the
The average weekly earnings dropped from $27 82 to $27 66. Thls is
about the same level as the earnings for March and $0.34 a week below the drop in the general price level, although all other groups except foods likewise showed a decrease. Among farm products there were substantial
average weekly earnings in May of last year. It appears, however, that
the gains through increases in the rates of pay since July 1922 have been reductions in corn, oats, rye, cattle, sheep, hay, hides, milk, tobacco and
held by the workers. In July 1922, when earnings data were first collected wool. In metals, iron and steel products, copper, lead, tin and zinc averby the Department, the average for all factory workers was $23 72. All aged less than in April. Other important commodities showing price decreases were sugar, lard, raw silk, worsted yarns, bituminous coal and
but $0.67 of the increases received since then have been retained.
The general character of the decline in industrial operations which is in Coke, crude and refined petroleum, Douglas fir lumber, red cedar shingles.
progress is shown by an analysts of the reports of manufacturing employers carpets, cattle feed, hemp and sole leather. In the food group increases
by cities. The greatest drop was at Moline, where on account of the decline in fresh meats,flour and certain fruits offset the decreases reported for other
in the operations of the farm machinery factories employment fell by 13.2% • articles, leaving no change in the general price level.
Of the 404 commodities or price series for which comparable data for April
Employment was off by 4.2% at Joliet, with one of the blast furnaces out.
The decline in Springfield was 6.5%. Depression in the furniture factories and May were collected, decreases were shown in 161 instances and increases
carried the employment curve at Rockford about 6% downward. For 603 in 76 instances. In 167 instances no change in price was reported.
INDEX NUMBERS OF WHOLESALE PRICES, BY GROUPS OF
employers in Chicago who had 141.480 workers in May the decline for the
COMMODITIES (1913= 100).
month was 1.7%. The drop was about 3% in Bloomington, Decatur and
GroupEast St. Louis, and about 4% in Aurora and Peoria. There was an expanMay 1923. April 1924. May 1924.
Farm products
139
139
136
sion during the month at Quincy.
Foods
144
137
137
Building authorizations continued high. Authorizations in Chicago were Cloths and clothing
201
189
187
on a par with May1923 and Apr111924. totaling $32,658,900. In oak Park Fuel and lighting
190
179
177
152
permits for the month jumped more than one million dollars, to $1,937,435. Metals and metal products
139
134
Building materials
202
182
180
May projects in Cicero amounted to $965,937. in Berwyn $820,500, and Chemicals and drugs
134
128
127
in Evanston $809,036. In 21 of the principal cities of the State, building House furnishing goods
187
175
173
work projects totaled $40,337,080 in May 1924. In 13 of the cities May Miscellaneous
125
113
112
All commodities
156
148
147
authorizations were below those of April; in the remaining cities there was
Comparing prices in May with those of a year ago, as measured by changes
an expansion during May.
In the index number, it is seen that the general level has
declined nearly
6%. In all groups prices averaged lower than in May 1923, ranging from
a little over 2% in the case of farm products to nearly 11%
in the case of
ContinuedDecrease in Retail Food Prices in the building materials and nearly 12% in the case of metals and metal products.

United States During May.
The retail food index issued by the 'United States Department of Labor through the Bureau of Labor Statistics,
shows that there was a decrease of two-tenths of 1% in the
retail cost of food in May 1924, as compared with April 1924.
This decrease was not sufficient to show a change in the
rounded off index number which was 141 in May, the same
as in April, says the Bureau's statement, made public June
19, which adds:
During the month from April 15 1924 to May 151924,11 articles on which
monthly prices are secured decreased as follows: Butter, 8%; sugar, 7%;
cheese, 3%; bananas, 2%;fresh milk, evaporated milk, lard, macaroni and
raisins. 1%;and bacon and oleomargarine,less than five-tenths of 1%.
Twenty articles increased in price as follows: onions, 14%;cabbage,8%;
pork chops and potatoes, 4%;sirloin steak, round steak and oranges, 3%;
chuck roast, plate beef, leg of lamb and strictly fresh eggs, 2%; rib roast,
ham, hens, rice, canned peas, canned tomatoes, coffee and prunes, 1%;
and tea, less than five-tenths of 1%.
Twelve articles showed no change in price in the month. They are as
follows: canned red salmon, nut margarine, vegetable lard substitute,
bread, flour, corn meal, rolled oats, corn flakes, wheat cereal, navy beans,
canned baked beans, and canned corn.
For the year period, May 15 1923 to May 15 1924, the decrease in all
articles of food combined was 2%•
For the eleven-year period, May 15 1913 to May 15 1924, the Increase in
all articles of food combined was 46%•




Employment and Wages Continue to Decline in
Pennsylvania and New Jersey.
The number of workers employed by manufacturing
establishments in Pennsylvania and New Jersey and total
wages paid both declined from April to May, according to
the monthly statement made public by the Federal Reserve
Bank of Philadelphia on June 17, which we quote further
as follows:
Pennsylvania employers reported the largest losses in both employment
and wages. The total number of wage earners on the payrolls of the
669 reporting plants in this State was 249,023 in May as compared with
260,353 in April, representing a decline of 4.4%. Total wages paid by
identical establishments fell off 6.4%, and average per capita earnings
declined 2.2%. The decrease in per capita earnings reflects largely shorter
working hours, as very few changes in rates of pay were reported. The
largest declines in both employment and earnings occurred in the metal
manufacturing and textile products groups. Automobile factories, steel
works and rolling mills, iron and steel forging plants, shipyards showed
marked declines in the metal manufacturing group. Among the textile
mills, clothing factories, carpet and rug and woolen and worsted mills
reported Important reductions in employment and earnings. Most of the
other industries included in the survey also reported reductions in working
forces, but in most cases smaller losses than those noted above.
In New Jersey as well, most of the industries reported declined in employment. The total reduction in working forces and in wages was less than in
Pennsylvania. however, and per capita earnings increased slightly. The

JUNE 21 1924.]

THE CHRONICLE

largest declines in employment occurred in establishments manufacturing
engines and machinery, non-ferrous metal products, hats, cotton goods,
chemicals and drugs, furniture and in leather tanneries.
The accompanying tables show the changes in employment and wages
in the principal industries of the two States.
EMPLOYMENT AND WAGES IN NEW JERSEY COMPILED BY
FEDERAL RESERVE BANK OF PHILADELPHIA.

(-).

P. C. Inc. (-I-) or Dec.
No. of May 1924 over April 1924.
Plants
Total
Average
Report- Employmeal.
Wages.
fag.
Wages.

19c1 _1 0
0
17_!0
19
0 17!ci°
11.:171 1,

!iv 1+11% 11+11 t+1+1 I II 11+ Iv 1,1 1+111111

77:0
”!qTrJgcl,
q9,

..m0...00.cq00.0.0MOONVOVMMC.400.o...N[4.4m.w..vc,n0.m0MC

-2.6
-4.0
-3.9
-3.0
-7.5
-3.8
-3.2
+1.2
-05
-3.8
-1.6
-8.8
-3.6
-0.6
-5.6
-3.6
24.1
-0.5
+0.1
+10.3
-2.0
-0.1
-0.6
-0.8
-0.3
-0.0
+0.3
-3.3
+1.4
-0.1
-5.4
-0.4
-2.4
+3.4
-2.4
-5.9
-3.6
-5.8
+2.9
-2.1
-2.1
+29.1
-2.3
-2.7
-12

+11 1++11 I II1+++- 1 1+111+1+-+1+11+++++111+- 1 14

339
All industries (38)
94
Metal Manufactures
Automobiles, bodies, and parts
5
Electrical machinery and apparatus
17
Engines, machines and machine tools_ - 17
Foundries and machine shops
15
Heating appliances and apparatus
3
Steel works and rolling mills
5
Structural iron works
3
Miscellaneous iron and steel products_ --- 19
Shipbuilding
4
Non-ferrous metals
6
Textile products
82
Carpets and rugs
3
10
Clothing
Hats, felt and other
4
10
Cotton goods
23
Silk goods
Woolens and worsteds
11
4
Knit goods and hosiery
10
Dyeing and finishing textiles
Miscellaneous textile products
7
12
Foods and tobacco
Canneries
6
Cigars and tobacco
6
Building materials
26
Brick, tile, and terra cotta products
9
Glass
4
. Pottery
13
Chemicals and allied products
42
Chemicals and drugs
23
Explosives
9
Paints and varnishes
7
Petroleum refining
3
Miscellaneous industries
83
Furniture
5
Musical instruments
5
11
Leather tanning
4
Leather products
5
Boots and shoes
10
Paper and pulp products
5
Printing and publishing
14
Rubber tires and goods
11
Novelties and Jewelry
All nthar Imilmtri.
12

1
a oamo wwwoaw
vo
,
o maw...00ovo
'&6a-ZaVVC.,E*664zi.:W4.4,4abV.Vo--4:4-WZaVa
a.cavg..p....; 6;-4
bV;p..;-.

Group and Industry.

EMPLOYMENT AND WAGES IN PENNSYLVANIA COMIPLED BY THE
FEDERAL RESERVE BANK OF PHILADELPHIA AND THE
DEPARTMENT OF LABOR AND INDUSTRY, COMMONWEALTH OF PENNSYLVANIA.
•

(+)

Group and Industry.

-4.4
-5.8
-7.3
+1.3
-7.7
-3.6
+0.1
-1.8
-4.1
-5.7
-8.6
+3.7
-4.6
-19.0
-3.4
-8.5
+0.1
-1.0
-1.7
-4.4
-5.5
-1.4
-5.0
-2.8
-1.6
-3.2
-4 4
-2.9
-0.2
-1.4
+1.6
-1.5
+0.8
-3.0
-9.7
-1.4
-1.6
-1.5
+1.5
-0.9
+0.4
-14.9
-7.0
-2.1
+0.7

iiriTMV77TTTITTTTPf74-17-tT7Tii-1,T7TrifiliTT'

669
247
17
12
22
21
55
15
12
11
43
8
28
4
169
12
26
3
13
45
21
42
7
68
20
19
12
17
53
13
14
23
3
26
15
6
5
106
8
17
22
3
23
12
18

11177itT1rfT62' -N-"""'"TTTTMIT
6T-17im+mi+
++
.

All industries (39)
Metal manufactures
Automobiles, bodies, and parts
Car construction and repair
Electrical machinery and apparatus
Engines, machines, and machine tools.-Foundries and machine shops
Heating appliances and apparatus
Iron and steel blast furnaces
Iron and steel forgings
Steel works and rolling mills
Structural iron works
Miscellaneous iron and steel products_ _
Shipbuilding
Textile products
Carpets and rugs
Clothing
Hats, felt and other
Cotton goods
Silk goods
Woolens and worsteds
Knit goods and hosiery
Dyeing and finishing textiles
Foods and tobacco
Bakeries
Confectionery and ice cream
Slaughtering and meat packing
Cigars and tobacco
Building materials
Brick, tile, and terra cotta products
Cement
Glass
Pottery
Chemicals and allied products
Chemicals and drugs
Paints and varnishes
Petroleum refining
Miscellaneous industries
Lumber and planing mill products
Furniture
Leather tanning
Leather products
Boots and shoes
Paper and pulp products
Printing and publishing

(-).

P. C. Inc.
or Dec.
No. of May 1924 over April 1924.
Plants
Report- EmployTotal
Average
inc.
meat.
Wages.
Wages.

National Industrial Conference Board Says "Real"
Weekly Earnings Increase Despite Curtailed
Industry-Further Decline in Employment.
A further recession in manufacturing activity is shown by
the latest figures compiled by the National Industrial Conference Board of 247 Park Avenue, New York, made public
June 18. The Board says:
Although there was no significant change in earningsTin April, employment declined 2.5% from the preceding month and thetaverage hours of
work fell off nearly half an hour a week. From approximately 1,700
plants which furnished data to the board, ten reported a shutdown in
iss
April and 150 others were working less than normal hours.
Average hourly earnings of all wage earners dropped slightly from 56.1
cents in April. Fifteen Industries reported decreases,
cents In March to 56




3023

in seven there were increases and one showed no change. For the most
part declines were small. Hourly earnings in leather tanning and wool
dropped rather sharply. Lumber and mill work was the only class in
which a noticeable increase occurred.
Average weekly earnings of all wage earners declined from $26 89 in
March to $26 67 in April. In 16 industries weekly earnings decreased, in
six they increased and in one there was no change. Except declines in
silk and wool and increases in lumber and mill work and paper and pulp,
changes in weekly earnings were not significant.
An upward movement was noticeable in "real" earnings, or the purchasing
value of money earnings, due to the drop in the cost of living between March
and April. "Real" weekly earnings of all those employed in April stood
32% higher than in July 1914.
Total employment again fell off, the index number based on June 1920
dropping from 84.8 to 82.7. Marked declines in employment were reported
in the following industries: Agricultural implements, automobile, boot and
shoe, chemicals, cotton manufacturing, meat packing and silk. Only three
industries showed increases.
A further reduction from 47.8 to 47.4 in the weekly hours of work per
wage earner between March and April is an additional indication of curtailed
manufacturing activity, the National Industrial Conference Board shows.
This marks a drop of more than two hours as compared with April 1923 and
nearly an hour between February and April 1924. The industries reporting
the most considerable reductions in hours of work were boot and shoe.
hosiery, iron and steel, silk and wool.

Crude Oil Price Reductions Continue-Also Gasoline.
Further reductions in both the price of crude oil and gasoline were announced this past week.
On June 14, the Joseph Seep Purchasing Agency announced
the following prices for Pennsylvania crude:
Pennsylvania grade oil in New York Transit Co. lines $3 75. decrease
50.cents.
Bradford district oil in National Transit Co.lines $3 75, decrease 50 cents.
Pennsylvania grade in National Transit Co.lines $3 25, decrease 50 cents.
Pennsylvania grade in Southwest Pennsylvania Pipe lines $3 25, decrease
50 cents.
Pennsylvania grade oil in Eureka Pipe Line Co. $3 25, decrease 50 cents.
Pennsylvania grade oil in Buckeye Pipe Line Co.$3 25, decrease 50 cents.
Cabell grade oil in Eureka Pipe Line Co. $1 70, decrease 25 cents.
Somerset medium oil in Cumberland Pipe Line Co. $1 80. decrease 25
cents.
Somerset light oil in Cumberland Pipe Line Co. $2 00, decrease 25 cents.
Ragland grade oil in Cumberland Pipe Line Co.$1 00, decrease 10 cents.

The Standard Oil Co. of Louisiana, on June 14, reduced
the price of Cotton Valley crude 20 cents to $1 per barrel.
Corning crude oil was reduced on June 16 from $2 15 to
$1 90 a barrel.
The Ohio Oil Co. announced a reduction of 15 cents in the
price of Wooster crude oil, making the new price $2 per
barrel.
A reduction of one cent in the price of gasoline was made
June 16 by independent dealers in every city in the State of
South Dakota except Sioux Falls, J. H. Cumbow, President
of the South Dakota Independent Oil Dealers' Association,
announced. The reduction, it is stated, is not occasioned by
the State sale of gasoline at reduced prices, Mr. Cumbow
said, "but is made possible by a decline in the spot market."
He charged that the State is losing money by selling gasoline
at 18 and 183' cents.
A despatch .from Burlington, Iowa, says that a reported
agreement among gasoline dealers involved in a price war
failed to materialize June 16 and gasoline was selling at 13
cents a gallon. At Winona, Minn., gasoline sold at 12.9
cents a gallon at all filling stations as a result of a price war.
Four reductions were made last week. The price before the
cutting began was 20.9 cents.
A New Orleans despatch says a retail gasoline price war
has broken out among oil companies operating in that city,
with an initial cut equivalent to approximately 3 cents a
gallon. The reason of the price cut is not clear, but the
Mexican Petroleum Co., of Louisiana, recently advised its
regular customers that books containing $10 worth of coupons could be bought for $8 37. The Standard Oil Co. of
Louisiana followed suit.
The Standard Oil Co. of Nebraska, on June 18, reduced
the price of gasoline at service stations in Omaha, Neb.,
from 17 cents to 15 cents a gallon.
The Standard Oil Co. of Kentuckylhas advanced the price
of gasoline 2 cents a gallon at tank wagon and service stations,
due to the State gasoline tax increase from 1 to 3 cents a
gallon, which became effective June 18.•
The Standard Oil Co. of New Jersey, on June 18, made a
reduction of 3-cents a gallon in all grades of unfiltered ltibrieating oil. Prices for filtered oil remained unchanged. Paraffin oil was cut one cent a gallon. This is the first reduction
in lubricating oils announced by the Standard Oil Co. of
New Jersey for some time past, the lubricating oil market
having maintained a firm tone.
The tank wagon price of gasoline was cut 23. cents per
gllon by the Waite Phillips Co. on June 19. The prevailing
tank wagon price of gasoline at Tulsa, Okla. has been 203/
2
cents per gallon, including State tax of 23-' cents per gallon.

3024

THE CHRONICLE

Crude Oil Production Shows Little Change.
The American Petroleum Institute on June 18 estimated
that the daily average gross crude oil production in the
United States for the week ended June 14 was 1,988,200 barrels, as compared with 1,983,800 barrels for the preceding
week, an increase of 4,400 barrels. The daily average production east of the Rocky Mountains was 1,356,750 barrels,
as compared with 1,358,150 barrels, a decrease of 1,400 barrels. California production was 631,450 barrels, as compared with 625,650 barrels. Santa Fe Springs is reported at
62,500 barrels, against 64,000 barrels; Long Beach, 164,000
barrels, against 162,500 barrels; Huntington Beach, 47,000
barrels, the same as the previous week; Torrance, 57,500
barrels, against 58,000 barrels; and Dominguez, 9,700 barrels, against 8,400 barrels. Following we estimates of daily
average gross production for the weeks ended June 14,June 7
1924, and June 16 1923:

Automobile Price Change and New Models.
It was announced June 14 that the price of Jewett cars will
be increased July 1. The advance will range from $55 to
$150.
Reports circulated in the financial district on June 19
stated that the Pierce Arrow Motor Car Co. plans to bring
out a new line of light--weight moderately-priced six-cylinder
passenger cars in July.
The Maxwell Motor Corp., Detroit, on June 12 turned out
the 10,000th Chrysler car. Officials estimate that 15,000
Chrysler cars will have been produced by or before Aug. 1
next.

Per CI. of
Capacity.

Net
Tons.

102.718
90,590
146,157
93,621
92,445
88,306
54,316
52,808
49,401
39,651
42,008
42,762

102.0
90.0
145.1
93.0
91.8
87.7
53.9
52.4
49.1
39.4
41.7
42.5

48,580
38,696
77.263
40,433
39,646
43,478
17,390
19,103
22,374
10,641
13,845
15,600

124.2
99.0
197.6
103.5
101.5
111.2
44.5
48.9
57.2
27.2
34.9
39.9

54,133
51,894
68,894
53,138
52,759
44,828
36,926
33,702
27,027
29,010
28,363
27,162

87.9
84.2
111.8
86.3
85.6
72.8
59.9
54.7
43.9
47.1
48.0
44.1

51,406
73,138
100,514
65,670
55.837

51.0
72.6
99.8
65.2
55.4

19,572
35,474
59,778
33,121
28.034

50.1
90.7
152.9
84.7
71.7

31,834
37,664
40,736
32,549
27.803

51.7
61.1
66.1
52.8
481

PerCt.of
Cayac.

1923.
January
February
March
April
May
June
July*
August
September
October
November
December
1924.
January
February
March
April**
May**

* Two companies wi h a capacity of 785 tons per month on miscellaneous cuttings now out of business.
** Reports for April were not received from 3 companies, with a acpacity of 2,247
tons, and in May from 2 companies with a capacity of 2,130 tons.

Structural Steel Orders Rapidly Decline-Shipments
Continue Heavy.
Sales of fabricatc-I structural steel for May, based on
figures received by the Department of Commerce, from the
principal fabricators, were only 59% of capacity, with total
bookings of 141,209 tons reported by firms with a capacity
of 238,070 tons per month. In April the sales were 158,326
tons, or 65% of capacity; in March 172,489 tons, or 71%
of capacity, and in February 176,641, or 73% of capacity.
Shipments of the same firms, however, continue heavy
having been 184,600 tons, or 71% of capacity in May, the
same as in April. The table below lists the statistics reported
by 186 identical firms (including data in earlier months for
seven firms out of business), with a present capacity of
242,940 tons per month, comparing with 246,340 in 1923
and 239,115 in 1922. For comparative purposes, the
percentage figures are pro.rated to obtain an estimated total
for the United States, based on a capacity of 250,000 tons
per month for 1922 and 260,000 tons per month in 1923
and 1924.
Boo:inos.
Aentai
Tonnage.
1922.
A nil
ay
istie
illly
must
ptember
0dober
avember
member
1923.
nuary
daruary
arch
ull
ay
ne
ly
igust
ptember
totter
)vein ber
member
1924.
nuary
.bruary
arch
mil
Sr

Shipments.

Per Cent
of
Capaeitg.

Ter Cent
of
Computed
Capacity. Tonnage.

204,737
100,198
174,255
162,871
162,707
152,2 9
137,664
118,888
143,818

86
80
73
68
68
64
58
49
60

178,042
190,948
228,065
192,608
139,571
124,259
124,071
141,694
128,385
119,575
130,919
193,527

72
78
93
78
57
50
50
58
52
49
54
79

171,406
176,641
172,489
158,326
6141.209

71
73
71
65
59

Computed
Tonnaoe.
MI t tithgralt tt§t§§t§§
g

Tire Price Reductions Announced.
The Fisk Rubber Co. on June 18 announced a reduction of
10 to 15% in prices of all its larger size tires. No change was
made in the 30 by 33/9 tires. The company asserted that the
action was due to the reduction in costs.
The United States Rubber Co. has notified its selling and
dealer organizations that it will meet the tire price cut announced by the Fisk Rubber Co. Prices of high-pressure
pneumatic tires and tubes will be reduced 10% to 15% and
balloon tire prices are to be cut approximately 20%. The
straight cut on balloon prices will result with the withdrawal
of the recent offer to furnish wheels and rims with balloon
tire purchases.
The Firestone Tire & Rubber Co. has also notified its dealers and distributors that the recent price cut by the Fisk
company will be met. The new Firestone schedules will be
out within a few days and will constitute a cut of from 10%
to 15% on high-pressure tires and tubes. The Firestone
company was the originator of the idea to supply free wheels
and rims to purchasers of balloon tires and it is stated that the
company has not yet decided whether this offer will be withdrawn and replaced by a straight cut of 20% on balloon tire
prices as is the case with the Fisk and the United States Rubber companies.
G. M.Stadelman, President of the Goodyear Tire & Rubber Co., has announced that his company has met the offer
made by the Firestone Tire & Rubber Co. of giving wheels
and rims with balloon tires, the new policy to become effective at once.

Net
Tons.

.4•03.4.400;11.

2.131.850

Specialties. Miscell. Castings.

Per Cf. of
Capacity.

cabooppw:lop.

1.983,800

Railway

Net
Tons.

0A.MWVIWW428!=

1.988,200

Total.
Month.

e.pvcn000mba.q4-4

Total

June 14 1924. June 7 1924. June 161923.
469.300
465,800
511,000
74,000
73,100
83,450
80,200
80,250
74.900
176,650
179,400
135,450
55,200
53.800
66,800
156,500
158,100
139,350
112.250
113,900
98.100
106,000
106,000
110,000
126,650
127,800
127,800
631.450
785,000
626,650

BOOKINGS OF COMMERCIAL STEEL CASTINGS.

P:02Q00000

DAILY AVERAGE PRODUCTION.
(In Barrels.)
Oklahoma
Kansas
North Texas
Central Texas
North Louisiana
Arkansas
Gulf Coast
Eastern
Wyoming and Montana
California

[VOL. 118.

---

- --- - --

-_
--

------ ---- -

-

---

__
-__
__
._

_--_ - -_-_ _
- -- __._____--

79
7
70
66

205,i4F1ti
182,000
171,600

6.3
59
115
71
71

183,800
153,400
169,000
134,600
IRA taus

a Reported by 187 firms with a capacity of 238,070.

Steel Furniture Shipments Smaller.
May shipments of steel furniture stock goods, based on
reports received from 22 manufacturers by the Department
of Commerce amounted to $1,505,367 in May as against
$1,658,610 in April and $1,506,072 in May 1923. The
following table gives comparative figures since the beginning
of 191;2:
January
February
March
April
..
May
June
July
August
September
October
November
December

1922.
$983,334
067,125
1,087,228
1,058,382
1,056,735
1,015,483
945,768
943,087
1,062,495
1,227,447
1,204,310
1,376,152

1023.
$1,362,470
1.307,173
1,709,206
1,520,286
1,506,072
1,401,950
1.247,605
1.345,147
1,273,259
1.365,600
1,339,425
1,455,836

1924.
$1,592,338
1,805, 09
4
1.601.303
1,658,610
1.505,36'

Bookings of Steel Castings Again Fall Off.
The Department of Commerce has just announced May
bookings of steel castings, based on reports from principal
manufacturers. The bookings in May by companies representing over two-thirds of the commercial castings capacity
of the United States amounted to only 55,837 tons, as against
65,670 tons in April and 100,514 tons in March. The following table shows the bookings of commercial steel castShipments and Orders for Railroad Locomotives
ings for the past seventeen months by 70 identical companies,
Increasing.
with a monthly capacity of 100,700 tons, of which 39,100 • May shipments of railroad locomotives from the principal
tons are usually devoted to railway specialties and 61,600 manufacturing plants, based on reports received from the
tons to miscellaneous castings.
individual establishments by the Department of Commerce,




THE CHRONICLE

•

JUNE 21 1924.]

heavily increased, and unfilled orders also slightly increased,
as will be seen by the following:
LOCOMOTIVES
Unfilled Orders.

Shipments
Year and Month.

Total.

1923.

Domestic.' Foreign.

229
207
282
217
238
232
239
272
335
310
299
329

217
196
269
201
228
221
211
259
313
295
270
305

151
99
132
73
lii

January
February
March
April
May
June
July
August
September
October
November
December
1924.
January
February
March
April
May

147
92
128
63
93

Total.

Domestic. Foreign.

1,788
2,220
2,316
2,204
2,150
1,958
1,738
1,497
1,178
977
691
387

4
7
4
10
18

1,699
2,141
2,214
2,111
2,045
1,854
1,652
1,406
1,102
915
656
365

89
79
102
93
105
104
86
91
76
62
35
22

376
499
534
640
643

12
11
13
16
10
11
28
13
22
15
29
24

344
466
494
586
589

32
33
40
54
54

3025

The pig iron buying by large interests in the past two weeks has extended
into other districts, continued price declines uggesting a close approach
to low point. At Chicago fully 75,000 tons have been sold for the third
quarter at $1 a ton under last week's market. Pittsburgh and Cleveland
also have had more active markets, with a decline of 50c. a ton. The important development at Pittsburgh was the willingness of some furnaces
to sell at the low level for delivery to the end of the year. In the East
the principal sale was 15,000 tons of pipe iron.
May exports of pig iron from Great Britain were 75,750 tons, or one-half
more than in April. Shipments to the United States were 5,355 tons.
against 100 tons in April.
The "Iron Age" pig iron composite price has fallen to $20 13 per ton.
from $20 54 last week. This is the lowest in 26 months and compares
with $2821 one year ago.
Finished steel is lower, due to a drop in the price of steel plates, the "Iron
Age" composite price now being 2.603c. per lb., the lowest in 16 months.
This compares with 2.610c. last week and with 2.789c. one year ago.
Composite Price June 17 1924 Finished Steel, 2.603c. per Lb.
2.610c.
June 10 1924
Based on prices of steel bars, beams. rt %1 19 k
2.639c.
9
ua
z
tank ,plates, plain wire, open-hearth
2.789c.
. -year pre-war average, 1.689c.
rails, black pipe and black sheets
,I0
These products constitute 88% of the U. S. output of finished steel.
Composite Price June 17 1924 Pig Iron, $20 13 per Gross Ton.
$20 54
Based on average of basic and foundry(June 10 1924.
21 04
,
irons, the basic being Valley quota- May 20 1924.
28 21
Um, the foundry an average of Chi- I June 19 1923.
cage. Philadelphia and Birmingham t10-year pre-war average, 15 72

Sales of Mechanical Stokers Decreasing.
The "Iron Trade Review" of Cleveland, in its summary,
The Department of Commerce announces the following
statistics on mechanical stokers, according to reports received is somewhat more optimistic, saying in its number for June 19:
Production of iron and steel no longer is slipping lower with each sucfrom fifteen establishments. These data are shown by
cessive week. While still showing a mixed situation, works operations
months for 1924 and 1923
are better holding their own and this is lending weight to the growing
STOKERS SOLD, HORSEPOWER AND KINDS OF INSTALLATION.

Year and
Month.

1924.
January
February
March
April
May
1923.
January
February
March
April
May
June
July
August
September
October
November
December
Total. 1923....

No. of
&stabMAments
Report
lag.

Installed Under
Stokers Sold.
No.

H.P.

Fire Tube
Boilers.
No.

H.P.

Water Tube
Boilers.
No.

H. P.

15
15
15
15
15

91
110
89
89
64

66,492
62,113
34,597
47,939
34,447

7
11
12
15
3

1.044
1.525
1,625
1,970
550

84
99
77
74
61

65,448
60,588
32,972
45,969
33.897

15
15
15
15
15
15
15
15
15
15
15
15

145
129
120
167
194
135
129
135
99
88
50
73

83.270
66,619
68,955
85,339
100,513
59,719
52,518
71,693
60.486
32.576
16,241
32.517

29
9
9
14
14
6
21
18
16
14
10
17

3,400
1,172
1,259
2,000
1.915
804
3,454
2,624
2.754
2,330
1,300
2,820

116
120
111
153
180
129
108
117
83
74
40
56

79,870
65,447
67,696
83.339
98.598
58,915
49,064
69,069
57,732
30,246
14,941
29.697

1.464

730,446

177

25,832

1,287

704.614

No Signs of Improvement in Steel Trade-Large Buying
of Pig Iron at Chicago, With Prices Down $1 a Ton.
Another week has passed without signs of improvement in
demand for steel or in the operation of rolling mills, says the
"Iron Age" in its issue of June 19. In the Pittsburgh and
related districts a further decline is indicated in both respects,
while at Chicago reports agree that production is less. The
general average for active steel capacity about Pittsburgh
is 40%, with Youngstown and Johnstown mills nearer 30%.
For the country the average is under 45%, according to the
"Age," which continues as follows:
The conditions of recent weeks are repeated in that pig iron is fairly active
-though now in Western markets snore than in the East, and with prices
yielding further
-and at the same time buyers of finished products show
less need of steel. In this connection further curtailment in consuming
industries has made it plain that stock replenishment will be for some time
on a scale well below what was the rule in the first quarter of the year.
With the trade shaping its plans for a period of summer quiet, there is
lass disposition to press the issue as to prices. Concessions are expected and
are made on exceptional tonnages, but on the general run the larger producers are sticking fairly close to the schedules represented in business now on
their books.
Plates have been a yielding product for some time and this week the Pittsburgh market is more definitely placed at 2.15c., a decline of $1 a ton.
The wire and nail trades are far short of their normal tonnage for the season and prices vary by $1 a ton, but there has been no general reduction.
In sheets, irregularity is more marked, the differences amounting to $2 and
$3 a ton on black and $1 on galvanized and blue annealed.
A sale of 16,000 tons of line pipe for a Southern field is the most substantial development in the oil industry, and several other companies are considering new work. The lobbing pipe trade is dragging, however, as large
stocks accumulated for spring work are yet to be moved.
After weeks of quietness in railroad equipment, there are inquiries for
1,000 additional cars for a Missouri Pacific subsidiary, 3,500 cars for Mexico
and 40 locomotives for the New York Central.
A semblance of buoyancy in the structural steel field is due to the appearance of 50,000 tons of inquiries following 55,000 tons last week. Bookings,
at 30,000 tons, including 18,300 tons for oil tank work, are the largest in
nine weeks, for which the average has been 20,000 tons.
Railroad specrications for rails and track supplies continue quite below
expectations and indicate that track work is not proceeding at a normal
rate, in spite of the promise of some months ago that 1924 would be a great
track year, even though as to equipment it would fall below 1923.
Though the workers asked for advances, the bar iron scale was settled
at Atlantic City for another year on the present basis. There was no
dispute as to the decline in demand and in price.
An inquiry for 20,000 tons of oil well casing for Argentina, under specifications suiting mills of Continental Europe, is receiving little consideration
by American producers.
A Japanese oil company is in the market for the equivalent of 14.250
base boxes of tin plate.




belief that the point of greatest recession may have been touched. New
business has been Increased in some lines, though apparently without
signitving any general recovery. Bookings by the Steel Corporation so
far in June are several thousand tons in excess of the similar period in
May. Shipments of this producer have been keeping around 35,000 tons
per day.
General activities of the industry are substantially the same as last
week. or 45 to 50% of steel ingot capacity. The Carnegie Steel Co. got
up to 56 to 58% last week and may do as well this week. Chicago plants
again have dropped this week and in the Mahoning Valley sheet mill operations are the lowest in three years. or around 45%. Pipe and tin plate
mills are making the best showing.
Sagging pig iron prices have caused "Iron Trade Review" composite of
14 leading iron and steel products to decline for its sixteenth consecutive
week. This week the composite is 340 55 against $40 66 a week ago and
is back to the level of December 1922. which was the starting point for
the four-month advance in iron and steel prices last year.
Steel prices are more stationary, reflecting the steadying influence of
the recent drastic curtailment of production. Some Eastern plate makers
are quoting a mill instead of a Pittsburgh basis. A $2 per ton reduction
in warehouse prices in the Chicago district is awaited. Pig iron prices
have fallen to a point where they have become especially attractive, buyers
have been coming into the market in increasing numbers, placing tonnage
In many instances to the year-end. Since the present buying movement
began three weeks ago, sales have totaled probably 400.000 tons or more.
At Chicago, a reduction of $1 by one seller has resulted in about 100.000
tons being booked the past week. The recent purchases of the American
Radiator Co. are finally placed at 75,000 to 80,000 tons. A Phillipsburg
N. J., pipemaker this week bought 25.000 tons, a Cleveland malleable
interest 9,000 tons, and a Westfield. Mass., plant 7,000 tons. Except at
Chicago, prices have shown less recession during the past week. Appearance of an inquiry for 40 locomotives from the New York Central.
the first of size of its kind to come out in many weeks, may possess some
significance. Mexican railways want 3.500 cars. Failure of the railroads
to specify freely against their contracts for steel rails for 1923 delivery
now on mill books has been a keen disappointment to the manufacturers.
The rail bookings built up during the past six months or more have been
unusually heavy and have represented a favorable point of the situation.
Recently they were estimated at 2,500.000 tons.
At least two of the automobile companies have released suspended tonnage or are increasing their orders with the mills. Some predictions have
been made that July will show an increase in automobile production.
Agreement of the bar iron workers to accept the same wage rates for the
next scale after they had asked material advances, is in linewiththe action
previously taken by the sheet and tin plate men. This removes any
possibility of operating troubles from wage disputes.
The favorable feature of the structural steel situation is the continuing
large number and wide scope of awards and inquiry. About 40 contracts
for steel, totaling 16,879 tons and 36 jobs awaiting action are reported
this week. Probably 150,000 tons of live work is being figured. The
Government report indicates total awards in May were only 10% under
April and 19% under February, the banner month of the present year.
Oil field buying this week makes an impressive exhibit in the tonnage
represented. Storage tanks awards have been numerous, calling for 15,000
to 20,000 tons. The Marland Refining Co. placed 6.000 to 12.000 tons,
the Standard Oil Co. of Louisiana 3,400 tons, the Rumble Oil Co. 2,500
tons, and the Vacuum Oil Co. 1,500 tons. The Magnolia Petroleum Co.
-inch gas line requiring
closed with the National Tube Co. for a 12 to 18
16,000 tons. The Standard Oil Co. of Louisiana also placed some pipe
line tonnage. Standard Oil interests have been inquiring for 150,000
boxes of tin plate for export containers, on which British mills have underquoted American producers 25 cents per box, or $5 per ton.

W. G. Beeler of Central Railroad of Nzw Jersey Says
Price Decline Has Begun.
As reported in a special telegram from Atlantic City,to
the New York "Times," the country is swiftly approaching
a period of lower prices, lower wages and unemployment,
according to W. G. Besler, President of the Central Railroad of New Jersey, who spoke before the American Railway
Association's convention on the million-dollar pier to.day.
"The initial stage of this'period of readjustment is already
here," Mr. Besler declared. "The price scales will be
progressively downward for a number of years. Wages will
be forced down in harmony with lowered costs of living."
Mr. Besler scored the attempt of national legislators to

3026

THE CHRONICLE

• hamper the railroads from laying their problems before the
people through the mails and newspapers, by prohibiting
expenditures for such, alleged propaganda. "There is a
remedy for this and the time for using it is close at hand,"
he said. "This remedy lies in serious consideration being
given by business men and citizens to the political situation."

[VoL. 118.

Duluth district the supplies of industrial plants have become depletedTto
an extent that assures activity at an early date. Also in this district the
substitution of bituminous for anthracite is being encouraged because of
the high prices of the latter. In Pittsburgh there is an encouraging increase
In inquiries for coal tonnage covering a normal contract period.
mem
The Car Service Division of the American Railway Association calls
.
attention to the fact that the usual autumn demand for coal comes at a
period when the railroads are handling the grain movement. An immense
movement of coal traffic is expected in the fall and serious rail congestion
is anticipated unless this movement is distributed over a reasonably lengthy
period. Industrial and domestic stocks are abnormally low and it is urged
that large manufacturers ship their coal early. This appeal, which comes
from Chicago, is not only timely, but should serve as a spur to manufacturers who are in that state of lethargy which unfailingly precedes a presidential election.

Bookings of Architectural Terra Cotta Rapidly
Decreasing.
Bookings of architectural terra cotta by 26 manufacturers,
who produced about 95% of the architectural terra cotta
made in 1922, have been repbrted to the Department of
Coal Production Shows Recovery-Also Coke.
Commerce for the first five months of 1924 and are shown
Production of soft coal, according to the U. S. Geological
below in tonnage and in value. Values exclude freight,
Survey, recovered from the decrease caused by the Memorial
cartage, duty and setting charges.
Day holiday and rose during the week ended June 7 to
BOOKINGS OF ARCHITECTURAL TERRA COTTA.
7,378,000 tons, the highest figure reached in any week since
Value.
Net Tow.
Na Tons.
Value.
January
13,011
51,570,117 March 29. In
16,240
51,561,518 April
comparison with the output for the last
1,229,551
10,171
February
1,467,539 May
13,227
March
12,022
1,316,553
preceding full-time week (May 19-24), this was an increase
of 215,000 tons, or 3%. The average output per working
Fur Manufacturers' Sales Heavily Reduced.
day is still far below that of the corresponding period last
Fur manufacturers' sales for April 1924 were 29.38% less year. Indeed, it has for the last two months run below the
than the sales in April 1923, according to statistics compiled line for 1921, a fact which illustrates the present acute depresby Seidman & Seidman, certified public accountants. Sales sion of the soft coal market. The following table of cars
from the beginning of the year to May 1 were 5.22% less loaded daily shows the trend in the rate of production:
Apr.28- May
May
June
June
May
May
than for the similar period in 1923. Purchases also deMay 3. 5-10. 12-17. 19-24. 26-31.
2-7.
9-14.
21.869 23,778 23,885 23,428 25,673 24,355 22,423
creased, being 52.9% less in April 1924 than in April 1923, Monday
Tuesday
22,248
21,856
and 9.21% less from the beginning of the year to May 1 Wednesday _ - 22,323 23.320 22.467 22.743 24,439 24,722 23,550
21,153 23,021
24,091
23,588
--Thursday
19.777 21,805 22.465 22,534 23,833 23,387
---1924 than for the same period in 1923.
Friday
22,359 22.553 21,559 23,063
9,520 23.344
_ --15.714 14,370 14,769 15,232 15,907 16,008
--Labor costs, on the other hand, increased from 16.84% of Saturday
Preliminary telegraphic returns indicate that loadings on Monday and
sales to 19.57% of sales. The smaller sales volume has also Tuesday, June 9 and 10, failed to equal those of the corresponding days in
increased the overhead rate from 10.98% to 13.8%, accord- the preceding week.
ing to Seidman & Seidman. Collections have been about ESTIMATED UNITED STATES PRODUCTION OF BITUMINOUS
COAL (NET TONS), INCLUDING COAL COKED.
the same this year as in 1923. On May 1 1924, 73.2% of
19241923
the sales were uncollected. On May 1 1923, 74.9% of the
Ca/. Year
Cal. Year
Week.
to Date.
to Date. c
Week.
sales were uncollected. Losses from bad debts, however,
May 24
7,163,000 190.410,000 11.049,000 218,591,000
increased from .12% of the sales to .68% of the sales.
Daily average
1,194,000
1.542,000
1,842,000 ,1,768,000
6,708,000 197,118,000 10,091,000 28,682,000
Manufacturers were slower in paying their own bills, and May3l_a
Daily average
1,773,000
1,242,000
1,529,000
1,904,000
7,378,000 204,496,000 10,676,000 239,358,000
as a result, 84.42% of the purchases remained unpaid on June 7_6
Daily average
1,773,000
1.230.000
1,516,000• 1,780,000
May 1 1924, as against 82.88% on May 1 1923. This is
a Revised since last report. b Subject to revision. c Minus one day's
due to the larger inventories that are generally being carried,
as a result of which there was only 49 cents in cash and production to equalize number of days in the two years.
ANTHRACITE
accounts receivable on May 1 1924 for every dollar of payThe output of anthracite recovered promptly after the Memorial and
ables, as against 55 cents in cash and accounts receivable Ascension Day holidays, and in the first week of Juno a total of 1,846.000
net tons was produced. This was about the same as in the last preceding
for every dollar of payables on May 1 1923.
full-time week (May 19-24), out in
comparison with the corresponding week
of 1923 it showed a decrease of 200.000 tons.

Continued 'Stagnation in the Coal Markets.
The feeling is quite general that unless there are false
bottoms in the storage bins of the holders of big reserves,
stocks are approaching the danger point in some centres,
which means, of course, that a number of consumers who
have been strangers to the coal market are nearly due to
resume the placing of orders for fuel, says the "Coal Age"
in its issue of June 12, and then adds:

ESTIMATED UNITED STATES PRODUCTION OF ANTHRACITE
(IN NET TONS).
19241923
Cal. Year
Cal. Year
Week
Week.
to Date.
EndedWeek.
to Date.
1,850,000 36,921,000
May 24
1,956,000 41,519,000
1,294,000 38,215,000
May 31
1,606,000 43,146,000
1,846,000 40,061,000
June 7
2,046,000 45,192,000
BEEHIVE COKE.

The production of beehive coke recovered slightly during the first week
In some sections, such as the New England district, where the depression of June. The total output for the country is estimated from reports of
In the textile Industry is particularly marked, the reserve piles are still cars of coke loaded for shipment by the principal carriers at 151,000 tons,
large, and consequently little activity can be expected for some time. an increase of 16.000 tons over the preceding week. In the corresponding
Reports of bad business are quite general, however, the reduction in coal week of 1923 the output was 405,000 tons. The present rate of production
movement being strikingly reflected in the reports of earnings by the is about 43% of the 1923 average, though 40% above the average level
railroads. The formality of nominating President Coolidge and adopting of the acute depression of 1921.
Estimated Producti'm of Beehive Coke (Net Tons).
a platform by the Republican convention at Cleveland last week removed
Week Ended
another excuse for hesitancy in business, and next week will see the Demo1923.
1924.
June 7 May 31 June 9
to
to
cratic convention out of the way. Meanwhile the coal trade continues to
1924.a
1924.1, 1923,
Date.
Date. c
mark time.
Pennsylvania & Ohlo_ _ -110,000
97,000 329,000 4,522,000 7,064,000
The Navy Department awarded another batch of contracts last week for West Virginia
7,000
5,000
22,000
523,000
302.000
19,000
23,000
533,000
465,000
supplying bituminous coal to navy yards and naval stations during the Ala., Ky., Tenn. & Ga - 19,000
7,000
Virginia
6,000
15,000
373,000
193,000
next fiscal year, beginning July 1. The awards totaled 221,150 tons, Colorado & New Mexico 5,000
5.000
184,000
10,000
122,000
being the second lot ofcontracts let on the basis of proposals opened May 21. Washington & Utah__ _ - 3,000
3,000
6,000
122,000
94,000
The State Department of Purchase of New York also has placed contracts
United States total_ _ _151,000 135.000 405,000 5,698,000 8.799,000
for supplying the coal needs of various State institutions beginning July 1.
Daily average
25.000 23.000 68.000
64.000
41,000
"Coal Age"Index ofspot prices of bituminous coal reacted 4 points during
a Subject to revision. Is Revised from last report.
day's
the week, standing at 166 on June 16. the corresponding price being $2 01. production in New Year's week to equalize the numberc Less one
covered
of days
This compares with $2 06 on June 9.
for the two years.
Activity at Hampton Roads continued its downward trend, dumpings
Cumulative production of beehive coke during 1924 to June 7 stood at
of coal for all accounts during the week ended June 12 totaling 265,222 5,698,000 net tons. Figures for similar periods in earlier years are as
net tons, as compared with 318,918 tons during the preceding week. Coal follows:
dumped at Lake Erie ports during the week ended June 14, according to 1920
9,492,000 net tons 1922
2,871,000 net tons
the Ore & Coal Exchange, was as follows: Cargo, 645,978 net tons: fuel, 1921
3 417.000 net tons 11923
8,799,000 net tons
39.184 tons. The respective totals during the preceding week were 619,115
tons of cargo coal and 37,198 of fuel coal.
Demand for anthracite continues on its well-oiled path downward since Western Virginia District of United Mine Workers
the reaction of a few weeks ago. The slackening of business is in evidence
Loses Its Autonomy-Not Vigorous Enough.
in both steam and domestic sizes. Aided and abetted by local outlaw strikes
at a number of the mines of some of the large companies, there has been a
The autonomy of District No. 17 of the United Mine
corresponding shrinkage in production, which likewise has had a tendency
West
to hold independent prices on an even keel. Ten thousand miners on strike Workers of America, which includes practically all of
in the Pittston district were joined last Saturday by 700 more from the Virginia, was suspended by the International Executive
Underwood colliery of the Pennsylvani Coal Co.
Board of the union at Indianapolis on June 14 and Percy

The "Coal Trade Journal" in its weekly review says:

Generally, the reports show a continued stagnation in demand, but the
presidential conventions now stand at ..one up and one to go" and with
the Democratic rally out of the way we shall hear sweeter music.
The second week in June showed no material increase in demand for
bituminous coal throughout the country, yet in a few spots there were
signs of greater consumer interest if not of activity. In the Superior-




Tetlow of Ohio was named head of the district by John L.
Lewis, International President of the miners. Headquarters
for Mr. Tetlow will be established in Charleston, W. Va.,
and he announced that Van A. Bittner of Pittsburgh,
International representative, would be placed in charge of

JUNE 21 1924.]

3027

THE CHRONICLE

the northern part of the district, with headquarters at
Fairmont. The order is effective June 16. That policies
of the International Union had not been applied and enforced with sufficient vigor in District No. 17 was given
as the reason for the suspension. It was also explained
that all of the district and sub-district officers of the union
in West Virginia appeared before the Executive Board and
filed a petion asking that the International Union assume
charge.
Union policies hereafter will be pursued vigorously in
West Virginia and "differences of opinion among the former
district officials resulting in conditions menacing to the union
will be eliminated," it was announced at union headquarters.
Coal Strike in Pennsylvania Called Off.
Striking miners at all the collieries of the Pennsylvania and
Hillside Coal & Iron Co.in the Pittston region, Pennsylvania,
numbering 10,000, returned to work on June 17 in compliance
with a decision reached at a meeting of the general grievance
committee of the company locals. By a vote of 28 to 16
the strike was ordered ended. The receipt of telegrams ,by
presidents of all the locals on strike from John L. Lewis,
international President of the United Mine Workers, ordering
the men to resume work, prompted the action.

620,854 bales of lint and 55,076 of linters in May 1923 and
480,010 of lint and 42,289 of linters in April 1924, the Bureau announced. It will be seen that the decrease from
May 1923 in the total of lint and linters combined was
219,800 bales, or 32.5%. The statistics of cotton in this report are given in running bales, counting round as half bales,
except foreign bales, which are in equivalent 500-lb. bales.
DEPARTMENT OF COMMERCE.
Bureau of the Census.
Preliminary report.
Washington, 10 a. m., June 14 1924.
Cotton consumed, cotton on hand, active cotton spindles, and imports and
exports of cotton for the month of May 1923 and 1924, with statistics of cotton
consumed, imported, and expor.eel for the ten months ending May 31.
(The statistics of cotton in this report are given in running bales, counting round
as half bales, except foreign cotton, which lain equivalent 500-1b. bales.)
COTTON CONSUMED AND ON HAND IN SPINNING MILLS AND
OTHER ESTABLISHMENTS, AND ACTIVE COTTON SPINDLES.
(Linters Not Included.)
Cotton on Hand
May 31 (Bales). ,

Cotton Consumed
(Bales) During-.
Locality.

Cotton
Spindler
Active
In Public
In
Ten
Months Consuming Storage and During
May.
Establish- at CoinEnding
presses. (Number)
menu.
May 31.

Year
May.

1924 *413,649 *4,991,163 *1,157,778 *1,126,711 30,493,165
United States
1923 62.,854 5,861,412 1,634,167 1,580,219 35,374,018
982,756 15,784.301
636,619
Cotton-growing States_ 1924 289,897 3,372,479
1923 392,585 3,588,305
898,385 1,254,865 16,089,331
87,255 13,087.169
New England States_
1924 103,373 1,361,244
45.3,192
197,154 17,505,414
1923 195,472 1,756,267
642,011
76,670 1,621,695
All other States
1924 20,379
257,440
67,967
11022 29 707
215 R411
02 75R
125200 1.779.269

Miners Accept Wage Reduction in Kentucky.
* Includes 15,P46 Egyptian, 9,369 other foreign, 3,504 American-Egyptian and
311 Sea-Island consumed, 65,077 Egyptian, 33,588 other foreign, 12,529 American
According to a newspaper dispatch dated June 19, striking Egyptian and 2,453
,*
Sea-Island in consuming establishments, and 17,819 Egyptian,
miners of the St. Bernard Coal Co. at Earlington, Ky., 18,457 other foreign, 7,113 American-Egyptian and 2,357 Sea-Island in public
acting through a committee, signed an agreement with the storage. Ten months* consumption 197,171 Egyptian, 90,104 other foreign,
company officials accepting a 20% wage reduction late on 28,799 American-Egyptian and 4,394 Sea Island.
Linters not included above were 42,481 bales consumed during May in 1924 and
June 18. The agreement covering one year was signed 55,076 bales in 1923; 122,043 bales on hand In consuming establishments on May 31
after the miners adopted a resolution withdrawing from the 1924, and 164,157 bales in 1923; and 74,437 bales in public storage and at coinin 1924 and 48,507 bales in 1923. Linters consumed during ten months
United Mine Workers of America. Formation of an em- Presses May 31 amounted to 451.453 bales in 1924 and 551,232 bales in 1923.
ending
ployees' mutual benefit association also was authorized at
IMPORTS AND EXPORTS OF COTTON AND LINTERS.
the mass meeting. About 2,000 men are affected. Provisions of the employees' mutual benefit association include
-lb. Bales)
Imports of Foreign Cotton During (500
an eight-hour day, payment of an old-age pension by the Country of Production.
Ten Months Ended May 31.
May.
company and acknowledgment of the right of collective bar1924.
1923.. •
1924.
1923.
gaining. The new working plan, it is stated, is essentially
318,826
154,480
14,034
6,760
Egypt
the same as that in operation for several years in western Peru
20,164
18,964
723
123
46,058
40,386
3,012
4,334
China
Kentucky Coal Co. mines in Webster County.
45,417
26,872
202
492
Mexico
British India
All other

Wage Reductions in Haverhill Shoe Plants.
Announcement of wage reductions of about 15% net on
women's welt and comfort shoes and women's, misses'
and children's shoes in the Haverhill (Mass.) factories was
made on June 19 by Edwin Newdick, Chairman of the Haverhill Shoe Board of Arbitration. , There is a wide variation,
newspaper accounts say, in the percentage of reduction,
ranging from nothing in certain departments up to about
20% in certain other departments. The net average,
however, is less than that announced in earlier reductions,
which were about 20% on women's turn and McKay shoes.
Portland (Ore.) Typographers to Return to Work at
Old Wage Scale.
The backbone of a threatened strike of printers in all of
the Northwestern cities seems to have been broken in the
decision of the Portland, Ore., typographers to go back to
work at the existing wage scale of $8 and $8 50 a day, said
a newspaper dispatch from Seattle June 9, which then
continued:
Seattle newspapers faced the same demands for increased wages and the
three evening newspapers signed contracts calling for increases in the existing scale, which is the same as Portland's. One newspaper, W.It. Hearst's
"Post-Intelligencer," refused to sign. On Memorial Day 100 printers
walked out and were followed by mailing room and stereotyping crews.
The Seattle situation was met by rushing in non-union printers who had
been mobilized in the Northwest by a coalition of the publishers of Portland, Spokane, Tacoma and the Seattle "Post-Intelligencer." The new
crews got the "Post-Intelligencer" out on time, set all the copy put up to
-page daily and 90
-page Sunday newsthem, and have been producing 24
papers ever since. The "Post-Intolligencer" this morning claims an appreciable gain in circulation since the strike went into effect.

16,107 , .

Total




29,803
1,564

23.593

272,049

18.449 •
1,317

450,231

Exports of Domestic Cotton and Linters During
(Running Bales) (see no's for haters).
Country to Which
Exported.

Ten Months Ended Mai 31.

Mat.

1924.

1923.

64,349
41,063
27,611
105,376
51,074 .
• 28,304..
8,580

..10,947
17,360
12,138
40,392
22.28939.281
17,961

1,602,416
675,998
503,217
1,180,755
654,406
541,696
171,000

1,241,758
589,724.
453,763
802.363595.373
563,801 •
225,935

326,357

160,368

5,329.488

4,477.707

1924.
United Kingdom
France
Italy
Germany
Other Europe
Japan
All Other
Total

1923.

-

-Figures include 19,255 bales of linters exported during May in 1924 and
Note.
2,818 bales in 1923, and 93,357 bales for the tell months ending May 31 in 1924
and 35,875 bales in 1923. The distribution for May 1924 follows: United Kingdom,
2.246; Netherlands, 185; France, 772: Germany. 14,082; Belgium, 1,558; ItalY,
97; Greece, 2; Canada, 276; Mexico, 4: Panama. 3.
WORLD STATISTICS.
The estimated world's production of commercial cotton, exclusive of linters,
grown in 1922, as compiled from information secured through the domestic and
foreign staff of the Department of Commerce, is 17,540,000 bales of 478 lbs. lint.
while the consumption of cotton (exclusive of lintel's in the United States) for the
year ending July 31 1923 was approximately 20,950,000 bales of 478 lbs. ant.
The total number of spinning cotton spindles, both active and idle, is about
157,000,000.

Cottonseed Production During May.
On June 19 the Bureau of the Census issued the following
statement, showing cottonseed received, crushed and on
hand and cottonseed products manufactured, shipped out,
on hand and exported, covering the ten months period
ending May 31 1924 and 1923:
COTTONSEED, RECEIVED, CRUSHED AND ON HAND (Tons).
On Hand at Mills
Crushed
Received at Mills.
May 31.
Aug. 1 to May 31. Aug. 1 to May 31.
State.
1924.

Census Report on Cotton Consumed and on Hand in
May, also Active Spindles, and Exports and Imports-Sharp Falling Off in Consumption.
Under date of June 14 1924 the Census Bureau issued its
report showing cotton consumed, cotton on hand, active
cotton spindles and •imports and exports of cotton for the
month of May 1924 and 1923 and the ten months ending
with May. Cotton consumed amounted to 413,649 bales
of lint and 42,481 bales of linters in May 1924, compared with

5,525
97

4,337
6

Alabam I
Arkansaa
Georgia
Louisia A
Mi3S1891 nti
North Jarolina
Oklaho la
South Carolina
'rennessee
Texas
All oth r
• Unite1 States

127,835
170,038
232,783
112,674
252,941
325,845
213,613
204,021
167,599
1,312,853
161,842

1923.

1924.

201,906 126,721
259,889 169,821
255,191 255,621
102,631 112,427
376,824 249,835
287,546 324,734
186,842 218,239
151.688 201.830
285,892 164,952
95.5,984 1,279,761
143,660 152,316

1923.

1924.

203,118 1,566
663
257,374
252,292 8,082
251
102.028
370,192 3,604
286,817 1,407
573
187,325
152,213 2.830
703
283,754
954,875 41,223
142,907 5,225

1923.
808

994

4,674
79
6,928
1,415
142
683

2.299

5,253
811

3.287.044 3.208.033 3.226.257 3.192.895 68,127 23,675

•Includes seed destroyed at mills but not 12,786 tons and 13,168 tons on hand
Aug. 1 nor 125,372 tons and 184.652 tons reshipped for 1924 and 1923, respectivelY.

THE CHRONICLE
COTTONSEED PRODUCTS MANUFACTURED. SHIPPED OUT, AND ON
HAND.
Item.

Season.

On Hand
Aug. I

Produced
Aug. 1 to
May 31.

Shipped Om
Aug. 1 to
May 31.

On Hand
May 31.

Crude oil (pounds). 1923-24 *5,103,348 954,434,390 917,129,102 *52,333,249
6,905,409 982,773,859 971,852.978 23,714,206
1922-23
a194,458,331
Rained oil(pounds) 1923-24 a138,112,489 6797,691,367
222,827,794
1922-23 163,851,360 874,255,102
120.186
1,407,556
1,477,951
Cake & meal (tons) 1923-24
49,791
112,695
1,416,732
1,462,512
66,915
1922-23
62.888
868,472
Hulls(tons)
915,706
15,654
1923-24
50,991
903,202
925,576
28,617
1922-23
122,272
557,107
651,810
Linters (500-lb.
27,569
1923-24
51,652
584,276
596,999
38,929
bales)
1922-23
379
43,258
Hull fibre (500-lb. 1923-24
36,372
7,265
15,889
88,378
34,342
69,925
bales)
1922-23
6,852
18,749
23,996
1,605
Grabbotsmotes,&c, 1923-24
2,243
17,085
1,428
17,900
(500-lb. bales)
1922-23
•Includes 1,032,229 and 5,512,442 pounds held by refining and manufacturing
and 6,615,310 pounds In transit to refiners and conestablishments and 1.170,910
sumers Aug. 1 1923 and May 311924. respectively.
a Includes 3,783,784 and 5,727,819 pounds held by refiners, brokers, agents,
and warehousemen at places other than refineries and manufacturing establishments
and 8,670,531 and 3.831,063 pounds in transit to manufacturers of lard substitute,
oleomargarine, soap, &c., Aug. 1 1923 and May 31 1924, respectively.
S Produced from 882,416,445 pounds crude oil.
EXPORTS OF CCYITONSEED PRODUCTS FOR TEN MONTHS ENDING
MAY 31.

[VOL. 118.

Getting on Their Feet.
Asked if the purchases were not significant in view of the reported low
buying pevrer of the Russian people since the revolution, Mr. Gumberg
replied that they demonstrated that the Russians were rapidly getting
back upon their feet economically.
"Conditions are pretty near normal, more nearly so than at any time
since the World War," he said. "The grain crops in Russia this year,
we hope will complete the transition back to a state of normalcy. The
peasants are able already to resume the buying of the comforts of life.
and there was a comparatively negligible carryover of grain from the
last crops, which should assure the farmers of Russia good prices for their
produce."
The syndicate, it is stated, has 7.250,000 spindles, most of which are
in active operation, as compared wtih a total of about 36,000,000 in the
United States for all companies.
The syndicate is planning to extend its lines on a larger scale to China
since the signing three weeks ago of the Russo-Chinese treaty, under which
the Soviet Government has been recognized, Mr. Gumberg said, adding
that the syndicate is now receiving considerable orders from Perisa for
cotton goods manufactured in Russian mills from American cotton.

Everett Mills Shut Down Temporarily-Other Curtailments.
The Everett Mills at Lawrence, Mass., will be shut down
1924.
1923.
from June 18 to July 14, according to Agent William D.
26,450,262 Twiss, "because of the continued unsatisfactory condition
pounds 22,910,343
Oil
-Crude
35,521,172 of the colored cotton
pounds 13,309,871
Refined
goods business."
215,954
tons
110,549
Cake and meal
35,875
running bales
93,857
Linters
The Parkhill Manufacturing Co. of Fitchburg announces
that three mills devoted to the making of ginghams have
Ban Is Put on Cotton in Arizona-California7Acts to been put on a schedule of five days a week. The mills have
been running two to four days a week. Nearly 80% of the
-Other States May Do Likewise.
Keep Weevil Out
employes are working on the increased schedule. Another
The following dispatch from Phoenix, Ariz., June 13, aplarge manufacturer of denims
-the Nelson D. White &
peared in the Los Angeles "Times" of the 14th inst.:
State Entomologist Bartlett has received notification that California has Sons, Inc., operating two mills in Winchendon, one in White
carried out the provisions of a State law and, recognizing that boll weevil Valley and others in Peterboro and East Gaffrey, N. H.
exists in the Post-vale section, near Tucson, has quarantined against Importation of coteon products or seed from Arizona. Similar action is expected has resumed operations on a full-time schedule after months
soon from New Mexico and Texas. The ban is to be lifted only when proof of curtailment. The Cordis mills of Millbury, one of a chain
shall be submitted of the destruction of all fields in which the wild Arizona in Central Massachusetts of Bliss, Fabyan & Co., which
weevil has been demonstrated to be present. Attorney-General Murphy
has given the Governor an opinion that the Postvale cotton should be con- makes cotton tickings, closed June 18 until July 7. The
sidered a public nuisance and as contraband destroyed. Notice has been mills have been operating three days a week the past two
received that an injunction is being sought in the Federal Court against the months.
proposed
turning in of the crop of 9,000 acres by the State.
Dr. Bartlett states that all consideration has been proffered by the
California authorities, who are declared to have taken a very rational view
of the situation.
An appropriation of $200.000 was made by Gov. Hunt for payment of
the damage done crops,but the proffer was refused and the time limit for
acceptance has passed.

Bricklayers Strike on Buildings Where Non-Union
Structural Steel Workers Are Employed.
Notwithstanding the reported agreement between several
firms against which a strike of structural steel workers in the
building trades recently was called, bricklayers, hoisting
Russia Buys Here $35,000,000 Cotton-Purchases Since men and their helpers have quit work on buildings where
their union says incompetent non-union workers are being
Jan. I Made on Credits Supplied by Chase
employed. J. J. Donnelly, business agent of Local 34 of the
National Bank.
- Under the above head the New York "Time71nted Bricklayers' Uhion, said that "this action is not one that
would withdraw men from all jobs against their will. Some
the following in its issue of June 12:
Ig Although her GovernmentThaslyet to be recognized by the United States, of our members have already taken action to protect themSoviet Russia's purchases of one American commodity alone have amounted
selves from the possible injury or death that might result
to between $35,000,000 and $40,000,000 since the first of the year, and
from incompetent workers on the jobs." The structural
these on credits supplied by a single American bank.
The commodity Is cotton and the bank which has been supplying the iron workers demand $12 a day, an increase of $1 50 above
credits, without, as had been supposed, the co-operation of other banks,
the present scale, and recognition of their union by the
is the Chase National Rank of New York.
These facts were revealed yesterday by Alex Gumberg, Vice-President Iron League. Regarding the action of the bricklayers' union,
and Treasurer of the All Russian Textile Syndicate, Inc., which handles P. J. Morris, its President, said:
Russia's entire purchases of cotton in
and which

exclusively
this country,
also arranged the credits.
Gumberg. payment for the cotton purchased thus
According to Mr.
far this year has already been made to the extent of more than $20,000,000,
the syndicate meeting all these obligations in American dollars. To date
more than 200,000 bales have been bought in the American markets and
the larger part of this total has been delivered at Murmansk, the Russian
port on the Arctic Circle, by Russian ships. From there the staple is
shipped by rail to the Russian textile mills for conversion into manufactured products both for the use of Russians and countries trading with
her.
Large Cotton Shipments.
The latest shipment, and the largest of all made on behalf of the AllRussian syndicate since it established an organization in this country last
December for the purchase of cotton, consists of 19,903 bales, which cleared
from New Orleans yesterday, on the steamer Koursk. Other cargoes,
and the date of sailing were: 9,904 bales from New Orleans Feb. 8; 8,669
New Orleans March 15; 8,175 bales, New Orleans, March 29; 6,956 bales,
New Orleans, April 19; 8.400 bales, Savannah. April 22; 5,896 bales, New
Orleans, April 24; 5,823 bales, New Orleans and Norfolk. May 1 and 8.
respectively; 9.000 bales, Savannah, May 27, and 8,195 bales shipped
from Savannah on June 5. Five more ships have been chartered to carry
50.700 bales contracted for.
Mr. Gumberg said that his office within the last few days had been
directed from headquarters of the syndicate at Moscow to make inquiries
for textile machinery in this country as well as a trial order of dyes.
Hitherto Russia has not been in the market, in the organized sense at
least, for these AMOriCall products.
The purchases of cotton, he said, would continue indefinitely unless
Russia's buying power should be imparied by such eventualities as poor
crops, and as long as the American market provided favorable prices at
which the staple could be bought in present quantities. The total of
these purchases, with the year less than half over, already equals the
total which the syndicate was credited with intending to buy several months
ago for the entire year. At the rate purchases are now being made they
may exceed $100,000,000 by the end of the year 1924, Mr. Gumberg
said. Already more American cotton has been bought by the syndicate
in the United States than Russia has bought in this country in any year
since 1917, a year of the revolution. Mr. Gumberg expressed the belief
that the total delivered and contracted for (over 200,000 bales) would
even exceed Russia's purchases since 1917 add up to the present year.




"The bricklayers' action is the culmination of a series of incidents that
have resulted in the death of one non-union man and the maiming of several
others," said Mr. Morris. I have just received a report that a non-union
man was killed to-day at Thirty-fifth Street and Seventh Avenue. He was
swept off a beam by girders that were improperly handled. Last Wednesday
a derrick fell from an upper floor of Public School 116. at 107th Street and
Merrick Road. Brooklyn, and tore down half the building. In the middle
of May a boom with almost two tons of steel on it dropped into the street
on the same job. I received a report that to-day a girder fell on the Corona
extension of the subway and one non-union man's hand and arm were badly
mangled. At Grand and Havemeyer Streets, Brooklyn, to-day, a nonunion man had his foot badly mashed by a beam Incompetently handled.

The Country's Foreign Trade in May-Imports and
Exports.
The Bureau of Statistics of the Department of Commerce
at Washington on June 13 issued the statement of the
foreign trade of the United States for May and the eleven
months ending with May. The value of merchandise
exported in May this year was $336,000,000, as compared
with $316,359,470 in May last year. The imports of
merchandise were $305,000,000 in May 1924, as against
$372,544,578 in May last year. This left a trade balance
in favor of the United States on the merchandise movement
of $31,000,000 for the month in 1924, as compared with an
unfavorable balance for the corresponding month in 1923 of
$56,185,108. Imports for the eleven months of 1923-24
have been $3,282,206,631, as against $3,460,725,166 for the
eleven months of 1922-23. The merchandise exports for
the eleven months have been $4,005,769,828, against
$3,636,776,420, giving a favorable trade balance of $723,563,197, against $176,051,254. Gold imports totaled $41,073,650 in May this year, against $46,156,195 in the corresponding month last year, and for the eleven months they

are $391,844,521, as against $264,656,011. Silver imports
for the eleven months have been $75,069,596, as against
$581881,078 in 1922-23, and silver exports $90,137,087,
against $52,325,875. Some comments on the figures All
be found in an earlier part of this issue in our Editorial
Department. Following is the complete official report:
TOTAL VALUES OF IMPORTS AND EXPORTS OF THE UNITED STATES.
(Preliminary figures for 1924, corrected to June 12 1924.)
MERCHANDISE.
May.
Boren 31os. Ending May.
Increase(+).
1924.
Decrease
1923.
1923.
1924.

(—).

Imports- __
Exports _

$
$
305,000,000 372,544,578 3,282,206,631 3.460,725,166 —178,518,535
336,000,000 316,359,470 4,005,769,828 3,636,776,420 +368.993,408

Eaceasimp.
Excess exp.

56,185,108
31,000,000
723,563,197 176,051.254
IMPORTS AND EXPORTS OF MERCHANDISE. BY MONTHS.
1923-24.

Imports—
July
August__ SeptemberOctober
November_
December _
January—.
February
March -- -.
April
May
June

$
287,433,769
275,437,993
253,645,380
308,290,809
291,333,348
288,304,766
295.506.212
332,323,121
320,503,754
324,427,481
305,000,1100

1922-23.

1921-22.

1920-21.

$
$
$
251,771,881 178,159,158 537,118,971
281,376,403 194,768,751 513,111,488
298,493,403 179,292,165 363,290.301
276,103,979 188,007,629 383,198.755
291,804,826 210,948,036 321,209,055
293,788,573 237,495,505 266,057,443
329.253,664 217,185,396 208,796,989
303,406,933 215,743,282 214,529,680
397,928,382 256.177,796 251,969,241
364,252,544 217,023,142 254,579,325
372,544,578 252,817,254 204,911,186
320,233,799 260,460,898 185,689,909

Rs/torts—
July
August
SeptemberOctober — _
November _
December _
January_ _.
February
March_ _ _
April
May
June

$
139,061,770
137,651,553
171,084.843
132,949,302
148,236,536
184,025,571
154,742,923
148,044,776
182,555,304
173.762,114
164,281,515
157,529,450

3,282,206,631 3,410,725,166 2,347,618,110 3,488,769,437 1,736,396,207
3,780,958,965 2,608,079,008 3,654,459,346 1,893,925,657
302,188,027
310,965,891
381,433,570
399,199,014
901,483,872
426,665,519
395,198,875
366,122,000
339,658,443
346,858,617
336,000,000

301,157,335 325,181,138 651,136,478
301,774,517 366,887,538 578,182,691
313.196,557 324.863,123 604.686,259
370,718,595 343,330,815 751,211,370
379,999,622 294,092,219 676,528,311
344,327,560 296,198,373 720,286,774
335,416,506 278,848,469 654,271,423
306,957,419 250,619,841 486,454,090
341,376,664 329.979,817 386,680,346
325,492,175 318,469,578 340,464,106
316,359,470 307,568,828 329,709,579
319,956.953 335,116.750 336,898,606

GOLD AND SILVER.
May.
1924.

160,990,778
187,909,020
218.240.001
271,861,464
245,539,042
233,195,628
204.066,603
173.920,145
187,499,234
162.552,570
161,732,619
157,072,044

limos,and.
May__ 4,005,769,828 3,631,776,420 3,436,039,739 6,179,611,427 2,207,507.104
12 mos.end.
June_
3,956.733,373 3,771.156,4896.516.510.033 2,364579.148

11 Months Ending May.
1924.

1923.

1923.

Increase(+)
Decrease(—).

$
$
$
3
$
41,073,650 46.156,195 391,844,521 264,658,011 +127,188,510
593,290
824,444 9,938,926 48,473,491 —38,534,565

Gold—
Imp)rts
Exports

Excess of imports_ 40,480,360 45,331,751 381,905,595 216,182,520
Si/ver—
Imports
Exports

5,639,582
9,686,517

Excess of imports_
Excess of exports.

4 64.9 025
.

4.461,146 75,069,596 58,881,078 +16,188.518
3,499,358 90,137,087 52,325,875 +37,811.212
961,788

6,555,203
1.5067 401

•IMPORTS AND EXPORTS OF GOLD AND SILVER, BY

Imports—
July
August
September
October
November
December
January
February
March
April
May
June

1922-23.

morrriErs_

Meer.

Gold.
1923-24.

1913-14.

11 mos.end.
mos.end
L2may__June-

3029

THE CHRONICLE

JUNE 21 1924.]

1921-22.

1923-24.

$
8
3
5
27,929,447 42,986,727 64,247,479 10,066,463
32,856,097 19,092,208 84,901,554 6,465,949
27,803,961 24,464,235 66,085,253 8,517,971
29,795,185 20,866,156 47,106,839 6,929,311
39,757,436 18,308,087 51,298,626 5,269,173
32,641.226 26,439,677 31,665,827 8,172,301
45,135,760 32,820,163 26,571.371 5,979.758
35,111,269 8.382.736 28,738,920 7,900,409
34,322,375 15,951,357 33,488,256 6,220,934
45,418,115 9,1E8,470 12,243,555 3,907,745
41,073,650 46,156,195 8,993,957 5,639,582
19,433,539 12,976,63e

1922-23.

1921-22.

$
6,957,298
4,943,762
6,370,279
3,940,349
5,855,405
7,847,570
5,824,637
3,792.387
4,626,376
4,261,869
4,461,146
6,065,947

$ .
4,513,279
7,852,849
4,488,359
7,509,838
5,912,079
5,515,904
6.495,758
4,785,957
6,953,105
4,799.873
5,511,553
6,345,744

11 mos. endin
391844521 264636011 455341637 75,069,596 58,881,078 54,338.554
May
12 mos. endin
284089550 468318273
64,947,025 70,684,298
June
Exports—
July
August

September
October
November
December
January
February
March
April
May
June

11 mos. endin
May
12 mos. eadin
June

522,826
643.714
2,200.961
955,853
862,697 1,398.607
1,307,060 17.591,595
746.794 3,431,065
711,529 2,709,591
280,723 8,472.198
505,135 1,399.089
817,374 10,392,100
1,390.537
655,235
593.290
824,444
548,484

3,734,929
671,652
2,448.741
7,576,472
607,437
2,161.582
862,983
1,731,794
963,413
1,578,867
3,406,658
1,600,754

6,233,163
7,032,221
8,123,460
7,522,845
8,775,474
9,521,083
8.208,644
8.876,713
8,355,278
7,801,689
9,686,517

6,268,953
3,861,180
3,735,178
3,268,731
6,599,171
6,913,200
6,921,002
2,191,059
4,731.705
4,336,338
3,499,358
3,581,081

5,112,842
3,743,133
4,946,751
4,782,199
4,803,832
7,145,047
3,977,118
7,091.665
4.302.182
5,108.732
5,676,755
6,009,421

9,938,926 48,473,491 25,744,528 90,137,087 52,325,.75 56.690,256
4'1.021 075 27.345.22

55 110R 95962 604 677

Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on June 18, made public by the Federal
Reserve Board, and which deals with the results for the
12 Federal Reserve banks combined, shows a further decline
of $8,700,000 in earning assets, a larger reduction of $24,600,000 in holdings of discounted bills, being partly offset
by increases of $12,900,000 in acceptances purchased in
open market and $3,000,000 in Government securities.
Federal Reserve note circulation shows a further reduction
of $18,700,000, while cash reserves increased by $12,600,000
and total deposits by $48,600,000.
Smaller holdings of discounted bills are reported by all
Federal Reserve banks except Richmond, which shows an
increase of $4,400,000, and New York, Chicago and Dallas,
which show a total increase of $2,100,000. The Cleveland
Reserve Bank reports the largest reduction, $16,200,000, in
holdings of discounted bills, Atlanta reports a decline of
$5,800,000, and Philadelphia a decline of $4,000,000.
Paper secured by U. S. Government obligations declined by
$16,800,000 to $114,400,000. Of the latter amount, $92,500,000 was secured by Liberty and other U. S. bonds,
$18,400,000 by Treasury notes, and $3,500,000 by certificates of indebtedness. After noting these facts, the Federal
Reserve Board proceeds as follows.

on subsequent pages, namely pages 3057 and 3058. A
summary of changes in the principal assets and liabilities
of the Reserve banks during the week and the year ending
June 18 1924 follows.
—Inc.(+) or Dec.(—) Durini
Week.
Year. +$57,200,600
+212,600,000
+3,200,000
+28.600.000
—222.500,000
—8,700,000
—379,700,000
—24,600,000
—238,300,000
—16,800,000
—7,800,000
—141,400.000
—148,400,000
+12,900,000
+3,000,000
+304.400,000
—200,000
—3,100,000
+216,700,000
—33,800,000
+90,800,000
+37,000,000
—370,500:000
—18,700,000
+214,200.000
+48,600,000
+229,600,000
+71,900,000
—11,100.000
—25,500,000
—4,300.000
+2,200.000

Total reserves
Gold reserves
Total earning assets
Bills discounted. total
Secured by U. S. Govt. obligations_
Other bills discounted
Bills bought in open market
U. S. Government securities, total-- -Bonds
Treasury notes
Certificates of indebtedness
Federal Reserve notes in circulation—
Total deposits
Members'reserve deposits
Government deposits
Other deposits

The Week with the Member Banks of the Federal
Reserve System a
Aggregate increases of $134,000,000 in loans and investments and of $216,000,000 in net demand deposits, together
with a further reduction of $20,000,000 in accommodation
at the Federal Reserve banks, are shown in the Federal
The New York Reserve Bank reports an increase of $10.300,000 in Reserve Board's
weekly consolidated statement of condition
holdings of acceptances purchased in open market, and Dallas an increase
of $4,700,000. Of the remaining banks, Minneapolis, Kansas City and on June 11 of 749 member banks in leading cities. It should
San Francisco show an aggregate increase of $2,100,000, and the seven be noted that the figures for these member banks are always
other banks a total decline of $4,100,000. A net increase of $3,000,000 a week behind
those for the Reserve banks themselves.
is shown in Government securities, holdings of Treasury certificates having
Loans on U. S. Government securities declined by $4,600,increased by $37,000,000, while those of Treasury notes declined by
$33,800,000 and those of U. S. bonds by $200,000. The New York Re- 000, while loans on corporate securities and "all other,"
serve Bank reports an increase of $3i,100,000 in its holdings of Government largely
commercial, loans and discounts increased by $69,securities, while Cleveland reports a decrease of $10,400,000, Philadelphia
a decrease of $8,600,000, Chicago a decrease of 57,200,000, and Dallas a 000,000 and $70,000,000, respectively. Investments in
decrease of $4,600,000.
United States securities show an increase of $12,000,000,
All Federal Reserve banks report reductions in Federal Reserve note
and other bonds, stocks and securities a decrease of $1
.3,circulation, except Boston and New York, which show a combined increase
of $2,300.000. The Federal Reserve Bank of Cleveland shows a decline 000,000.
of $7,300,000, Chicago a decline of $5,400,000. Philadelphia a decline of
Member banks in New York City report increases of
$2,600,000, and San Francisco a decline of $2,100,000. Gold reserves
ncreased by $3,200,000 during the week, reserves other than gold by $2,000,000 in loans on United States Government securities,
of $89,000,000 in loans on corporate securities and of $45,59.500,000, and non-reserve cash by 8700,000.
The statement in full, in comparison with the preceding 000,000 in "all other" loans and discounts. Investments
week and with the corresponding date last year, will be found of these banks in United States securities decreased I




3030

TUE C1TRONICLE

$7,000,000 and investments in corporate securities by
$19,000,000. Further colnment regarding the changes
shown by these member batks is as follows:
Ofthe total increase of$216,000.000 in net demand deposits,$139,000,000
was reported by banks in the New.York district. $34,000,000 in the Chicago
district, $17,000,000 In the San Francisco district and $16,000,000 in the
Philadelphia district. Time deposits of all reporting members show an
Increase of $22,000,000 and Government deposits a decrease of $9,000,000.
An increase of $1.000,000 in time deposits and a decrease of $2,000,000 in
Government deposits are reported by the New York City banks.
Reserve balances of all reporting banks show an increase of $50,000,000,
, while reserve balances of the New York City members show an increase
of 155,000.000. Cash in vault shows practically no change.
Borrowings of all reporting institutions from the Federal Reserve banks
declined from $160,000.000 to $140,000,000, and like borrowings of the
New York City banks increased from $4.000.000 to $5,000,000.

On a subsequent page—that is, on page 3058—we give the
figures in full contained in this latest weekly return of the
member banks of the Reserve System. In the following is
furnished a summary of the changes in the principal items as
, compared with a week ago and with last year:
Increase (±) or Decrease (—)
During
Year.
Week.
+1135,000,000 +$254,000,000
discounts, total
Loans and
—4,000,000
—45,000,000
Secured by U. S. Govt. obligations
+69.000.0013 +181,000.000
Secured by stocks and bonds
- +70,000,000 +118,000.000
All other
+71,000.000
—1,000.000
Investments, total
+10.000,000 +112.000,000
U. S. bonds_
—326,000.000
U. S. Treasury notes
+2.000,000
—45,000,000
U. S. certificates of indebtedness
stocks and securities
—13,000,000 +330.000,000
Other bonds,
• Reserve balances with Fed. Reserve banks_- +50,000,000 +120,000,000
—3,000,000
Cash in vault
+216,000.000 +465.000,000
Net demand deposits
+22,000,000 +357,000,000
Time deposits
Government deposits
--9,000,000 --67,000,000
Total accommodation at Fed. Res. banks-- —20,000,000 —301,000,000

Payment by Great Britain of Interest on
United States Debt.
The June 15 installment of semi-annual interest due on
Great Britain's debt to the United States, amounting to
$68,655,000, was paid into the United States Treasury on
the 16th inst. The payment consisted of $19,000,000 of
United States Treasury certificates of indebtedness, series
TJ-1924, maturing June 16 1924, which were accepted at
par, and $49,655,000 in cash. The payment was made
through the Federal Reserve Bank of New York, J. P.
Morgan & Co. acting for the British Government in the
capacity of fiscal agent in making the payment. The
e* York "Herald-Tribune" of the 17th inst. said:

te

l'we checks were involved in the transaction to enable the settlement
to be made in Federal Reserve funds. J. P. Morgan dz Co. presented
their check to the First National Bank for the amount of cash tendered
in payment and received in return the check of the First National Bank
upon the New York Federal Reserve Bank,drawn against its balance there.
This second check was, in turn, paid over to the Government.

Referring to the cash payment made in the present instance by the British Government, the same paper said:
All previous payments since the agreement was signed, except a small
amount to bring the total obligation down to a round sum, have been in
Liberty bonds, purchased in the open market at a discount and accepted
by the Treasury Department at par. Bankers are of the opinion that with
the advance in Liberty bond prices to above par the opportunity for saving
accruing to the British Government under this optional form of payment
has been lost for some time to come.

{VOL. 118.

This old city (founded 1299) is desirous of extending a cordial welcome
to one of our civic enterprises which, I believe, will meet with your entire
approval.
This practical demonstration of community advertising (from July 2 to
15, at Wembley) dealing with a subject you know much more about than
we do, may I add, therefore, is a tacit compliment to your side of the
water.

Louis Barthou to Continue as Head of Allied
Reparations Commission.
We quote from the New York "Evening Post" the following from Paris June 17:
Louis Barthou announced to-day that he would remain as head of the
Reparations Commission. This was in answer to a report published by a
French newspaper that Louis Loucheur was slated for the position now
held by M. Barthou, and that the latter was to succeed Marshal Louis
Lyautey as Resident-General in Morocco.
"The post I occupy has nothing to do with the political changes of any
country," said M. Barthou. "Should I leave the Presidency of the
Reparations Commission, you may be certain I am not going to Morocco.
Paris is good enough for me."

Hungarian Reconstruction Loan.
According to private cable advices received yesterday
(June 20) from London the Hungarian financial delegation
has returned to London after having made very satisfactory
progress in its negotiations on the Continent for the flotation
of the Hungarian reconstruction loan to be issued in various
countries under the auspices of the League of Nations.
Negotiations or the loan are proceeding on the basis of the
White Paper drawn up by the Financial Committee of the
League of Nations. The bonds will be specially secured
with large margin of safety.
Finland to Borrow Again.
According to information received by the foreign department of Moody's Investors Service, the Finnish Government
has been authorized by Parliament to raise an external loan
in the course of the current year to an amount not exceeding
.£2,000,000. Proceeds will be used,for the construction of
the Imatra electric power plant. Moody's further says:
Imatra is the most important and most advantageously located of the
Vuoksi rapids. In 1921 the Finnish Government acquired the smaller
rapids above Imatra and the private properties along the banks of the
Vuoksi River. The Government intends to build a regulation dam above
the Imatra rapids and to raise the water level on the upper river by more
than one meter, thereby connecting the energy of the small rapids above
with that of Imam,and forming a basin of about 2% miles in length about
the power plant. The total cost of the latter, including that of power
transmission, is estimated at 18.250,000. as follows:
Price of land
$150,000
Cost of building
2,910,000
Wire lines
2,930,000
Secondary stations
1,070,000
Miscellaneous expenses
1,190,000
Total
$8,250,000
Thus far. I. e., during the period 1921-24, a total of $1,900,000 has
already been spent in connection with the above enterprise, funds having
been obtained largely by taxation. The entire work is expected to be completed by 1928.

Polish Government Sells Jewels Obtained in 1922 from
Russian Soviet Government.
Under date of June 18 Associated Press advices from WarIn its issue of June 13, referring to the forthcoming paysaw, Poland, said:
ment, the "Herald-Tribune" stated:

The proceeds of the payment will in effect be earmarked for the retirement of the public debt, so that from the Treasury's viewpoint the change
in methods of payment is merely to throw upon it the burden or acquiring
the bonds for redemption.

The Polish Government has sold the greater portion of the jewelry obtained from the Russian Soviet Government in 1922, as compensation for
rolling stock destroyed or seized during the Bolshevik invasion of Poland in
1920. The sale was made to the Banca Commerziale Itallana of Milan for
$6.000,000. Signor Toeplitz, director of the bank, will arrive here Tuesday
to sign the contract. The bank has arranged a loan of 400,000,000 lire for
Poland.

Payment by Finland of Interest on Debt to
United States.
Polish Loan Oversubscribed.
Coincident with the interest payment made by Great
The "Wall Street Journal" announced on June 5th the
Britain on the latter's debt to the United States on June 16,
announcement was made by Secretary of the Treasury following advices from Washington:
Recent Italian loan to Poland of 400,000,000 lire, made through the
Mellon that the Treasury had also received the semi-annual
Italian
and secured
interest payment on the indebtedness of the Republic of heavilyCommercial BankCommercial by the Polish tobacco monopoly, was
oversubscribed,
Attache McLean at Rome reports.
Finland, pursuant to the funding agreement dated May 1 Allotments of bonds were 8% of the amount asked, indicating an abundance
by the Act of March 12 1924. The total of investment capital in Italy.
1923, approved
payment amounted to $134,325, and consisted of $20,250
face amount of Second Liberty Loan 434% bonds, with Poland Faces a Deficit—But Government Expects to
accrued interest thereon amounting to $72 50, and $114,Cover Budget Shortage of $30,000,000.
00250 in cash.
The following from Warsaw June 7 appeared in the New
York "Times":
British Empire Exhibition 1924.
The Polish budget, discussion of which has been begun in the Diet,
The following letter has come to us from the Lord Mayor calls for expenditures estimated at 1,582,000,000 zlotys, and estimated revenues of 1.422,000.000 zlotys, showing a deficit of 160,000,000 zlotys, or
of Hull, Councillor E. Ernest Keighley, J.P., Chairman of $30,000,000. The Government, however, it is stated, will be able to cover
the city of Hull's civic fortnight at Wembley:
the deficit from extraordinary revenues. It will, nevertheless, officials say,
May 30 1924.
The Editor, Commercial LE Financial Chronicle, New York, U. S. A.:
Sir:—Will you grant me the liberty of your columns to extend an invitation to the many thousands of Americans who will be visiting the British
„Empire Exhibition in London this year?




push the economy policy further and will introduce further cuts in the estimates for expenditures.
As compared with the original draft introduced last October, the btaiget
in its present form shows considerably increased appropriations for the
Ministries of War and Education.

JUNE 21 1924.]

THE CHRONICLE

Argentina Will Remit Gold.
The following is from the "Wall Street Journal" of June 14:
During the latter part of June the Argentine Government must meet foreign debt service aggregating £884,000, says "Review of the River Plate."
Loss on exchange, if remittance were to be made by drafts on London purchased in Buenos Aires, would be about 12%,and to avoid this charge on the
treasury, a Ministerial decree has authorized withdrawal of 4,093,780 gold
pesos from the conversion office, against statutory equivalent of 9,304,045
paper pesos. To avoid assay charges, as shipment of specie will be to New
York, withdrawal will be made in American eagles for sum of $3.949,679.

3031

Some Early Maturities.
Pre-armistice advances are not included in these figures, since they are
placed to the debit of Germany. Of the 6,000,000,000 odd gold marks at
which are estimated their value the United States is creditor to the extent
of about $175,000,000. value 1918.
Accompanying this foreign debt, whose value in Belgian francs fluctuates
with exchange movements, Belgium now has an internal debt of 31.871,541.039 francs.
Belgium will probably be forced into the international capital market
again before long in order to meet maturing obligations. Payment for
American war stocks is now due, and on Jan. 1 1925 $18.600,000 of 6%
bonds issued in the United States mature, as well as the $8,559,445 of
Baldwin Locomotive bonds. The Swiss credit matures early in 1925.
French national defense bonds to the extent of 56,254,200 francs must be
paid off in February 1925, and 119,000,000 French francs in reciprocal
credits are always callable.

Dollar Standard for New Gold Bank—Positive Statement Regarding Germany's Purposes by President of the Reichsbank—Cannot Tie
to Sterling.
Offering of $3,000,000 Bonds of Municipality of Medellin
A copyright cablegram to the New York "Times" from
(Republic of Colombia).
Berlin June 15 stated.
The Equitable Trust Co. of New York offered on June 19
The statement previously made in these cables that the pound sterling
Municipality of Medellin (Dewill not be adopted as a basis for the new gold currency of Germany holds a new issue of $3,000,000
-year
absolutely good. To confirm this statement, I interviewed Dr. Schacht partment of Antioquia, Republic of Colombia) 25
at the end of the week, who stated: "Sterling is an unstable currency external 8% secured gold bonds. They were offered at 98
and cannot possibly be considered as a basis for our own new currency,
9.55% if called
which must be stable in terms of gold. As Dawes recommended, we and interest, to yield 8.19% to maturity, or
propose to make the gold mark our new unit, and this would necessarily in 1928 at 105. The bonds are dated Oct. 1 1923 and become
anchor the currency to the dollar and not to sterling, which has a varying
due Oct. 1 1948. Tney are redeemable as a whole on any
gold value.
"I myself," Dr. Schacht continued, "wrote a few days ago to our New interest date from Oct. 1 1928 to and including April 1 1938
York correspondents, saying that I was surprised at the doubt expressed at 105% and accrued interest; from Oct. 1 1938 to and
on this question in America, and that I failed to understand the Federal
including April 1 1946 at 102M% and accrued interest;
Reserve Board's recent discussion of the problem, because no such problem
exists. Although, as the Dawes report suggests, our coining gold mark and thereafter at 100% and accrued interest. They are also
may not at first be convertible into gold, it will nevertheless represent a redeemable in part for the sinking fund on any interest date
definite gold quantity.
The
It must therefore have a fixed relation to the dollar. Of course, if beginning Oct. 1 1928 at 100% and accrued interest.
sterling were to be restored to its pre-war gold value and stabilized, then bonds are in coupon form in denominations of $500 and
our new currency would have a stable exchange against sterling also, just $1,000, and are registerable as to principal only. Interest
as it will have against the Swedish crown, which is now stabilized. But
is payable semi-annually April 1 and Oct. 1, and principal,
it is untrue that I ever had an idea of accepting sterling as a basis."
Concerning the new American credit to the gold discount bank, Dr. premium and interest are payable in United States gold
Schacht said: "The money will be used exactly as are the gold discount coin free of all present or future taxes of the municiaplity of
bank's present resources. We shall continue giving exchange credits only
to importers of necessary raw materials designed for re-export in manu- Medellin, Department of Antioquia, or the Republic of
factured form, and shall give no credits to home industry. But the Colombia, at the principal office of the Equitable Trust Co.
American credit will slightly alleviate the home credit strain, because of New York. The Equitable Trust Co. of New York is
formerly importers who needed foreign exchange had at first to borrow
trustee. The bonds, it is stated, are the only external
marks and then sell these abroad.
"The American credit should materially increase our ability to buy obligations of the city. Regarding tne purpose of the issue,
American materials. The home credit stringency is really a 'capital
security, itc., we quote from the offering circular, the
famine.' and will be relieved only when foreigners invest large sums inside
of Germany. At present foreigners can easily get 18% from well-secured following information embodied in a letter, addressed under
German securities. The difficulty is that interest, though guaranteed date of Dec.31 1923, to the Equitable Trust Co. by Libardo
as to its gold value, is, according to German law, payable only in marks
Lopez, President of the Municipal Council of Medellin:
and cannot be easily transferred abroad."
for the payment of$2,500,000
The purpose of this loan is
Previous reference to the discussion, and the Federal external dollar notes of 1920 to provide funds improvement and developand for the further
Reserve Board's statement, appeared in our issue of May 24, ment of the public utility properties referred to below.
pages 2518 and 2520.
Security.
The bonds are the direct obligations of the municipality of Medellin, and
in addition to the full faith and credit of the municipality are specifically
Belgium Repays Some War Debts—While Meeting Cur- secured by:
A direct first mortgage upon the seven public utility properties owned and
rent Maturities Nation Is Compelled to Keep
operated by the city—I. e., electric light and power system, street railway
system, telephone plant, water works and distributing system, abattoir,
in Money Market.
livestock market, and public
additions, enlargetogether with
The following, from Brussels, appeared in the "Wall ments or improvements mademarket, the life of thisall
during
loan.
lien and charge upon the net earnings derived from the operation
Street Journal" of June 6:
A first
The recent report on the public debt published in Parliamentary docu- of the foregoing properties.
A first Hen and charge upon all other present and future revenues of the
ments discloses that since the last accounting £6,444,200 have dropped out
of Belgium's indebtedness to foreign Powers. With no more blowing of city, subject only to some existing small allocations of certain parts of said

trumpets than this, Belgium repaid her British post-armistice advances revenues for educational purposes, workmen's houses and hospitals.
The city's agreement that all net earnings of the mortgaged public utility
and reduced her Sterling debt E18,685,740, on all of which she is paying
interest and amortization charges. But there is probably a reason for all properties in excess of the amounts required to cover the interest and sinkthis secretnees. It lies in rather ill-defined understandings which Belgium ing fund charges of the bonds will be transferred to a special reserve fund,
In favor of and subject to the order of the trustee, until an amount equal to
has with other creditors for proportional reimbursement of debts.
Repayments effected to England during a period of little over a year $150,000 U. S. gold has been accumulated and thereafter maintained.
ended Dec. 31 1923, are as follows:
Pledged Revenues.
Post-armistice advances
£5,017,295
The city's annual receipts for the six years 1918-1923 from the taxes,
Debt for purchase of Armstrong locomotives
1,380.000
Debt for purchase of water gates Escaut
46,905 revenues and earnings which are subjected to a first lien in favor of these
bonds have averaged $565,673, or 1.88 times the fixed annual interest and
£6,444,200 sinking fund requirements of this loan, 1. e., $300.000. For the year 1923
Amortization payments on 3% Sterling loan
513,440
these receipts were $819,476, or 2.73 times the loan requirements. The
£6,957,640 construction of various important units of the seven public utilities was not
On Dec. 31 1923 the dollar post-armistice advances to Belgium stood at completed until the latter part of 1921, and the net earnings of these seven
$175,430,808, a decline during the period covered of $40,204. This re- properties for the year 1922 were $296.961, and for 1923 $325.916. The
duction was due to closing of accounts of certain Belgian relief organiza- foregoing figures are based on conversions at the rate of 96.22c. for the peso,
tions, excess of which was credited against the Belgian debt. No interest the approximate average exchange rate for the past six years. Par of exis being paid on the amount, which must therefore be increased by accrued change is 97.33c., and the present rate about 99.50c.
charges since 1918.
Debt.
Reduces Dollar Obligation.
On Dec. 31 1923 the city's total debt, converting the peso loans at par of
the United States Belgium did, however, amortize the war stocks exchange, amounted to $3,116,874 98, of which $2,500,000 was external
To
debt by $53,971, reducing it to $27,534,609. The Government also paid (contracted for the construction and purchase of the public utilities), and
to American citizens in reducing outstanding loans $2,000,000 on the 7% $616,874 98 was internal. The per capita total debt amounted to approxians $2,250,000 on the 8%. The total reduction in Belgium's obligation mately $38 00, offset by city-owned property valued (at par of exchange)
at $4,539,520, or $55 35 per capita.
to the United States or its citizens amounted to $4,344.175.
Belgium also reduced her debt in Dutch florins by 15,570,238.22 florins
General.
connection with a transaction by which she consolidated advances made
in
Medellin, the capital of the Department of Antioquia, with an estimated
by the Dutch Government to support charges for interned soldiers during
population of 82,000, is the second largest city in the Republic of Colomthe war.
varied manufacturSome of the funds with which Belgium repaid these substantial amounts bia. It is an important industrial city with many and
large territory. The Anon her foreign debt came from reparations. Belgium also did a large ing plants, and the commercial centre for a very
noted for their busiamount of borrowing abroad during tthe period. Total loans, long and tioquians are energetic and thrifty people. They are
part in business affairs
short term, contracted in Paris amounted to 481,500,000 francs, so that ness ability and will be found taking an active
throughout the Republic of Colombia. Medellin's financial record is exthe French debt now stands at 816,279.090 French francs. In addition
cellent. There has never been a default on any of Medellin's funded or
Belgium secured a one-year credit from a consortium of Swiss banks in
floating obligations.
three currencies: £600,000, 81.000.000 and Swiss francs 16,000.000.
The letter also says.
Belgium's total foreign debt is thus: French francs, 816,279,090; pounds
The municipality agrees that it will make no changes in the present tariffs
Sterling, 18,685,740; dollars, 302,909,015; Canadian dollars, 2,181,605:
francs, 16.000.000.
of the public utility properties unless and until the net earnings therefrom
florins, 44,583,000: Swiss




3032

THE CHRONICLE

[Vol,. 1'18.

are at least $450,000 U. S. gold annually, and that if, following any reducOperation.
tion, the net earnings for any year should be less than $450,000 it will
In six years of active operation the 12 Federal Land banks have been
Immediately restore the former tariffs, but this agreement may be waived built up until on April 30
1924 their capital was $46,198,442; reserve,
or modified with the consent of the holders of a majority in amount of the $4,792,000; surplus and
undivided profits, $4,051,992. and total assets,
bonds at the time outstanding. The instrument of mortgage and pledge $944,889,849. Every bank shows a
surplus earned from its operations.
provides for modifications of its terms upon the recommendation of the
Acceptable by Treasury.
trustee and the vote of the holders of not less than 75% in amount of the
These bonds are acceptable by the United States Treasury as security
bonds at the time outstanding.
for Government deposits including Postal Savings funds.
Monetary Conditions.
Legal for Trust Funds.
Banking conditions in the Republic are excellent and have been further
strengthened by the recent establishment of the Bank of the Republic.
The Federal Farm Loan Act provides that the bonds shall be lawful
This institution is modeled after the Federal Reserve Bank of the United investments for all fiduciary and trust funds under the jurisdiction of the
States, and is one of the results of the work of the American Financial United States Government. They are eligible under the laws of many or
Conunission which came to our country in the early part of 1923 on invita- the States for Investment of all public and private funds and have been held
tion of our Government and with the approval of your State Department. eligible for investment by savings banks in 37 States.
Banking capital in Medellin is furnished by several incorporated and
The United States Government,as of April 30 1924, owned approximately
private banks, among which are the branches of various foreign banking $2.000,000 of the capital stock of the Federal Land banks. The Farm Loan
houses including American, English and German institutions.
associations, during the years 1922 and 1923 acquired approximately
The following taken from a statement issued by the $19.000.000 of Federal Land Bank stock, part of the proceeds of which was
used to retire stock owned by the Government, as required by the Farm
trust company:
Loan Act. The United States Treasury has purchased and now holds over
The bonds are direct city obligations and are specifically secured by a
$100,000,000 Federal Land Bank bonds. While these bonds are not Govclosed first mortgage on a number of modern public utility properties
ernment obligations, and are not guaranteed by the Government, they are
valued at about $4,135,000, as well as by a first lien on the net earnings of
these properties, which are over $300.000 per year. The bonds are also the secured obligations of banks operating under Federal charter with
secured by a first lien on all of the other revenues of the city, excepting for a Governmental supervision, on whose boards of direction the Government
few small deductions which are made yearly for educational and other is represented.
Federal Land bank bonds have been held eligible for inpurposes.
The bonds carry a 2% cumnlative sinking fund, making a total fixed vestment by savings banks in the :allowing States.
bond service charge of $300,000 yearly. The city's taxes, revenues and Alabama
Louisiana
New Jersey
Tennessee
earnings upon which the bonds have a first lien have averaged for the six Arkansas
Maine
North Carolina
Texas
years 1918,-1923 almost twice these fixed bond service charges; for the California
Maryland
Ohio
Utah
year 1923 they were about 2% times the bond charges.
Colorado
Massachusetts
Oklahoma
Vermont
The Colombian unit of value is the gold peso, the par value of which is Delaware
Michigan
Oregon
Virginia
97.33c. in our money. The present value of the peso is about 9934c. and Florida
Mississippi
Pennsylvania
Washington
It has averaged about 96%c. for the past six years. Colombia is the only Georgia
Missouri
Rhode Island
West Virginia
one of the South and Central American countries where the United States Idaho
Nebraska
South Carolina
Wisconsin
dollar is at a discount at the present time. American trade with Colombia Indiana
New Hampshire
South Dakota
Wyoming
is growing very rapidly. Our share of Colombia's total foreign trade in Kentucky
1922, the last year for which full information is available, was about 583 %•
Tv another item in this issue we publish statements as of
The Standard 011 Co. and the United Fruit Co. are among the numerous
American enterprises which have large interests there and which are helping April 30 1924 showing the magnitude of the operations of
to develop the country. The Panama Canal Treaty provided for our pay- Federal Land Banks
and of the Joint Stock Land Banks.
ment to Colombia of $25,000,000, of which so far $10,000,000 have been
paid. Of this $25,000.000, $5.000,000 has been used by the Colombian A $60,000,000 issue of Federal Land Bank bonds, offered in
Government in connection with the purchase of its interest in the new January, was referred to in our issue of Jan. 19, page 271.
National Bank and the remaining $20,000,000 are to be used for the con- In the same
item we indicated the various offerings of
struction of railroads and other public works that will open up the country.
The new National Bank above referred to was one of the accomplishments Federal Land Bank bonds last year.
of the American Financial Commission, headed by Professor E. W. Kemmerer of Princeton University, which went to Colombia last year to assist
in reorganizing the country's financial policies and in working out plans Offering of Illinois-Midwest Joint Stock Land Bank
for its future.
Bonds.

New Issue of $35,000,000 Federal Land Bank Bonds
Sold.
Public offering was made on Monday last (June 16) of a
new issue of $35,000,000 ten-thirty-year 4Vi% Federal
Land Bank bonds by a country-wide group, composed of
the twelve Federal Land banks, investment houses, institutions and upwards of one thousand dealers. The banking
group is headed by Alex. Brown & Sons of Baltimore, Harris,
Forbes & Co., Brown Brothers & Co., Lee, Higginson
Co., The National City Co. and the Guaranty Co. of New
York. The bonds were almost immediately placed, the
subscription books being closed shortly after their opening
on Monday. The bonds were offered at 101 and interest,
to yield about 49/% to the redeemable date (1934) and
43 % thereafter to redemption or maturity. They will be
4
dated July 1 1924, will become due July 11954, and will be
redeemable at 100 and interest at any time on and after
July 1 1934. Interest is payable Jan. 1 and July 1 at any
Federal Land Bank or Federal Reserve Bank. Principal is
payable at the bank of issue. The bonds, coupon and
registered (interchangeable) are in denominations of $10,000,
$5,000, $1,000, $500, $100 and $40. They are exempt from
Federal, State, municipal and local taxation; the United
States Supreme Court upheld the constitutionality of the
Act creating the banks, and exempting these bonds from
Federal, State, municipal and local taxation. The official
circular also says'
Issuing Banks.
The twelve Federal Land banks were organized by the United States
Government with an original $9,000,000 capital stock which has since
increased through the operation of the system to over $46,000,000.
Security.
These bonds, in addition to being obligations of the Federal Land banks,
all twelve of which are primarily liable for interest and ultimately liable
for the principal on each bond, are secured by collateral consisting of an
equal amount of United States Government bonds, or mortgages on farm
lands which must be:
(a) First mortgages, to an amount not exceeding 50% of the value of
the land and 20% of the value of the permanent improvements as appraised
by United States appraisers:
(b) Limited to $25,000 on any one mortgage;
(z) Guaranteed by the local National Farm Loan Association of which
the borrower is a member and stockholder. The stock of these associations
carries a double liability:
(d) Reduced each year by payment of part of the mortgage debt.
Values.
The conservatism of appraisals made for the Federal Land banks is
indicated by the fact that, during the year ended Nov.30 1923, 5.943 farms
against which the banks had made loans totaling $17,02,109 were sold
by their owners at private sale for $43,659,950.




Aa issue of $1,000,000 5% Farm Loan bonds of the
Illinois-Midwest Joint Stock Land Bank bonds was offered
on June 19 at 101 and inte..est, to yield over 4.87% to tne
optional date and 5% thereafter, by Hoagland, Allum &
Co., Inc., of New York and Chicago and the FletcherAmerican Co. of Ind:anapolis. The bonds are dated June 1
1924, will become due June 1 1954 and will be redeemable
at par and accrued interest on any interest date after June 1
1934. They are in coupon form in &nominations of $1,000
and $10,000, and are fully registerable. Interest is payable
on June 1 and Dec. 1 at Chicago and New York. The
bonds, exempt from Federal, State, municipal and local
taxation, and are acceptable as security for postal savings
and other deposits of Government funds. The following is
taken from the offering circular.
The Illinois Midwest Joint Stock Land Bank loans exclusively on farm.
lands in the State of Illinois principally in a group of counties in the middle
western and central parts of the State.
Loans average about $8,500 and as the amount loaned is approximately
40% of the value of the land as appraised by Federal appraisers, the security
back of the "loan average" is in excess of $21,000. In addition, the land
owner has live stock, machinery and equipment to operate his farm which
make him a better business risk than is the case in less favored sections.
Charles Boeschenstein, President of the bank. is President of the Edwardsville National Bank and is an authority on Illinois farm values.
Frank Godfrey, Vice-President, and Joseph M.Pyle, Secretary, arc capable
farm loan mortgage men, the latter also being trust officer of the Edwardsville National Bank.
Other members ofthe Loan Board are: D. G.Williamson,general counsel,
who represents large financial institutions In important land transactions;
Ernest Hoover, Vice-President of the First National Bank, Taylorsville.
Ill., and Joseph C. Boggs. President of tlit• Granite City National Bank,
Granite City, Ill.

Offering of Bonds of Bankers' Joint Stock Land Bank
of Milwaukee.
On June 12 a new issue of $500,000 5% farm loan bonds of
the Bankers' Joint Stock Land Bank of Milwaukee was
offered by the First Wisconsin Co., Mars/lall & Raley Bank,
Morris F. Fox & Co., Second Ward Securities Co., Henry
C. Quarles & Co., Edgar, Ricker & Co. and the Bankers
Finance Corporation. The price at which the offering was
made was 102 and interest, to yield approximately 4.75%
to optional date and 5% thereafter. The bonds bear date
Jan. 11924, become due Jan. 11954, ard are redeemable at
par and accrued interest on Jan. 1 1934 or avy interest date
thereafter. They are in denominations of $10,000, $5,000,
$1,000 and $500. Principal and semi-annual interest are
payable Jan. 1 and July 1. The bonds are issued under the
Federal Farm Loan Act and are exempt from Federal and

JUNIO 21 1924.]

THE CHRONICLE

ment for trust
State income taxes. They are legal invest
bank operates in Wisconsin and
funds in Wisconsin. The
are said to
Minnesota. Its capital, surplus and reserves
mately $1,100,000.
aggregate approxi
Stock
Offering of $500,000 Bonds of First-Trust Joint
Land Bank of Chicago.
the FirstAt 99 and interest the bond department of
of Chicago offered on June 11 a $500,Trust & Savings Bank
-Trust Joint
000 issue of 4%% farm loan bonds of the First
Bank of Chicago. The latter is affiliated with
Stock Land
National
the First-Trust & Savings Bank and the First
of Chicago. The bonds will become due May 11953.
Bank
$10,They are coupon bonds in denominations of $1,000 and
semi000, registerable and interchangeable. Principal and
annual interest (May 1 and Nov. 1) are payable at First
al
Trust & Savings Bank, Chicago, or the First Nation
New York City. They are exempt from all Federal,
Bank,
State, municipal and local taxation. The announcement
regarding the offering says:

3033

crued interest on any interest date after ten years from the
date of issue. They are coupon bonds, of $1,000 denomination, fully registered and interchangeable. Interest is payable semi-annually, June 1 and Dec. 1, and principal and
interest are payable at the Burlington Joint Stock Land
Bank or through the bank's fiscal agent in Chicago at the
holder's option. The bonds are acceptable as security for
postal savings and other deposits of Government bonds and
are exempt from Federal, State, municipal and local taxation. The following is from the offering circular:

11 1923
The Burlington Joint Stock Land Bank received its charter Jan.
its officers and
to loan in the States of Iowa and Illinois, a territory in which
period. C. J.
directors have made substantial farm loans over a long
American Savings
Artz, President of the Bank, was connected with the
his familiarity with
Bank & Trust Co. of Burlington for twenty years, and
invaluable experiagricultural credit problems in Iowa brings to the bank
g attorney for
ence. C. C. Clark, Vice-President, has been a practicin
land near Hannibal,
thirty-five years and operates about 1,500 acres of farm
on Joint Stock Land
Mo. Mr. Clark will pass upon all titles of the Burlingt
and an extensive
Bank. G. S. Tracy, Vice-President, a practicing attorney
in farm mortgages.
land owner, has for years made substantial investments
r, are both exE. W. Niehaus, Secretary, and J. L. Edwards. Treasure
ts National
perienced in farm credits, the latter President of the Merchan
business for the past
Bank of Burlington, having been in the banking
117,300,000 thirty-five years. In addition to the above officers the board of directors
Statement as of May 1 1924 shows bonds outstanding of
appraised valuation of $45.- includes F. N. Smith, President of four banks, who has been engaged over
on farm lands and improvements having an
d values. There has a long period in the mortgage loan business, and F. C. Crane, who,like his
406,400, loans being equal to 38.1% of the appraise
default up to the present time in the payment of either principal associates, has handled farm loans.
been no
the territory
fully paid in amounts to
The bank proposes to confine its operations for the present to
or interest on these loans. The capital stock
d.
within a radius of 50 miles around Burlington, a territory highly develope
$1,250,000, carrying double liability.
for
in which the principal crops are corn, wheat, oats and hay. Security
committee
Stock Land loans will be personally examined by two members of the loan
Offering of Bonds of North Carolina Joint
before applications are accepted.
Bank of Durham.
Statement of Burlington Joint Stock Land Bank
an
(As officially reported May 311924).
Dillon, Read & Co. of this city announced this week
25,058
Loan Acres of real estate security loaned upon of closing
81.720,300 00
Total amount of loans closed and in course
offering at 1003 and accrued interest of 5% Farm
4,375,541 00
of Dur- Appraised value of real estate security
174 61
bonds of the North Carolina Joint Stock Land Bank
appraised value per acre
68 65
become due Average amount loaned per acre
Average
ham. The bonds are dated Sept. 1 1923, will
39%
to appraised value of security
part by Percentage of loans

in
Sept. 1 1953, and are redeemable as a whole, or
1 1933, or on any interest date thereafter at
lot, on Sept.
$1,000 and
100 and interest. They are in denominations of
. Interest is payable March 1 and Sept. 1 and prin$10,000
Trust
cipal and interest are payable at the Central Union
Joint Stock
Co. of New York and at the North Carolina
and fully
Land Bank of Durham, N. C. They are coupon
under
registered bonds, interchangeable. The bonds, issued
Federal Farm Loan Act, are exempt from Federal, State,
the
do
municipal and local taxation. We learn that the bonds
nt a
not assume the nature of a new issue; that they represe
continuance of an offering originally made Mar. 19 1923, the
offerdate of the issue being changed from time to time as the
been made. The following information is taken
ings have
ate
from a letter addressed to Dillon, Read & Co. of Southg
10 1924:
President of the bank, under date of Mar. In July 1922.
Jones,
chartered

$1,000,000 Bonds of Pacific Coast Joint Stock Land
Bank of Portland, Ore., Sold.
A new issue of $1,000,000 5% bonds of the Pacific Coast
Joint Stock Land Bank of Portland, Ore., has been sold by
White, Weld & Co. The offering appears as a matter of
record in this issue of our paper. The bonds were offered at
101 and interest, to yield approximately 4.87% to Jan. 1
1934 and 5% thereafter. The bonds are dated Jan. 1 1924,
become due Jan. 1 1954 and are redeemable at par and
interest on any interest date on or after Jan. 1 1934. They
are coupon bonds of $1,000 denomination, fully registerable
and interchangeable. Principal and semi-annual interest
(Jan. 1 and July 1) are payable in New York or Portland.
The Pacific Coast Joint Stock Land Bank of Portland, Ore.,
operating in the States of Oregon and Washington, is manCarolina Joint Stock Land Bank was
The North
at par or at a premium by offiThe original capital stock was subscribed for
aged by interests associated with the First National Bank
Bank of Durham. N. C., and by
'cars and directors of the First National
both of Portland, Ore.
men of the counties in which and the Security Savings & Trust Co.,
many of the leading bankers and business
directors are:
The bonds are exempt from Federal, State and local taxabegan its operations. Among the officers and
the bank
t of the First National
General Julian S. Carr. Chairman of Board; Presiden
tion, excepting inheritance taxes.
t of Blackwell's Durham Tobacco Co.,
Bank of Durham; former Presiden
" brand; founder
which, with predecessors, developed the "Bull Durham
other enterprises in
and director of Durham Hosiery Mills and many
Durham and throughout North Carolina.
First National Bank of
Southgate Jones, President; Vice-President of the
Joint Stock
Durham; active administrstive head of the North Carolina
Land Bank, to which he gives his time exclusively.
ts Bank of
W.P. Clements, First Vice-President; President of the Merchan

Durham.
People's Bank of Roxboro,
J. A. Long, Second Vice-President; President of
N. C.; President of Roxboro Cotton Mills, Roxboro, N. C.
Bank of New Bern,
E. H. Meadows, Third Vice-President; director Peoples
N. C.
of the law firm of Brogden, Reade
W. J. I3rogden, director; senior member
of Dur& Bryant of Durham; chief counsel for the First National Bank
ham.
Aberdeen,
Co. of
Ralph W.Page, director; Vice-President of the Page Trust
N. 0., which operates seven branches in the Pinehurst section.
statistics of loans as of Feb. 9 1924:
Below are given essential
3,916.000
Total loans closed
152.628 acres
Acreage covered by closed loans
$9,547,759
Appraised value of land
2,323,500
Appraised value of improvements
11,871,259
Appraised value of land and improvements
25 66
Average loan per acre
62 56
Average appraised value per acre of land only
77 78
ents_ _ _ _
Average appraised value per acre of land and improvem
41.02%
d value of land only •
percentage of loans to appraise
32.99%
ments
Percentage ofloans to appraised value ofland and improve

Closing of Subscription Books to Offering of San
Antonio Joint Stock Land Bank Bonds.
Announcement was made yesterday, June 19, by Hayden,
Stone & Co. that the issue of $1,200,000 San Antonio Joint
Stock Land Bank 5% bonds, dated May 1 1923, due May 1
1953, optional May 1 1933, has all been sold and the subscription books closed. The offering was referred to in
these columns May 24, page 2517.

Pittman Bill Calling for Completion of Silver Purchases Under Act of 1918 Failed of Enactment
at Late Session of Congress.
One of the bills which failed of enactment at the session
Pittman bill
of Congress which adjourned June 9 was the
es
te
calling upon the Director of the Mint to comple purchas
Act of April 23 1918, commonly known
of silver under the
the Senate on
as the Pittman Act. The bill, as passed by
29, called for the purchase of 14,589,730.13 ounces of
May
ntasilver at $1 an ounce. In the House on June 5 Represe
bill be taken
9 tive McFadden of Pennsylvania moved that the
The paid-in capital of the bank was $351,000 on Feb.
Weights and Measthese from the House Committee on Coinage,
1924. The March 1923 offering was referred to in
Curg
ures and referred to the Committee on Bankin and
columns March 24 1923, page 1237.
n otion was agreed to by a vote of 237 to 129;
rency; this
bill was taken. The
Joint apparently no further action on the
Offering of Bonds of the Burlington (Iowa)
on May 29:
following is its text as passed by the Senateis hereby directed,
Stock Land Bank.
Be it enacted, &c., That the Secretary of the Treasury
the Harris Trust & Savings Bank in compliance with the requirements of the Act entitled "An Act to conserve
The bond department of
nt in silver of
United States; to permit the settleme
offering an issue of 5% bonds of the Burlington the gold supply of the to the United States; to provide silver for subsidiary
of Chicago is
Bank. The bonds are issued under trade balances adverse al use; to assist foreign Governments at war with
coinage and for commerci
(Iowa) Joint Stock Land
Act. They are dated June 1 1924, the enemies of the United States, and for the above purposes to stabilize
the Federal Farm Loan
d
are redeemable at par and ac- the price and encourage the production of silver," approve April 23 1918.
become due June 1 1954 and




3034

THE CHRONICLE

[VOL. 118.

and commonly known as the Pittman Act, to instruct
the Director of the during the war.nd was made
to appear as necessary bi a situation which
Mint to purchase in the United States of the product
of mines situate in developed in India, whereby
the United States, and of reduction works so located, 14,589,7
silver was necessary to ho sent by England,
30.13 ounces or by the United States, to
India, and in accordance with the Act which
of fine silver in accordance with those certain allocati
ons of silver dollars was passed the Treasury
was authorized to sell to England the silver conto the Director of the Mint for subsidiary coinage
by the Secretary on tained in some 350,000,000
Sept. 7 1918, Nov. 28 1919, Oct. 18 1920. Nov.
6 1920 and Dec. 18 1920, Public Treasury. Under silver dollars, at $1 per ounce, that were in the
the terms of the Act, the Treasury was
and the orders to purchase the said silver contained in
also
said allocations and authorized to reimbur
se itself from time to time by the repurch
each of them, respectively, at and for the sum of $1
ase of a
per ounce.
like amount of silver that was sold to
At the same time Senator Phipps submitted to the Senate the same price at which the silver England at $1 an ounce, which was
dollars were sold, the purpose being to
the following report on the bill:
replenish what silver was taken from
the Public Treasury. The Treasury
proceeded under that law, but it is
Mr. Phipps, from the Committee on Banking and Currenc
now claimed by the silver producers
y, submitted of the country that the
the following report to accompany S. 2917:
Treasury under the repurchase clause
of that law
has not purchased some 14,000,
The Committee on Banking and Currency, to which
000 ounces of silver which they should ave
was referred the purchased. The
whole subject involved in
bill (S. 2917) directing the Secretary of the Treasury to
this legislation is whether or
complete purchases not the Treasur
y has complied with the terms
of silver under the Act of April 25 1918. commonly known
of the law. The particular
as the Pittman matter before the
House this morning is simply
Act, having had the same under consideration, respectfully
a re-reference of that bill
reports it back from the Commit
tee on Coinage, Weights and
to the Senate with the recommendation that the bill do pass
Measures to the Committee
with one on Banking and
Currency. I might say, for
amendment, as follows: In the title and on page 2, line 1,
the benefit of the members
strike out of the House, that
the original Pittman Act was
"April 25 1918" and insert "April 23 1918."
handled by the Committee
1. Prior to April 23 1918 the United States Treasury held over 400,- on Banking and Currency. s
`
000,000 coined silver dollars.
Commenting oa the motion of Repres
entative McFadden,
2. On that date Great Britain urgently needed silver bullion to meet Representati
ve Vestal said:
demands oa India for the redemption in silver of Indian rupee
I do not know whether a
currency.
mistake was made when the Pittman
The Unitei States Treasury supply was the only ample supply out of which enacted
bill was
into law, and I do not know
this need could have been promptly satisfied. It has, in fact, taken
whether the reference of that bill to
sev- the Committee on Banking and Currenc
eral years for silver production in the United States to produce an equival
y was a proper reference at that.
ent time or not; but this bill, S. 2917.
amount of silver.
which has been passed by the Senate,
has been referred to the
Committee 03 Coinage. Weights
3. Great Britain applied to the United States for a sale of the required and has
and Measures
to do entirely with the coina3e
silver. The Act of April 23 1918 (the Pittman Act) was passed
of sliver. If there is any committee
to authorize that has jurisd:ction of this bill, it is
the sale. By its terms the Secretary of the Treasury
the Committee on Coinage. Weights
was empowered "to and Measures, and, in my
judImeot, it was rightfully referred to
melt or break up and to sell as bullion not in excess 350.000
this
of
.000 standard committee, and the Committee on
Coinage. Weights and Measures
silver dollars." The price was fixed at not less than
$1 for each ounce to having this bill taken from it at this
objects
of silver one thousand fine.
time and referred to the Committee
on Banking and Currency.
4. Pu suant to this authority $270,232.722 were broken
The Committee on Banking
up and 200.and Currency is a large committ
032,326 ounces were sold to Great Britain.
ee. The
Committee on Coinage, Weights and
Measures is a small committee. It
5. Against the silver in the Treasury there were outstanding silver
cer- has jurisdiction of this matter and ought
tificates in active circulation. It was necessar
to have a right to consider this
y to replace for their pro- bill. I do not care to go into the
merits of this bill at this time,
tection the silver sold, or to be sold, under the Act.
but we have
It was accordingly more than $501,919,769 worth of silver
provided in the Act (Sec. 2) that upon every sale
the Secretary of the outstanding silver certificates of only stored up in the Treasury and
Treasury should direct the purchase from domesti
$106.898,667. If this bill were
c producers 371.25 grains passed at this time it would pay, as
the gentleman from Illinois has
of pure silver for every dollar sold under the Act.
well
The purchase price said, a bonus of something like $5.000,
000 out of the Treasury of the United
was fixed at $1 per ounce.
States to the mine owners of this
country. That is what it means.
6. The sale to Great Britain did not exhaust the limit of silver sales
specified in the Act, Section 3 having authoriz
ed certain other purposes
for which sales might be made. One of
them was to provide the Govern- Court Sustains Indictment of John Farson,
Head of
ment with silver for subsidiary coinage, the
Act specifically providing in
Farson, Son & Co.
said section that allocations of silver to the Director
of the Mitt should
be regarded as sales or resales, as the case might
The indictment returned by the Grand
be. This etatutory
Jury on March 28
definition must, of course, control.
last against John Farson, head of
brokerage house of
7. Having sold silver to Great Britain, the Treasur proceeded
to make Farson, Son &
y
Co., at 115 Broadway, this city, for alleged
replacing purchases of silver produced in the
United States. This could
not be done at once, because the domestic
price was then above the statutory "rigging" of the Curb Market in the sale of Hercules Petrolimit. But it was done in duo course, and
no question arises in connection leum stock in 1919, was upheld
by Judge Rosals
with that part of the transaction.
Court of General Sessions on Wednesday of this ky In the
8. For the purpose of subsidiary coinage, however
, the Treasury made
week (June
five allocations of Treasury silver. These ranged
in date from Sept. 7 1918 18). At the same time the court dismissed anothe
r indictto Dec. 18 1920. Three of them were allocati
ons of silver dollars, aggro- ment alleging that Mr.
Farson caused to
gating 11,111,168. Two of them were for an aggrega
reported and
te of 6,000,000 ounces published,
of bullion. This makes a total of 14,589,7
fictitious transactions in the stock. Regard
30.13 fine ounces. Each alloing
cation directed the Director of the Mint to
purchase for replacement an this second indictment Judge Rosalsky,
according to the
equivalent quantity of silver bullion at $1 per
ounce. But no purchases New York "Times" of
of domestic silver were in fact made to replace
Thursday (Juno 19),
the silver which was the
subject of these statutory "sales." On the
evidence had been produced before the Grand decided that
contrary, at a later date the
Jury showing
Treasury undertook to revoke the allocation.
But the evidence offered the defendant's connection with the charge
of reporting and
at the committee hearings shows that such
revocations were made 13 publishing fictiti
ous transactions in the stock and he (Judge
months and 23 months, respectively, after the
date of the last allocation
and after the silver bullion contained in the
11.111,168 silver dollars had Rosalsky) gave District Attorney Banton permission to
rebeen converted into subsidiary coinage and
after 1,658,976.62 fine ounces, submit this phase of the case
to the Grand Jury in the event
Included in the last two allocations of fine
silver, had also been so con- additi
onal evidence was obtained.
verted. The question before the committee
is whether the revocations
were in accordance with the mandate of
In his appeal to the Court to set aside
Congress as expressed in the
the indictments, Mr.
Pittman Act, and the committee is of opinion
that they were not.
Farson, the "Times" stated, alleged,
9. The action of the Treasury, as being in harmon
among other things,
y with the law. is that
supported by a decision of the Comptroller-Genera
no evidence had been produced to
l. This opinion, howprove that the transever, is merely advisory. The theory of both
actions in the stock in the few hours
the
it was listed on the
Comptroller-General is based upon the claim that Treasury and of the
there had been at all exchange were fictiti
times a quantity of free silver in subsidiary coinage
ous. With further regard to the Court'
accounts of the Mint
s
service in excess of the quantity allocated under the
decision the "Times" went on to say:
Pittman Act for subsidiary coinage. But, whatever the fact, the silver
The decision refers to the fact that
bullion on hand was
Farson was expelled from members
not the identical silver allocated. It is said by the
hip
Treasury and by the in the exchange after a hearing before a committee and recites
that in the
Comptroller-General that the coinage which in fact took
early part of 1919 Farson's firm
place after the
purchased 80.000 shares of the petrole
allocations may be regarded as having been made out
stock at a par value of $10 each
um
of free Treasury
and offered them over the
counter and on
silver available for the purpose and not out of the allocate
d silver; but this the Curb Market at prices ranging from $10 50 to $22 50
a share. The
contention is not sustained by the evidence taken by the
decision then said:
Special Commission of Gold and Silver Inquiry. The question therefor
"The defendant admits that his firm
e becomes this:
on the same day gave orders for
Are allocations under the Pittman Act which by its terms
the
sale and purchase of such stock and
that such orders were execute
are treated as
d at the
sales or resales revocable by the Treasury once they are
same price, and also admits that similar
made? Or does
transactions took place on various
the duty of the Treasury to direct replacing purchases
arise eo instanti other occasions. He stated that the motive that induced this
firm to give
the allocation is made?
purchasing and selling orders at the
same price and on the same day
was
solely to advertise the stock and to
10. It is clear that no individual (i. e., no would-be vendor of
be sure of an actual quotati
silver)
on at the
current price and in that way to keep
has legal right under the Act. It is purely a question whether
the market steady."
Congress
intended to give the Treasury discretion in the premises. It
Judge Rosalsky added that Farson's
is natural
testimony before the Stock Exchange
for the Treasury to contend for discretion. While it is contend
committee not only implicated him, but
ed that the
made him out the "prime promote
in the scheme to inflate the price
r
purchase of the silver bullion required by this bill would cost
of the stock."
the Treasury
$5,000,000 over and above the present market price. It must not
The indictment of Mr.Farson was
be overnoted in the "Chronicle"
looked that, as the Pittman Act requires this silver to be coined into
stand- of April 26, pages 1985
and 1986.
ard silver dollars at 1.29, the actual gain to the Treasury is 29%
of the
amount involved, or a total profit of $4,231,021 73. Obviously, those
who
framed and pressed for the passage of the Act were determined to
eliminate Five Brokers Formerly Connected with.
Failed New
Treasury discretion, or at least to limit It to the making or not making
of
York Curb Firm of Jones &
allocations. In other words, the Act appears to the committee to have been
Baker, Indicted.
an act to compel repurchase of domestic silver and not an act to conserv
The Grand Jury of the Court of
e
General Sessions on May
the resources of the Treasury. Whether it was wise or unwise to pass
an 29 indicted five persons who
were formerly connected with
Act framed on this theory is not the function of the committee
or the the defunct
New York Curb Market brokerage house of
Treasury Department to decide. It is clear that the true intent and purpose of the Act would be defeated if allocations under it were treated as Jones & Baker of this city
as the result of an investigation
revocable. Therefore the enactment of S. 2917 is essential to the due and begun
by the District Attorney's office a few hours after the
proper execution of the Pittman Act according to its true intent and purpose
. failure of

the

be

the firm on May 311923. Seventeen indictments
Representative McFadden, in moving on Tune 5 that the
Committee on Coinage, Weights and Measures be dis- were returned in each of which the five men were named as
co-defendants and charged with trading against a custom
charged from further consideration of the bill, said:
er.
This is a bill directing the Secretary of the Treasury to carryou
t the terms Those named in the indictments were William B. Jones of
of the so-caned Pittman Act. The Pittman Act is an
Act that was passed Deal, N. J. and Jackson
B. Sells, 210 West 90th Street,




JUNE 21 1924.]

THE CHRONICLE

3035

re. A surprisingly small mino:ity has,
firm; Pierce Coleman, voted for the measu
placing upon the statNew York, the former partners in the
of the therefore," he said,"been successful in
r comptroller
65 West 46th Street, New York, forme
our State a measure, the economic consequences
is said to be in ute books of
disregarded.
company; Frank P. Shannon, whose home
r of which are of too serious a character to be
r Cashier, and Edgar L. Kersteter, forme
Sylvia, Ill., forme
appeal for votes in support of the measure, its adn (alleged to be a In their
ge would substanPresident of the New Finance Corporatio
Shortly vocates argued vociferously that its passa
by passing them
of Jones & Baker) of Douglastown, L. I.
subsidiary
it tially relieve the farmer of his tax burdens
Shannon, who,
after the indictments were returned, Mr. tments probably on to the coupon cutters and high salaried men of the cities.
indic
inty that a new tax is
is said, had received an intimation that
in the They chose to ignore the age-old certa
be
returned, appeared before Judge McIntyre
would be
tax, the burden of which all, whether they
guilty" and was an additional
Court of General Sessions, pleaded "not
must eventually share." Mr. Sen.Kersteter sur- country men or city men,
released in $1,000 bail. Mr. Jones and Mr.
continued:
in the Court of General Sessions on senich
rendered themselves
tax hits instead the production of
Aimed at wealth, the Oregon income
disbefore Judge Talley,
the development of our resources,
June 2 and after pleading "not guilty"
ed to the wealth and consequently retards building up with any substantial degree
ed in $2,500 bail each. We last referr
ry and prevents the
were releas
courages indust
ts of our
of
" of Jan. 26, of rapidity the much needed home market for many in the produc where
communities
affairs of Jones & Baker in the "Chronicle
yment nor remain
soil. Wealth will not seek emplo
nities are offered elsewhere, wealth
p. 381.
it is penalized. Certainly, while opportu
are
the profits of that employment
will not submit to employment where
ry is too trying and
n Settlement of E. S. Little, curtailed or confiscated. The development of industif the industry meets
Court Approves Compositio
the certainty that
too hazardous to be encouraged by
ful'
Former Partner in the Defunct Firm of
taxes. The penalization of success
with success it will be burdened with
to needed industry. The profitable
Chandler Bros. & Co., Philadelphia.
.
operation is a poor invitation to extend
extent upon the
in Phila- cultivation of much of Oregon's soil is dependent to. greatts. The cost of
Judge McKeehan in the Federal District Court
s for its produc
development of close in or home market
rmed a composition settlement by transportation to distant markets where he must compete with local or
delphia on June 11 confi
producer. Orebrokerage nearby growers is too great to be absorbed by the Oregonbly employed, a
Edward S. Little, former member of the bankrupt
profita
is an increasing population
contem- gon's greatest need
the State's abundant
firm of Chandler Bros. & Co. of that city, which
can pay for the fruits of
that will use
ors of the populationOnly industryand develop that population and the consequent
can
plates the payment of $32,500 in cash to the credit
y.
needs pay-rolls
Oregon products. Oregbn
defunct fertilit
and much needed market for
firm in full liquidation of Mr. Little's portion of the
ia and home markets.
development—for
firm's debts of $4,950,341, according to the Philadelph
is fighting for industrial
to accomEvery Pacific Coast State
of money and much effort
"Record" went on to say:
"Record" of June 12. The .
ls—and is spending large sums
California
Payrol

and
lags behind Washington
plish that result. When Oregon
when it handicaps
ridiculously foolish it is
in this industrial contest, how
refuse to adopt.
other States wisely
itself with an income tax which the
of pay rolls
discourages the development
ated
The Oregon Income Tax Act
State. It should be elimin
is a menace to the prosperity of our
and
act, a measure
possible. To perform that
from our statutes as quickly as
the State for
of
presented to the citizens
income tax
has been initiated and will be
the advocates of the
approval next fall. At the same time probably present for approval a
through the initiative,
policy will also
be hoped that
now in force. It is to
economic
new Act more drastic than the one
will be so aroused to the
as the field& Co. failed in July 1921. Our last by Election Day the voters of the State
Chandler Bros.
undeveloped State, especially that they
of fallacy of an income tax in an by the Federal Government,
reference to the firm's affairs was in the "Chronicle"
of such taxation is fully occupied
you who see the
the tax. Gentlemen,
1923, page 134.
community
Jan. 13
will vote overwhelmingly against
duty to perform. Your
of the tax have an important
fallacy
effect of an income
tand the injurious
Oregon's
and your customers ought to unders
realize its menace. For
and it is your duty to make them
be defeated
Detroit Brokerage Firm of F. K. Felton & Co. in tax and the future prosperity of its people the tax must
good
Liquidation.
this fall.
Florida's Taxation Policy.
Bureau of June 20, F. K.
According to the Boston News
Florida has set us an unusual
have
on of a policy of State taxation
In the adopti
it proposed
Felton & Co., members of the Detroit Stock Exchange,
session of its Legislature
instructive example. At the last
and
inheritances or
tax
assigned all the firm's property to Union Trust Co. of De- the following constitutional amendment: "NoState upon be levied by the
shall
is upon the income of residents or citizens of this
be exempt from
troit for liquidation. Mr. Felton says the company
authority and there shall
Florid
a surplus, but because of high overhead and State of to the a or under its residing in this State household goods and
solvent and has
head of a family
it Ex- taxation
This amendment will be subslack business is unwilling to continue. The Detro
personal effects to the value of $500."
it will unmy advices are that
mitted to the people next November and
ted his resignation.
taxation Florida
change accep
al of such a policy of
doubtedly be adopted. In the propos
unusual. The mere proposal
has shown foresight and shrewdness that is
of capital. A Florida
the amendment has already made it the magnet upon the welfare of
Fail. of
effect
John M. Morey & Co., Stock Brokers, Chicago,
friend has just wired me that its prospective
East Florida generally
ing and that prosperity in
A voluntary petition in bankruptcy was filed in the Fed- the State is most gratifypresent. The increase of taxable property values
was never so great as at
revenu throug the
eral District Court, Chicago, on Wednesday of this week, will more than compensate the State for any loss ofWhat ae God-seh it
nd
18), by the stock brokerage firm, John M. Morey & elimination of the income and inheritance taxes.
(June
ly acquire and show at the
Street, Chicago. Judge Adam C. would be to Oregon if its voters would sudden
people of
Co., at 231 La Salle
evidenced by the
es,
- polls the same farsightedness on taxation
on
Cliffe appointed Fred E. Hummel of 53 West Jacks Boule Florida. Oregon needs capital for the development of its resourc
con, and population for the
er. The failed firm consisted of John M. Morey industries for the employment of its peopleits general prosperity will be
vard receiv
go sumption of the products of its soil, and
be
and A. J. Lehmkuhl and was a member of the Chica
are met. They will never
of limited to the extent to which these needs of burdensome, socialistic or
the face
Stock Exchange. According to the Chicago "Journal
ta p pragblLexnt in
to
met toany apx reelara .te
radical
Commerce" of June 19, the assets and liabilities were not
stated that the
listed, but I. N. Walker, the firm's attorney,
Excessive General Taxation.
the
our nation to-day is that of
One of the greatest problems confronting
liabilities would be between $20,000 and $25,000, with
since the close of the war
paid in full. Insufficient taxation. More than five years have passed
likelihood that all debts will be
ever before. The burden Is
and yet to-day our taxes are greater than
is allowed to continue in
capital was the cause of the failure, he said.
pressing upon us heavily and if this condition unexpectedly confronted
expect if we are
times of peace what may we
awakening to the seriousnes,
with another war? No wonder our people are
me Tax of the
relief be forthcoming. Ever
Edgar H. Sensenich Criticizes Oregon Inco
situation and becoming insistent that
results in an overwhelming
poll of the opinion of the people on taxation
Law—Says It Hits Production of Wealth and
heavy taxation are becoming
demand for reduction. The evil effects of
ent of Resources—
under the toll, the agriRetards Developm
more evident daily. Industry is staggering
individual initiative
and the spirit of
Contrast with Florida.
strainhe
la e e .
d
culturist is breaking under
deadened
n of the Ov•edevelopment of industry'.
Criticism of the enactment, at the last sessio
forthcoming for the
income tax, It Capital is not readily in industrial investment the uncertain returns
sees little inducement
gon Legislature, of a law providing for a State
Capital seeks
dent of the West of which are subject to hedvy reduction through taxation. ntly increasing
is consta
was made by Edgar H. Sensenich, Presi
con- instead tax-free securities the issuance of which
the annual
Governmental extravagance
Coast National Bank of Portland, Ore., at
ds of which is wasted in
of the
n held at Seaside and much iency.proceeare in no position to condemn the investor's prefWe
and ineffic
vention of the Oregon Bankers Associatio
sions which issue theseganda of a few en- erence for tax-free securities. The political subdivi authorize their issue,
people,
June 13 and 14. "Fooled by the propa
securities are our own agencies. We, the
e tax," said Mr. Senand recommend their taxthusiastic proponents of a State incom
and as an inducement for their sale provide
under the be- free features. It is the height of hypocrisy to condemn the buyer of our
, "the last Legislature enacted the law
senich
ded such a measure. When the own wares.
the economic law that
lief that the people deman
No
enactment can interfere with
continued,"it won by only capitallegislative the most favorable return, but taxation does affect the
will seek
was referred to the people," he
Act
ial enterprise is affected by
ration in the State of 333,017 choice of investment. Investment in industraccordingly. The President
516 votes. Out of a total regist
and is restricted
high
only 35.07%, were sufficiently inter- thethe taxation of to-day ad in his annual report for 1923 states that
voters but 116,778, or
of
Pennsylvania Railro
ss their opinion at the polls. during the year the system paid $36,000,000 in taxes which was $6,000,000
ested in an income tax to expre
y's outstanding stock.
or 17.6% of the registered voters, more than the 6% dividend paid on the compan

offered to pay
This offer takes the place of one in which Mr. Little
e plans which Mr.
$325,000 in installments, but which fell through becaus
larger settlement
Little had anticipated to enable him to consummate the
did not materialize.
ed settlement was
The confirmation by Judge McKeehan of the modifi
ptcy, who is admade upon a report by John M. Hill, referee in bankru
which he recommended
ministering the estate of the bankrupt firm, in
that a majority of the
approval of Mr. Little's lower compromise, stating
the $325,000, and that
creditors felt Mr. Little had done all he could to pay
the $32,500.
in view of his sincere efforts were satisfied to accept

Of that number 58,647,




-3036

THECHRONIctn

{vol.. 118.

With so large a proportion of the company's earnings absorbed by taxation
A Plea for an American Ideal.
Its stock is no longer marketable at the par or better prices which prevailed
I cannot close this address without a warning against
for so many years. To-day the stock is quoted at 14% below par and the
the continued
railroad cannot raise funds for necessary expansion through sales of stock tendency of government to curb individual initiative and enterprise, qualias was its custom in the past, but it must resort to borrowing. Even so ties which are peculiarly American and which have been such great factors
great an industrial institution as the Pennsylvania Railroad has a limit In the development of our country, and particularly of the great West.
Have we not in recent years, whenever things have been
going badly,
to its borrowing capacity and when that limit is reached expansion and
been too ready to yield our birthright for a moss of pottage? Have
development are at an end regardless of the demands or needs of the great
we not
been too eager to invite governmental control whenever we faced
some need?
territory which it serves. The effect of taxation upon the Pennsylvania
Every effort which encourages governmental control of everyday
system is fairly typical of its effect upon industry in general.
affairs
Is a bid for socialism and a blow at individual rights. The contest
between
The farmer is suffering heavily under the burden of taxation. With inSocialism and individualism is on. It is a contest between
sufficient and decreasing income from his capital investment and labor he
a theory,
peculiarly European in inception and development, and a
theory or prinIs facing heavy and increasing taxes. Undoubtedly in many instances and
ciple upon which our own nation was founded and developed.
My preferin some entire sections the present taxes absorb, and in some instances
ence is for American ideals and I am therefore opposed to
the further exexceed the earnings of the farm. Continuance of such conditions must
tension of governmental control at the expense of individual
rights.
eventually load to disaster. Prof. Richard Ely of the University of Wisconsin, says "Farmers are losing their margin of profit because of high
taxes and time is approaching when farmers will become virtual tenants of Reductio
n in Rediscount Rate of Federal Reserve
State if movement proceeds to point where taxes absorb allfarm land values."
Banks of Philadelphia, Richmond, Atlanta,
This great country of ours was developed through the initiative and
enterprise of individuals who were largely spurred on by the hope offinancial
Chicago and St. Louis.
reward. The uncertainty of success was offset by the expectation of unIn addition to the four Federal Reserve Banks—New York,
usually favorable returns. The increasingly heavy taxation on invested
capital, and the penalizing of success through the income tax with no relief Boston, Cleveland and San Francisco
—whose recent reducor compensation offered by the taxing bodies in the event of failure has
tion in rediscount rates have already been noted in these
).ut a damper upon the spirit which initiates and develops. We must
r2vIse our taxation policies materially if we expect to go forward as a nation columns, five of the other Federal Reserve Banks have
L. a rate comparable with that of the past.
lowered their rates during the past week. On June 13 the
Relief from the high taxation now prevailing is essential and imperative.
Federal Reserve Board announced that the directors of the
Lellef cannot be realized through any effort to pass the tax from one group
to another. Whether the rich or the poor be taxed directly, in the end Federal Reserve Banks of Richmond and Chicago had
each must help pay the bill. All taxes, of whatever character, and upon reduced the rediscount
rates of both banks from 43 to 4%
whom directly imposed must in the last analysis be paid by the ultimate
on all classes of paper of all maturities, effective June 14.
consumer, you and.me, whether we be employer or employee, country
man
or city man, rich or poor. Every reduction in taxation will eventually Announcement that the Federal Reserve
Bank of Atlanta
reduce the burden on each of us and an increasing realization of this
funda... had reduced its rediscount rate from 43 to 4% on all classes
mental principle is back of the growing demand that taxes must be
reduced, of paper, effective June

18, was made by the Board on the

Present Tendency of Government.
17th inst. The Federal Reserve Banks of Philadelphia and
But how can taxes be reduced unless public expenditures are
reduced? St. Louis received authority from the Reserve Board on
And,how can these expenditures be reduced so long as we continue
to press June 18 to lower their rates in the case of Philadelphia the
for Governmental favoritism ether as individuals, as members
of blocs or rate
is reduced from 43 to 33% on paper within ninety
as citizens of a particular locality or section? How can they
be reduced
so long as we urge or tolerate the engagement of Government in
% for agricultural and live
affairs the days, the rate remaining at 43'
conduct of which should be left to individual initiative and
How can public expenditures be reduced so long as we continue enterprise? stock paper having a maturity of over ninety days but
to put into
within six months, while for paper after six but within nine
the offices which appropriate and control the expenditures of
funds men
Who are governed by polltical expediency and their own
personal advantage months the rate is likewise unchanged at 5%. The Federal
rather than the will or wish of the people who elected them.
Reserve Bank of St. Louis reduces its rate from 43% to
It is timely to ask ourselves these questions when a national
Legislature,
4% on all classes of paper. The press dispatches from
disregarding the will of the people as evidenced by every test,
imposes upon
our nation a liability which will not only tax us during the years
.
to come Washington, June 18, said: '
but our posterity as well. When a Congress commits such a
In granting approval of the two latest applications for rate reductions
flagrant act
almost solely for the purpose of courting the votes of a small group
or bloc, which began with a discount cut by the New York Bank. the Federal
is it any wonder that It adjotwns in disgrace with the people
.Probably Reserve Board made known that it was allowing the twelve Reserve banks
no other Congress has been held in such low esteem by the people
as the one full leeway with respect to any changes they desired.
which has just adjourned. Politics rather than the good or the
Members of the Board and Secretary Mellon of the Treasury have
wishes of
said
the people appear to have been the guide of its members.
repeatedly that the reductions would make little if any difference
in the
Neither House has a monopoly of the disgrace into which Congress
has volume of business done by the banks. This official view is regarded as
fallen although the Senate has undoubtedly fallen from greater
height. To borne out by weekly reports of those banks where the reductions have been
what may we attribute the recent and unusual behavior of
the United in effect long enough to form a basis for judgment.
States Senate? Is the 17th amendment to the Federal
The easy money market generally has left little call on the Reserve banks
Constitution
adopted in 1913 and providing for the election of United
States Senators and their earning assets have fallen as a result. The Reserve banks, it was
by the people a contributing factor? I quote from de Toqueville's
great said, are holding only a small volume of bankers' acceptances, and these
classic on Government, "Democracy in America," published
are declining in total amount almost daily, due to the eagerness of commerin 1835.
cial banks to buy them up as earning assets.
"What then is the cause of this strange contrast, and why
(1)
are the
most able citizens to be found in one assembly rather than in the
While Reserve Board officials said there were no further applications for
Why is the former body (the House) remarkable for its vulgarity other? rate reductions before them, it was generally
and its
believed that one or two other
poverty of talent, whilst the latter (the Senate) seems to enjoy a
monopoly banks would soon ask for like authority. Only four Reserve banks—
of intelligence and of sound judgment?
Kansas City, Minneapolis, Dallas and San Francisco—retain their old
(2) "The only reason which appears to me adequately to account
for it level of rediscount charges.
Is that the House of Representatives is elected by the populace
directly,
and the Senate is elected by elected bodies.
The previous items regarding the recent Reserve rate
(3) "The transmission of popular authority through an
assembly of reductions appeared in our
chosen men operates an important change In it, by refining its
issues of May 3, page 2129
discretion
and improving the forms which it adopts. Men who are chosen
in this May 31, page 2644, and June 14, page 2897.
manner accurately represent the majority of the nation
which governs
them: but they represent the elevated thoughts which are current
in the
community, the propensities which prompt its nobler actions,
rather than Subscriptions to United
the petty passions which disturb or the vices which disgrace it."
States Treasury Certificates
The Primary System.

of Indebtedness.

Subscriptions of $609,192,500, it was announced by SecreIf de Toqueville were living to-day, what might he say after he
learned
that our Senators are now not only chosen directly by the people but
are tary of the Treasury Mellon on June 14, were received to the
chosen just as any other elective officers are chosen, from a field of
candi- U. S. Treasury Certificates of Indebtedness, Series
TD-2,
dates who have managed to get into the field because all the bars are down.
Is it not likely that ho would condemn our primary system, which offers 1924, offered on June 9, and referred to in our issue of Saturno guaranty of the fitness of the candidate for the office he seeks?
Without day last, page 2900. The offering was for $150,000,000 or
doubt the election by the perople of their governing officers from
a group thereabouts; the allotments amounted to
$193,065,000, of
of self-appointed candidates is under trial at the present time and the
ac- which
cumulating evidence is against it. Many who have favored our
$124,608,400 represent allotments on subscriptions for
present
primary system admit that the results are discouraging and some are
even which Treasury certificates maturing June 16 1924, or Treaswilling to admit that the system favors an organized minority—a
situation ury notes maturing June 15 1924, were
tendered in payment.
which is contrary to our American idea of government. The
primary
system invites a wild scramble for nomination on the part of
numerous Of this last amount, $1,133,000 were exchanges for Treascandidates. The voters are confused, their votes are
scattered and too ury account. All exchange subscriptions were
allotted in
frequently the successful candidate represents neither the majority
of the full, while allotments on other
voters nor the party under whose banner he appealed for support.
subscriptions were made on a
Both
great parties have had men of this type in the present Congress and
although graduated scale on the basis already announced. The subthey were in a decided minority they acted unitedly and were the determin- scriptions
and allotments were divided among the several
ing factor in the conduct of the session just ended. The so-called tyranny
of the majority has been forced to yield to the actual tyranny of the Federal Reserve districts as follows:
minority.
Subscriptions
Subscritions
Received.
No doubt the primary system has merits and I do not recommend its Treasury
Allotted.
$1,133,000
abandonment and a return to the old convention system. But
$1,133,000
some Boston
59,525,000
modification of the system is not only desirable but absolutely
28.899,000
necessary New York
235,421,000
59,045,500
to insure the election to office of the best men who are available and who Philadelphia
89.351,500
12,837,500
really represent the majority of the electorate. It would seem to me that Cleveland
37,812,500
14,981,000
the primary system should include some organization or selective body so Richmond
17,957,000
3,794,000
constituted as to inspire the confidence of the people, whose duty it
would be Atlanta
13,550,000
4.044,000
to study the qualifications of the candidates and make recommendations
Chicago
81,039,000
33,804400
accordingly and, when It deemed it advisable, to induce men who
in its St. Louis
8.441,500
2.573,000
judgment were peculiarly fitted for some office to become candidates
for Minneapolis
15.380.500
7.963,000
that office. Such an organization was in operation and its merits were Kansas City
12,850,500
3,988,500
well proven in the recent recall and election of County Commissioners in Dallas
22,514.500
7,841.000
Multnomah County.
San Francisco
54,818,500
14.581,500




THE CHRONICLE

JUNE 21 1924.]

3037

The distribution of forms on which application is to be
made by World War veterans for adjusted compensation
Issuance
under the new law has been brought under way by Majornt-General of the Army,
Coolidge on June 13
Under directions issued by President bonus:law,!Director General Robert C. Davis, Adjuta
by June 28. Associated Press disand will be completed
for the administration of the soldier
to apportion his patches from Washington last night (June 20) said:
Hines of the Veteran's Bureau is instructed
application forms and is
the fiscal
The distribution consists of 6,000,000 blank
appropriation for salaries and expenses during months, made possible through co-operation of American Legion posts, Red Cross
six
first
American Veterans'
Veterans of Foreign Wars and the Disabled
year 1925 so as to make available for the
theradministration chapters,ion.
organizat
commencing July 1 next, amounts for
of distribution, General
Navy3Departments.
In a statement to-day describing the method
of the law to be used by the War and
mailed as rapidly as they can be delivered
zed Davis said the blanks are beingconsignments being dispatched to the more
is authori
Printer, the first
In a letter to Secretary of War Weeks the latter
by the
by requi- remote Public ical districts.
geograph
by President Coolidge to draw on General Hines
begin next Monday,
$1,814,000
distribution of the papers to veterans will
Actual
task by Jane 28.
sition for bonus administration expenses up to
the schedule calling for the completion of that
Secretary
advices from
and at the same time the President authorized
Under date of June 5 the Associated Press
Wilbur of the Navy to make requisition on General Hines's Washington stated:
pass
situation was now well enough
funds up to $257,500. The failure of Congress to
General Davis said he believed the bonus
d $132,- understood to prevent the flooding of the War Department with inquiries
the deficiency appropriation bill, which had include
should
1 from veterans. It was again emphasized that claimantsforward only fill
them to
ability, and
000,000 to meet the cost of the soldiers' bonus until July
out the application forms to the best of their
1925, is referred to by the President in his letter to Secre- the War Department, where information which the veterans cannot furnish
from the files.
tary Weeks, the President stating that despite the passage from recollection will be supplied is required only in case the applicant is
It will be noted that an oath
bill over his veto, he is "unwilling to let the
required where the veteran
of the bonus
a dependent," the statement said. "No oath is
administration of this law remain practically in abeyance makes his own application. Two witnesses are necessary to the veteran's
until Congress again convenes, simply because I would signature.
the veteran served in
"The same blank covers the case no matter whether
be justified under existing conditions in doing so." The the Army, Navy,Marine Corps or Coast Guard,and likewise it may be used
the veto either by the veteran or the dependent of a deceased veteran. MEI
passage by Congress orthe soldier bonus bill over
24; "An unusual feature of the blank is the fact that it carries a place for
ation."
of President Coolidge was noted in our issue of May
was added as a matter of easy identific
page 2654, we gave fingerprints. This has lost his discharge certificate. General Davis pointed
page 2522, and in these columns May 31,
Where veteran
ed out, he isapermitted to fill out the blank from memory as to the dates of
the text of the Act. The following is the letter address
service required.
instruction
by President Coolidge to Secretary Weeks:
e affairs accompanied by a printed
ent"Coolidge
of DirectionsTby Presid
SoldieriBonus.
Payment of

for

The blanks are four-pag
sheet which gives in detail what information is desired. penalty clause of
the
One feature of the blanks is the printed text of
Washington, June 13.
ts in applications. The
the Bonus Act against false or fraudulent statemen
Secretary :-On May 19 1924 Congress enacted into law the penalty fixed by Congress is a fine of not more than $1,000 or imprisonment
Dear Mr.
enactment of
World War Adjusted Compensation Act. Following the
five years, or both.
necessary to meet for not more than
this law I submitted to Congress estimates for the funds
Stating that the officials at Washington were taking steps
s were considered by Congress
the cost of its administration. These estimate
t
passed before the
in framing the second deficiency bill, but this bill was not
to avert useless correspondence with war veterans inciden
adjournment of Congress.
gton dispatches May 24
to enable you to the bonus payments, Washin
No funds have therefore been appropriated by Congress
ation Act stated:
to do those things which the World War Adjusted Compens
devised as to make
Plans to issue the insurance certificates have been so
directs you to do.
over my it unnecessary for any veteran to do more than fill out the application blank,
The World War Adjusted Compensation Act became a law
ration of this law soon to be made available all over the country. The circular ofinstructions
protest. I am not willing, however, to let the administ
simply which accompanies the blank will instruct applicants to fill in their answers
remain practically in abeyance until Congress again convenes
or recollection, and let it go
so doing.
to the questions to the best of their knowledge
because I would be justified under existing conditions in
records of service.
do I regard this law as imposing certain obligations upon the at that. There will be no necessity for obtaining
Rather
delay in
nt of the bonus, the
executive branch of the Government which do not permit of
THE WHITE HOUSE.

performance.
s
If this law is to be carried into effect so as to permit of the cash payment
being niade within a reasonable time after March 1 1925, as contemplated
by it, and if the other provisions of the law are to be given reasonably prompt
administrative action, it is essential that the application forms and instructions pertaining thereto be placed in the hands of the veterans and dependents without delay.
these forms
Arrangements have previously been made for the printing of
that,
and they are now ready for distribution. It is equally as essential
ries of the
when the completed applications are received from the beneficia
the law prescribes.
law, they be given the administrative action whicv•
of millions of
Otherwise your Department will become the storehouse
convenes
applications which can receive little or no attention until Congress
give
next December and makes an appropriation of the funds necessary to
to a modified
them administrative action. The same situation, though
degree, will obtain in the Navy Department.
Action has already been taken to give you sufficient additional personnel
with which to distribute the application and instruction forms and to
meet the administrative action which will be required in the completed
applications which may be received from the beneficiaries of the law during
the remainder of this fiscal year.
This leaves for consideration the matter of meeting the administrative
requirements of the law for the first six months of the next fiscal year, which
involves not only your Department, but the Navy Department and the
United States Veterans' Bureau.
To meet this requirement I am to-day instructing the Director of the
Veterans' Bureau to apportion his appropriation for salaries and expenses
and his appropriation for printing and binding, fiscal year 1925, so as to
make available for the six months commencing July 1 1924 the following
amounts for the administration of the World War Adjusted Compensation
Act, namely, War Department, salaries and expenses. $1,800,000, and
printing and. binding, $14,000; Navy Department, salaries and expenses,
$250,000, and printing and binding, $7,700.
Your requisition for personnel, supplies and equipment and printing and
binding will be forwarded to the Director of the United States Veterans'
Bureau, who will honor it to the extent of the amount herein mentioned.
It is my desire that your requisitions be kept to a minimum consistent
with efficient and proper administration, and that so far as possible your
requirements for supplies and equipment be obtained from the surplus
stocks of the General Supply Committee and from any available War
Department stocks. I am to-day advising the Secretary of the Navy of
the arrangements set forth in this letter. Sincerely yours,
CALVIN COOLIDGE.

It was announced on May 27 that a special branch in
charge of the adjusted compensation had been established in
the War Department by Secretary Weeks, with MajorGeneral Robert C. Davis, the Adjutant-General of the
Army, as chief. The records and activities of the World
War division of the Adjutant-General's office have been
incorporated in the new branch. Three officers and 215
d
clerks have been transferred to the adjuste compensation
are to be added to
branch. Seven officers and 2,517 clerks
the force which:will be required to administer thelbonus.




Regarding the geographical allotme
gton
Associated Press had the following to say in Washin
advices May 25:
the United

ical origin of
Government charts showing the geograph
to give a fair indication of
States forces in the World War are believed
are divided among
who will benefit under the bonus bill
how the veterans
States and Territories.
the
will be made on the basis
The allotment of bonus application blanks
States and Territories range all
of these charts and the proportion for
total war-time personnel to
the way from New York's 10.367% of the
not only men
of the Virgin Islands. The percentages cover
the 0.001%
Corps, but also those who
who served in the Army, Navy and Marine
Guards.
were in the Coast Guard and the United States
of the total; Illinois
Pennsylvania stood next to New York, with 7.787% fifth with 4.161.
Texas
was third with 6.722, Ohio fourth, with 5.112,
with 3.529. Missouri
Massachusetts sixth, with 4.060, Michigan seventh,
eighth, with 3.436, and California ninth with 3.252.
total were New Jersey,
States furnishing between 2 and 3% of the
n, 2.565; Iowa, 2.515.
2.911; Indiana, 2.743; Minnesota, 2.669; Wisconsi
and Georgia, 2.158.
Oklahoma, 1.996; Virginia,
States furnishing between 1 and 2% were:
Carolina, 1.851; Alabama.
1.963; Kentucky, 1.927; Tennessee, 1.918; North
Arkansas, 1.508; Connecticut.
1.824; Louisiana, 1.697; Kansas, 1.653;
South Carolina, 1.359 each;
1.408; West Virginia, 1.367; Mississippi and
a, 1.244.
Washington, 1.339; Maryland, 1.298; Nebrask
, 0.940; Montana, 0.925;
States furnishing less than 1% were: Colorado
0.728; Maine, 0.669; North
Florida, 0.888; Oregon, 0.875; South Dakota,
of Columbia, 0.522; Idaho,
Dakota, 0.630; Rhode Island, 0.556; District
Rican regiment,regular army);
0.495; Utah,0.474; Porto Rico,0.388(Porto
Arizona, 0.281; Wyoming.
New Hampshire, 0.386; New Mexico, 0.318;
0.125.
, 0.250; Delaware, 0.197; Nevada, the Philippines 0.137.
0.277; Vermont
and
Among the territories Hawaii furnished 0.138 0.046; Guam with 0.005
with
while Alaska came in with 0.050; Samoa
e
who gave no place of residenc
and the Virgin Islands with 0.001. Those
total of about
men in a to
were 0.081%, or 3,834
5
when00,0o0thecr. joined the colors

soldier bonus payIncident to the plans for meeting the Veterans' Bureau;
ments through the use of the funds of the Commerce" the
of
we quote from the New York "Journal
to the question
following from Washington June 10 relative
re:
to legality of such a procedufailure
which had been raised as
upset by the

soldier bonus,
Government plans for distribution ofthe
hung up to-night on the legal
of Congress to appropriate needed funds, were
'tureen
nts and the Veterans'
question whether the War and Navy departme
.
may use money appropriated for general purposes
to exert
of the Budget
President Coolidge has ordered Director Lord
the Director had a dozen
o tif e
lLhay
evanevrreeyerpissrgies t means of carrying out the plans and
Government which
of the three arms of the
work.
have charge
unsolved, although the War
The discussions apparently left the problem
ahead, using unexpended
Department gave notice of its intention to go
have these funds replaced
balances from several activities and planning to
in the Comptroller
when Congress convenes next winter. Some officials
"risky," but Comptroller
General's office said the War Department plan was
has not been requested.
General hfcCarl's official opinion of the proposal

3038

THE CHRONICLE

[VOL. 118.

The statute against creating a deficiency was declared to be rigid and
the
DEPARTMENT OF STATE.
War Department proposal, it was said, would mean that
would spend in
Washington, June 16 1924.
six or eight months sums intended to last them throughitthe whole fiscal His Excellency, Mr.
Masanao Hanihara, Japanese Ambassador,
year.
Excellency:—I have the honor to acknowledge the receipt
of your note
Director Lord counseled War Department and Veterans' Bureau officials under
date of May 31 containing a memorandum stating the position
of
to-day to "struggle along" in completing the plans, using such clerks as
the Japanese Government with respect to
provision of Section 13
the
could be spared from other work. In event that is done the War Depart(C) of the Immigration Act of 1924. I take pleasure
in noting your referment will be delayed almost six months in perfecting its war records
of the ence to the friendliness and candor in which
men who are to receive the bonus, for the task is one of the greatest
your communication has
ever been made and you may be assured of
the readiness of this Government
attempted by any Government agency, officials declared.
to consider in the same spirit the views you
have set forth.
At the time of the signing of the inunigrat
A motion to dismiss the two suits filed in the District
ion bill the President issued
a statemen
Supreme Court at Washington attacking the validity of recognizi t, a copy of which I had the privilege of handing to you, gladly
ng the fact that the enactment of this provision "does not
imthe Soldier Bonus Act was entered on June 17 by Secretaries ply any change in our sentiment of
admiratio and cordial friendship
Mellon, Weeks and Wilbur and Director Hines of the the Japanese people, a sentiment which hasnhad and will continue for
to
have abundant manifestation." Permit
me to state briefly the substance
Veterans' Bureau. The Government officials maintained of the provisions.
Sections 13(C)related to all aliens ineligible to citizenthe Act is valid. It has been attacked by Benjamin Catch- ship. It establishes certain exceptions,
and to these classes the exclusion
ings, a New York attorney, and Joseph Whelefs, a war provision does not apply, to wit:
"Those who are not immigrants as
defined in Section 3 of the Act,
veteran.
that is (1) a Government official, his
family, attendants, servants, and
employees, (2) an alien visiting the
United States temporarily as a tourist
Reply of United States to Japanese Protest Against or temporarily for business or pleasure, (3) an alien in continuous transit
through the United States, (4) an alien
Exclusion Provision of Immigration Act—Upholds
States who later goes in transit from lawfully admitted to the United
one part of the United States to
another through foreign contiguous
Right of Congress to Control Immigration.
serving as such on a vessel arriving territory. (5) a bona fide alien seaman
at a port of the United States and seeking
The reply of the United States to the protest of the Jap- to enter temporari
ly the
States
anese Government against the exclusion provision of the as a seaman, and (6) an Unitedentitled solely in the pursuit of his calling
alien
to
Immigration Act, enacted at the recent session of Congress, to carry on trade under and In pursuance enter the Uniteds States solely
of the provision of a present
existing treaty of commerce and
navigation."
was handed to Ambassador Hanihara at Washington on
Those who are admissible as no
-quota
June 16 and made public on June 18 simultaneously at Wash- of subdivisions B,D or E of Section 4, immigrants under the provisions
that is "(B) an immigrant previously
ington and Tokio. The answer of this Government, ad- lawfully admitted to the United States, who is returning from a temporary
visit abroad: (D) an immigrant who
dressed to Ambassador Hanihara and signed by Secretary of Immediately preceding
continuously for at least two Years
the time
application for admission to the
State Hughes, refers to those exempted from the new immi- United States, has been and whoof his to
seeks
enter the
gration restrictions and says: "Taking these exceptions into for the purpose of carrying on the vocation of ministerUnited States solely
of any religious denomination, or
account, the provision in question does not differ greatly in and his wife and professor of a college, academy, seminary or university,
his unmarried children under 18 years
of age, if accompanyits practical operation or in the policy which it reflects from ing or following to Join him; or (E) an immigrant who
is a bona fide student
at
the understanding embodied in the 'Gentlemen's Agreement' forleast 15 years of-age and who seeks to enter the United States solely
the purpose of study at an accredite
d school, college, academy, semiunder which the Japanese Government has co-operated with nary or university, particularly
designated
the Government of the United States in preventing the emi- Secretary of Labor, which shall have agreedby him and approved by the
to report to the Secretary of
Labor
gration of Japanese laborers to this country." "The point any the termination of attendance of each immigrant student, and if
such institution of learning fails to make
such reports promptly the
of substantial difference," Secretary Hughes continues, "be- approval shall be withdrawn."
Also the wives or unmarried children under
tween the existing arrangement and the provision of the
18 years of age of immigrants
Immigration Act, is that the latter has expressed, as the admissible under subdivision D of Section 4, above quoted.
It will be thus observed that, taking these exception
s into
President has stated, 'the determination of the Congress to provision in question does not differ greatly in its practical account, the
operation
exercise its prerogative in defining by legislation the control in the policy which it reflects, from the understanding embodied in , or
the
Gentlemen's Agreement under which the Japanese Governm
of immigration instead of leaving it to international ar- operated with
ent has cothe Government of the United States in preventing the
emirangements.'" "It is not understood," says Secretary gration of Japanese laborers to this country. We fully and
gratefully
appreciate the assistance which has thus been rendered
Hughes, "that this prerogative is called in question,
by the Japanese
but Government in the carrying out of this long-established policy,
and It is
rather, your Government expressly recognizes that
'it lies not deemed to be necessary to refer to the economic considerations which
within the inherent sovereign power of each
have inspired it. Indeed, the appropriateness of
that policy which has
State to limit not evidenced any
lack of esteem for the Japanese people, their
and to control immigration in its own domains.'"
The note and achievements, has been confirmed rather than questione character
d by the
.contends that this Government does not feel that
it is limited voluntary action of your Government in aiding its execution.
to the existing arrangement, or that by virtue
of the existing
Our Domestic Rights Always Implied.
•understanding, or negotiations which it has conduct
The point of substantial difference between the existing
ed in
arrangement
the past with the Japanese Government,"it
and the provision of the Immigration Act is that the
latter has expressed.
has in any sense as the President has stated,
"the determination of the Congress to exercise
- ost or impaired the full liberty of action
l
would its prerogative in defining by legislation the control of immigration instead
which
.otherwise have in this matter. On the contrar it
y," it con- of leaving it to International arrangements." It is not understood that
tinues, "that freedom with respect to the control
this prerogative is called
of immigra- pressly recognizes that "it in question, but, rather. your Government exlies within the inherent
tion which is an essential element of soverei
power
gnty and entirely State to limit and to control immigration in its ownsovereign " an of each
domains,
authority
compatible with the friendly sentiments which
which it is believed the Japanese Governm
animate our in
ent has not failed to exercise
international relations, this Government
its own discretion with respect to the
admission of aliens and the condiin the course of tions and location of
their settlement within its borders.
negotiations always fully reserved." The note
While the President would have preferred
likewise says:
to continue the existing arrangeWhile this Government acceded to the
arrangement by which Japan ment with the Japanese Government, and to have entered Into negotiati
ons
undertook to enforce measures designed to
obviate the necessity of a for such modifications as might seem to be desirable, this Governm
ent
statutory enactment, the advisability of such an
enactment necessarily re- does not feel that it is limited to such an international arrangement or
mained within the legislative power of this
that by virtue of the existing understa
Governm
nding or of the negotiations which it
this power has now been exercised by the Congress ent to determine. As has conducte
d in the past with the Japanese Governme
in the
nt, It has in any
provision in question, this legislative action is mandator enactment of the sense lost or impaired
the full liberty of action which it would otherwise
y upon the executive
branch of the Government and allows no latitude for
the exercise of execu- have in this matter. On the contrary, that freedom with respect
tive discretion as to the carrying out of the legislativ
to the
e will expressed in the control of immigration, which Is an essential element of
sovereignty and
statute.
entirely compatible with the friendly sentimen
ts which animate our international relations, this Government In
Referring to the fact that the exclusion provision of
the course of these negotiations
the always fully reserved.
Immigration Act will take effect July 1, Secretary
Thus in the Treaty of Commerce and
Hughes
Navigation concluded with Japan
says:
in 1894 it was expressly stipulated in
Article XI:
"It is, however, understood that the
Inasmuch as the abstention on the part of the United
stipulations contained in this
States from such preceding article do not in any
an exercise of its right of statutory control over
way affect the laws, ordinances or and the
tions with regard to trade, the immigration
immigrat
regulaof laborers, police and public
dition upon which was predicated the undertaking of the ion was the con- security which
are in force or which may hereafter be
Japanese Governenacted in either of
ment contained in the Gentlemen's Agreement of
1907-08 with respect to the two countries."
the regulation of the emigration of laborers to the United
It is true that at the time of the
States, I feel connegotiation of the Treaty of 1912 the
strained to advise you that this Government cannot but
acquiesce in the Japanese Government desired that the provision
view that the Government of Japan is to be considered
above quoted should be
eliminated and that this Government
released, as from the
acquiesced in that proposal in view
date upon which Section 13 (c) of the Immigration Act
comes into force, of the fact that the Japanese Government had,
from further obligation by virtue of that understanding.
In 1907-8. by means of the
Gentlemen's Agreement, undertaken such
measures of restriction as it was
anticipated would prove adequate
In conclusion he takes occasion to "emphasize the appreci
a- the number of Japanese laborers to prevent any substantial increase in
in the United States. In connection with
tion on the part of this Government of the voluntary cothe treaty revision of
operation of your Government in carrying out the Gentle- taking in the form of a1911 the Japanese Government renewed this underdeclaration attached to the treaty. In acquiescing
men's Agreement and to express the conviction that the recog- in this procedure, however, this Government was careful to negative any
intention to derogate from the full right
to exercise in its discretion control
nition of the right of each Government to legislate in control over immigrat
ion. In view of' the statements contained in your comof immigration should not derogate in any degree from
munication with respect to these negotiati
the
ons I feel that I should refer te
mutual goodwill and cordial friendship which have always the exchange of views then had. You will recall that, in a memorandum
of Oct. 19 1910. suggesting a basis for the
treaty revisions then in contemplacharacterized the relations of the two countries." The pro- tion the Japanese Embassy
stated:
test of the Japanese Government was published in our issue
The
ch the
in
gent have enfbreed
for
past
.
e mea a half years
a dseree whi
of May 31, page 2646. The reply of
y
belleved, ptrioon of emigraues
Secretary Hughes fol- tioniht;laborersotonthe United Statesregulation of
of
proved entire!
have, it
satisfactory and far more effective than any Is
lows.
prohibition of inunigration
would have been. Those measures ofrestraint were undertaken voluntari
ly




JUNE 21 1924.]

THE CHRONICLE

3039

the
the ship companies incurred in supplying passages on special steamers Co
issue between the two countries on
in order to prevent any dispute or will be continued, it may be added, so United States to Japanese who desire to arrive there before July 1 but who
subject of labor immigration, and
of the lack of steamship accommodacontinuation.
- are otherwise unable to do so because
long as the condition of things calls for such
the Embassy at Tokio that the
situation; the Imperial Govern
tions, the State Department is advised by
'Accordingly, having in view the actual question is not only not neces
in
ng:
tion
ment are convinced that the reserva which, if continued, is more liable to attitude of the Japanese FcreIgn Office is the followi
it is an engagement
United States are persons who
case,
sary, but that
"Most of the applicants for passage to the
to remove difficulties. In any
Five rise to misunderstandings than ally is distasteful to national sensiire anxious to return now to the United
new have been visiting in Japan and
it is a stipulation which not unnatur
retrrning immigrants
l Government desire in the
avoid any question as to their status as
bilities. In these circumstances the Imperia
above mentioned. and to leave, States to
July 1.
treaty to suppress entirely the reservationto which it relates, for friendly under the changed regulations which come into force
well as in fact, the question
careful scrutiny to all
same
in word as
ments independently of any conven
"The Japan se Government is giving the
adjustment between the two Govern expressing that desire they are not
The Japanese Foreign Office is
applicants for pas9iorts as in the inst.
tional stipulations on the subject. In
to the effect that Japan
United States labor in the
unmindful of the difficulties under which the If so desired, be willing to afraid that this situation might he misconstrued
nt.' and it
ngly,
matter of immigration, and they will accordi time upon six months' notice. was no longer ebscrving the terms of the 'gentlemen's agreeme
proposed treaty terminable at any
Japanese Government
termimake the
theiefore, to emphasize the fact that the
d that in the imesence of such a
desires,
"The Japanese Embassy is satisfie
until the new law becemes
y enjoy great liberty of
to s b'de by that agreement, at least
nation clause the contracting States would actuall
under the existing reser- intends
action, so far as immigration is concerned, than
effective."
vation on the subject, however liberally construed."
State declared in its
Replying to these suggestions, the Department of
FriendJan. 23 1911, that it Ambassador Hanihara Argues for Continued
memorandum sent to the Japanese Ambassador on
ce and
tions for a new treaty of commer
United States and Japan.
was prepared to enter into negotia
ship Between the
navigation on the following bases:
Providence, on
proceeds upon the undi r-'
In an address at Brown University, at
"The Department of State understands, and Government made in ,he
en the United States
the proposal of the Japanese
standing, that
g to immigrat:oa in June 18, bespeaking friendship betwe
above-mentioned memorandum is that the clause relatin
univerlimitation and coa'rol
the existing treaty be omitted for the reason that the
, Ambassador Hanihara, upon whom the
has enforced for the past two and Japan
de'.
which the Imperial Japanese Government
the United States, sity conferred the honorary degree of Doctor of Laws,
and a half years in regulation of emigration of laborers to proper measure cf
the United States aland which the two Governments have recognized as a
be continued with canal dared that Japan in its dealings with
adjustment under all the circumstances, are to two Governments, when
is no queseffectiveness during the life of the new treaty, the made terminabli upon ways has believed that, as between friends, there
necessary, cooperating to this end: the treaty to be
amicably. The Associated
six months' notice.
time tion that cannot be adjusted
will at the
"It is further understood that the Japanese Government above effect,
Providence gives as follows the further
the
of signature of the treaty make a formal declaration to United States, be Press advices from
which may, in the discretion of the Government of the
account as to what the Ambassador had to say:
• made public.
the auestion of
" back of American-Japanese
"In accepting the proposal as a basis for the settlement of of the United
With "such unique and precious history
n in the minds of my people
Immigration between the two countries, the Government
without prejudice to the friendship, he said, "the one great questio
States does so with all necessary reserves and
immigration
of the American people to make light
now is: Is it the true sentiment
inherent sovereign right of either country to limit and control
a friendship which has been built
to its own domains or possessions."
of its friendship with the people of Japan,
ng over nearly
of State up by hard, conscientious labor of the two peoples extendi
On Feb. 8 1911, in a memorandum Informing the Department
of themselves alone, but
the negotiations three-quarters of a century, not only to the good
of the readiness of the Japanese Government to enter upon
Department for the good of the rest of mankind?"
the
which had been suggested by the embassy and to which the
d the history of the relations of
Japanese EmThe Japanese Ambassador sketche
had assented subject to the reservation above quoted, the
set foot on the shore
understanding two nations from the time when Commodore Perry
treaties. He rebassy stated that "the Imperial Government concur in the
in the . Japan to the signing of the Washington conference
of
e
of the proposal relating to the question of immigration set fcrth
the Immigration Law, with its Japanes
frained from any specific mention of
above mentioned note of Jan. 23 last."
anding that it was without prejudice. exclusion provision.
of
It was thus with the distinct underst
ely," he said, "It is not because
centre' im"If I fail to express myself adequat
to the inherent sovereign right of either country to limit and
solely on account of the
appreciation of your good-will, but
of 1911 was
migration to its own domains or possessions that the Treaty ement by any lack of
use of the English language."
arrang
nate limitations I am under in the
unfortu
concluded. While this Government acceded to the
to feel that one is among trusted
the neces"It is, indeed," he said, "a blessing
misunderwhich Japan undertook to enforce measures designed to obviate
open his heart without fear of being
ry enactment, the advisability of such an enactment friends, to whom he may
sity of a statuto
to stood."
ment
fer
necessar:ly remained within the legislative power of this Govern
and the people of Rhode Island
Congress in
After thanking Brown University
ce of
determine. As this power has now been exercised by the
him, which, he said, was an assuran
this legislative action is man- the compliment bestowed upon
the enactment of the provision in question,
d the long friendship
no lati- good-will and friendship, the Ambassador outline
datory upon the executive branch of the Government and allows
of the between the two countries.
may surtude for the exercise of executive discretion as to the carrying cut
he said. "that that friendship
"And I may express the hope,"
legislative will expressed in the statute.
true to our worthy tradtitions
provision of Section vive. Aye. It will survive, If we remain
It is provided in the Immigration Act that the
human spirit of mutual
Inas- of the past, which is an embodiment of that great
13 (C), to which you have referred, shall take effect on July 11924.
an toleration and esteem."
the Far
as the abstention on the part of the United States from such
much
become a bulwark of peace in
the conAfter relating Japan's efforts to
exercise of its right of statutory control over immigration -was
e Govern- East, he said:
in the attaindition upon which was predicated the undertaking of the Japanes
a great nation, not only
respect
"We Js panese have tried to become ourselves and protect our weaker
ment contained in the gentlemen's agreement of 1907-08 with
defend
ion of laborers to the United States, I ment of strength sufficientl
striven to be great
to the regulation of the emigrat
ce neighbors from dangerous aggressions, but also we have
feel constrained to advise you that this Government cannot but acquies
ty. We have been sinreleased, because we are anxious to serve the cause of humani
in the view that the Government of Japan is to be considered
the West, and we shall conAct con es cerely proud to serve with the great nations of
as from the date upon which Section 13 (C) of the Immigration
will permit us to do so."
have
that understanding.
tinue to serve as long as those nations
into force, from further obligation by virtue of
Ambassadors and Ministers who ans
ation on the
He paid high tribute to the many
other Americ
In saying this, I desire once more to emphasize the appreci
ern- represented the United States in Japan and to hundreds of
your Gov
part of this Government of the voluntary co-operation of
mcdern Japan. Japan, he
express the con- who have played prominent parts in the story of
these
anent in carrying out the gentlemen's agreement and to
problems. but 'throughout
Government to legislate said, had been confronted with difficult
than any other
viction that the recognition of the right of each
life, it was America more
nce."
derogate in any degree from the precarious years of our national
in control of immigration should not
and friendly assista
always characterized country that helped us always with wise counsel
a
mutual good-will and cordial friendship which have
feel that we owe America
"We of Japan," he said, "all felt and still
fail
the relations of the two countries.
not failed and will never
highest consideration. lasting debt of gratitude which so far we have
Accept. Excellency, the renewed assurances of my
us."
CHARLES E. HUGHES.
to repay as opportunities open themselves to
.
furnished the Western nations
He spoke of the great trade Japan had
ce and progress,
a factor for security and commer
"Japan," he said, "is
by the people of other counwhich I sometimes fear is hardly appreciated markets and trade routes is
Tokio Regards United States Note as Friendly.
rival
tries. Sensational talk of rival navies and
The
comparing the great Powers.
Associated Press cablegrams from Tokio June 18 said:
prevalent always in discussing and
interJapanese
to the small nations is a less
benefits of those Powers to each other and
The American reply to Japan's protest against exclusion of
•
reasonable- esting subject.
from the United States Is marked by a spirit of friendliness and
greatest customer on the Pacific.
y stated
"We are, and have been for years. your
ness and will be examined in the same spirit, it is authoritativel
is the greatest market for our
States
overwhelmingly so, and the United
here to-day.
beneWashington
mar these happy and mutually
Decoding of the document after its cabled transmission from
products. We saw nothing that could
forces began
Official comment was ficial relations until after the Russian war, when certain evil tely, howwas completed at tho Foreign Office late to-day.
two countries. Fortuna
to work against the best interests of our
withheld pending a careful study of its terms.
were not slow in realizing the
ng the exThe Government has not decided on its further action regardi
ever, wise people on both sides of the Pacific
no effort for its removal.
clusion issue.
effect of this sinister influence and spared
e. At last, at the Washington
"The task was not easy, but we kept patienc
Brown's worthy
two years ago, in which one of
conference of a little over
role so successfully, this
Japanese Government to Abide by Gentlemen's
harles Evans Hughes—played the leading
sons—C
the
was entirely removed and
unhappy symptom of international discord restored to their old level of
Agreement.
relations between America and Japan were
The intention of the Japanese Government to abide by happy and glorious friendship.
made
our relations, which were
"Such has been, in brief, the history of sympathy on the part of the
the terms of the Gentlemen's Agreement, at least until
of
ive, immeasurably closer by the generous actcalamity of last September."
July 1, when the new immigration Act becomes effect
American people at the time of our great

,
was indicated in advices from the Japanese Foreign Office
according to a statement given out by Secretary of State
Hughes at Washington on June 9. The announcement was
et
made as a result of information that the Japanese Cabin
ved an appropriation of 150,000 yen to cover
had appro
ed in supplylosses by Japanese steamship companies incurr
e on special steamers to the United States to Japaning passag
here before July 1, but who are
ese who desire to arrive
steamship'
ise unable to do so because of the lack of
otherw
ions. Secretary Hughes' announcement as to
accommodat
ese Foreign Office follows:
the attitude of the Japan tion that the Japanese Cabinet has apthe informa
• "With reference to
e steamof 150.000 yen to cover losses by Japanes
proved an appropriation




nt Conditions—
Melvin A. Traylor's Analysis of Prese
Fifty Years Ago.
Comparison With
n A. Traylor.
In an analysis of present conditions, Melvi
Savings Bank of Chicago,
President of the First Trust &
s Bankers'
stated in his address as President of the Illinoi 19, that
Decatur, Ill., June
Association, in convention at
if anything, would
"a correct analysis of just what ails us, from a prolonged
we are suffering more
probably reveal that
anything else." Mr.
case of mental indigestion than from
ued in part:
Traylor contin

3040

THE CHRONICLE

[VOL. 118.

Our thinking machinery, which went on a
rampage of abnormal activity us. . . . And we think a mistake is made
when we attribut
a few years ago, has apparently not been able
to adjust itself to the orderly dullness or partial paralysis of these days wholly to the absence of a e the
definite
policy of
and sane functioning for which, let it be hoped,
the Creator properly de- the panic, Congress. . . . During the years since the war down to
we had been under the delusion created during
signed and adjusted it in the beginning. As in every period
the war. Then,
of unrest in when the Government each year disburse
the past, most of us are no doubt too much inclined
d back to the people twice as
to believe that the prob- much as it had drawn from the people in loans and taxes during
the previous
lems of the day are new to our time and generati
year,
on, that they are totally and and from 1862-5 paid for the products of laoor, 25, 50. 100, 200,
even 300% more than the
without precedent and that the record of the past
discloses no signboard membered that those products prices of 1860, no one seems to have reto direct our footsteps and no rules for the solution
cost no more hours of labor than in 1860.
Nor will the &ream be realized by more
of our troubles.
currency.
The truth of the matter is, however, that to-day Is
but a reflection of yes- from war times. There is no Government to pay The conditions differ
three prices for the
terday and the mirror in which we may view to-morrow.
production of labor. Then our manufact
ories and farms were forced to
The history even their utmost to produce
of our own country is replete with almost exact duplicat
the supplies
es of the problems every kind of manufacture is produceneeded by the army. Now nearly
of the hour, which were produced by causes which
d in excess of consumption in this
parallel in an astanish- country. . . . As to our farm products,
we shall have to submit to
ing manner those that underlie our present situation. Again
the price
we are per- demand which our surplus brings abroad. There is no enlarged home
as during the war to compete with
haps too prone to consider effects, and to attempt
to apply remedies to market value. . .
foreigners and help up the
. We repeat,
results, rather than to look to the underlying causes,
and to have faith in in urging Congress to action at the therefore, that we can see no object
present time."
the remedies of the unchanging operations of economi laws.
c
This is not from your morning paper,
It will perhaps be freely admitted that our most
as you may imagine, but it is
pressing problems are
from the "Commercial & Financial Chronicl
those of agriculture, labor, taxation, extravagance and legislati
e" of March 28 1874. Neither
on. A
are the petitions to Congress for addition
remedy for the causes underlying these difficulties, whether
al legislation for the aid of the
or not they farmer
new and unheard-of procedures. On
have existed in the past, should be of prime interset to
us at present.
Jan. 20 1874 Senator Ingalls
Considering agriculture first, because it is of more direct concern to a of Kansas presented to the Senate a petition of
the citizens of that State
larger part of our population—just what are the facts, what produced asking that measures be taken to issue currency
based on real estate securthe situation, and what is likely to be the future of that industry? Diverse ities. It might be an interesting speculat
ion to inquire if some of our
as may be the opinions with respect to the underlying causes. I think it most illustrious savants and business prodigie
s did not have the Kansas
may be safely said that the chief one is the production of agricultural citizens' proposition in mind when they recently
suggested the Government
products in excess of a consumptive demand at prices which yield a satis- printing press as a solution for agricultural
difficulties.
One more quotation and I am through
factory return above the cost of production. To be sure, there
are other is
with ancient history, though there
an abundance of material to
contributing factors to the present difficulties of the farmer, but primarily
demonstrate that in those days we are merely
repeating the blunders of those who
excess of commodities was the beginning of his troubles. Has this situatio
n
have gone before and reaping the
whirlwind of our own follies. This
occurred before? Fortunately, we have records of similar conditio
from "Rhodes' History of the United
ns to
States":
those that have brought about our present troubles. I quote:
"The assembly of Congress in
•"The President of the Illinois Agricultural Society,
December 1873 was hailed with delight
the centre of agriculture, summed up the conditions referring to Illinois. as the country looked to it for financial relief.
Over 60 different remedieS,
in that State in the either in petitions or bills, were
following words: 'Look over these prairies and observe everywh
presente
ere the life referred to the Committee on Finance, d to the Senate. All these were
and activity prevailing. See the railroads pressed beyond
their capacity
. . Sherman: 'I say to Senators at the head of which was Sherman.
with the freights of our people, the metropolis of
that if now,in
the State rearing its stately panic, we yield one single inch
blocks with a rapidity almost fabulous, and whitenin
to the desire for paper this time of temporary
g
n lakes
money in this country,
with the sails of its conunerce; every smaller city, town, the Northerhamlet we shall pass the Rubicon, and there will be no
village, and
power in Congress to check
the issue. If you want $40,000,000
within our borders all astir with improvement
now, how
machine shop running with its full complement every factory, mill, and 000,000 again. If you want $100,000,000 now, easy it will be to get $40,convertible into three sixtytry in every household: more acres of fertile of hands; the hum of indus- five currency bonds, how soon will you want
land under culture, fuller there not always be men in debt?
$100,000,000 more. Will
granaries, and more prolific crops than ever before; in
short, observe that embark too far on the treacherous Will not always men with brihgt hopes
this State and this people of Illinois are making
sea of credit? Will
population, development, wealth, education, and more rapid progress in a demand made upon you for an increase? And when there not always be
in all the arts of peace, Rubicon, where can you stop.
you have passed the
than in any former period.'"
Where our ancestors stopped at the close
of the Revolution; where the French
people stopped in the midst of their
revolutionary fervor.'"
No, this quotation is not from Mr. Thompson, the present Presiden
t of
the Illinois Agricultural Association, but was printed
If Mr. Sherman had been speaking
in the New York
in the last
"Journal of Commerce" of Sept. 17 1864,
and reflected, of course, the doubtedly would have used much larger figures session of Congress, he unand would have added in his
increased production and prosperity of the
farmers of Illinois due to the closing sentence,"Where Russia stopped
with her rubles, Germany with her
Civil War then being fought. Similar
activity undoubtedly prevailed in marks, and Austria with her kronen."
Interesting as those quotations are,
all other agricultural sections of the
North. Is it not surprising how and drawing a parallel, as I think they
do, between the causes underlying
closely the conditions that then prevaile
d were paralleled in this country the conditions of which they speak and those
responsible for the conditions
In the period from 1915-1920.
The chief difference in the results, following of to-day, and reflecting as well as similarit
y of remedies sought to be apthat unusual development, and the more
recent case, is, that the prosperity plied, we will learn nothing from them unless we
are willing, with patience
of agriculture, particularly of the
North, continued much longer after the and sanity, to understand and apply the
lessons they teach.
close of the Civil War than after
Again, taking up the case of agricult
the recent armistice, due, no doubt, to
ure, what is likely to be the course
the fact that a large portion of our own
country in the Civil War was devas- of the industry for the next few years; will
production probably increase
tated and was a large purchaser for
somtime thereafter of the products or decline, will prices of farm products rise or fall,
and what, if anything,
of those sections which were in conditio
n to produce. But there, too, in the nature of legislation is necessary to bring
about the so-called equaldisaster finally came, and those who may
yet romeber or who have read ization of the purchasing power of the farmers' dollar with
the story of 1873, will recognize a similar
that of the dollar
situation to that which now con- of the rest of the community; and if this is not accompli
shed by legislation,
fronts us.
howls it likely to be brought about?
For the benefit of those who think our labor
Considering the matter of production, it does
problems to-day without
not seem to me probable
precedent, I quote:
that in years of normal growing conditions It
is reasonable to anticipate
"If ever there was a country in which labor
smaller yields of the principal crops grown
was in clover, in which it
in this country for some years to
was looked up to, petted and humored,it
certainly was this North American come,though it is quite natural that there should, and
community.
'
undoubtedly will be,
ever increasing diversification of acreage in
such way as to increase the yield
And again this is not some captain of
industry of 1924 expressing his of some crops and decrease that of others. That there will be, however
, an
peeve about present-day labor prices. The
expression is from a much more abandonment entirely of any considerable acreage of tillable land now
under
disinterested source—in fact, is from an editorial
in the London "Times" of cultivation can mean only bankruptcy for present owners, and is not
to be
1866. Thus we see this is not the first time
in our history when labor anticipated or expected. With the application on the farm of the splendid
has been able to dictate the terms of the
contract and when there have been results achieved in our agricultural colleges along the lines of
proper soil
those who charged that there was too much
fertilization, crop rotation and diversification,
improved method of seed
organized labor. It is interesting to observe catering to the influence of selection and
better cultivation, it seems reasonable to
also that labor continued to
anticipate that indemand high wages for Several years after
creased prices for farm products are not
the date mentioned but it did
to be found in the possibility of
not escape the inevitable liquidation which
may be a precedent for interest- curtailed production, unless we are to abandon all
that we have worked for
ing speculation as to the future.
for the last fifty years in the direction
of better farming and agricultural
Another tendency, which many consider a
grave menace, if not an actual methods.
problem, is the so-called present-day extravag
Moreover, the real difficulty of those engaged
ances, individually and colin agriculture to-day, as I
lectively, of our people. Again I quote:
see it. is not one primarily of the price
received for the product. More par"The Editor of the Providence 'Journal
ticularly perhaps is their trouble due to
unscientific and costly methods of
suddenly found themselves in receipt of ' called a halt on those 'who have production,
unwonted sums, who have made
and directly to the price they must pay
more in a week or in a month than they are
for the things they must
whether the sum be a thousand dollars or a accustomed to gain in a year, of necessity purchase from other producers. The first
million, as well as those who the farmer
of those difficulties
have had large fortunes in their control; it is such
himself can very largely overcome if he
men and women that are
will give more attention
in especial danger of rushing into extravagance
as unbecoming the state to common sense, businesslike methods of conducting his
of our country as it is injurious.'
operations and
less to the political claptrap that
"And the New York 'Evening Post writes:
is offered him in the shape of specific
'Extravagance, luxury, legislative nostrums, which may
these are the signs of the times; are they not evidence
by temporarily suspending the laws
of
of the
unhealthy, feverish, threatening to the honest simplici a state of things universe ease his condition, but which
will in the end, like the victim of any
ty of our political
life; and threatening not less evil to the ideas and
other narcotic, leave him worse off than
in the.beginning.
life has hitherto been a fair exponent? What principles of which that
This fact, I think, is amply proved
business have Americans
at any time with such vain show, with such useless
by what has occurred since the demagnificence?'"
nation began in 1920. At that time a hue
and cry went up for larger credit
Likewise, the quotations are not from current issues of
the publications facilities for agriculture and the statement was freely made
that it was the
mentioned, but again are from editions printed in 1866.
Current expres- withdrawing of credit from agriculture that precipitated the difficult
sions on the subject would undoubtedly call attention to the
y. In
eleventh million response to these demands, various credit schemes were brought
"Henry" which is said to be doing service to its owner,
into exisand the several tence, including private funds subscribed for special relief
to distressed live
million more of its kind, if not of its class, now furnishing joy
rides to the stock producers, the revival of the War Finance Corporation, and
later the
American public. After all, habits and methods of living are
relative, and creation of the Intermediate Credit Banks. These various agencies
perhaps the extravagances of to-day are no greater, when
have
measured by the advanced tremendous sums to agriculture and to financia instituti
l
ons in
wealth of our people, than were those of 1866, but since we
also know that agricultural communities, and yet the magic of increased prices
and permathe revel of prosperity and liberal living of that period
led to a disaster nent prosperity for the industry has not materialized.
The result of all
from which the country did not recover for many years,
it may not be these operations has been to convince those who have given
any real thought
amiss to suggest a bit of caution at this time. The point is,
however, that to the situation that the actual difficulty is not at all one
of insufficient
the situation of to-day is not without precedent and that
this generation credit but quite the contrary, much of the trouble would
never have been
will have no one to blame but itself if it fails to profit by the
experiences encountered except for too much and too easy credit. Realizin this fact,
g
of the past.
there has boon in recent months
apparently an entire shift of front by those
As always, in times such as these, there are two distinct attitude
s toward who would legislate the salvation of the industry, and present efforts are
political problems, one faction rejoicing when legislative bodies adjourn, directed toward various false schemes
which range all tho way from outright
and others anxiously clamoring for more and more legislati
on. Another purchase and destruction of large quantities of staple crops to the unmitigated price fixing proposals for
quotation may illustrate the point:
arbitrarily raising the prico of all farm
products. Truo, these schemes aro
"On every side there is unusual anxiety to know when activity
beautifully and enticingly disguised as
is to
take the place of the present quietness in business circles.
It is now Attempts to give to the farmer the same character of protection as is given
nearly five months since the subsidence of the panic and yet
with the to those engaged in other enterprises. The
exception of Wall Street, there has been little life, even temporar
disguise, however, will not
ily dis- change the practical effect of
coverable anywhere. .
what is proposed, and the schemes, economi. Very many have settled down
belief that everything depends upon the immediate action to the cally unsound, if ever put to the
test, will fail and in their failure bring a
gress. . . . Far better to suffer present ills—oven granting of Con- disaster, the seriousness
of which is difficult to imagine.
for the
moment that they are wholly the results of the inaction of
Either our whole viewpoint
Congress, as
claimed—than to accept others which in the other continge
of agriculture, both State and Federal, for .
ncy await the last half century, has
been wrong or the present proposals are wholly




JUNE 21 1924.]

THE CHRONICLE

3011

bring under cultivation. Thereand national, know there Is little or no more arable land.to
unsound, because the attempt of the Government, both State
of all the theories and experiences of
the inevitable result fore, unless there is to be shipwreck
has been to secure larger yields at cheaper prices; while
come into its own,and those who pursue
to stimulate further the past agriculture will speedily
for their labor.
of the schemes now proposed, if successful, would be
tly and industriously will receive ample reward
unscientific production under the protection of subsidies from it intelligen
that there has seldom, if
wasteful and
In looking toward the future it seems to me
through
lity rested upon the bankers
public treasury, which would in turn necessitate heavier burdens
responsibi
the
le that ever, been a time when so large a
increased cost of living and high taxation; obviously, it is unthinkab over of the country as at the present moment. So far as my knowledge of
yields a profit
been
a labor which is made profitable by a fixed price that
goes, the business of those engaged in it has
tend to more bankers and banking
ly so far as matters of
cost, however extravagant the cost may be, will in the end
almost continuously on the defensive, particular
methods, to cost reduction, and above all to diversification and
not high time now that
scientific
. Is it
most politics and Government are concerned
,
reduced production of those particular crops wherein there is now
offensive with respect to their profession
the policies the bankers themselves take the
and
marked over-production. Personally, I prefer to believe that
the public demand the preservation
and before
absolutely
agricultural colleges have been meet their accusers
principles which are so
of our Departments of Agriculture and our
the practice of those sound fundamental
not time that we lay our
right in the past, and are sound now,and that we would be turning back
essential to the welfare of the nation? Is it
hand of progress and entering upon dangerous paths of experiment should
to the approximately 15 millions of
be true cards on the table, submit our case
financial all to our care,
we adopt a new scheme of things. Moreover, while it will always
depositors who are entrusting their savings and
e or drive us forever
that we will have years of small production of certain crops and consequent
demand that they give us a vote of confidenc
with corresponding over-production and low prices, I do not and
we are honest, entitled
high prices,
the positions we occupy? Because, either
from
stand for those policies of
expect to see in the normal course of events materially higher prices of farm
to the confidence that is reposed in us, and prosperity of the country,
products in the near future, nor do I believe greatly higher prices to be neceswill make for the
or essential to Government and business that
demagogue accuse us of and
sary to agricultural prosperity, nor in the long run desirable
or we are guilty of all that the politician and
to me that the great
national prosperity; though it is highly desirable, absolutely essential, and
the places we hold. It is inconceivable
unworthy of
support those whose chief
in my opinion inevitable, that there should be and will be a speedy adjustmasses of our people can continually be led to
ment of the purchasing power of the farmer's product to the level of the
ion of the business men
to political preferment is their denunciat
those engaged
buying power of the products of other industries. This adjustment I con- claim
country, except on the theory that
al difficulties, to be and the bankers of the
refuse actively, conceive to embrace a complete solution of our agricultur
and in business persistently decline or
the most vociferous so-called friends of agriculture are demanding, in banking
all that
slanders of their accusers.
tinually, and publicly to challenge and refute the
and a great deal more than their proposed schemes would accomplish.
business men of the country
For my part I believe that the bankers and
economic theories,
Let us consider, therefore, if this end is likely to be achieved through the
little right to complain of the prevalence of unsoundlegislation, so long
workings of the inexorable economic laws, whose effects we have found in have
s and paralysingly foolish
le. Why is it that there has been a very complete of radical political tendencie
has characterized
the past to be inescapab
maintain the silent or defensive attitude which financial, comliquidation of agricultural prices from the high peak of the prosperous pe- as they
of large,
them in the past. Why should the employees
the things which
riod, and as yet so little liquidation of all other commodities, save credit,
mercial or industrial institutions continually vote for
to be
from the inflated period? Waiving the innumerable minor factors, it scorns
of such institutions believe and knowowners
two or three outstanding reasons. During the period the owners and managers
such
to me that there are
to their welfare and prosperity. Is it not because their cards
war activity, and particularly from the time of our participation in the inimical
of
together, laid
and managers have never called their employees
proposed legislaconflict until well after the Armistice, two great fundamental industries,
table, discussed their problems and the perils of
whose activities reach and affect almost every line of enterprise save agri on the
employees would deliberately
that
to carry on their tion with them? I cannot believe
culture in the country, had been practically without funds
enterprises with which
support proposals which would render bankrupt
operations. I refer particularly to the railroads and to the building Indusdaily sustenance, if in
they are connected and from which they get their
try. It was not until after the slow-up of 1920-21, when, because of forced
inevitable,commonsimple plain English they were advised ofjust what the
liquidation of inventories and bank credits, credit became available for these
be.
purchases. It is sense result of such proposals would
industries, that they entered the market for very large
ng and declaimJust now in this State, as in the nation, we are complaini
stated. I believe, that in 1922-23 the railroads made larger purchases than
taxation, and yet I
ing bitterly and vehemently against the burdens of
and perhaps
the previous five-year period, and that building permits, exclusive of
In
believe we have little right to complain. It is freely charged,
industrial plants, likewise were larger in these two years than in the previous with some justification, that the farmer, the home owner and the banker,
call upon the
five years. With the activity of these industries, with their
present circumstances this
came Is paying his unjust proportion of taxes. Under
that has charcountry for every article which goes into such construction programs,
Is inevitable and is likely to continue if we pursue the policy
labor which made it possible for labor to demand and receive wages acterized us in the past. No one denies that the real and fixed property.
a call for
approximately on a parity with war time figures, and consequently enabled and the assets of the banker are the easy prey of the tax assessor. Neither
manufacturers and producers of products of every kind thus demanded to does anyone deny that the intangible wealth of the State, which constitutes
in a very large measexact prices approximating also the war-time level. This industrial prosby far the greater amount of the property of our people,
defeated a new Constiperity was further stimulated by the enormous issues of tax-exempt securiescapes taxation. And yet a few years ago we
ure
ties for public improvements, which are sometimes included in the category tution, under which it would have been possible to have levied an income
no tax.
of the building or construction industry. While this was going on the
vast intangible property, which now pays
little or no tax and to have reached
scheme said it
farmer lost largely of his foreign war-time market and received
has been exactly what the proponents of the new
which it was
his factory, largely expanded The result
burden
increased domestic demand, notwithstanding
would be, and tangible property is paying the increased
and developed to meet war-time needs, was still producing in excess of nor- certain it would pay. In our Federal Government it is certain that the
mal requirements. The inevitable result has been only a slight recovery majority of the members of House and Senate believe that the people of
in prices of farm products and practically no decrease in the prices of man- the country want tax measures that ostensibly propose to make the wealth
while at the same time they
ufactured products.
in of the country bear the burden of taxation,
which permits this same
What is the situation to-day? I am in no sense a pessimist. I believe
perpetuate the shelter of tax exempt securities,
the future of America, but I am violating no confidences when I say that wealth, as reflected in large incomes. wholly to escape taxation; to say nothmuch
from seeking producneither the railroads nor the building industry can with safety very
ing of the plain fact that high surtaxes prevent wealth
longer continue at the rate they have been going for the past two years. In tive enterprises, thereby curtailing the commercial and industrial activity
railroads, are now
fact it is no secret that these industries, particularly the
Jobs, producesless dollars,furnishes
build- of the country, which again makes fewer
already existing. It
very definitely out of the market for large commitments,and that the
less markets for the products of labor and enterprise
will approve such a
ing industry is slowing up.
may be that the majority of the voters of the country
complete
they have
But this is not all, the American manufacturer, due to the almost
be blamed for dojng so, because
effective com- program. They perhaps cannot
office seeker, who
paralysis of Continental European industries, has had little
only one side of the story and thatfrom the political
world. Just when these heard
and malefactors
g as crooks
petition for his products in the markets of the
normal finds it easier to win political favor by denouncin
financial institutions of
European enterprises will find it possible to resume anything like
of wealth those who own or manage the business or
activity no one can say, but once they do, and certainly some day they will, the country than to preach sound economic doctrine, and no one before the
their
they will produce cheaper and in greater quantities than ever in
same audiences challenges or denies what he has to say.
devote any time to
history, and consequently will sell at prices far below the present level
I recognize we are, or think we are, too busy to
that time comes the American manufacturer.
might not be believed
of American markets. When
politics, politicians or their economic fallacies. We
whose plant, like that of the farmer, is geared up for large excess production,
tried, but I doubt if we
and our efforts might mean greater failure if we
of it to
willfind himself driven from the markets of the world, and despite iniquitous
time than to devote part
he adjusts could make a better investment of our
the people the truth.
tariffs having to fight for his market at home, unless and until
with fire," and at least telling
could look to
the competition he will be forced "fighting the devil
when we
his production cost and his selling price to
whether they accepted it or not. There was a time
and political doctrines
to meet. That this adjustment will be made is inevitable. It cannot
the press of the country to convey sound business now. The publishing
be made, however, until a reduction in the cost of labor is made, and this
true
tely, that doesn't seem to be generally
may not be anticipated without a bitter struggle; the next battle for legis- Unfortuna
selling of their issues is the
of a newspaper is a commercial enterprise, the
been poisoned by
lative protection is more likely to be from organized labor than from the
public mind has so long
basis of their prosperity. The
business, commerce and
farmer. But in the end labor will not materially suffer, for what the
economic doctrines and by attacks upon that do not challenge
unsound
laborer receives is of less consequence than what he pays. If in the liquipapers
that there are more people who buy
dation that comes, the cost of living, rents, food and clothing, is reduced. finance
there are of the other class,
these doctrines or deny these accusations than
friends to fight our
as certainly it will be, the laborer will have an equal margin of savings.
to expect our newspaper
wage. Labor, when this crisis comes, hence perhaps it is too much
do so would damage
although working for a smaller
our cause may be, when to
for us however just
Will have a choice of meeting the situation in a spirit of fairness and equity, battles
we do not fight ourselves.
their own enterprise and, when above all else,
or of paralyzing industry, which cannot meet the competition of its less
therefore dependent upon the
Labor Being commercial enterprises, however, and
industrial business of the
expensive competitors, and of inevitable idleness and privation.
of the financial, commercial and
d why the business
leaders who have industriously fought for ever increasing wages may soon patronage
is difficult to understan
for their success, it
newspapers of the time. I
face a terrific responsibility if they continue their strong-arm tactics of country
y continues to support many of the
holding up industry for all the traffic will bear. It is one thing to terrorize communit
tremendous, and I am a disciple of
that the power of the press is
be my
commercial life' when there are two jobs for every man. It is a more diffi- recognize
but I cannot conceive it to
, however advertising in every legitimate channel,
newspaper which through
cult thing to do when there are two men for one job. Therefore
advertising patronage a
crucify my business.
n comes about, as it seems to me certain duty to support with my
and whenever industrial liquidatio
slander and
its news and editorial columns daily seeks to
that it will, the farmer will continue to sell at perhaps near present price
country have much right to be
do I believe that the business men of the
levels and will buy in a market as thoroughly liquidated as that in which Nor
of a large part of the press so long
continually complaining of the perversity
with their material support.
he sells.
they persist in underwriting its existence
It may be charged that this suggestion of agricultural and industrial as
supposedly well versed in politics,
A few days ago I heard a gentleman,
t involves an unhappy and distressing prospect for the fuprice adjustmen
Reserve System w.ms up for renewal
welcome say that if the charter of the Federal
very much if Congress would
ture. I cannot conscientiously deny the charge, and would gladly
or extension at the present time, he doubted
regard
some other solution, but experience has taught me a wholesome
certainly if it did would only do so after
facts sooner or Prolong the We of the System, and
that similar
would destroy the basic principles
for the economic laws of the world. I believe
new, and such amendments and modifications as
us have some conceplater produce corresponding results. Present conditions are not
structure. Probably most of
is a precedent for what is likely to happen in the future. I underlying the present
suggestion, but I wonder how
I think there
an tion of what a real menace is involved in this
and the nation are best prepared for
the voting public, many of them
also believe that the individual
sly they recognize the possible much we have done or will do to acquaint
experience when unafraid and courageou
eventually elect the Congress who will pass
go forward with preparation and confidence our own customers, who will
We know that
nature of the experience and
the actual fact of the case.
am I not discouraged concerning the future of agri- upon this proposition, with
parts of the country,
to meet it. Especially
System is unpopular in many
ultimate relation to the other industries of our country. the Federal Reserve
in the administration of
culture and its
have been made
our population will continue to increase and that and notwithstanding mistakes
It is to be expected that
that most of the opposition to it is based
to require more and more food. We the System, we know full well
succeeding generations will continue




3042

THE CHRONICLE

[voL. 118.

not upon facts but upon twisted stories and the absolute falsehoods of the increase
your holdings and assist in financing, if you so desire, thus profiting
office seeker, who has found it easy and popular to attack and blame the thereby.
System for all the ills, alleged and imagined, which may affect any particular
One of the members has remained in Washington during the entire
group. We know that the science of banking is not an accident, that it
winter investigating the situation and seeking a remedy. Much of the
rests upon principles as fundamental as the laws of the universe, that long,
difficulty now existing is due to misunderstanding, which we shall endeavor
technical and practical experience is absolutely essential to the safe manage- to
remove. All this will require time, care and application, but it will
ment of any financial institution, and yet what is the result of the political
serve to safeguard your interests.
assaults that have been made upon this, the greatest piece of financial
In event you approve of the policy and plan
herein outlined, we shall be
machinery in this country. With a genuine high regard for the present glad
,
to have you fill out the enclosed form and return
it with any suggesmembership of the Federal Reserve Board, with the utmost confidence
tions you have to offer. There will be no charge
to you at this time and
in their integrity and sincerity of purpose, it is not reflection to say that not only
after a thorough organization has been effected, when you will be adan appointive member of the present Board is a thorough, technical or vised
of the expense necessary to maintain your association. Then, if you
practical banker, with a long background of practical experience in the
desire, you may remain or withdraw. The expense, however,
will be exeveryday management of large financial institutions. And still the politiceedingly small.
cians are not satisfied and the people from time to time are electing to office
The Railroad Owners' Association, which has
been quietly taking shape
men whose chief claim to their support is that they will see to it that every the
past five months,assumed definite form at a
meeting of a group of stockbanker is driven from the Federal Reserve Board and that the Board shall
holders this afternoon. This will be one of the
most powerful organizations
be constituted in a majority or whole of those coming from the particular in the
United States. There are approximately one million railroad stockbloc the politician alleges he represents. Personally, I believe that there
holders, extending all over the country, and almost
one million junior
should be a diversity of interest represented upon the Board, but that the
bondholders, such as income bonds, &c., and almost
one million senior
majority ofthe Board should ever be constituted ofother than men thoroughbondholders, as represented by the National Railways Securities Associaly trained by practical experience in financial management is to me utterly
tion. It can readily be seen what a powerful
influence for good this associaunthinkable and if practiced will in the end. I have no doubt, lead to a tion
can wield.
complete disintegration of the strength of the System, if not to a worse
Among the objects of the organization will
be the appointment of a repreconclusion. We do not select bankers for our plowboys or bricklayers for
sentative to treat with the Inter-State Commerce
Commission on all matour artists. We demand specialists for every character of specific activity.
ters affecting their interests, to remove
misunderstandings now existing in
and the welfare of our whole population demands that the credit power
themindsofmany legislators on the railroad situation,
of the nation, without which no business can live, must be committed likeand to create a feeling
of friendliness, assistance and co-operation
on the art of these gentlemen.
wise to the hands of experts in its use and distribution. It is a pretty and
to place in the hands of every farmer in
the United States a plain, simple
catching phrase to declaim that if you destroy the agriculture of the country
and concise statement of the facts concerning
the railroads and their relation
grass will grow in the streets of your cities, but it is no more true than to
to the farmer, and the prices of his
products, to show them that a prossay that if you destroy the credit structure of your country the products of
perous railroad is absolutely necessary for
a prosperous farmer and a prosyour labor will rot in the fields and the machinery of your industry and
perous country, especially so now that the farmer
commerce rust into inactivity and decay. Therefore, let us, who are in
is dependent largely upon
the United States for his market, due
to the enormous increase in the prono small measure responsible for the banking and financial welfare of the
nation, give unstintingly of our time to the propagation of sound economic duction of farm products throughout the world; to confer with and assist
the managers in their efforts in the public interest
policies, which need to be and can be sold to the public if we but
in all directions, to have
do our part. enacted legislation looking
to the reduction of the interest rate charged
I hope I am not an alarmist or a foolish optimist. I realize that my cross railroads
by the Government. now 6% by Act of Congress;to a rate covering
section of public opinion does not reveal that tranquility of thought
and cost only to the Government for such service; as an example, the Governactivity which is at once convincing and encouraging. I am not, however, ment
is charging the Chicago Milwaukee & St. Paul approximately $1,500,either disturbed or dismayed. I think we have gone through similar periods 000 a
year in excess of cost of money to them to-day, an amount equaling
before. Succeeding generations will undoubtedly encounter such
experi- almost 10% of the freight on all the grain handled by this road, and to have
ences again. Human nature has ever been of about
the same perversity refunded this amount so charged in excess of cost.
that it is now, and will likewise always continue so. Evolution
works its
According to the New York "Evening Post" of June 19,
Mow and tedious progress upward
through seasons of turmoil and tranquility. My faith is strong in the common sense and
sound judgment of the S. Davies Warfield, President of the National Association of
American people, and my confidence is unshaken that despite
whatever Owners of Railroad Securities,
expressed keen interest in
ills may temporarily beset us, we will in the end
go forward with a firm
the new organization. The "Post" added:
grip on the ideals and traditions which have
made possible the progress of
the past.
Mr. Warfield, whose organization includes in its membership many
prominent life insurance companies which hold large amounts of railroad
bonds, gave it as his belief that the two organizations would not conflict.
Newly Formed Railroad Owners' Association.
In fact, it is said that svIr. Warfield supplied the organizers of
new
At a meeting held on June 18 in New York at 34 Nassau association with valuable data with which to carry on some of its the
work.

Street plans for a countrywide organization to be known
as the Railroad Owners' Association were officially launched.
The new association, it is expected by its sponsors, will
include in its membership holders of railroad securities in
all parts of the United States. Preliminary plans for the
association have been under way for several months. At
the meeting an organization committee was appointed,
subject to further expansion, consisting of Floyd Mundy
of James H. Oliphant & Co., Chairman; J. D. Shatford,
A. S. Pierce, Summit, N. J.; Frederick Halsey of Harvey
Fisk & Sons and J. V. Ryan of New York City. In time
this committee is expected to include in its membership
representatives from all the leading cities in the United
States. The headquarters of the Railroad Owners' Association will be located at 801 Hibbs Building, Washington,
D. C. The following letter is being sent out by the committee addressed to stockholders of the railroads of the
United States:

Inter-State Commerce Commission Orders Readjustment of Express Rates.
A readjustment of express rates throughout the country
was ordered on June 9 by the Inter-State Commerce Commission, which authorized general increases in the Eastern zone,
approximating 8%,and slight reductions in the West and the
South. The Associated Press dispatches from Washington
on the 9th inst. stated:
The decision was the result of a general investigation by the commission
in which representatives of State railroad commissions participated. Wide
differences in rates between the Southern, Middle Western, Rocky Mountain
and Pacific Coast zones were ordered brought more nearly to a common level.
Fixing the basic rates in 1912 the commission proceeded on the theory
that the cost of transporting express in Western and Southern territory was
more expensive than in the East. The investigation resulted in a change
in that theory, it having been shown that the cost in the East is higher
than
in the West because of extensive free delivery systems and extra terminal
service at Eastern points, which is not given so generally in the
West.
The present rates have the 1922 rates as their basis and include
several
horizontal increases which have been granted since 1918.
The basic rate for the tint 50 miles haulage in Eastern trunk line
territory
Is now approximately 15 cents. Increases have brought
it to 24 cents.
Under tho readjustment the rate would be approximately
26 cents. The
Southern basic rate of 20 cents, which was horizontally increased
to 30 cents
would be decreased to approximately 283' cents.
In the Prairie States the basic rate of 24 cents, which was
horizontally
increased to 35 cents, would be readjusted to about 31 cents.
The Mountain territory basic rate of 28 cents, increased to 38 cents
since 1918, would
bo brought down to approximately 31 cents.
The West Coast rate of 24 cents, horizontally increased
since 1918 to
35 cents, would be reduced to about 31 cents. The decision
will be effective
Jan. 1 1925.

There are nearly 1,000,000 stockholders of the railroads of the
United
States. They are the real owners of the railroads. It was the stockholders' original investment that made the railroads possible and, due to
these investments, the great development of the country. They
made
their investments on the assumption that the Government would afford
them that protection which the Constitution and the laws plainly guarantee,
and which scuncl policy would dictate.
•
But neither Congress, nor the Inter-State Commerce Commission, having
Jurisdiction and exercising control over the destinies of these roads. have
given that protection. On the contrary, in the northwest by compelling
lower rates than in other sections of the country, they have diminished
the net income of the railroads of that section to a figure that yields the
stockholder but 50% of the income he received seven years ago in the
four principal roads and decreasing the market value of his holdings between
60 and 65%, all this in the face of the great increase incest of living over Howard Elliott's Address at Trinity College Comthis period and while the wages of the laborer you employ (the stockholder
mencement—Selfish Aims of "Blocs"—Need
being the empl)yer of railroad labor) have advanced 97% on an animal
of Stability of Railroad Conditions.
basis and 133% on an hourly basis. The stockholder has thus been arbiIn an address delivered at the ninety-eighth 'commencetrarily deprived of that return on his investment to which he is not only
morally but legally entitled. The power of Congress and regulatory bodies ment of Trinity
College, at Hartford, on Sunday last, June
to establish rates is not the power to lower them to a point amounting to a
confiscation of the properties. If rates are to be regulated by the Govern- 15, Howard Elliott, Chairman of the Board of the Northern
ment. they must be made on an equitable basis, in strict fairness to the Pacific Railway, declared that "marvelous
as the developstockholder as well to the public.
ment of the last one hundred years has been, the accumuWhile the executives of the roads have done and are doing all possible
lated knowledge and ingenuity of the American man will
to secure fair treatment in Washington, the necessity exists for
active
co-operation on the part of the stockholders, to which end we have sug- find new fields for work. There is," he observed, "pracgested the formation of the stockholders' association of the railroads of the tically no limit to the
material growth possible in the United
United States, for the purpose of more urgently bringing the facts to the
States, Mexico, South America, Asia and Africa within your
attention of Congress and members of the Inter-State Commerce Commislifetime." Mr. Elliott pointed out that "because of economic
sion,in order to prevent the working of still further loss and injustice,
and
also to confer with and to assist the managers in their efforts, as well
as to dislocations growing out of the great war, "there is a conconfer with and take part in matters before the Inter-State Commerce
Commission and Congress affecting your properties. The association will siderable number of people who are spreading socialistic
also keep you advised of the progress of your properties that
you may and communistic doctrines, and their orators and teachers




JUNE

21 1924.]

THE CHRONICLE

3043

it has been used for
tage of these two classes to a much greater extent than
act their work," he de- his advantage, and there is a dislocation now that is disturbing. Goldsmith
are abroad in the land. To counter
country should awake and said:
clared, "the educated man of the
"Ill fares the land, to hastening ills a prey,
in the
the insidious teachings of the agitators
point out that
Where wealth accumulates and men decay
Princes and lords may flourish or may fade,
expected."
long run will not produce the results
A breath can make them as a breath has made;
social and national,
But a bold peasantry, their country's pride,."
"I believe," said Mr. Elliott, "that life,
When once destroyed, can never be supplied
than it was 50 years ago, and that the
Is on a higher basis
we should take heed
This is a solemn and true saying, and one of which
that have defaults
to-day do not want to live on
pessimists are magnifying some of the
It is a fact that young men and young women
s." There is to-day,
cities and towns, and 85,797,veloped out of our marvelous progres
the farm. In 1880, 14,358,167 people lived in
in cities and
, a responsibility 616 in the country. In 1920 this was changed to 54,304,603
more than ever before, Mr. Elliott argued
and 51,406,017 in the country.
in favor of the towns
enabled the farmer to proupon the educated man to lift up his voice
It is true that mechanical contrivances have
y for the
than was the case 40 years
preservation of our institutions; to stand strongl
duce with a day's labor very much more food
or ecopernicious ago, but even so, agriculture and farm life do not offer attractions
Constitution of the United States, and against the
they can obtain in the
rewards equal to what young people think
insidious work of Socialists, Communists and nomical
doctrines and
Referring cities. general scheme of laws, for the time being, has resulted in the farmer
Our
Soviet sympathizers who are not true Americans."
high prices for
aims, Mr. paying very high prices for everything that he buys; very
to the development of "blocs" and their selfish
a compensating price for what
every man he hires, but he is unable to get
industrially,
Elliott said:
This maladjustment presents a serious queition,
by two great he las to sell.
that he is not being treated fairly,
In our country we have managed Government in the main
socially and politically. The farmer feels
ic;
right one is found,
political parties ever since the Civil War, called Republican and Democrat
struggling to find some remedy, and before the
The attacks and and he is
one party in office and power, and one wanting to get in. Because in the may select some foolish ones.
criticisms of the "outs" tend to make the "ins" careful.
d to
and stability of railjudgment of some, neither the "ins" nor the "outs" have responde
The need of stability of regulition
lately
conclud-•
demands made upon them, there has been developed in this country
ons was emphasized by Mr. Elliott who,
we have the road conditi
a system of "blocs," formed for special purposes. For example,
:
bloc, the Labor ing his remarks, we quote as follows
Wet bloc, the Dry bloc, the Industrial and Manufacturing
ours to have a "Western"
the Radical
We do not want in these United States of
bloc, the Farmer bloc, the Farmer-Labor bloc, the Bonus bloc,
engaged in agriculture, and
United States, where the majority of people are
bloc, the Conservative bloc.
especially in an "Eastern" United States, where the majority are engaged in industry, in
This so-called "bloc" system has been in existence in Europe,
Unitel States" and do
and Italy, for a good many years. Sometimes one bloc acts alone an economical conflict. We want to have a "united
France
land who, as Goldsmith
sometimes it combines with one or more other blocs in order to make justice to all, particularly to those who live on the
and
apt to be points at, are so important for the welfare of any nation.
common cause for some definite object. These blocs, however, are
heavily on the faimer
r group
The tax harden of which I have spoken bears very
selfish, prejudiced and see only the direct benefits to the particula all the
of
him off the land.
,
that they represent, without proper consideration for the benefitnot, in the and in some part of the country is driving
do
people of the country. It is a question whether these "blocs"
Transportation.
development
long run, become "blocks" (spelled with a k) to progress and
ted with water• and
An adequate system of rail transportation co-ordina
of the whole country.
with one of highway transport is essential to the growth of the nation. How best to
Personally, I.think it is better for each man to align himself
better government, obtain and expand this will be one of your problems. Regulating and manthe dominant parties and to work within that party for
and in the various
office, etc.
aging railroads by political authorities in Washington
reform of any bad methods, the election of sound men to
in the last one States have been favorite pastimes for many years.
The art of government does not seem to have developed
the railroads and
business, and an imThe country asked individuals to build and operate
hundred years as rnuch as have the arts of science and
ction under this
that art.
there was little regulation until 1887. There was dissatisfa
portant problem of your generation will be to improve
e Law of 1887. That law
plan, and out of it came the Inter-State Commerc
.
Conservation of Natural Resources
worked so that there was danger that the
intelligent man. Na-' and its amendments, however,
Here is a wide field for work for the educated and
so crippled that adequate service could not be given to
but we have been profli- railroads would be
ture has been very generous to the United States,
the public.
management and operagate in the use of our natural resources.
When the war came, the experiment was tried of
are reproducing it.
which paid rent to the owners. The
We are cutting down our timber much faster than we
tion of the roads by the Government,
d it. It was thought when the
We can make better use of our water power.
country did not like that plan and abandone there would be an end, for a
lands.
We can reclaim and drain wet lands and irrigate dry
ation Act of 1920 was passed that
in preserving and conserving the health of Transport period, to the constant discussion about owning and managing
Great advance has been made
work along that line, and to reasonable
our people, but there is chance for plenty of
railroads, but the agitation has continued.
107,000,000 people who use
each individual stronger and better.
make
Greater benefit will come to all classes of our
for conwho work on the railroads, to
Hartford is the bonne of fire insurance, and there is a great field
the railroads, to the approximately 2,000,000 of the railroads, besides the
ry fires.
the securities
servation of the national wealth by eliminating unnecessa
before we the possible 2,000,000 who own
insurance policies, savings
It will not be many years, measured in the life of the nation,
50,000,000 who are interested in life and fire
in this country. It will be increasingly necessary
created under those laws funchave 160,000,000 people
banks, etc., if the present laws and agencies
and to use his
need
for every man to conserve his own health and resources
rather than make changes at this time. We
use of the tion for a few years more,
of railroad conditions.
brains for the conservation of natural resources and the better
badly stability of regulation and stability
can have adequate rail
unused forces of nature.
There are only three ways in which the country
to reasonable regulawaste and extrava- transportation. First, by private ownership, subject
Pointing to the cost to the nation of
or he will not engage in the
tion, which must be protective to the owner,
American public
Government operation and
gance—strikes alone involving a cost to the
business. Second, by private ownership, with
necessary to pay a fair
Elliott said:
control, and providing, through taxation, the money
of $600,000,000 during the last year, Mr.
Third,
of extravagance and return on present capital and new capital going into the business.
You will have to deal with the national bad habit
re, in private life and in Government, and it is by straight-out Government ownership.
waste. It exists everywhe
the purpose of carrying
The railroad system of the United States is for
crippling our ability to progress in the right direction.
00,000 people and property. It ought not to be used as a carrier and a cure-all for
Municipal, county, State and Federal debts in 1890 were $1,836,0
be
to the last war, the the economic troubles of the country. These economic troubles cannot
and in 1923 $32,268,000,000. Deducting the debt due
and conditions
1900 is $10,500,000. 3,366,000 persons, or one cured by reducing rates so that the railroads are crippled run it will not
increase in debt since
, are supported created that may force Government ownership. In the long
in every twelve, over 16 years of age, gainfully employed
e to starve the railroads so
a year.
wholly or in part in the public service and are paid $3,820,000,000 every help agriculture, labor, industry and commerc
for
they cannot give service.
The annual payment to Governmental employees is equal to $34
management of affairs, to add
over ten years
With our present methods of political
man, woman and child in the country, and $91 for everyone
machine is an
.
servants to our already over-burdened
2,000,000 public
old gainfully employed
of our people are opposed
want all kinds of luxurious county and municipal improvements, mag- appalling prospect I believe the great majority
We
g the taxes and to Government ownership, and would prefer to have private ownership with
nificent highways, and we want thorn right away, forgettin
regulation. The regulators, however,
maintenance costs that are piling up for those who come after us and which responsible, reasonable and protective
Outlays run- are groping in the dark and are making some mistakes. You, who are going
put onerous burdens on our present-day people and industry.
imabout rigor- to make public opinion in the future, will have to pay attention to this
ning into stupendous figures are worthy of careful study to bring
the regulators so that they do
retrenchment in public expenditures, elimination of waste and duplica- portant transportation question, and regulate
ous
functions and their Work in a common-sense and business-like manner.
tion that exist in public affairs, and a reduction of needless
services in Government
Capital and Labor.
during the
The National Association of Manufacturers says that strikes
in the country is very
The distribution of the annual increment of wealth
cost the American public $500,000,000, and in the last eight years
natlast year
the properly a subject that engages the attention of everyone. Everyone
$9,751,000,000. What would it have meant to the general progress of
interest.
it represented could ally desires to obtain all he can, with due regard to the public that they
country if this amount of money and the energy which
both so
labor
One of the problems of life is to treat capital and
done;
have been directed into sane and helpful channels?
, in will be servants of all the people, and obtain just reward for work
Waste of man power, capital, service, materials, of natural resources
labor both realize that they caninterest of our increasing population, is intolerable and every effort but at the same time to make capital and able to pay.
the
not obtain from society more than society is
should be made towards its elimination.
organizations of labor
stamina enough hid
Our complicated civilization has developed great right when they are
The college man should have training enough, moral
all
set his face against extravagance in living. Die should and capital. Capital unions and labor unions are
courage enough to
economical
money simply because sonic so conducted that waste is eliminated and they are efficient and
feel that he and his community should not spend
enough to instruments of society as a whole. When they cease to be that, their usefulperson or some other community does. He should be strong
other
as much as his neighbor. He ness is gone and society will get rid of them.
public utility
say frankly that he cannot afford to spend
views and methods of life.
Capital organized so as to produce what society needs and capital made
should be strong enough to be moderate in his
d
and quasi-public corporations grew up as a result. Organize ces, comforts
El,
convenien
Discussing the problems confronting the farmer Mr.
mistakes, but on the whole, it has produced great
of the mistakes
and luxuries for the people of our country. Because of some this, because it
liott said:
nt between agriculture, manufac- of capital, labor organized, and no one can take exception to
Another problem is the proper adjustme
is a natural, social evolution.
turing and labor.
regulate it, and the
the United States a great industrill
Because of the mistakes of capital, society began to
In a very proper desire to make of
l manufactur- beginning of extreme regulation of quasi-public corporations was in 1876
laws a wonderfu
we have built up under our system of
decision in the
nation,
benefit what is called "labor" and at the time of the granger agitation after the Supreme Court said:
ing capacity. In a very proper desire to
Court
and its working and living conditions we have so-called Munn Case. The Chief Justice of the Supreme
to improve its earning power
The power of the Governinterest when used in re
developed laws that have promoted its interests.
"Property does become clothed with a publicaffect the community at
n, has accomplished
consequence, and
ment, through protective tariffs and labor legislatio The agriculturist, manner to make It of public devotes his property to a use in which the
man.
working
large. When, therefore, one
the public an interest in,
great results for the industrialist and the
nt has been used to the advan- public has an Interest, be, in effect, grants to
however, feels that the power of the Governme




3044

THE CHRONICLE

[voL. 118.

that use, and must submit to be controlled by the public for the common
good, to the extent of the interest he has thus created. He may withdraw
his grant by discontinuing the use, but so long as he maintains the use, he
must submit to the control."

Be strong.
Say not the days are evil, who's to blame—
And fold the hands and acquiesce
-0 shame.
Stand up, speak out, and bravely, in God's name.

So the public service corporations have come to be known as quasi-public
'corporations and the owner must submit to regulation.
There is another paragraph in that same decision which is important:

Be strong.
It matters not how deep intrenched the wrong,
How hard the battle goes, the day, how long;
Faint not, fight on. To-morrow comes the song.

"When one becomes a member of society, he necessarily parts with some
rights or privileges, which, as an individual not affected by his relations
to others, he might retain."

In his opening remarks, expressing the sentiment attaching to his participation in the commencement exercises, Mr.
The United States has arrived at a period in its history where this state- Elliott said:

ment in the decision should be considered. Society in some way should
New England, Connecticut and Hartford mean much to me because my
develop a public opinion and give effect to it—that if a man elects to earn first American ancestor, John Eliot, known as "The Apostle to the Indians,"
his living by working for a quasi-public corporation, he must do so with the settled at Natick, Mass., in 1631. His son, Joseph Eliot, a minister, went
understanding that he subjects himself somewhat to the rights and privi- from Northampton, Mass., to Guilford, Conn., in 1664, and in 1684 he
leges of others. An extreme case of the subordination of the individual is the married Mary Wyllys of Hartford. She was the granddaughter of the first
army, where a man is under very severe restrictions and discipline, and in and third Governors of the Connecticut colony—John Haines, 1639, and
times of war may be shot or hanged if he breaks certain rules. The other George Wyllys, 1642. On the Wyllys farm was the Charter Oak, blown
extreme is the trapper in the mountains who is beholden to no one but him- down in 1856, in which the colonial charter, called for by Sir Edmund
self. Somewhere between these two extremes must be found a common Andros in 1687, was said to be hidden. So I have some sentiment about
ground where the men who operate the railroads, who mine the coal, who being here, and consider it a privilege to speak to you in these beautiful
run the water works, the lighting plants and produce those things upon grounds in the historic city of Hartford.
which the lives and health of a complicated society like ours depend and
I am a Harvard rraduate, but I am a great believer in the smaller colwhich must be produced with regularity and precision—these men must leges which fill a most important place in preparing young men for citizensubordinate their individual views for the good of all, for the safety of the ship. You are fortunate in having had four
years at this good college of
country and the Government that protects them and gives them opportunity Trinity, now more than one hundred years
old. Trinity has been and is an
to live and work in peace.
important factor in building up this city, the good State of Connecticut and
The citizen who puts a dollar of his savings into a quasi-public business the nation. Its graduates have taken their
full part in all walks of life,
does so knowing that his dollar is subject to the power of the Government and you will now do your share.
-to make rules and regulations governing his business in the interest of all.
'The man who decides to earn his dollar by working for a quasi-public corporation should be willing to submit to reasonable rules and regulations American Express Company Held Under Inter-State
just as much as does the man who puts in his dollar already earned. It is in
Commerce Commission Rule — United States
the public interest to have the invested dollar regulated reasonably and it is
Supreme Court Sets Aside an Injunction
equally in the public interest that the dollar paid for service and the conditions of service should be regulated reasonably.
Restraining Commission From Interfering.
In a complex civilization like ours in the United States, with great concenThe following Washington dispatch is from the New York
trated populations to be furnished fuel, shelter, light, water, transportation,
there must be continuous service by coal mines and transportation agen- "Herald-Tribune" of June 2:
cies, just as much as a continuous supply of water and continuous protection
The American Railway Express Co. was held by the Supreme Court tofrom policemen and firemen.
day to be subject to the jurisdiction and control of the Inter-State Commerce
Society must say to labor, sooner or later, just as it has said to capital: Commission.
"You cannot use the concentrated power in your hands to hurt society as a
The question was raised in three cases brought by the United States, the
whole, and when you do so use it, society will, in some way, create condi- Southern Express Co. and the Southern Traffic League and others to set
tions that will take that power away from you."
aside an Injunction granted by the Federal District Court for northern
Society some time ago discarded the club, the sword and the pistol as Georgia restraining the commission from exercising jurisdiction.
weapons for the settlement of personal disputes, and set up in their place
tribunals of various kinds. Sooner or later society will discard the strike
as a weapon for settling industrial disputes, because it is cruel, inhuman, ITEMS ABOUT BANKS, TRUST COMPANIES, ETC,
uneconomical and inflicts great suffering upon innocent people. If workThe New York Cotton Exchange membership of Charles
men can be satisfied that there are fair and impartial tribunals to hear W. Latham
was reported sold this week to Norrie Sellar for
Important industrial complaints that cannot be settled between employee
and employer, there should be no need of strikes, which are simply a form a consideration stated as $28,500, the same price as the last
of war. The world has wasted many thousand men and much property be- preceding transaction.
cause force rather than justice and reason were used.
Surely the United States, the most enlightened and progressive nation in
The New York Coffee and Sugar Exchange membership
the world, can, if it takes up the question seriously, work out some plan for
adjusting industrial disputes that will carry out the doctrine of "live and of George Braunling was reported purchased this week by
let live" and save the waste, loss, sorrow and anguish that, under present Arthur E. Orvis for $6,700. This is the same price as the
methods, come to thousands of innocent people, a large proportion of whom
are working people, who have no part or voice in the controversy or its set- last preceding sale.
tlement.
The following copyright advices from London regarding
Educated men can perform a service to the United States by helping to solve
this problem. I firmly believe that, in your lifetime, some solution will be the admission of a new partner in the London banking
• found, and without limiting the fair rights of the individual, organized
labor will assent, just as organized capital has, to rules and regulations that house of Morgan, Grenfell & Co.,'appeared in the New York
will prevent action that deprives the people from obtaining food, fuel aril "Times" of June 17:
transportation that they must have for comfort and peace.
The London "Times" announces that Michael George Herbert has become
a partner in Messrs. Morgan, Grenfell & Co.
Service.
Mr. Herbert is the younger son of the late Sir Michael Herbert, ex-AmThere will be plenty of chances for you to work and serve. More and bassador to Washington, who married a daughter of Richard Wilson, the
more must the spirit of service to country be developed if our country is to New York banker.
Michael George Herbert's father, the late Sir Michael Herbert, was apsustain itself. The college man should lead in this. In any serious crisis
the American people rise to support their country and their flag, but it pointed British Ambassador to this country in 1902. His mother, the late
surely would be better if the daily lives, the manners and customs of the Lady Herbert, was formerly Miss Leila Wilson daughter of the late Richard
people were so adjusted that a crisis was not necessary to arouse us to doing T. Wilson of New York. Lady Herbert's eldest
sister Mary, who married
our full duty, individually, socially and politically. During the war of 1861 Ogden Goelet, became mother of the Duchess of Roxburghe. Her sister
the Spanish War and the recent war, the educated man, the college man, the Grace married Cornelius Vanderbilt, Sr. She was a sister of M. One Wilson and It. T. Wilson, a patron of the American turf.
Trinity man, gave himself freely to his country.
Constant service, however, is needed in times of peace as well as in
It was announced on June 6 that a testimonial had been
times of war, although peace service is less spectacular and apt to be
presented to J. P. Morgan by the American Institute of
monotonous.
Service in the Governor's Foot Guard is important and healthful and more Graphic Arts in appreciation of the recent gift to the public
attractive than drudgery in a Town Council or a State Legislature, and yet of the Morgan library. According to the New York
"Times"
this service is important, too.
One reason you are here is to prepare for the great game of life. The the testimonial is in the form of a vellum sheet engraved in
country must have physical preparedness; military preparedness; industrial gold, designed by Bruce Rogers with a special type. Only
preparedness; transportation preparedness; but above all, it must have one copy was made. The presentation took
place in the
moral preparedness. The country needs men of courage who will stand for
the right; who will see clearly without prejudice where they are going Morgan library, 33 East 36th Street, on June 5, and was
when they take a stand on the complicated social and economic problems made on behalf of the Institute, representing more than 500
that confront modern civilization. The country must have men with leading American designers and
printers, by Burton Emmett,
stamina enough to practice self-denial and who will not abandon principles
because of temporary advantage. The country must have men who will hold the President, and William Edwin Rudge, Vice-President.
steadfastly to good old-fashioned doctrines, based on common-sense; hard. The testimonial expresses the appreciation of the Institute
continuous work; patience; courage; thrift; economy; consideration for for Mr. Morgan's
gift of his library.
the other fellow, and obedience to the laws, whether they like them or not.
Service must be given by each one of us, not only to ourselves, to our
Otto Kahn, of Kuhn, Loeb & Co., sailed a week ago for a
families and to our business, but to society as a whole. Every patriotic
person should do his part to counteract foolish talk and insidious influences business and pleasure trip to Europe. He was quoted in the
that are hurtful to our country. We should not shrink from giving this "Wall Street Journal" as
saying:
service to the best of our ability, and college men, above all others, should
I am going to look the foreign situation over. I intend to meet some implay the great game of life hard; play it with patience, fairness and without
portant people and exchange ideas. I may arrange some loans, as I never
prejudice.
turn down business when it comes my way.
Social and economic difficulties will be met and overcome by men like
you. You will help to direct the material, moral and human affairs of the
Announcement was made on the 20th inst. of the organiworld aright, and civilization will go forward and not backward as some
pessimists claim.
zation of the Grace National Bank, which has taken over the
It is well to remember the old Methodist hymn:
business of W. R. Grace & Co.'s bank, at Hanover Square,
BE STRONG.
this city. The bank Is named after W. R. Grace, a pioneer
are not here to play, to dream, to drift
We
We have hard work to do and loads to lift
merchant who, according to the announcement made by
Shun not the struggle; fact it, 'tis God's gift.




the bank, completed the first railroad over the Andes

JUNE 21 1924.]

THE CHRONICLE

3045

the North End Trust Co. (a community bank) to be located
The bank,
at Bloomfield and Belleville avenues, Newark.
1 1924,
It is announced, will open for business about Nov.
time its new building will have been completed.
by which
of
The company will begin business with a capital stock
and $100,000 surplus. The new building, it is
$200,000
usual
stated, will cost about $100,000. In addition to the
banking facilities, provision will be made for safe deposit
to its
boxes and vaults, and special attention will be given
ors and
trust department. The following are incorporat
and became one of the leadW. R. Grace started without capital in Peru
commercial career he stockholders:
merchants of this country. In the middle of his

steamship line from New
and built.and operated the first
started his
the West Coast of South America. He
York to
and like other old merchants, his house was
business in 1851
banking business thus
entrusted with deposit accounts. The
Bank
formed the basis for W. R. Grace & Co.'s
created
is announced that the new institution
founded in 1915. It
service in conjunction with
will offer a domestic banking
statement issued incident to the organization
the foreign. A
of the new bank says:

Bernhard, lawyer; Charles A.
ing
New York during his
Percy Ballantine, manufacturer; John A.
entered politics, giving a business administratiOn to leading independent
Alfred De Cozen, President
one of the
Carrigan, Robert Treat and Berwick Hotels;
two terms of office as Mayor. He was
City Clerk of Newark, N. J.;
Egan,
State. His two underlying theories were to put a large De Cozen Motor Car Co. • William J.
Democrats of this
Gleason, President
business and to always have Gustave W. Gehin, real estate and insurance; Albert J. Construction Co.;
share of the profits back into development of
a strong and Drake Business College; Lawrence M. Hicks, Art Metal
him active men who could be developed into forming
Resident
around
he laid the founda. Ernest H. Miller, President Yellow Cab Co.• John Morris Miller,
lasting organization. Working under these principles
Robert O'Gorman, real
nd Co. and the Grace Steamship Manager, J. G. White Co., bonds and invest:ments;
tion for W. R. Grace & Co., Ingersoll-Ra
in Bankruptcy; Fayette S.
estate and insurance, Geo. W. V/. Porter, Referee
Co., all o/ which are among the leaders in their line.
President Ordway Realty Co.,
of the Grace National Bank, issued Simonson, restaurateur; Richard G. Tunison,
The first statement
D. Van Riper, Assistant
Lyric Theatre and Medicinal Products Co.; Walter
under date of June 19, shows capital stock of $1,000,000, United States District Attorney.

of
surplus and undivided profits of $1,660,480; deposits
N. J.,
On June 2 the People's National Bank of Elizabeth,
$6,584,143, and total resources of $9,634,870. The directors
and
new bank are:
purchased the property at 113 Broad Street, that city,
of the
esident, Chile Copper Co.; Gale H. Carter, Presi- will erect a modern bank building on the site within the
H. C. Bellinger, Vice-Pr
York; W. R. Grace,
property has a frontage of 28 feet
dent, Pacific Mail Steamship Co.; David Bows, New
Vice-President, next year. The acquired
First Vice-President, Ingersoll-Rand Co.; D. S. Iglehart,
Johnson & Higgins; on Broad Street and a depth of 100 feet. Since its opening
W. R. Grace & Co.; W. H. La Boyteawr, President, Inc.; J. E. Rouson Aug. 2 1920 the business of the People's National Bank
George 0. Dfuhlteld, Vice-President, Stone & Webster,
Norrish Thorne,
maniere, Lawrence & Co.; J. Louis Schaefer, President; J.
has grown steadily and its present quarters at 123 Broad
Hathaway Smith Folds & Co.; J. A. Allis, First Vice-President.
Street have long been felt inadequate for its needs. The ,
With a capital of $1,000,000 and a surplus of $500000 the bank's capital is $200,000, with surplus and undivided profBanca Commerciale Italiana Trust Co. of New York has its of $116,000 and its total resources at the close of 1923
t. were $2,956,143. The officers are: Dennis F. Collins, Presbeen granted a charter by the State Banking Departmen
Presi- ident; Abe J. David, Isaac Alpern and John Lammerding,
Officers of the new institution are Giovanni Costa,
Vice- Vice-Presidents; Theodore Degenring, Cashier; George C.
dent; Siro Fusi, First Vice-President; J. S. Durland,
President and Treasurer; Louis R. Soresi, Assistant Vice• Hulick, Assistant Cashier, and W. H. Binger, Trust Officer,
Walter
President; Mario G. E. Renna, Assistant Treasurer;
foreign
Carl W. Fenninger has been elected Vice-President of theNiklaus, Secretary, and Joaquin Titolo, Manager
of Provident Trust Co. of Philadelphia, and William R. K.
exchange department. This organization, an affiliate
of Mitchell has become Assistant Treasurer. Mr. Fenninger
the Banca Commerciale Italiana, results from a desire
those will continue as Trust Officer of the company and Mr.
the parent organization to provide its customers and
a Mitchell will retain his title of Assistant Secretary.
of its other affiliates in Europe and South America with
local service more in accordance with the requirements of
On Monday next (June 23) the Franklin Trust Co. of Philtheir international business. The new trust company began
business June 16. The selling price of its stock (par $100) adelphia will open its handsome new bank and office building at the corner of 15th and Chestnut streets. The building
was $150 per share.
is 20 stories in height and was erected at a cost of approxiAn increase of $100,000 in t- he capital stock of the Broad- mately $5,000,000. Mayor Kendrick of Philadelphia ard his
way Central Bank of New York has been approved by the Cabinet, together with officials of banks, trust companies
Banking Department. The bank is increasing the capital and industrial and commercial establishments and the cusfrom $200,000 to $300,000. The stockholders on June 3 rati- tomers of the institution will participate in the formal openfied the plans to enlarge the capital, the increased amount ing. As part of the dedication ceremonies Mayor Kendrick
becoming effective July 21 1924. The selling price of the will present C. Addison Harris Jr., President of the trust
new stock is $150 per $100 share.
company, with a gold key to open the door of the institution.
The Philadelphia "Ledger," in its issue of June 17, thus
An increase of $2,000,000 in the capital stock of the Em• briefly
described the new building:
of New York, raising it from $2,000,000 to
pire Trust Co.
Designed in the late Gothic of the Tudor period, with marble tile floor,
$4,000,000, has been approved by the State Banking Depart- walls of Briar-Hill stone and decorated vaulted ceilings the interior of the
ment. The additional stock was authorized by the share- banking floor and the vault department present a vista, the architect declares, that has never before been produced.
holders on June 5. The enlarged capital will become effecThe windows of the first floor of the structure are inlaid with colored
tive July 1 1924. The new stock, par $100, will be scenes which depict the life of Benjamin Franklin from his early reverses to
placed at $200 per share. [In our issue of last week, page his success.
A feature of the safe deposit department is a 60-ton door on the vault.
2915, we indicated that a meeting will be held of the stock - This door is made of Donnell metal, which the builders assert is virtually
holders of the Empire Trust Co. and the Hudson Trust Co. Indestructible. It is the first vault door of Its kind placed in a local bank.
of this city on June 27 to act on a merger agreement between
The Franklin Trust Co. began business 20 ynars ago this
the institutions.]
month. In its first statement the company reported deposits
of $113,000. To-day the institution has deposits of nearly
Announcement was made on June 16 that the Continental
capital is $1,500,000, with
whose capital stock $21,000,000. The bank's present
& Commercial Securities Co. of Chicago,
surplus of like amount and undivided profits of $427,000.
Is owned by the stockholders of the Continental & Commercial National Bank of Chicago, has opened a New York
Webster K. Wetherill, President of the Aldine Trust Co.
office at 5 Nassau Street in charge of Ray L. Junod, resident of Philadelphia, on June 20 addressed the following letter
Vice-President. The new office has a direct private wire to to the stockholders:
Chicago.
At the meeting of the board of directors of this company held June 10
1924, the following resolution was adopted:

Edward E. McMahon Jr. has been elected President of
"Resolved, The issue of $250,000 additional stock of the company be
of the company $1,000,000.
making the
the National Bank of Bay Ridge. Mr. McMahon has been authorized, to be soldpaid-in capital stock
"The stock
at $225 per share: $100 per share being for capita
Vice-President in charge of the Borough Park office of the and $125 per share being for surplus. Stock allotment warrants to be
National Bank of Bay Ridge. As President he succeeds Issued in the ratio of one share for three shares capital stock outstanding.
"Warrants evidencing the right to subscribe to be mailed Aug. 1 1924
Jacob Schaefer, who resigned on June 11.
to stockholders of record July 21 1924 and payments are to be made on
or before Nov. 1 1924.

"Payment in advance on full shares may be made, and with such advance
James D. Cameron of Len-ox, heretofore connected with
be paid from Aug. 1
payment, interest
Pittsfield National Bank, was elected Cashier of the to date when suchat the rate of 6% per annum must
the
advance subscription payment Is made.
National Bank of Lenox, Mass., on June 7, succeed"Receipts for such advance payments will bear interest at the rate of
Lenox
6% per annum from Aug. 1 1924 to Nov. 1 1924."
ing M. R. Sedgwick, resigned.
The $125 per share paid in for surplus would amount to
Announcement is made of the approval by the New Jersey $312,500, and it is expected that as of Nov. 1 1924 there will
Commissioner of Banking and Ins.rance of a charter for be transferred from the undivided profit account to the




3046

THE CHRONICLE

[VoL. 118.

surplus account $187,500, which two sums would increase the Investigation of the institution's affairs, which ensued, led
surplus from the present amount of $500,000 to $1,000,000. to the arrest of Wiedemann on March 14 1923. Our last refA special dispatch from Petersburg, Va. to the Washington "Post", under date of June 14, stated that on that day
the respective stockholders of the Union Trust Co. and the
Banking Trust & Mortgage Co., two of the leading banks in
Petersburg, voted to consolidate the institutions under the
title of the Union Bank & Trust Co. Authority for the proposed merger will be asked of the State Corporation Commission, it was said, and if granted the union will become
effective July 1. Both the Union Trust Co. and the Banking
Trust & Mortgage Co. are capitalized at $500,000 and it is
proposed to retire half the capital ($250,000) in each case,
thus giving the new Union Bank & Trust Co. a capital of
$500,000. John W. Long, President of the Banking Trust &
Mortgage Co., will head the new bank.

erence to the bank's affairs was in these columns in the
"Chronicle" of March 31 1923.

Frank Newton Briggs, the former President of the defunct
Interstate Trust Co. of Denver, who on April 25 last
was found guilty of embezzlement, was on May 31 sentenced
by Judge F. B. Bouck of Leadville, Colo., to pay a fine of
$2,000, after the Court had denied a motion for a new trial.
The defendant was convicted on one of eight counts of an indictment, that of embezzling a check for $1,700, which the
State contended he received for 8,500 shares of Colonial Oil
stock, withdrawn by Briggs from certain collateral in the
bank, which had been placed as security on a loan made to
0. M. and Charles Howard, early in 1922. In imposing sentence, the Denver "Rocky Mountain News" of June 1 reThe following changes in the personnel of the People's ported Judge Bouck as follows:
Commercial Savings Bank of Washington, D. C., were an"Whatever sentence is passed upon you, Mr. Briggs," stated the Court,
nounced on June 13, according to the Washington "Post" of "will not be passed with reference to any transaction other than the one
charged in the information. Were you a younger man I would feel it my
the following day: Dr. J. S. Arnold has succeeded R. B. duty to impose a heavy sentence upon you."
Whitehurst as President of the institution, while Dr. E. W.
"I feel," continued the Judge, "that the evidence in the case fully justiBurch has become Vice-President in lieu of B. M. Odom. fied the verdict. I feel that the transactions gone into before the jury show
a decided crime. I am not clear, myself, as to the proper sentence to impose
Both Mr. Whitehurst and Mr. Odom resigned as directors of upon you. I am going to give you the benefit of the doubt.
"I have asked myself the question as to what will be just in this case,
the bank as well as in their official capacities. H. B. Thaden
what
also resigned as a member of the board. The People's Com- andsend will act as a deterrent to others contemplating a similar crime.
To
you to the penitentiary would not do you, a man of 65 years, any
mercial Savings Bank was opened for business a little over good. Nor would it do the public any good.
"It is"not the defendant," he continued, "who suffers most in a case of
three years ago. It has a capital of $100,000, deposits of
the
the
approximately $360,000 and total resources of about $446. this kind. The wife,do, afriends and past relatives suffer most.
"Standing as you
defendant
the prime of life," continued the
530.
Court, "I feel that justice will be served by the imposition of the maximum
fine upon you. That money really ought to go into the pockets of those

The proposed consolidation of the Pioneer State Savings who have suffered as a result of the failure of this bank. As it is, it will
go into the County Treasury."

Bank and the Scheubert & Amberg State Bank, to which
reference was made in our issue of March 1 last, page 969,
became effective June 2, according to a press dispatch from
Chicago on that day, which appeared in "Financial America"
of this city on June 3. The resulting institution is known as
the Pioneer Trust & Savings Bank and is capitalized at
$500,000, with a surplus of $100,000 and total deposits in
excess of $7,250,000. We stated in our previous item that
under the consolidation plan a new $500,000 bank building
will be constructed at the northwest corner of North Avenue
and Crawford Avenue, which will have every facility to care
for the 30,000 depositors of the consolidated banks. The
personnel of the new Pioneer Trust & Savings Bank, it is
understood, is as follows: John J. Lovett, Chairman of the
Board; C. J. Peebles, President; Charles E. Scheubert, R. H.
Lovett and John F. Amberg, Vice-Presidents; Norton F.
Stone, Cashier, and Harry G. Ostlund and Frank W.Collins,
Assistant Cashiers.

"It is the will of this Court," Judge Bouck stated in closing, "that you
pay a fine of 82,000, and you will stand committed to the custody of the
Sheriff until it is paid."

When asked by the Court if he had anything to say as to
why sentence should not be passed upon him, the defendant
said:
If your honor please, I would like to say just a few words to the Court.
In the first place, I wish to state that I am not a criminal, even though the
jury has found me guilty of this charge. My heart and conscience are clear
of any criminal intent or activity on my part.
All my possessions were, and are, invested in that bank. I have tried,
in my 45 years of life in Colorado, to do right and live right. I have stood
high in this community. I justify myself in taking the 8,500 shares of
stock because I replaced it with 10,000 shares of the same stock, no matter
what the jury found.

We last referred to the affairs of the Interstate Trust
Co. in the "Chronicle" of May 3, page 2146.
The Meridian State Bank of Meridian, Idaho, has absorbed
the First National Bank of that place, according to the Federal Reserve Board announcement of May 30.

William J. Kelly and Howard H. Hilton have been elected
Assistant Vice-Presidents of the Chicago Trust Co. of ChiAccording to an Associated Press dispatch from Casper,
cago, Ill. The board has also elected Edward K. Welles
Wyo., on June 10, which appeared in the Denver "Rocky
Assistant Cashier, Burt A. Bowlby Assistant Secretary and
Mountain News" of the following day, the Wyoming Trust
Harold G. Townsend an Assistant Trust Officer.
Co. of Casper has acquired by purchase the National Bank
of Commerce of that place. The total resources of the
The proposed consolidation of the Scheubert & Amberg Wyoming
Trust Co. have been increased to over $2,500,000,
State Bank of Chicago with the Pioneer State Savings Bank it is stated,
by the acquisition. The capital of the Wyoming
of Chicago, which was mentioned in our issue of March 1 Trust Co. Is $100,000. R. S.
Ellison, Vice-President of the
(page 969), became effective June 2. The consolidated in- Midwest Refining Co., is
Chairman of the board of directors
stitution will be known as the Pioneer Trust & Savings Bank of the institution and R. C.
Cather, President.
of Chicago, with a capital of $500,000 and surplus of $100,000. The stock of the merged banks will be exchanged on an
The St. Louis "Globe-Democrat" in its issue of June 13
equal basis for the Pioneer Trust & Savings Bank stock. In stated that the Republci
National Bank of that city is to be
our previous issue we stated that a new building would be reorganized shortly as a
commercial trust company with a
constructed at the northwest corner of North Avenue and capital of $600,000
and surplus and undivided profits of
Crawford Avenue to provide for the needs of the enlarged between $300,000 and
$400,000. The title of the new trust
bank. The officers of the new Pioneer Trust & Savings company, it was stated, has not
been determined upon, but
Bank of Chicago are: John J. Lovett, Chairman of the the institution will
be a member of the Federal Reserve
President; Charles E. Scheubert, R. H. System and will
Board; C. J. Peebles,
function both as a State bank and as a trust
Lovett and John F. Amberg, Vice-Presidents; Norton F. company, according
to officials of the bank. The Republic
Stone, Cashier, and Harry G. Ostlund and Frank W. Collins, National Bank was organized
by William Sacks and his interAssistant Cashiers.
est, amounting to
David Wiedemann Jr., Vice-President of the Logan Square
Trust & Savings Bank of Chicago prior to its reorganization
under the title of the Logan Square State Savings Bank, was
sentenced by Judge William Lindsay to serve from one to
ten years in prison on June 7 for embezzlement. Upon arraignment Wiedemann had pleaded "guilty" and asked to
be placed upon probation. The Logan Square Trust & Savings Bank was closed on March 10 1923 following the suicide
of its President, Fred W. Popp, on the preceding day. The




2,356 shares, was purchased in January
last by the directors of the institution. The bank's present
capital is $1,000,000.

The following special press dispatch from Knoxville,
Tenn., on June 17 to the New York "Times" reports the failure of a small Tennessee bank:
The Bank of Talbot, a small State bank at Talbot, has closed and the
President, J. 0. Witt, and the Cashier, J. 0. Smith, have gone away in an
automobile. The car is reported to have been abandoned with a punctured
tire near Bristol, on the Virginia line. The fugitives are said then to have
boarded a train.

JUNE 21 1924.]

3047

THE CHRONTCLE

ped a
ment of nearly eight successive days the market develo
ard reaction on Tuesday afternoon followmoderate downw
General
ing a fairly firm tone during the morning session.
ic was a conspicuous exception to the general trend,
Electr
. Price
closing at 236 and again scoring a new high record
Railroad
movements were again irregular on Wednesday.
ound, Pittsburgh & West Virginia
nville, Fla., through shares came in the foregr
The Atlantic National Bank of Jackso
nearly two points to 4734, followed by
purchased a 99-year common advancing
points
its President, Edward W. Lane,recently
York Chicago & St. Louis, which advanced two
h Street between New
lease of all the property fronting on Forsyt
year. Chesapeake 4 Ohio and Southt National Bank, to a new high for the
advancing prices.
the Atlantic National Bank and the Barnet
ern Pacific were also in active demand at
to buy at $325,000-plus income taxes on the
with an option
and specialties were conspicuous in the day's
. In an- Industrials
transaction, at any time within the next decade
advancing to 45 and recording
was trading, Colorado Fuel & Iron
forward to
ng the purchase, Mr. Lane said that the purchase
nounci
high mark, and Stewart Warner going
within the a new
"with the view of increasing our banking space
Rubber, first preferred, receded more
" Mr. Lane 67%. United States
ed one point.
next few years." "We are making our plans,
two points and the common stock declin
tion of not less than 200,000 within the than
said, "for a popula
weak feature of the day. Irregularity
ss to keep Oil shares were the
'on Thursday, but
next decade and of course we expect our busine
again characteriezd the stock market
g hour
with the growth of the city; therefore, this property
pace
to three points were recorded in the closin
We are gains of one
will be needed in working out our future plans.
leaders. Railroad issues were
of this by several of the more active
forward to
making our leases to tenants occupying various parts
demand, Chesapeake & Ohio moving
within five years." A condensed state- in strong
property to expire
the highest price at which that stock has
t
ss 81 W and recording
for the
ment of the Atlantic National Bank at the close of busine
and Southern Pacific made a new high record in the
showed total resources of $29,171,627, of which sold,
March 31 last
New York Central was also prominent
3.
7,649; year at 9331
recorded
the principal items were loans and discounts, $14,18
day's trading, closing above 105, and New Haven
up to
and due from banks, $6,395,648; United States bonds
cash
%
high for the year at 223 . General Electric sold Pipe
county, a new
and certificates of indebtedness, $4,380,122, and
record. United States Cast Iron
236%, another high
Water Works
municipal and other bonds, $2,943,941. On the debit side
& Foundry made a new high at 97. American
issues
ent total deposits were given at $25,582,746
of the statem
ic scored a gain of 5 points to 76%. Railroad
surplus & Electr
and circulation at $1,014,797. The combined capital,
t on Friday, Southern Pacific
were the feature of the marke
common
and undivided profits of the institution is $2,115,723.
going above 94 for the first time this year, and Erie
highest level since 1917. Pere Marquette was
First reaching its
high at
At a special meeting on June 1, the directors of the
also in strong demand, going forward to the year's
Texas, elected Ed Hall of
State Bank & Trust Co. of Waco,
. American Water Works & Electric made a spec4
Hall succeeds 513
Dallas President, effective June 15. Mr.
r advance to 853'.
General Manager tacula

which
Acme Flour Milling Co. at Talbot,
Witt also was President of the
to have caused the
embarrassments recently which are believed
suffered
bank's failure.
tative,
was the bank's Eastern represen
The Hanover Bank of New York
Bank of
was transacted through the St. Louis
and Witt's Western business
brokers. The Bank
fall on wheat
Commerce. It is said that the losses will
.
and the deposits were about $28,000
of Talbot was capitalized at $10,000

Frank Stevens, who resigned to become
on & Co. Mr.
of the wholesale department of William Camer
s continues on the board of directors of the First State
Steven
the bank.
Bank and will be an inactive Vice-President of
nce
Mr. Hall was State Commissioner of Banking and Insura
Sept. 1 1922, when he resigned to acfrom January 1921 to
y State
cept the First Vice-Presidency of the Dallas Count
name of which was later changed to the MerBank, the
Vicecantile Bank & Trust Co. He later relinquished the
ency of that institution to become Vice-President of
Presid
that
the Southwest National Bank of Dallas, retiring from
shortly after because of impaired health. He re-enters
post
the banking field after a year's rest.

a charThe Comptroller of the Currency on May 28 issued
al Bank of Los Angeles, with
ter for the Seaboard Nation
of this
capital of $1,000,000. References to the organization
in the "Chronicle" of April 12, page 1742,
bank appeared
and May 10, page 2269. George L. Browning is President;
-President; A. H. Blackmore, Asssistant
0. C. Williams, Vice
Vice-Presillent, and G. W. Jorres, Cashier.
E. J. Harrison, one of the Joint General Managers of the
Lloyds Bank, Ltd., of London, has retired from that position
as from May 31, on the completion of rather more than 50
years' service. He entered the bank in Birmingham in 1874,
was appointed Assistant Secretary in 1884, Secretary in
1889, General Secretary in 1913, and a General Manager in

1918.

COURSE OF BANK CLEARINGS.
a satisfactory
Bank clearings the present week will show

inary figures
increase as compared with a year ago. Prelim
telegraphic advices from the
compiled by us, based upon
week ending
chief cities of the country, indicate that for the ges for all
aggregate bank exchan
to-day (Saturday, June 21),
it is possible to
the cities of the United States from which
s will register an increase of 9.5% over
obtain weekly return
The total stands at
the corresponding week last year.
t $7,974,479,250 for the same week in
$8,731,107,807, agains
18.6%. Our compara1923. At this centre there is a gain of
ry for the week is as follows:
tive summa
Clearings-Return8 by Telegraph.
Week ending June 21.

1923.

Per
Cent.

+18.6
84.212,000,000 $3,577,982,176
+5.5
497,043,392
New York
524,359,320
-0.4
448,000,000
Chicago
446,000,000
+2.6
Philadelphia
304,000,000
000
312,000,
-9.8
Boston
114,668,378
103,457,175
a
a
Kansas City
sa
+7.8
St.Loui
130,900,000
141,100,000
+5.8
San Francisco
114,865,000
121,492,000
Los Angeles
150,775,414 -12.4
132,103,226
Pittsburgh
140,877,341 -11.9
124,076,597
-5.7
Detroit
100,281.944
94,531,242
-1.6
Cleveland
89.098,176
81
87,660,1
+2.3
Baltimore
47,090,664
48,155,667
New Orleans
85,715,580,485 +11.6
$6,376,935,408
-3.3
Total 12 cities, 5 days
929,818,890
898,987,765
Other cities, 5 days
+9.5
99,375
87,275,923,173 86,645,3
+9.5
Total all cities, 5 days
1,329,079,875
1,455,184,634
All cities, 1 day
•-9
ee 7.11 1n7 5417 17 974 479 250
n• • '
...n • , n
041,

THE WEEK ON THE NEW YORK STOCK EXCHANGE.
Price fluctuations in the New York stock market this
week have been very irregular, but the active list as a whole
has shown an advancing tendency during the present week.
Easy money continued the dominating feature. Railroad
issues, during the fore part of the week, appeared to receive
less attention than industrials and specialties, nevertheless
they were quietly but steadily accumulated and again came
to the front later. Oil shares were heavy during the early
part of the week but improved somewhat on the report of
the twothe contemplated curtailment of production. In
firm,
hour period of trading on Saturday the market was
ining to a moderate degree the upward movement of
mainta
t continued its
the preceding days. On Monday the marke
ces cenforward movement, most of the noteworthy advan
industrial, specialty and public utility shares.
tering in the
of 6 points to a
General Electric made a brisk upward spurt
level at 235, and Colorado Fuel & Iron stood out
new high
d swing of
prominently in the days' activities by its upwar
movea new high mark. After a steady forward
1% to 44,




1924.

• W111 not report clearings.

week covered by the
Complete and exact details for the
We cannot

week.
foregoing will appear in our issue of next
ends to-day
.
h them to-day, inasmuch as the week
furnis
day figures will not be available
(Saturday), and the Satur
above the last day
until noon to-day. Accordingly, in the
cases had to be estimated.
of the week has in all
er, which we
In the elaborate detailed statement, howev
and complete
t further below, we are able to give final
presen
the week ended June 14. For
results for the week previousaggregate of
that week there is an increase of 2.8%, the 1924 aggregate
$8,171,964,443 and the 1923
the clearings being
however, there
$7,950,639,963. Outside of New York City,
the bank exchanges at this city having
is a decrease of 4.9%,
now according
recorded a gain of 9.5%. We group the cities
located
to the Federal Reserve districts in which they are Reserve
s that in the New York
and from this it appear
an improvement of
District (including this city) there is
and in the
in the Atlanta Reserve District of 1.9%
9.2%,
16.9%. It is worth noting that
Dallas Reserve District of

3048

THE CHRONICLE

these three Federal Reserve districts are the only ones
recording increases. In the Boston Reserve District there
is a
falling off of 10.5%, in the Philadelphia Reserve Distri
ct of
2.7% and in the Cleveland Reserve District of 12.3%.
In
the Richmond Reserve District there is a loss of 2.5%
, in
the Chicago Reserve District of 2.6% and in the St. Louis
Reserve District of 7.8%. In the Minneapolis Reser
ve District the totals are smaller by 10.2%, in the Kansas
City
Reserve District by 5.6% and in the San Francisco
Reserve
District by 2.9%.
In the following we furnish a summary by Federal Reser
ve
districts:

[VOL. 118.
Week Ending June 14.

Clearings at
1924.

1923.

Inc. or
Dec.

1922.
1921.
$
Seventh Feder al Reserve D [strict
-Chi curio
Mich.
-Adrian _ _
304,530
226,646 +34.4
212,735
Ann Arbor__ _ 180,000
896,006
776.879
697,516
Detroit
561,852
133,860,505 143,929,957 +15.3
-7.0 117,464,924 100,000,000
Grand Rapids.
7,825,334
8,424,180 -7.1
6,859,097
Lansing
6,523,154
2,262,000
2,031,000 +11.4
Ind.
2,225,000
-Ft. Wayne
1,769,000
2,619.582
2,622,704 -0.1
2,073,960
Indianapolis._
1,777,976
20,018.000
23 436,000 -14.6
,
19.100,000
South Bend...._
15,687,000
2,348.000
2,677,000 -12.3
2,238,300
Terre Haute__ _
2,400,000
5,412,983
5,568,315 -2.8
Wis.-Milwaukee
39,360,896
39,089,515 +0.7
32,575,844
lowa-Ced. Rap_
30,044,228
2,668,964 •2.701.493 -1.2
2,198,934
Des Moines.....
2,030,801
11.670,468
13.195,756 -11.6
9.703,579
Sioux City_ _ _ _
SUMMARY OF BANK CLEARINGS.
7,515,341
6,690,717
6,101,715 +9.7
6,051,198
Waterloo
5,562,241
1,749,633
1,571,462 +11.3
1,300,000
1,245,749
1,522,298
1.584,420 -3.9
1,209,654
Chicago
Inc or
1,320.081
612,341,206 620,543,602 -1.3
Week ending June 14 1924.
1924.
594,210,994 498,434,900
1923.
Danville
Dec.
a
1922.
1921.
a
a
Decatur
a
1,565,284
1,434,361
Federal Reserve Districts.
$
1,270,164
Peoria
$
1.067.294
%
4.280,751
$
a
4,662,982 -8.2
(1st) Boston
11 cities 429,562,647 479,875,738 -10.5 368,439,937
4,156,680
Rockford
3,517,478
2,555,622
2,743,189 -6.8
(2nd) New York
10 " ,725,549,932 4,327,044,988 +9.2 4,851,852,144 332,494,801
1,996,873
Springfield2,026,430
2,512,979
2,476,593 +1.5
(3rd) Philadelphia _ _10 "
.
530,157,852 545,108,957 -2.7 489,794,1 4,267,248,598
2,372,207
2,430,880
84
(4th) Cleveland
8 "
352,762,168 402,353,173 -12.3 334,117,022 485,570,899
Total(20 cities) 862,465,758
351,523,833
885,797,769 -2.6 807,917
(5th) Richmond
5 "
180,241,036 184,957,239 -2.5 153,076,531 139,293,5
,659 684,094,405
(6th) Atlanta
11 "
170,258,271 167,149,304 +1.9 150,287,227 136,943,135
Eighth Feelers 1 Reserve Dis tact
-St.Lo uls(7th) Chicago
20 "
862,465,758 885,797,769 -2.6 807,917,659 684,094,4 35 Ind.
-Evansville.
5,207.336
05
5,310,050 -1.9
(8th) St. Louis
7 "
66,633,737 72,306,650 -7.8 59,767,148 56,945,47
Mo.-St. Louis_ _
4,456,320
4.167,884
a
a
(9th) Minneapolis
a
7 "
117,739,028 131,112,084 -10.2 112,369,004 123,225,1 9 Ky.-Louisville._
a
a
32,271,800
34.052,209 -5.2
(10th) Kansas City..__12 "
224,310,469 237,640,872 -5.6 240,764,676 244,964,7 78
27,874,697
Owensboro _ _ _
26,569,323
410,469
14 Tenn.
391.437 +4.9
(11th) Dallas
5 "
57,696,350 49,340,755 +16.9 46,656,152 45,228,93
354,189
-Memphis.
364,448
16,416,852
20,093,189 -18.3
(12th) San Francisco_ _ _16 "
454,587,195 467,952,434 -2.9 395,041,567 348,075,7 5 Ark.-Llttle Rock
16,523,391
15,172.754
10,493,765
11 111.
10,696,547 -1.9
8,822,364
-Jacksonville.
9.069,014
329,458
338,319 -2.6
Grand total
122 cities 8,171,964,443 7,950,639,963 +2.8 8,010,083,251
349,058
QtanCY
303,373
7,215,609,223
1,504,057
1,424,899 +5.6
Outside New York City
,519,670,768 3,700,201,546 -4.9 3,226,530,418 3,008,714
1,387,129
1,298,683
,880
Total (20 cities)
66,633,737
f•anstle------29 elites 310.136.7
72,306,650 -7.8
04 319.412.722 -2.9 300.238.002 352.190.1
59,767,148
56,945,479
26
Ninth Federal
We now add our detailed statement, showing last week' Minn.-Duluth. _ Reserve Die trict-Minn eapolls
d9.032,663
9,572,389 -5.6
s
6,100,052
Minneapolis _ _ _
7,324,435
69,586,918
75,639,151 -8.0
figures for each city separately, for the four years:
66,260,388
St. Paul
69,090,878
33,201,457
38,854,589 -14.5
32,677,481
N. D.
-Fargo.._ _
39,702,681
1.501,865
2,188,096 -31.4
2,261,658
S.D.-Aberdeen1,918,132
1,261,198
1,454,521 -13.3
Week Ending June 14.
1,417,620
Mont.-Billings _
1,250,803
619.153
477,603 +29.6
Clearings di
571,976
Helena
715,532
2,535,774
2,925,735 -13.3
Inc. Or
3,079,829
3,222,717
1924.
1923.
Dec.
1922.
Total(7 cities). 117,739,028 131,112
1921.
,084 -10.2 112,369,004
Tenth Federal Reserve Die trict-Kane
123,225,178
First Federal Reserve Dist rict-Bosto n
as City
Neb.-Fremont.._
-Bangor-__
Me.
567,379
609,401 -6.9
881.395
770,058 +14.5
413,211
787,546
Hastings
697,408
922,711
Portland
558.204
2,772,657
510,970 +9.2
3,359,932 -17.5
572,105
3,170,509
Lincoln
511,573
2,500,000
4,771,869
Mass.
-Boston _ 382,000,000 429,000,000 -11.0
4,624,830 +3.2
4,408,486
322,000,000 293,006,313
Omaha
3,201,994
Fall River_ __ _
38,522.760
44,354,414 -13.1
1,855,161
2.323,486 -20.2
41,439,527
2,089,963
39,515,968
-Topeka
1,516,765 Kan.
d3,023,549
Holyoke
3,037,990 -0.5
a
a
a
2,697,875
a
2,889,425
Wichita
a
Lowell
d6,526,000
9,019,000 -27.6
1,267,661
1.578.304 -19.7
11,110,762
1,199,413
11,210,970
1.302,716 Mo.-Kan. City. 120,981,299 126,622,217 -4.5
Lynn
a
a
137,759,543 144,758,293
a
a
St. Joseph- a
New Bedford
d6.903,605
8,469,354 -18.5
1,354,960
1,883,746 -28.1
1,686,360
1,734,377 Okla.-Muskogee
Springfield_
a
5,779,356
5,288,402
+9.3
5,305,587
a
Oklahoma City d20,549,411
4,107,897
Worcester
19,031,189 18.0
3,813.000
3,785,000 +0.7
21,368,933
4,189,000
Tulsa
23,194,058
3,516,000
Conn.
-Hartford.
a
a
11,616,771
11,706,579 -0.8
a
9,806,110
-Col. Spgs.
a
8,153,713 Colo.
1,313,259
New Haven_ _ _
1,287,699
6,793,886
7,124,231 -4.6
1,184,045
5,782,849
Denver
5,298,609
990,292
R.I.-Providence
19,602.818
19,165.683 +2.3
11,427,800
13,056,000 -12.5
18,958,866
12,422,600
Pueblo
10,435.700
17,360,039
e990,316
908,125 +9.1
851,323
635,585
Total(11 cities) 429,562,647 479,875,738
-10.5 368,439.937 332,494,801
Total(12 cities) 224,310,469
237.640.872 -5.6 240,764,676
Eleventh Fede rat Reserve
244,964,714
Second Feder at Reserve D Istrict-New York-District
-Da liesTexas-Austin_ _
N. Y.
-Albany..
1,353,659
5,796,185
1,736,508 -22.0
6,166,640 -6.0
1.680,564
5,173,197
Dallas
3,253,906
1,305,827
Binghamton__ _
35,832,412
982,000
27,375,984 +30.9
1,319,500 -25.6
1,028,242
24,454,106
Fort Worth._ _
927,420
22,746,533
Buffalo
10,181,704
d42,638,494
9,519,535
46,427,468 -8.2
+6.9
Galveston
10,047,000
41,670,723
38,337,004
10,782 836
Elmira
5,527,917
851,387
5,643,919 -2.1
918.717 -7.3
HOuston
662,136
6.388,300
6,682,688
Jamestown.... _
c1,273,756
a
1,549,456 -17.8
a
-Shreveport..
1,172,138
a
990,760 La.
a
4.900.658
'
New York_ _ 4.652,293.6754.250.438,417
5,065.809 -5.2
+9.5 4,783,552,833 4,206,894,343
4,086,182
3.711,051
Rochester
12,358,700
12 021 053 +2.8
Total(5 cities).
10,337,783
9,381,283
57,696,350
Syracuse
49.340.755 +16.9
5,097,568
4,747,426
+7.4
46,656,152
Twelfth Feder al Reserve D istric
4,241,820
3,881,905
45,228,935
Conn.
-Stamford
c3,197,792
t-San Franci sco2,761,994 +15.8
-Seattle ...
3,158,222
2,781,822 Wash.
43,707,969
N. J.
-Montclair
40,658,189 +7.5
1,060,375
694,317 +52.7
39,251,011
Spokane
855,050
32,380,032
800,155
11,524,000
11,282,000
+2.1
10,414,000
Tacoma
10.162,949 •
a
Total (10 citi66) 4,725,549,932 4,327,044,988
a
+9.2 4.851,852,144 4,267,248,598
Yakima
a
1,151,327
1,211,324 -5.0
1,384,618
-Portland_
Ore.
1,056,838
Third Federal Reserve Dist rict-Philad elphia
36,663,264
37,017,809 -1.0
33,988,829
Utah-S. L. City
34,291,997
-Altoona
Pa.
14.955,904
.
14,699,522
1,398,731
1,668,594 -16.2
+1.7
12,496,111
1,174,989
12,097,652
970,474 Nev.-Reno
Bethlehem _ a
3,927,222
a
a
6,238,159 -37.0
a
3,178,276
-Phoenix
2,510,808 Ariz.
a
Chester
1,279,100
a
1,502,842 -14.9
a
a
1,302,557
a
1.143,457 Calif.-Fresno._
Lancaster
3,114.980
3,009,298
3,854.157 -19.2
3,383,178 -11.1
3,752,174
2,833,270
Long Beach_ _
2,236,534
3,257,180
Philadelphia.... 500,000.000 513.000.000 -2.5
7,110,134
8,509,7
4,826,701
466,000,000 462,946,646
Los Angeles_ -- 137.347,000 145,125 00 -16.4
3,536,883
Reading
3,461,170
,000 -5.4 110,114,000
3,824,235 -9.5
3,001,276
Oakland
2,481,203
89,166,000
Scranton
16,783,743
5,787,512
16,348.080 +2.7
5.710,196
+1.4
4,567,121
14,148,306
Pasadena
5,376,347
10,270,547
Wilkes-Barre....
5,313.910
d3,908,944
5.445.352 -2.4
3,333,626 +17.3
2,738,409
4,225.647
Sacramento _ _
2.763.095
3,566,040
York
d7,457,542
1,930,802
6,740,475 +10.6
1.818,989 +6.2
1,226,462
5.842,010
San Diego
1,374,721
_
4,694,417
N. J.
-Trenton- 4,760,928
5.455,073
4,543,364
4,629,138 +17.8
+4.8
3,771.824
San Francisco.. 159,000,000
3,090,9
3,767,614
Del
-Wilming'n.
3,021,327
a
166,200,000 -4.3 146.100 95
a
a
a
San Jose
,000 134,000,000
a
2,072,459
2,223,738 -6.8
Santa Barbara..
2,016,420
Total(10 cities) 530,157.852 545,108,957 -2.7
1,442,229
1,264,435
1,374,824 -8.0
489,794,184 485,570,899
Stockton
998,845
760.520
d2,359,600
2,718,900 -13.2
2,391,900
4,371,100
Total(16 cities) 454,587.195
Fourth Feder al Reserve D istrIct-Clev eland 467,952,434 -2.9
Grand total (122
395,041,567 348,075,711
Ohlo-Akron
d7,279,000
7,569,000 -3.8
5,625,000
cities)
5,779,000
Canton
8,171,964,443 7.950,6
4,908,870
6,204,076 -20.9
4,519,233
4,503,798 Outside N. Y.._ _ _ 3.519,670,768 3,700,2 39,963 +2.8 8,010,083,251 7,251,609,223
Cincinnati_ _
61,052,849
71,624,405 -14.8
01,546 -4.9 3,226,530,418
62,329,605
61.623,858
3,008,714,880
Cleveland
103,848,347 129,683,501 -19.9
98,407,080 102,270,179
Columbus
15.835,800
17,612,400 -10.1
14,447,400
14,200,700
Dayton
Week Ending June 12.
a
a
a
a
Clearings at
a
Lima
a
a
a
a
a
Mansfield
d1,747,790
2,076,789 -15.8
Inc. Or
1,398,186
1,299,294
1924.
Springfield.._..
1923.
a
a
Dec.
a
a
1922.
a
1921.
Toledo
a
a
Canadaa
a
a
$
Youngstown
5,002,946 -3.6
$
d4,824,090
%
4,117,793
3,628,601 Montreal
$
94,480,321 107,686,184
Pa.
$
-Erie
a
-12.3
a
Toronto
a
93.959.362 122,950,617
a
a
94,100,326
Pittsburgh_ _ .._ 153,265,422 162.580,056 -5.7 142,272
97,192,664 -3.2
,725 158,312,403 Winnipeg
96,943,561 107,361,208
48,115,754
42,719,102 +12.6
Vancouver
36,475,413
15,131,944
46,674,001
Total(8 cities) _ 352,762,168 402,353,173 -12.3 334,117
14,327,420 +5.6
,022 351,523,833 Ottawa
13,695,508
12,413.120
7,264,083
7,239,394 +0.3
Quebec
7,584,447
5,844,304
9,352,865
Fifth Federal Reserve Dist act-RIchm and*5,700,000 +2.5
Halifax
6,121,719
2,872,359
5,756,408
W.Va.-Ilunt g.
3,146,831 -8.7
. n
1,989,524
2,132,209 -6.7
2,149,876
3,629,814
1,990.422 Hamilton
3,532,996
5,205,613
Va.-Norfolk
5,986,872 -13.0
d7,138,492
7,432,772 -4.0
7,507,139
6,922,485 Calgary
5,719,237
5,701,903
6,371.189
Richmond
4,194,126 +51.9
51,668,000
49,785,000 +3.8
45,310,581
5,177,846
38,352,069 St. John
6,512,505
3,521.769
9. C.-Charlest'n
2,673,257 +31.7
b
b
b
Victoria
b
2,823.751
b
2,723,286
2,082,761
Md.-Baltimore_ e92,757,020 100,556,267 -7.8
1,984,252
+5.0
78,104,817
2,072,654
73,489,980 London
2,561,024
3,472,349
D.C.-Washing'n d26,688,000
3,304,411
25,050,991
+5.1
+6.5
20,004,118
3,093,062
3,168,204
18,538.579 Edmonton
3,987,065
4,369,216 -8.7
Regina
4,385,851
4,640,484
3,135,739
Total(5 cities)- 180,241,036 184,957,239 -2.5
3,185,763 -1.6
153,076,531 139,293,535 Brandon
3,057,859
3,604,659
475,417
530,282 -10.3
Lethbridge
557,891
685.434
469,036
Sixth Federal Reserve Dist rict-Atlant a627,667 -25.3
Saskatoon
614,743
026,382
1,589,952
Tenn.-Chatt ga.
1,567,618 +1.4
.
6,084,526
6,303,001 -3.5
5,688,654
1,633,627
1,804,079
4,876,998 Moose Jaw
1,036,945
Knoxville
962,464
3,187,621
3,293,978 -3.8
+7.7
2,473,379
1,213,671
980,167
2,813,431 Brantford
1,022.151
Nashville
1,075,817 -5.0
19,404,160
20,537,662 -5.5
17,456,032
1,176,231
1,083,754
17,099,221 Fort William__
941,413
la.
-Atlanta
837,975 +12.3
52,056,846
50,299,168 +3.5
40,833,485
623,516
603,604
40,143,713 New WedmInster
686,608
Augusta
585,570 +17.3
b
b
b
b
Medicine hat......
611,259
712,710
b
312,074
Macon
255,986 +21.9
1,293,731
1,755,707 -26.3
1,152,740
438,744
374,444
1,000,000 Peterborough
823.708
Savannaha
804,812 +2.3
844,423
Sherbrooke
733,780
a
a
779,013
Pla.-Jacks'nville
909,846 -14.4
14,088,272
14,906,733
'
15.8
10,803,106
1,064,967
812,091
10,091,233 Kitchener
1,286,995
kia•
-Birm1ng'm.
24,601,224
1,108,968 +16.0
20,687,343 +18.9
21,605,290
1,065,580
1,177,428
19,799,615 Windsor
3,359,183
Mobile
4,288,545 -21.7
1,803,328
1,804,934 -0.1
1,875,987
4,093,649
3,282,326
1,471,793 Prince Albert..
309.788
qlss.-Jackson....
1,054,236
340,530 -9.0
914,486 +15.3
1.117,637
307,637
Moncton
698,961
771,659
Vicksburg
1,111,018 -30.5
381,212
285,279 +33.6
1.104,139
1,010,389
340,556
Kingston
237,511
La.-NewOrleans
687,186
45,484,654
696,132 -1.3
47,179,476 -3.6
708,254
789,845
46,940,361
38,710,659
Total Canada_ 310.1 nil 705 210.559
Total(11 cities) 170,258,271 167,149,304
799 -9 a noes 9753 1102 352.190.126
+1.9 150,287,227 136,943
,135
a No longer report clearings. b
ending June 11. d Week ending Do not respond to requests for figures. c Week
June 12. a Week ending June 13. * Estimated




JUNE

21 1924.]

TITE

CHRONICLE

3049

THE CURB MARKET.
ENGLISH FINANCIAL MARKETS
-PER CABLE.
Curb Market stocks this week, for the most part held • The daily
closing quotations for securities, &c., at London,
firm. Theie were a number of strong spots, and while the as
reported by cable, have been as follows the past week:
general tone of the market was good, profit taking at times
London,
June 14. June 16. June 17. June 18. June 19. June 20.
served to give price movements an irregular course. Public
Week Ending June 20Sat.
Mon. Tues.
Wed. Thurs
Fri.
d 34 13-16 34%
utility issues were the most prominent. Adirondack Power Shyer, per oz
34%
35
3413-16
344
Gold, per fine ounce
958. 8d. 958. 8d. 958. 6d. 958. 6d. 95s. 56. 95s.
& Light corn. sold up from 3134 to 3534 and closed to-day at Consols,
234 per cents
57%
5734
5734
5731
5754
35. American Light & Traction corn. improved nine points British, 5 per cents
10134
10134
10134
10134
10134
97%
to 133 but reacted finally to 131. Appalachian Power corn. British, 436 per cents_______
9734
9754
9734
9734
43.20
53.20
53.10
53.10
53.15
weakened from 8234 to 79 and to-day jumped to 88, the French Rentes (in Paris), fr_
French War Loan(InParis)
68.15 68
57.80 67.80 87.80
close being at 87. Commonwealth Power coin. dropped
The price of silver in New York on the same day has been:
from 933/i to 90, recovered to 9434 and ends the week at 94.
Silver In N.Y., per oz. (eta.):
East Penn Electric Co. corn. sold up from 36 to 40 and at
Foreign
67
67
6634
6734
67
8734
393 finally. Lehigh Power Securities, after a loss during
the week from 693 to 67%,ran up to-day to 743/2, the close
being at 7234. United Gas & Electric new com. advanced Commercial anaMiscellarceon gews
s
from 31 to 4136 and reacted finally to 3734. Centrifugal
Cast Iron Pipe rose from 2836 to 34 and finished to-day at
-MONTHLY
Hudson Companies pref. at 3634 shows a gain of 236 FOREIGN TRADE OF NEW YORK
323
STATEMENT.
points, the final figure to-day being 353. National Tea
sold up from 160 to 193. Oil stocks were very quiet. Price
Merchandise Movement at New York.
CUSIOVN ReCEMPL8
fluctuations were without definite trend and decidedly
at New York.
Month.
Imports.
Exports.
narrow. Buckeye Pipe Line lost a point to 61. Magnolia
1923-24.
1922-23.
1923-24.
1922-23.
1923-24
1922-23.
Petroleum eased off from 12834 to 127. Prairie Oil & Gas
•
sold up from 208 to 21534 and down finally to 212. Prairie
$
1
130,629.533 117.118,076
July
24,680,863
Pipe Line from 10234 reached 104, the close to-day being at August - 129,706,345 123,124,81 122,714,293 115,488,190 25,936,476 21.433,606
125,059.775 112,281,501
24,206,605
33,110.469
South Penn Oil gained four points to 133 but September 119,639.728110,716,286 127,967,562 108,291,707 26,350.449 22,085.528
1033
October__ _ 149,581,943 161.418,64 133.087.943 108,234,884 30,468,923
November. 136,763.965
reacted to-day to 130. Standard Oil (Indiana) moved up December_ 137,719,255 135,057,82 133,197,081 112,652,809 27,253,5431 24,148,678
133,407,596 125,679,538 121,562,054 23,605,874 21,594,980
from 5634 to 5734 and closed to-day at 57. Standard Oil January -- 130.402,242152.885,893 146,793,889 115,926.692 24.779.78726,583,026
155,554,139 146,915,003 139,028,108 115.654.813 28,444,581 26,451.928
(Kansas) improved from 3934 to 4134 and sold to-day at 41. February - 149,384.1871194,179,676 133.687.771 136,179,813 27,625,869 33,140,206
March._ _ _
162,514.222169,417.3 145.002.767129.989,207 26,752,166 28,837,309
Standard Oil (Kentucky) advanced from 1053 to 107 and April
Total_ - 1401875559 1444241218 1332218727 1176261765 65,898.531261.592,335
ends the week at 1063
Standard Oil of New York moved
up from 38% to 42 and rested finally at 4136. Vacuum Oil
Movement of gold and silver for the ten months:
was conspicuous for an advance from 603 to 633.1, the close
%
being at 62%.
to-day
Gold Movement at New York.
A complete record of Curb Market transactions for the
Imports.
snorts.
Month.
week will be found on page 3071.
1922-23. 1923-24.
1923-24.
1922-23.

4

4.

4.

4.

4

THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
June 4 1924:
GOLD.
The Bank of England reserve against its note issue
on the 27th ult.
amounted to £126,327,125, as compared with
5126,355,860 on the previous Wednesday. A fair amount of gold has been on
offer this week, but
only a small proportion was taken on Indian account.
Gold valued at
83,400,000 has arrived in New York from London. The Imperial Bank
of
India reduced their official discount rate on the 29th ult. from
8% to 7%.
According to Dr. W. F. James of the Geological Survey, Dominion
Department of Mines, the geological formations extending from the middle
of the Rouyn Township of Quebec eastward are Similar in character
to
those extending westward, and offer favorable ground for prospecting
for
gold. A number of mineralized veins have been discovered,
and though
only a small amount of work has as yet been done on the
claims, some
promising results have been obtained. The proportion of
mineralized rock
Is large in comparison with the area of the rock outcrops.
This feature,
coupled with the discovery of free gold in several localities and
the reports
of some reasonably high assays, Justifies the adoption of a very
hopeful
view of the gold possibilities of the district.
SILVER.
Quotations have receded slightly from those fixed on
May 31-353d.
for cash and 34 13-16d. for 2 months. The former was the
highest since
Oct. 10 1922, and the latter since Oct. 11 1922. The easier prices
since last
Saturday have been owing to lack of demand rather than
pressure to sell.
Silver quotations have continued to advance in the United
States, and
reached yesterday the comparatively high quotation of
6734 cents the fine
ounce. The underlying strength of the market here
lies at present in the
prolonging or closing of boar sales coming duo. Cash
supplies have been
forthcoming from the United States, and sales for forward
delivery from
India and China have been made. As there are a good deal
more bear than
bull positions open, and the stock in China is becoming
reduced, the undertone keeps good. A revival of Eastern demand on any
important scale
would have an immediate effect upon quotations.
An unusually large amount of silver came from America by the
steamship
Leviathan on the 30th ult., and the total is stated to he a record
consignment for a transatlantic liner to bring to this country. The
manifest gave
a total of 1,578 bars (238 of which were apparently not declared); the approximate value of those declared was about $1,000,000.
• No fresh Indian currency returns have come to hand.
The stock in Shanghai on the 31st ult. consisted of about
37,600,000
ounces in syceo, 37,000,000 dollars and 4,470 silver bars, as compared
with
37,600.000 ounces in sycee, 42,500,000 dollars and 4.530 silver bars
on
the 24th ult.
Statistics for the month of May 1924 are appended:
-Bar Silver, per Oz. Std.Bar Gold,
Cash.
2 Months.
per Oz. Fine.
35Yid.
Highest price
34 13-16d.
95s. 9d.
32 13-16d.
Lowest price
32 13-16d.
94s.
33.870d.
Average price
33.745d.
94s. 7.5d.
Quotations for Week
344cl.
May29
347-16d.
95s. 4d.
35d.
34 13-16d.
30
95s. 9d.
3534d.
3413-16d.
31
35 1-16d.
34%d.
June 2
958. 10d.
35d.
34%d.
3
95s. 7d.
3434d.
34 9-16d.
4 '
958. 6d.
34.947d.
Average
34.666d.
958 7 2d
The silver quotations to-day for cash and two months' delivery are.
respectively. 7-16d. and 5-16d. above those fixed a Week ago.




July
August -September
October_ _
November.
December_
January -February.
March.- -April

2,4,412.
26.481.
24,352.110
24.119,994
35,348.491
29,055,994
35,558,071
28,514.809
27,968,134
37,018,743

47,865
11.000
737.477
19,109
458,016
40.117
599,93
24,718
253,912
550,798
35,809
60,
750 7,715,837
315,000
20,378
201,6
9,621,840
740,500
21,282

41,477,048
17,242.484
27.359,677
19,191.637
15.554,118
23,874,168
12,834,516
3,041,008
10,697,175
6,854,519

Total_ _ _ 292,830,688178,126,348

5,859,835
1,444,612
3,423,511
2,717,520
641.559
2,593,955
2,027,123
4,316,466
3,195,7591
1,162.613

2,886,600
2,725,649
3,649.583
3,941,273
4404,280
3.476.730
5.339.346
5,711,992
5.527.936
13,333.215

3,421,055 18,060,866 27,382,7531 50.696.607

Breadstuffs figures brought from page 3102.
-The
statements below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Westera
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Receipts atChicago
Minneapolis_
Duluth
Milwaukee__ _
Toledo
Detroit
IndianapolisSt. Louis_ _ _
Peoria
Kansas City_
Omaha
St. Joseph_
Sioux City_
Total wk. '24
Same wk. '23
Same wk. '22

I

I

Flour.
Wheat.
Corn.
Oats.
Balla.
RP.
bbls.196Ibs.lbush.60 Ws.lbush 56 Os.'bush. 32 lbs. bush.48.1bs. bush.561b$.
.
t.
191,000
272,0001 1,519,000 1,336,000 112,000
26,000
1,122,000,
387.000 175.000
267,000
123.000
632,000
213,0001
152,000
38,000 626,000
45,000
27,000
254,000
85,000
287,000
13.000.
44,000
32.000
2,000
41,0001
21,000
2000,,
30.000
86.000
164,000
304,000
779,900,
920,000
393,000
14,000
8 .000
4
14.000
42,000
264,000
25,000
351,000,
8,000
594,000
199,000,
61,000
203,000
398,000,
328,000
122,000
126,000
18,000
21,0001
100,000
245,009,
2,000
362.000
332,000
318,000

3,550,000 4,731,000 4,058,000 436,000
516,000
3.810,0001 3,076,000 3,703,
4.390,0001 6,587,000, 4,388,000 1,092,009

802,000
518.000
373.000

Since Aug.11923-24_ _ 18,772,000 206,087,000 267,344,000 211,357,000 37,883,000127,097.000.
1922-23-- - 21,294,000 386,629.000271.356.000205.306,00035,829,000 47,920.000
1921-22_ _ _ 19,063,000126,581,000 358,327,000 194,871,00028,671,000 23.062.000

1

Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, June 14 1924, follow:
Receipts at
New York...
PhiladelphiaBaltlmore-__ _
N'port News_
New Orleans•
Galveston_
Montreal _ _
Boston

Flour.

Wheat.

I

Corn.

1

Oats.

Barley,

Barrels.
Bushels. Bushels. Bushels.
Bushels. I Bushels.
198,000 1.168,000;
256.000
59.000
530,000
63.
42,000
84,000,
2,000
16,000
11,000
18,000
27.000
364,000
6.000
34.000
8,000
4,000
1
63,000,
12,000
10,0001
105,000
10,000
73,000
5,000
75,000 2,336,0001
723,000 219,000 206.000
58,000
26,000,
33,000
1,000
2,000
1.000

Total wk. '24 436,000 4,036,0001
248,000 1,320,000 316,000 492,000
Since Jan.1'2412,173,000 100,158,0001 12,403,000 20,358,000 5,643.000 7.142,000
Week 1923-- 426,100 7,994,0001
763,000 1,478.000 114,0001 783.000
Since Jan.11311,668,000 112,596,000 31,773,000 18,383,000 4,761,00017.602,000
•Receipts do not Include grain passing through New Orleans for foreign ports
on through bills of lading.

The exports from the several seaboard ports for the week
ending Saturday, June 14 1924, are shown in the annexed
statement:
Exportsfrom-

Corn.

Wheat.

Bushels.
1.122,339
New York
Boston
244,000
Philadelphia
261,000
Baltimore
Newport News_
3,000
New Orleans_ _ _ _
Galveston
4,564,000
Montreal

Barley. Peas.

Rye.

Oats.

Flour,

Bushels. Barrels. Bushels. Bushels. Bushels. Bushels
25,933 189,754 209,576 414,039 208,360
50.000
27,000
2,000
138,000 17,000
26,000 10,000
4,000
51,000
8.000
22,000 68,000
10,000
121,000 1,048,000 567,000 393,000
73,933 431,754 1,315,576 1,170,039 618,360
825 157 272.211 595.000 901,927 113,192

Total week 1924_ 6,194,334
7 as2 851
Week 192s

The destination of these exports for the week ad since
July 1 1923 is as below:
Flour.
Exports for Week
Since
Week
and Since
June 14 Julie 1
July 110
1923.
1924.

Since
July 1
1923.

Week
June 14
1924.

431,754 15,413,068 6,194,334 231,630,535
272.211 15.295.314 7.642,851 311,568,231

Since
July 1
1923.
Bushels.
4,790,970
5.166,507
128,000
1,368,000
80,000
6,000

73,933 11,539,477
825.157 83,924,068

The world's shipment of wheat and corn, as furdshed by
Broomhall to the New York Produce Exchange,for the week
ending Friday, June 13, and since July 1 1923 and 1922,
are shown in the following:

Week
June 13.

Since I
July 1.

1922-23.
Since
July I.

1922-23.

1923-24.
Week
June 13.

Since I
July 1.

Since
July 1.

Bushels. I Bushels. I Bushels.
Bushels. I Bushels. I Bushels.
63,000, 13,186,000 87,812,000
North Amer_ 10,070,000428,812,000432,039.III
706,000, 36,369,000 6,726,000
44,898,000 6,875,III
Rum.& Dan. 232,000
Argentina__ _ 4,081,000160,056,000 136,447,000 6,476,000116,042,000 115,612.000
Australia __ 1,008,111 72,074,000, 45,668,
1,088,000 14,880,000, 16,132,
India
135,000 15,707,000 4,751,000
1,840,000i
0th.Countr_
Total

16,479,000722,560,000'637,161.

7,380.000181.304,000214.901,000

The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, June 14, was as follows:
United StatesNew York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Buffalo
" afloat
Toledo
Detroit
Chicago
" afloat
Mllwaukee
Duluth
Minneapolis
Sioux City
St. Louis
Kansas City
St. Joseph, Mo
Peoria
Indianapolis
Omaha
On Lakes
On Canal and River

GRAIN
Wheat.
bush,
492,000
1,000
126,000
152,000

.
STOCKS.
Oats.
Corn.
bush,
bush.
200,000
34,000
4,000
44,000
107.000
164,000
81,000
120,000
131,000
141,000

216,000
369.000
3,186,000 2,097,000 1,232,000
443,000
621,000
115,000
785.000
700,000
164.000
130,000
60,000
30,000
9,984,000 4.788,000 1,222,000
98,000
140,000
163,000
125,000
240,000
2,980,000 1,097,000
95.000
9,357,000
573.000
105,000
193,000
138,000
114,000
801.000
403,000
75,000
355,000
6,246,000
45,000
634,000
138,000
1.000
15.000
14,000
136,000
207,000
50,000
1,975,000
355,000
192,000
350,000
285,000
311,000
6,000
68,000
51,000

Rye.
bush.
180,000

Barley.
bush.
36.000

122,000
172,000

3.000

25,000
42,000
1,721,000

95,000
2,000

8,000
-140,000
1,831,000

00
138.0

847,000
5,044,000
6,457,000
5,000
27,000
173,000
8,000

81,000
148,000
64,000
1,000
5,000
9,000
2,000

101,000

5,000

41,000

589,000
Total June 14 1924-38,788,000 11,150,000 5,630,000 16,944,000
587,000
Total June 7 1924_ _ _ _39,915,000 11,876,000 5,253.000 18,317,000
29,719,000 4,332.000 11,018,000 16,197,000 1,131,000
Total June 16 1923
-Bonded grain not included above: Oats, New York, 219,000 bushels,
Note.
Boston, 106,000; Baltimore, 4,000; Buffalo, 253,000; Buffalo, afloat, 53,000; on
Lakes, 398,000: total, 1,033,000 bushels, against 301,000 bushels In 1923. Barley,
afloat,
33,000;
New York, 105.000 bushels; Baltimore, 626,000 Buffalo, 39,000; Buffalo
bushels in 1923. Wheat, New
71,000; total. 248,000 bushels, against Philadelphia, 627,000;
Baltimore, 176,000
York, 926,000 bushels: Boston, 120.000:
on
Buffalo, 2,736,000: Buffalo afloat. 563,000; Duluth, 107,000: Toledo, 84,000;
Canal, 601,000; on Lakes, 346.000; total, 8,286.000 bushels, against 2,900,000
in 1923.
bushels
Canadian
482,000
87,000
30,000
943,000
2,271,000
Montreal
969,000
4,213,000 1,320,000
Ft. William & Pt. Arthur_14,109.000
262,000
2,570,000
2,125,000
Canadian
Other
87,000 7.726,000 1,350,000 1,713.000
Total June 14 1924_ _ _ _18,505,000
20.000 7,438,000 1,408.000 1,981,000
Total June 7 1924_ _ .20,445.000
568,000 4,339,000
512.000 4,053,000
Total June 16 1923...17,955,000
Summary
589,000
38,788.000 11,150,000 5,630,000 16,944,000
American
87,000 7,726.000 1,350,000 1,713,000
18,505,000
Canadian
57,293.000 11,237.000 13,356,000 18,294,000 2,302,000
Total June 14 1924
19,725,000 2,568,000
Total June 7 1924....80,360.000 11,896,000 12.691,000 16,765,000 5.470,000
_47.674,000 4,844,000 15,071,000
Total Tune 16 1923_ -

-Among other securities, the following,
Auction Sales.
auction
not actually dealt in at the Stock Exchange, were sold at
of
in New York, Boston and Philadelphia on Wednesday
this week:
By Messrs. Adrian H. Muller & Sons, New York: $ per sh
. Shares. Stocks.

$ per s
Shares. Stouts.
600 Gold Bros.Brick Co.,Big Stone lot
$110
City,S. D.,common
25 Southwestern Cities Elec., com.$28 lot
$2 lot
890 Victoria Oil Co., par $IO
6 Southern Power Co., common-- 754
$102 lot
300 Miller Fertilizer Co
37 10-20 United Cinema Co. of
$5 lot
New York, corn., no pas
88 Industrial Ownership CorP.,coln•
$26 lot
no par




$ per eh.
Shares. Stocks.
5 Mass. Lighting Cos., 6% pref.._ 82
50 Emerson Shoe Stores, com.,CLA 10
35 Laconia Car Co., 1st-prof----68-6934
18-194
35 Laconia Car Co., 26 prof
14
5 Laconia Car Co., coin
544
3 New England Co., corn
Rights.
9 Blackstone Valley Gas &Elec. Co. 54

By Messrs. R. L. Day & Co., Boston:
$ per sh.
$ per sh.I Shares. Stocks.
Shares. Stocks.
670
25 Nat. Shawmut Bank.186-1864,ex div !3 Boston Insurance Co
10 George E. Keith Co., pref _ _92 & div.
5 Commonwealth-Atlantle Nat.Bk_201
25
1964 100 Gardner Hotel Co., prof
12 National Union Bank
95
5 Bay State Hardware Co
1 Webster & Atlas National Bank_ A96
.
10 Central Wharf & Wet Dock Corp200
6 Pepperell Manufacturing Co_ _ _108
100
2 Hood Rubber Co., prof
& Lowell RR
2 Nashua
12034
09 ex-div.
604 15 First National Bank
3 Massawippi Valley RR
$ per right.
Rights.
108. D. Warren Co., prior pref.
Gas& Elec. Co. 54
12034 & div. 2 Blackstone Valley
5931 26 Lynn Gas dr Electric Co.___7 11-16
13 Summer Street Trust
$ per sh
Shares Stocks
20 Union Yransfer Co., par $25_ _ _ _ 26
65 Buff. & SW3Q. RR.Corp , pref._ 49
20 G. Wootford Wood Tank Mfg.
30
Co., corn
30 Peoples Nat, Fire Ins.Co.,par$25 28
20 Victory Insur. Co.. par $50
100
10 Market Street National Bank__ .29034
70 Farmers & Mechanics Nat.Bank
34
(in liquidation)
10 Community Trust Co., par $50. 65
73
25 Mutual Trust Co., par $50
73
15 Mutual Trust Co., par $50
10 West Phila. Title & Trust Co__ _21034
25 Girard Ave. Title & Trust Co.,
180
par $50
4 Bank of North Amer.& Trust Co _288Si
5 Dank of North Amer.& Trust Co_2874
5 Aldine Trust Co
249
5 Peoples Bank & Trust Co..par $50 8531
7-10 Penn. Co.for Ins. on Lives,&e _420
25 Peoples Nat.Fire Ins.Co.,par $25 28

$ per sh.
Shares. Stocks.
100
20 Reliance Ins Co., par $50
56 Camden Fire Ins. Assn.. par $5. 1134
244
4 Phila. Bourse, pref., par $25
2 Tacony-Palmyra Ferry Co., par
45
$50
384
3 Tacony-Palmyra Ferry Co
165
10 13th ,k 15th Sts. Pass, RY
10 Hare & Chase,Inc.(5 abs. coin.)
$1,100 lot
10 Hare & Chase, Inc.(5 abs. corn.)
$1,100 lot
10 Lehigh Valley Transit Co., pref.,
48
par $50
15 Amer.Pipe & Construction Co 37
$ per right.
Rights.
17 North Phila. Trust Co.,at $50_ _117
40 13-17 First National State Bank
8534
of Camden, N. J
Per cent.
Bonds.
$200 U.S. Treasury Notes, 434%.
1024
Series B, 1927

Corn.

Wheat.
1923-24.

By Messrs. Wise, Hobbs & Arnold, Boston:
$ per sh.
Shares. Stocks.
80 National Shawmut Bank...186, ex-div.
2 Lowell BleacherY
13034
141
5 Ludlow Mfg, Associates
2
67 Central Vermont Ky.Co
138
18 Lowell Electric Light Corp
1 Dennison Mfg. Co., 1st pref_136 dr div.
364
20 American Glue Co., corn
76
3 American Mfg. Co., prof

By Messrs. Barnes & Lofland, Philadelphia:

Corn.

Wheat.
Week
June 14
1924.

Bushels. Bushels.
Bushels.
Barrels. Barrels.
25,933
United Kingdom_ 142,673 4.588,284 2,492,623 91,567,660
26,000
191,570 8.702,056 3,691,211 137,369,167
Continent
4,000
431,000
3.000
337,175
So.& Cent. Amer_ 21,350
18,000
7.000
945,825
24.580
West Indies
_
Brit.No.Am.Cols.
7,500 • 2,255,708
839,728
Other Countries_ _ 51,581
Total 1924
Total 1923

[Vot.. 1 l S.

THE CHRONICLE

3050

1,378 Attalla Oil & Fertilizer Co.,
Attalla, Ala., no preference, Par
$5 lot
$10
10 Spanish-American Fruit Co., of
$40 lot
Plainfield. N. J., pref
5 Spanish-American Fruit Co. of
Plainfield, N.J., corn., no par_ _ _$5 lot
520 The United Equities Corp. of
$5 lot
Phila., corn

New York City Banks and Trust Companies.
All prices dollars per share.
Banks-N.Y. Bid Ask
America •____ 213 217
Amer Exch._ 300 310
Amer Union. 165
Bowery •__ _ 525
Broadway Cen 155 170
Bronx Bort''. 200
Bronx Nat__ 145
Bryant Park • 160
Butch & Drov 149 152
Cent Mercan. 165 170
390 345
Chase
Chat & Phen_ 255 260
Chelsea Etch* 150 160
Chemical ____ 547 557
Coal dr Iron_ 218 225
Colonial •____ 400
Commerce__ 315 319
Comm'i Nat._ 100
Com'nwealth• 240 260
Continental_ 180 190
Corn Exch.__ 445 455
Cosmop'tans- 118 128
East River-- 195 205
Fifth Avenue.1200 1325
240 250
Fifth
1520
First
280 2e5
Garfield
150 160
Gotham
Greenwich• 360 400
800
Hanover

Bid
Banks
Harriman__ - 360
Manhattan •_ 157
Medi & Met_ 365
Mutual•___ __ 390
Nat American 135
National City z360•
New Neth •__ 140
300
Pacific •
423
Park
Penn Etch _
108
Port Morris__ 178
370
Public
Seaboard ____ 400
Seventh Ave_ 85
1
Standar,
State... ___ 380
137
Trade*.
Tmdeszt t D'e• 200
23d Ward •___ 265
United States* 185
Wash'n Mao_ 200
orkvilie •___ 1100
Brooklyn
Coney Island*
First
, echanles' *Montauk•
Na8Still

People's

160
405
143
180
250
280

Ask
182
375
415
145
365
155
428
118

aii
410
95
370
147
280
195

1500
170
149

Trust Co.'s Bid
New York
American_ _Bank of N Y
& Trust Co 500
Bankers Trust 365
Central Union 547
260
Empire
Equitable Tr. 211
Farm L & Tr 640
FidelityInter 205
290
Fulton
Guaranty Tr- 238
Irving BankColumbia Tr 217
Law Tit & Tr 195
Metropolitan. 260
Mutual (West
chaster) . 122
N Y Trust__. 360
Title On dr Tr 390
US hltg & Tr 295
nited States 1375
estches Tr. 210
Brooklyn
Brooklyn Tr. 505
Kings County 1000
Manufacturer 285
415
People's

Ask

510
369
552
270
215

iio
243
220
205
128
365
395
305
395

420

•Banks marked with (P) are State banks. (s) Ex d vidend. (I) Now stock

New York City Realty and Surety Companies.
All prices dollars per share.
Alliance R'Ity
Amer Surety.
Bond & M G.
City Investing
Preferred __
Lawyers Mtge

Bid
108
98
292
85
98
158

Ask

iOi
296
102
162

Mtge Bond__
Nat Surety__
N Y Title &
Mortgage-U S Casualty.
US Title Guar

Bid
111
150

Ask
115
153

205
200
165

210
175

816
Realty Assoc
(Bklyn)com 145
lot pref..... 80
68
2d pref.Westchester
Title & Tr_ 228

Ask
155
85
78

-The following information regarding
National Banks.
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED.
Capital.
825,000
-The First National Bank of Cairo, N. Y
June 10
Correspondent: Ira T. Tolley, Caro, N. Y.
25,000
June 13
-The First National Bank of Warrenton, Ore
Correspondent: Dr. Dan, E. Standard, Warrenton, Oro.
-The Labor Co-Operative National Bank of Morgantown,
June 13
100,000
W. Va
Correspondent: Minter L. Wilson, Morgantown, W. Va.
APPLICATIONS TO ORGANIZE APPROVED.
50,000
-The Frankfort National Bank, Frankfort, N. Y
June 13
Correspondent: F. B. Watson, Frankfort, N. Y.
50.000
-First National Bank in Derry, Pa
June 13
Correspondent: B. W. Brown, Derry, Pa.
APPLICATION TO CONVERT APPROVED.
30,000
June 10
-The American National Bank of Sallisaw, Okla
Conversion of the Security State Bank of SaIllsaw.
CHARTERS ISSUED.
25,000
-The First National Bank of Hankins, N.
June 10
-12549
President, Philip F. Gottschalk: Cashier, Charles IP.
Hoffman,
-The Jamaica National Bank of New York, N. Y..200,000
June 14
-12550
President, J. Shelton Fosdick; Cashier, Gilbert 11.
Hendrickson.
VOLUNTARY LIQUIDATIONS.
300,000
-The First National Bank of Olcmulgee. Okla
-541
June 10
Effective May 22 1924. Liquidating agent, Paul T.
Stadt, Okmulgee, Okla.
Absorbed by the Central National Bank of Okmulgee,
Okla., No. 11001, which bank assumed liability for
circulation of the liquidating bank under sec. s223,
U.S. R. S.
June 10
-The Hanford National Bank, Hanford, Calif- --.100,000
-6873
Edw. C.
Effective May 3 1924. Liquidating agents, alif.
C
Aldwell, care Bank of Italy, San
Francisco'
by Bank of Italy, San Francisco, Calif.
Absorbed

JUNB 21 1924.]

THE CHRONICLE

3051
.&

-State National Bank of Mt. Pleasant, Texas.... 75,000
June 14
-6139
Effective May 12 1924. Liquidating agent, First
National Bank of Mr. Pleasant, Texas.
Absorbed by First National Bank of Mt. Pleasant, No.
4722. Liability for circulation will not be assumed
under Sec. 5223, U. S. R. S.

Name of Company.

Per
When
Cent, Payable.

Books Closed.
Days Inatome.

Miscellaneous (Continued).
American Surety (guar.)
$1.50 June 30 Holders of rec. June 2Ia
July 15 Holders of rec. July 14a
Associated Industrials, first pref. (guar.) 2
Austin, Nichols & Co., pref.(guar.)_ _ _ _ "144 Aug. 1 "Holders of rec. July 15
Balaban & Katz, common (monthly).-- *25e. Aug. 1 *Holders of rec. July 19
DIVIDENDS.
*25c. Sept. 1 *Holders of rec. Aug. 20
Common (monthly)
•25c. Oct. 1 *Holders of rec. sent.20
Common (monthly)
Dividends are grouped in two separate tables. In the
1
Preferred (guar.)
rec.
first we bring together all the dividends announced the cur- Baltimore Acceptance Corp., pref. (qu.) •14.i Oct. 1 *Holders of roe. sent.20
Holders of
131 July
June 256
114 July 1 Holders of rec. June 27
rent week. Then we follow with a second table, in which Barnet Leather, Inc., pref. (guar.)
*51.25 July 1 *Holders of rec. June 20
we show the dividends previously announced, but which have Beatrice Creamery, corn.(guar.)
Preferred (guar.)
*194 July 1 *Holders of rec. June 20
not yet been paid. The dividends announced this week are: Bon Aml Co., preferred (guar.)
134 July 1 Holders of rec. June 206
Boston Morris Plan Co.(guar.)
134 June 26 Holders of rec. June 206
2
July 1 Holders of rec. June 15a
Cadet Knitting Co., pref. (guar.)
Per I When
Books Closed.
144 July 16 Holders of rec. June 30
Canada Cement(guar.)
Name of Company.
Days Inclusive.
Cent. Payable.
Canadian Car & Fdry., pref.(guar.) _ _ _ *194 July 10 *Holders of rec. June 27
Preferred (account accumulations)--- "2/114 July 10 *Holders of rec. June 27
Railroads (Steam).
'134 Oct. 10 *Holders of rec. sent.26
Preferred (guar.)
Albany & Susquehanna
444 July 1 Holders of rec. June 14a
"al% Oct. 10 *Holders of rec. Sept.26
Preferred (acct. accum. divs.)
Allegheny dr Western
3
July 1 Holders of rec. June 210
July 4 Holders of rec. June 25
Canadian Cottons, Common (guar.)._ _ 2
Gulf Mobile & Northern, pref.(guar.)
•114 Aug. 15 'Holders of rec. Aug. I
Preferred (guar.) •
134 July 4 Holders of rec. June 25
Joliet & Chicago (guar.)
*144 July 1 *Holders of rec. June 20a
11i June 30 June 21 to July 4
Kansas City Southern, pref. (guar.)
1
July 15 Holders of rec. June 30a Canfield Oil, common (guar.)
144 June 30 June 21 to July 4
Preferred (guar.)
Northern Securities
4
July 10 June 28 to July 10
$1 July 10 July 1 to July 9
Old Colony (guar.)
131 July 1 Holders of rec. June 140 Central Steel, common (guar.)
2
July 1 June 21 to June 30
Preferred (guar.)
Philadelphia & Trenton (quar.)
244 July 10 July 1 to July 11
Pittsb. Ctn. Chic. & St. Louis (guar.)
2- July 19 Holders of rec. July 10a Chicago Junction Rya. et Union Stock
Yards, common ((uar.)
234 July 1 Holders of rec. June 14
United N. J. RR.& Canal Cos.(guar.)_
244 July 10 June 21 to June 30
144 July 1 Holders of rec. June 14
Preferred (guar.)
Cities Service
Public Utilities.
Common (monthly, pay.in cash scrip) g34 Aug. 1 Holders of rec. July 15
Brooklyn-Manhattan Transit, pf. A (qu) $1.50 July 15 Holders of rec. July 1
Common (pay.in corn,stock scrip)_ _ _ *134 Aug. I Holders of rec. July 15
Buffalo General Electric (guar.)
2
June 30 June 17 to June 30
44 Aug. 1 Holders of rec. July 15
Preferred & preferred B (monthly).-Cedar Rapids Mfg.& Power (guar.)_ _
% Aug. 15 Holders of rec. July 31
City Dairy (Toronto), common (guar.)_ 75c. July 2 Holders of rec. June 18
Citizens Pass. Ry., Phila. (guar.)
$3.50 July 1 June 21 to June 30
Preferred (guar.)
13-4 July 2 Holders of rec. June 18
Commonwealth Power Corp.. coin.(qu.) $1
Aug. 1 Holders of rec. July 16
July 1 Holders of rec. June 300
2
Commercial Solvents Corp.,1st pf.
.(qu.)_
Preferred (quan)
144 Aug. 1 Holders of rec. July 16
$1 July 1 Holders of rec. June 270
Class A (guar.)
Elmira Water L. ar RR. eons. (guar.)._
114 June 30 Holders of rec. June 13a
July 1 *Holders of rec. Dec. 20
*3
First preferred (guar.;
194 June 30 Holders of rec. June 13a Consolidated Mining & Smelting
July 2 *Holders of rec. July 15
'3c.
Second preferred (guar.)
144 June 30 Holders of rec. June 13a Consolidated Royalty Oil (guar.)
Creamery Package Mfg., corn.(quar.).. *50c. July 1 *Holders of rec. July 1
Greenfield Elec. Lt. & Pr., corn. (qu.)
$2
June 30 Holders of rec. June 14
July 10 *Holders of rec. July 1
Preferred (guar.)
Preferred (guar.)
37c. June 30 Holders of rec. June 14
I
July 31 Holders of rec. July 16
Crucible Steel,common (guar.)
Employees stock (guar.)
20c. June 30 Holders of rec. June 14
*1
•uly 15 *Holders of rec. July 3
Houston Gas & Fuel, corn. (guar.)
2
June 26 Holders of rec. June 120 Cudahy Packing,common (guar.)
*2
one 30 'Holders of rec. June 20
Common (extra)
1
June 26 Holders of rec. June 120 Dixon (Joseph) Crucible (guar.)
*50c. tug. 1 *Holders of rec. July 15
Preferred (guar.)
131 June 30 Holders of rec. June 120 Doehler Die Casting (guar.)
uly 31 Holders of rec. June 30
344
Eastern Theatres (Toronto), preference_
Jersey Cent. Pr. dr Lt., partic. pf.(qu.)_
144 July 1 Holders of rec. June 17
uly 1 June 21 to June 30
Edmunds & Jones Corp.,corn.(guar.)_ _ 50c.
Karninistigula Power (guar.)
2
Aug. 15 Holders of rec July 31
50c. •uly 1 June 21 to June 30
Common (extra)
Kentucky Securities, corn. (guar.)
1
July 1 Holders of rec. June 23a
114 July 1 June 21 to June 30
Preferred (guar.)
Preferred (guar.)
134 July 15 Holders of rec. June 230
$1.25 July 1 Holders of rec. June 206
Electric Controller & Mfg.,corn.(qu.)
Long Island Lighting, pref.(guar.)
144 July 1 Holders of rec. June 21
Preferred (guar.)
Michigan Gas & Elec., pref. (guar.) . _ *134 July 1 *Holders of rec. June 30
134 Ally 1 Holders of rec. June 206
1% July I Holders of rec. June 23
Elynla Iron & Steel, pref.(guar.)
Prior lien stock (guar.)
•11.1 July 1 *Holders of roe. June 30
*2% July 1
Fafnir Bearing, common (guar.)
Middle West Utilities, pref. (guar.). _ _ •144 July 15 *Holders of rec. June 30
*10
June 16 *Holders of rec. June 11
Common (extra)
Montreal Lt., Ht.& Pr. Consol.(quar.)
114 Aug. 15 Holders of rec. July 31
334 July 1 June 21 to June 30
Federal Food Stores, Inc., pref
Montreal Light, Heat & Power (guar.)_ 2
Aug. 15 Holders of rec. July 31
July 1 Holders of rec. June 256
Finance & Trading,common (quar.)_ _ _ _ $1
Northern Indiana Gas & El., p1. A.(411.) *134 July 14 *Holders of rec. June 30
134 July 1 Holders of rec. June 206
Preferred (guar.)
Northern Mexico Pr. & Develop., pref. s7
July 2 Holders of rec. June 21
394 July 1 Holders of rec. June 27
Firestone-Apsley Rubber, prof
Pacific Telep. & Teleg., pref. (guar.)_ _ _ *114 July 15 *Holders of rec. June 30
75c. July 1 Holders of rec. June 20
Foster(W.C.) Co.,corn.(guar.)
Peoples Gas Light & Coke (quar.)
*141' July 17 *Holders of rec. July 3
51.75 July 1 Holders of rec. June 20
Philadelphia Company, corn. (guar.)_ _ _ $1
Preferred (guar.)
July 31 Holders of rec. July 1
Foote Bros. Gear & Mach.,corn. (guar.) 20c. July I Holders of rec. June 20
philadelphia Rapid Transit (guar.)
75c. July 31 Holders of rec. July 15
20c. July I Holders of rec. June 20
Common (extra)
Philadelphia & Western Ry.,pref.(qu.)_ 6244c July 15 Holders of rec. June 30a
134 July 1 Holders of rec. June 20
Preferred (guar.)
Porto Rico Rys., Ltd., pref.(guar.)
194 July 2 Holders of rec. June 14
134 July 1 Holders of rec. June 14
Frontenac Breweries, pref. (guar.)
Providence Gas (guar.)
$1
July 1 Holders of rec. June 14
...General Fireproofing,common (gear.).. •30e. July 1 *Holders of rec. June 20
Public Serv. Elec. Pow., pref. (quar.)_
131 Aug. 1 Holders of rec. July 15
144 July 1 June 21 to June 30
Puget Sound Power & Light, corn.(qu.)
1
July 15 Holders of rec. June 206 General Tire & Rubber, pref.(guar.).
144 July I Holders of rec. June 20
Prior preference (guar.)
134 July 15 Holders of rec. June 20a Gould Mfg.,common (guar.)
114 July 1 Holders of rec. June 20
Preferred (guar.)
Preference (guar.)
134 July 15 Holders of rec. June 206
•114 July 1 *Holders of rec. June 20
Great Lakes Steamship (guar.)
Quebec Power, pref. (guar.)
114 July 15 Holders of rec. June 30
1
July 1 June 24 to June 311
Hamilton-Brown Shoe (monthly)
South Pittsburgh Water,common
134 July 19 Holders of rec. July 1
141 July 1 Holders of rec. June 28
Heath (D. C.) & Co., pref.(guar.)
Seven per cent preferred (guar.)
114 July 15 Holders of rec. July 1
Hibbard, Spencer, Bartlett Co.(mthly.) 350. July 25 Holders of rec. July 18
Five per cent preferred
234 Aug. 19 Holders of rec. Aug. 5
35e. Aug. 29 Holders of rec. Aug. 22
Monthly
Southern N. E. Telephone (guar.)
2
July 15 Holders of rec. June 30a
35e. Sept.26 Holders of rec. Sept.19
Monthly
Southern Utilities, 7% pref.(guar.).--- 194 July 1 Holders of rec. June 186
15c. Sept.26 Holders of rec. Sept.19
Extra
Southern Wisconsin Elec. Co.,corn.(qu.) 2
July 15 Holders of rec. June 30a
314 July 1 Holders of rec. June 26
Preferred (guar.)
131 July 15 Holders of rec. June 300 Holmes(D. H.) Co., Ltd.(guar.)
*2
July 1 *Holders of rec. June 24
Turners Falls Power dr Elec.,com.(qtr.)- $1.50 June 30 Holders of rec. June 166 Hoover Steel Ball (guar.)
July 1
Employee'sstock (guar.)
15c. June 30 Holders of rec. June 166 India Tire & Rubber, corn.(guar.)
Common (extra)
•50c. July 1
'Fri-City Ry. & Light, common
2
July 1 Holders of rec. June 20a
Johnston(R.F.)Paint Co.,7% p1.(go.) 144 July 1 Holders of rec. June 30
Preferred (quar.)
134 July 1 Holders of rec. June 200
July 1 Holders of rec. June 30
8% preferred (guar.)
2
Trinidad Electric Co.(guar.)
114 July 10 July 1 to July 10
*134 July 1 'Holders of rec. June 20
West Kootenay Pow.& Light, pref.(qu.) 134 July 2 Holders of rec. June 260 Jones Bros.Tea, preferred (guar.)
Aug. 1 Holders of rec. July 21
Western Power Corp., pref. (guar.)
134 July 15 Holders of rec. June 300 Kaufmann Dept. Stores, corn. (quar.)_ _ $1
Preferred (guar.)
114 July 1 Holders of rec. June 20
Worcester Gas Light, corn. (guar.)
50c. July 1 Holders of rec. June 24a
July 1 June 21 to July 1
Preferred (guar.)
July 1 Holders of rec. June 24a Kelley Island & Transport Co.(gear.)... 2
2
Keystone Finance Corp., cern.(guar.)_. 25e. July 1 Holders of rec. June 20
Preferred (guar.)
114 July 1 Holders of roe. June 20
Banks.
Kirshtcaum (A. B.) Co., Pref•(guar.).- American Exchange National (guar.) _
134 July 1 Holders of rec. June 206
4
July 1 Holders of rec. June 24
Laconia Car. 1st pref
Bryant Park
'53.50 July I 'Holders of rec. June 24
3
July 1 June 17 to June 30
East River National
Liberty Steel, pref. (guar.)
Holders of rec. June 20
"131 July
June 3 *Holders of rec. June 26
*6
Fifth National (guar.)
Long Island Safe Deposit
July 1 Holders of rec. June 25
4
234 July 1 June 24 to June 30
First National (Brooklyn)(guar.)
Lord & Taylor,2d pref.(guar.)
Aug. 1 Holders of rec. July 100
2
*3
July 1 *Holders of rec. June 30
Garfield National (guar.)
MacAndrews & Forbes, cont. (quar.).
3
June 30 Holders of rec. June 24
234 July 1! Holders of rec. June 30a
Greenwich (guar.)
Preferred (guar.)
Holders of rec. June 30a
3
July 1 Holders of rec. June 200
134 July l
Hanover National (guar.)
Mallinson(Hit.)& Co.,Inc., pref (qu.
Holders of rec. June 22
.
*
6
Fuly 1 *Holders of rec. June 21
134 July
mechanics (Brooklyn) (guar.)
Holders of rec. June 30
3
July 1 Holders of rec. June 196 Manning, Maxwell & Moore (guar.)--- '13.4 July
Mechanics & Metals National (guar.)_ _ *5
Maple Leaf Milling, pref. (guar.)
Holders of rec. July 3
*141 July 1
July 1 *Holders of rec. June 21
Mutual (guar.)
Marlin-Rockwell Corp., pref. (guar.).- - 134 July 1 Holders of rec. June 25a
3
July 1 Holders of rec. June 23
Park National (guar.)
Metropolitan Filling Stations,corn.
July 1 Holders of rec. June 16
6
July 1 Holders of rec. June 23
(MO 2
State (quar.)
Common,Class A (guar.)
July 1 Holders of rec. June 16
2
4
July 1 Holders of rec. June 20a
Washington Heights, Bank of (quar.)
Preferred (guar.)
July 1 Holders of rec. June 16
2
134 July 1 Holders of rec. June 306
Yorkville (guar.)
Midwest Oil, corn. & pref. (guar.)
July 15 *Holders of rec. June 30
*8
744 June 30 Holders of rec. June 216
•134 July 1 *Holders of rec. June 19
onomac Spinning (guar.)
Trust Companies.
Murray Mfg., Prof. (guar.)
July 1 June 21 to June 30
2
Brooklyn (guar.)
July 1 Holders of rec. June 20
6
July I Holders of rec. June 260 Murray-Ohio Mfg.,pref.(guar.)
2
Extra
3
July 1 Holders of rec. June 266 Nashua Mfg., pref.(guar.)
141 July 1 Holders of rec. June 21
Central Union (guar.)
6
July 1 Holders of rec. June 236 Nat. Auto. Fire Alarm of Cm.(guar.). *294 July 1 *Holders of rec. June 30
Corporation (guar.)
234 June 30 Holders of rec. June 306 Nautnkeag Steam Cotton Co.(guar.).- - 3
July I Holders of rec. June 206
Empire (guar.)
Newton Steel, common (guar.)
3
June 28 Holders of rec. June 21
*60c. June 30 *Holders of rec. June 20
Extra
Preferred (guar.)
2
June 28 Holders of rec. June 21
'194 June 30 "Holders of rec. June 20
Fidelity-International (guar.)
New York Air Brake, corn. (guar.)
234 June 30 June 21 to June 30
Aug. 1 Holders of rec. July 9
51
Fulton
Class A (guar.)
5 • July 1 Holders of rec. June 23a
Oct. 1 Holders of rec. Sept. 9
$1
Irving Bank-Columbia (guar.)
3
New York Title & Mortgage (guar.).- - - 3
July 1 Holders of rec. June 20
July I Holders of rec. June 21a
Metropolitan (guar.)
Nlpissing Mines(guar.)
4
June 30 Holders of rec. June 20
*15c. July 21 *Holders of rec. June 30
New York (guar.)
5
June 30 Holders of rec. June 21a North Star Mines, pref
134 July 1 Holders of rec. June 16
Peoples (Brooklyn)(guar.)
5
Ohio Brass, common (guar.)
June 30 Holders of rec. June 28
July 15 Holders of rec. June 30a
$1
Title Guarantee & Trust (guar.)
3
Common (extra)
June 30 Holders of rec. June 2I6
July 15 Holders of rec. June 30a
51
Extra
4
June 30 Holders of rec. June 210
Preferred (guar.)
134 July 15 Holders of rec. June 306
Westchester Title & Trust
5
July 7 Holders of rec. June 300 Ohio Fuel Supply (guar.)
"244 July 15 Holders of rec. June 30a
Ohio Leather, 1st pref.((Mr.)
July 1 *Holders of rec. June 30
"2
Fire Insurance.
JAuunge30
1
Open Stair Dwellings (guar.)
Continental
$3
July 10 Holders of rec. June 30
*Holders of rec. July 19
Orpheum Circuit,common(monthly)--- *121%44c
Fidelity-Phenix Fire
$3
July 10 Holders of rec. June 30
Common (monthly)
*1244c Sept. 1 *Holders of rec. Aug. 20
Otis Elevator, common (guar.)
July 15 Holders of rec. June 30a
$1
Miscellaneous.
Preferred (guar.)
13-1 July 15 Holders of rec. June 30a
2
July 1 June 12 to June 30
Acme Road Machinery, pref. (guar.)
Overman Cushion Tire, corn.(guar.)- - _
134 July 20 Holders of rec. June 20a
50e. June 16 Holders of rec. June 9
Acme Wire
Preferred
334 July 10 Holders of rec. June 30a
3
July 1 Holders of rec. June 186
Aetna Mills, preferred
2d preferred
33-4 July 10 Holders of rec. June 30a
134 July 15 Holders of rec. June 300
Amer.Art Works,corn.& pref.(quar.)
"X" preferred (guar.)
134 July 20 Holders of rec. June 30a
$1
Aug. 1 July 12 to Aug. 1
American Coal(guar.)
Park City Mining & Smelting (guar.)- - _ 15c. July 1 Holders of rec. June 14
2
June 30 Holders of rec. June 16a Peerless Truck & motor(guar.)
American Lace Mfg.(guar.)
50c. June 30 Holders of rec. June 25
Amer. Laundry Machinery, corn. (go.). 50c. Sept. 1 Aug. 23 to Sept. 1
Penick & Ford, Ltd., pref. (guar.)
194 June 30 Holders of rec. June 20
194 July 15 July 6 to July 15
Preferred (guar.)
Philadelphia Insulated Wire
Aug. I *Holders of rec. July 15
•$2
American Manufacturing, corn. (guar.). 144 July 1 June 16 to June 30
Pick (Albert) & Co., preferred (guar.). *134 July 1 *Holders of rec. June 23
Preferred (guar.)
134 July 1 June 16 to June 30
Pittsburgh Malleable Iron (QUM')
•144 June 21 *Holders of rec. June 19
2
July 1 June 21 to July 1
American Piano, corn. (quar.)
Plymouth Cordage (guar.)
"144 July 1•9 *Holders of rec. July 1
July 1 June 21 to July 1
Preferred (guar.)
July 31 *Holders of rec. June 30
Prairie Oil & Gas(guar.)
*
2
$1
July 2 Holders of rec. Jane 16
American Sales Book (guar.)
Prairie Pipe Line (guar.)
July 31 *Holders of rec. June 30
*2
Aug. la July 16 to Aug. 15
*144 July 1 'Holders of rec. June 21
American Screw (guar.)
Procter dr Gamble, corn. (guar.)
5
144 Aug. 1 Holders of rec. July Ila
Aug. 15 July 16 to Aug. 15
Amer. Smelt. & Refg., corn. (guar.)_
Common (payable in common stock)_ _ f4
134 Sept. 1 Holders of rec. Aug. 86 Procter & Gamble, pref. (guar.)
July 15 Holders of rec. June 206
Preferred (guar.)
2




194

Name of Company.

When
Per
Cent. Payable

Books Closed.
Days Inclusive.

Miscellaneous (Concluded).
*$1.25 Aug. 15 *Holders of rec. July 31
Punta Alegre Sugar (guar.)
Putnam (Robt.) Candy, corn. (guar.)_ - 3734c. July 1 Holders of rec. June 20
7% preferred (guar.)
134 July 1 Holders of rec. June 20
$1.50 July 1 Holders of rec. June 24
Richman Bros. (quar.)
July 15 *Holders of rec. June 30
*2
Rickenbacker Motor(guar.)
Schwartz (Bernard) Cigar Corp., corn- - 250. July I June 21 to July 1
July 1 June 21 to July 1
2
Preferred (guar.)
1% July 15 Holders of rec. July 2a
Scott & Williams,Inc.,com.(quar.)_ _
1% July 1 Holders of rec. June 200
Preferred (guar.)
*15c. July 1 *Holders of rec. June 20
Silver King Coalition Mines (guar.)_ _
50c. July 1 Holders of rec. June 20
Sparks-WithIngton Co.,com.(quar.)
50c. July 1 Holders of rec. June 20
Common (extra)
*131 July 1 *Holders of rec. June 20
Preferred (guar.)
June 30 Holders of rec. June 27a
3
Standard Safe Deposit Co. (guar.)
$1.50 July 1 June 19 to July 1
Stanley Co. of America, com.(guar.)Stearns(F. R.) Co., common (quar.).. *50c. July 20 *Holders of rec. June 30
1% July 1 June 25 to June 30
Stedman Products, pref. (guar.)
*82.50 July 15 *Holders of rec. July 1
Stetson(John B.) Co.,common
July 15 *Holders of rec. July 1
*4
Preferred
July 15 July 1 to July 14
$1
Sullivan Machinery (guar.)
75e. Aug. 1 Holders of rec. July 15
Superior Steel, common (guar.)
June 30 Holders of rec. June 23
2
Textile Banking (guar.)
*10c. June 28 *Holders of rec. June 21
Tintic Standard Mining (guar.)
*15c. June 28 *Holders of rec. June 21
Extra
82Ac. July 1 Holders of rec. June 19a
Torrington Co., corn.(guar.)
*35c. July 1 *Holders of rec. June 20
Trumbull Steel,common (guar.)
July 1 *Holders of rec. June 20
Preferred (guar.)
4.1% June 30 *Holders of rec. June 23a
Union Twist Drill, pref. (guar.)
United Verde Extension Mining (quar.)_ 500. Aug. 1 Holders of rec. July 3a
750. July 15 Holders of rec. June 30
United States Can,com.(guar.)
134 July 15 Holders of rec. June 30
Preferred (guar.)
4
.1% July 15 *Holders of rec. June 30
U.S. Industrial Alcohol(guar.)
Sept.15 *Holders of rec. Sept. 5
U.S.Realty dv'mut.,common (guar.)_ _ *2
.01% Nov. 1 *Holders of rec. Sept. 5
Preferred (guar.)
154 July 1 Holders of rec. June 210
Van Dorn Iron Works. pref. (guar.)
151 July 1 Holders of rec. June 25a
Weill & Bond,Inc., pref. (guar.)
Washburn Wire, common (guar.)
13.4 June 30 Holders of rec. June 200
131 June 30 Holders of rec. June 20a
Preferred (guar.)
$1.50 July 31 Holders of rec. June 300
Westinghouse Air Brake (guar.)
Westinghouse Elec. dr Mfg., corn.(qu.)_ 'Si July 31 *Holders of rec. June 30
*$1 July 15 *Holders of rec. June 30
Preferred (guar.)
July 1 June 27 to July I
$1
Westmoreland Coal (guar.)
July 1 June 13 to July 1
Wheeling Steel Corp., pref. A (quar.)_ _ 2
2% July 1 June 13 to July 1
Preferred B (guar.)
White Rock Mineral Spring,com.(qu.)_ 25c. July 1 Holders of rec. June 23a
1% July 1 Holders of rec. June 23a
Preferred (guar.)
1% July 31 Holders of rec. July 25a
2d preferred (guar.)
Whitman(Wm.) Co., pref.(guar.)
*1% July 1 *Holders of rec. June 19
1% July 1 June 21 to June 30
Wilson Body, preferred (guar.)
300. July 15 Holders of rec. July 1
Woodley Petroleum (guar.)
Extra
20c. Aug. 15 Holders of rec. Aug. 1
Wrigley (Wm.) Jr. dc Co.
*25c. Aug. 1 *Holders of rec. July 19
Monthly
*25c. Sept. 2 *Holders of rec. Aug. 20
Monthly
*25e. Oct. 1 *Holders of rec. Sept.20
Monthly
*250. Nov. 1 *Holders of rec. Oct. 20
Monthly
234 July 1 Holders of rec. June 20a
Young (J. S.) Co., corn. (queer.)
1% July 1 Holders of rec. June 200
Preferred (guar.)

Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, hese being given in the preceding table:
'
Name of Company.

Per
When
Cent. Payable.

Books Closed.
Days Inclusive.

Railroads (Steam).
33.4 June 28 Holders of rec. May 24
Alabama Great Southern, ordinary
A June 28 Holders of rec. May 24
Ordinary (extra)
334 Aug. 18 Holders of rec. July 12
Preferred
A June 28 Holders of rec. May 24
Preferred (extra)
234 Aug. 1 Holders of rec. June 27
Atoll. Topeka dr Santa Fe, pref
Atlanta & West Point
3,3.4 June 30 June 21 to June 80
33.4 July 10 Holders of rec. June 186
Atlantic Coast Line. common
I
July 10 Holders of rec. June 186
Common (extra)
Bangor & Aroostook, preferred (quar.)-- 131 July 1 Holders of rec. June 140
50c. July 1 Holders of rec. June 16a
Beech Creek (guar.)
234 June 30 Holders of rec. May 310
Boston & Albany (guar.)
234 July 1 Holders of rec. June 20
Boston & Providence (guar.)
134 June 30 Holders of rec. June 14a
Buffalo dr Susquehanna, com. (quar.)
2
June 30 Holders of rec. June 140
Preferred
134 Aug. 1 Holders of rec. June 270
Canada Southern
234 June 30 Holders of rec. June 20
Canadian Pacific, common (guar.)
2
July 1 Holders of rec. June 30
Chesapeake & Ohio,common
354 July 1 Holders of rec. June 30
Preferred
5
June 25 Holders of rec. June 19
Chicago Burlington dr Quincy
July 15 Holders of rec. June 190
Chicago & North Western, common__ _ _ 2
334 July 15 Holders of rec. June 19a
Preferred
2
July 10 Holders of rec. June 280
Chicago Indianan. & Louisv., corn
2
July 10 Holders of rec. June 28a
Preferred
June 30 Holders of rec. June 80
Chic, Rock Island dr Pacific, 8% pref.-- 3
33.4 June 30 Holders of rec. June 80
Seven per cent preferred
June 28 Holders of rec. June 170
Texas Pac., com.... 3
One. New Orleans dr
334 June 28 Holders of rec. June 170
Common (extra)
134 Sept. 2 Holders of rec. Aug. 160
Preferred (quar.)
3
Aug. 1 Holders of rec. June 27a
Cincinnati Northern
Cleve. On.Chic. & St.Louis,com.(411.) 13d July 19 Holders of rec. June 27a
134 July 19 Holders of rec. June 270
Preferred
2
June 30 June 20 to June 30
Colorado & Southern,first preferred
3
July 15 Holders of rec. July 8a
Detroit River Tunnel
134 July 2 Holders of rec. June 250
El Paso Southwestern Co.(quar.)
234 July 1 5 July 2 to July 14
Georgia RR.& Banking (guar.)
234 Aug. 1 Holders of roe. June 260
Great Northern
2
June 30 Holders of rec. June 30
Hocking Valley
2
July 1 June 12 to July 4
lines
Illinois Central,leased
Internat. Rys. of Cent. Am., pref.(qu.)- 134 Aug. 15 Holders of rec. July 3Ia
1
July 1 Holders of rec. June 9
RR.of N.J. (quar.)
Lackawanna
8714e July 1 Holders of rec. June 14a
Lehigh Valley, com.(guar.)
$1.25 July 1 Holders of rec. June 140
Preferred ((Juan)
$1 July 15 June 21 to July 15
Little Schuylkill Nay. RR.& Coal
3
Aug. 11 Holders of rec. July 156
Louisville & Nashville
810 Aug. 1 Holders of rec. July 150
RR.,common
Mahoning Coal
$1.25 July 1 Holders of rec. June 23a
Preferred (guar.)
1
July 1 Hoidens of rec. June 200
Manhattan Ky.(guar.)
Extra (account accumulated dive.)--- 5150. July 1 Holders of rec. June 200
10
July 29 Holders of rec. June 27a
Michigan Central
2
July 1 June 3 to June 300
Mobile & Birmingham, pref
3.34 June 30 Holders of rec. June 20a
Mobile & Ohio
33.4 July 1 Holders of rec. June 70
& Essex
Morris
6
June 28 Holders of rec. June 19
New Orleans & Northeastern
131 Aug. 1 Holders of rec. June 270
New York Central RR.(guar.)
Louis,com.(War.),, 134 July 1 Holders of rec. May 15a
N.Y.Chicago dr St.
131 July 1 Holders of rec. May 150
Preferred. Series A (guar.)
82.50 July 1 Holders of rec. June 160
New York & Harlem,corn. & Prof
134 July 1 Holders of rec. June 14a
N. Y. Lackawanna & Western (quar.)
July 15 Holders of rec. June 30a
$2
Northern Central
134 Aug. 1 Holders of rec. Juno 30a
Northern Pacific (guar.)
4
July 10 June 28 to July 10
Northern Securities
July 1 Holders of rec. June 14
(guar.).-- 2
Norwich dr Worcester,
July 1 Holders of rec. June 180
1
pref..
Pere Marquette, corn. (quar.)
131 Aug. 1 Holders of rec. July 15a
Prior preferred (guar.)
134 Aug. 1 Holders of rec. July 150
Five per cent pref. (guar.)
Pitts. Ft. Wayne & Chic., horn. (guar.)- 134 July 1 Holders of rec. June 100
134 July 8 Holders of rec. June 100
Preferred (guar.)
$9.50 Aug. 1 Holders of rec. July 156
Pittsburgh & Lake Erie
$1.50 July 1 Holders of rec. June 160
Pittsb. McKeesp.& YoughloughenY-Pittsburgh & West vironta, pref.(guar.) 134 Aug. 30 Holders of roe. Aug. la
134 Nev.29 Holders of rec. Nov. la
Preferred (guar.)
Holders of rec. Feb.2'25a
134
(to)
Preferred (guar.)




[Vol.. 118.

THE CHRONICLE

3052

Name of Company.

Per
When
Cent. Payable.

Railroads (Steam) (Concluded).
234
Providence & Worcester (guar.)
Reading Company, common (quar.)_ _
$1
First preferred (guar.)
50c.
50c.
Second pref.(guar.)
4
Rensselaer & Saratoga
1)4
St. Louis Southwestern, pref. (quar.)_ _
1)4
Southern Pacific (guar.)
1)4
Southern Railway, common (quar.)
Preferred (guar.)
Sussex RR
Union Pacific. common (gnar.)
234
Valley RR.(N. Y.)
234
Western Pacific RR.Corp., pref.(guar.) 1)4
Western fly, of Alabama
3)4

June 30
Aug. 14
Sep.d11
July 10
July 1
June 30
July 1
Aug. 1
July 15
July 1
July 1
July 1
July 2
June 30

Books Closed,
Days Inclusive.
Holders of rec. June 11
Holders of rec. July 210
Holders of rec. Aug. 25a
Holders of rec. June 230
June 15 to June 30
Holders of rms. June 146
Holders of rec. May 316
Holders of rec. July 100
Holders of rec. June 25a
Holders of rec. June 21
Holders of rec. June 20
Holders of rec. June 21
Holders of rec June 230
Juno 21 to June 30

Public Utilities.
Alabama Power, preferred (guar.)
131 July 1 Holders of rec. June 20
All-America Cables (guar.)
135 July 14 Holders of roe. June 300
American & Foreign Power, pref.(guar.) $1.75 July 1 Holders of rec. June 180
(guar.)
American Gas,common
• A July 15 Holders of rec. June 30a
American Gas& Electric,common (qu.)_ 25c. July 1 Holders of rec. June 17
Common(payable in common stock)_ _ (I) July 1 Holders of rec. June 17
Preferred (guar.)
75e. Aug. 1 Holders of rec. July 10
American Power & Light, pref.(guar.)_ _
134 July 1 Holders of rec. June 16
Amer. Public Service, pref.(guar.)
13.4 July 1 Holders of rec. Juned14
American Public Utilities, prior pt.(qu.) 134 July 1 Holders of rec. June 20
Participating preferred (guar.)
134 July 1 Holders of rec. June 20
Six per cent preferred (guar.)
134 July 1 Holders of rec. June 20
Amer. Telephone & Telegraph (quar.)
234 July 15 Holders of rec. June 200
Quarterly
234 Oct. 15 Holders of rec. Sept.206
Quarterly
231 n15'25 Holders of rec. Dec. 20a
Quarterly
234 Ap15'25 Holders of rec.Mar.17'25a
Arkansas Natural Gas (quar.)
8e. July 1 Holders of rec. June 146
Asheville Power & Light, pref. (quar.)
13.4 July 1 Holders of rec. June 160
Associated Gas & Elec., pref. (quar.) 8734c. July 1 Holders of rec. June 14a
Preferred (extra)
250. July 1 Holders of rec. June 14a
Bangor Ry.& Electric, pref. (quar.)_
134 July 1 Holders of rec. June110
Bell Telephone of Canada (gnan)
2
July 15 Holders of rec. June_230
Bell Telephone of Pa., pref. (quar.)__
134 July 15 Holders of rec. June 20
Boston Elevated Ry., corn.(guar.)
134 July 1 Holders of rec. June 18a
Seven per cent preferred
334 July 1 Holders of rec. June 180
First preferred
4
July 1 Holders of rec. June 18a
Brazilian Tree., Light & Pr., pref.(qu.). 134 July 1 Holders of rec. June 14
Brooklyn Union Gas(guar.)
81 July 1 Holders of rec. June 130
Capital Trac., Washington, D.C.(guar.) 134 July 1 Holders of rec. June 14
Carolina Power & Light, common (qu.). 134 Aug. 1 Holders of rec. July 16
Preferred (guar.)
134 July 1 Holders of rec. June 18
Central Illinois Public Service, pt.(qu.)_ $1.50 July 15 Holders of rec. June 300
Central States Elec. Corp., pref. (qu.)_
131 July 1 Holders of rec. June 10
Chic. North Shore & Milw., pref.(qu.)_
134 July 1 Holders of rec. June lea
131 July 1 Holders of rec. June 18a
Prior lien stock (guar.)
Chicago Rap. Tran., prior pref.(No. 1)- *65c. July 1 *Holders of rec. June 17
134 July 1 June 15 to June 22
Cincinnati Gas & Electric (guar.)
July 1 *Holders of rec. June 14
Cin. Suburban Bell Telephone (guar.)-- *2
2
July 1 Holders of rec. June 15
City Gas of Norfolk. prof.(guar.)
2
Preferred (guar.)
Oct. 1 Holders of tee. Sept.15
2
an2'25 Holders of reo. Dee. 15
Preferred (guar.)
Cleveland Railway (quar.)
134 July 1 Holders of rec. June 120
Columbus(Ga.) Elec.& Pr.,corn.(qu.)_ 234 July 1 Holders of rec. June 140
First preferred (guar.)
134 July 1 Holders of rec. June 140
Second preferred (guar.)
131 July 1 Holders of rec. June 140
Commonwealth-Edison Co.(quar.)
*2
Aug. 1 *Holders of rec. July 15
Cone.Gas,ELL.&Pow.,Balt.,com.
(qu.) 2
July 1 Holders of roe. June 146
Preferred, Series A (guar.)
2
July 1 Holders of rec. June 14a
Preferred, Series B (guar.)
154 July 1 Holders of rec. June 14a
Preferred, Series C (guar.)
134 July 1 Holders of rec. June 146
ConsumersELM &Pr..Newori..rd.(qu.) 134 June 30 June 10 to June 30
Consumers Gas,Toronto (guar.)
$1.25 July 2 Holders of rec. June 14
Consumers Power,8% pre/. (guar.).,..
134 July 1 Holders of rec. June 15
Seven per cent preferred (guar.)
13.4 July 1 Holders of rec. June 15
iContinental Gas& El.Corp.,com.(gu ) 75e. July 1 Holders of rec. Juned14a
Common (payable in common stock) /750. July 1 Holders of reo. June 146
Participating preferred (guar.)
134 July 1 Holders of rec. June 140
Participating preferred (extra)
14 July 1 Holders of rec. June 140
Panic. pref.(payable in corn. stock)
134 July 1 Holders of rec. June 14a
Preferred (guar.)
134 July 1 Holders of tee. June 140
Prior preferred Marl
114 July 1 Holders of rec. June 140
Continental Passenger Ry., Philo
383 June 30 Holders of rec. May 1411
Dayton Power & Light, corn. (guar )-_- 1
July 1 Holders of rec. June 200
Preferred (guar.)
134 July 1 Holders of rec. June 20a
Detroit Edison(quar.)
2
July 15 Holders of rec. June 20a
Dominion Power & Transm., pref.(guar.) 134 July 15 June 23 to June 30
1
July 1 Holders of rec. June 16a
Duluth-Superior Traction. pref.(guar.)_
Electric Light 4c Power of Abington &
2
July 1 Holders of rec. June 160
Rockland, Mass.(quar.)
Equitable Ill. Gas L. of Phila., pref.
3
July 1 Holders of rec. June 30
50c. July 1 Holders of rec. June 14a
Erie Lighting, pref.(guar.)
July 1 Holders of rec. June 14a
Federal Light dr Traction. common (qu.) $1
Common (payable in 8% pref. stock). m75e. July 1 Holders of rec. Juno 140
Frank.& Southw.Pass. Ky.,Phila.(qu.) $4.50 July 1 June 2 to July 1
July 1 Holders of rec. June 14
General Gas & Elec., pref., cl. A (qu.)
$2
81.75 July 1 Holders of rec. June 14
Preferred class 13 (guar.)
Germantown Passenger Ky.(quar.)---- $1.31 Ally 3 June 13 to July 2
134 July 1 Holders of rec. June 30a
Gold de Stock Telegraph (guar.)
1.1234 July 1 Holders of rec. June 14a
Haverhill Gas Light (gear.)
2
Illinois Bell Telephone (guar.)
June 30 Holders of rec. June 280
Illinois Power de Light,7% pref.(guar.). 134 July 1 Holders of rec. June 15
114 July 1 Holders of rec. June 15
6% Partic. Preferred (guar.)
Illinois Traction, common (guar.)
50o. July 1 Holders of rec. June 20
134 July 1 Holders of rec. June 20
Preferred (guar.)
134 July 15 Holders of rec. June 270
Internat. Telen. & Teleli• (guar.)
Kansas City Power & Light, 1st pt.(qu.) $1.75 July 1 Holders of roc. June 140
Kansas Electric Power, common
131 July 31 Holders of rec. July 20
Preferred (guar.)
134 July 1 Holders of rec. June 20
Kansas Gas de Electric, pref. (guar.)._
134 July 1 Holders of rec. June 17
Kentucky Hydro-Elec., pref. (guar.)_
131 Juned21 Holders of rec. May 316
Mackay Companies, common (quar.)..... 134 July 1 Holders of rec. June 70
1
Preferred (guar.)
July 1 Holders of rec. June 70
Manila Electric Corp. (guar.)
2
July 1 Holders of rec. June 18a
Manufacturers Lt.& Heat.Pitts.(gu.)-- 2
July 15 Holders of rec. June 300
Massachusetts Ltg, Cos.,8% pref. (cm.) lA July 15 Holders of rec. June 25
Eight per cent pre/erred (gnar.)
2
July 16 Holders of rec. June 25
Metropolitan Edison, preferred (guar.)_ $1.75 July 1 Holders of rec. June 200
Mississippi River Power, pref. (quar.)_ _
13.4 July 1 Holders of rec. June 130
Missouri Power & Light,6% pf. (qu.)
114 July 1 Holders of rec. Juno 200
131 July 1 Holders of rec. June 200
7% Preferred (mean)
Mohawk Valley Co.(guar.)
2
July 1 Holders of rec. June 200
Monongahela W.Penn P.S.7% pf.(qu.) 4331e. July 1 Holliers of rec. June 18a
Six per cent pref. (guar.)
3734e. July 1 Holders of rec. June 180
Montana Power,common (guar.)
1
July 1 Holders of rec. June 120
Preferred (guar.)
134 July 1 Holders of rec. June 120
Narragansett Electric Ltg. (guar.)
Si
July 1 Holders of rec. June 140
National Power & Light, pref. (guar.)._ 81.75 July 1 Holders of tee. June 16
New England Telep.& Teleg.(quar.)_ _ 2
June 30 Holders of roe. June 100
Newport News dr Hampton fly. Gas dr
Electric, pref. (guar.)
134 July 1 Holders of rec. June 140
New York State Rys., preferred (gnat.).. 134 July 1 'Holders of rec. June 200
New York Telephone, preferred (guar.)_ I% July 15 Holders of rec. June 200
Niagara Falls Power, preferred
433113. July 15 Holders of rec. June 30a
Niagara Lockpt.& Ont.Pow.,corn.((lm) 50e. July 1 Holders of rec. June 14a
Preferred (guar.)
134 July 1 Holders of rec. June 14a
North Amer. Lt. Is Pow. 7% pref. (qu.) 134 July 1 Holders of rec. June 20
Northern Ohio Tr.& Light6% pf.(qu.)_
.
135 July 1 Holders of rec. June 140
Northwest Utilities, pr. lien pref. (au.) $1.75 July 1 Holders of rec. June 14a
Northwestern Telegraph
81.50 July 1 June'17 to July 1
Ohio Bell Telephone, pref. (guar.)
134 July 1 Holders of rec. June 20a
Oklaltoma Natural Gas (guar.)
50c. July 19 Holders of rec. June 28a
Ottawa Light, Heat dr Power (guar.)--- 134 June 30 Holders of rec. June 20
Ottawa Traction (guar.)
1
July 2 Holders of rec. June 18a
Pacific Gas & Electric .com • (guar.)-- -- 2
July 15 Holders of rec. June 30a
Panama Power at Light. pref. Mari
134 July 1 Holders of rec. June 14

JUNE 21 1924.]
Name of Company.

THE
Per 1 When
Cent. Payable.

Books Closed.
Days Inclusive.

Name of Company.

Public Utilities (Concluded).
July 1
Penn Central Light & Pow.,Prof.(guar.) $1
10e. July 1
Preferred (extra)
Pennsylvania Edison Co.,pref.(quar.)_ _ 32
July 1
Pennsylvania Power & Light, pref. (qu.) 51.75 July 1
Pennsylvania Water & Power (Guar.)._ _ 2
July 1
Philadelphia City Pass. Ry
53.75 July 10
Portland Electric Power 6% lot pf.(qu.) 114 July 1
Prior preference (guar.)
114 July 1
Public Service Corp. of N.J., corn.(qu.) 51
June 30
Eight per cent preferred (quar.)
June 30
2
Seven per cent preferred (guar.)
1 g June 30
Reading Traction
75c. July 1
Ridge Ave. Pass Ry.,Phila.(quar.)_ _ _
33 July 1
Savannah Elec.& Pow.,deb. 1st pf.(qu.) 2
July 1
Second & Third Sts.Pass.Ry.,Phila.(qu.) $3
July 1
Shawinigan Water dx Power (guar.)
134 July 10
Southern Canada Power, prof. (quar.)-- 134 July 15
Springfield (Mo.)Ry.& Light, pf.(qu.). 114 July 1
Standard Gas & Electric, corn. (guar.)._ 75e. July 25
7% prior preferred (Quar.)
114 July 25
Tennessee Elec. Power 7% lot p1. (qu.)_
131 July 1
Six per cent let pref. (quar.)
114 July 1
Second preferred (No. 1)
$1.50 Aug. 1
Toledo-Edison Co., prior pref.(ouar.)_ _ 2
July 1
Twin City Rap.Tran., Minneap.,com_ _ 2
July 1
Preferred (quar.)
114 July 1
Union Passenger Ry., Philadelphia
/34.7g July 1
Union Traction (Philadelphia)
51.50 July 1
United Gas & Elec. Corp.,Prof.(guar.).
July 1
United Gas Improvement, corn.(guar.)_ 8714o July 15
(quar.)
Preferred
8714c Sept.15
United Light &POW.,com. A & B (qu.) 40e. Aug. 1
Class A prefetred (quar.)
$1.62 July 1
Class B preferred (quar.)
51
July 1
Utah Gas & Coke,first preferred (quar.) 131 July 1
Participating preferred (quar.)
114 July I
Utah Power & Light, preferred (quar.)
194 July 1
Virginia Ry.& Power. pref. (quar.) _
134 July 21
Western Union Telegraph (quar.)
July 15
West Penn Co.,common (guar.)
31 June 30
West Philadelphia Passenger Ry
$5 July 1
Winnipeg Elec. RY.. Pref. (guar.)
131 July 1
Yadkin River Power, preferred (quar.)_
July 1

Holders of rec. June 10
Holders of rec. June 10
Holders of rec. June 20a
Holders of rec. June 14
Holders of rec. June 130
June 29 to July 9
Holders of rec. June 17
Holders of rec. June 17
Holders of rec. June 13
Holders of rec. June 13
Holders of rec. June 13
June 15 to June 30
June 16 to July 1
Holders of rec. June 14
June 2 to July 1
Holders of rec. June 24a
Holders of rec. June 30a
Holders of rec. June 14a
Holders of rec. June 30
Holders of rec. June 30
Holders of rec. June 12
Holders of rec. June 12
Holders of rec. July 12
Holders of rec. June 14
Holders of rec. June 16a
Holders of rec. June 16a
Holders of rec. June 10a
Holders of rec. June 9a
Holders of rec. June 16
Holders of rec. June 30a
Holders of rec. Aug. 30a
Holders of rec. July 15a
Holders of rec. June 16a
Holders of rec. June 16a
Holders of rec. June 20a
Holders of rec. June 20a
Holders of rec. June 12
Holders of rec. June 300
Holders of rec. June 25a
Holders of rec. June 16a
Holders of rec. June 16a
Holders of rec. June 14a
Holders of rec. June 16

Banks.
America, Bank of (quar.)
3
July 1
Amer. Exch. Scour. Corp., Cl. A (guar.) 2
July 1
Chase National (quar.)
4
July 1
Chase Securities Co.(quar.)
$1
July 1
Chatham & Phenix National (quar.)
4
July 1
Coal & Iron National (quar.)
3
July I
Commerce,(National Bank of) (guar.)._ 4
July 1
Coney Island, Bank of
4
July 1
Fifth Avenue (quar.)
6
July 1
Extra
26
July 1
First National (quar.)
10
July 1
First Security Co
5
July 1
Manhattan Co.,Bank of the (quar.) _ _ 3
July 1
Extra
1
July 1
National City (quar.)
4
July 1
National City Co.(quar.)
2
July 1
Extra
2
July 1
New Netherlands (guar.)
2
Jul • 1
Public National (quar.)
4
June 30
Seaboard National (quar.)
4
July 1
Standard (quar.)
114 July 1
Standard National Corp., corn.(qUar.)-15 July 1
Preferred (quar.)
July 1
United States, Bank of (quar.)
214 July 1

Holders of rec. June 21a
Holders of rec. June 14
Holders of rec. June 170
Holders of rec. June 17a
June 17 to June 30
Holders of rec. June ha
Holders of roe. June 130
Holders of rec. June 26
Holders of rec. June 30a
Holders of rec. June 30a
Holders of rec. June 300
Holders of rec. June 300
Holders of rec. June 200
Holders of rec. June 20a
Holders of rec. June 14a
Holders of rec. June 14
Holders of rec. June 14
Holders of rec. June 26a
Holders of rec. June 23
Holders of rec. June 240
Holders of rec. June 260
Holders of rec. June 260
Holders of rec. June 26a
Holders of rec. June 200

114

154

114

134

Trust Companies.
Bankers (quar.)
5
July
Bank of New York & Trust Co.(guar.)- 5
July
Equitable (quar.)
3
June
Guaranty (quar.)
3
June
Hudson (quar.)
214 Juno
Lawyers Title & Trust (guar.)
2
July
Extra
July
1
Manufacturers (guar.)
4
July
United States (quar.)
1234 July
Extra
July
10
Fire Insurance Companies.
Rossia (quar.)
81.50 July
Miscellaneous.
Abitibi Power & Paper, Ltd., pref. (qu.)
Adams Express (quar.)
Advance-Rumely Co. pref. (quar.)
Air Reduction Co.(cam.)
Allied Chemical Co.Dye Corp.,pref.(qu.)
Allis-Chalmers Mfg., prof. (guar.)
Amalgamated Sugar, let prof. (quar.)
First pref. (acct. accum. dividends)
American Bank Note, pref. (quar.)........
American Beet Sugar, core. (quar.)_..__
Common(quar.)
Common (quar.)
Preferred (quar.)
Amer. Brake Shoe & Fdy., corn. (quar.)
Preferred (quar.)
American Can,Prof.(quar.)
American Car & Foundry,corn.(quar.)_
Preferred (quar.)
Amer. Chain, Class A (quar.)
American Cigar, preferred (guar.)
American Cyanamid,common (quar.)
Common (extra)
Preferred (guar.)
American Express (quar.)
Amer.La France Fire Eng., corn.(qu.)
Preferred (quar.)
American Locomotive, corn.(guar.).Preferred (quar.)
American Milling, common
American Multigraph, prof. (quar.)
Amer. Pneumatic Service, 2d Prof
Amer. Radiator, common (quar.)
American Rolling Mill, common (quer.).
Common (payable in common stock)_ _
Preferred (quar.)
Amer. Shipbuilding,common (quar.)...,
American Snuff, common (quar.)
Preferred Man/
Amer.Steel Foundries, corn.(quar.)_
Preferred (quar.)
American Stores (quar.)
Amer. Sugar Refining, Pref. (quar.)
American Tobacco, preferred (quar.)
.
Amer.Type Founders,corn.& pref (qu.)
Amer. Wholesale Corp.. prof.(quar.)
Amer. Window Glass Mach., corn. (qu.)
Common (extra)
Preferred (quar.)
(qu.)
American Woolen Co.,corn. & pref.
Armour & Co.(Ills.) prof.(quar.)
Armour & Co.of Delaware, pref.(qu.)
Armstrong Cork,corn.(quar.)
Preferred (guar.)
Asbestos Corp. of Canada, pref.(quar.)_
Associated Oil (guar.)
Ault & Wiborg Co.,oref.(quar.)




114

1
1
30
30
23
1
1
1
1
1

Holders of rec. June
Holders of roc. June
Holders of rec. June
Holders of rec. June
Holders of rec. June
Holders of rec. June
Holders of rec. June
Holders of rec. June
Holders of rec. June
Holders of rec. June

14
200
200
20
16
21a
210
200
200
20a

1 *Holders of rec. June 14

July 2 Holders of ree. June 20
31.50 June 30 Holders of rec. June 140
75e. July 1 Holders of rec. June 14a
51
July 15 Holders of rec. June 300
July 1 Holders of rec. June 130
July 15 Holders of rec. June 240
2
Aug. 1 Holders of rec. July 17a
h3
Aug. 1 Holders of rec. July 170
75e. July I Holders of rec. June 16a
I
July 31 Holders of roe. July 12a
1
Oct. 31 Holders of rec. Oct. lla
1 J an3I'25 Holders of rec.Jan.10'25a
134 July 1 Holders of rec. June 140
$1.25 June 30 Holders of rec. June 20a
114 June 30 Holders of rec. June 200
July 1 Holders of rec. June 130
3
July 1 Holders of rec. June 160
114 July 1 Holders of rec. June 16a
50o. July 1 June 21 to June 30
134 July 1 Holders of rec. June 14
1
July 1 Holders of rec. June 16
34 July 1 Holders of rec. June 16
114 July 1 Holders of rec. June 16
114 July 1 Holders of rec. June 12a
25e. Aug. 15 Holders of rec. Aug. la
July 1 Holders of rec. June 23a
$1.50 June 30 Holders of roe. June 13a
114 June 30 Holders of rec. June 13s
5
July 1 June 21 to June 25
July 1 Holders of roe. June 160
500. June 30 Holders of rec. June 16
$1
June 30 Holders of rec. June 14a
50c. July 15 Holders of rec. June 30a
f5r July 15 Holders of rec. June 300
July I Holders of rec. June 14a
2
Aug. 1 Holders of rec. July 15a
3
July 1 Holders of rec. June 130
114 July 1 Holders of rec. June 13a
75e. July 15 Holders of rec. July la
June 30 Holders of rec. June 16a
25e. July 1 June 21 to July 1
July 2 Holders of rec. June 20
111 July 1 Holders of rec. June 100
•13( July 15 *Holders of rec. July 10
July 1 Holders of rec. June 20a
134 July 1 Holders of rec. June 16a
1
July 1 Holders of roe. June 160
134 July 1 Holders of rec. June 16a
July 15 June 15 to June 26
114 July 1 June 15 to June 30
114 July 1 June 15 to June 30
114 July 1 June 19 to July 1
131 July 1 June 19 to July 1
114 July 15 Holders of rec. July la
37gc July 25 Holders of roe. June 306
114 July 1 Holders of rec June 16

114
114

114

131

114

114

114
144
114

114

3053

CHRONICLE
Per
When
Cent. Payable.

Books Closed.
Days Inclusive.

Miscellaneous (Continued).
135 July I Holders of rec. June 29a
Babcoca & Wilcox Co.(guar.)
1 Holders of rec. Sept.20a
Quarterly
Oct.134
135 Jan1'25 Holders of rec. Dec. 20a
Quarterly
114 Aprl'25 Holders ofrare.Mar.20'25a
Quarterly
June 8
Baldwin Locomotive Wks., corn. & prof.. 334 July 1
Barnhart Bros. & Spindler
First and second preferred (quan) -- *114 Aug. 1 *Holders of rec. July 25
July 15 *Holders of rec. July 1
*3
Barrington Oil (quar.)
50e. July 1 Holders of rec. June 206
Bassick Alemite Corp.(qu.)
134 July 15 Holders of rec. June 30a
Bayuk Cigars,first preferred (quar.)_
114 July 15 Holders of rec. June 306
Convertible second preferred (quar.)
2
July 15 Holders of rec. June 300
Eight per cent second pref. (quar.)
60c. July 10 Holders of rec. July 16
Beech-Nut Packing, common (quar.)_
114 July 15 Holders of rec. July la
Prof. B (quar.)
Roo-Canadian Paper, prof. (quar.)
11.14 July 2 *Holders of rec. June 12
134 July 1 Holders of rec. June 26
Bethlehem Steel, common (quar.)
July 1 Holders of rec. June 20
2
Eight per cent preferred (quar.)
1)4 July 1 Holders of rec. June 20
Seven per cent preferred (quar.)
114 July 1 Holders of rec. June 14a
Blumenthal(S.)& Co.,pref.(quar.) _ _
50e. July 1 Holders of rec. June 20a
Borg & Beck (quar.)
June 30 Holders of rec. June 13a
3
Boston Wharf
131 July 2 Holders of rec. June 2
Brandrarn-Henderson, Ltd., pref.(qu.)_
July 2 rJune 23 to June 30
2
British-American Oil, Ltd. (quar.)
June 30 Holders of coup. No. 1012
British-Amer. Tob , ordinary (interim). k
Brunswick-Balke-Collender, prof. (qu.). 114 July 1 June 21 to June 30
114 July 1 Holders of rec. June 20
Bucyrus Co., pref. (guar.)
July 1 Holders of rec. June 20
hl
Preferred (acct. accum. div.)
IN Aug. 1 Holders of rec. July 18a
Burns Bros., prior pref.(guar.)
154 July 1 Holders of rec. June 200
Preferred (quar.)
June 30 Holders of rec. June 20
Burroughs Adding Machine (quar.)--- 2
234 July 15 Holders of rec. July 50
Bush Terminal Co.,common
July 15 Holders of rec. July 5a
3
Preferred
Bush Terminal Buildings, Prof. (guar.). 1.14 July 1 Holders of rec. June 1811
By-Products Coke Corp., pref.(quar.)_
214 July 1 Holders of rec. June 216
California Petroleum, preferred (quar.)
134 July 1 Holders of rec. June 206
Calumet & Arizona Mining (quar.)
50e. June 23 Holders of rec. June 66
1
July 1 June 16 to July 1
Canada Bread, common (guar.)
11.4 July 1 June 16 to July 1
Preferred (quan)
Can. Connecticut Cotton Mills, pf.(qu.) 2
July 2 Holders of rec. June 14
Canadian General Electric, pref. (quar.) 114 July 1 Holders of rec. June 14
July 1 Holders of rec. June 200
Canadian Locomotive,common (quar.)_ 1
Preferred (quar.)
1.14 July 1 Holders of rec. June 200
2
July 1 Holders of rec. June 200
Canadian Westinghouse (quar.)
Celluloid Company, common (guar.)._ _ I
June 30 Holders of rec. June 1611
51.50 July 1 Holders of rec. June 210
Central Aguirre Sugar (quar.)
Century Ribbon Mills,common (guar.)_ 50e. July 30 Holders of rec. July 15a
Certain-teed Products Corporation
134 Ally I Holders of rec. June 16
First and second preferred (rLuar.)-51.50 July 1 Holders of rec. June 200
Chandler Motor Car (quar.)
62140. June 30 Holders of rec. June 70
Chcarebrough,Mfg., common (quar.)Preferred (quar.)
131 June 30 Holders of rec. June 70
Chicago Mill dr Lumber Co., pref. (qu.)_
134 July 1 Holders of rec. June 216
*1.14 July 1 *Holders of roe. June 20
Chicago Motor Coach, pref. (quips.) _
Chicago Nipple Mfg., Class A (quar.) _ 75e. July 1 Holders of rec. June 160
75e. July 1 June 21 to July 4
Chicago Railway Equip., COM.(quar.)
114 July 1 June 21 to July 4
Preferred (quar.)
33
July 1 Holders of rec. June 206
Chicago Yellow Cab (monthly)
3314 Aug. 1 Holders of rec. July 21a
Monthly
3318 Sept. 1 Holders of rec. Aug. 200
Monthly
6234c June 30 Holders of rec. June 20
Chill Copper (guar.)
Cities Service Co
Common (monthly Day.In cash scrip)- pg July 1 Holders of rec. June 15
Common (payable in corn. stk. scrip). g131 July 1 Holders of rec. June 15
14 July 1 Holders of rec. June 15
Preferred and preferred B (monthly)_ _
Sept. 1 Holders of rec. Aug. 206
City Ice & Fuel (Cleveland) (quar.)__ _ _ 2
2
Dec. 1 Holders of rec. Nov.206
Quarterly
2)4 July 1 Holders of rec. June 26
City Investing, common (guar.)
154 July 1 Holders of rec. June 26
Preferred (quar.)
Holders of rec. June 20
Cluett, Peabody & Co., prof.
131 JI113
,
51.75 July 1 Holders of rec. June 15a
Coca Cola Co., cow. (quar.)
Preferred
314 July 1 Holders of rec. June 15a
Commercial Investm't Tr., 1st pf. (qu.) 114 July 1 Holders of rec. June 16
75e. July 30 Holders of rec. July 15a
Congoleum Co., common (quar.)
114 Sept. 1 Holders of rec. Aug. 156
Preferred (guar.)
Connor,(John T.) Co., (quar.)
50c. July 1 Holders of rec. June 196
Preferred
314 July 1 Holders of rec. June 19a
Aug. 15 Holders of rec. Aug. 50
Continental Can,common (guar.)
El
Preferred (guar.)
11.4 July 1 Holders of rec. June 200
Corn Products Refining
Comm on(payable in common stock)
f25 June 30 Apr. 96 to Apr. 9
Corona Typewriter, common (quar.) _ _ _ 50c. July 1 Holders of rec. June 16a
First preferred (quar.)
2
July 1 Holders of rec. June 16a
Second preferred (quar.)
154 July 1 Holders of rec. June 160
Craddock-Terry Co., common (quar.)__ 3
June 30 June 16 to June 30
Common(quar.)
3
Sept.30 Sent.16 to Sept.30
Common(quar.)
3
Dec. 31 Dec. 16 to Dec. 31
First and second preferred
June 30 June 15 to June 30
3
First and second Preferred
3
Dec. 31 Dec. 15 to Dec. 31
Class C preferred
314 June 30 June 15 to June 80
Class C preferred
314 Dec. 31 Dec. 15 to Dec. 31
Cramp(Wm)& Sons S.& E.B.(quar.)_ $1
June 30 June 16 to June 30
Crucible Steel. met (quar.)
111 June 30 Holders of rec. June 160
Cuban-American Sugar,corn.(quar.) - 75e. July 1 Holders of rec. June 4a
Preferred (quar.)
114 July 1 Holders of rec. June 4a
Cuyamel Fruit (quar.)
June 28 Holders of rec. June 16a
$I
Daniel Boone Woolen Mills (quar.)
75e. July 1 Holders of rec. June 24a
Davis Mills(quar.)
114 June 21 Holders of rec. June 70
Detroit Brass dc Malleable Works(mthy) •14 July 1 *Holders of rec. June 26
Detroit& Cleveland Navigation (guar.)- El
July 1 Holders of rec. June 140
Detroit Creamery (guar.)
July 1 June 21 to July 1
3
Devoe & Raynolds,common
111 July 1 June 21 to June 30
Common (extra)
g July 1 June 21 to June 30
First and second preferred (quar.)
114 July 1 June 21 to June 30
Dictograph Products Corp., pref. (qu.)
July 15 Holders of rec. June 306
2
Dome MII103, Ltd. (guar.)
50e. July 21 Holders of rec. June 260
Dominion Canners, preferred (quar.)
154 July 2 Holders of roe. June 18
Dominlon Glass,corn. & pref.(guar.).-- 114 July 2 Holders of rec. June 16
Dominion Stores, common
50o. Oct. 1 Holders of rec. Sept. 15
July 1 Holders of rec. June 12
Preferred
4
Dominion Textile (guar.)
July 2 Holders of rec. June 14
$I
114 July 15 Holders of roe. June 30
Preferred (man)
Douglas-Pectin Corp.(quar.)
25e. June 30 Holders of rec. May 3Ia
Draper Corporation (quar.)
July 1 Holders of rec. June 7
3
Dubiller Condenser & Radio, pref.(qu.) 32
June 30 Holders of rec. June 25a
Preferred (attar.)
Sept.30 Holders of rec. Sept.25a
$2
Dec. 31 Holders of rec. Dec. 2034
Preferred (quar.)
$2
Dunham (James H.)& Co.,corn.(quar.) 114 July 1 Holders of rec. June 17
First preferred (quar.)
134 July I Holders of roe. June 17
Second preferred (guar.)
134 July 1 Holders of rec. June 17
du Pont (E. I.) de Nemours de Co
114 July 2 Holders of rec. July 10a
Debenture stock (quar.)
du Pont(El,)de Nem.Powd.,com.(qu.) 114 Aug. 1 Holders of rec. July 19
Preferred (guar.)
114 Aug. 1 Holders of rec. July 19
June 26 to July 1
Eagle Warehouse & Storage (quar.)
114 July
June 26 to July 1
July
Extra
1
June 15 to July 1
Eastern Rolling Mill, corn. (quar.)
July
31
June 15 to July 1
Preferred (quar.)
2
July
Holders of rec. June 246
Eastern Steamship, 1st pref.(quar.)---- 114 July
Second preferred (quar.)
8714c July 1 Holders of rec. July 8a
Holders of rec. May 31a
Eastman Kodak,common (fluor.)
51.25 July
Holders of rec. May 31a
Common (extra)
75e. July
Holders of rec. May 31a
Preferred (quar.)
114 July
Holders of rec. June 14a
Eaton Axle & Spring (quar.)
40e. July
Holders of rec. June 200
Eisenlohr (Otto) & Bros., pref. (quar.)- 154 July
Holders of rec. June 200
Electric Storage Battery,corn.& pf.(au.) $1
July
Holders of rec. June 16a
Elliott-Fisher Co.,corn.& corn. B (qu.). 51
July
Preferred (quar.)
Holders of rec. June 16a
114 July
Empire Safe Deposit (guar.)
114 June 23 Holders of rec. June 21a
Endicott-Johnson Corp., COM.(quar.).. 31.25 July 1 Holders of rec. June 14a
Preferred (quar.)
114 July 1 Holders of roe. June 14a
Fairbanks, Morse & Co., common
65e. June 30 Holders of rec. June 140

Name of Company.

When
Per
Cent. Payable.

Books Closed.
Days Inclusive.

hflacellaneous (Continued).
July 1 Holders of rec. June 180
Famous Players-Lasky Corp., corn.(au.) $2
Aug. 1 Holders of rec. July 15a
2
Preferred (guar.)
July 1 June 22 to July I
3
Federal Motor Truck (guar.)
Finance Co.of America, corn.(quar.)__ - 24 July 15 Holders of rec. July 2
131 July 15 Holders of rec. July 2
Seven per cent pref. (guar.)
July 15 Holders of rec. July 2
Eight per cent cony. pre/. (guar.)--- 2
July 1 Holders of rec. June 19
2
Fisher Body Ohio Co.. pref. (quar.)
75o, July 1 Holders of roe. June 15a
Fleishmann Co., common (guar.)
750. Oct. 1 Holders of rec. Sept 150
Common (guar.)
The. Janl'25 Holders of rec. Dec. 150
Common (guar.)
June 27 June 12 to June 27
4
Garfield Safe Deposit
June 30 Holders of rec. May 31a
1
Galena-Signal Oil, corn.(guar.)
June 30 Holders of rec. May 310
Preferred
June 30 Holders of rec. May 310
2
New preferred (guar.)
51.50 July 1 Holders of rec. June 20a
General American Tank Car, corn
14 July 1 Holders of rec. June 200
Preferred (quar-)
$1.50 July 1 Holders of rec. June 21a
General Baking, common (guar.)
July 1 Holders of rec. June 210
$2
Preferred (guar-)
General Cigar, Inc., deb. pref.(quar.)-. 14 July 1 Holders of rec. June 240
July 15 Holders of rec. Juno 40
2
General Electric (quar.)
15c. July 15 Holders of rec. June 90
Special stock (guar.)
131 July 1 Holders of rec. June 20
General Fireproofing. preferred (quar.)
131 Oct. 1 Holders of roe. Sept.20
Preferred (guar.)
14 Jan2'25 Holders of rec. Doe. 20
Preferred (guar.)
14 Aug. 1 Holders of rec. July 70
General Motors,7% deb.stock (guar.)_ _
133 Aug. 1 Holders of roe. July 70
Six per cent deb. stock (guar.)
14 Aug. 1 Holders of rec. July 70
Six per cent preferred (guar.)
14 July 1 Holders of rec. June 19
General Railway Signal, pref.(guar.)--$3.50 June 20 Holders of rec. MaY(131a
Glen Alden Coal
Glidden Co., prior preferred (guar.).-- - (I) July 1 Holders of rec. June 160
824c Aug. 1 Holders of rec. July 21
Globe Automatic Sprinkler, Cl. A (gu.)Godchaux Sugars, Inc., pref. (guar.)--- •131 July I *Holders of rec. June 19
Goodrich (B. F.) Co., pref. (quara---- 14 July 1 Holders of rec. June 210
Goodwins. Ltd., pref. (In pref. stock).- m4031 July 1 Holders of rec. June
July 1 Holders of rec. June 200
.(qu.) 2
Good year Tire & Rubber,prior pre:
Goodyear Tire & Rubb.of Can., pt. (qu) 14 July 2 Holders of rec. June 14
25c. July 1 Holders of rec. June 20a
Gossard(U. W.) Co.(monthly)
250. Aug. 1 Holders of rec. Julydlea
Monthly
250. Sept. 1 Holders of rec. Aug. 20a
Monthly
June 30 Holders of rec. June 150
Grasseill Chemical, common (guar.) -- 2
134 June 30 Holders of rec. June 150
Preferred (guar.)
Great Lakes Towing, common (quar.)-- 14 June 30 June 15 to June 30
131 July 1 June 15 to July 1
Preferred (guar.)
July 2 Holders of rec. Juned14a
Great Western Sugar, corn. (quar.)---_ $2
14 July 2 Holders of rec. Juned14a
Preferred (guar.)
July 1 Holders of rec. June 140
Greenfield Tap & Die, 8% pref. (guar.) 2
133 July 1 Holders of rec. June 140
Six per cent preferred (guar.)
July 1 Holders of rec. June 160
Guantanamo Sugar. preferred (guar.).- 2
Gulf 011 Corp. (quar.)
3733c July 1 June 21 to June 24
14 July 1 Holders of rec. June 14a
Gulf States Steel, com.((luar.)
First preferred (guar.)
131 July 1 Holders of rec. June 140
First preferred (guar-)
131 Oct. 1 Holders of rec. Sept. 150
First preferred (qual.)
14 Jan2'25 Holders of rec. Dec. 15a
Second preferred (guar.)
134 July 1 Holders of rec. June 140
Second preferred (guar.)
133 Oct. 1 Holders of rec. Sept. 150
'25 Holders of rec. Dec. 150
134 Jan 2
Second preferred (guar.)
Hall (C. M.) Lamp
50c. July 17 Holders of rec. July 120
HammermIll Paper, preferred (guar.)._ _
131 July 1 Holders of rec. June 200
Hanes(P. H.) Knitting, pref.(guar.). _ _
131 July 1 Holders of rec. June 20
Harbison-Walker Refract., pref. (qu.)_
14 July 19 Holders of rec. July 90
Harmony Creamery, Inc., prof. (guar.). 131 June 25 Holders of rec. June 15
Heime (George W.) Cp., corn. (quar.)_ _
July 1 Holders of rec. June 160
3
Preferred (guar.)
131 July 1 Holders of roc. June 160
Hercules Powder, common (guar.)
133 June 25 June 15 to June 25
Hibbard, Spencer, Bartlett Co.(mthly.) 350. June 27 Holders of rec. Juno 20
Extra
150. June 27 Holders of rec. June 20
Hibernia Securities Co., pref.(guar.). _ _
14 July 1 Holders of rec. June 260
Homestake Mining (monthly)
50e. June 25 Holders of rec. June 20
Hood Rubber, common (guar.)
31 June 30 June 21 to June 30
Hudson Motor Car (guar.)
75o July 1 Holders of rec. June 200
.Humble Oil & Refining (guar.)
530c. July 1 *Holders of rec. June 16
133 July 1 Holders of rec. Juno 20
Hydraulic Press Brick, pref.(Quar-)-- Hydrox Corporation, common (quar.)_- 25e. June 25 Holders of rec. June 150
Ide (George B.) & Co., pref.(guar.).- July 1 Holders of rec. June 140
2
Illinois Pipe Line
June 30 June 1 to Juno 26
6
Imperial Tobacco of Canada, ordinary_ _
14 June 28
25c. June 30 Holders of rec. June 140
Independent 011 & Gas(quar.)
Quarterly
25c. Sept.30 Holders of rec. Sept 12a
Quarterly
250. Dec. 31 Holders of rec. Dee. 120
Independent Pneumatic Tool (quar.)_ _ _ 51.75 July I June 21 to June 30
_
Indlan Motocycle. preferred (quar.)
14 July 1 Holders of rec. June 210
3
Ingersoll-Rand. Preferred (guar.)
July 1 Holders of rec. June 170
14 July 1 Holders of roe. June 140
Inland Steel, preferred (quar.)
International Business Machines (qua:.) $2
July 10 Holders of rec. June 250
Internat. Buttonhole Machine (quar.)__ 10c. July 1 Holders of rec. June 16
International Cement, corn. (guar.)._ _ _ $1
June 30 Holders of rec. June 15a
Preferred (guar.)
131 June 30 Holders of rec. June 150
tnternational Har,ester, corn. (guar.)._ $1.25 July 15 Holders of rec. June 25a
International Petroleum
250. June 30 oJune 22 to June 30
International Salt (guar.)
14 July 1 Holders of rec. June 160
International Shoe,corn.(guar.)
July 1 Holders of rec. June 14a
al
Preferred (monthly)
July 1 Holders of rec. June 140
1
14 July 1 Holders of rec. June 140
International Sliver, pref. (guar.)
MI July 1 Holders of rec. June 140
Prof. (Scot. accum. dividends)
July 1 Holders of rec. June 16
2
intertype
1st pref. (guar.)
July 1 Holders of rec. June 16
3
Corp..
Second preferred
July 1 Holders of rec. June 20a
Island Creek Coal, common (quar.)__- - $2
July 1 Holders of rec. June 20a
$1
Common (extra)
$1.50 July 1 Holders of rec. June 205
Preferred (guar.)
Jones & Laughlin Steel, preferred (guar.) 131 July 1 Holders of rec. June 160
_ 750. June 30 Holders of rec. June 140
Jordan Motor Car,common (guar.)
131 June 30 Holders of rec. June 14a
Preferred (guar-)
July 1 Holders of rec. June 260
Kayser (Julius) de Co., pref. (guar.).
- 2
31.50 July 1 Holders of rec. June 200
Kelsey Wheel, common (guar.)
75c. July 1 Holders of rec. June (ia
Kennecott Copper Corp.(guar.)
134 July 1 Holders of rec. June 20a
King Philip Mills (guar.)
July 1 Holders of rec. June 16
Kresge Department Stores. pref. (guar.) 2
2
July 1 Holders of rec. June 16a
Kresge (S. S.) Co., corn. (guar.)
131 July 1 Holders of rec. June 160
Preferred (glum)
14 July 1 Holders of rec. June 20a
Kress (S. H.) & Co., preferred (guar.)._
70e. June 30 Holders of rec. June 20
Lake Torpedo Boat, 1st prof
14 July 2 Holders of rec. June 17
Laurentide Co., Ltd. (quar.)
233 June 30 Holders of rec. June 20
Lawyers Mortgage Co.(quar.)
July 1 Holders of rec. June 120
$2
Lehigh Valley Coal Sales (quar.)
14 July 1 Holders of rec. June 20
Library Bureau, common (guar.)
July 1 Holders of rec. June 20
2
Preferred (guar.)
14 July 1 Holders of rec. June 16
Liggett Jr Myers Tobacco, pref. ((lU.).50o. June 30 Holders of rec. June 140
Loew's, Incorporated (guar.)
50c. June 30 Holders of rec. June 210
Lone Star Gas (guar.)
Loose-Wiles Biscuit, first pref.(guar.).- 131 July 1 Holders of rec. June 180
Second pref. (account accum. diva.).- •113 34 Aug. 1 Holders of rec. July 18a
July 1 Holders of rec. June 200
Lord & Taylor.30 pref.(acct. ace. drys.) 1112
July 1 Holders of rec. June 140
Lorillard (P.)Co.,corn.. par $100(quar.) 3
750. July 1 Holders of rec. June 14a
Common (guar.)(par value $25)
131 July 1 Holders of rec. June 14a
Preferred (guar.)
50c. July 1 Holders of rec. June 200
Ludlum Steel (guar.)
131 July 1 Holders of rec. June 210
Lyon & Healy, nref. (guar.)
July 15 Holders of rec. June 30
MacFadden Publications, Inc. (guar.)._
July 15 Holders of rec. June 30
5
Extra
$1.50 June 30 Holders of rec. June 160
Mack Trucks, Inc., corn.(guar.)
131 June30 Holders of rec. June 18a
First and second preferred (guar.).- -Macy (R. H.)& Co., preferred (qual.).. 131 Aug. 1 Holders of rec. July 120
July 5 *Holders of rec. June 21
*1
Magnolia Petroleum (guar.)
Mager Car Corporation, corn. (qual.).. 250. June 30 Holders of rec. June 23
131 June30 Holders of rec. June 23
Preferred (guar.)
$1.25 Sept. 1 Holders of roe. Aug. 150
Manati Sugar. common (guar.)
14 July 1 Holders of rec. June 170
Prof. (guar.)
$1 July 1 Holders of rec. June 200
Manhattan Electric Supply (guar.)
134 July 1 Holders of rec. June 17a
Manhattan Shirt, pref. (guar.)
Mathieson Alkali Works, pref. (quar.).. 131 July 1 Holders of rec. June 200
/1131 July 1 Holders of rec. June 200
Preferred (aeet. aCCUM. dive.)




(Vol.. 118.

THE CHRONICLE

3054

Name of Company.

When
Per
Cent. Payable.

Books Closed.
Days Inclusive.

Miscellaneous (Continued).
Holders of rec. Aug. 150
May Department Stores,common (qu.) $1.25 Sept.
14 July
Holders of rec. June 160
Preferred (guar.)
131 Oct.
Holders of rec. Sept.150
Preferred (guar.)
*Holders of rec. June 14
McCall Corporation, preferred (guar.).- *IN July
*Holders of rec. June 14
Preferred (account accum. dividends). •h131 July
June 21 to July 1
McCord Radiator & Mfg., el. A (qu.)_ _ 750. July
Holders of roe. July 21a
- 134 Aug.
McCrory Stores Corp., pref.(guar.)
134 Nov.
Holders of rec. Oct. 20a
Preferred (qur.)
133 June 2 Holders of rec. June 28a
Merchants Despatch Tramp.(guar.)._ _
June 3 Holders of rec. June 180
Much.& Miners Transportation.(qu.)_ _ 2
2
July
Holders of rec. June 17
Merck & Co., pre/. (guar.)
24 June 3 Holders of rec. June 40
Mergenthaler Linotype (guar.)
$1.25 June 3 Holders of rec. June 14
Merrimac Chemical (guar.)
June 15 to June 30
Metropolitan Paving Brick, pref.(guar.) 14 July
3
Mexican Petroleum, corn. ((luar.)
July 2 Holders of rec. June 30
2
July 2 Holders of rec. June 30
Preferred (guar.)
Michigan Drop Forge, pref. (guar.)._ ._
134 July
Holders of rec. June 250
24 June 3 Holders of rec. June 60
Midland Securities (guar.)
40
Extra
June 30 Holders of rec. June 60
Midland Steel Products, corn. (guar.)._ $I July
Holders of rec. June 14a
Preferred (guar.)
52 July
Holders of roe. June 140
4
Minnesota Sugar, common
July 1
Holders of rec. July la
Monarch Knitting, preferred ((luar.)... 14 Aug.
Holders of rec. June 21
Montgomery Ward & Co.,Inc., pf.(qu.) 134 July
Holders of rec. June 200
Class A stock (guar.)
$1.75 July
Holders of rec. June 200
Mortgage-Bond Co. (quar.).....
2
June 3 Holders of rec. June 18
Mother Lode Coalition Mines
3733c June 3 Holders of rec. June 130
Motor Wheel Corp., common (guar.)._ _
2
June 2 Holders of rec. June 10
Mountain Producers Corp.(guar.)
20e. July
Holders of rec. June 140
Extra
20e. July
Holders of rec. June 140
Murray Manufacturing corn. (gear.).
2
July
June 21 to June 30
Common (payable in common stock) _ _ /2
July
June 21 to June 30
National Biscuit, common (guar.)
750. July 1 Holders of roe. June 300
Common (guar.)
750. Oct. 1, Holders of rec. Sept.300
Preferred (guar.)
14 Aug. 3 Holders of rec. Aug. 160
National Breweries, corn. (guar.)
$1
July
Holders of rec. June 18
Preferred (guar.)
1)1 July
Holders of rec. June 16
National Brick, Ltd., preferred
1
Aug. 1 Holders of rec. July 310
National Dairy Products Corp.(quar.)
75c. July
Holders of rec. June 200
Nat. Enamel. & Stpg., prof.(guar.)..._
131 June 3 Holders of rec. June 104
14 Sent.3 Holders of rec. Sept.100
Preferred (guar.)
Preferred (guar.)
131 Dee. 3 Holders of roc. Dec. Ila
National Fireproofing, preferred
1
July 1
Holders of rec. July 1
National Fuel Gas(guar.)
$1.50 July 1 Holders of rec. June 30
National Lead, common (qual.)
2
June 3 Holders of rec. June 130
National Licorice. common
233 July 1 Holders of rec. June 23
Common (extra)
234 July 1 Holden; of rec. June 23
Preferred (guar.)
133 June 3 Holders of roc. June 23
National Refining, preferred (guar.). -- 2
July
Holders of rec June 140
National Sugar Refining (guar.)
131 July
Holders of rec. June 9
National Supply Co.
Preferred (guar.)
14 June 3 Holders of rec. June 200
National Surety (guar.)
231 July
Holders of rec. June 18a
National Tea .common (guar.)
July
I42
Holders of rec. June 15
Preferred (guar.)
131 Aug.
Holders of rec. July 15
New England Fuel Oil (guar.)
July
5
Holders of rec. June 16
New Engl. Guaranty Corp., pref. (qu.)_ $1.75 July
Holders of ree. June 15
New York Air Brake, Class A (guar.).-- $1
July
Holders of roe. June 100
New York Canners, 1st pref. (guar.)... 34 Aug.
Holders of rec. July 210
New York Steam Corp., Pref. (guar.). _
131 July
Holders of rec. June 15a
New York Transit (gar.)
50e. July 1
Holders of rec. June 20
North American Co., corn. (guar.)
(i) July
Holders of roc. June 5a
Preferred (guar.)
14 July
Holders of rec. June So
.
North American Provision,pref (guar.). 14 July
June 15 to June 30
Northern Pine Line
$3
July
Holders of rec. June 6
Nunnally Co
50c. June 3 Holders of rec. June 14a
Ogilvie Flour Mills (guar.)
3
Holders of rec. June 19
July
Ohio Oil (guar.)
500. June 80 May 25 to June 22
Orpheum Circuit, common (monthly)._ 1234e July
Holders of roe. June 200
Preferred (quar.)
'2
July
Holders of rec. June 14a
Otis Elevator, corn.(pay. in corn. stock) 110
June 2 Holdrrs of rec. June 70
Owens Bottle, common (guar.)
75c. July
Holders of rec. June 150
131 July
Preferred (guar.)
Holders of rec. Juno 15a
SI
Pacific 011
July 2 Holders of rec. June I3a
Motor Car, common (guar.)._ _ 30e. July 3 Holders of rec. July 15a
Packard
Palge-Detroit Motor Car,corn.(guar.)_ *30e. July
*Holders of rec. June 20
•13,‘ July
Preferred (guar.)
*Holders of tee. June 15
July 2 Holders of rec. June 300
Pan-Amer.Pet.&Transp.com.A &B(qu.) $1
June 2 June 19 to June 27
$1
Paraffine Cos.,corn.(guar.)
131 June 2 June 19 to June 27
Preferred (guar.)
June 3 June 21 to June 29
$1
Parke, Davis & Co.(guar.)
14 June 3 Holders of rec. June 200
Penney (J. C.) Co., pref.(guar.)
25c. June 2 Holders of rec. June 16
Pennok 011 (guar.)
20
Stock dividend
July 2 Holders of rec. July 10
Pettibone, Milliken Co..let & 20 pf.(qu.) 1.13‘ July
*Holders of rec. June 210
1
Phelps, Dodge Corp. (quar.)
July
Holders of rec. June 210
Phillips Petroleum (guar.)
50c. June 3 Holders of rec. June 180
Pierce-Arrow Motor Car, prior pref.(qu.) $2
July
Holders of rec. June 18a
Pittsburgh Plate Glass. common (guar.) 2
July
Holders of rec. June 180
Price Bros.(guar.)
34 July
Holders of rec. June 146
Provincial Paper Mills, Ltd., corn. (qu.) 133 July
Holders of rec. June 15
Preferred (quar.)
14 July
Holders of rec. June 15
2
Pure Oil, 8% pref. (quar.)
July
Holders of rec. June 15
14 July
Six per cent preferred (guar.)
Holders of rec. Juno 15
534% preferred (guar.)
134 July
Holders of rec. June 15
3
Quaker Oats, corn. (quar.)
July 1
Holders of roe. July la
Preferred (quar.)
134 Aug. 3 Holders of roe. Aug. la
Radio Corporation of America
34 July
June 7 to June 30
2
Railway Steel-Spring. corn.(guar.)
June 3 Holders cij rec. June 170
3
Realty Associates, tat met
July 1 Holders of rec. July 5
(124c July
Real Silk Hosiery Mills (gear.)
Holders of ree. June 20
300. July
Reece Buttonhole Machine (guar.)
Holders of rec. June 18
100. July
Reece Folding Machine (guar.)
Holders of rec. June 18
Reliance Mfg., pref.(guar.)
134 July
Holders of rec. June 200
Remington Typewriter, 1st pref. (guar.) 14 July
June 22 to July 1
134 July
First preferred Series S (guar.)
June 22 to July 1
Renfrew Manufacturing, pref. (guar.). _
133 July
June 21 to July 1
15e, July
Roo Motor Car (quar.)
Holders of rec. June 16
Extra
10e, July
Holders of roc. June 16
Republic Iron & Steel. pref.(guar.)._
131 July
Holders of rec. June 140
Reynolds (It. J.) Tobacco, COM. A & B. 75e. July
Holders of rec. June 180
Preferred (guar.)
14 July
Holders of rec. June 180
Reynolds Spring, pref. A & B (guar.)... 14 July
Holders of rec. June 18
Royal Baking Powder, corn.(qua!).... 2
June 3 Holders of rec. June 140
Preferred (attar.)
133 June 3 Holders of rec. June 140
Safety Car Heating & Lighting (quar.)_ _ *2
July
*Holders of rec. Juno 14
St. Joseph Lead Co.(guar.)
50c. Sept.2 Sept. 10 to Sept. 21
St. Louis Rocky Mt.& Pac. Co.. pf.(qu.) 134 June 3 Holders of rec. June 160
St. Maurice Paper (guar.)
133 June 2 Holders of rec. June 200
Salt Creek Consolidated 011 (guar.) _ _ _
15c. July
Holders of rec. Juned200
Savage Arms Corp., let preferred (guar.) 131 July
Holders of rec. June 140
Second preferred (guar.)
133 Aug.! Holders of rec. Aug. 10
Sebuite Retail Stores, common (guar.)._ m2
Sept.
Holders of roe. Aug. 150
Common (guar.)
m2
Dec.
Holders of rec. Nov. 150
Preferred (guar.)
2
July
Holders of roe. June 140
Sears, Roebuck as Co., pref. (guar.)._
14 July
Holders of rec. June 140
Shell Union Oil. corn.(Misr-)
25c. June 3 Holders of rec. June lla
Sherwin, Williams Co., Can.,corn.(qu.) 133 June 3 Holders of rec. Juno 15
Preferred (guar.)
131 June 3 Holders of rec. Juno 15
Simmons Company (guar.)
Holders of rec. June 160
250. July
Singer Manufacturing Co.(quay.)
14 June 3 June 11 to June 30
Slows
-Sheffield Steel & Iron, pref.(qu.)_. 131 July
Holders of rec. June I80
South Porto Rico Sugar, common (guar.) 133 July
Holders of rec. June 100
Preferred (guar.)
Holders of rec. June 100
July
2
Holders of rec. June 16
South West Pa. Pipe Lines (guar.)
July
2
Sperry Flour, preferred (guar.)
Holders of rec. June 13
131 July
Holders of rec. June 20a
Spicer Manufacturing, pref. (guar.)
July
2
Holders of rec. June 23
Spring (C. G.) & Bumper. pref. (guar.). 2
July
Standard 011 (Kentucky)(guar.)
dJune3 June 15 to June 30
Standard Oil (Nebraska)
June 2 May 21 to June 20
5
Holders of rec. May 290
Standard 011 (Ohio) corn. ((tuar.)
234 July

JUNE 21 1924.]
Name of Company.

THE CHRONICLE
Per
When
Cent. Payable.

Books Closed.
Days Inclusive.

3055

Weekly Returns 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 14. 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.

Miscellaneous (Concluded).
The. July 1 Holders of rec. June 24a
Standard Plate Glass, corn. (guar.)
rec. June 24a
Prior preferred (guar.)
1 Holders
*15i July 1 *Holders of rec. Jane 24
of
Seven per cent p.eferred (guar.)
July
Standard Textile Prod., pt. A & B (qu.). 1% July 1 Holders of rec. June 16a
Sterling Coal
1
July 2 Holders of rec. Juno 20
Sterling Products (quar.)
*El Aug. 1 *Holders of rec. July 100
Stern Brothers, common (guar.)
1
July 1 Holders of rec. June 200
Stromberg Carburetor (guar.)
July 1 Holders of rec. June 10
32
Swift & Co. (guar.)
2
July 1 Holders of rec. June 10
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
Swift Internacional
90c. Aug. 15 Holders of rec. July 156
Texas Co.(guar.)
75c. June 30 Holders of rec. June 2a
(Stated in thousands of dollars-that Is, three ciphers (0001 omitted.)
.Thompson (John R.) Co.,corn.(mthly.) 25e. July 1 Holders of rec. June 23a
Common (monthly)
25c. Aug. 1 Holders of rec. July 23a
Common(monthly)
New
25c. Sept. 1 Holders of rec. Aug. 25a
Preferred (quar.)
Capital. ProfUs. Loans,
Reserve
July 1 Holders of rec. June 23a
Thompson-Starrett Co., common
Week Ending
Discount Cash
with
$6
Net
Time Barg
July 1 Holders of rec. June 20a
Tide Water Oil (guar)
June 14 1924 Nat'l, Mar..31 InvestIn
1
Legal Demand
De- armJune 30 Holders of rec. June 20a
State, Mar.20 ments, Vault. Deposi- Deposits. posits. usTobacco Products Corp., corn. (guar.)
1% July 15 Holders of rec. July la
Preferred (quar.)
(000 omitted.) Tr.os.,Mar.20 &c.
1% July 1 Holders of rec. June 16a
tortes.
ton.
Tonopah Extension Mining (guar.)
5c. July 1 Holders of rec. June 10
Tuckett Tobacco, common
Members of Fed. Res,Bank. Average Average Average Average Average Ado,.
1
July 15 Holders of rec. June 30
$
Preferred (guar.)
Bank of N Y &
1% July 15 Holders of rec. June 30
$
Underwood Computing Mach., pf. (qu.) 1% July 1 Holders of rec. June 29a
Trust Co__ _ .. 4,0001 12,361
66,621
6S210
,
733 6,706
49,23
Preferred (guar.)
1% Oct. 1 Holders of rec. Sept.24a Bk of Manhat'n 10,000 13,943 143,556 2,419 16,320 116,57 21,289
Underwood Typewriter,common (guar.) The. July 1 Holders of rec. June 7a Mech & Met Bk 10,000: 16,589 161,061 3,237 19,933 151,281 7,266 550
Common (guar.)
75c. Oct. 1 Holders of rec. Sept. 60 Bank ot America 6,5001 5,376
78,210 1,560 11,421
82,554 3,605
Preferred (quar.)
1% July 1 Holders of rec. June 7a Nat City Bank_ 40,0011 52,027 585,044 4,565 79,93
629,291 73,465 2,137
Preferred (guar.)
1% Oct. 1 Holders of rec. Sept. 60 Chem Nat Bank 4.500 16,876 120,873 1,242 14,097
109,999 3,750 348
Union Bag & Paper (guar.)
1% July 15 Holders of rec. July 5a NatButch&Dr z1000 z288
5,397
114
73 29.5
702
4,556
Union Carbide dr Carbon (guar.)
$1.25 July 1 Holders of rec. June 7a Amer Exch Nat 5,000 7,880 102.342
8,168 4,944
897 11.93
88,72
United Bakeries, pref. (guar.)
Nat Bk of Corn. 25,000 39,308 329,465 1,12 38.652 294,756 10,456 ---2
July 1 June 15 to June 30
United Cigar Stores,common
2
June 30 Holders of rec. June 160 Pacific Bank-__ 1.000 1,725 27,978
893 3,982
26,963 2,622
Common (payable in common stock)_ _
June 30 Holders of rec. June 160 Chat&PbeflNai 10.500, 9,183 156,383 4,524 18,102
121,228 31,559 6:Lie
United Drug, 1st pref. (guar.)
87%c Aug. 1 Holders of rec. July 15a Hanover Nat Bk 5,000 22,422 116,335
609 17,27
105,659
corn. (guar.)
United Dyewood,
$1.50 July 1 Holders of rec. June 13a Corn Exchange. 10,000 13,082 187,438 6,085 33,919 175,952 28,336
Preferred (guar.)
1% July 1 Holders of rec. June 13a National Park._ 10,000 23,756 166,214 1,020 19.23.5
135,392 7,176 8.021
Preferred (guar.)
x400 28,667 1,002 3,155
1% Oct. 1 Holders of rec. Sept. 15a East River Nat_ x2.100
50
22,652 6,391
Preferred (guar.)
1% Jan2'25 Holders of rec. Dec. 15a First National__ 10.000 60,124 295,341
449 29,297
220,390 17,957 7,414
United Fruit (guar.)
234 July 1 Holders of rec. June 6a IrvIngBk-ColTr 17,500 11,477 270,361 3,213 34,228 258,243 19,978
Quarterly
986
2% Oct. 1 Holders of rec. Sept. 60 Continental Bk_ 1,000
7,180
152
809
373
5,637
Quarterly
2% Jan.225 Holders of rec. Dec. 6a Chase National. 20,000 24.071 351,186 4,398 55.766
348,503 18.228 fitio
United Paper Board, preferred
500 2,735 22,967
Fifth Ave Bank
6
704 2,854
July 1 Holders of rec. June 6
21,654
United Profit Sharing (guar.)
600 1,005
15c. July 1 Holders of rec. June 100 Commonwealth
11,540
344 1,292
9,407 2,1
United Shoe Machinery, corn. (guar.)_ _ 62% July 5 Holders of rec. June 18
Garfield Nat__ 1,000 1,670 15,337
442 2,252
119 -Ha
14,842
Preferred (guar.)
37% July 5 Holders of rec. June 18
Fifth National. 1,200 1,168
19,032
246
196 2.292
16.957 1,53
U.S.Bobbin & Shuttle, corn. (quar.)
Km 2,255
1
907 11,65.3
65
June 30 Holders of rec. June Ila Seaboard Nat__ 4,000 7,462 91,150
Preferred (guar.)
131 June 30 Holders of rec. June Ila Coal & Iron Nat 1,500 1.350 17,074
258 1,956
14,389 1,288 412
U. S. Cast Iron Pipe & Fdy., pf. (qu.).
Sept. 15 Holders of rec. Sept. 2a Bankers Trust_ 20,000 24,912 297,104 1,012 33,496 *259,037 35,78
Preferred (guar.)
658 6.168
45.691 5,011
Dec. 15 Holders of rec. Dee. la US Mtge & Tr_ 3,000 4,543 51,659
U.S. Distributing
ref.(No. 1)... 334 July 1 Holders of rec. June 20a Guaranty Trust 25,000 18,709 372,039 1,503 40,587 *389,325 41,III
U. S. Gypsum,common
Corp..(guar.)
Fidel-1nterTrust 2,000 2,042 20,251
419 2,460
17,773 1,767
June 30 June 15 to June 30
Preferred (guar-)
N Y Trust Co__ 10,000 18,407 159,967
652 18,301
135.679 17,892
June 30 June 15 to June 30
United States Playing Card (guar.)..._. $1.50 July 1 Holders of rec. June 200 Metropolitan Tr 2,000 4,085 41030
572 5,889
37.841 2,467
U. S. Radiator, preferred (guar.)
436 12,436 *89,780 22,642
Farm Loan dr Tr 5,000 16,785 123,464
•1% July 15 *Holders of rec. June 15
U.S. Realty & Inapt., pref.(guar.)
Aug. 1 Holdel a of rec. May 29a Equitable Trust 23,000 10,659 248,032 1,571 29,534 *280:597, 18,396
United Status Steel Corp.,common (qu.) 1% June 28 May 29 to June 1
Common (extra)
Total of averages290,800448.1714,600,298 47,915586.645c4,090,711419,18432.285
June 28 May 29 to June 1
United States Tobacco, com.(quar.)_
The. July 1 Holders of rec. June 16a
Preferred (guar.)
1% July 1 Holders of rec. June 16a Totals, actual condition June 144,769.422 45.995587 0011c4,146,535430,23532.420
Universal Leaf Tobacco, pref. (guar.)._ 2
Totals, actual condition June 7 4615,660 47,578,573,721'c4,020,826415,76532,341
July 1 Holders of rec. June 20
Upson Co., pref. (guar.)
Totals, usual condition May 314.573,658 42,480'551,081'c3,859,872431,08132,542
2
July 1 Holders of rec. June 15
Utah Copper Co.(quar.)
State Banks Not Me mbers of Fed'l Res've IBank.
31 June 30 Holders of rec. June I36
Vapor Car Heating, Inc., pref. (guar.)_ _
19,609 1.7991 2,141
20,462
193
Greenwich Bank 1,000 2,367
Sept 10 Sept. 2 to Sept. 10
902
Preferred (guar.)
250
5,316
322
2,7011 1.9571
Bowery Bank__
3291
1% Dec. 10 Dec. 2 to Dec. 10
Victor Talking Machine, corn. (quar.)_ _ *2
93,349 3.8881 2,043
31.463, 58,504
State Bank...3,500 4,661
July 15 *Holders of rec. June 30
•1
Preferred (guar.)
July 15 *Holders of rec. June 30
Virginia Iron, Coal & Coke, pref
54 6261 60,654
July 1 Holders of rec. June 176 Total of averages 4,750 7,931 118,274 6,016 4,506
Vulcan Detinning, preferred (guar.)_ _
1% July 20 Holders of rec. July 9a
Preferred (acct. accumulated Mits.)._ hl
54,187, 60,7211
July 20 Holders of rec. July 9a Totals, actual condition June 14 118,168 5,971 4,765
Preferred A (guar.)
54,998 60,547
1% July 20 Holders of rec. July 9a Totals, actual condition June 7 118,668 6,196 4,205
Wabaaso Cotton (guar.)
57,523 60,468
Totals, actual condition May 31 120,952 5.912 4,403
$1 July 2 Holders of rec. June 13
Wahl Company, common (guar.)
27,4541
July 1 Holders of ref. June 230 Trust Compan lea Not Membe rs of Fer11Res`v e Bank.
36.5011 1,962
Preferred (quar.)
July 1 Holders of rec. June 23a Title Guar dr Tr 10,000 14,378 57,873 1,453 4,0441
773
Waldorf System, corn.(quar.)
16,8411
916 1,717
31%c July 1 Holders of rec. June 200 Lawyers Tit & T 6,000 5.701
1st pref. and pref. (guar.)
20c. July 1 Holders of rec. June 200
%toilworn Mtg., pref. (guar.)
53,3421 2,735
1% June 30 Holders of rec. June 20a Total of averages 16,000 20,079 85,327 2,369 5,7611
Wanner Malleable Cast.,corn. A (guar.) 62%c July 1 June 21 to June 30
52,759, 2,734,
Ward Baking Corp., pref. (guar.)
1% July 1 Holders of rec. June 16a Totalg. actual co ndition June 141 84,871 2,219 5,8041
Totals, actual co ndition June 7 86,471 2,403 6.032
55.250 2,735'
Warren Bros. Co., common (guar.)
July 1 Holders of rec. June 21
Totals, actual co ndition May 31 87,302 2.163 6,5441 57,136, 2,198'
First preferred (guar.)
July 1 Holders of rec. June 21
Second preferred (quar.)
14 July 1 Holders-of rec. June 21
Weber & Hellbroner, corn
50c. June 27 Holders of rec. June 20a Gr'd aggr., aver. 11.550470,1824,893,800 56,300 596.912: 4,198,679 482.573 32,285
Comparison wit h prey. week _ _ +91,4471 +474 +47249', +138,114, -739,-161
Welsbach Co., corn
2
June 30 Holders of rec. June 20
Preferred
June 30 Holders of rec. June 20
Western Electric, corn. (quar.)
$2.50 June 30 Holders of rec. June 270 Gr'd aggr., act: ond'n June 14 4,972,461 54.185 597.570, 4,253,481 493,69032,420
Preferred (guar.)
1% June 30 Holders of rec. June Da Comparison wit h prey. week..+151 662-1,992 +13611, +122.407 +14643, -79
West Coast Oil (guar.)
21.50 July 5 Holders of rec. Juned24
West Point Manufacturing (quar.)
2
July 1 Holders of rec. June 14a Gr'd agar.. acri ond'n June 74,820,799 56.177583.959 4,131,074479,04732,341
White Eagle Oil dr Refir.(guar.)
50c. July 20 Holders of rec. June 300 Gr'd aggr., octet cond'n May 314.781.939 5O.555562.028 3,974,531 493,74732,542
White Motor Co.(quar.)
$I
June 30 Holders of rec. June 206 Gr'd aggr., acel cond'n May 24 4,784,459 53,866S27,255, 3,961,514490,524 32,488
Will & Baumer Candle, pre!. (guar.) _ 2
July 1 Holders of rec. June 16a Gr'd aggr.. aa'l cond'n May 17 4,749,205 52,294543.320 3,939,343490.73532,503
Worthington Pump & Mach., pf. A (qu.) 1% July 1 Holders of rec. June 20a Gr'd aggr., actl cond'n May iO4,720,898 56,480553,635 3,919,822503,90832,204
Preferred B (guar.)
July 1 Holders of rec. June 200 Gr'd aggr., acet cond'n May 34,774,290 52,292539.904 3,956,573487,56732,390
Wright-Hargreaves Mines, Ltd. (guar.) 234 July 1 Holders of rec. June 16
Note.
-U. S. deposits deaucted from net demand deposits in the general total
Wrigley (William) Jr.& Co.
above were as follows:
14, $17,681,000; actual totals. June 14,
Monthly
25e. July
Holders of rec. June 20a 317,681,000; June 7, Average total June 319,525,000: May 24, 320,145.000: MaY
817,681,000; May 31,
Yale & Towne Mfg. (guar.)
Holders of rec. Juno 7
$1 July
17, $32,067,000. Bills payable, rediscounts, acceptances and other liabilities.
Yellow Cab Manufacturing-average for week June 14, $327,044,000; June 7, $335,925.000: May 31,$377,474.000:
Class B (monthly)
412re July
Holders of rec. June 20a May 24, $374,269,000; May
Actual totals June 14. $343,511.000:
Class B (monthly)
41sic Aug.
Holders of rec. July 21a June 7,3322,272,000; May 17, 3371.797,000.
31, 5406,701,000; May 24, 3395,539,000; May 17, 8388.Class B (monthly)
41irc Sept.
Holders of rec. Aug. 20a 587,000.
Youngstown Sheet & Tube, corn.(guar.) $1.25 July
Holders of rec. June 140
Includes deposits in foreign branches not included in total footings as follows:
.
Preferred (guar.)
1% July
Holders of rec. June 14a National City Bank, $127,093,000; Bankers Trust Co., 312,129,000; Guaranty Trust
•From unofficial sources. t The New York Stock Exchange has ruled that stock Co., $82,229,000; Farmers' Loan & Trust Co., $144,000; Equitable Trust Co..
will not be quoted ex-dividend on this date and not until further notice. I Tho $57,226,000. Balances carried in banks in foreign countries as reserve for such
New York Curb Market Association has ruled that stock will not be quoted ex- depeLits were: National City Bank, $22,311,000; Bankers Trust Co. 31,383,000:
Guaranty Trust Co., $15,493,000; Farmers' Loan & Trust Co., 2144,060; Equitable
dividend on this date and not until further notice.
Trust Co., $11,768,000. c Deposits in foreign branches not included. I As of
a Transfer books not closed for this dividend. d Correction. e Payable in stock
May 22. 1 As of April 25.
/ Payable in common stock. y Payable In scrip. h On account of accumulated
The reserve position of the different groups of institutions
dividends. m Payable in preferred stock. n Payable in Canadian funds.
on the basis of both the averages for the week and the actual
Payable either in corn, stock at the rate of one-fortieth of a share for each share
condition at the end of the week is shown in the following
held or cash at the rate of 50c. a share at the option of the stockholder.
Less the following amounts to cover first and second installments of 1923 income two tables:
tax: Continental Passenger RY., 38 eta.; Union Passenger Fly.. 60 eta.; and West STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
Philadelphia Passenger Hy.. 63 cts.
AND TRUST COMPANIES.
k British Amer. Tobacco dividend 10 pence per share.
I One-fiftieth of a share of non-par common for each share now held.
Averages.
o Payable to holders of coupon No. 6.
a
Cash ' Reserve 1
y Dividend originally declared was $5 on old capital, but will now be $2 on the
Surplus
Reserve
Reserve
In
1
Total
new capital after the 150% stock dividend has been paid.
Reserve.
In Vault. Depositaries Reserve.
Required
New York Curb Market rules that Glen Alden Coal sells ex-dividend on May 29.
Members Federal
S
$
$
r Payable to holders of coupon No. 10.
Reserve banks_
586,645,000 586,645,000 544,367.950 42,277,050
s Covering one year's accrued dividend to Jan. 1 1921.
State banks.
689,320
6,016,000 4,506,000 10,522,000 9.832,680
annum for period from April 12 to July 11924.
Trust companies._ 2,369,000 5,761,0001 8,130,000, 8,001,300
128,700
t At rate of 7% per
to Payable Feb. 28 1925.
Total June 14._ _ 8.385,000 596,912,0001605,297,000 562,201,930 43,095.070
'
z Declared 50% in common stock, payable In annual installments of 5% each.
Total June 7-.. 8,489,000 549,663,000558,152,000 544,432,710 13,719.290
y July 15 dividend to apply on new stock Issued as a stock dividend.
Total May 3L...8,152.000 537,717,0001545,869,0001533,321.020 12.547.980
Total May 24_ _
I All transfers received in London or or before June 12 will be In time for payment
8,228,0001532,419,000 540,647,000 530.727,580 9.919.420
of dividends to transferees.
• Not members of Federal Reserve Bank.
Annual dividends for 1924, all Payable in equal quarterly Installments on April 1,
a This is the reserve required on the net demand deposits in the case of State banks
July 1 and Oct. 1 1924 and Jan. 1 1925 have been declared as follows: On the com- and trust companies but in the case of members of the Federal Reserve Bank
mon stock $3 cash and $3 in common stock: on the participating preferred the regular includes also amount n reserve required on net time deposits, which was as follows:
6% and extra divIlends 01 1% in cash and 1% in common stock: on the preferred June 14, 312,575,520: June?, $12,615,750: May 31, $12,917,760; May 24. 312,831,
stock regular 6%; on the prior preferred stock regular 7%
660.




1

1

Actual Figures.
Reserve
Cash
Reserve
in
In Vault. Depositories
Members Federal
Reserve banks_
State banks*
Trust companles*

[VOL. 118.

THE CHRONICT,E

3056

Reserve
Required.

Total
Reserve.

Surplus
Reserve.

-In the folBoston Clearing House Weekly Returns.
lowing we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.

$

587,001,000 587,001,000 551,956,600 35,044.400
982,340
5,971,000 4,765,000 10,736,000 9,753,660
109.150
2,219,000 5,804,000 8,023,000 7,913,850

8,190,000 597,570,000 605,760,000 569,624,110 36,135,890
Total June 14Total June 7.-- 8,599,000 583.959,000 592,558,000 553,367,470 39,190,530
8,075,000 562,028,000 570,103,000 533,640,330 36,462,670
Total May 31_ _
8,166,000 527,255,000 535,421,000 531,805,220, 3,615,780
Total May 24._
* 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 14, $12,907.050; June 7, $12,472,950: May 31, $12,932,430; May 24, $12,832.

June 18
1924.

June 4
1024.

June 11
1924.

Changesfrom
Previous week.

$
2
57,400,000
Unchanged 57,400,000 57,400,000
Capital
81,396,000 Inc.
102,000 81,294,000 81,327,000
Surplus and profits
Loans, discla & investments. 850,826,000 Inc. 18,155,000 832.671,000 831,822,000
Individualdeposits,Incl. U.S.623,804,000 Inc. 20,121,000 603,683,000 600,023,000
139,651,000 Inc. 11,213,000 128,438,000 127,382,000
Due to banks
141,929,000 Inc.
48,000 141,881,000 141,223,000
Time deposits
11,482,000 Inc. 6,705,000 4.777.000 5,292,000
United States deposits
6,244,000 20,147,000 30,922,000
Exchangesfor Clearing House 32,391,000
80,832,000 Inc. 12,065,000 88,767,000 65,209,000
Due from other banks
Reserve In Fed. Res. Bank_ _ 75,449,000 Inc. 2,769,000 72,680,000 71,199,000
24,000 8,748,000 8,591,000
Cash in bank and F.R. Bank 8,772,000 Inc.
Reserve excess in bank and
Federal Reserve Bank.... 3,847,000 Inc.
900,000 2,947,000 1.868,000

State Banks and Trust Companies Not in Clearing
-The State Banking Department reports weekly
House.
Philadelphia Banks.
-The Philadelph'a Clearing House
figures showing the condition of State banks and trust companies in New York City not in the Clearing House as follows: return for the week ending June 14, with comparative figures
for the two weeks preceding, is given below. Reserve
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER requirements for members of the Federal Reserve System
NEW YORK. NOT INCLUDED IN CLEARING HOUSE STATEMENT.
are 10% on demand deposits and 3% on time deposits, all
(Figures Furnished by State Banking Department.)
Difference from to be kept with the Federal Reserve Bank. "Cash in vaults"
Previous Week. is not a part of legal reserve. For trust companies not memJune 14.
$863,745,700 Inc.210,654,200 bers of the Fedei•al Reserve System the reserve required is
Loans and Investments
3,972,200 Dec. 387,700
Gold
154,200 10% on demand deposits and includes "Reserve with legal
21,952,600 Inc.
Currency and bank notes
79,947,800 Dec. 231,500 depositaries" and "Cash in vaults."
Deposits with Federal Reserve Bank of New York
919,575,500 Dec. 10,109,000
Total deposits
Deposits, eliminating amounts due from reserve depositories and from other banks and trust companies In N.Y.City,exchange and U.S.deposits_ 860,615,800 Dec. 5,889.700
153,252,300 Inc 3,889,800
Reserve on deposits
Percentage of reserve, 22.8%.
RESERVE.
State Banks- -Trust Companies
$73,625,200 16.23%
•$32,247,400 15.75% .
Cash in vault
34.851.500 7.47%
Deposits in banks and trust cos_ _ _ 12,528,200 6.12%
$44,775,600 21.87%

Total

$108,476,700 23.70%

•Includes deposits with the Federal Reserve Bank of New York, which for the
State banks and trust companies combined on June 14 was $79,947,800.

-The
Banks and Trust Companies in New York City.
averages of the New York City Clearing House banks and
trust companies combined with those for the Stat banks and
trust companies in Greater New York City outside of the
Clearing House are as follows:

Week ending June 14 1924.
Two Ciphers (00)
omitted.

Members
Trust
F.R.System Companies

Capital
Surplus and profits
Loans,disc'ts &
Exchanges for Clear.House
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits
U.S. deposits (not incl.)
Reeve with legal deposit's_
Reserve with F.R.Bank._
Cash in vault*
Total reserve and cash held
Reserve required
Excess res. At cash in vault_

239,875.0
110,161,0
714,187,0
33.710,0
114,422,0
131,043,0
547,014,0
81,686,0
739,743.0

35,000,0
16,000,0
43.918,0
558,0
14,0
924,0
28,268,0
1,209,0
30,401,0
6,015,0

57,760,0
9.554,0
67,314,0
57,505,0
9.809,0

1,256,0
7,271,0
4,353,0
2,918,0

May 31
1924.

June 7
1924.

1924.
Total.
344,875,0
126,161,0
758,105,0
34.268,0
114,436,0
131,967,0
575,282,0
62,895,0
770,144,0
9,868,0
6,015,0
57,760,0
10,810,0
74,585.0
61,858,0
12,727,0

244,875,0
126,161,0
756,382,0
32,160,0
101,564,0
126,045,0
558,733,0
64,337,0
749,115,0
10.067,0
4,215.0
57,508,0
10.533,0
72,256,0
60,506,0
11,750,0

244.875,0
126,161,0
756,824,0
32,903,0
99,231,0
121,025.0
561,477,0
63,797,0
746,299,0
10,899,0
3.724,0
55,932.0
10,390,0
70,046,0
60,989.0
9,057,0

• Cash in vault not counted as reserve for Federal Reserve members.

COMBINED RESULTS OF BANES AND TRUST COMPANIES IN
GREATER NEW YORK.
Loans and
Investments.
Week EndedFeb. 16
Feb. 23
Mar. 1
Mar. 8
Mar. 15
•
Mar. 22
Mar. 29
April 5
April 12
April 19
April 26
May 3
May 10
May 17
May 24
May 31
June 7

Demand
Deposits,

*Total Cash
in Vaults.

$
5.432,697,600
5,432,287.500
5,424,841,800
5,432,225,300
5,462,366,300
5,534,279,900
5,557,132.400
5,554,501,000
5,517,615,300
5,530,017.700
5,546,167,200
5,587.975,500
5,586,219.800
5,599,245,700
5,617,090,300
5,634,135,400
5,655,543,500

$
4,646,580.300
4.653,880,900
4.640,570,200
4,651,853,700
4,682,815,500
4,816,722,400
4.705.886,400
4,694,758,200
4,632,385,000
4,674,348,500
4,712,840.800
4,783,492,000
4,764,209,200
4.774,058.800
4,799,826,200
4,818.701,900
4,927,070.500

$
81,717,400
78.822.000
82,862,500
80.120,600
80,148,100
79,268.200
80,050,500
78,352.100
81.490,600
79,455,600
80.214.600
78,995,200
81,434.100
80.209,800
79,503.100
78,685,500
81,984,300

M 7g, AAA 'An

x Ann Of. onn

00 00.

onn

Condition of the Federal Reserve Bank of New York.
-The following shows the condition of the Federal Reserve
Reserve it
Depositari 4. Bank of New York at the close of business June 18 1924 in
comparison with the previous week and the corresponding
$
623,209,4oo date last year:
June 18 1924. June 111024, June 20 1923
00
618,208,2
615,356,000
614,521,100
624,625,700
704,938,900
821,464,100
631.029,100
627,002.100
633,238,700
641.584,400
00
645,935,5
00
640,730,5
646,164.700
644,891,000
649,648,100
00
672,867,2
TOA
,

non M

New York City Non-Member Banks and Trust Com-The following are the returns to the Clearing House
panies.
by clearing non-member institutions and which are not included in the "Clearing House Returns" in the foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
(Stated in thousands of dollars-that is, three ciphers (0001 omitted.)
Net
Capital. Profits.
CLEARING
NON-MEMBERS.
Nat. bka. Mar.31
Week Ending State bks. Mar.20
June 14 1924. Tr. cos. Mar. 31
Members of
Ferri Res've Bank
W.R. Grace & Co_

I
$
5001
501

1,
$

Loans,
Discounts,
InvestMate.
dee.

$630
Average Average Average Average Average
$
$
3,446
19
2,678
502
8,343

Total gold reserves
Reserves other than gold

1,036,140,000 1,037,707,000 1,092,659,000
24,226,000
28,031,000
24,831,000

Total reserves
Non-reserve cash
Bills discounted
Secured by U. S. Govt. obligations
Other bills discounted

1 064,171,000 1,062,538,000 1,116,885,000
8,068,000
16,519,000
16,120,000
20.717,000
15,728,000

20,844,000
14,310,000

105,381,000
33,464,000

36,445,000
18,414,000

35,154,000
8,163,000

138,845,000
38,964,000

1,202,000
101,299,000
34,043,000

1,202,000
83,180,000
18,060,000

1,149,000
9,274,000
10,087,000

Total U.S. Government securities-. 136,544,000

102,442,000

20,510,000

145,759,000
127,954,000
15,160,000
9,015,000

198,319,000
145,019,000
12,399,000
1,305,000

Total bills discounted
Billa boughtIn open market
U. S. Government securities
Bonds
Treasury notes
Certificates of Indebtedness

Totalearning assets
Uncollected items
Bank premiums
All other resources

191,403,000
164,422,000
15,174,000
6,757,000

1 458,446,000 1,376,548,000 1,481,994,000

LiabIlItiesFed. Res. notes in actual circulation.... 344,007,000
-Member bank, reserve fleet__ 879,229,000
Deposits
2,641,000
Government
11,167,000
Other deposits

342,616,000
818,077,000
7,315,000
10,291,000

.
547,527,000
700,560,000
11,365,000
15,122,000

893,037,000
129,365,000
29.983,000
59,929.000
2,125,000

835,683,000
106,185,000
29,972,000
59,929,000
2,181,000

727,047,000
114,597.000
29,206.000
59,800,000
3,817,000

Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities

5,97
22,181

1,844
2,641

3,485

2,008

28,160

4,485

8,912

343

81

2,703

5,874

8,912

343

81

2,703

5,874

CURRENT NOTICES.

4,7461

48,774
+10

3,847
+143

2,591 a33,541
+1
+198

13,805
-89

4,7481
4,7461
4,746
4,746

48.764
48,730
49,481
49,890

3,704
3.743
3,866
3,881

2,393
2,321
2,384
2,774

13,894
14,053
14.169
14,695

-The Dominion Securities Corp., Toronto, Canada, has prepared
for distribution among investors in Canadian bonds a booklet giving
comprehensive information respecting the Dominion of Canada, its Provinces and their funded obligations. Figures of agricultural, mining and
other production are Included together with a statement showing the
debts, revenues and expenditures as of June I 1924. The information is
given in convenient form and we are informed that the corporation will
furnish copies free on request.

7,219
24,300

76
2,72

1,2001

2,676

31.519

5001

429

500

4291

2,200,
Grand aggregate.-Comparison with prey. week!
2,200
2,200
2,200
2,200

19

502

Totalliabilities

s33,401
233,472
a33,571
*33,984

a United States deposits deducted. $20.000.
Bills payable, rediscounts, acceptances and other liabilities, $28,000.
Excess reserve, $320,950 increase.




647,822,000
267,091,000
177,746,000

325
1,683

401
2,275

Ord aggr., June
Gr'd agar., May 31
Ord any., May 24
Ord aggr., May 17

Gold held exclusively agst.P.R.notes. 640,731,000 637,313,000
Gold settlement fund with F.R. Board__ 198,440,000 197,610,000
Gold and gold certificates held by bank__ 198,969,000 202,784,000

3,446

2001
1,0001

Total

637,388,000
10,434,000

2,67

8,343

Total
Trust Company
Not Members of
Fed'I Res've Bank
Mech. Tr., Bayonne

$
635,351,000
1,962,000

Totalresources
Net
Net
Reserve
Cash
with Demand Time
Legal Deposits. Deposits
in
Vault. Deporttortes.

1,639

Total
State Banks
Not Members of
Fed'I Reeve Bank
Bank of Wash. Ms_
Colonial Bank

3
ReStatreals635,299,000
Gold with Federal Reserve agent
5,432,000
Gold redemp.fund with U.S. Treasury_

1,458,446,000 1,376,548,000 1,481,994,000

Ratio of total reserves to deposit and
Fed. Res. note liabilities combined_ _
Contingent liability on bills purchased
for foreign correspondents
•Includes Victory notes.

90.2%

87.6%

11.294,000

14,088,000

8.60%
11,324,000

JUNE 21 1924.]

THE CHRONICLE

3057

Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, June 19, and showing the condition
of the twelve Reserve Banks at the close of business on Wednesday. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those fo the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returnsfor the latest
week appears on page 3029, being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS JUNE

18 1924.

June 18 1924. June 11 1924.1 June 41924. May 28 1924.1May 21 1924. May,14 1024. May 7 1924. Apr.30 1924. June 20 1923
RESOURCES.
$
$
$
S
$
Gold with Federal Reserve agents
2,118,962,000 2,091,061,000 2.089,133,000 2,103,863,000 2,113,340.000 2,135,212,000 2,110,776,000 2,088,317.000 2,033,359,000
Gold redemption fund with U.S. Treas.
46,465,000
42.249,000
38,216,000
37,532,0001 48,439,000
35,911,000
39.755,000
50,801,000
57,341,000

1

1

Gold held exclusively agst. F. R. notes 2,161,211,000 2,128,593,000'2,137,572.000 2,150,328,000 2,149,556,000 2,171,123,000 2,150,531,000 2,139.118,000 2,090,700,000
Gold settlement fund with F. It. Board_
574,150,000 601,172,0001 593,872,000 594,007,000 595,676.000 578,914,000 601,766,000 610,570,000 688,063,000
Geld and gold certificates held by banks_
422,280,000 424,690,000 393,648,000 373,478,000 392,934,000 388,439.000 377,309,000 370.701.000 350,252,000
Total gold reserves
Reserves other than gold

3,157,641,000 3,154,455,000'3,125,092,000 3,117,813,000 3,138,166,000 3,138,476,000 3,129,606,000 3,120,389,000 3,129.015,000
114,503,000 105,047,0001 99,827,000
98.461,000 101,819,000 102,810,000 102.502,000 102,220,000
85,966,000

Total reserves
Non-reserve cash
Bills discounted:
Secured by U. S. Govt. obligations
Other bills discounted

3,272,144.000 3,259,502,000 3,224,919,000 3,214,274,000 3,239,985,000 3,241,288,000 3,232.108,000 3,222.609,000 3,214,981,000
56,641,000
5.5.944,000
49 611,000
46,238,000
51,135,000
52,177.000
51,243,000
68,914,000
49,811.000
114,439,000
236,941,000

131,288,000
244,724,000

135,323,000 164,586,000
266,097,000 265,034,000

149,669,000 155,536,000
264,946,000 255,645,000

401,420.000
65,632,000

167,556,000
272,729.000

161,164.000
286,021.000

352,733,000
378,368,000

414,615,000
55,692,000

411,181,000 4,10,285,000
75,361,000
87,287,000

447,185.000
124,485,000

731,101,000
205,716,000

22,190,000
20,098,000 17,409,000
334,024,000 296,666,000 245,722,000
66,691,000
70,151.000
81,126,000

19,522,000
241,688,000
63,431,000

18,463,000
241.721,000
62,980,000

18,353,000
19,269,000
232,091,000 221,771,000
60,438,000 60.620,000

25,070,000
83,493,000
12,966,000

422,905.000 397,890,000
1,301,000
1,301,000

324,641,000
551,000

323,164,000
551.000

310,882,000
51,000

Total bills discounted
Bills bought in open market
U.S. Government securities:
Bonds
Treasury notes
Certificates of indebtedness

351,380,000
57,322,000

375,992,000
44,381,000

429.1300.000
86,760,000

21,969,000
300,216,000
103,717,000

Total U. S. Govt. securities
All other earning assets

425,902,000
1,301,000

Total earning assets
5% redemp. fund agst. F.11, bank notes
Uncollected-items
Bank premises
All other resources

835,905,000

844,579,000 856,243,000

685,234,000
57,374,000
25,151,000

573,450.000
57,274,000
27,773,000

Total resources
LIABThITIES.
F. R.notes In actual circulation
F. R. bank notes in circulation-net_
Deposits
Member banks-reserve account
Government
Other deposits
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities

333,282,000
551,000

121,529,000
55,000

301,660,000
51.000

850,193,000 795,499,000 810.257,000 838.505,000 873,381,000 1,058,401,000
28,000
28,000
28,000
191,000
28,000
28,000
573,797,000 531,954.000 598,587.000 673.130.000 566,511.000 588,350.000 685,812,000
57,174,000 57,139,000
56,679,000
56,687,000
56,540,000 56,494,000
52,215,000
26,779,000
24,568,000
25,207,000
24,813,000 23,730.000
22,530,000 12,299,000

4,932,449,000 4,818,522,000 4,788,523,000 4,725,033,000 4,766,481,000 4,858,378,000 4,768,665,000 4.811.203,0005,092,813,000
'

1

1,851,842,000 1,870,518.000 1,884.039,000 1,891.147.000 1.886,429,000 1,911,875,000 1,927,027,000 1,926,013.000 2,222,352,000
322.000
317,000
332,000
338,000
343,000
1,489,000
2,103,815,000 2,031,905,000 1,988,047,000 1,938.074,000 1,941,285,000 1.939,598,000 1,953,532.000 1,944,952,000 1,874,220,000
9,648,000
35,172,000
40,384,000
19,053,000
30,375,000
31,866,000
18,381,000
32,503,000, 20.764,000
22,013,000
19,802,000
24,996,000
20,982,000
21,221,000
24,961.000
22,439,000
27,926,000
26,330,000
2,135,476,000 2,086,879,000 2,041,134,000 1,997,440,000 1,985,334,000 1,994,934,000 1,994,352,000 2,005,381,000 1,921,314,000
597,744.000 513,620,000 516,199,000 488,715,000 547.313,000 804.329,000 500.211.000 533,466,000 601,028,000
111,472.000; 111,442,000 111,456,000 111,493,000 111,378,000 111.389,000 111,231,000 110,927,000 109,422,000
220,915,000, 220,915,000 220,915,000 220,915,000 220.915,000 220.915,000 220,915.000 220,915,000 218,369,000
15,000,000: 15.148,000
14,624,000
14,790,000
15,006,000
14.780,000
14,591,000
14.158.000, 18,839,000

1

Total liabilities
4,932,449,000 4,818,522,000 4,788,523,000 4,725,033,000 4.766,481.000 4,858,378,000 4,768,665.000 4,811,203,000 5,092,813,000
Ratio of gold reserves to deposit and
F. R. note liabilities combined
79.2%
79.7%
81.1%
80.3%
79.6%
80.1%
79.8%
79.4%
75.5%
Ratio of total reserves So deposit and
F. R. note liabilities combined
82.1%
82.4%
83.7%
82.4%
82.2%
82.7%
83.0%
77.6%
82.0%
Contingent liability on bills purchased
for foreign correspondents
38,909,000
39,628,000
39,910.000
39,857,000
40,118,000
21,388,000
25,763,000
33,500,000
20,505,000
Distribution by Maturities
1-15 days bills bought in open market_
25,696,000
29,892,000
24,494,000
66,995,000
36,178,000
37,309,000
35,901.000
79,163,000
63,564,000
1-15 days bills discounted
175,118.000 194,504,000 208,935,000 231,773,000 213,700,000 224,458,000 240,328,000 245,805,000 489,821,000
1-15 days U. S. certif. of indebtedness_
1,100,000
31,312,000
31,311,000
10,088,000
1-15 days municipal warrants
51.000
40,000
16-30 days bills boughtin open market_ _
9,659,000
8,349,000
11,331,000
12,138,000
10,495,000
24,895,000
22,003,000
53,611,000
24,120,000
16-30 days bills discounted
37,750,000
42,400,000
46,365,000
41,214,000
43,632,000
43,215,000
45,882,000
40,070.000
55,058,000
18-30 days U. S. certif. of indebtedness_
21,116.000
14,055,000
944,000
944,000
205.000
16-30 days municipal warrants
51,000
51,000
15,000
31-60 days bills bought in open market15,554,000
5,125,000
8,638.000
11,481,000
6,790,000
19,685,000
13,465,000
41,260,000
29,141.000
31-60 days bills discounted
54,109,000
66,669,000
57,778,000
71,417,000
66,268,000
72,862,000
67,281,000
85,413,000
79,690,000
31-60 days U. S. certif. of Indebtedness13,247,000
12,059,000
11,822,000
31-60 days municipal warrants
51,000
51,000
51.000
51,000
61-90 days bills bought in open market_ 4,790,000
1,940,000
2.274.000
2,729,000
1,774,000
3,448,000
25,240,000
5,098,000
7,228.000
61-90 days bills discounted
36,710,000
37,679,000
42,888,000
38,315,000
41,651.000
53,297,000
37,290.000
44,369,000
46,979,000
61-90 days U. S. certif. of indebtedness_
186,000
943,000
943,000
943,000
61-90 days municipal warrants
51.000
Over 90 days bills bought in open market
1,623,000
684,000
504,000
672,000
268,000
6,442,000
267,000
300,000
432.000
Over 90 days bills discounted
47,693,000
43,817,000
43,070,000
44,687,000
41,482.000
38,520,000
47,512,000
34,641.000
36,844.000
Over 90 days certif, of indebtedness_
102,617,000
34,435,000
49,035,000
48,871,000
49,376.000
48,790,000
47.436,000
2,692,000
47,850,000
Over 90 days municipal warrants
Federal Reserve Notes
Outstanding
Held by banks

2,356,224,000 2,363,666,000 2,374,943.000 2,376,708.000 2,396,475,000
504,382,000 493,148,000 490,904,000 485,561,000 510,046,000 2,419,055,000 2,440,308,000 2,444,073,000 2,651,502,000
507,180,000 513,279,000 518,060,000 429,150,000
1,851,842,000 1,870,518,000 1,884,039,000 1,891.147,000 1.888,429,000
1,911,875,000 1,927,027,000 1,926.013,000 2,222,352,000

In actual circulation

Amount chargeable to Fed. Res. Agent 3,305,455,000 3,318,336,000
3,335,043,000 3,337,600.000
In hands of Federal Reserve Agent
949,231,000 954,670,000 980,100,000 960,892,000 3,354,727,000 3,358,102,000 3,371,658,000 3,379,820,000 3,493,556,000
958,252,000 939,047,000 931,352,000 935.747,000 842,054.000
Issued to Federal Reserve Banks-. 2,356,224,000 2,363,666,000
2,374,943,000 2,376,708,000 2.396,475.000 2,419,055,000 2,440,308,000 2,444.073,000 2,651,502,000
flow Secured
By gold and gold certificates
334,604,000 335,864,000 335,864,000 335.864,000 335,884,000
319,429,000
By eligible paper
237,262,000 272,1305,000 285,810,000 272,845,000 283,135,000 335,864,000 335.864,000 335,864,000 618,143,000
Gold redemption fund
115,988,000 110,243,000 113,963,000 113,172,000 118.743,000 283,843,000 329,530,000 355.756,000 124,088,000
112,704.000 114,397,000 123,869.000
With Federal Reserve Board
1,668,372,000 1,644,954,000 1,639,306,000 1,854.827.000
1,658,733,000,1,686.644,000 1,660,515,000 1,828,584.000 1,589,842,000
Total
2,356,224,000 2,363,666,000 2,374,943,000 2,378,708,000
2,396,475,00012,419,055,000 2.440,306,001 2,444,073,000 2,651,502,000
Eligible paper delivered to F. It. Agent_
397,098,000 404,656,0001 437,634,000 495.460.000 448.984,000'
469.253.000 506.229.000 546.031.000 889,453,000
• Includes Victory notes.
STATEMENT OF RESOURCES AND LIABILITIES OF
WEEKLY
EACH OF THE 12 FEDERLA RESERVE BANKS AT CLOSE OF BUSINESS JUNE 18 1924.
Two ciphers (00) omitted.
Boston. New York.' Phila. ICleveland.1Richmond I Atlanta.
Federal Reserve Bank of!
Chicago.
-- Louis.1211inneap. Kan. City! Dallas. ISan Fran:. Total.
,
• RESOURCES.
Gold with Federal Reserve Agents 209,371,0 635,299,0 187,397,0 205,634.0 39.730,0 122,338,0
S
S
Gold red'n fund with U.S. Treas. 6,470,0
5,432,01 8,620,01 3,019,0 4,089,0 2,624,0 279,825,0, 63,118,0 57,589,0, 55,195,0, 29,819,0,233,597,0 2,118,962,0
3.278,01 2.084,0
.720,0, 1,230,0; 1,227,01 2,472,01 42.249,0
:
held excl. a,gst.F.R.notes 215,841,0 640,731,0 198,017,0 208.653,01
Gold
43.799,0
.
Gold settle't fund with F.R.13 rd 33,588,0 196,440.0; 28,082,01 79,018,0, 30,269.0,125,012.0 283,103,01 65,202,0 59,313,01 56,425,0 31,046,01238,069,0 2,181,211,0
17,237,0 101.415,0 29,301,0 4,993,0' 23,737,0 10,039,01 17,025,0: 574,150,0
19,007.0 108,989,0, 34,537,0; 18,878,0,
Gold & gold ctfs. held by banks
8.711,01 7,641,0 68,443,01
. 9,882,01 5,370,01 8,489,0 34,773,0, 422,280,0
, 7.780,0,
:
268,436,0 1,036,140,0 258,636,0.306,549,0
Total gold reserves
82,779.0 149,890,0 455,961,0102,286,0' 73.991,01 85,532.01 49.574,0287,867,0 3.157,641,0
other than gold
12.402.0, 28,031,01 3,930,01 8,866,01 4,590.0
Reserves
12.114,0 15,583,0; 11,924,0, 1,576,01 4,551,01 6,994,01 3,942,01 114,503.0
- '
--280.838,d1,064,171.d262,566,01 315,415,01 87.369,0 162,004,0
Total reserves
3,400,01
16,519,0 1,870,0 4,125,0 2,521,0 4,257,0 471,544,0'114,210,d 75,567.01 90.083,01 56,568,0 291,809,0 3,272,144,0
Non-reserve cash
9,756,01 4,164,0;
56,641;0
928,0 3.152,0 2,579,0 3,370,0
Bills discounted:
20,717,0 18,292.0 18,457,01 13,145,0 4.810,0 12.609,0,
Sec. by U. S. Govt. obligations 8,777.0
5,198,0!
5.426,0
432,01 2,020,0, 1,758,0 8,174,0 114,439,0
15,728,0 7.955,0
Other bills discounted
_
6,915.0!17 717,0 13.781,0; 22,691,0, 13,805,0 24.565,0 238,941.0
12.638,01 36,810,0 28,880,0 3
L_ :
14.203,0
36,445,0 26,247,0 31,095,0 49,955,0 33,690.0 49,554,01
Total bills discounted
22,915,0 14,263,0, 24,711,01 15,563,0 32,739,0 351,380,0
2,977,01 18,414,0 3,484,0 5,638,0
Bills bought in open market
989,0 2,992,0 5,590,0 1,198,0' 1,586,0' 2,369,0 6,726,0 5,381,0
57.322,0
U. S. Government securities:
541.0
1,202,0
549,0 2,915,01 1,191,0
Bonds
194,0 4,428,01
10,0
I 9,372,0 1,789,0, 1,780,0
21,969.0
22,847.0 101,299,0 23,493,0 27,076.0: 2,873,0
Treasury notes
40,961,0, 6,303,0 12,861,0 19.311,0 13.897,0 29,495,0 300.216,0
34,043,0 4,889.0 9,990,01 1,061.0
Certificates of Indebtedness. 8,845,0
14.686.01 1,701,0, 4,107,0, 6,051,0; 4.968,0 13,378.0 103,717.0
TotalU. S. Govt. securities-- - 32,233,0 136.544.0 28,931.0 39.981,0' 5.125,0
194.0 60,073,0' 8.004,0' 24.340,0' 27.151.0 20,443.0 42,883.0 425,902,0
'




$

$

I

$

1

$

1

$

1

$

IS.

$ 1

$

$

I

$

I

I

I

$

[VOL. 118.

THE CHRONICLE

3058
RESOURCES (Concluded)
Two ciphers (00) omitted.

Boston. New York.

Phila.

$

$

$
1,301,f)

All other earning assets

Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kal. City Dallas. San Fran.
$
$
$
$
$
$
$
$
$

Total.
$
1,301,0

81,003.0 835,905,0
32,115,0
191.403,0 59,963,0 76,714,0 56,049,0 36,876,0 115,217,0 33,495,0 40,189,0 54.231,0 42,732,0 40,003,0 685,234,0
164,422,0 70,185.0 68,116,0 59,944,0 28,904,0 88,648,0 1.994,0 15,429,0 37,273,0 23,855,0 2,853,0
57,374,0
2,781,0 4.595,0 1.912,0
8,264,0
15,174,0 1.113,0 9,120,0 2,528,0 2,728,0
25,151,0
984,0 4,287,0 3,967.0
139,0 5,688,0
846,0
340,0 1,690,0
203,0
178.0
6,757,0
423,005,0 4,932,449,0
186,117,0 140,580,0 190,318,0 131,933,0
392,997,0 1,458,446,0 395,875,0 473,693,0 208,751,0 236,459,0 694,275,0
49,413,0
54,960,0
4,312,0
74,0

Total earning assets
Uncollected items
Bank premises
All other resources

Total resources
LIABILITIES.
F. R. notes In actual circulation_ 199,683,0
Deposits:
Member bank-reserve acct 118,114,0
659,0
Government
295,0
Other deposits
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
Total liabilities
Memoranda.
Ratio of total reserves to deposit
and F. R. note liabilities combined, per cent
Contingent liability on bills purrhssrsi for foreign corresnond'ts

68,499,0 63,432,0 41.221,0 205,359,0 1,851,842,0
344.007,0 185.844,0 210.989,0 73,053.0 138,746,0 259,010,0 62,225,0
60,309,0 59,025,0 310,733.0 73,411,0 45,537,0 77,975,0 50,231,0 147,318,0 2,103,815,0
879,229,0 117,792,0 184,141,0
9,648,0
784,0
381,0
747,0
272.0
57,0 1,234,0
980.0 1,007,0
326,0
560,0
2.641,0
22,013,0
450,0 4,905,0
469,0
389,0
381,0
119,0 1.465,0
251.0
896,0 1,226,0
11,167,0
51,062,0 153,007.02,135,476,0
60,151,0312,235,0 75,026,0 46,278,0
119,068.0 893,037.0 119,248,0 165,693,0 61,540,0 22,451,0 75,759,0 33,029,0 13,581,0 79,111,0 26,160,0 39,850,0 597,744,0
33,068,0
49,476,0 129,365,0 80,136,0 59,373,0 55,496,0 4,582,0 15,155,0 5,072,0 3,390,0 4,435,0 4,163,0 8,024,0 111,472,0
29,983,0 10,208,0 12,845,0 5,851,0
7,974,0
59,929,0 19,927,0 23,691,0 11,672,0 8,950,0 30,426,0 10,072,0 7,484,0 9,496,0 6,577,0 15,301,0 220,915,0
16,390.0
15,000,0
693,0 1,348,0
776,0 1,760,0 1,464,0
1,585,0 1,670,0
712,0 1,302,0 1.139,0
2,125,0
426,0
1,458.446,0 395,875,0 473,693,0 208,751,0 236,459,0 694,275,0 186,117,0 140.580,0 190,318,0 131,933,0 423,005,0 4,932,449,0
392.997,0

86.1

11.324.0

83.7

64.9

81.5

82.5

83.2

65.8

83.2

61.3

81.4

82.1

3.774.0

86.0

88.1

4.552,0

2,218,0

1,712,0

5,797.0

1.908.0

1401.0

1.709,0

1 478 n

2 957 n

38.909.0

STATEMENT OF'FEDERAL RESERVE AGENTS'ACCOUNTS AT CLOSE OF BUSINESS JUNE 18 1921.
I Boston. New York' Phila.' Cleve. '121chm'd Atlanta Chicago.

Federal Reserve Agent at-

(In Thousands of Dollars)
Resources94,300
Federal Reserve notes on harm
219,358
Federal Reserve notes outstanding
Collateral security for Federal Reserve notes outstanding
35,300
Gold and gold certificates
16,071
Gold redemption fund
158,000
Gold Fund-Federal Reserve Board
9,987
required
Eligible paper'Amount
7,193
'Excess amount held

$
251,9801 5031601 59,470 40,085 73,240
842,334213,545237,778 81,523151,388

2,400
238,531 14,0001 8,780
30,768 12,008, 11,854 4,435 5,988
366,000 161.389,185,000 35,295 114,000
7,035 26.148 32,142 41,793 29,000
42,964 1,3531 3,545 8,694 7.553
1 -540,209 1,579,612 478,603:538,567,211,805 383,569

Total
LioJjiZUtesNet amount of Federal Reserve notes received from
313,658
Comptroller of the Currency
209,371
Collateral received fromfGold
17,180
Federal Reserve Bank Eligible paper

St. L. Afinn.1K City. Dallas.'San Fr.
.

Total.

1 $
$
$
209,220 26,100 23,236 28,093 21,6671 71,700 949,231
287.057 74,278 71,424 78,859 51,041 249,641 2,356.224
1
334,604
_ _ _ _ 12,556
9,985 13.052
8,181 4,633 1,537 3,835 2,763' 15,913 115,986
273,644 48,500 43,000 51,360 14,500 217,684 1.868,372
7.232 11,180 13,835 21,664 21,222 16,044 237,262
47,491 12,777 1,504 5,156 1,273 20,333 159,836
830,825 187,433 167,588 186,967 125,022 591,315 5,821,515

642,334 213,545 237,7761 81,523 151,388
298,327 27,901' 28,7871 8,470 12,648

287,057 74.278 71,424 76,859 51,041 249,641 2,356,224
28,017 12,053 2,925 13,427 9,820 44,282 504,382

199,663

Federal Reserve notes in actual circulation

830,825 187,433 167,588 186,967 125.022 591,315 5,821,515

219,358
19,695

Federal Reserve notes outstanding
Federal Reserve notes held by banks

1
496,277 100,378 94,660 104,952 72,708 321,341 3,305,455
279,825 63,118 57,589 55,195 29,819 233,597 2,118,962
54,723 23.937 15,339 25,820 22,495 36,377 397,098

540,209 1,579,612 478,6031538.587.211,805 383,569

Total

1
894.314 263,705 297,246 121,588 224,628
635,299 187,397 205,634 39,730 122,388
49.999, 27,5011 35,6871 50,487 36,553

344,007 185,644210.989 73,053 138.740

259,010 82,225 68,499 63,432 41,221 206,359 1,851,842

Weekly Return for the Member Banks of the Federal Reserve System.
resources,
Following is the weekly statement issued by the Federal Reserve Board, giving the principal itemi of the
which weekly returns are obtained. These figures are always a week behind
the liabilities of the 749 member banks from
statement
those for the Reserve banks themselves. Definitions of the different items in the statement were given in the
in the "Chronicle" of Dec. 29 1917, page 2639. The comment of the Reserve Board upon the figures
of Oct. 18 1917, published
for the latest week appears in our Department of "Current Events and Discussions," on page 3029.
District at close of business June 11 1924. Three ciphers (000) omitted.
I. Data for all reporting member banks in each Federal Reserve
Federal Reserve District.

I Boston
43

New York
108

Number of reporting banks
Loans and discounts, gross: •
Secured by U.S. Gov't obligations
Secured by stocks and bonds
All other loans and discounts

$
$
89,309
10,368
226,699 1.756,062
602,777 2,545,337

Total loans and discounts__
U. S. pre-war bonds
U. S. Liberty bonds
U. S. Treasury bonds
U. S. Treasury notes
U. S. Certificates of Indebtedness_
Other bonds, stocks and securities_

839.6444.390,708
51,264
13,520
81,688 564,487
4,152
26,062
17,176 340,948
5,994
20,590
186.626 959,102

Total loans & discla & investm'ts 1.149,000 6,353,181
85.893 743,744
Reserve balance with F. R. Bank_
19,985
80,553
Cash In vault
814,716 5,286,899
Net demand deposits
290,921 954,587
Time deposits
4.348
I
22,109
Government deposits
Bills payable and rediscounts with
Federal Reserve Bank;
10,389
1,735
Secured by U. S. Govt. obliga'ns
5.608
2.015
A II ...11op

Mnpls. Kan. City Dallas 'San Fran. Total.
Phila. 'Cleveland Richm'd I Atlanta I Chicago St. Louis
.
-,749
51
86
72
25
34
104
36
76
79'
55'
$
a
$
$
$
$
S
$
S
$
$
214,177
3,315
10,697
6,187
2,798
8.168
34,316
7,915
7,898
22,117
11.091
60,177 195,210 3,966,483
84,726
38,692
66,371 591.980 145,625
269,667 408,988 124,306
186 512 315,750 200,506 812,923 7,896.121
359,939 717,835 335,522' 346.918 1;167,959 304,145
406,663 263,998 1,018,830 12,076,781
640,697 1,148,940 487,7241 421,202 1,794,235 457,938 228,002
270,133
26.773
19,009
11,329
8,298
14,309
23.619
29,132' 14,756
47449
10,675
11,608 102,955 1,168,717
38,069
13,433
22,805
11,705 117,925
24,913
131,765
47,366
69,433
1,179
12,201
380
2,648
5,049
11,470
637
1,022'
2,241
2,392
662,814
34,209
11,545
15,123
27,945
13,763
3,779 118,829
44,350 • 5,3281
29.819
85,516
13,821
3,716
1,612
2,881 •
1,865
22,715
2,385
970'
3,475
5,492
13.240 160,945 2,463,092
57,875
23,829
92,023
52.607) 41,380 348,219
207.795 319,451
16,796,486
944,238 1,697,871 581,696, 495.844 2,437.012 607.752 302,768 533,319 324,293 1,369,734 1,539,492
19,330
39,937
98,580
44,686
23,143
34.942; 33,071 218,227
83,665, 116,274
287,077
6,822
9,956
21,935
12,860
7.504
56,568
14,205: 10,887
15,2771 30,545
200.636 392,154 217,443 732,789 11,784,757
702,411 907,190 335,805: 269,594 1,589,858 355,464
83,804 135,088
86,992 610,024 4,347,826
131,197 668,580 167,305 185,979 836,300 197,049
80,194
7,670
1,370
1,767
1.849
2,879
11.178
2,881
2,867
10,737
9,939

1

1

I
4,990
24R5

18,266
ln 1 RI

I
3,287.
13.182

6,790
11.930

4,821
8.260

1.114
3.847

152
1.635

468
8.985

1
999
3 373

2,265
R07

12

55,276
85.04

cities and all other reporting banks.
2. Data of reporting member banks in Federal Reserve Bank and branch
New York City.
Three ciphers (000) =Wed.

CUy of Chicago.

All F. R. Bank Cities. F'. R. Branch Cities. Other Selected Cities.
June 4. June 11

Total.

.June 13'23
June 4. June 11. June 4. June 11'24,_ 4 '24
June

June 11.1 June 4. June 11. June 4. June 11.
774
7491
297
297
749
197
197
255
255
48
6
48
6771
$
Number of reporting banks
$
$
$
$
$
$
$
$
$
$
$
$
259,429
Loans and discounts, gross:
218,481
31,926
214,177
150.107 36.022 36,448 29,869
82,58
26,377 29,728 148,286
80.264
obligati°
;
Secured by U.S. Govt.
527,954 532.691 3,966,483 3,807,030 3 785,861
1,553.7571,465,302 436.574 436,421 2,806,448 2,730,015 632,081 634,324
7,777,896
Secured by stocks and bonds
„ 2,192,739 674,476 666,986 4,00,832 4,828,5091,626,939 1,627,913 1,368.5901.370,008 7,896.121 7,826,430
All other loans and discounts
11,941,94111,823,186
3,874,131 3,738,3051,137,4271,133,135 7,855,366 7.708,631 2,295,042 2.298.6851.926.3731.934,62512.076.781
Total loans and discounts
270,133 271,780 279,928
75,463 75,818 103,230 104,786
91,176
91,440
4,188
4,188
39.7501 39.75
U.S. pre-war bonds
740.712 743,874 257,530 243,420 170,475 169,971 1,168.717 1,157,265 1,018,292
56.593 57,073
500,646 510.21
98,473
U. S. Liberty bonds
69,045
16,754
69.433
16,635
35.750 16,950 16,660
35,729
4,348
4,350
6 41 19,328
988,734
18. 7
U. S. Treasury bonds
662.816
317,426 314,384 80,525 80,676 487,799 487,350 115,216 115,843 59,799 59,623 662,814
130,251
83,056
U. S. Treasury notes
8,611
19,733
20,502
85,516
8,514
54,809
56,403
13,338 13,449
19.5041 18,974
2,476,436 2,133,008
U. S. Certificates of Indebtedness162,793 1,386,737 1,397,817 ULM 821,755 454,713 456,864 2,463,092
Other bonds, stocks and securities- 733.4001 752.411 164,859
471,872
16,682.33916,
10.654,186 10,519,407/3,402,3453,391,914 2,739,9552,751,01818,798,486
.
Total loans & disets & investls- 5,503,531 5,393,3531.461.2801.456,662 1,126.791 1,071,168 247.307 246,148 165,394 171,882 1,530,402 1,489,196 1.412 551
692,004 637.33: 150,071 148,567
Deserve balance with F. R. Bank
83.956 82.408287,077 287.1141 290,235
28.445 28.532 141.932142,248 61.189 62,458
65,5821 65,85:
11,784,75711,588,71311,320,130
Cash in vault
771.36014.631 772 1.051.8771.037.825 8,189,277 8,003.3321,939.449 1.913,7191,658,031 1,651.662 4,347,826 4,326,32 3,991,008
4
Net demand deposits
644,3051 842.751 388.036 383,610 2,099,604 2,095,0871,312,8201,298,906 935,402 932,327
146,715
89,16
80,194
Thne deposits
7,335
6,525
25,199
22,705
56,634
50,964
5,408
4,874
19,6171 21,797
Government deposits
Bills payable and rediscounts with
58,063 252,592
55.278
F. R. Bank:
12,609, 17,226
11,875 34,720 28,962
7,947
458
370
2,125
2.8
188.553
101,972
85,048
Secured by U.S.Govt. obligati°
35.145
25.377 38,585
28,105
41.450 20,358
2,454
2,221
2,001
1,89
All other
Ratio of bills payable & rediscoun
1
27
.
0.8
with F. R. Bank to total loan.
1.9
1.8
1.6
1 B.
0.5
o.a
0.2
0.2
0.1
0.1
s Includes Victory notes.




JUNE 21 1924.]

THE CURONTCLE

Vaulters'

antic

TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.

Wall Street, Friday Night, June 20 1924.
Railroad and Miscellaneous Stocks.
-The review of the
Stock Market is given this week on page 3047.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Sales
Week ending June 20. for
Week.

Range for Week.

.Range Since Jan. 1.

Highest.

Lowest.

1136

Total




Saturday
Monday
Tuesday
Wednesday
Thursday
Friday

375,644
816.700
813,850
677,462
727,130
782.100

23,675
49,582
42,621
37,520
39,115
41.515
,

72,300
17,130
138,150
141,200
181,500
127,700

8546.000
647,000
821,000
598,100
389.000
488.000
.

.

4.192.886

819,000
111,000
35,000
89,000
37,000
70.000
.

Sales at
New York Stock
Exchange.

Railroad
&c.
Bonds.

8.1ate.
if
&
Foreign Bd..

54,895,000
10,865,000
11,131.000
8,612,000
9,443,000
4.306,000

$1,621.000
2,816,000
2,077,000
2,069,000
1.757,000
4.123,000

$2,284,000
7,625.000
4,833,000
3,017,000
3,055,000
5,8213,000

549,255.000 514,463.000

Storks.
No Shares.

Highest.

1336

44,105
85,715
63,965
58,425
76,290
82,015

Week ending June 20.

Total

Lowest.

Railroads.
Par. Shares $ per share. $ per share.
per share.$ per share.
Bangor & Aroos, pref 100 300 9045June 16 91 June 16 $
86
Jan 914 June
Butt Roch & P. pref.100
10 75 June 14 75 June 14 704 May 88
Apr
Central RR of NJ. _100 200 223 June 2 22545June 19 199
Mar'332 June
Chic & Alton ctts_..i00 100 34June 1
336June 17 3
Feb 4 June
C St PM & Omaha_ _100 300 33 June 14 34 June 20 29
Jan 37
Feb
CCC&StL
100 800 112 June 16 1.1436Jurre 16 100
Apr 114% June
Colo & Sou,2d pref_ _100 100 50 June 14 50 June 14 45
Jan 50 June
Duluth S S& Atl _ _ _ _100 100 236June 16 24June 16 236 Jan 47-4 Jan
Illinois Central, pret_100 2.100107 June 19 108 June 14
Mar 110
Jan
Int & G N Ry(w I) _ _100 1,400 274June 18 30 June 20 104
Jan
lot Rye of C Am,pref100 200 50 June 19 50 June 19 22 May 30 June
50 June
4434
Keokuk & Des Mot_ _100
100 136June 19 136June
1%
Lehigh Valley rights.... 11,600 32%June 16 34 36June 19 2536 June 1% Jan
lf
Ain' 343.6 June
Menh Elev.guar _ __100
100 57 June 16 57 June 16 42
Jan
M St P & SSM,pref_100 300 57 June 18 57 June 1/ 50 June 59% May
1
6736 JanP Ft W - Chic, pref _ _ 100
36 1394June 14 140 June 14 137
Jan 140 June
Reading rights
50,500 2134.1une 18 2336June 2 1536 Mar 2334 May
Twin City R T,pret_100
100 91 June 10 91 June IF 91 June 9246 Mar
Industrial & Miscell
All America Cables_ _100
100 98 June 19 98 June 19 964 May 02
Jan
American Chicle, pf_100
100 63 June 17 63 June 17 51% Feb 66
Jan
American Ice rights
18.900
%June le
4June 14
American Metal, pf_ _ 100 200 110%June 17 11046June 17 10746 June 113% June
Apr
Feb
Amer Teleg & Cable_ 100
100 394June 16 39%June 16
Am Telep & Teleg rights 117385 34June 18 313-16June14 39 May 4336 Jan
215-16May 313-16June
All Fruit Col T Co c ot d
600 1 %June 17 1 4June 1
136 Jan 236 Feb
Brown Shoe,Inc, pref100
100 844June 14 814June 14 84 June 92
Jan
Calumet & Hecla
25 8
1436June 16 144June 1
Mai 1934 Jan
CaSC(J 1)Thr Ma.pf..100
600454June 14 48 June 16 414 Mai 77
Jan
Century Ribbon Mills.*
100 26%June 18 26%June 1 254 Apr 233(
Jan
Preferred
100 200 93%June le 95 June 1 91
Jae 95% Feb
Certain-Teed Prod_ _ _ _
200 2436June 17 2436June 17
Com Invest Trust
• 400 33 June 17 34 June 18 24% June 364 Jan
3035 May 34
Preferred
100 300 94 June 17 95 June 17 93 May 98 June
Apr
Cotiley Tin Foil
100 9 June 19 9 June 19 734 May 1234 Feb
Consol Distributors_ __
100
%June 17
%June 17
36 Jan
36 Jan
Cont Insurance
25 109 914June 16 914June 16 894 Ap 974 Jan
Corn Prod Refin_ _ _ _100 100 12036 une 20 1204June
-J
, Apr
Crex Carpet
100 200 2776June 18 27%June 2011534 Feb 1204 June
18 1
30
Apr
Duquesne Lt 1st pret_100
100 104 %June 20 104%June 20 102
Mar 1064 Jan
El Du Pont6% pref _100 300 87 June 14 8736June 16
pr 85
Apr
Fairbanks Co (The)_ _25 700 24June 14 24June 14 234
Fbanks-Morse tem ate• 1,000 2634June 20 2736June 14 2545 June 434 Jan
May 284 June
Fed Lt&Tr tern etts pf100
200 74 June 16 75 June 17 74
Fisk Rub Ist prof__ _100 400 43 June 18 44 June 17 40 June 744 June
May 65
Jan
Gen Baking Co
• 1,600 974June 16 103 June 17 93
Feb
Gen Cigar Inc prof__ _100 100 103%June 16 10336June 16 014 Jan 110
Mar 10334 June
Gen Refractories
• 200 42 June 18 42 June 18 41
June 55
Jan
Gilnbel Bros prof _ _ _ _100 1,200100 June 14 102 June 18
Jan 1024 Apr
Great Western Sugar_25 500 86 June 19 8846June 18 99
86
Hanna 1st pre( CI A _ _100 100 89 June 19 89 June 19 88 June 9646 Feb
Feb
Hydraulic Steel pret_100 100 4 June 17 4 June 17 3q Apr 95
Jan
Inc
lian Refining pref 100 100 733lJune 18 73%June 18 60 May 7
Mar 74 June
In
Rand
100
10 182 June 18 187 June 14 159
Jan 200
Mar
Inland Steel w pref..._•
200 103 June 19 103 June 1910134
Internet Shoe pref _ _ _100 100 1164June 17 116%June 17 1154 Jan 103% Feb
May 1173.4 Apr
Kansas & Gulf
10 9410
%June 19
%June 16
Jan
Kelly-Spr The6% pt 100 700 40 June 19 4635June 17 404 May 1
7834 Jan
KeiseY Wheel Inc pf _100 100 0536June 18 10535.1une 1810434 June 107
Jan
Jan
Kinney Co
5,800 56 June 14 5936June 20 524 May 63
Jan
Laclede Gas prof.. _ _100
100 75 June 20 75 June 20 73
Apr 77 May
McCrory Stores pref _100 300 102%June 17 02%June 20 100
Mar 102% June
MallInson
R) pref 100 200 85 June 16 864June 16 81
May 92
Jan
Mathieson Alkali pf _100 700 014June 20 94 June 18 9134 June 94 June
Met Edison pre(
• 100 94 June 19 94 June 19 904 Apr 94
Midland SU Prod 01_100 200 7146June 20 72 June 16 714 Jun 75 June
Apr
Nash Motors Co prof_100
100 994June 20 994June 20 9836 May 10035 Jan
Nat CI & Suit pref_100 200 9236June 19 924June 19 9134 Mar 97
Jan
Nat Dept Stores pref.100 200 9236June 19 93%June 16 9234 Jun 96
Feb
New York Canners._ _•
100 23 June 14 23 June 14 23 June 27
Mar
N Y Shipbuilding
• 1,250 12 June 19 12 June 19 11
May 144
Niagara Falls P pt new 25 300 27 June 16 274June 20 27 June 27% Jan
May
Ohio Fuel Simply
25 100 32%June 18 3245June 18 3134 Ap 33
Jan
On Hosiery
• 1,100 184June 16 19%June 18 18 May 30
Jan
Preferred
10
350 8446June 17 85 June 14
Otis Elevator pret _ _100 600 101 June 19 10845June 20 774 May 8934 Feb
96
Jan 1084
Otis Steel pre(
100 100 504June 19 504June 19 50 June 7434 June
Mar
Park & TlItord
• 2.800 2536June 16 2736June 20 24s.i June 30
.
Apr
Penney(J C)Co pref 100 200 1034June 20 1034June 20 103
Jan 10634 Mar
Penn Coal & Coke_ __ _50 300 2336Jund 18 25 June 20
1934 Ma 3036 Jan
Penn Edison pre
• 100 984June 19 9133lJune 19 9846 June 9834 June
Philadelphia Co pref __SO 200 444June 16 4436June 13 4234 Jan 45
June
Phil & R C & L ctf wl • 300 4736June 17 50 June 20 35
Mar 50 June
Pierce-Arrow prior Dret_* 500 62%June 14 67 June 20
593.4 June 7236 Jan
Pittsburgh Steel pref_ 100 300 964June 16 96%June 18 95
Jan 101
Jan
Fitts Utilities pref etts 10 1,60 1235June 14 1334June 20
Fe 1334
Pt3CorpotNJpf8%100 50 1034June 16 104%June 20 9944 Apr 105 June
June
(Rights)
15,700 8%June 14 12%June 20 2 May
Pub Serv Elec prior pf100 20 984June 16 984June 20 0444 May 124 June
0834 June
Reis(Robt)& Co
* 20 11 June 17 11 June 17 11
Apr 1634 Jan
Rogge Insurance Co_ _2
30 92 June 14 92 June 14 86
Mar 92 June
Royal Dutch rights
28,28
54June 18 64June 14 534
6%
*Schulte Retail St pf_.100 1,00 106 June 17 114 June 20 105 Jun 114 June
May
June
So Porto Rico Sug pf _100 200 97 June 17 100 June 16 97 Jun
11034 Apr
Spalding Bros 1st pref100
10 100 June 14 100 June 14 99
Apr
Stand Gas & lElee etts. _• 4,80 35 June 16 3536June 17 3134 May 100
May 364 June
Stand Plate Glass ette_ _• 3,40 31 June 20 34 June 1 29
May 35 June
Studebaker pref
100 20 110 June 16 110 June 16 110
Feb
Jan
Transue & Willie's Steel. 10 28 June 19 28 June 19 2545 May 115
TJrulted Cigar St new 25 3,90 45 June 18 4736June 20 4245 Jun 35% Jan
'Only Pipe & R tem ctfs_•22.300 18 June 14 21 June 20 154 May 47% June
21
June
__ 1
Prot temp
2,500 57 June 20 60 June 14
S Distributing Corp_•12,400 24 4June 14 254June 16 57 Jun 60% June
2134 Ap 25% June
Preferred
100 300 1004june 2 105 June 16 100
Apr 105
Jan
Va-Carolina Chem B_ _• 200
%June 14
%June 14
35 June 7
Jan
Virginia Coal dr Coke 100 200 38 June 16 38 June 16 36
May 53
Jan
'West Elec 7% eum pf 100 300 115 June 14 115 June 1411134 Ap 115
Jan
West Penn Co
• 9,100 62 June 14 69%June 20 4735 Jan 69% June
100 500 914june 20 92 June 16 8734 Apr 92 June
Preferred 7%
100 300 17 June 14 18 June 17 15 June' 7234
'Wilson Co pref
Jan
Worthington pre(13_ _10
100 62 June 18 62 June 18 5835 Jan(
6534 Mar
• No par value.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET
allniBB (No. Blares).
BONDS (Par Value)
Week ending June 20.
bul.(kgris
Oil.
3/011go. Domestic. Porn Oat
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday

309

825.640.000

Week ending June 20.
1924.

1923.

Stocks
-No. shares.. _
4.192.886
5.487.815
Bonds.
Government bonds... 826.640.000 $16,573,000
State & foreign bonds_
14,463.000 31.258,000
RR.& miscell. bonds__
Total bonds

United
States
Bonds.

Jan. 1 to June 20
1924.

1923.

108,769,117

121,784,193

$486,829,000
185,680,000
1.005,913.000

8402,129,000
244,166,000
816,650.0011

90,358,000 561.160,000 51.678.422,000 51.462,945.000

DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week ending
June 20 1924.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday

Philadelphia

Baltimore.

Shares. !Bond Sales. Shares. Bond Sales. Shares. Bond Sales.
*5,7901 526,700
•12,862I
33,550
Bunker Hill Day
.13,345.
56,450
•14,533I
59,950
9.453
38,000

10,0461
19,126
15,310
8,950
13,777
26.863

562.000
64,300
146,500
54,600
87,000
19,000

933
1,359
931
1,649
2,028
513

522.500
35,400
84,000
63.000
34,500
48,000

55.9831 5214,650
Total
94,0721 5433,400
7,413 1287,400
I
Prey, week revised
74.492 5250.100 141,6181 5282,500
9,371 5205,000
• In addition, sales of rights were: Sat., 2.924: Mon.. 29,557; Wed.. 44.007:
Thurs., 41,040.

1

Daily Record of U. S. Bond Prices. June 14 June 16 June17 June 18 June 19 June 20
First Liberty Loan
(1-118h 101,122 1011,12 1013•22
346% bonds of 1932-47_ Low- 101 22 1011•22 101.00
,
(Close 10119n 1011022 101•21
(First 34s)
253
131
1379
Total sales in $1,000 units)_. L
4 F
Con 32 ted(% b 4s o. Illsr
1gver 7 4 irstonds ! 1 ogh
_
_
---Total sales in $1,000 untitCsl.o_se.
- 1iConverted 44% bonds (High 102 22 102I•22 1021n
,
of 1932-47 (First 436s) Low. 102 22 102622 101,122
(Close 1021022 102622 102.00
116
136
284
Total sales in $1,000 unIts_
-cacti 44%(High
____ 101"32
Second Cons
-____ 101
(lsr
bonds of 1932-47 (First( Low_
- --1013.22
__
Second 44s)- _ _____ Close
-_
1
-Total sates in $1,000 units_
Second Liberty Loan
----(High
------ - 4% bonds of 1927-42_ __ Lowilleconaie8
T ua s d 413
in $1,000 untitCsl_m_
1011 22
-;
e_:: 22
Converted 44% bonds (High 1013 :
,
of 1927-42 (Second
4 Low_ 1012•22 101 22 101322
436s)
(Close 1011422 101121 101•22
606
745
255
Total sales in $1,000 units_ _ _
0.
1.,
(High 102sn 102in 102.00
Third Liberty Loan
44% bonds of 1928
l Low_ 101142 102.00
(Third 44(s)
(Close 102422 102.00 101,32
815
316
341
Total sales in 51,000 units
Fourth Liberty Loan
(High 102H22 102162, 10242
441% bonds ot 1933-38_ Low_ 102 22 102•22 101",
,
(Fourth 4420
(Close 1023,22 102322 102(22
256
4148
578
Total sales in $1,000
__
Treasury
(High 1051122 105142 105321
430, 1947-52
Low. 104,322 104.4
671
37
Total sales in 51,000 uritts o_ 10512,8 105.0° 244 64
71"
Cl_ se

16:66
101..22
102.00
36

101- - 41
101.12
101.22
1
101.n
101.n
1014.2
481
102.00
101.42
101.4
36
102.n
101.4
10242
1331
104.42
104..n
104.41
350

101.at
10142
101.22
222
102.00
102.00
102.00
1
,
102 n
1011122
1012132
68
101in
101.00
101421
9
101.00
101.00
101.00
5
101•22
101222
101 22
,
144
102.00
1013122
101,122
916
102422
102122
10242
1425
104.42
104"s

101.00
101ton
10118s2
609

10121s2
101nn
301
1012n
101.00
101.00
2
-- -

101;;;
1002sss
101.00
1397
102.00
101"ss
101.4t
688
10242
101.142
101"22
2394
1042,
22
104"22
104,432
594
197

Note.
-The

above table includes only sales of coupon
bonds. Transactions in registered bonds were:
101"ss to 102sse
36 1s1 334B
1002331 to 100(022186 3d 434s
1012.22 to 102.22
12 1st 445
1012122 to 101241'214 4th 4346
,
2 2d 45
100.42 to 10015321 10 U. S. Treas. 431s_ _104 42 to 104,122
89 2d 4348
100ten to 101142

Quotations for U. S. Treas. Cifa. of Indebtedness,&c.
-See page 3072.
Foreign Exchange.
-Sterling exchange moved within
narrow limits, with the trend slightly upwards, and trading
dull and featureless. The Continental exchanges displayed
some irregularity, though generally firm. Francs were
strong and
higher.
•
To-day's (Friday's) actual rates for sterling exchange were 4 303.I@
432 7-16 for sixty days, 4 323404 3411-6 for cheques and 4 32%
32
434 15-16 for cables. Commercial on banks. sight 4 32%04 34946.
sixty days 4 29%04 32 1-16, ninety days 4 283404 30 13-16, and documents for payment (sixty days) 4 303404 32 5-16, cotton for payment
4 3236 g!)4 349-16, and grain for payment 4 32%04 349-16.
To-day's (Friday's) actual rates for Paris bankers' franca were 5 29%0
5 3734 for long and 5.3505.4235 for short. Germany bankers' marks
,
are not yet quoted for long and short bills. Amsterdam bankers' guilders
were 36.96037.02 for long and 37.32037.38 for short.
Exchanges at Paris on London 79.88 francs week's range, 78.50 francs
high and 80.80 francs low.
The range for foreign exchange for the week follows:
Sterling ActualCables.
Sixty Days.
Cheques.
11818 for the week
4 34 15-16
4 32 7-16
4 34 11-16
Low for the week
4.31%
4.31%
4.2934
Paris Bankers' Francs
High for the week
5.58
5.57
5.50%
Low for the week
5.3414
5.3334
5.27%
Germany Bankers' Marks
High for the week
0.00000000002334 0.00000000002334
Low for the week
0.00000000002334 0.00000000002334
Amsterdam Bankers' Guilders
High for the week
37.48
37.44
37.02
Low for the week
37.3534
37.3134
36.8934
Domestic Exchange.
-Chicago, par. St. Louis, 15025c• per $1,000
discount. Boston, par. San Prandsco, par. Montreal, $15.525 per
$1,000 discount. Ciricinnati, par.

The Curb Market.
-The review of the Curb Market is
given this week on page 3049.
A complete record of Curb Market transactions for the
week will be found on page 3071.

New York Stock Exchange-Stock Record, Daily, Weekly and Yearly

3060

OCCUPYING FOUR PAGES
For sales during the week of stocks usually inactive. see preceding page
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
June 14.

Monday,
June 16.

Tuesday,
June 17.

Wednesday. Thursday,
June 19.
June 18.

Friday,
June 20.

$ per share $ per share $ per share $ per share $ Per care $ per share
103% 104
1035 104% 10378 10418
8
10313 101
10314 1038 10314 101
91% 91% 91% 91%
9178 92
92
9238 92 92
9113 92
214
*2
2
2
214
214 *2
*218 214
218 214 *2
120% 121
•12413 125
12434 125
12412 125% z120 12013 12014 121
5714
56% 57% 57
5672 57
5634 57% 5614 57
5613 57
5814 5312 5812 5813 58% 5812
58% 5314 5734 53 858
59
1778 1812
17% 18
1734 1818 1734 18
1634 17
17
18
6418 64% 6414 6512
62 6218 6214 6512 65 6518 6414 65
23
8 314 *238 312 *23* 314 *25* 314 • 2 314 3233 314
*23
1474 14814 14718 1474
14678 14678 146 1168 14658 14634 14612 147
8114
793 8014 8012 81% 80
7918 7938 7914 8012 793 81
4
4
104 101 *104 10412 10412 101%
*103 10334 10334 101 *103% 104
4% 438
114 4%
414 414
413 45*
4% 438
45* 43*
*107 1118 *1013 1118
8
11
11
11
1118 1134 1138 11% 11
27
27%
27 *2614 27
2778 28
2812 2812 2714 278 *26
4212 4312
44
43
46
4614 4614 4614 *14
4534 465
8 46
57
53
4 5%
552 5%
6
53
4 618
513 5%
51
4 618
1412 154 1418 1478 1418 1412 1418 1414
1412 15% 148 1512
1234 13
1212 1258 1278 13
1212 13
1258 1234 1278 13
2238
2212 22
22
2234 22
23
2314 22
23
23
23
563 35114 5412 5114 5113
4
5514 5512 56
53 56% 5614 57
10712 10712 *104 108 *105 108
105 106 10712 10712 *10712 109
2978 2912 3012 29% 30%
3118 2834 3034 29
30% 3118 30
8512
85
85% 85
837 81
8
81
85% 85% 81 814 *82
72%
7212 7213 72
7213 73 73
8 7212 7318 72
73% 733
3512 36
3512 357
8 35 35
3614 3512 3312 35% 36 36
117 11712 11714 118
11612 11658 11634 1173 11512 117
4
115 116
124 12434
124 12512 123 12412 12312 125
12n 12678 12434 126
27% 235
8 2314 2914
2318 2312 28
233* 273 23% 27% 28
4
4
4 3514 3612
31% 3014 318 35% 3414 34% 33% 34% 313 353
4
4
8 297 2978 2918 2918 293 3112 311 i 313
29% 297
29% 30
60 60% 601.1 60% 60% 60%
2
603 6114 603 60% 598 61
4
2612 2612 263 2612 2632 2512 *2638 2612 26% 27
8
*263 27
8
1713 17
2
17% 1678 173
1614 16
1634 16
16
*1558 16
67
6812
70
65
60
603
4 6114 6214 6114 67
5912 60
106 106 1053 10534 1053 106% 1054 10614
4
*10614 1063 106 106
4
4
2312 2234 23
2414 2334 2414 2314 2414 23
2212 2314 23
2032 2014 2014 20 20
2012 20
20% 20% 2012 203* 20
5313 53 2 5313 5312 *53
5312
5314 533
8 533 533
,
*5314 54
8
4
4313 4412
433 44
4
435 4412 4312 44
4414 4412 43% 448
9314 9313 933
4 9313 94
*9314 9312 931 9312 934 937g 93
37
38 1 *37
38 237
37 37% 3713 3712 *37
37 37
9% 952
912
*818 93
934 .818 912 *8
*814 10
4 *8
30
30 I *23
30 *23
*23
30 *23
*23 30 *23 31
4813 50
50
*47
50
474 4712 *47
47 47 *4712 50
2012 2012
*16
21
*16
21
21
21
21
*16
*16
*16
214
214
214 218 218 *2
2141 *2
218 *2
214 *2
3 1314 13%
133131 127 133
3
1338 13% 1338 13% 1314 1312 13
3712 384 3712 38
3712 3314 37% 3818 3712 38% 3714 38
1612 17
1634 174 17
173
17% 17
4 1634 174 1634 17
47
4712
4814 47
478
4812 483
47% 4834 48
48% 47
212 *138 214
*138 112
113 113 *138 112 *13
112 112
99
9912 9913 *994 993
100 10012 9918 9914
99141004 99
• 10378 10438 104 10414 104 104% 10334 10434 1011 1054 10414 101%
8714 8812 8734 88%
83 8312 833 85
8534 88
84% 87
8
8 8612 8612 8614 861
8434 863
85 85
8 8614 8714 8634 867
8
8
2158 213
4 2118 2134 2034 21% 2058 207* 207 2214 2134 225
8
1834 1814 187
8 1818 183
*17% 18
17% 1938 1814 1918 18
171 *17
8
1778 17% 177
1714 173
1712 *17
4 17% 17% 17
12014 12112 11914 12014
123 12514 12214 1233 12013 12212 11912 121
77
77
77
*74 84 *75 85 .75 80 *75 80 *75
4
5512 554 5614 553 56
56
5612 57
56% 5514 5614 55
444 443
8 4414 4413 4138 4412 4114 4413 4114 444 4414 4134
*13
1313 13% 133
8 1212 1212 *1212 1312 *12% 13 *1212 13'2
5112 513 5214
8 51
50% 505
5058 51
5013 5013 503 507
*7312 7414 741 7412
744 7414 *7313 75
*7313 75
74
74
6514 6514 654 655
65 65
65
6518 6514 6514 *84 85
473
474 4814
4534 46% 4534 457
453* 4614 45% 4712 47
97
9678 967
8 9678 9678 97
*95 97 *95
97 *95 97
558 56
55% 5578 5534 5578 5512 5534
5614 5612 56
5613
347 31% *317 35 I
2
35 *34% 35
3514 3513 *35
3514 35
337 31 ,
31
3418 31 31
333 333
4
4 337 33% 33% 34
33 *3414 37 1
3734 3814 *3114 33 *3114 39 *37
*3712 38
8
2278 2312 2312 2312
4
2258 2314 223 23
2358 233
4 223 2338
47 47
47
4734 4734
47 .46
*4734 4812 474 474 47
4018 408 40 409 3914 40% 3934 4012 4014 4112
4018 4118
6312
4 62
61
6118 6118 6138 6114 6158 6114 6134 615 613
4
105* 1118
8
8 1034 1118 107 1114 103 1118 1034 11
10% 107
24% 2514 2412 2434 24
2434 2413 2434 2414 2458
2412 25
gps 9112 914 9134 91% 9214 913 93
9272 93% 927 9418
8
8
5938 593
4 5914 5958 5914 6014 59% 6018 595 6014 6018 6034'
733 7414 74
74 I
4
4
8 733 7334 7334 74
7334 7418 737 737
30% 3114 305 3118
8
3013 315* 3013 31
31% 3134 313* 32
105 10513 1013 1013'
11
8
8
•1014 1012 1013 108 107 1118 11
49 49 *4813 52 *48
50 I
50 *48
*53
5618 *49 56
13432 135
134% 13478 134 13514 134 1347 13314 13418 13334 135
738
7313 7334 73
74
74
4
74
733 7412
72% 72% 73
10
1034 1112
10
1013 1013 1012 *913 10
*10
103
8 10
3612 367 3714 37
4012
8
3634 374 *35
*3434 3512 3512 37
51
5014 53 *5014 53
52
5214 50
53 5412 *52 54
14% 15
1458 1478
1518 154 15% 1458 15
15
15 2 15
3
4412 44% 44% 4438 448
4458 4514 4412 44% 41
1434 45
30
*28
30 *28
30
*29
3012 *29 3014 *28
*29
31
10
9% 1014 1018 1018 10
8
*97 10
934 1018
9 4 934
3
175 17% 1758 1812 1818 1818 1734 17% 17% 17% 1712 1712
8
2312 2314 23%
4 2258 2314 23
2218 23% 2314 2418 22% 233
72
8
718 724
6914 7118 7012 71% 705 7112 705 7114 71
8
97
9% 9%
9% 10
4 *95
912 93
934 10
934 9 2
7
1913 19
19
19
1934 193
2014 2012 2018 2012 20 20

Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE

Shares.
8,100
4,500
900
3,200
18,400
1,210
27,300
7,400

Par
Railroads.
Atch Topeka & Santa Fe-100
100
Do pref
Atlanta Birm & Atlantic-100
100
Atlantic Coast Line RR
100
Baltimore & Ohio
100
Do pref
Bklyn Manh Tr v t o--No 1/517
No par
Prot vet tr ate
Brunswick Term & Ry___ -100
100
Canadian Pacific
100
Chesapeake & Ohio
100
Do pref
100
Chicago & Alton
100
Do pref
100
Chic & East Ill RR
100
Do pref
Chicago Great Western., 100
100
Do pref
100
Chicago Mllw & St Paul
Do pref
100
Chicago & North Western_ 100
100
Do prat
Chicago Rock 1st& Paciftc_100
7% preferred
100
6% preferred
100
Colorado & Southern
100
100
Delaware & Hudson
Delaware Lack & Western_ 50
100
Erie
100
Do 1st preferred
100
Do 26 preferred
100
Great Northern pref
Iron Ore Properties.-No Par
Gulf Mob & Nor tr ctfs._ _100
100
Do pref
Illinois Central
100
100
Interboro Rap Tran
100
Kansas City Southern
100
Do prof
50
Lehigh Valley
Louisville & Nashville---100
Manh Elevated, mod guar_100
100
Market Street Ry
100
Do pref
100
Do prior pre:
100
Do 26 pref
Minneap & St L (new) -.100
Mo-Kan-Texas RR-No Par
100
Do pref
100
Missouri Pacific corn
100
Do pref
Nat Rys of Alex 2d pref.. 100
100
New ON Tex & Meg
100
New York Central
100
N YC&FltLnew co
100
Do pref
100
N Y N H & Hartford
N Y Ontario & Western-100
100
Norfolk Southern
100
Norfolk & Western
100
Do prof
Northern Pacific
100
50
Pennsylvania
PeorlA & Eastern
100
100
Pere Marquette
100
Do prior pref
100
Do prof
100
Pittsburgh & West Va
100
Do pref
so
Reading
50
Do 1st preferred
50
Do 28 preferred
100
Rutland RR pref
100
St Louis-San Fran
100
Do pref A
St Louis Southwestern._..100
100
Do pref
100
Seaboard Air Line
100
Do pref
100
Southern Pacific Co
100
Southern Railway
Do pref
100
100
Texas & Pacific
Third Avenue
100
Twin City Rapid Transit...100
Union Pacific
100
100
Do pref
United Railways Invest-100
Do pref
100
Virginia Railway & Power_100
Wabash
100
Do pre: A
100
Do pref B
100
Western Maryland
100
100
Do 2d preferred
100
Western Pacific
100
Do pref
Wheeling & Lake Erie 1135-100
100
Do pref
100
Wisconsin Central

4,600
40,600
800
3,600
2,100
2,100
2,000
11,600
17,300
4,800
14,500
8,900
400
42,100
1,900
1,300
1,200
3,200
9,700
43,100
19,200
5,800
11,400
2,500
6,800
8,000
2,200
10,100
7,300
700
16,400
3,000
1,700
100
400
300
200
24,100
14,100
14,800
18,200
100
1,100
36,100
18,400
2,900
58,400
8,900
1,200
62,300
200
12,900
11,600
8,900
1,000
700
14,300
390
10,200
1,000
4,400
200
7,000
600
22,600
7,400
14,000
6,400
85,700
35,700
5,100
11,200
1,800
100
5,600
3,750
3,000
10,800
3,200
8,200
20,600
5,300
2,100
25,700
3,100
4,500
1,700

PER SHARE
Range Since Jan. I 1924.
On basis of 100-share Lots

PER SHARE
Range for Precious
Year 1923.

Lowest

Highest

Lowest

Per share
97% Jan 2
8613 Jan 2
158 Feb 23
112 Jan 23
5212 Apr 22
8614 Apr 18
1312 Jan 4
483 Jan 3
1 Jan 3
14234 Mar 10
6734 Feb 26
9913 Jan 3
314 Apr 15
818May 20
21 May 5
37 May 5
4 Apr 30
1012June 4
1134June 7
2114May 27
4914 Jan 3
100 Jan 8
211 Feb 15
7634 Feb 26
655* Jan 2
20 Jan 2
10412Mar 5
1103 Feb 15
4
205 Jan 3
*
2858 Feb 19
2518 Jan 3
4Mar 3
533
26 May 23
1134 Apr 30
50 Jan 3
10014 Mar 4
1234 Jan 2
1734Mar 26
51% Mar 31
6391 Apr 10
8755 Jan 16
3012 Jan 2
6114Mar 15
22 Feb 20
431k Mar 17
14 Mar 18
138 Jan 3
1012May 20
2934 Feb 18
934 Jan 3
29 Jan 3
11 Apr 25
9313 Feb 15
99% Feb 15
7212 Feb 18
83 May 21
1418 Jan 2
16 May 24
1212 Apr 22
10213 Jan 3
7234 Feb 28
4778Mar 3
4214 Jan 3
93 Mar 13
4
4012 Mar 31
7113 Apr 23
60 Jan 4
38 Jan 4
8514 Jan 5
811lay 20
517
3412May 16
63318 Jan 16
32 Jan 3
1918 Apr 30
4258 Jan 3
33 Jan 2
5772 Jan 3
614 Jan 2
14% Jan 2
8512 Mar 26
381 Jan 2
6634 Jan 3
19 Jan 3
834May 20
49 June 17
12658 Mar 3
70 Mar 20
758 Apr 23
2612 Apr 21
36 Feb 29
10% Jan 4
34 Jan 3
2213 Jan 3
Penne 3
1514May 15
14% Jan 2
58 Jan 7
712 Jan 2
1414 Jan 2
34 Jan 16

$ per share
10414June 19
9238June 17
234 Jan 11
128 May 14
6012 Jan 9
5912 Jan 5
1812June 20
6512June 16
412May 9
1507 Jan 9
8138June 19
106 May 24
51 Jan 10
1278 Feb 29
271
sJune 13
5112 Jan 8
618June 16
1512June 16
181* Jan 10
30% Apr 12
57 June 16
10712June 18
3112June 13
8578June 14
7312June 13
3672June 18
120 May 28
1267
8June 1
2914June 20
3812June 20
3134June 20
6114June 14
3112 Feb 4
17%June 19
70 June 19
10678June 10
25 Mar 21
218 Feb 4
533
4June 12
723 Jan 25
2
95 May 15
3934 Mar 5
1313 Jan 4
4018 Jan 5
7113 Jan 4
30 Jan 4
4 Jan 28
13%June 14
3838June 12
1778June 16
4912June 12
2% Feb 6
12112May 20
10612 Feb 4
8812June 19
874 Jan 22
2258June 20
1978 Jan 9
1778June 13
13212 Apr 8
8012June 10
57 June 13
46% Jan 28
1312June 12
5278June 12
7512 Feb 26
8June 20
653
4814June 20
98 June 5
79 Jan 12
561 Jan 14
56 Jan 14
403* Feb 5
2412 Feb 29
4872Mar 24
7
42 s Feb 2
6312June 20
1114June 13
2512June 13
9418June 20
6034June 20
7414June 12
3232.1une 12
1212 Jan 23
66 Jan 12
13514June 18
7412June 20
1114 Jan 5
4012 Jan 4
59 June 5
1738 Mar 20
4734 Mar 19
3254 Apr 4
1138 Jan 9
2014 Jan 10
2418June 16
7212June 20
10 Apr 7
20% Feb 5
3712 Jan 29

$ per share
94 Oct
855 Dec
114 Aug
1097 July
8
4018 Jan
5584 May
914 Oct
3413 Oct
92 Nov
13984 Sept
57 June
96 June
2 May
338 Jan
19 Aug
4613 Aug
28 Oct
63* Oct
1114 Oct
205* Dec
4718 Dec
97% Dec
1918 Oct
72 Aug
6078 Aug
17 Oct
931 July
10978 Oct
1018 May
15 Jan
1034 May
5058 Oct

Highest
Per share
0518 Mar
908* Mar
3% Feb
27 Feb
60% Deg
60% Mar
1413 Deo
497 Dee
2% Jan
160 Apr
768* Jan
10472 Feb
48 Dee
1238 Dec
383 Feb
4
6214 Mar
7 Feb
17 Feb
283 Mar
8
4512 Mar
88 Mar
11818 Mar
8
377 Mar
95 Feb
85 Mar
4512 Feb
12412 Feb
1301, Feb
2234 Dee
8114 Dee
27% Dee
80 Mal

0
% u
.25 j ug 30 Mar
9 A ly 2
447 Jan 6284 Feb
,
995* Dec 1171 Feb
9% June 22 s Mar
7
7
158 July 24 s Mar
4858 July 575 Mar
54 June 713 Feb
2
8444 Oct155 Feb
2713 Dec 4513 Apr
713 Oct22 Mar
23 Oct6812 Mar
5612 Oct87 Mar
14% Oct5614 Mar
912 Feb
78 Aug
934 Oct17 Feb
2478 Oct4513 Feb
814 Oct103 Feb
8
2214 Oct49 Feb
45 Feb
114 Nov
8212 Aug 105 Mar
9013 May 10714 Dee
6713 Aug 8012 Des
86 Nov 9513 July
95* July 2212 Jan
1414 June 218* Feb
9 Sept183 Feb
8
100 July 117% Feb
72 Sept7813 Aug
4934 Oct8113 Mar
40% Nov 477 Apr
8
8 Oct17 Mar
36 Jan 4714 June
6712 Oct 768* Mar
57% Oct 701 Jan
3373 Jan 505* May
85 Dec 93 Jan
6813 June 8118 Feb
44 June 5612 Feb
45 June 5634 Jan
221, Oct 39 Dee
163 Oct 27 Mar
4
3212 Jan 60 Mar
2512 Aug 383 Feb
8
5438 June 6372 Mar
43 Aug
713 Feb
8% Aug 153 Dee
8414 Aug 95% Feb
2434 Jan 3918 Dee
63 July 7078 Mar
14 Aug 2912 Mar
812 Dec 1914 Feb
5814 Jan 7712 June
124% Aug 14478 Feb
7014 Dec 7012 Jan
778 Oct 217 Mar
20 Oct 62 Mar
30k Alit 36% Oct
7 Mar 12 Dee
23% Jan 3613 Dee
4
1612 Jan 233 Dee
8 Sept 15 Feb
14 Sept 263 Mgr
4
12 Setp 2014 Mar
53 May 63% Mar
8 Oct 1012 Feb
10 Oct 19 Feb
23 Aug 383* Dee

Industrial & Miscellaneous
100 7312 Jan 2 8212 Feb 11
79 •77
07 Sept 82 Met
79
*77
79
100 Adams Express
79
*77
79
80
80 *77
6 June 9 1213 Jan 2
100
613 Oct 1912 Mar
612 612 *65
8 6% *612 678 1,200 Advance Rumely
6% 613
612 *618 612
5
Do pref
100 2814June 14 4118 Jan 4
24 Nov 543 Jan
30%
400
3014 *29
3012 3013 3014 3014 *29
*2814 30
2814
58 July 72% Mar
14,100 Air Reduction, Inc__ _No par 6714 Jan 2 8113 Jan 29
79
7912 794 8034 78
8018
4 7918 8018
8
773
4 775 793
4121VIay 14 1012 Jan 11
50
414 Oct 14% Mar
6
7
6
618
6% 8
53
4 5% 15,300 Max Rubber. Inc
712 8
73
4
% Jan 3
10
*15
% Feb 2
5
14
5 Mar
% Aug
500 Alaska Gold Mines
•18
18
'8
14
*18
14
*18
14
171 Oat
54 Oct
112Mar 4
7 Jan 30
41
114 114
1, 1% *1% 1% 1,000 Alaska Juneau Gold Min 10
4
114 114
1% *114 13
8
5914 Aug 80 Jan
7213 727 12,000 Allied Chemical& Dye-NO Par 65 Mar 18 74% Jan 8
8
733
7212 733
4 7134 7318 7134 72% 7214 73
100 110 Apr 8 11614June 20 10514 Aug 112 Mar
Do pre!
800
8
*11514 1153* 11514 11514 115% 115% 1157 116 *11614 11634 11614 11814 8,400 Allis-Chalmers Mfg
100 4132May 20 5012 Jan 22
3784 June 5114 Feb
4812 49
47
4712 47% 4914 48% 4913 483* 494 485* 49
100 90 Apr29 9634 Jan 17
89 Nov 9713 Jan
Do prof
500
*9313 95
93 9334 9412 9112 9313 9312 94 94
93
*92
10
2
10% July 3678 Feb
*778 8
8
1,200 Amer Agricultural Chem 100 187312 AprApr 7 4758 Jan 9
8
7 4 7%
3
818 812
858 85
8
814 8%
0
t
100
2413 2412 23% 231
2814 J : 16878 Neb
77 O li , Friy
Do pref
1,900
25
4
2512 2534 2434 25% 24 243 *24
50 98 Jan 8 12212June 20
600 American Bank Note
12212 1221
11912 11912 120 120
120 120
*110 125 118 11814
50 52 May 6 55 Mar 13
5012 June 5514 Aug
Do pre
*5212
- - *52 ____ *5213
*53 ____ *515* ____ *51
25 Aug 49% Feb
100 38 Mar 21 491k Feb 6
_ 1:ioo American Beet Sugar
3 39 40 *3834 3912 39 39
3914 3913 *3913 403
39
39
2234 Oct 60 Mar
8
20
1,900 Amer Bosch Magneto_ _No par 2214 Apr 1 387 Jan 12
26
26
26
26
26
26
26
247 24% 2434 26
No par 76 Apr 14 8334June 18
691g Sept 83% Feb
600 Am Brake Shoe & K.
8278 *81% 82
8
835 838* 8358 83% *81
8
*8314 8334 8352 83
100 107% Apr 22 110 Mar 26 102 July 110 Jan'
Do pref
100
10812 10812 *106 108 *106 110
*106 110
*109 110 *106 110
7312 Jan 10758 Dee
100 957 Apr 21 12258 Feb 1
American Can
8 1095
4
108 1093 1088 11018 10918 1103 10858 10912 1088, 1095* 1083 11418 3,700
8
100 109 Jan 8 11578June 1 1 106 Sept 115 Feb
Do pref
400
11334 1133 11414
*11314 11334 *11314 114 *11314 114 *11314 114
1 114
531 4 A, 4 28 . s
3
1et
2,500 American Car & Foundry_100 11, 3 A pr 19 17714 1fl ye 148 July 189 Max
16014 1603 161 1618 *160 1611
4
16018 160 4
,
16112 16234 z160 160
tpe
j t 12575 Jan
Do pref
100
*12013
2512 Mar
*12214 12312 *11714 12312 *12012 12112 *12012 12312 *12012 12312 •22 1231
20%
25 21% Mar 21 23% Apr 12
400 American Chain, el A
23
22% 22% 2258
228 *22
2 22%
2218 225
*2213 23
55 Jan 1738 Nov
4
1434 Apr 22 201s Jan 7
American Chicle
1,800
4
4
1714 163 163 *1512 1613 1678 167
1612 1612 16
Sept
75* Feb
*1613 17
418
Jan 30
Jan 7
Ja
1,300 Amer Druggists SyndicateNo
*438 413
438 43
43
43
414 41
43
432
414 43
87 Nov 14313 Mar
3 A pr 5
8
100 8 12june 16 103611
700 American Express
*94
95 *944 95
4
9434 943 943 *9412 95
94
*93 94
96 Dec 97 Dec
1,000 Am & Foreign Pow 25% paid,. 9212 Mar 8 9614 Jan 2
957 957g 95% 96
9512 *9512 953
*943 9518 9514 9514 *95
4
9112 Apr 4 9634 Jan 21 - - --- "fis
Fullra
1,400 Ameri paid
9512 9512 9512 951
95
97 395
97 *95
- Mari
4
95 95 *95
618 Aug
714 Apr 28 1358 Feb 13
& Leather _100
*813 9
*812 9
*813. 9
29114 Aug 7434 Mar
*852 913 *812 914 *812 9
Do pref
100 86% Jan 3 65 Feb 11
1,800
56
5512 558 *55
553 553
8
5412 55
56
554 554 *55
Dm lc (I asked rrin02 z x dividend b Ea Ittt,
74
.64
2814
75
63
4
al,
*114
7318




New York Stock Record-Continued--Page 2

For sales during the week of stoOks usually Inactive, see second
page preceding
111011 AND LOW SALE PRICE
-PER SHARE, NOT PER CENT.
Saturday,
June 14.

Monday,
June 16.

Tuesday,
June 17.

Wednesday,' Thursday,
Friday,
June 18.
June 19. I June 20.

Sales
for
the
Wed%

STOCKS
NEW YORK STOCK
EXCHANGE

PER Si/ARE
Range Since Jan. I 1924.
On basis of 100-sh3re lots

3061
PER SHARE
Range for Preston,
Year 1923.

LOWetlt
Highest
Lowest
Highest
5 per share $ per share $ per share 5 per share $ Per share 3 per share Shares. Indus. &
Mlscell. (Con.) Par
$ Per share $ Per share Per Marc
92 .8614 92
87
*87
87
8713 8712 89
8914 89
0212 2,600 American Ice
100 $1 sr
/ Jan 184 96 Feb 7
"
3
78
Oct 11113 Apr
*8012 8112 *81
8112 82
82
8113 8112 8112 8112 81
81
600
Do pref
100 7912Mar 28 83 Feb 6
773 Oct 89 Feb
4
21
21
21% 22
215* 22
2114 2114 2134 223
8 2112 2218 3,800 Amer International Corn_ 100 173 Mar 10 2513 Jan 31
8
16 Sept 3313 Mar
*1014 103
8 103 103
8 1014 1014
1012 1012 1038 105* *1014 103
8 1,400 American La France F E
10 10 May 19 1214 Jun 9
1018 July 13 Mar
*1512 1612 *1512 17
17
1712 .16
1712 •1514 17 '
315
17
500 American Linseed
100 13345135' 7 223 Jan 14
8
13
Oct 38 Mar
36 '
.
33
333
3612 *34
36
*34
36
*34
*34
35
36
Do pref
100 30 Apr 15 45 Jan 14
2812 Oct 69 Feb
7314 7314 7314 7312 7314 74
7318 733
3 73
7312 7314 7313 4,500 American Locom, new_No par 701 Apr 15 7638 Feb 7
/
4
643 July 7614 Dee
4
*11712 119 *11712 11814 *118 11814 118 11814 *11814 119 *118 1181
1
500
Do pref
100 11614 Apr 16 120 Mar 12 11412 Sept 122 Feb
*4012 4112 4012 4012 *40
4013 4012 4013 40
40
*3913 4012
400 American Metals
No par 383
4June 3 45% Feb 14
4014 June 55% Mar
8
10112 10112 1017 10314 1033 104, 102 1023 *10113 10312 .10112 103
4
4
4
2,000 American Radiator
25 9414 Apr 16 10718 Mar 20
76
614 614 *614 612 *614 6 3
Jan 97 Dec
,
618 614
614 614
614 614
1,900 American Safety Razor
25
712 Star 6
1
N a788py,
r 22
*11
12
4% June
.1113 1212 *1134 1213 *1134 1212 12
918 Feb
1238 *1184 1213 1,300 Amer Ship & Comm_ _No par 10
83
15% Feb 11
103 July 21% Jan
8
628 627
8 6218 633
4 6314 633
4 6314 64% 637 6512 643 653 29,800 Amer Smelting & Refining.100
8
4
4
5712 Jan 14 65%June 20
5114 Oct 8913 Mar
997 100
8
100 100
100 10013 100 10014 *100 1003 100 1003
*
8 1,700
Do pref
100 96 Jan 2 10114May 8
93 June 102% Mar
347 348 35
3514 3512 351. 35
35
347 3512 353 351 2,400 Am Steel Foundries____33 1-3 3312 Apr 21
3
/
4
40 Feb 7
4
315 July 407 Mar
*1013 104 *100 104 *10012 104 *10013 104 *10012 104
8
8
*10012 104
Do pref
100 10114 Apr 25 10412 Star 17
977 Aug 1054 Feb
4212 4212 4214 4312 4312 4418 43
8
/
1
4414 4214 437
4238 4212 6,900 American Sugar Refining 100 38% Apr 23 813 Feb
4
7
48
'84'4 86
Oct 85 Feb
86
8612 *8614 87% *86, 87% 863 863 *8614 877
4
4
4
8
400
Do pref
100 79 June 7 99% Feb 14
*912 1014
913 913 *9
92 Dec 1083 Jan
4
1014
08
4 93
4
93
4 93
4 .912 10
300 Amer Sumatra Tobacco__ A00
712June 9 2812 Jan 9
16 July 36% Feb
40
*29
*29
40
*29
40
*29
40
*29
*29
40
Do met
100 363 une 5 69 Jan 16
81
12412 1245 124 1247 12313 123% 12314 1235 1233 40
3212 July 653 Feb
4
8
8 1235* 31213 1215 24,900 Amer Telep & Teleg
8
8
100 12138June 20 1307 Mar 13 1191 June 128' Dee
8
144 14412 14434 146
143 143
/
4
1451 14518 1447 1447 14412 145
/
4
3,000 American Tobacco
8
100 1385 Star 25 157 Jan 28 14014 July 16134 Feb
*103 105 *103 106
104 104
104 104
10434 10134 104 104
500
Do pref
100 101 Apr 11 1043
4June 19 10018 Nov 1057 Mar
•140 141
141 142
141% 14212 14214 14214 1413 1413
8
4
4 141 142
2,800
Do common Class B 100 13514 Mar 25 153 Jan 28 140 May 1593 Feb
68
4
685
8 69
703
4 70% 7213 7018 7112' 713 7634 78
8
88 2 20,100 Am Wat Wks & El v t c
,
100 40 Feb 18 8812June 20
82
*80
8 8334 84
823 837
8
2712 Jan 448 Apr
*81
83
83
S61
9434
88
500
Do 1st pref(7%) v t c_100 8913 Mar 21 05-38-Juno 20
96
*93
*9312 96
8514 July 93
Jan
9312 93 3 *933 96
4
,
94
94
94
9534 6,400
Do partic pf(6%) VI 2.100 66 Feb 19 943
.983 100
4
4June 20
*983 9912 *983 993 *983
4
4812 Jan 6712 Dee
4
4
4
4.
4
4
American Woolen
6918 6912 6914 7012 693 7013 6934 993 *983 9912 *983 9913
100 62 Apr 23 787 Jan 11
8
Oct 1095 Mar
65
4
8
703
8 70
7114 698 71
11,000
Do pref
100 963 Apr 30 1025* Jan 19
4
*212 3
*212 23
*211 3
4 *213 234 "24 3
96% Oct 11134 Jan
/
1
.213 3
Amer Writing Paper pref__100
113 Apr 16
4 Jan 7
11 Dec 34 Mar
/
4
"714 712 *714 78
73
4 73
734 8
4
'
38
813 *8
812
600 Amer Zinc, Lead & Smelt_ _ _25
..1 u ae 25 103 Feb 14
13.tn r 9
26
*23
8
26
26
*25
618 Oct 1914 Feb
26
26
27
*25
27
26
26
500
Do pref
2
8
7
25 2412may
347 Jan 14
3
8 293 30% 30
2914 297
4
243 Dec 5814 Feb
4
30% 297 3014 2913 2934 2912 293
4 9,300 Anaconda Copper Mining_ 50
20 41 Feb 15
*833 85
4
323 Oct 534 Mar
8
833 833 *8314 85,
4
/
1
4
4 8314 8314 84
84
*8314 86
300 Armour & Co (Del) pref._ _100 8314June 18 9318 Jan 24
*818 813 .818 812
812 912 *83
883 Oct 9414 Dec
4
4 93
4 "83
4
900 Arnold Constle& Co v t c No par 79Jan5 15 Jan 9
8 Juno 14
93
91
92
91
91
1012 Nov
9212 *91
183 Oct
4
9212 91
913
83
4 91314 92 4 6,200 Associated Dry Goods_
8
833
100
10013 Mar 11
2812 2812 283 2914 2918 301 2912 2012 2918 2912
4
6214 Jan 89 Mar
/
4
2913
4 7,500
25 275
8June 6 34% Feb 5
1612 17
163 1778 17
4
24% Oct 2912 Dee
17% 1678 1718 171 1818 1714 293 10,100 Associated Oil, new
/
4
173
4
All Gulf & W I SS Line_ _100 10%Mar 28 19 Feb 25
"2312 24
2412 2512 25
914 July 34 Mar
25% 2412 25
25
2612 2478 2514 5,400
Do pref
100 1212 Jan 4 2612June 19
100 10314 100 103
634 July 27 Mar
9934 102% 9714 99
9114 97
92
95
57,600 Atlantic Refining
100 9114June 19 1401 Jan 31
/
4
9938 Sept 15312 Jan
•1143 118 *11434 118 •11434 116 .115 116
4
11412 115
110 114
1,190
Do pref
100 110 June 20 118 Feb 7 115 May 120
*203 2112 *2012 2112 21
4
Jan
2113 *2013 2113 .20
21
*2013 2112
6001 Austin. Nichols dr Co_ _No par
1812 Mar 28 30 Jan 9
17 July 3512 Jan
*8112 83
*8112 83
*8112 82 .8112 83
*8113 83
817 8178
10(1
Do Prof
100 79 Apr 17 8814 Jan 24
783 June 8913 Jan
*25
4
8 23
2% 25
4 •213 2%
8
212 212
214
213
15
s 218
15
8June 20
812 Jan 2
658 Dec 2814 Apr
8
1103 1115 110% 1113 11112 1135 1115* 1127 1113 11234 1117 11234 1.100 Auto Knitter Hosiery_ _No par
4
4
8
4
8
55,800 Baldwin
114 114
•110 114
114 114 *11214 114 *11214 11418 114 114 Locomotive Wks.100 10434May 20 131 Feb 7 11012 Aug 14414 Mar
100 114 Fnb16 116 Feb 1 111
Do pref
400
1012Jue e 10
Apr 116% Jan
16
16% 1613 1714
16
16
163* 17
1658 1634 163* 1734 12,100 Barnsdall Corp, Class A... 25
187 Feb 1
8
9% Aug 35 Star
•1212 1313 .1213 13
"1213 13 •1213 13
121 127
8' 13
133
8 1.000
25 10 Jan 7 14% Feb 7
Do Class 13
8
Oct 22
*40
Jan
45
45
*40
*40
45
41
41
•40
45 .40
45
100 Bayuk Cigars, Inc____No par 3912May 16 59 Jan 5
50 June 6214 Apr
•
49
50
50
513
4 5012 5114 5012 513
52
53
5112 5212 5,300 Beech Nut Packing
20 4434 Apr 15 5812 Jan 31
4815 Dec 8414 Mar
8 4538 4714 4612 47% 4618 47
4918 463
4612 4714 46
467
100 4518June 9 6218 Feb 5
413 June 70 Mar
4
•102 106 .10312 109 *104 109 •104 106 *104 107 *104 108 8 30,200 Bethlehem Steel Corp
Do cum cony 8% pref _100 10114 Apr 12 11014 Feb 15 10014 June 11114 Star
01
*9014 91
9113 •9113 92
00% 9112 *9014 92 .91
92
Preferred new
100
600
97 Feb 11
•348 4
87 July 9713 Mar
*312 3% *312 4
37
37
37
.3,2
4
4
200 Booth Fisheries
No POT
35sJune 11
7 Jan 6
/
1
4
*318 32
8 *31 3% .318
3% Oct
74 Jan
/
1
/
4
"318 6
*318 6
*31 6
/
4
100
5 Feb 9
3 Dec
97 Mar
8
109% 109% 1093 111
4
11058 1115 110 111
8
11034 11114 11112 11113 8,900 BprrooltiskillyEnmediirse Steelon,Inc
2114 un r 2
100 107 3JA pe 3 116 Feb 6 10414 May 12112 Jan
62
6218 6212 6212 63
6534 6518 663
s 6514 6512 643 6512 15,400 Bklyn Union Gas new_No par 6° Fe° 26 663
4
5
9
6; nb 1 3
A pr 21
u
8June 18
42 .
.39
41
39
*40
41 '
40
41
*40
41
*40 41100 39 May 27 5313 Jan 9
c
s
Brown ShoeBro
413 Oct 657 44);
8
,
107% 10918 1077 108% 1083 1083 *10614 1085* 10818 108% *10612
8
4
4
11012 2,800 Burns Brothers
100
11112 Apr 15 100 Sept 144% Mar
25
253
4 25
25
243 248 *2113 25
4
2413 2412 24
24
Do new Class 13 corn__
1,500
195 Feb 26 26 Apr 14
8
2112 Sept 43
Jan
*414 438 *414 4%
4% 438
438 413
45* 45*
412 412 1,200 Butte Copper & Zinc
612 Feb 14
4 June 3
5
414 Oct 1114 Feb
•183 20
•1834 1978 *1834 1978 •19
4
1014 183 19
4
*19
191 1
200 Butterick Co
100 17 Apr 28 233 Jan 23
8
134 June 22 Aug
/
1
14% 1412 143 143
4
4 15
15
15
1534 *1412 15
*1414 15
10 14 May 29 20% Feb 15
2,200 Butte & Superior Stifling
12% Oct 377 Mar
8
•178 2
2
2
218 218 •13
4 218
17
17
8
134
13
4 1,400 Caddo Cent Oil & Ref.No par
414 Jan 19
11 Nov
/
4
94 Feb
/
1
4
823 8234 *8213 823
4
4 823 823
4 8234 823
4 8314 8313 82
8213 1.400 California Packing____No par 80 Mar 31 8714 Feb 1
113 Apr 20
77 Aug 87 Feb
21% 2214 22
22% 225 223
3
4 22
225
8 2112 22
2112 225* 15,3001 California Petroleum, new. 25 213
8June 13 2914 Feb 5
1718 Sept 293 May
8
•95
97
9514 9514 •95
96
9514 9512 9514 0514 *933 06
100 94 Apr 22 107 Jan 31
4
6001 Do pref
9012 Sept 11012 May
3
318
31 Ws
/
4
318 3 4
3 4 314
,
,
3% 33
8
3
/ 33
1
4
10
3,200 Callahan Zinc-Lead
212Nlay 10
5% Jan 0
334 Oct 12% Feb
*431. 44
*4312 44
44
4478 44
44
.41
Arizona MininNo_. 4134 Mar 31 4918 Jan 24
45
"44
45
400 Calumet
g_ pl?
Oct 66 Mar
42
*34
%
4,34
*3
:1
*3
7
53
4
%
Case (J 1) Plow
7
8
*3
t r 26
4
19
7
8
112 Jan 11
la Oct
4% Feb
•18
20
20
20
"19
22
*19
22
*19
22
20
20
1,200 Case Threshing Slach_No par
141' Mar
2712 Jan 26
17 Dec 42 Mar
12
12
12
12
12
12
12
12
12
12
12
1214 1,200 Central Leather
100
97 Mar 25 177 Feb 13
8
8
95 Nov 4012 Mar
8
415 4214 4112 4214 413 413
8
4
4 4215 423
4 4212 4312 4213 43
Do pref
5,500
100 2914 Mar 5 447 Feb 13
8
7954 Mar
2818 Nov
44% 45
4478 45% 45% 4618 45% 4614 457 46
8
46
46
15,800 Cerro de Pasco Copper_No par 4034 ar 31 4811 Feb 15
3612 Oct 5012 Mar
473 48% 4714 487
4712 48
8 47% 48
4734 4312 34414 4512 9,600 Chandler Motor Car__.No par 4218 Apr 14 6613 Jan 2
Oct 78 Mar
43
86
86
"8513 87 .853 8618 •8512 8618 •
8
8558 8618 *8513 8618
100 Chicago Pneumatic Tool 100 797
8May 15 86 May 27
7512 June 9034 Mar
*4012 42
•41
42
*4114 42
4112 43
43
4312 *43
45
2.100 Chicago Yellow Cab___No par 39 May 12 4312June 19
2712 2758 275 273
8
4 277 2814 277 28
8
8
28
2818 28
2818 11,400 Chile Copper
25 25% Mar 29 283g Feb 15
2418 June 30e Mar
*165 1678 1634 1678 *1658 16% 165 165
8
8
8 1634 1712 1714 1712 3,500 Chino Copper
5 15 Mar 28 2012 Feb 16
143 Aug 31% Mar
,
.
63
6312 63% 633
8 623 623 *6213 64
4
4
64
*62
64
64
300 Cluett, Peabody & Co__ _ _100 62 May 28 7513 Jan 30
GO July
7614 Mar
683 69
4
5912 61% 7014 7114 70% 7112 71 18 75
7314 743 38,700 Coca Cola Coy t c
8
No par 61 Apr 21
7712 Jan 2
651.4 Oct 833 June
8
4112 4212 4134 44% 425 443
8
4 4238 461 4512 4634 433 4514 116,800 Colorado Fuel & Iron
/
4
4
100 24% Feb 15 4634June 19
20
Oct 35% May
*4512 46
•4513 46
*453, 453
45% 45% 4513 4512
453 453
8
4
500 Columbian Carbon v t c No par 4412June 2 5513 3*.11 18
41
Oct 5118 Dec
8 3714 39% 383 393
3718 373
4 38% 39
387 393
8 387 3938 45.900 Col Gas & Elec. new_ No par 33 Mar 21 3934June 17
8
3014 ..111ne 373 Apr
55
*53
4
*53
55
55
56
56
563
4 555 58
56
573
8 2,700 Commercial Solvents A No par 4312 Jan 11 623 Mar 10
8
25 Apr 40 Feb
*4314 45 .43
45
48
471., 463 463
4
4 46
4712 48
483
4 3,200
B
No par 3238m tln5 56 Feb 13
33 .la y 1
39% 40% 40
15 Apr 40 Dee
4012 40
40% 40
40
393 42
4
4012 407
9,40(1 Congoleum Co
No par
663 Feb 18 c4412 Dec 1843 Nov
4
•1414 15 '
8
14
15
15
153 *1414 15
4
*1414 15
*1414 15
460 Consolidated Cigar----o par 113 Mar 2
8
14% Dec 39% Jan
2218 Jan 14
*59
65
65
*59
*59
65
3 50
'
65
*59
65
*59
65
Do pref
100 5913 Apr 24 84 Jan 15.1 60 Dec 83 Feb
674 6813 67% 6912 6818 69% 68 6812 683 69
8
6814 69
90,100 Consolidated Gas(N Y)__ _100 607 Jan 2 697
8June 17
563 July 695 Feb
8
4
8
312 378
33t3 312
314 3%
312 312
312 312
3 4 3% 8,800 Consolidated Textile___No par
,
8
8 Jan 5
23 Apr 22
6
Oct 1412 Feb
49% 49% 40
493
4 487 4934 4834 49% 491 4012 483 493
8
/
4
4
4 18,500 Continental Can, Inc
100 4313 Apr 14 80 Jan 8
427 May 57% Dec
63
8 613
6% 6%
614 6 4
,
633 63
4
612 613
612 6% 3,600 Continental Slotors__ _No par
6 Apr 22
8 Jan 16
5 Oct 1214 Jan
_
_ Corn Products Refining
100 15238 Jan 4 187% Jan 28 114% July 16012 Dec
3512 3573 35% /5% 354 355
3412 3538 -5434 35
-34i4 3488 21,900
New when
25 3112 Jan 15 377 Jan 28
8
2618 273
2518 26
8 263 273
8
4 251 2612 2512 2614 2512 265 48,500 Coaden & Coissued
's
8
No par 231June 7 4014 Feb 5
/
4
228 Sept 12 4 Stat
-15138 513
8 5114 82
5134 5238 5114 515* 5112 523
8 513g 5112 6,200 Crucible Steel of America.
4
.100 48 May 13 712 Feb 7
5712 Sept 8412 Mar
38812 8812 •875 89
*883 92
4
8
88
88
*8614 89 '86
8812
Do pref
200
100 86 May 22 92 Feb 11
853 Aug 9412 Mar
4
8 1234 1318 123 13
*1214 1234 1213 127
4
13
13
1212 127
8 2,200 Cuba Cane Sugar
No par 114 Apr 22 18 Feb 6
812 Aug 20 Feb
573 573
8
8
4 57% 58% 57% 5914 575 58
5712 5814 5718 577g 13,700
Do pref
100 53% Apr 21 717 Feb 11
3312 Aug 6512 Dec
2934 303
293 30
8 30
4
3012 2934 30
30
3018 2934 30
7,800 Cuban-American Sugar__ _ 10 2312June 9 38% Feb 11
23 Aug 373 Feb
8
/
4
9712 0712 9712 *951 9778 .96
*97
977
96
977 .96
8
97%
Do pref
300
100 96 Jan 4 9912 Feb 28
92 July 106
Apr
413 434 *412 5
41 414
/
4
412 43
4
*412 5
*412 • 5
4,000 Cuban Dominion Sugar No par
41
/
4June 16
812 Feb 5
3 July 1214 Mar
.35
443 *35
4
44
443
4
*35
*35
44
*35
44
•35
44
Do pref
100 42 Apr 11 52 Feb 5
30 Aug 5813 Mar
595 61
8
6012 •59l3 60
*130
5597 0112 .60
61
8
61
61
No par 5S14June 7 7412 Jan 3
1,800 Cuyarnel Fruit
5412 July 7212 Dec
2418 24
2414 23% 2413 24
.. 24
2514 243 253* 24% 25% 22,000 Daniel 13oone Woolen Mills 25
4
2112June 7
48% 5118 5014 51% 5012 5278 5914 515* 4918 5134 4612 50% 53,600 Davison Chemical v t c_No par 41 Apr 14 3214/%114r 6
8
6912 Jan 8
203 May 8114 Dec
2118 •20
2118 *20
201 *20
/
4
2118 *193 2118 .193 2118
20
4
4
900 De Beers Cons Mines_No par
1814 Jan 21 2218 Mar 14
183 Dec 2828 Mar
4
10614 01614 10612 10612 1063 1063 10612 10634 •103 104
8
105% 106
8
2,200 Detroit Edison
100 10114 Jan 30 10814 Jan 10 10014 June 111 Mar
1713 18
1712 1712 *1718 1712 1712 1712 2,900 Dome Mines, Ltd..
*1714 1712 1712 18
.No par 15 Apr 28 2014 Jan 7
.913 10
303 May 4418 Jan
4
.
913 10
97 10
934 934
93
4 93
4
10
10
600 Douglas Pectin
93
8June
113 Jan 11
%ct 1414 June
4
11
4
8
8
106% 106% 10612 1063 1067 10813 10714 1077 10714 108
10714 108
7,500 Eastman Kodak Co___No par 1041 Apr 21 11212 Jan 8
/
4
4
893 Jan 11534 Apr
1312 11
1112 12
1412 1412 13% 1418 1312 1313 •13
13
Axle & Spring._ No par
1,800 Eaton
11 June 19 2418 Jan 8
20
Oct 27 July
8
11012 12034 120 121
119% 119
% 11912 12113 120 1215 120 121
10,400 El On Pont de Nem & Co_100 112 May 20 1417 Feb 1 10614 Jan 14812 Apr
8
5812 58
5814 68
57
.5613 57
58
563 571s .56
8
5612 2,600 Elec Storage Battery.. No par 5012May 15 64 Feb 7
82 July 6718 Mar
117 11% •1113 117 *1112 113 *1111 1134
8
8
4
•1112 12
1112 1113
300 Elk Horn Coal Corp
50 1112June 20 1312 Apr 3
1214 Dec 203 Jan
4
.34
113
"4
3
113
•3
4 112
"4 112
*3
4
113
Emerson-Brantingham Co.100 55 :J ia e 23
•%
112
7 Nuny 0
318 Jan 9
1 Dec
8
712 Feb
5914 5912 5912 5914 5914 .58
59
5913 59
59
5978
5
0
1,500 Endicott-Johnson Corp
50
6712 Jan 16
58% Oct 941 Jan
/
4
10912 110
10912 10912 109 109 •10812 10912
109 109
4
•1063 109
Do pref
700
100 109 June 26 115 Jan 17 110
Oct 118
Jan
*19
21
.19
21
21
*19
519
21
•19
21
21
•10
Exchange Buffet Corp_No par
1812May 21 22% Jan 12
19% Dec 31
Jan
781 7913 37618 7638 7514 7634 7418 7514 7314 743
/
4
7412 757 14,500 Famous Players-Lasky _No par
8
7918June 14
52
Oct 93
Jan
9512 9512 .9513 97
6612 9612
*9513 9712 •9512 9712
97
Do pref (8%)
*96
200
100
9712June 4
Oct 9904 Feb
82
•9
12
•813 103
4 1012 1012 •812 11
9
9
87 An 1
1
•71 9
/
4
200 Federal Mining & Smelt-g_100 857 j 2298 13 Feb 20
:
aan
5 June 13 Nov
46
,
4534 463* 4534 46
*4112 4313 43% 44 4 4414 4414 44
Do pref
6,100
100 4112 Jan 2 473 Jan 241 3414 June 6012 Feb
4
4
8 1012 103
4
4 103 11
4 103 107
•1013 10% •1012 103
•1012 1114 1,900 Fifth Avenue Bus
No par
62j an 23 133 Jan 26;
9:2 ne 6
:
74 Sept 10% Jan
/
1
8
19012 1931 2 193 19312 18934 190 •I86 192 *186 190 •186 191
1,700 Fisher Body Corp
No par 163 Jan 23 2234 Mar 21i 140 July 21214 Jan
/
1
10014 10014 10012 10013 *7814 102 '99 100
*993 10014 .99 100
4
200 Fisher Body Ohlo pref__ _.100 98 Jan 9 10218 Mar 13; 94 July 1023 June
8
71 7%
/
4
7
7
63
4
7
7
7 18
65
8 6% 3,500 Fisk Rubber
par
7
No
712
5% Oct 1612 Feb
101 Jan 16
4
4
51
503 513
4
523
8 517 52) 13,800 Fleischman Co
4 503 51
2
8
5012 51
51
51
No par 4414 Jan 22 5212June 20
37% Feb 4714 Mar
704
74 .
71
714 72 .71
72
71 18 7118 71
71
300 Foundation Co
4
No par 3812N 721 758 Star 11
7134 .
18
:
6612 6
5813 Oct 78% July
9
914
9
9,
4
0
83
4 9
83
918
4 9
9
8,800 Freeport Texas Co
No par
9,
4
8 Apr 21 137 Jan 7
8
,
9 3 July 22
Jan
398
393 *39
4
39
393 •39
*39
4
*3712 40
•3912 41
393
4
200 Gen Amer Tank Car__.No par
4614 Jan 2
3812 Oct 71% Feb
4214 4114 423
2 40
385 4014 3912 41,
4 4034 42
8
3714 373
41,000 General Asphalt
31% Apr 11 46% Feb 5
100
4
23 Aug 54 Mar
7734 7734 *78
79 •78
•763 78
4
8
78 2 .775
•7634 80
,
79
Do pref
100
100 7112 Apr 5 81 Feb 8
60 Sept 83 Mar
•Biei &ad send team no MIN on Me au. • Ex 300% n etook a Ex-dividend. !En-rights.

F




3062

New York Stock Record-Continued-Page 3

preceding
For sales during the week of stocks usually inactive, see third page
PER oH ARE
PER SHARE
Range for Previous
Range Sines Jan. 1 1924
STOCKS
Sales
Year 1923.
111011 AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
On basis of 100-share lots
for
NEW YORK STOCK
EXCFIANGE
Friday, 1 rhe
Highest
Monday, 1 Tuesday, 1 Wednesday, Thursday, I
Lowest
Saturday,
Highest
Lowest
Week.
June 14. I June 16. I June 17. I June 18. ; June 19. I June 20.
Par $ per share $ Per share $ Per share $ Per share
share Shares. Indus. & MIscell.(Con.)
5 per share 5 per share : $ per share i $ per share $ per share $ per 8712 1,030 General Clgar, Inc
801g June 9712 Dee
100 824 Apr 30 9754 Jan 10
8613 8612 87 i 8612 87 I .8613 .8712 8878 87 1 8712
.86
100 100 Apr 3 107 Jan 11 10414 Nov 110 Apr
Debenture preferred_
107
*10314 107 .10314 10712 *10314 103 1.1031 4 107 1.10314 107 .10314 236
4June 19 1675s Sept 20214 Dee
Jan 3 2363
100 19313
06,900 General Electric
23114 23314 231 23614 233
1014 Oct 12 Jan
22812 23014 22912 23514 23134 236
10 1012 Apr 29 1114 Feb 7
Special
1118 2,500
111, 1118 11 is 11
11
11
8 10 g 1118' 11
107g 107
Feb 1
1254 June 171, Apr
1318 33,709 General Motors Corp_No par 1214May 20 1614 Mar 3
1314' 13
1314 13
1314 13
13141 13
1278
1278 13
79 July 89 Apr
100 80 June 4 8418
500
Do pref
s
83 I 823 83
4
8212 8212 .82 83 I 821 8211' "82
4
*82 83
783 July 90 Apr
Do Deb stock (6%) I00 80taune 5 8414May 15
3,000
41 821g 83
82 1 8213 82,
8214 8234' 8212 82121 82
*82 83
4
935 Oct 105 Apr
Do Deb stock (7%) 100 92 June 10 10018 Mar 17
800
93 I 9312 91
91 I 9218 9218 93
91 941 *92
91
.92
-8June 9 4314 Apr 26
25 383
4018 7.900 General Petroleum
40
40 I
4914 40
3913 June 611, Apr
4 3934 4038 40 401, 40
3912 393
No par 471sJune 6 5234Mar 8
4 3,200 Gimbel Bros
4
8' 50-g 51 i 533 503
81 507s 507
s
5012 50,2 507
49
*4834 50
6 Sept 123 Feb
8 June 6 14 'Feb 4
No par
Glidden Co
918
918 *8
9181 •8
- .812 918 .838 914 *814 9181 *8
No par 28q Apr 10 38 May 6
Gold Dust Corp
0
14
3l.:18 44 1134
3544' 3514 3514' .35
3512 3512 *35
8 Nov 2218 June
3512 36
818 Feb 15 1558Mar 25
•
_No par
Goldwyn Pictures, new
t
14 1 1334 131e •11
4
1733 Oct 411s Mar
•1334 1412 133 1334 14
8
173 177s 2,200 Goodrich Co (B F)._ No par 17 June 19 2834 Jan 10
18
1918 191s 1878 1918 1878 187sI 1818 181 1 17
57% Oct 9212 Mar
100 7014May I 80 Jan 17
Do pref
200
75
*73
7514 •7134 74
77 .73
75 *73
4 49 Jan 8
7412 75
35 Oct 624 Apt
7412
7,600 Goodyear T & Rub pI v t 0.100 39 Jan
4814 4534 48
4518 46
88 Oct 99 Feb
4338 4412 4412 4412 4112 4478 45
100 8814 Jan 2 94 June 18
Prior preferred
600
94 I "9512 98 I x1312 9312
93 9312 93 93 I 94
12 Oct 33 Mar
9212 94
.
2.700 Granby Cons M. Elm & Pow100 1213 Apr 14 1714 Feb 15
I
8
1314 1314 1314 137 14 • 1414 1514 11'2 1412
1314 *13
4
•13
3 June 3
63 Dec 1553 Mu
91s Jan 11
300 Gray as Davis, tne____No par
.312 512 .312 512
5
*312
5
5
5
5
512
*5
1358 Dec 341s Mar
200 Greene Cananea Copper„.100 10 May 16 1634 Feb 18
1112 *1112 12 *1118 12
1112 1112 111, *1118 1112 1113
63
3June 6 1018 Feb 6
*11
5 Sept 1413 Feb
Guantanamo Sugar _ _ _ -No par
8
*65
400
8
24 67
's '63
65, 638
63* 678
638 64
*638 63
4
Gulf States Steel tr ctfs_..100 62 May 20 8914 Feb 7 66 June 10458 Mar
67
6714 6812 6714 67781 6734 6812 •3612 6713 6,700 Hartman Corporation. No par 34 May 14 4434 Feb 4
4
*6612 6712 6614 68
795 Nov 94% Feb
3612 1,800
3613 3638 36%
3638 .36
3613 36
.3512 3534 36
31 July 44 Apr
100 3214May 20 624 Feb 4
s
3412 343 3112 6,100 Hayes Wheel
3412' 34
4
343 3534 34
3514 38
3534 36
100 4212 June 20 564 Jan 3
54 Dec 794 Jar
900 Homestake Mining
43 :4212 4212
43
43 4334 43 4312 _ _ _
44
*43
8
285 July 394 Mat
600 Household Prod,Inc___No par 3133 Apr 19 3412 Jan 2
8
3212 3214 *327 33
32s 33
33 .321, 33 .323, 33
33
4
100 61 Apr 22 8212 Feb 5
403 Aug 78 Feb
4
4 653 6838 9,000 Houston Oil of Texas
653
6512 66s 6512 6618 65
64 641s 6412 67
20 June 3234 Mar
5,600 Hudson Motor Car__ .No par 2012May 13 2934 Mar 10
23
z23
8
4
2334 2378' 233 237
4
233 24
2
2312 2312 233 24
1518 Dec 304 Apr
1214 1,300 Hupp Motor Car Corp- 10 1118May 13 18 Jan 2
121s 12
1214 1218 121g 1218 1218 "12
12
64 Jan
12
12 Oct
12
112 Jan 10
No par
h Jan 2
100 Hydraulic Steel
3g
.12
12
12
•13
514
*12
8
3
12
4
3 '
34 Sept 1114 May
4
3
914 Jan 18
100 Independent 011 & Gas_No par
4 *74 734
41 *7311 73
s 73
4 *73
4 73
73
*Ps 8
Oct 19 Mar
1
631 Fan 5
8
5
j eb 3
5
2 8 Jan 17
s
*73
700 Indiaboma Refining
34
34
4
3
4
3
3,
*34
4
Al
4
3
4
•3
18 Dec 193 Dec
4
3
4
3
Motocycle...._ _No par 1518June 6 254 Feb 4
4013
1614 1614 *1612 1'7 I 1612 1613 1634 1634 6,200 Indian Refining
*1614 17
812 Apr
17
4
111 A py 2
.16
10 33 1ta r 16
31s Dec
,
7 81une 18
Indian
612 612
4
4 63
63
8 718
67
634 7
638 678
8
614 614
3814 Jan 30
No par
314 July 465 Apt
400 Inland Steel
12 3312 3212 3213
32
8
333 *3212 3312'.
33
.3212 33 *2212 33
8
2314 Oct 4334 Mar
Copper- 20 224 Feb 28 273 Jan 24
s1 2314 2312 2318 2318 2,300 Inspiration ConeCorp
8 2318 2313 2314 2312 2314 233
238 Feb 6
12 Apr 15
8
233 233
100
4 Oct 11 Feb
1
•13 1
1nternat Agricul
•I, 1
*12 1
1
313May 29 1018 Jan 8
4% Oct 394 Feb
100
4 1
*3
Do pref
300
*334 5
5
4
•33
4 5
,33
33g 33* '334 6
4 4
*33
83 Apr 11 9714 Feb 26
Business Machines_No pa
9414 9718 3,100 Int
95
*94
9112 ' 03
9412 *9312 95 *93 94
1
'
24
31 June 44 Mar
402
2 34Apr 31 4434 Feb 11
*94
4334 1,500 International Cement--No pa
*43
4418 44 • 44
44
44
44
1958 June 2214 Au
Mar
274 Jan 12
4334 4334 4312 44
23 20,509 Inter Combus Engine_.No pa
, 22
2312 223 233
4
23
8 2314 24
6634 Oct 984 Feb
78 Jan 3 8712 Feb 4
2312 2378 2313 233
800 International Harvester--100
8612 8812 8612 8634 8612 8612
8614 8634 8612 8612 .85 87
Feb 28 109 May 81 106 Oct 11614 Jan
100 106
400
Do pref
4
4
4
-- 10834 •_--- 1083 *1073 1083 10814 1081 1 3,300 Jut Mercantile Marine....100
44 Aug 1131 Feb
1012May 3,
10812 10812 108 10858
812 834
8
9
8
.8
812 *73
4 8
612M ar 2
'8
8
8
100 2 14 jan 26 3838May 6' 1812 Aug 47 Jan
Do pref
1
3414 3513 32,400
3234 3314 3314 35.
3234 34
1112May 9 16 Jan 28t 1038 Oct 1614 Feb
3314
3214 3212 33
1438 1414 15 37,500 International Nickel (The) 25 7512May 20 8318June 111 6934 Jan 83 June
1414 1418
,
17
1312 137g 1334 14 s 14
14
14
100
Do pref
700
83
83
3
2751 Oct 585 Mar
8june
,
: 80 2 8012 8012 8318 .8012 83 I *8012 83 I "47
100 3413 Apr 15 485
"80 801
4712 9,400 International Paper
4
Jan
4838 4678 4714 463 4814
4612 4814 47
4614 47
Do stamped preferred-100 6212Mar 26 7378June 12 60 Oct 754 Apr
500
73
73 ; •7212 73 I *7212
*7234 7312 73
73
73
73
100 68 Feb 1 7634Iune 9 64 Oct 7112
73
Teleg
3,900 Internat Telep &
8 7414 7512 7412 7413 7414 7412 2,000 Invincible Oil Corp-..No Par 1134May 12 1658 Jan 21
74 Nov 194 Mar
8
737 747
7414 7312 74
74
8
123
1212 .12
Apr 2 5254 Jan 101 324 Aug 584 Mar
8 1214 1214 1'232 1238 1218 1214 •1218
1134 117
4634 483g 4,200 Iron Products Corp__ __No par 3912 Apr 15 2314 Jan 2
47
1538 Oct 24 Mar
48 .4512 48 .46
*46
48
100 165s
4613 48 .45
500 Jewel Tea. Inc
18 .1712 18
*17
18
884 Dee
62 Jun
100 78 Mar 31 9158 Jan 16
'1634 1734 1712 1814 •1713 1814 '17
130 pref
300
85
85 .82
8
85 "83
*81
s
85
8212 8312 •82
100 184 Apr 1 2712 Jan 3 203 Dee 633 Mar
*8112 83
2012 1,400 Jones Bros Tea, Inc
2014 .20
2018 2038 2038 .20
20 27 Mar 28
4May
2018 2012 2018
20
No par 213
20
1,200 Jordan Motor Car
25
2512 .2438 2512 25
.5
28 JUly 45; Feb
Jan
2514 2514 253g 2514 2518 2518 25
600 Kayser (J) Co. v t c__ NO par 2034 Apr 14 384 Feb 18
96 July 104 Mar
11
2478 *2312 2112 2412 2417 2412 2434
*2412 2512 •24
25
No par 82 May 5 10211
25
Do 1st pref
400
92
90 .90
8814
88
2012 Oct 624 Mar
934June 20 35 Jan 10
90 .88 92
90
90
25
90
8
4
93 107 32,300 Kelly-Springfield Tire
1312 1014 1138
78 Nov 108 Jan
1434 1312 1418 12
1412 1434 14
100 3314June 20 88 Jan 10
600 8% preferred
3314 3314
3.3
35
76 Oct 11714 Mu
3912 •3514 43
7 101 Jan 10
3878
4134 44
44
100 76 May
*39
100 Kelsey Wheel, Inc
84
SO .78
3/0
84
1
29 8 Oct 45 Mar
81 .78
.78 90 '78 85 *78
No Par 3419 Jan 21 3912June 18
21,600 Kennecott Copper
,
39 4
8
153 Oct 1118 Mar
g 39 3912 383 3914 ; 39
4% Jan 9
1581gay 14
8
8 373 3812 3814 393
4
373 377
Os 2,900 Keystone Tire & Rubber- 10 28713 Jan 17 33014June 17 177 Mar 300 Des
138
138 134 .138 134
134 178
17
178
100
178 178
600 Kresge (S 8) Co
24
75 July 8914June
38014 38014 380 380 .370 3E5 '381 385
9
8 Ja n 2
34414 360 2165 365
400 Laclede Gas L (St Loultg_.100 7 m ay 13 9614 Apr
95
9312 9414 95
95
93 93 .92
93 .9212 95
.92
llis Oct 3158 Mar
174 Jan 11
.
5812 914 812 8,2 *812 912 700 Lee Rubber & Tire_ _No par 2064 Feb 18 245 Feb 9 19084May 240 Deo
•g
912
914 914
3
914 9 8
Liggett& NI yera Tobacco_ -100
100 11538Mar 6 119 June 14 11184 Apr 11833 Jan
pref
Do
100
__ __
_
25 50 Mar 26 55 June 16 _
119 119 - •112 120 *117 124 '117 _--- •117 125 4 *117
5434 5478 4,20) New
4 5412 543
5412 543
5434 55
5438 5414 55
25 484 Mar 28 5458J um 16
54
13 new
5,900
5814 June 747 Mar
4
8 5412 5478 5414 5434 5438 5134 "5414 5434 1,690 Lima Loa Wks tem ctf _No par 66 June 9 683 Feb 9
537g 543g 5113 547
60
60
60 60
60
5912 60
14 June 2114 Feb
60
60
59
59
.59
3.500 Loew's Incorporated-No par 1512 Mar 29 18 Jan 10
16
, 153* 16
8
157 154 16
1534 157
6 Sept 11% Jan
834 Jan 11
1534 16
54 Apr 22
1554 16
NO Par
200 Loft Incorporated
8
4 534 *512 57
53
578 57g
3
354 July 6814 Dee
"53* 57
6212 Jan 26
4 6
Mar
*53
•534 6
100
2,400 Loose-Wiles Biscuit
58
58 .57
58 .57
5812 58
58
59
-5712 571
: 58
6
25 26044 Mar 28 3838 Mar 7
9,000 Lorillard new
3612
3714 3612 3712 .:16
3712 37
3714 37
363i; 37
38
No par 18 May 13 2334 Mat 17
400 Ludlum Steel
20
2078 2'20
*20
2012 2012 2012 2012 21
:
201 *19
*19
100 107 Jan 2 117 Jan 30 103 May Hi- Feb
100 Mackay Companies
112
8
•10912 112 *110 112 110 110 *10912 112 1 •10948 112 .10312 853* 17,200 Mack Trucks, Inc
5
7 12 A pr 4
No par 9 3 jaa 16 905 Jan 7 584 Jan 9312 Apr
8113 8534 8414
8
87 July 9914 Mar
994June 13
8.512 8614 x833 8334 8434 8578 8414 851 .97
100
Do let preferred
400
8
933
08
98
9534 961.
99 .95 98
72 June 92 Mar
'99 100 .96
100 87 Apr 22 91 June 14
Do 2d preferred
100
"8814 89 .8814 92 .8814 92
4
*8814 91
91 .883 01
67 July 7112 Jan
91
par 59 May 15 684 Jan 2
1,590 Macy(R II) & Co, Inc.No
1
*61 '63
61
6114 633, 6313 6312 6314 6314
2714 Oct 3814 Mar
*50 61
No par 2618June 14 3614 M ar 14
2634 2718 7,009 Magma Copper
,
2618 2612 231 2678
27
21 June 40 Jan
2618 2634 2612 271: 27
2,500 Mallinson (I.1 R)& Co_No par 18 Mar 28 3154 Jan 18
2212 2212 2212 23
2312 224 23z, •2212 231s *2212 23 •4238 4112 .r42
35 Oct 68 Mar
22
1,103 Manhattan Elee SupplyNo par 3314 Mar 21 45 May 2
42
4414 .4312 4112
433. 44
*4212 4312 42
40 Oct 47% Jan
26 3312May 16 44 Jan 10
1,500 . 1 anbaltan Shirt
4
3514 351s 351s 3434 343f 3338 3112 3312 333
1 34
8
35 '
16 Sept 283 Dec
35
2714 2,800 Maracaibo Oil Expl _ _ _ No par 2533 Apr 21 3713 Jan 26
,
^Ft'" 2814 97
23
271s 271s 2713 27
8
27
1712 Oct 1595 Apr
27
No par 29 May 12 42 Feb 6
303* 23,200 ?garland 011
4 2978 303s 30
8
14
3 Nov 10 Feb
4
2912 3014 2978 3134 307 3134 3018 303
8 Jan 8 173 Mar 11
No par
, 1,500 Marlin-Rockwell
11'
114 10
1034 11
10
11
*10
11
*9
11
*9
26 July 37% Apr
3114June 3 3758 Jan 17
1,000' Martin-Parry Corp__ __No par
3314 331.; 3314 331
33
33
33
3212 323/ 33
314 Oct 634 Mar
'33 33
4671. 30,100 Mathleaoo Alkali Works_- SO 2938May 13 4658June 20
4012 4312 431s 44i: 45
3512 363
14
38 Oct 8314 Mar
1016
4 3534 3634 3714 4134 47
100 38 Apr 30 5534 Jan 9
4 4912 511: 24,800 Maxwell Motor Class A
4778 4312 503
4478 4814 4712 4834
1014 Oct 21 Apr
16 Jan 9
45 45
134 19,200 Maxwell Motor Class II.No Par
1234 1314 13
1334 13
13
6753 Jan 03 Dee
1112 1112 1112 1312 12,, 8958 SS
8
887 S911 884 8933 10,100 May Department Stores_ -100 824 Apr 21 95 Jan 25
8834
15 Sept 204 May
15 May 23 1814 Jan 7
867s 8634 8912 88 2
863g
1534 1534 153 1538 1,600 McIntyre Porcupine Mines...
s
4
153 16
15 9 16
4
534 Aug 233 May
2418
6
4 1534 16
1534 153
20 '2012 201: 201: 2014 2014 12,100 Mexican Seaboard Oil_ No par 1413 Jan 3 23 Feb 6
20 2 21
Feb
6 Aug 2314 May
8
8 2012 21
7014 207
trust certificates-- 125 Jan 3
Voting
20
20
19444 2018 4,300
1031
1
201: 2014 2014 2) 201: 203 20
a 20 May 19 24 Jan 28 204 Oct 3012 Feb
20
12 203g 2014 2013 203g 2012 1,300 Miami Copper
21
1214 Jan
64 Jan 2
: 2011 2014 2512 214
312 Nov
•2018 201
8,100 Middle States 011 Corp.... 10
2
2
218
2
21g
2
218
218 214
2112 June 3338 Apr
n
1%L ; 2
2
2
Midvale Steel di Ordnance- 50 26 un 13 3414 Feb 7
29
25
29 •
29 .25
29 .25
29 .25
5413 June 75 Mar
29 .15
100 13114June 17 65 Apr 4
*25
1,000 Montana Power
6214 62 65
14 6214 6214 .62
2
1814 May 264 Nov
2714 Jan 28
'61/4 621: 4.511. 621: 611, 61 2 243g 2434 2412 243
22,300 Mont Ward & Co III Corp_ 10
2412 26
8 247
8
174 Jan 293 Mar
2712 Feb 7
11 M
No par 2833Ma
2314 231, 2413 2178 243 203 •20
2014 1934 1934 2,900 Moon Motors
2012 20
8
7l June 14 Feb
914 Feb 15
8 May 19
•2033 20'• 2038 2034 20
6,600 Mother Lode Coalition_No par
63
634
634 678
634 7
634 7
!
634 83
8
1018 Aug 295 Mar
T 22 88
0
9 : 2
-___No par 52014Mmar 22 147 Jan 9
Mullins Body Corp
67, 7
13
13 •12
13 '12
13 •12
13 .12
3112 Oct 3612 Nov
No par 3114June 19 394 Jan 16
13 •11
.11
200 Munsingwear, Ins
34
34 .
31
34 '31
34 '31
754 Jan 1141, Jan
No par 964 Apr 29 11454 Feb 9
3114 3114 .3014 34 "3014 1037 103 103 "10314 104
Nash Motors Co
1,300
104 104
8
103
7 Nov 1818 Feb
8May 1 1018 Jan 28
103 103
65
60
National Acme
103 103
3 71, ee
8 71s
711 *63
4 714 •65.
•63
8
38 Jan 524 Nov
26
5412June 16
712 •7
•7
54
5312 5312 4,200 National Biscuit
543g 54
7
4
: 533 53 8 54
12414 Feb 20 11818 July 125 Feb
Jan
5334 541
100
54
Do pref
"53
125 •122 125 .122 125 •122 125
40 June 6714 Feb
...100
National Cloak & Suit. -100 44 June 5 84 Feb 1
•122 126 •122 12414 "122
*45
55
55 '4514 51
55 *45
45
55 .4512 5514 .
.46
2,200 Nat Dairy Prod tem ctfs_No par 301s April 37 Feb 15
33
3312 31 :33
8 3312 •34
3314 337
3
337 31
s
343g 343
344 June 4213 Apr
300 Nat Department Stores No par 37 June 9 43 Jan 9
38
3734 3814
38111 .37
3814 "37
35 Oct 73 Mar
4May 20 44% Jan 17
0 183
3814 3814 3814 .37
*37
2612 2612 261
: 2512 2634 2312 2434 2,000 Nat Enam'g & Stamping-10
8 26
100 12312 Apr21 1653s Jan 28 108 July 148 Dec
2534 257
*2514 26
141 14234 14012 14512 9,500 National Lead
4
139 1413 139 139
100 11112MaY 27 115 Feb 28 1074 June 114 Jan
U. pref
13712 13834 13712 13834
200
4
Dee
113 113 .113 1133 113 113
113
Oct
so 66 June 6 724 Feb 4 544 Oct 684 Mar
*112 113 *112 113 .112 59
5914 5914 .58
5914 1,300 National Supply
59
50
8
183
et,
594
8
7
58 8 587
5,300 Nevada Consol Copper_ _-_ 5 1153 Jan 2 14% Feb 21
58 58
13
13
13
13
13
13
13
13
8
265 Jan 4258 Nov
13
13
13
13
16,800 NY Air Brake temp ettsNo par 3618 Apr 22 45 June 16
4234
4378 4314 4314 42
4412 41
4514 Aug $14 Feb
44
45
No par 474 Jan 7 5058June 14
Class A
4338 4412 44
8
s 1,200
5034 .5012 503* 503 503
8 '50
8
154 June 27 Apr
100 19 Jan 9 3718May 23
5078 5078 5078 •497 507
50
3414 1,400 New York Dock
343
8 3334 3412 34
Ism Aug 5112 Mar
3434 34
34
34
100 4118 Feb 27 5514May 14
34
I Do pref
51
46
046
5112 .
51
*46
52
174 May 2414 Apr
*46
10 22 Jan 2 27 June 3
Feb
4
263 267g 17,900 North American Co
*50,2 52 *4512 5212 261s 2612 2614 2612 263 27
8
so 434 Jan 2 4754June 19 4214 July 484 Mar
Do pref
2614 261g 2614
26
4 3,700
4 4712 473
1(158 Dec 294
47311 4718 4714 473* 473
4714 47
t Nova Scotia Steel & Coal-100
812 Apr 25 1412 Jan 18
_
4712 47
*47
ns Oct 1018 Feb
5
11
ioo Nunnally Co (The).....No par 7 Apr 20 938 Feb 14 184 Dee 101$ Jan
,
7 3 74
812 -.7i4 -1214 712 .7
438 Jan
114May
8
Ohio Body & Blower_ __No par
9 .
.13
4
13
34 Feb
4 •114
8
7 Nov
4 *114 13
13
4 *Ili
214 Jan 22
113 Jan 2
8 *114 13
•112
100 Okla Prod & Ref of Amer__ 5
•112 138 .17, 13
134 134 •158 2
94 Dec
8 2
3 July
•17
.178 2
8 Jan 7
4i4Mar 24
2
100
600 Ontario Silver Mining
4 2
*13
4
4
63
65 '6
1614 June 2158 Apr
4 "6
63
4 •6
*01 1 63
18 Feb 18 2014 Jan 3
800 Orpheum Circuit, Inc
Feb
614 612 *618 612 '1812 1834 1812 1813 183 183 '1812 1814
July
4
4
4
ao 64 June 19 7338June 26 11414 June 153 4 Mar
8 1812 1834
1838 183
6834 64
643
143
4 3,700, Otis Elevator-k
64
7
8
683 •6714 68
714May 28 114 Jan
NO par
813 6812 68 6818 67s
6
4
712 712 1.700, Otis Steel
8
365 Jan 525 Apr
Jan 10
$
25 3914May 29 47
1,400' Owen(' Bottle
*73is 7 5 *73 42
5
Nov
7
214 Mar
72
314 Jan 11
734 47l2 4214 47 s 42
1738 73814 42% 42,14 "4012 42
73
2
8
3 Jan 2
,1
4
.41
400 Pacific Development
4 42
413
73 July 9458 Dee
8
5
13
*12
12
1
12
12
*14
13
100 9018 Jan 4 9658 Jan 28
58
3,400 Pacific Gas& Electric
9334 94
94
94
9338 94
9412
902 9412 • 94 944 94„.
to $50 and prices on that basis beginning June 3.
day. z Ex-di:Wend. R Par value ehanged from $100
•Bid and asked prices; no sales this




12

New York Stock Record-Concluded-Page 4

3063

For sales doting the week of stocks usually inactive. see fourth page preceding
HIGH AND LOW SALE PRICE
-PER SHARE, NOT PER CENT.
Monday,
Saturday,
June 14. I June 16.

Tuesday, , Wednesday, Thursday,
June 17. I June 18.
June 19. I

Friday,
June 20.

Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE

PER SHARE
Range Since Jan. 1 1924.
On basis of 100
-share lost

Lowest
Per share $ per share $ Per share $ per share S per share $ per share Shares. Indus.& MIscell.(Con.) Par
$ Per share
10
*814 10
.8
*814 10
*8
94 •814
914 •814 10
Pacific Mall Steamship... 5
7 Apr 7
4918 4814 49
47
47% 47
473* 483
8 4718 473
47
477 30,300 Pacific 011
45 Apr 22
103 1012 1012 103
8
/
4
4 101 1034 105* 103
4 1012 10% 103* 10 2 3,700 Packard Motor Car
8May 1
,
97
10
96% *94
.93
968* .93
9512 *9414 9512 9512 93% 961 2 968
700
Preferred
100 8912 Apr 24
508 5214 513* 52
505* 51
5112 5214 503 52
3
505* 513 13,900 Pan-Amer Petr & Trans- _ 50 444 Feb 14
4
4918 493
4 49, 507
4
* 50
5033 5018 59; 4914 502 493 503 33,800
Do Class B
30 414 Feb 14
.24 3
.214 3
.
214 3
.214 3
.214 3
15
Panhandle Prod & Ref_No par
.214 3
8May 19
14 .133 143 .1414 143 *1414 144 .1414 142
4 14
•14
143
4
4
4
4
/
1
100 Parish & Bingham
No par 13% Jan 2
2
24
2
218
2
24
178
218
178
2
2
2
6,500 Penn-Seaboard St'l v t eNo par
11
/
4May 29
.
97
9712 9614 963 .9612 963
4
4 96
96 .96
97 .96
07
400 Peoples(I L & C(Chic)._.100 9234 Apr 29
473 4712 4712 48
4712 48
3
473 4314
4
43
477 483 16,000 Philadelphia Co (Pittab)- 50 4278'May 1
8
4814 49
47% 4812 4714 48% 468 4312 478 493
483
4
4 483 593 61,100 Phila & Read C dr I w I_No par 344 Mar 28
4
8
47 .45
*45
47
*45
47 .45
47
47
47 .45
47
100 Phillips-Jones Corp_ _ _.No par 44 May 14
151 16% 158 10
4
16
173* 16
17
16
16% 154 16
5,200 Pbillip Morris & Co Ltd _ __ _10 14% Apr 30
3 33
4
3312 3412 x333 347
337 347
3414 3318 337
333 344 29,400 Phillips Petroleum_...No par 323
8
4June 7
7% 8%
9
8% 91
93
4
4
9
918
88 9
9
918 6,800 Pierce-Arrow Mot Car_No par
618May 13
22
227
8 233 253
, 2514 2514 .2314 2112' 25
8
25% 25 4 253* 1.800
Do pref
,
100 1818May 15
17
1%
178 1%
134
11
/
4
15
8
134'
13*
13
8
15*
* 4,100 Pierce Oil Corporation
15
112 Apr 3
25
27
27% 27
2714 27
27
213 263
4
4 2512 26
253 253
4
Do pref
4 2,900
100 20 Mar 4
*59
61
6018 6018 5918 5914 *59
59% 51
59
5812 5812
800) Pittsburgh Coal of Pa
100 57 Apr 22
.
90 100 .99
9912 99
99 .58
9 2 .9,3
/
933*
200
Do pref
100 98 Jan 14
12 8 1212 1212 1258 1212 123* 1212 127
3
124 127
/
1
9,000 Pittsburgh Utilities pref._.100
978 Jan 22
8 507 51
*5014 507
503 525* 5114 5112 5114 5234
4
5114 523 12,000 Postum Cereal Co Ine__No par 4812 Apr 22
4
•11012 112 *11012 11178 •11012 1117 .111 112
112 112 .111 11178
100
Do 8% preferred
100 110 Feb 7
463s 4612 4712 4712 477 48
*4534 47
4814
1,900 Pressed Steel Car
100 4512June 7
.8014 8212 .803 8212 .80% 8212 *30% 8212 *303 483* 4814 4814
8
8 5212 .803 8212
8
Do pref
100 8012Junc 5
.2417 25
2514 255* 2412 25
2512 257
2412 2454 2412 25
3,500 Producers& Refiners Corp- 50 2234 Apr 22
477 4912 493 5018 5014 513
4
50% 51
51
5112 511. 53
63,700 -PubServCorp ofNJ new No par 39 Mar 26
124 12414 124 12412 124 1253* 124 124
12412 12512 124 1253
4 6,900 Pullman Company
100 113h Apr 10
495 508 505 51
*
498 50
50
/ 5114 50
1
4
51,
8 50% 507 10,400 Punta Alegre Sugar
8
50 4714June 6
k114 2112 214 217
8 2112 211 207 2112 204 207
/
4
8
8
10,000 Pure Oil (The)
8 203 21
25 20 June 6
97
*94
97 .94
*94
98 .94
98
*94
98
9414 9414
100
Do 8% Preferred
100 02 Jan 10
8
.112 11412 114 1143 115 115 .11012 112 *110 111
111 111
500 Railway Steel Spring
100 106 Jan 3
43112 33
*3114 33 .3114 33 .31
33
•303 33
8
*31
33
Rang Mines,Ltd
No par
30 Jan 17
10
10
1018 1014 10
10
10
1014
1018 1012 1018 1012 7,600 Ray Consolidated Copper. 10
9 Mar 27
39 .3812 39
39
39
4112 4014 4014 4012
4212 4118 4112 2,500 Remington Typewriter__ __100 324 Jan 4
•
92
95 .92
95 .92
95
*92
95 .92
95 .92
95
151 preferred
100 91 Jan 4
.92 100 .92 100 .93 4 100
3
•333 100 .934 100
4
*933 100
4
26 preferred
100 9012May 13
7 2 713
,
712 7 2
,
713 713 *712 73
4
74 74 *714 73
No par
4 1,700 Replogle Steel
714June 11
4438 44% 443 44% 45
8
45% 4514 435
4 4518 4558 3,800 Republic Iron & Steel
8 4514 458
100 42 June 7
.
82
863
4 82 82
*8312 83 .834 86
8312 8312 .8312 86
300
Do pref
100 82 June 16
1
12
12
12
'117 12
8
*1134 12
12
124 12
12
4,100 Reynolds Spring
No par
97
8May 13
69% 7112' 70
71
693* 7012 27014 711, 704 71
7018 703 11,900 Reynolds(R J) Top Class B 25 613
4
8Mar 31
.
12012 121 *120 121
121 121 *11914 120 .1193 120
s
1197 11978
200
Do 7% preferred
100 11514 Mar 26
482 48% 473 483
4
4 4714 48
*
4612 471. 4618 4714 4612 47
8,800 Royal Dutch Co(N Y shares). 4618June 19
2514 2512 258* 258 .2514 253* 253* 253
4 253* 26
257 257
8
8 2,000 St Joseph Lead
10 22 Jan 7
.134 2
13
4 .11
4 2
13
4
*13
4 2
*134 2
•13
4 2
114 Mar 6
100 Santa Cecelia Sugar---No Par
8 533 558 543 565 55
55 552
4
4
5512 5414
64
10312 104
•10312 101
105 10814 10812 10912 1083* 5514 11312 5412 7,000 Savage Arms Corporation 100 32% Jan 2
11612 26,100 Schulte Retail Stores_No par 063 Apr 16
11212
4
87 8712 878 88 4 87
,
83% 8712 8712 87
87
86
100 783
877
8 7,500 Sears. Roebuck & Co
451ay 15
•11212 115 *11212 115 •11212 115
11418 11418 .11212 115 •11212 115
100 1121:Mar 26
100
Do pref
7
8
*3
4
7
5 • 3
4
%
%
*3
4
7
8
12May 2
No Par
4
7
8 1,700 Seneca Copper
*434 5
*434 5
*43
4 5
.4 5
43
4 Apr 11
Shattuck Arizona Copper__ 10
-154 - - - -1012 4112 173* 1734 1712 177
183
4
8 1712 174 1712 17% 20,800 Shell Union 011
No par 164 Apr 22
93
.
92
92% 93 •
925* 9312 .93
9312 93
93 2 .93
,
100 914 Jan 4
9312
400
Preferred
133 14
4
133 137g
*1334 14
4
1312 133
4
8
10 103 Jan 4
8 244 2478 2312 2412 1312 1311 1318 1312 5,800 Simms Petroleum
2312 244 72412 247
/
1
233* 233* 23 8 24
7
No par 22 Apr 14
4,000 Simmons Co
1878 19% 19% 198g 184 1912
18
/ 19
1
4
/
1
1812 1833
8June 7
8114 8114 .
8114 821s 8212 8312 8312 8312 8312 8312 18% 18% 25,600 Sinclair Cons 011 Corp-No Dar 177
.8312 8512
100 77 May 8
Preferred
800
1878 2014 193* 20
18% 19
1914 197 *19
1912 19% 19% 5,100 Skelly 011 Co
25 173
4June
*5312 5512 *5512 57
553 5512 *55
8
5512 5412 55 .55
5512
700 Sloss-Sheffield Steel de Iron 100 52 May 20
69
.67 69
69
71
72
71% 71% 71, 714 70
4
70
600 South Porto Rico 8ugar-100 6412June 9
*93 10
4
912 10
.912 10
8
94
,
812
7% 812 2,600 Spicer Mfg Co
No par
74June 20
8012
8012 .75
8012
8012
8( 112
)3
3
.
100 80 Apr 12
Do pref.
8012
;iii4 50 .
3834 50 .383 50
4
.3814 50 .383 50
4
*383 50
4
Standard Milling
100 3912May 20
5612 5634 567 58
8
5714 57:, 57
5714 564
/
1
4
3414 3434 3412 3518 344 35% 3112 35% 344 5712 563 57% 10,700 Standard 0110! California_ 25 554 Apr 21
/
1
/ 35
1
343 35
4
13,700 Standard Oil of New Jersey 25 33 May 14
118 119
.
119 119 *118 119
11734 11812 118 118
118 11814 2,330
Do pref non-voting- - -100 1153 Mar 1
4
*57
/ 58
1
4
58
58
58
58
•5712 58 .57% 58
No par 5512 Apr 23
*5712 58
300 Sterling Products
6414 6512 6214 6514 6312 6518 6314 673
4 653 68
6512 67
47,300 Stewart Warn Bp Corp.No par 54 May 20
.60
62
61
62 4 6112 6212 615* 623
,
8 62
623
4 62
1,500 Stromberg Carburetor_No par 5412May 14
62
Studebaker Corp (The)...jot) 8012 Apr 30
:12% 3314 32% - - 1S
2
4
3314 34
331
New w I
No par 3012May 20
48
338 - - :300
87
8 8%
95
8% 912
9 8 94
,
No par
9
94 9 8
7 Mar 29
918 12,700 Submarine Boat
3
612 63
6% 6
4
/
1
4
64 63
4
63* 6 8
5
63
No par
62*
8 8 6% 21,000 Superior Oil
3
23, Jan 2
•____ 34
2918 . 3 297 *.___ 2978 .263 297
26 e
8
Superior Steel
297
8
3
100 263
8June 6
21s 21s
21/
1 218
218 24 .2
21s .2
2
21s
2
800 Sweet8 Co of America
10
2 Mar 15
6% 6% .6% 7
7
7
63
4 67
.67
.612 7
No par
600 Tenn Copp dz C.
7
63 Mar 31
4
38% 39
383 3912 3914 39
4
/ 384 3938 383* 39
1
4
38% 38% 32,000 Texas Company (The).- 25 3734J une 7
61% 63
63
64% 6312 6414 6418 654 65
6512 65
65% 12,500 Texas Gulf Sulphur
10 574 Apr 21
9
9
9
91z
94 912 *9
91
*818 912
84 8
1,100 Texas Pacific Coal & OIL._ 10
8143une 7
•120 125
123 123 •12212 12312 122 122
1
12012
700 Tidewater 011
100 119 June 7
3412 35
34% 3478 3412 34% 3418 3412 337 121 8 12014 12014
3418 34
3414 3,100 Timken Roller Bearing_No par 3112May 19
6012 6012 6014 603
4 603 6212 6214 6314 624 633* 6214 63% 41,500 Tobacco Products
4
Corp__ _100 53 Apr 11
88% 887
8 8834 88% 89
9014 90
903
90
905* 90
Do Class A
90% 12,700
100 8314Mar 25
•121 12134 •119 120 .119 120 *119 120 .119
120 .119 120
Preferred
100 113 Feb 19
3% 4
3% .418
4
418
4
43*
4
43*
3% 418 18,800 Transcontinenta1011---No par
33 Apr 15
4
*37
377
8 3734 3784 37
37% .37
/ 378 38
1
4
38% 3818 38% 1,800 Underwood Typewriter.-- 25 363
4June 9
52
52
54 *52
*52
5412 52% 5212 5112 52
*52
5414
400 Union Bag & Paper Corp 100 4612May 23
•18
14
14
•i8
14
•18
•18
i4
*is
14
*1
/
4
14
Union 011
No par
la Feb 1
99
*96
99 .98
*96
99
99
99
100 100
4
.98 100
200 11121011 Tank Car
100 94 Jan 7
•10912 10934 *10912 1093, 10934 109% 110 110
11018 11018 11014 11014
500
Do Prof
100 10614 Feb 18
23 .22% 231, .2218 24
22
22
2212 214 22
2134 22
3,900 UnIted Alloy Steel
No par 2112June 19
76
•75
77
*75
'7512 77
78
7912 79
7911 •77
79
2,000 United Drug
100 71 May 29
4714 *47
464 46% 47
/
1
471 2 4714 473
4 473
4
4 48
4814 3,100
Do let preferred
60 4612May 3
•19234 1941; 19312 19814 19312 19312 19312 473
19312 19312
19312 .193% 198
1,500 United Fruit
100 182 Jan 4
9413 9512 9312 96
93% 97
9334 9634 9512 97% 93
96
75,700 U 8Cast Iron Pipe & Fdy-100 64 Feb 27
92
92
93
93
9212 9212 9214 9214 *9212 0312 •92%
Do prof
9312
600
100 817 Jan 15
8
18
•1714 1734 *1714 1712 •17% 1712 1712
•17
1712 1712 1712
200 U 8 Hoff'n Mach Corp_No pal
165
8Mar 28
6712 6812 6712 6814 671 69
8
66
/ 68
1
4
674 6834 6712 693 22,700 U S Industrial Alcohol_ _ -100 6118May 20
5
.
102 *100 102 .
•100
100 102 •100 102 .101 103
1017 1017
3
8
Do pref
100
100 98 Jan 3
94
94
95
94
95
96
96, 97 4 97
2
96
,
97 .
97
2,600 II8 Realty & Improv't_ --100 90 June 9
10212 10212 102% 102% .1011 10212 *102
•101 102
/
4
1027 •101% 102%
2
Preferred
200
100 June 9
2618 264 26% 263
4 2613 2714 2518 27
243 25% 25
4
2514 15,700 United States Rubber
100 2212may 22
75
7514 *77
7712 75
7714 7214 76
713 74
4
73% 7312 8,050
Do 1st preferred
100 6612May 28
21 .
2014 20 4 20%
,
2012 21
2012 20% 2012 21
203 203
4
4 1,200 US Smelting. Ref dr Min_ 50 1812Mar 28
*3834 39
4 3812 39
384 383
/
1
39
39
*3812 393 •3812 39
4
/
1
4
Do pref
400
50 371:Mar 22
963 97 8 96% 97% 9 8 97
4
,
67
/ 9613 9714 9612 97
1
4
9612 97
53,310 United States Steel Corp..100 9414June 6
12012 12118 12114 12212 122 12212 12012 1211 121 121
/
4
121% 121% 3,900
Do pref
' 100 11838 Feb 1
*68
68% 69
68,
2 6812 681. •
6812 6918 69 69
683 69
4
1,400 Utah Copper
10 64 Jan 18
29
/ 283 291
1
4
29
2812 29
4
28
29
2814 284 28 8 29% 10,900 Utah Securities
,
100 163 Jan 4
2
2118 2112 2114 2138 2112 22 .
2112 217
8 22
22
2112 2178
1,900 Vanadium Corp
No par 191sJune 9
114
*1
1
1i8 *1
1
1
114
114 •1
118
118
400 VIrginla-Carolina Chem---100
4June 10
3
314 33
8 *312 33
/
1
4
4 *3% 3
31
8 34 *312 418 *312 418 1,200
Do pref
100
212June 9
634 6
.612 74 *63
/
1
4
4 7,2
614 63
4
64 63
4 *612 7
500 Vlvaudou(V)
No par
612June 9
1458 143 *147 13
•1412 15 .1412 15
8
15
153 X15' 1514
8
4
700 Waldorf System
No par 14 Apr 29
•1634 17
17
173
17
' 1738 17% 17
2 163 1634 21612 16% 5,200 Weber & Hellbroncr.._.No par
4
143 Jan 31
4
*37
39% 37
37
*38
37
3912 37
*37
37
37 2 374
,
500 Wells Fargo Express
60 8514 Jan 19
8
,
10812 109 4 10912 1091 109% 1095 *10834 1093* 10914 1097 109% 109%
•
8
900 Western Union Telegraph.100 105 May 1
*9114 94
9312 93% *9312 93 4 9312 9312 1,000 Westinghouse Air
93
90
934 94
•
3
Brake_ __50 84 Jan 2
59% 60
3334 6012
59% 6014 5912 601
60% 60
/ 6012 603 18,800 Westinghouse Elec & Mfg_ 50 5518May 15
1
4
4
2312 234 2312 233
4 2312 231
2312 2312
2312 237
8 2312 2312 1,500 White Eagle Oil
No par 231gM ay 12
54
541
54
54
53% 541
54
54
5312 5312
25218 52% 2,300 White Motor
50 5012 Apr 11
114
112
11
114
11 ; 114
14
14 14
114
114
114
3.400 Wickwire Spencer Steel
78May 19
5
75
8 8
7% 7%
74 8
73
4 7
7% 7%
4
712 77
8 8,600 Willys-Overland (The)
25
67
81,1IIY 17
663 6718 657 683
8
674 68
66
/ 67
1
4
8
8
6654 673
. 67
68
4.300
Do pref
100 6112May 16
5
51
143, 5
*434 5
5
5 14
5% 5 8
,
518 518 2,000 Wilson & Co Inc
No par
413MaY 16
.
410 _ _ -_ *410
Woolworth Co (F W)
100 280 Jan 4
4 9914 101% 100% 102
.3809612 99
9913 10078 52,900
9712 103, 102 1043
- 1
New w I
25 721: Apr 10
2412 2513 254 2514 .24% 25% •2412 2512
25
25
25
25 •
500 Worthington P & M
100 2314June 9
4 1014 10% •1012 11
•1018 103
4 11
1014 1012 1,000 Wright Aeronatuical___No par
11 *1018 103
953May 15
3812 38% 3812 383
3814 3812 3812 2384 384 5,300 Wrigley(Wm Jr)
4 3814 3812 38
No par 35 Apr 22
8
4718 47% 4612 50
49
47
47
47
47
49% 24812 49
10,200 Yellow Cab Mfg tern ctfs- -10 4434June 10
64 .63
66 .
64
63
66
.
64
68 .64
64
*63
66
100 Younantown Sheet & T_No par 62 May 5
*DM and asked pries 00 lake on tbla day. s Ev dividend.
-

*98 ?.3114k
?1,8

-557k 337 -55- 1534
914




Highest

PER StiAnn
Raw' for Prestos'
Year 1923.
Lowest

Highest

per share
ary 12 ma;
i
Pcr st e 8 :4 8hOr
,
/
1
4
1034 Jan 9
68h Feb 6
311 Sept 524 Dec
4
127 Jan 7
2
8June 20
967
907 JOee 99 Mal
9 11 un t 1512 Feb
2
6114 Jan 2
53 Sept 9311 Feb
5912 Jan 2
5012 Oct 88 Feb
418 Jan 23
114 Oct
64 Apr
16 Mar 12
9 May 1512 Mar
414 Jan 17
lh Oct
6
Apr
984 Jan 2
86 Apr 9812 Dec
4838lune 19
41 July 5014 Mai
503
8June 20
60 Feb 5
55 Aug 80 -eit)
.
";
234 Jan 31
5
1112 July 24 8 Dec
4212 Apr 5
194 Sept 69% Apr
1215 Jan 17
1.514 Jan
64 July
301 Jan 17
8
1312 July 355 Jan
412 Jan 22
112 July
6 Feb
Oct 45 J411
36 Jan 21
18
Jan 6772 Mar
63 mar 12
3a
58
100 Apr 4
96
Oct 100
Apr
10 July 1112 Sept
134 Mar 12
5812 Jan 8
47 July 134 Feb
114 Apr 1 10812 June 11414 Jan
62 Jan 26
80424 Octpa 98981124
90 Feb 6
Jan
4312 Jan 22
17 Nov 584 Mar
53 June 20
4112 Dec 5112 Apr
:
128 Jan 28 1101 July 134 Mar
6718Mar 14
417 July 6914 Apr
8
2634 Feb 6
g 100 1.4m
t 32
8214 SeptFeb
16
9812Mar 13
994 Oct 123 Mar
118 Mar 22
3313 Feb 15
2914 July 343* Feb
1214 Feb 18
972 Sept 174 Mar
49 8 Feb 5
5
24 June 4812 Ma
,
94% Feb 5
89 Dec 104 Feb
102 Feb 1
Jan 99 No,
80
15 2 Jan 28
3
8 Oct 313 Feb
4
4012 June 664 Mar
817 Feb 11
2
95 Mar 6
8434 Oct 964 Mar
2214 Jan 7
14 June. 297 Alr
2
7472 Jan 2
47 Jan 75 Dee
121 June 17 114 July 118 Feb
5912 Feb 6
404 Aug 6512 Feb
273s Feb 21
17 June 2311 Dee
3 Jan 24
/
1
4
14 Oct
5 Feb
56341une 13
1812 Jan 3512 Dec
11617June 20
88 May 11634 Dec
9712 Feb 1
6534 June 9232 Feb
11478June 6 10612 J une 115 Nu.
614 Jan II
478 Oct
121i Mai
678 Jan 10
5
Oct 107 Mar
8
204 Feb 6
123 Jan 1914 May
8
9638May 6
894 Nov 95 May
144 Mat 24
84 July
16 Feb
253 Feb 5
8
223 Dec 34 Mar
4
1s
2718 Jan 2
16 Sept 393 Mar
2
90 Jan 21
8014 Aug 99.2 Fet
95g Jan 35 Mar
29 Feb 4
3914 July 63 Dec
674 Feb 7
954 Mar 8
3814 Aug 70 Dee
1134 June 2714 Feb
18 J141/ 12
Oct 97 2 Feb
88
90 Jan 2
7
601 Dec 9012 la.
4
6212 Feb 7
4718 July 12312 Jan
6813 Jan 26
4214 Jan 28 134434 Ju g 444 Mrr
7107 A y
8
119 May 2
11814 Jul)
51 June 673 Mar
63s Jan 2
2
12412 Atm
1004 Jan 12
8472 Jan 11
5912 July 9414 Mai
4
933 Oct 1264 Ma
10£64 Jan 8
,
38 Apr 4
124 Jan 2
7
Jan 15 Apr
7 June 11
Feb
2 Sept
64
3478 Jan 9
2312 Oct 34 Mar
Oct
3 Jan 2
4
1 June
9 4 Jan 5
3
8 June 124 Feb
4532 Jan 30
343 Nov 524 Mal
2
6532June 20
5314 July 65 Jan
5 Nov 2414 Feb
12
1514 Feb 1
94 July 144 Ma.
151 Feb 7
41 Jan 7
3318 Jan 45 bl
704 Feb 5
464 Aug 7836 Dec
7612 July 927 Dec
8
917 Feb 11
8
y
11914 M an 23 1044 Feb 11512 Get
4
1418 Jar
21
43 Jan 9
35712 Aug 42 Dee
' t
1 °
50 Oct 7713 Mc r
645 Feb 9
8
14 Jan
Is Jan
32 Apr 9
81 Feb 9934 Mar
104 Apr 3
11014June 20 106 Sept 112 Jan
29 July 894 Mal
37 Feb 11
7414 Oct 8534 Fel
88 Feb 4
4614 Feb 49 Jule
487 Jan 11
2
:
20114 Jan 29 15212 Jan 1871 Dor
8June 19
20 July 6912 Der
973
64 June 87 No,
94% Apr 29
132, Oct 25
Jat
20,
8Mar
40 June 7314 Mar
83 Jan 31
52
9414 June 101 Mar
1033 Feb 7
4
884 July 106 Mar
1073 Feb 13
4
971: Aug 1083 Mar
s
109 Feb 13
3038 Oct 6472 Mat
427 Jan 12
8
768 Oct 105
2
941 Jan 10
Jan
1832 Oct 43 4 mat
3
234 Feb 15
44h Mar 6
383 Dec 484 Jan
2
854 July 109% Mat
109 Feb 7
122121une 16 1164 Aug 12312 Jan
5212 Oct 7512 Mar
691:June 4
Oct 24as Feb
14
3112June 4
2434 July 4438 Mat
331: Feb 11
614 June 27 Feb
103 Jan 11
s
17 June 69 Mar
3434 Jan 2
12 Oct 23 Mar
154 Jan 10
1612 Jan 26
145 June 20 May
8
163 Dee
8
1912Mar 15
1214 Jan
33 Dec 105 Mat
4172May 14
113 Jan 30 10118 July 11912 Feb
964 Jan 28
76 July 120 Feb
5212 June 8718 Feb
65 Jan 22
3
20 Oct 30 2 Mat
2938 Feb 6
45 June 5073 Mar
59% Feb 11
Feb
2 Dec 14
5 Jan 11
5 June 1114 Dee
1414 Jan 16
4212 Jan 83 Dec
Jan 15
88
19 June 4284 Mar
28 Jan 9
345 Mar 24 19918 Jan ,290 Dec
4June 17
1043
if's Oct 40's Feb
314 Jan 9
814 Jan 134 Nov
1312 Jan 3
3734 Dec 404 Dec
40 Jan 12
.
_
9554 mar 27
Oct 80
62
Jan
704 J55 7

3064

New York Stock Exchange-Bond Record, Friday, Weekly and Yearly

are now "and interest"-excerl for income and defaulted bonds
Jas. 1 1909 the Exchange method of rioting bonds was changed and prices
113
Range
Week's
Price
BONDS.
Range
Week's
Price
Since
BONDS.
Range or
Friday
N.Y.STOCK EXCHANGE
Since
Range or
Friday
Jan. I
Last Sale
N.Y.STOCK EXCHANGE
co
June 20.
ending
Weekending June 20.
Jan. 1
Last Sale
June 20.
Week ending June 20.
Mei
Low
High
480 tow
Bid
High
High No. Low
Ask Low
Bid
70 81
10
81
U. S. Government.
8012
Atl & Birm 30-yr let g 4s__ _81933 M S
8
834 8812
5
874
874
M N 88
First Liberty Loan
89
48_ _ _ -1955
,77
J D 1011033 Sale 101.00 1011533 2890 98 811011h. All Knoxv & On Divg 58_ _ _1946
994 994
D
9912 Mar'24
814% of 1932-1947
1 981..102.00 Atl Knoxv & Nor let
- 102.00102.00
.313
4
4
913 933
.
Cony 4% of 1932-1947
834 - - 9354 June'24
64
82.10211 Atl Se Chart AL lot A 414e. _1944 J
,
96 10014
J D l01°',s Sale 10125321021132 841 98
of 1932-1947
16
Cony 43(%
10014
let 30-year 5s Series B_ _ _ _1944 .1 J 100 sale No
,
8612 9214
-1947 3D 101.00 Sale 101.0010115w 12 982 83102
9214 39
2d cony 41d% of 1932
All Coast Line let con 48..81952 M 8 9134 Sale 1 914
8
Second Liberty Loan
1930 M N 108 Sale 11074 1084 52 1065 1084
10-year secured 7s
6 98433101211
101.0010113a
MN
8614 924
9210 13
92 92
1964.3 D 90
6% of 1927-1942
General unified 4140
..
.81007
MN 101.00 Sale 10089331011831 3652 981
8138 854
Cony 43% of 1927-1942
8514 42
0.952 MS 05
8
8514 843
L & N colt gold 4s
7314 79
79
24
Third Liberty Loan
a
79 Bale
1948 3
1st g 4s
,
,
36 S 1013132 Sale 1017°88102 n 3357 99 311027u Atl & Dan,
8
44% of 1928
675s
4 65 683
1948 2 .1 6712 69 674
2d 4s
724 804
744
7458
2
Fourth Liberty Loan
1949 AO 7312 74
48
.n Atl & Yad 1st g guar
.210214u 0000 -981811021
A0 1011022 Sale 10117
9613 9612
9612 June'24
44% of 1933-1938
1941 .3.3 954 -W 1st gu g 59
3u A &
1047s.,Sale 1042833105143 2918 99777105'
AO
Treasury 410's 1947-1952
10312 10312
10312 Mar'24
81930 g
9814 9938
20 consol registered
8
993 189
1925 J J 994 Sale 994
10243 10242 Ball & Ohio prior 33.412
1024 Mar'24
81930 Q J
98
96
98 May'24
20 consol coupon
k1925'Si
Registered
May'23
104
1925• F
8112 864
3
864 -jai
85 4
ds registered
11948 AO _at!!!
50-year gold 43
1st
103 July'23
1925 Q F
8414
80
8410
de coupon
844
6
k1948 Q J
Registered
100' Aug'23
F
8214 9014
6
0
9 1
8 1 165
Panama Canal 10-30-Yr 2s-k1936 Q
80 4
1933 MS 8 8 sale 883
10-year cony 414s
8844 S l
9412 Apr'23
1961 Q Al
83 88
Panama Canal Is gold
203
Refund & gen 55 Series A_1995
8
0230
State and City Securities.
9
02 S
1929.3' 199% sale 1913
0 4 199 221 10015 1033
10
98% 100%
-year Os
10034 101 1007 June'24
4
NY City-43(s Corp stock_1960 M 8 102 1024 10212 10212 11
951 99
15
P Jct & M Div lot g 3140-1925 MN
9955 10212
1964 M S
Corporate stock
79 85
85
Cis
8
8413 843
33
P L E cf. W Va Sys ref 4s-1941 MN 84
9934 102
3
102
3
1966 A 0 102 1033 102
9612 9914
Ole Corporate stock
9914 232
1044 10573
Southw Div let gold 3140_1925 3, 9914 Sale 9910
4
1971 .1 D 10814
-- 1053 May'24
6614 70
4345 Corporate stock
4 69
695
10243 10612
Tol & On Div 1st ref 45 A-1959 J , 6830 69 69
10614 --- 106 June'24
60
58
2
040 Corporatestock.July 1967.1 ./ 10614
3
8
9
10244 10642 Battle Cr & Stur let gu 33-1989 J O 5612 63 5 % Mar'24
10650 June'24
1965.1 D
-44s Corporate stock
9012 9313
1938 3, 91
103 10544 Beech Creek let gu g 4s
1963 111 13 10614 ---- 10534 June'24
4145 Corporate stock
86 Feb'24
1936 J J _66..
2 9443 98
Registered
98
98
1959 M N
stock
4% Corporate
104 May'24
4
1936 J J
2d guar gold 58
1
9443 977
994 97%
97%
1958 M N 98
7714 Wra
4% Corporate stock
: 7714 May'24
964 1.7 Beech Cr Ext 1st g 314e_51951 AO 7513
,
1957 ra N 105% 106 4 97 June'24
4% Corporate stock
tora 8314
83
6914 39
1944 J D 08234
83
6014
Ws 964 Big Sandy 1st 4s
964 June'24
reg-1956 M N
69
61
41% Corporate stock
Sale
1034 1054 13 &N Y Air Line 18t48..,..1955 FA
105% 10570
1957 MN
434% Corporate stock
884 87
4
3
Apr'24
'
102% 10512 Bruns cfc W lot gu gold 48-1938
10513 June'24
434% Corporate stock_ __ -1957 MN
88
17 100 10114
854 884 Buffalo R & P gen gold 5s 1937 MS 1017s :::: 10881
2
884 June'24
6
19 1 M s
- 954 si N
2 67 90
334% Corporate stock
1
88
991
7
1957 MN 8 14 13a1% 8 18
Consol 434e
8
99 2 99e 9913
1024 June'23
New York State-4s
4
953 9913
1934 A0
Burl C It & Nor 1st 56
10212 June'23
Canal Improvement 4s-1961 1 J
1214 July'23
Highway Improv't 4146_1963 M S
4
974 1003
Canada Sou cons gu A 58-1962 A0 1004 1004,1001a 1004 21
0412 Apr'23
Improv't 44e 1965 M S
Highway
,
Canadian North deb s 1 70_1940 J D 11212 Sale 11212 113 4 50 111 1144
714 Oct'23
1991 J 1
Virginia 2-30
4
11312 39 1103 1134
-year of deb 131413
1946 J J 11312 Sale 1121
25
Foreign Government.
4
4
J J 811g Bale 8032
783 823
813
4 97
4
4
1927 F A 10212 Sale 0212 1023 117 10034 1023 Canadian Pao Ry deb 43 stock_ _
_
4
Argentine(Govt)70
: 35
92971:
90 913
B 87774 ssaall_8_ 97733 Feb'24
97174
97938 _ _ 0
84 Carb & Shaw let gold 42.---1932
65
78
83
1945 m s 83 Sale 793
4
Argentine Treasury Is
7072 78
3
'
1949
8934 9314 Caro Cent let con g 4e
9314 2579
4
( 7 1..%1 1 9314 Sale 9134
Temporary s f g 6s Ser A._111.13 , 3
3
9252 99 4
'
854 92 Caro Clinch &0lst 3-yr 543-1938 0)
92 . Sale 91
92 256
Austrian(Govt) 70 w 1
96 10472
1952 3D 10214 Sale 10114 1034 382
6s
97 105%
105% 196
734e 3.1945 JD 105 Sale 04
Belgium 25-yr extol.
8214
2 81
824
1981
8210 Sale 821a
s
4
963 1005 Cart & Ad bat su g 43
10058 Sale 004 10050 96
Jan pat
7514
-year 6% note!
5
9 67
754
97. 10513 Cent Branch U Plot g 48._.l948 in 7514 Sale 75
104 Sale 0312 10512 63
-year
20
e f 85
5034 65
638 77
Sale 614
637
10812 10914 1084 10914 27 108 1091 Cent New Eng let gu 49.-1961
,2
114,
Bergen (Norway) of 84
96
96
4
1930 MS 893 _ _ 96 May'24 _ _
10 108 11114 Central Ohio 4148 1930
10912 11012 10912 110
4
Berne (City of) if f 83
99 1013
10134 June'24
93 Central of Ga lot gold 5e-F1945 FA 10030
85
9134 Sale
4
92le 305
Bolivia (Republic of) 88-- _1947 M N 8515 Sale
4
9514 100,
234
7112 86
1945 MN 9854 991 994 1004, 18
Como!gold .58
88
8334
,
11 1
.11-S 1
Bordeaux (City of) 15-Yr 611
10214; 5 100 10212
924 9812
JUDO 1929 iD 102 103 102
10-year secur 60
9812 208
9814 Sale 9712
Braz0,1.7 13 external fla
7812 82
in 83
82 June'24 _
7712 8734
Chatt Div our money g 4a-1951
4
873 256
1952 1 D 8712 Sale 84%
76 (Central Ry)
9534 971a
9778 ____ 974 Apr'24 _
94 101
Mae & Nor Div beta 5e-1946
9814 99
4 32
983
98
7345 (Coffee Security). _1952 A 0
94 July'23
9310
994 111114
1947
Mid Ga & Atl Div 50
33
101
V7
Canada(Dominion of) g 53_1926 A 0 1004 Sale 1004 102
-ea- . -994 102
1848 iJ 97118 ____ 96 Feb'24 _
Mobile Division 5s
16
101 Sale 101
9172 96
5e
9554 13
1034
10212 102 1004 10212 Cent RR & B of Ga coll g 58.1937 MN 9434 954 95
: 10212 Sale 102
129
51411
4
6 1033 107
.13 10652 107 10634 107 I
991
0
1952 M N 1024 Sale 1015 •10213 247 102 4 1074 Central of N J gen gold 58._ -1987 Q J 1854 s _le 12 7 Junss3
50
s
1025 105%
e'24
8
7
55
8 _a.. 0 18
0
116
k1987
Registered
Chile (Republic) ext s I 8e-1941 F A 10613 Sale 10513 1074 34 1024 104 Cent Pac let ref gu g 4s
85 8834
156
1949 FA
8
-year s 1 80-1926 A 0 10314 Sale 10314 1035 119
External 5
4
933
4. 7 91
933
94 100
Mtge guar gold 310
k1929 .713 9334 Sale 9355
974
4
1942 m N 97 Bale 962
3 81% 863
70
84%1
4
107
Through St L lot gu 4s- _-1954 AO 844 Sale 844
1946 M N 105 107 10512 10612 19 102
-year s f 8e
25
1154 1154
___ 1154 Feb'241 _
394 4312 Charleston & Savannah 78_1936 J J 116
4313
4312 10
Chinese (Hukuang Ry) 518-1951 .1 D 110 Sale 43
95%
3
97
' 9014 Bale 99
994, 13
2 107 Ili) Ches & Ohio fund & inapt 53.1929
Sale 10912 110
Christiania (City) a f Ss__ _1945 A 0 9712 Sale 9714
N 10110 10112 10112 10112'
994 102
lot conaol gold 5e
94114 9.115
1939
9712 59
Colombia (Republic) 6343_1927 A 0 93 Sale 91
98 98
98 Apr'24 _
8714 93
1939 MN
Registered
69
93
-year a f 5340-1944 .1 J
Copenhagen 25
2
844 897
8
89% 177
0
885 Sale 885
9334 9012
General gold 43Is
1992 M
8
s 953 9612 9530
7
9612
1944 ay
Cuba 53
834 85
96:2 85 May'241_
_9412 _.
9214
Registered
1992 M
902
5 89
9113
;
41 8 1 9112
Eater debt 56 191413er A - 0 ) , 824 9213
4
881 9512
8
953 i28
-year convertible 434o_ -1930 P A 1ji12 Sale 944
20
7914 83
83 2 83
5
,
83
External loan 434s
963 332
4
4
887s 963
9113 97
-year cony secured 53._ _1946 AO 9612 Sale 9614
30
4
97 666
1953.3 .7 96 Sale 053
96
96
1
54s
924 98
4
073
Craig Valley 1st g 58
1940 J J
94
9682 Sale 9612
974 98
Csechoelovak (Repub of) 86.1951 A 0 10814 109
78 80
Potts Creek Branch lot 48_1946 J J 8014 ____ 80 June'24
10812 20 1064 1,,812
10814
11
1 44 / 1
2
Danish Con Municip 88"A"..1 1, ; 10814
8/4
7984 824
4
R & A Div let con g 4a_ -1989• J 82 ____ 813
8 1064 10914
109 108
10914
Series B
804 June'24
3
76
' 80% 81
8858
1989
4
2d consul gold 48
11020 148 10713 11 7
1
.1
ISg 1 E 11020 Sale 110
Denmark external! 1 8s
95
95
9312 9812 05 June'24
9313 984
Warm Springs V Iota 58 1941 M
984 Sale 964
984 188
-year 6s
6 23 15
20
60
9
3
5 4
50
141212 Chic & Alton RR ref g 3s__ _1949 A0 594 60 2 3 july 0
2 100
10214
102
.8
'
1 tA
Dominican Rep Con Admsf 59 13 10134 Sale 102
New York Trust Co etre
9012
9034
8534 91
62
91
534
63l 681j
6714 59 58 May'24
8
92% 955
Stamped Oct 1922 interest_,.
154
95
47
1 6 .1 J
Dutch East Indies eat 619.-19 2 84 s 9414 Sale 9414
5714 ____ 57 June'24
s
84
587
Stamped April 1923 interest_ _
8
9418 Sale 94
925 96
94% 131
-year 6s
40
4
303 40 4
3
364 -55
4
Railway first lien 3140__1950 Ji 36 Sale 3512
8734 Sale 865
8
8
853 903
8814 64
1953 M S
5140 trust recta
3
8132
J
9014 53
4
7834 813
4
08
0
8 1 4 90% 8 3
9118 82 817
924 102% Chic Burl dr'S-Ill Div 330-1949
10214 Sale
102% 795
French Repub 25-yr ext 81..1945 M S 99 Sale 101
914
86
1949 3'
97
Illinois Division 4s
90 100
100 1086
20-yr external loan 714s_ _1941 .1 D 103 Sale
N 99 Sale 9814
961s 99
99
26
994 lo314
405
Nebraska Extension 43.- -1927
10350
103
i ;
Gt Brit & Bel(UK of) 5/48- I9g
990
989,33
r2
;
_ 96 Ma9'1 _ 371
1927 MN 998984%1103
1085a Sale 1073
Registered
4 01 lo4313 11014
4 1083
10 -year
eon, 5145
014
9
-a- -1958 M
8734 Sale 8612
764 8812
General 48
8812 94
Greater Prague 715e
P A
96% 100
Sale
4
91 Sale 903
1971
914 19
884 02
1st az ref 58
Hait
(Republic) 65
49
5512
5334 534
54
6
9812 101 Chic City & Conn Rye 5s._ _1927 A0 47
10050 22
Ser A 640_1925 F A 10012 Sale 100
Italy (Kingd of)
14414 1054
4
9712 55
'
9232 9712 Chicago & East Ill lot 6s._ _1934 A0 1053 - - - - 10514 May'24
, 9712 Sale 973
31
Japanese Govt-f loan 44s-121 I . 9712 Sale 9712
N 74 Sale 7350
75
225
71% 784
4
4
913 973 C & E III RR(new co) gen 50.1951
9712 67
Second series 44e
2
917 9712
7812 100
4
7550 813 Chic & Erie lot gold 58....._1982 MN 964 974 97 June'24
1931 J J 7812 Sale 7712
Sterling loan 4s
MS 5414 Sale
5514
50
5513
Bale 8920
4
8458 915 Chicago Great West lot 4s_ -1959
9050 114
1954 F A 9050
Temporary s f g 614
2:8
4
59
55
102 Fe09 4
ib'4
484 534
4
8514
851 207
With Sept 1924 coupon on_ _ _
81
63-1953 M S 8514 Sale 8313
Oriental Development
1054 10912
854 Sale 8412
86 Chic Ind de Louinv-Ref 60..1947 J
230
86
7215
-year 68_ _1934 51 N
Lyons (City of) 15
9934 10
4
954 993
8510 Sale 84
1947 ii 984 10014 9934
86,188
724 86
Refunding sold 58
Marseilles(City of) 15-yr 60.1934 M N
'
s 24 - - 2
4
8 12
8
5 86
8612 8 % Mays
Refunding 4s Series C_ 1947 3' 84
274 30
29 Mar'24 -- -Mexican Irrigation 4143-.1943 MN
811y 88
47
1966 MN 85 Sale
5113
43
30
2
General 50 A
30
1945 Q J
Mexico-5e of 1899
J J 994 Sale 99
954 1004
10010 24
30
c1966
26
General Os B
28 June'24 ---19543 D
J 75
Gold debt 4s of 1904
76
71
7612 7314 June'24
_ .
9130 54
8514 914
,
1952.1 13 9138 Sale 89 4
Montevideo 76
gm, 8614
2
'3
_861 J ua e.514
594111 m ny5 24
9312 125
9312 Sale
-year 43._1956 .1.1 854 _
8934 9312 Chic Ind & Sou 50
60 (flat prices)-1972 M S 112 Sale 9314
Netherlands
8712 9112
111% 11212 38 10934 112% Chic LB dc East let 410_ _1969 JD 8814
A 0
1940
Norway external 8 1 8a
4950 6034
11
72 914 9712 C M & Puget Sd lot gu 48-1949 J J 5413 55%
98
1952 A 0 974 Sale 95
as
704 74
7212 40
9713 598
924 99 ChM & St P gen g 4s Ser A.e1989 .1.1 9150 Sale 714
1943 F A 9634 Sale 95
13e (interim certificates)
3'
6154 6514
65
36
9514 973
9812 Sale 97
4
36
General gold 314s Ser B_ _81989 ii 65 Sale 64
99
Panama (Rep) 5150 V rects_1953 .1 1) 9734 Sale 974
78
824
80 Sale 80
8114 61
9712
7
92
General 43ft Series C.-51989
4
973
A0
Porto Alegre (City of) 83----1961 ./ D 10812 Sale
4 84
493 5
534 146
10812 33 1044 10812
Gen & re( Series A 4143-.22014 FA 52 Sale 517
1063
2
Queensland (State) ext et 78 pal 0( 101% Sale 101 4 10212 89
624
54
5530 Sale 554
5752 60
10212
9913
Gen ref cony Ser B 5-62014
-year 68
25
544 66
6112 160
45
1932 JD 58 Sale 58
98
92
Convertible 414e
98
1946 A 0 -98 Sale 96
Rio Grande do Sul 85
8012 283 684 464
1925 D 79 Sale 7834
5
45
8758 955
8 64
955
A 0 9558 Sale 934
3, 52 Sale 52
Rio de Janeiro 25-yr of 8s-1946 A 0 9412 Sale 93
6912 60,
4
4
1934
945
87
25-year debenture 48
4
943 109
1947
88
994
98
57
934 5
8
0 96
13 100 102
Chic & Mo Riv Div 53 _ _1926 3, 994 Sale 9813
102
.1 102 Sale l013
PA 983 98% 9834 June'24
El Salvador (Rep) temp 88_ _1948
s
963 9812
8
101
10014 101
17
6-1926
9513
Chic & N'west Ext 43._
1952 15 1 13 101 Sale
3
San Paulo (City) s f 85
974
98
974 May'24
1926 FA
1
9814 103
Registered
4 37
.7 10234 Sale 10213 1023
Ban Paulo(State) eat 5 I 82-1936
s
693 73
72 June'24
1987 MN
79 90%
General gold 334e
9070 97
J 89 Sale 88
1942
Q 14
Seine (France) ext 7s
8
685 703
24
4
_
8
684 Jen:
s3%
4
p1987
8434 Sale 83
Registered
844 542 634 8512
864
Serbs. Croats dc Slovenes 88_1962 M N 85 Sale 8312
3
80
78
1987 M N 8143 837
85
General 4s
8512 73
1936 M N
&damns(City)65
7980 8413
81
8
,
i024
1987 MN 8143 8633 0314 June'2
0 Sale 10414 1043
52 101% 10514
Stamped is
4
1939 D 1045
-year 60
Sweden 20
95 1021a
1987 MN 101 10112
General 58 stamped
.1 11338 Sale 1l27s 1134 55 1114 118
gg 10414
Swiss Confeder'n 20-yr a f 88 1940
04
5
10414
1879-1929 AO
9434 974
Sinking fund 65
9610 Bale 95 4
3
,
96 4 198
A0 9812 997 9912 May'24
Switzerland Govt ext 5123 -1946 A 0 6012 Sale 6014
s
9133 994
_
3
22
5912 6343
1879-1929
Sinking fund 58
61
1912 M S
Tokyo City 5a
96 96
Jan'24
96
1879-1929 A0
10618 37 in2 1064
Registered
88_1946 F A 105 Sale 104
ext
974 102
17
......_........_)., Uruguay (Republic)
4
1094 1113
1933 MN 1004 Sale 0015 102
Sinking fund deb re
4 11234 56
1945 A 0 112 11234 1113
(
984 994
Zurich (City of) e 8a
0812 June'24
1933 MN
Registered
4
Railroad.
59 1044 1081
6;1; 0634 108
1930
3
95 4 974
-year secured 7e g
10
5s---1943 J D 9812 100 974 May'24
,
MS 109 Sale 09
Ala Cit Sou 1st eons A 58-1928 MN 99% 102 101 May'24
1094 43 1054 112 2
984 101
15
-year secured 634. g- --1936
y814 8284
Ala Mid let guar gold
824 53
83 Chic RI & P-Raihoay gen 431988
80% 8253 8113
79
8134 June'24
1946 A 0 8112
7674 7874
Alb & BUBO cony 3MB
797 June'24 - _
12 80 84
84
Registered
1998 A 0 84 61-e- 83
8
734 83
Alleg & West ist g 4s gu
83 658
884 914
8135
2
1934 A0
914
Refunding gold 4s
8
1942 Mi a 913 Sale 91%
D
99 101
Alleg Vol gen guar g 4s
01 June'24
5
57
6213
63
63 Chic St L& N 0 gold 5s_ _ _1951
*1995 Q J
D
Ann Arbor 1st g 48
9012 386
86
9012
Registered
-Gen g 48_1995 A 0 90 Sale 8955
77 77
etch Top & E4 Fe
7912 833
?ra
9
1951 J D
Gold 33.4s
4
833
4
3
*1995 Nov 83 4 Sale 83
9750
94
D
Adjustment gold 4s
9751 171
964
Joint let ref fe Series A
4
7913 833
1963
8334 62
01995 Nov 8334 Sale 834
9514 9614
D
Stamped
June'24
9512
821• 85
Do Series B
2
1963
8414
1956.1 D 844 Sale 844
8058 85
85
Cony gold 43 1909
85
D
1951
Memphis Div let g 4s
84% 32
814 8413
8414 Sale 8
44
1955.3 D
99% 10013
Cony 45 1905
10012 June'24
82
5
1932 A0
4
813 83 C St L P 1st cone g 5s
1960.1 D 814 8514 82
Cony 4s issue of 1910
9513 974 Chic St PM &O eons es_ -1930 in 1051g 1053 10518 •10512 17 10180 1054
4
9752 Sale 974
974 13
8914 8950
Esst Ohio Div lot g 48.-- - 1928 181 0 8214 834 8350 June'24
834
Cone 68 reduced to 3346_1930 JD
80
934 96
Rocky Mtn Div let 4s_ _1965 .1 .1 85
1
17
99 Mar
1930 MS 895114 Sale0 88 Iunse:12724:
5 834 874
8612 8612
Debenture 5e
86 2
,
.1
-Con Short L tot 43_1958
Trans
774 82
57
9314 Chic T 01 & Bo East let Si_ _1960 J
94 923
5
4
9314
93
Cal-Aria let dr ref 414s"A"1962 M 8
fi Due June. 11 Dna July. 0 Due nog. oDtmOot. /Duo NOT. Due Deo. .09tIon sale.
4No price Friday;latest Maud asked 15i. a Due jan. IDus April. eDu.MaY.

1

.,
1.I
13
:

.




2 10-,.

--

1
13Z 1'1;

112,1:

New York Bond Record-Continued-Par 2
BONDS
Y.STOCK EXCHANGE
Week ending June 20.

t
NA.

Prim
Friday
June 20.

•
Week.
Range or
Last Sale

Range
Shwa
Jan. 1.

BONDS,
N Y.STOCK EXCHANGE
Week ending June 20,

3065
Price
Friday
June 20,

Week's
Range or
Lass Sate

11

Range
Mau
Jan,1.

801
High Illinois Central (Concluded)
Ask Low
High No Low
Ask Low
Bid
High No Low
High
91 Sale 91
5
19523 .1 80%
Purchased lines 31
45
/
4
1
/ 0212
7512 8013
89
8010
- 8013
Chic LID Sta'n lot gu 4345 A_1963 J J
1963 J J 100 Sale 9978 1001'4 47
92 2 85
Collateral trust gold 4
97 10014
84 7
8
847 Sale 84
5 61
797. 8612
58 B
5-1953 M N
1963 J J 11712 Sale 11714
. 11 1144 11712
1
/
0
4
/
1171
1953 M N 8018
78
Registered
8014
- 80% May'22
let Settee C 61
26
4
1043
Refunding Se
9914 103
10214 103 1021. 103
1 105 105
Chic & West Ind gen 5 65._01932 Q M 10434 ____ 10434
1952
-year 48
J 77 Sale 7612
10212 92 1001a 10312
7714 79
34
9 MN
1955 JJ 10214 Sale 102
7111 7714
-year secured 5145
15
Consol 50
M S 10312 Sale 102
1935
9 10813 11214
111
110% 111%
4o
/
5
-year mewed 61 g____1936 J
103 8 31 10112 1033
15
4
15-year s I 7545
4
19503 D 851288
961s
94
Cairo Bridge gold 45
85 Jan'24
Cboc Okla & Gulf eons 55-- -1952 M N 973 ____ 96 May'24 _ _ _ _
6978 701/4
70 Apr'24
Litchfield 131v lot gold 35_1951 J J 7018 72
88 Mar'17
0Find & Ft W 1st gu 5-1923 MN
8.1
/
2
5
74 4 777
4 -8812 9412
9412
0
45
/
1,1 & 13 2d gold 44 .i937 J J 94l'5ale 9412
Loulav Div & Term g 31 1953 J J 77% 79
77%
8
777
/1936 Q F 90
113tL&C lst g 40
4
683 7014
1951 F A 69%
7014 Apr'24
9314 8914 June'24 _ 8
2
821 897
Omaha 131v lot gold 3s
C
k1936 Q F 881,
3
Registered_
7012 74
73
73
87 Dec'23 --73
St Louis Div & Tern, g 35.1951 J
1942 M N 8712
1
/
3 754 82
1051J J 82
Apr'24
Cln Leb & Nor gu 410 g
87
4s
/
82
Gold 31
83 81
1928 J .1 9834 _8
755 82
8
10
82
Cin 8 & CI eons lst g 58
9832 Apr'24
3
98 5 997
Springfirld Div ist g 3448_1951 .1 J 82 ___ - 80
%
1943 J J 961.•
Clear/ & Mah lst gu g 50
_ 93 Mar'24 _--3
83 4 85
Western Lines lot g 48-.1951 F A 8412
- 85 May'24
- •.Cleve Chi Ch & St L gen 48.1993 J D 83 Sale 8278
85 85
52
84
85 May'24
78% 84
Regtstrred
8312 -- - 1931 J J 9534 961, 9618
-year deb OM
20
4 13
I
963
1St)0
4
9214 963 Ind B & W lot pref 45
90% _ --- 96 Mar'16
1993 J D 10012
General 5s Series B
835g 8404
4
19501 .1 84.... 83 4 Apr'24
3
10012 June'24
98 1003 Ind 111 & Iowa 1st g 4s
I929 J J 10318 Sale 103
96
Ref 6z impt 68 Series A
99
7
8
1037 Ind Union Ry 58 A
19653 J 983 9
99
99
3
103 s 89 10012
4
J J 106
1941
68 C
16614 lot & Great Nor adjust 68..1952 J J 52 Sale 50
401e 56
2
10618 10614
_
1
534 757
1939 1
Cairo Div 1st gold 4e
8 864 6612
887 4
8812
3
90 0 98
861s 8812
97% 196
4
lot mortgage Co eertiricates1952 J J 97% Sale 963
Gin W & 1(1 Div lot g 48 1991 ▪ .. 80
14
8117
70
8112 Iowa Central 1s1 gold 50. _1938 3 D 62 4 Sale 62
57
77
4
3
63
s
'2 813 81
4
1
/
3
St L Div Mt eon tr g g es.-1990 Mm 81
82
15% 26
5
8114
7813 8318
5
8
161
8114
1951 M S 16% Sale 16
Refunding gold 48
Spr & Col Div 1st g 48_ -1940 M 5 86
8814 861r Mar'24 ---4
1
/ Ralt
85
8612
W W Val Div lat g 48---1940 J
8314 87
86
8814 86
5
86
86
86
2
84
4
863 8612
James Frank & Clear let 48-1959 J
1934
OCC&Igencon8g6s
107 __._ 10678 June'24 _ _ _ 103 8 10634
5
Cloy Lor & W con 1st g 58..1933 A 0 10014 ____ 100 May'24
97% 10018 Ka A & G B lot, gu g 58_-1938 3, 9512
go?
1935 MN
4
/
CI & Mar 1st gu g 41s
If
2
4
1
/ 84% Kan & M lot gu g 45
84
1990 A0 801
853 , 4
94 4 Apr;2
-- 81 June'24
Olive & Mahon Vail g 58-1938 J .1 964 _ _ _
95 100
95 95
41927• J 997 1110 100 June'24
8
-year 55
2d 20
_ _ 91 Mar'24
-1942 J J 9514
01 & P gen gu 4 548 Ser A.
N 10212 Sale 10212 102% 11 10012 103
S & M eons g 65-1928
KC
1942 AO gm,
defies B
12 82
73
9434 Apr'24 _ _
148
82
1414 C Ft S & 83 Ry ref g 48.-1936 A0 8114 Sale 81
-1942 A0 go
lilt reduced to 3
4
1
/ 97%
94
7614 Feb'12 _
9758 May'24
KC &M R azB 1st gu 55-1929 A0 95% 97
8
1948 M N 807 83
4s
/
Series C 31
67
71%
7018 Dec'12 _ _ _
178
71
Kansas City Sou 1st gold 13-1951) A0 705 Sale 7012
8
1950 FA 83s84 67
8
4
/
Series 031
91
86
_
Jan'21 _
77
91
Apr 1950
3
' 90 Sale 90
Ref & impt 56
8
Cleve Sher Line 1st gu 4340.1961 AO 033 94
95
4
811 854
3 -90% 95 Kansas City Term lot 4s__-1960 J J 8514 Sale 84%
95
1
8514 87
40_
/
Cleve Union Term 51 _1972 A 0 10514 Sale 10514
84
82
10512 17 10238 108 Kentucky Central gold 45_1987 3,
14
83
_- 8314
1973 AO 9912 Sale 9914
58(vz I)
997 209
6012 67
8
9518 100 Kook & Des Moines 1st 503- -1923 A0 82-7412 67 June'24
70
3D 824 86
Coal River Ry let gu 4s...- -1945
1091.2 101
1
/
. 8312
831
8312 Knoxv & Ohio 1st g 6o
80
1
1925
101
_- 101 June'24
1929 FA 9614 9 4 9618
Colorado & South lit g 4s
63
923 9613
9612 10
4
N 8813 Sale 8814
4
/
8-1935
Refunding & exten 41
88 8 110
93349834
8012 89 Lake Erie & West lot g 55-1937
3
' 985 99
6
981
9838
8
1948 AO 83 4
Col& H V lat ext g 48
3
96
87
8312 May'24 _
81% 8212
12
96
1941 ii 94
94
96
2d gold 55
1955 P A 83 8 90
Col & Tol lot ext 4s
8
821 8312 Lake Shore gold 3411
5
8178 Apr'24
7534 80
__
1
/
1997 3D 787 80 80 June'23
58 5-1952 J J 8318 8310 8214
Cuba RR lot 513-year
75
75
81% 8412
8312 34
1997 J D 745 77
75 June'24 -Registered
1936 J D 10113 102 102
8
4
/
lot ref 71
5
2
94 4 97 a •
102
4 101 103
1928 MS 9714 Sale 97
4
1
/
9734 37
Debenture gold 4s
4
921 95 a
1
1931 MN 9514 96
9514 21
-year gold 45
25
95
5_
4
/ -1931 J J 9414 - - - - 9434 June'24
▪ & Mich lot cons 41
9114 911
4
9212 9434
N 917
1931
4
___ 913 Jan'24 -Registered
Del & Hudson let & ref 4s... _1943 MN 88 4 Sale 88 4
921s 96
3
83% 90 Leh Val N Y lot gu g 4
13
3
5
96
90
1940 33 9518 96
4
1
/
95
81935 A 0 963 Sale 9634
cony 58
110-year
4
611
9134 9312
92% 9712
57
1940 J J 9134 ____ 9312 Apr'24 -Registered
1937 MN 101 Sale 101
16
-year 534s
10114 14
4
/
703480¼
9713 1011 Lehigh Val (Pa) cons 5 48-2003 ▪ N 8012 Sale 80
80% 31
1930 3 13 109 Sale 10834 1093
-year secured 78
10
2
85 4 90
8 21 1116% 110
8912 12
2003 MN 8813 8914 885
8
General eons 4340
1936 F A 9318
D RR & Bdge let gu 48 g
92 Leh V Term Ry lot gu 5 58-1941 A0 102 Sale 10112 10212 23 100 103
92 May'24
14
92
Den & R Gr-lst,eons g 48-1936 J J
775 Sale 7634
8
78
9917 Jan'24
9912 9912
168
6714 78
1941 A0
Registered
1936 .1 J 813 Sale 8012
Consol gold OM
8
8134 18
s
72% 813 Leh Val RR 10-yr colt 68- -81928 MS 10314 11312 103
4
1
/ 10312 14 101 104
1 0
9
Improvement gold 58.-14 2 .1 12 903 Sale 8814
8
214
1
82 4 83
79% 91
91
83 May'24
tell & N Y lot guar gold 48-1945 MS 83
44 Sale 4118
let & refunding 58
45
99 103
84% 45 Lox & East lot 50-yr 58Cl'.. 1965 A0 10318 flile 103
479
1a
103
4
1
/ 16
do Registered
Oct'20
49
1962 MN 8118 ____ 813 Mar'23 -Little Miami 48
s
Farmers L&Tr lets Aug '55. -- 4318 'Sale 41
- -1417
4318 Long Dock consol g 68
8
1067 ____ 107 May'24
4318 83
1935 A
Bankers Tr Ws of dep......
501..31931• J 993 ____ 9914 June'24 43 Sale 4112
14
97 100
43
3414 43 Long lsid lot con gold
21
5
--9312 9312
do Stamped
45
37 June'24
33
01931 Q J 9313 ____ 9312 June'24
3714
lot eonsol gold 4.9
Am Ex Nat Bk Feb '22 etfs_ - 48
46
84 4 87 2
2)
41
' 8712 ____ 8712
41
40
1
37
1
1
1
8712
1938
General gold 45
-Aug 1922 ctts
do
831e 831e
34% 41
3812 Jan'24
- - - - -1932 3D 8718
83 Jan'24 -Gold 45
Dee m & Ft D 1st gu 48_ - _1935 J J
79
391. 41
80
4012
4012 4714
0 20
447
12
1949 MS 79% 821s 80 June'23 _ Unified gold 4o
Dee Plaines Val lst gu 4(is_ -1947 M S 3734
4
1
/ 92
91
9314 Sept'23
1934 J D 92% 94% 92 Mar'24
Debenture gold 501
Don & Mack-let lien g 48__1995 J D 67
67
8812
67
84
71
N 871 8834 88
4
I '66- 71
8812
1937
4
/
-year p m deb 58
20
1995.3 D 60
Gold 4.0
63 68 May'24
83
79
80
45
83
68
8
Guar refunding gold 45.- -1949 MS 8218 827 8234
1961 MN 92
4
/
8
Oat Itiv Tun 41
94141 9714.
93
93
9214
12
8712 93
1
4
1
/
97
97
Nor 81, B lot eon g gu 55,a1932 Q J 9714 g
Dul Missabe & Nor gen 55-1941 J J 997 10012 10012 10012
9512 98 2
2
99% 100% Louisiana & Ark lot g .is. _1927 31 S 9718 ____ 9714 May'24
Out & Iron Range let 55._..1937 A 0 993 100 100 May'24
8
79% 84
14
84
84
98 100 Lou &Jeff 13dge Co gu g 48.-1945 MS
Registered
1937 A 0
-- 927 July'23
8
5 100% 1031s
Louisville az Nashville 5s_ __1937
_-- 101% 10318
Dul Sou Shore & ALI g 50-1937 J J 83 Sale 8212
89
3
92 4
8313
76
8
1940
83'7
1033
92 4 as
Unified gold 48
923 9212 9214
8912 8912
Registered
1940 3, 871
8912 May'24
is Minn Nor Div let g 48.--1948 A 0 8814 _
967 100
885 June'24
s
8
8434 89%
Collateral trust gold fe- -1931 MM 9838 100 100 May'24
81938 M
S Teen reorg lien g 55
97
9712 9414 June'24
29 10614 108%
95% 93
4 108
-year secured 70
1930 MN 108 Sale 1073
10
1930J 1 98%
E TVa&GaDivg58
4
0
1
/
99 June'24 ____
9834 100
3 1043 107
2003 * 0 10618 1063
lot refunding 54
4
Cons let gold 50
1956 M N 9912 Sale 9912
7
9712 103
78
103
9912
97 k 997
2
(when Issued)
2003 A0 1023 _
58 B
10234
4
Elgin Joliet & East Ist g 58-1941 M N
5
103 8 104
9928
97% 10012
2
__-_ 10312 June'24
N 0 & M 1st gold fts
1930 J
934
9
104
Erie let eonsol gold 78 ext..1930 M S
5
2 102 10318
9;7 Sale 1053
41 104 8 107
103
4 107
2d gold 65
1930 J J 10118 ____ 102
1st cons g 45 prior
1996 1 3 6734 Sale 67
8512 9034
4
612 6814
7
266
4
90 3
68
Paducah de Mem Div 431-1946 FA
8812 90 90
Registered
1996
64
gt
6214
60
2
603 65
64 June'24
St Louis Div 2d gold 38-1980 MS 62
6212 6214 June'24 -J 693 Sale 5738
lot consul gen long 419_1996
3
95 4
94
5912 106
5312 5912
8
L&N&M &M MR4301945 MS 95
June'24
____ 95
1996 J J
Registered
3
54
54
_ 537s
79
53
83%
L & N South joint M 48-1952.3, 823 Sale 823
3
83 s 11
4
4
Penn coil trust gold 45_ A951 F A
77
77
9212 948 9412
9412
8812 9417
1
Registered
/
11952 Q J
Jan'24
7218 .___ 77
-year cony 48 Ser A1953 A 0 5912 sate 883
4
50
96
5912 56
9712
54.4 6114 .011L3V CIO & Lox gold 4(45_1931 MN 9712 ---- 9712
1
971
1953 A 0 .591g Sale 581.
do Series B
59% 133
5412 61
Gen cony 45 Series D-1953 A 0 67 Sale 663;
983 993
4
3
59 4 67 Mahon Coal RR let 58
594
67
4
J J 10018
Feb'24
1934
%
98
1955J J 99 100
erle & Jersey Ist s f 6s
60
55
98
8918 99 Manila RII(Southern Lines) 1939 MN 57 Sale 57
17
99
4
4
1
/
57
Ede & Pitte gu g
9612 99
s B---1940
8318 ____ 84 June'24
82
834 Manitoba Colonization 55-1934 31) 98
1
/
99
99 May'24
Series C
.1 837
1940
8
83 Jan'24
83
83 ManGB&NW 1st 330-1941
80% 825
3
' 80% 8218 8034 June'24
evens & T H lot gong 5s--1942 A 0
Apr'22
88
Mex Internat'l lot cons 548.1977 M
37 Mar'23
Elul Co Branch 1st g 58--1930 A 0 - - - - - - -- 7912 Apr'23
98 100
Michigan Central 5ii
1931 MS 10( i4
100 May'24
)
J
1924
Fargo & Sou 65
88
98
Registered
4
1
/ Oet'23
99
1931 QM 987
88 Apr'24 _
8
J 971- ----98 June'24
Fla Cent & Pen 1st ext g 58_1930
98 98
48
863 90
4
1940 J J 9018
90 May'24 _ _ _ _
Co mot gold fe
1943 1
7718 55
9614 963 9638
4
93%
9914
6
1940• J 86
78 Mar'24 _ _ _
D 9034 9212 9032
Florida E Coast let 434s_ _ -1959
2
903
1
93 9313
871a 9914red
4
1
/
90
12
lz
Re S1e
J L.412 lst gold 3As
19 2 MS 76%
5
91
77% Apr'24 _ _ _ _
Foods -1 & Cloy 4340
1952 M N 6.5
67 66
66
10
65
70
781 80
1st gold 315
79l
4
4
/
MN 793
79%
12
2
4
15-194I I J 8512 8614 8418 June'24
/
Fort St U D Go 1st g 44
8
823 8112
9214 961e.
-year debenture 45
20
9634 11
1929 A0 9612 Sale 961,
1 D 10434 10514 10514
Ft W & Den Clot g 550-1961
8712 874
1 1004 10514 Mid of NJ let ext 50
1
/
1054
5
8712
1940 A0 8618 88
87%
Ft Worth & Rio Gr 1st g 410_ -1928
2
991 100
4
1
/
92 Sale 904
1
/
13
93
8418 93 311Iw L S & \Vest itni, g 310...1929 FA 9912 ___ - 100
25
100
Frem Elk & Mo V 1st68-1933 A 0 107 109 107 June'24
1
/
1054 107
Ashland 131v lot g 65
100 Dee'23
1925 MS _9813
OH&SAM&Plst58
1931MN 9814 99
s
983
9834
Ho;10012
9512 99
4
Mich Div Let gold 65
May'24 _
10012
1924 33
Id exten 59 guar
1931 J J 9712 99
4
963 Apr'24 _ _
961 963 Miler & Nor lot ext 4/
4
/
4
4
88% 92 a
1
91
. 8
4
1
18
94
19 3 3D 91 Sale 903
34
Gale Hotta az Bend lot 58-1933 A 0 9234 Sale 9218
3/712 90
4
1
/
92
3
89%
Cons
Co extended 454o
_
3D 9212
90 May'24
Genesee River lot a f 60
1957 J
964 Sale 96
968
4
1
/
83 86%
89
12
9(1 MU Spar & N W lot gu 45-1947 MS 87' - 74 85 4 June'24
4
_
3
i- 3Oa & Ala Ity 1st eon 5s____01945 J J 8814
_ 88 8
3
82 82
1
88%
8412 8318 Ntile & S L let gu 334e
8612 May'2 _ _
1941 3, 80
4
Os Car & No 1st fru g 58.-1929 J J 9712 99
9784
977
4
931s 98 Minn & St Louis 1st 78
1 100 102
1927 J D 1001 10 10012 10013
4 -2
/ .1946 * 0 63
Os Mldland lot 35
_
6810_
63 'May'24
55
4
603 63
lot consul gold Si
8
4
583
1934 MN 59
4
6113 583
_ _1924 MN 100
Oils V & N 1st go g
____ 10018 June'24
1614 23%
9813 Iowa
let et refunding gold 48-1949 MS 161 Sale 1614
4
/
171 11
4
/
(Jou & Oswegateb 55
1942.32)
92
8
835. '12 _
9319 % Feb 34
98
981
13% 20
4
Ref & ext 50-yr 58 Ser A...1968 Q F 1412 sale 14
3
1412
193
2
4
19
1941 J 3 93l
Or & I ex 1st gu g 4/
5
903 93% M St P & SS3.1 con g 4sintgu'38 33 89 Sale 8838
4
1
/ 90
86
90
55
Grand Trunk of Can deb 70-1940 A0 1127 Sale 11278
8
11334 39 11084 113%
1st cons 5
1
97 4 103
18
8 100
3
' 100 Sale 997
lb-year sf65
1936 MS 10528 Sale 1047
1053
4 89 1021* 101. 4
1
3
-year cell trust 61
10
5
4
/
8
1931 M
1023 Sale 102% 10314 53 10112 103 4
Grays Point Ter be
1947 3D - 861 ---- 1011
_
4
/
13s A
6 100 10211_
1948 33 101 102 10212 10213
Great Nor son 70) Series A...1936 J J 109 Sale 109 Apr'07- 3 1
10910 616 106 109
9112 9112
lot Chicago Term of 40...-1941 MN 91% 9312 10118 May'24 _40
/
lot & ref 41 Series A. 1961 33 90 'Sale 90
91
17
8
855 91
12
961a 98
M SS M & A 1st g 4sintgu_1926 33 99 _ - 9814 May'24 -.Registered
1961 • J
83
90 June'23 ____
84 Mississippi Central 1st 5e
88
90
3
90
1949 3.3 91
89
48
/
51 Series B
1952 ii 1001 Sale 10034
14
10112 138
96% 10111 31 K & Okla lot guar 58
1942 MN
Green Bay & W deb ctfs "A"____ Feb 64
70
6934 55 Mo Kan & Tex-1st gold 45_1990 .32)
65 June'24 ____
4
8511
Sale . .- 8113 215 757 114
Feb
Debentures ate "B"
1017 Sale
912
11
136
11
7
-Pr I 5s Ser A_1962 J J 8634 Sale 85%
Mo-K-T Jilt
1
713 4 87
133
87
Greenbrier Ry let gu g 4.---1940 MN 83% ____ 8412 Oct'23
40-year 40 Series B
711
65
.
4
/
71Is 40
1962 33 695 71
70 8
8
1st ref & t g 55_ _01952 J J 90
Gulf & I
94
85 June'24 _
86
gay 10121
81
10
-year 65 Series C
J
10112 138
1932
s
10118 10114 1007
N
Harlem It & Pt Ches let 45..1954
81
73% 82%
82% 12
5114 601
Cum adjust 5s Ser A Jan-I967 A0 59 Sale 59
4
4
1
/ 888
60
4
/
0_1999 J J 88
Hocking Val lot cons g 41
89
88
89
4
1
/ 89 Missouri Pacific (reorg Co)
83
15
Registered
1999 J J 8012 ____ 83 May'24
83
84
let az refunding 5s Ser A_ 1963 FA 8312 Sale 8312
14 8514 '
75
53
85
1937 3, 1004
H & T C lst g 50 Int gu
1
/
10018 June'24
_
97 10018
g424 100
9
jot & refunding 58 Ser C 1926 P A 997 _ _
100
4
993
8
Term let 58.1937 J 3 96 Sale 96
Houston Belt &
96
1
9014 96
let & refunding 68 Ser D 1949 FA
8718 100
9012 176
9814 Sale 9012
1933 M N 99
Hote5Eaz WT 10455
98 May'24
954 98
6110.
51
General 4s
6112 646
1975 MS 60% Sale 60
N 99 100
1933
931 July'23 ___
lot guar 58 red
Missouri Pacific
6/1
BOUBS101 Ry cons g 515-- -1937 MN 90
93
9034 Apr'24
_ "8414 163:
8014 84
3d 7s extended at 4%.._1938 MN 834 ---- 831s
3
1
/
4
/
831
858 Sale 85
Hud az Manhat 50 Series A- _1957 FA
8618 333
93% 9314
3
80 4 86% Mob & Bir prior lien g 58._.1945 33 941 ____ 93 Apr'24
4
1
/
1957 A0 650 Sale 653
Adjuat income 55
584 6614
6614 176
781g
68
Morlgage gold 48
1945 J
76% ____ 7612 June'24
Illinois Central 1st gold 411- 1951 • J 9012 Sale 9012
9012
2
88
92 Mobile & Ohio new gold 6s 1927 3D 1025 10314 10312 May'24
10214 1 /
03
4
1
8
1951 3J 8714 ____ 83% Sept 23 ____
Registered
4
1
/
100 1011
lot extended gold 68_3;1927 Q J 102
4
/
____ 10114 May'24
• J 791 83 80 May'24 _ _ _
1951
3
4
/
let gold 3345
8004
78
74
8412
General gold 4s
2
84' ____ 8218
1938
84% 74
1951 • J
7714
Registered
80
Oet'20
80% 8213
97
92
2
Montgomery Div 1st g 51_1947 FA 9612 97
97
37
gold 3(3s...1951 40 8212 --Extended lot
8
787 May'24
_
7714 787
s
St Louis Div 541
9514 99
1927 J O 9914 9912 99 June'24
1951 A () 8212 ____ 8012
Registered
8212
8
Mob & Ohio coil tr 5 48_1938 MS 8434 Sale 82
76
84%.
s 10
843
1951 M
5912 61
60 May'24
lit gold 38 sterling
60 60
Mob & Mal lit gu g 48
8312
82
5
1991 MS 83% 85
M
8312
8312
86 Sale 86
Collateral trust gold 48_1954
86
1
8914 Mont C 1st gu 56.
83
_ 108 10914
4
1
/
1937 33 10634 11014 10164 Apr'24
1952 A0
_
933 Sept'19
Registered
Registered
108 ____ 13614 May'24
1937
N 887 400
105‘
40
lot refundine
0
88 4
3
8918 40
4
1
/ 90
84
lot soar gold
10014
1
10014
1937.3 .1 10014
161• No price pygmy: Isteet, Old &ad tufted tble Weal. a Dne Jan. 8 Due Feb.
•Due June. 8 Due Jul,. a Dee Sept.
Due Oct. • Option side.




11154

New York Bond Record-Continued-Page 3

3066
'4 •
BONDS.
N. Y.STOCK EXCHANGE
Week ending June 20.

r. •
Price
FridaY
June 20.

Week's
Range or
Last Sale.

Range
Sines
Jan. 1.

BONDS.
N. Y. STOCK EXCHANGE
Week ending June 20.

n.

Price
Friday
June 20.

Week's
Range or
Last Sale.

Range
Slue
-Jas. 1.

High
Mob
High No. Low
Ask Low
R0
Bid
Ask bota
HOS No . Low
Peoria 63 East let cons 48__ _199 AG 77
7838 78
M & E lat gU ahs
3
194
0
67
78%
78
2000 J D 7712 7812 78
7712 7714
773
4 30
9978 10113
34
Apr. 34 Sale 33
Income 4s
Nashy Chatt & St L 1st 58_1928 AO 10118 Sale 10012
21
10118 14
79
34
99 Pere Marquette let Ser A 55 19 6 J J 9714 Sale 97
9112 99
99
N Fla & S lst gu g 58
96
5
Apr'24
9312 319
99
1937 FA
S i 8038 8178 803
let Series B 45
Nat fly of Mex pr lien 4hs_ _1957 J
7818 81
7
30 Sept'23
81
8913 998
18
37 Phila Balt & W lat g 48
1943 MN 9114 100
July coupon on
20 May'24
34
93 June'21
-Philippine fly 1st 30-yr 5f45 1937 is 3912 Sale 3838
do off
37
437
e
26 Nov'23
3912 59
PCC&StLgu494sA
1940 AO
General 4s (Oct on)
93% 954
2718 July'23
1977 AO
9418 May'24 - - - 18
18
Series B 434s guar
1942 AO 943 ____ 943 June'24 -April coupon on
933 943
4
4
18 May'24
4
4
Series C 4 hs guar
19 5 MN 9312 _ _ _ 9413 May'24 -- -92
4
9414
do
off
88
24 Dec'23
MN
Series D 48 guar
88%
Nat RR Mex prior lien 4345.1926 J J
3814 June'23
87
8812 Apr'24 -- 4114
&Mee E 3 hs guar gold_ _1949 P A 89
36
8612 90
July coupon on
4114 Apr'24
13
90
Series F guar 4s gold
1953 J O 89
8713 883
Oct'23
do
off
34
_ _ 8712 Mar'24 4
24
Series G 411 guar
1957 MN 89 - - 8812 June'24
Apr'23
let consol is (Oct on)_ __ _1951 AO
28
9314
8818 89
36
Series Icons guar 434s.1963 FA
36
Jan'24
April coupon on
36
___ 9118 June'24
90% 9112
22
Series J 43.4s
1964 MN 91%10
do
1814 Apr'24
off
913 93
4
90% 9112
914 May'24
General be Series A
_1974• D 9912 Sale 9914
6
0
9512 100
6678 May'23
Naugatuck RR let 45
1954 MN 70
27
100
Pitts & L Erie 2d g Sc
a1928 AO 99 100 100 June'24
New England cons 58
70 Aug'23
1945 J J 8812
- 100 100
83 Pitts Melt & 1 let gu 6s____1932 J • J 10318 ____ 105 Dec'23 -75
80 May'24
Como!48
1945 J J
J J 9814
2d guaranteed 68
803 803
4
4
8134 June'24
NJ June RR guar lst 4s__ _ _1986 FA
8118 8
_ 100 May'24 -- _- loo- 116-8118 87 Pitts Sh & L E 1st g be
15
19 0 AO 9914 ____ 994 June'24
34
3
4
87
87
NO& N E let ref & imp 4348 A'52 J J 86
9812 10014
4
853
7614 8214
let consol gold be
1943 J J
8214 13
New Orleans Term 1st 4s_ _ _1953 S i 81 Sale 81
983
4
97
101 4 Feb'24
983
4
4
8 19 1003 1013 Pitts Y dr Ash 1st cons 55_ _1927 SIN loO8
NO Texas & Mexico let 68_1925 J D 1015 Sale 10158 1013
10114
99 101%
3
8312 9112 Providence Secur deb 45_ _....1957 MN 4218
37
91
Non-cum income 55
1935 AO 9012 90 4 9012
3
40
4114
____ 40 June'24 -923 9314 Providence Term let 45
8
May'24
1956 MS 7688 ____ 715 Dec'23 -- -gu 4hs_ _ _ _1945 S i 934
N C Edge gen
- 9314
95
9512 Reading Co gen gold 4s
1997 J J 9414 Sale 9314
• B 53M B 1st con g 58_1935 AO 9712
-- 9512 Apr'24
8714 9412
9412 22
Certificates of deposit
10714 332 10312 10714
NT Cent RR cony deb 65._1935 MN 10612 Sale 10612
874 92
8015 8513
Jersey Central coil g 45._ _1951 AG 85 4 -- -- 85 M
FA 844 Sale 845
8
8518 50
Consol 4s Series A
1998
9337 8
8 6
8314 87
3
212
85 4
Y'
234
4
Gen & ref 434s Ser A
8512 897
897
8 61
1997 ii 93 Sale 924
89
8812 9318
89
Ref & impt 434s "A"__ _ _2013 A0 88
931a 280
953 993 Reims & Saratoga 20-yr 68.-1941
8
4
N 10913
993 972
4
Ref & impt 58
2013 AO 99 Sale 99
Rich & Dan 58
1927 AO 997
N Y Central & Hudson River
7073
9 12 June,24
7
, m ar 23
9
9818 1912
74
7812 Rich & Meek let g bs
1948 MN
7812 36
1997 ii 7812 Sale 773
11,5428
4
Mortgage 3348
7214 76
Rich Ter 58
J J 99
1997 ii 75% 8114 76 June'24
Registered
- 1____ 984 June'24
_- -1311- 1668
8918 937 Rio Grande June let gu 55-19 0 J o 8988 _ __ 89
N 937 Sale 93
8
9378 49
Debenture gold 4a
1934
1949
3
8
84
893
4
893
4
5
9112 Rio Grande Sou let gold 4s_ _1940 S i
87
4
9112
-year debenture 4s
1942 ii 8912 9112 9112
30
513 514
314 7
314 May'24
FA 75
707 76
8
Guaranteed
76
9
Lake Shore coil gold 3345_1998
S i
754
76
314 ---- 1
Dec'23 ---897 7212 Rio Grande West let gold 48-1939 J J 82 Sale 8114
s
Registered
1998 P A 7218 75
7113 Apr'24
731g 8212
8212 63
73
77
Mtge & coil trust 48 A_1949 AG 703 Sale 6988
76%
46
Mich Cent coil gold 3ha--1998 P A
7853 Sale 76%
7034
4
60
703
4 36
7214 7 8 RI Ark & Louis lst 4hs---1934 MS 80 Sale 7912
8
37
Registered
1998 FA 744 80
737 June'24
7412 8112
8112 97
8918 907 Rut
-Canada let gu g 48
3
1949 J J 7038 75
NY Chic & St L let g 4s__ _ _1937 AO 884 - -- 904 June'24
7178
68
7178 June'24 -8
AO
884 895 Rutland 1st con g 430
1941 5, 8378 85
1937
Registered
803 June'24
8
8013 837
8
833
8388
3
N 915 914 9112
88
9518 St Jos & Grand Isl g 413
1
Debenture 46
1931
J 77 Sale 7412
9112
1947
8
7113 77
77
9
1931 MN 102 Sale 1013
2d 88 A B C
19 6 J J 9738 __ _ 9114 Apr'24
19 6
9
4
10212 103 10018 10212 St Lawr & Adir let g 5a
94
9
9
9114 963
3
8618 91
AO
2d gold 68
9012
.
Y Connect lst gu 4he A..1953 P A 9013 9012 904
7
68 Mar'24 --8812 89 St L & Cairo guar g 48
N Y & Erie 1st ext g 48
1947 MN 84%
1931 ii 923 934 923 June'24 -- - -if/ 13 2
8812 May'24
8
7
4
MS 9412 _ _ -- 96 May'24
9312 96 St L Jr M & El gen con g 58_1931 AO 913 sale 9914
3d ext gold 015
1933
9914 S l
3
90 100
9 1 38
9953 48
4th ext gold 55
96
97
Unified & ref gold 4,3
1929• J
1930 AO 9612
97 May'24
8212 4 8
9
4
08 8312 92
7
9312 9312
Rly & G Div let g 4s
5th eat gold 4e
1928 in 944 1933 MN 8212 Sale 8212
9312 June'24
8412
72
8412 87 St L M Bridge Ter gu g 58-1930 A0 9812 100
N Y & Green L gu g be
1948 MN 8612 -- 86 May'24
190
5
99
9912,
9912 Mar'24 ---St L & San Fran (reorg co) 451950 S i 70 Sale 70
N Y & Harlem g 3,hs
2000 MN 763 -74 Sept'23
4
713 514
4
8
657 7134
3 June'23 _
S i 8512 Sale 8512
Prior lien Ser B be
NY Lack & Western be_ _ _ _1923 FA
-- 99
8012 8612
8614 104
12
Prior lien Ser C 65
let & ref 5a
1 -48i2 14
1973 MN 9614 9812
1928 ii 1017 Sale 1017s
9812
983 10212
8
8
10214 43
N 9512
96
let & ref 434e
9712
1973
53-58
51199602 is 94 Sale 9314
1942
96 Mar'24
8712 9418
9418 132
Corn adjust Ser A 68.51955 AO 76% Sale 7614
NYLE& W let 78 ext._ 1930 MS
103 June'23 _
72
773
8
77
716
171
9784 98
Oct. 6618
Income Series A 65
Dock & Imp 5e
1943 S i 983
973 Apr'24
4
8
583 6612
8
6312
6612
9613 99 St Lon18 Os San Fran gen 613_ _1931 S i 1043 Sale 0533 June'24 N Y & Jersey 1st be
9
1932 P A 99 Sale 9812
99
997 10533
4
___
General gold 58
Y & Long Fir gen g 4.4___ _1941 MS 874 -- - 91 July'23
1931 J J 10999i:48- 0 972 22 Juny 243
9712 993
8
9060 8 :1: 9878 jm al e 224
10
:
u ,.
St L &SF RR cons g 45_1996 J J
NYNH& Hartford
391 4913
Southw Div let g ba _ -1947 AO
Non-cony deben 3345- _1954 AG 47
1
49
-. 713 171;
6
474
4718
4413 53 St L Peo & N W lst gu 58-1948 Si
Non-cony deben 45
2
35
1947 MS 505 -- -- 523
53
8
98 101
4
100%
100 4
3
38
46 St Louis Sou 1st gu g 48
1931 Si
Non-conv deben 3he
1947 MS 4812 53
43 Am'24
99
____ 8838 Dec'23 ---4414 59 St LS W let g 48 bond etre-1989 MN 80% Sale 80
Non-cony deben 45
1955 S i 524 Sale 524
13
76 11"
53
80% 75
4312 53
2d g 45 Income bond 0tf5.01989 Si 80
Non-cony deben 48
30
1956 MN 52 Sale 52
694 74%
53
744
82
74
5
3
39 4 517
3
Consol gold 4s
Cony debenture 3345
4714
4812 38
1932 in 85 Sale 8488
1956 J J 474 49
777g 85%
854 65
59
747
8
let terminal & unifying 55-1952 is 83
Cony debenture 6s
1948 is 743 Sale 703
48
8
78
747 324
4
85
4
843 8314
4
85
36
444 St Paul & K C Sh L lat 430-1941 FA
4% debentures
81
1957 MN 4412 Sale 4314
73
4478 117
81
8012
703 85 St Paul E Gr Trunk 434s_ _1947 is 87 Sale912 Mae24
75 European Loan
1925 AG 8478 Sale 8212
271
90 90
85
_ 9
75
81
69
84 St Paul Minn & Man 45___ _ 193 Ji 9312 - -14 9234 May'24
Francs
1925 AO 8312 Sale 8114
933
91% 93
84
3
489
94
P A
lst consol g 68
ii 107 109 107 May'24
Cons By non-cony 4a._ _1930
2
105 108
162
65 reduced to gold 4 he---194 S i 973 Sale 97
10
Non-cony 4a
1954 S i -5Qf8 53
9512 9712
iiiiJuoTe'ii
190
3
3
8
494
Mont ext 1st gold 48
48
D 93
2
Non-cony deben 4s_ _ _ _1955 is 5018 5213 52 June'24
1937
8812 9312
934 9312
9312
4213 49 4
3
Pacific ext guar 45
J 83%_ 8212 Apr'24
Non-cony deben 4s.._ _ _1956 J J 5014 52
493 June'24
4
8212 8212
J 773 Sale 7738
993 994 S A & A Pass lat gu g 4s._ _1943
4
N Y & Northern lst g be__ _ _1927 AO 993
4
994 June'24
713 79
3
4 78% 65
5
6614 Santa Fe Pres de Phen 513--1942 MS 99
60
NYO&W ref let g 48_4/1992 M S 6514 liale 6413
144
993 993
8
66
997 998
8
4
9914
21
3
General 48
60
5888 623 San Fran Terml let 45
1950 AO 84% Sale 84
1955 J D 59
583
8
4
59
804 85
1934 AG 10713
N Y Prov & Boston 4e
1942 AO 85
8518 851s Say Fla & Wastes
851g May'24
107% 108
_ 10713 APr'24
5
8
AO 8114 Sale 8114
55
N Y & Pu lst cons gu g 48_1998
81
83
1934 AG 1004 10112 10018 Mar'24 -- 10018 10013
34
--83
7
8912 9734 Scioto V & N E let 1111 g 4o-019 9 MN 884 933 88
4
NY&RB 1st gold be
1927 MS
-1 9 9
4
8
847 8812
8
- 973 May'24
4
8
8812
59 4 61
3
N Y Susq & W 1st ref be_ _ _ _1937 .1
9778--- 5934
4
624 613 Seaboard Air Line g 48
1950 AO 683
4 _ _ _ 678
5692382
6997
5693344
8
61
61
697
3
34
2d gold 43.4s
1937 FA 49
50
Gold 4s stamped
1950 AO 69 sale
66
49
43
50
49
5812 693
9
4
2
P A 574 Sale
General gold bs
1940 FA 497 5112 5013
425
Adjustment be
5112
4014 52%
434 593
7
4
3
5a
1943 MN 89
541 281
Terminal 1st gold
8614 8818
Refunding 48
8818 Apr'24 _
1959 A0 535 Sale 5338
476 5434
8
8
4
N Y Nrches& B let Ser I 430-'46 Ji 503 Sale 504
3913 5112
let & cons 65 Series A1945 MS 80 Sale 797
673 85
4
8112 435
8
5112 139
4
Norfolk Sou 1st & ref A 55_1981 FA 673 6814 6712
6112 69 Seaboard & Roan 1st.5s_._.1926 Si
69
2
973 100
4
100
5
993
4
N 927 94
89
9314 Sher Sh 63 So 1st gu g bs_ _1946 JO 987
8
Norfolk & Sou let gold 5a_....1941
9314
1933
1
9314
8
3612 June'23 1931 MN 10714 1083 107 June'24
4
Norf & West gen gold 6e
FA 102
105 8 107 S& N Ala cons gu g 5a
3
102
5 1013 102
4
102
1934 FA 107 10812 1064 May'24
Improvement & extg
108 107
Gen cons guar 50-Yr 58-1963 AO 103 104
99 103%
0318
10318
5
1932 AO 107 10712 10713 10712
New River let gold
108 10712 So Pat Col 45(Cent Pao col)kl90
,
11
8478 Sale 843
85
8
8118 85%
N&WRyisteOfl5R451996 AO 90 Sale 8912
86
905 101
8
9088
20
-year cony 4s
01929 MS 9688 Sale 9618
9212 963
4
963 175
4
1996 AO
Registered
8912 87 June'24 _
8614 87
20-year cony 5s
1934 in 993 Sale 9812
9934 38
4
9714 997
8
Div'l 1st lien & gen 848.1944 ii 88
913 88
4
884 88 So Pao of Cal
88
3
-Go g be
1927 MN 10114 103 101
101 10112
Feb'24 10-25 year cony 4hs-1938 MS
82 Dec'23
_ So Pao Coast let go 45
ast
1937
1955 Si 90
95 10113 Apr'24
9112 94
1929 M S 120 Bale 1193
10
-year cony fts
4 125
534 10611
So Pat RR let ref 45
8978 Sale 8912
85
9014
9014 157
4
Pocah C & C joint 4s_ _ _1941 Jo 893 Sale 893
7614 898 Southern-lst cons g 53.-1994 Ji 100 Sale 997
4
893
4 10
8
10014 118
9513 10012
_1945 AO 8512 86
86 June'24
North Ohlo 1st guar g 5e_ _ _
8411 86
Develop & gen 48 Ser A__ _1956 AO 744 Sale 74
19 6
6914 7512
7512 107
8412 Sale 8418
Nor Pacific prior lien 4s___ _1997 @
8012 85
85
Os (w 1)
264
AG 10113 Sale 10114
9512 10214
1023 181
4
1997 Q J
Registered
- 83
83
7834 83
1
6
_
1956 AG 10612 Sale 106l2 10712 216 10114 10712
4
a2047 Q F 613 Sale 603
3
General lien gold 38
6218 37
6634 6218
Mem Div let g 43.48-5.3-1998 is 9712
9612 May'24
93 8 9618
3
a2047 Q F
- 57 May'24 _
57
57
Registered
St Louis Div let g 48
1951 Ji 8288 844 8212 June 24, -7988 84
8412 50
Ref dr bunt 434.ser A_ _2047 JJ 8412 gale 84
793 8412 So Car & Ga let ext he__ -1929 MN 10114 1013 01 June'24'.
4
4
9778 10110
2047 ii 10512 Sale 105
106
262 10134 106 Spokane Internet let g 55-1955 ii 8512 88
65 ser B
87 June'24
87
83
9412 Sale 9414
2047 J
95
23
90% 95 Sunbury & Low 48
be C
1936 ii 89
_ : 91 ma t 23
5
Ocy.18
4
2047 S i .943 Sale 9414
5
95
144
Ss D
89 g 95 Superior Short L 151 58 g_ _31930 MS 95% _
89 3, b 24
9 14 F r 4
9
i :
i„14 Term Assn of St L 1st g 4;0_1939 AO 9413 Sale 9412
.. _
St Paul-Duluth Div g 4s 1996 J o
fig
9412
9288 - •
9914
1st cons gold be
St Paul & Duluth 1st 541_ _1931 Q F
1944 PA 9913
9913
993
4
4
4
or. 993
__ 844 Jan'24 _
1968 in 83
1st consol gold 45
is 803 84
Gen refund 5 f g 45
4
84
78% 85
Co 1st g 68.-1933 J J 10912 110 1094 June'24
10912 10 3- Tex & NO con gold 55
Nor Fax Term
-• 4
6
1943 Ji 9512 ___
95
944
95
8512 16
95
94
4
1938 AO 10078 __ 10912 Apr'24 _
9912 10012 Texas & Fag let gold 58
No of Cal guar g 58
42000 in 983 Sale2000
8
99
92
1930 ii
_ 100 Jun'23 _
Mar 7214 75
97% 973
North WIsconsin let Se
3
2d gold income 55
9 28 Aur23 -_6
58
8
3
4 2
.
71
72
gu 4s g _ _1948 is 10258--- 7212
7212
89
73
9
La Div B List 858
1931 is 96 Sale 954
Og L Cham
96
22
96
91
1943 MS 88
8912 Apr'24
8913 898 Tol & Ohio Cent 151 gu 55-1 31 Si 9914 ---- 994 June'24 -Ohio Conn fly 4e
1935
97
9914
9838 --- 9714 Feb'24
1936
97 9714
14
Western Div let g be
Ohio River RR let g be
193 AO 9734 ____ 9788 June'24 -93
5
947 075
8
3
8 9912 9814 June'24
1937 AG 965 1
Jo 9513 _2 _ 934 Apr'24
95 9814
General gold ba
General gold be
9112 9312
_
3
1927• J 10012 Sale 10014
10088 34
3914 10018 Toledo Peoria & West 48._ _ _1917 Si 2014
Ore & Cal lst guar g ba
12 3014 Apr'24
3014 3014
_ _1946 J D 8718 88
8712
17
88
85 8 88 Tol St L & W pr lien g 3348.-1925 J J 99 Sale 99
5
Ore RR & Nay con g 45._
9512 0918
9918
9
4 101 10614
10
814
50-year gold 48
1950 AG 8318 Sale 834
Ore Short Line-let cons g 58.'46 ii 106 Sale 10314
76
83%
833
4 53
8
1946 is 1057 Sale 1037
8
1083
s 15 1013 1063 Tol WV &0 gu 43.4s A
3
3
Guar cons be
1933 J J 9 7 ---- 963 June'24 931
68
4
954 96%
9612 59
9618 9614 96
1929 J
Si 9
9214 9612
Series B 4315
Guar refund 48
612
- - 9518 Feb'24
964 9512
835 169
8
795 8388
Series C 45
Oregon-Wash lst & ref 4a_ _1961 J J 8212 Sale 8212
1942 MS 8812 ___ 8812 Mar'23 -7513 8012 Tor Ham & Buff let g 4s....k1948 JO 8414 Sale 8414
Pacific Coast Co let g 5__A946 J D
8122 8422
8412
3
793 78
4
2
78
867 89
8
Ulster & Del let cons g ba_ _ _1928 in 943 Sale 93
Pae RR of Moist ext g 44-1938 FA 78
4
904 97
943
4
3
1938 Ji 89 Sale 89
89
2
9614 983
4
let refunding g 48
2d extended gold 55
1952 AO
623 85
8
98% 98 May'24
911 917 Union Pacific lst g 48
Padueaa & Ills Ixt f 414...1955 Ji 98
8
1947 J J 62 Sa5 6318
9312 6le 92
8838 927
8
9273 213
6
5
6
8
1958 fr A 917 __ _- 917 May'24
8
Peals-Lyons-Med RR 65
65
20-year cony 48
7988
1927 ii 9812 Sale 9814
9878 25
953 987
3
s
1942 MS 7712 Sale 77
7938 269
95
9612
let & refunding 4s
02008 MS 867 gale 84312
Faullsta By 711
8712 46
81% 88
9512 21
-cons g 45 1943 MN 9513 Sale 95
MS 10412 Sale 10414
8912 92
let & ref tempos
Pennsylvania RR
10688 42 100 106%
1948 MN 92 Sale 92
92
5
87
93
10
-year perm secured 64.02926 J J 104 Sale 10312 104
_10 8
0
Consol gold 48
4
60 1023 10418
4
913
4 21
May 1 1948 MN 913 Sale 91
8714 9012
NJ RR de Can gen 48_ _ 1924 M
ggh 897
04
6
8
48 stamped
8978 Feb'24
1960 FA 9014 9114 90
J J 9978 __ 100 June'24 -- '983 100
904 16
Consol 4348
944 9788 Utah & Nor gold 58
5
3
1965 J D 98 Sale 97
9812 17
9014 94
1st extended 4e
General 434s
1933 J J 9188 ____ 104 Dec'23 -1968 J O 9413 Sale 933
4
943 198
4
99 110 Vandal's cons g 45 Ser A__ _ 19 5 FA 8514 __ 85
85
General ba
85
57
Jan'24 --8
4
104 1063 1093
103
1930 AG 1023 Sale 1013
MN 8514 ____ 87 Mar'24 4
8
Consol 48 Series B
87
-year secured 75
85
10
10912 5.5 107% 11012 Vera Crux & P 1st gu 4he__ _1934 J J
1936 FA 10914 Sale 109
15
-year secured 6555
- - 36 June'23 -1103 Sale 11014
4
1133 141
4
July coupon on
Pennsylvania Co
258 26l
373 26
3
Apr'24 -8412 Dec'23
A_1937 MS 8412
Verdi V I & W 1st g be
Guar 3hs coil trust reg
1926 MS 9812 9914 994 June'24 -- 9914 9912
84
84
Virginia Mid Series E 5s
97 1007
Guar 334s coil trust Ser B_1941 AA 8315-- _- 84 May'24
1928 MS 10038 Sale 1003
8
8
10038
4
3
813 May'24
General be
98
9912
Guar 334s trust ctM C_,_1942 J O 8214 85
1936 M N 9912 Sale 9912
9912 14
_ _ _ 8114 May'24
81'i 82 Va & Southw'n 1st gu 55_2003 J J 943 Sale 948
Guar 3he trust ctfa D____1944 J O
9214 948
4
943
4 10
9312 95
9313
9418 11
let cons 50
Guar 15 -year gold 48-1631 AO 8290 s 9418
5
7614 8812
873 154
9 14 12
2
-year be
-25
1958 AG 86 Sale 86
9614
4
843 85
1952 MN
4
8718
843
4
83% 8718 Virginian 1st 15s Series A....1962 MN 963 Sale
Guar 4s Ser E
9214 9714
8
•No prtoe Friday:laws pia and asked. a Due Jan. IDU.March d Due April. 'Due May. I Due June. h Due Ji.67. t Due Aug. 0 Due Oct. g* Due Dee. e Option sale




3067

New York Bond Record-Continued-Page 4

1.3 •
". 1
3
Week's
Range
Price
BONDS.
Range
Price
;•
Week's
BONDS.
i
'
Since
F :::
.... t
Range or
Fridag
Since
N. Y. STOCK EXCHANGE
.NY
Vt.
Range or
Fridag
STOCK EXCHANGE 11
Last Sale.
Jan. 1.
:4 a. June 20.
cti
Week ending June 20.
Jan. 1.
cool
.., a, June 20.
Law Sale.
ending June 20.
Week
-----HOD No Low
High
Ask Low
60
High
Nigh No Low
Ask Low
Bid
8
845 92
9212 46
9613 10014 Del United 1st eons g 4s .J932 .1 J 91 Sale 91
8 10014 82
1939 M N 100 Sale 997
Wabash let gold 55
4
473 541
8
42
1
/
464 Mar'24
8718 96
Distill Sec Corp cony 1st g be 1927 A 0 40
8 51
953
1939 F A 9414 Sale 9414
2d gold 55
1
/
544
38
7
4018
404 Sale 4018
Trust certificates of deposit__ _ ____
75
68
182 lien 50.yr 8 term 4s-1954 J J 7314 7714 7334 June'24 ____
7914
85
8514
19
Dominion Iron & Steel 58___1939 J 1 05 Sale 6414
99
97
9912 99 June'24 ____
551941 J J 99
Del & Ch eat let g
8
92
81
84
1942 J J 84 Sale 82
4
3
4
1
/
744 793 Donner Steel 7s
7934
4 ___ 79
J 793
Des Moines Div 1st g 4s_ _1939 J
91
91
____ 91
Feb'24 ____
4
873 7313 du Pont (E I) Powder 410_1936 1 D 89
7
1941 A 0 73 §
.
734
ale 73
On, Div let g 31511
1
/
8 66 1084 1084
1087
4
4
773 803 duPont de Nemours& Co 710'31 M N 10834 Sale 1084
78 May'24 ____
1941 M 9 8078 ____
Tol & Ch Div g 48
4
/
159 10314 1661
1
/
-- Duquesne Lt let & coll 68_ _ _1949 J .1 106 Sale 1054 106
744 May'23 -- -- ---2000 F A
Warren 1st ref gu g 3348
7818 -79 East Cuba Sug 15-yr erg 7148'37 M S 105 Sale 10412 10512 72 1031s 111
1948 Q M 834 79 May'24 ____
89
Wad/ Cent let gold 49
8918 9014
8
8
------ 993 Jan'24____
9918 993 Ed El III Bkn 1st.con g 48_1939 J J 8958 ____ 897 June'24 ____
8
1924 F A
W 0& W 191 cy gu 48
984 101
804 89 Ed Elec III let cons g 5s,....1995 J .1 10014 ____ 10018 June'24 ____
9
89
1945 F A 8
8
827 89
Wash Term let gu 3158
98
9718
1925 J D 9714 ____ 974 June'24 ____
4
1
/ 88 Elk Horn Coal cony 68
85
4
1
/ 10
73
1045 F A 7814 ____ 733
4
let 40-year guar 49
8878 9313
9214 168
1937 M N 9158 Sale 9118
4
1
/
90
93
4
4
933 Empire Gas & Fuel 71513
9312
W min w & NW 1st gu 5s _ _1930 F A 9018
1
4
1
/ 98
93
98
____ 98
1932 M S 98
58
4
1
/
64 Equit Gas Light 08
8
645 222
let g As__ 1952 A 0 6314 Sale 6314
West Maryland
96
8 22
93
957
4
9758 100 Federal Light & Trac 88___.A942 M 5 953 Sale 9513
West N Y & Pa let g 55---1937 i J 994 ____ 994 June'24 ____
984 10713
102
2
1953 M S 102 102 102
4
1
/
75
7612 7914
15
1943 A 0 7914 Sale 7914
7914
Gen gold 48
9818 1048
a
10213 98
1941 M S 10212 Sale 101
7913 90 Flak Rubber isle f 85
156
90
58_ _1946 M S 885 Sale 885
8
8
Western Pac 1st Ser A
4
7784 773
1
80
80
8
925 100 Ft Smith Lt & Tr 1st g 5s_ 1936 M S ____ 81
33
1946 M S 994 Sale 99
100
B 6e
50
92
8
843 9212
8
2361 J J 8212 Sale 8212
4
/
781 844 FramerIc Ind & Dev 20-yr 71.O5'42 J J 915 Sale 9012
8314 81
Shore 1st 48 guar
West
9 1014 104
8
1942 M N 1015 Sale 10158 102
7714 82 Francisco Sugar 7148
5
2361 J J 8212 83
82
82
Registered
94
94
Jan'24 ____
4
1
/
98 100 Gas& El of Berg Co cons g 55 1949 .1 D 9558 ____ 04
1
4
1
/
4
1
/
99
___ 99
Wheeling & L E 1st g 55_ _ 1926 A 0 991
8
_ 1025 June'24 __ _ 101 1025a
8
4
1
/
09 General Baking 1st 25-yr 68_1936 1 D 1027
98
24
1
/
let gold 55_1928 J .1 9813 100
99 June'24 ---Wheeling Div
82
80
20
82
82
1942 F A 8118 - - 8118
314s
__ 94 Mar'24 --_94 Gen Electric deb g
94
Eaten & Impt gold 5s_ _ _ _1930 F A 93
17 100 10814
103
1952 M 5 10218 ____ 10218
1
/
Debenture 55
534 6414
6414 88
4
Refunding 4308 Series A 1966 M S 638 Sale 6314
9814 1007
1
/
1004 24
s
1949 M S 68
60
68 Gen Refr 1st a f g fie Ser A_ _1952 F A 10012 Sale 100
27
70
8
687 68
RR let consol 45
9338 10012
9758 101
1947 J .1 9712 Sale 9813
52 Goodrich Co 6159
1942 J D 07 sale 55
49
52
57
Wilk & East 1st gu g 58
4 11612 71 11413 118
4
1938 J D 10014 Sale 10014
99 10014 Goodyear Tire es Rub lets f 88'41 M N 1153 Sale 1153
2
10014
let gold 58
Vi'ill & S F
229 100 104
104
el931 F A 10334 Sale 103
81
10-years f deb g 85
4
821
___ 824 May'24 --__
Winston-Salem S B 1st 45_ _ _1960 J J 791
89 Dec'23
8
7653 8313 Granby Cone M 5& peon 6s A'28 M N 89
8313
4- 8
Wle Cent 50-yr lst gen 48.-1949 J 1 8114 828 8112
90
Apr'24 ____
9
9412 90
04
1928 M N 8913 85
Stamped
77
term 1st 48'36 M N 84
--__
4
843 85 June'24
Sup & Dul div &
93
89
9412 13
1925 MN 9413 Sale 9012
Cony debenture 88
INDUSTRIALS
913
80
80 May'24
80
1932 F A
853 Gray dr Davis 75
78
4
1
8018
Express coil tr g 4s.._1948 M S 8018 Sale 804
Adams
98 10112
9
100
1936 J D 8012 83
7434 95 Great Falls Power let 8 1 58_1940 MN 9912 10038 100
8612 75
82
Max Rubber 83
7914 81
1952 J J 82
824 81 May'24 ____
512 5
5
5 e 713 Hackensack Water 48
4
1
/ 534 May'24 --_Alaska Gold M deb 65 A_ _ _ _1925 M 5
4
813 86
4 24
843
4
1926 M S
series B
512 74 Havana El Ry L &P gen 58 A 1954 M S 843 Sale 8378
4
512 75
53 June'24 ___8
Cony deb 68
3
93 4
92
9313 13
9313
95
4
94
98 Havana Elec consol g 0s_ _1952 F A 923
1928 A 0 964 Sale 9638
9634 22
1
/
Am Agric Chem 1st 5e
8 44 101 103
1025
1942 M N 102 Sale 102
82 101
1941 F A 8638 Sale 853
84
Hershey Choc let 8* g 6s
87
4
1st ref 8 1 7148 g
8412
73
3
72
Holland-Amer Line 6s Ulan _1947 MN 72 Sale 72
19331A 0 943 Sale 9412
9112 964
32
95
4
American Chain 63
97
9414 9512
4
97
9014 Hudson Co Gas 1st g 5s__ _ _1949 MN 953 97
19311M N 9018 Sale 90
82
7
9014
Am Cot 011 debenture 58
965s 9914
9913 182
4
1 10811 1073 Humble 0114c Refining 5148_1932 J J 994 Sale 99
193611 J 107 1073 1073
4
4
1
/
4 1073
4
Am Deck 5/ 1mPt gu ile
Ma 9614
4
/
961 387
Telephone 5e _1956 J D 9012 Sale 9615
8758 9214 Illinois Bell
1937 A 0 9218 Sale 92
92 14 35
Amer Republics 65
9114 95
9412 82
8
1940 A 0 935 Sale 9312
9414 Illinois Steel deb 414s
92
944 178
5
AM Sm dr It let 30-yr 58 see A1947 A 0 94 Sale 93 8
82
4
/
891
8
1936 M N 8418 ____ 827 May'24 ___ _
4
/
29 1011 106 Ind Nat G A 0 55
1947 A 0 105 Sale 105
106
4
1
/
Cs B
37 100 10312
8 103
1952 M N 103 Sale 1025
4
1
/
8
985 102 Indiana Steel 1st 55
10014 132
Amer Sugar Refining 8s_ _1937 J J 9934 Sale 99
- - p1935.3 J 97 100
96 Nov'23 __
4
/
9912 961 Ingersoll-Rand let 55
9634 218
Am Telep & Teleg coil tr 4S-1929 1 1 9638 Sale 9638
103
4
11
4
87
91 Interboro Metro')coil 410._1956 A 0 103 Sale 1034
9014 June'24 ____
Convertible 45
1930 M S 8912 90
4
1
/ NU
58
6413 213
e
1933 M 5 10078 Sale 1007
8 15 1007 109 Interboro Rap Tran 1st 58-1966 J J 834 Sale 63
1007
8
-year cony 41.4e
20
4
583 65
4
1
/
6512 479
4
1
/
6513 Sale 62
10058 222
1946.3 D 10018 Sale 10018
Stamped
9718 1005
8
tr 55
-year roll
80
4
/
5418 701
1932 A 0 65 Sale 64
6612 223
4
1
/
9714 10212
-year ile
10
1943 MN 1011 Sale 10178 10213 544
4
/
-Years I 5505
20
834 8912
1932 NI S 87 Sale, 8612
4
1
/ 123
87
1925 F A 1154 Sale 115
8 42 11214 123
1163
7s
-year convertible 6s
7
4614 7012
5512 66
5512 June'24 ___
4
1
/
844 90 Int Agile Corp let 20-yr 55 1932 MN
4 84
903
Am Wat Wks dr pier 58-.1934 A 0 904 Sale 8953
4
1
/
7913 85
8512 50
50 Inter Mercan Marines 16e 1941 A 0 85 Sale 844
1939 J J 42 Sale 42
36
8 13
457
Ain Writ Paper 8 f 7-65
88
1947 J J 87 Sale 87
83
135
88
944 987e International Paper 55
1953 F A 9614 Sale 9 14
4
963 422
5
Anaconda Copper 65
1947 J J _
8318 85
944 1014
____ 84 Mar'24 ____
55 B
let & ref
1938 F A 9612 Sale 9613
974 247
75
734 80
7812 174
8 58
865
835 877 Jurgens Works 6s War prtee).1947 .1 2 781j Sale 78
8
e
Armour & Co let real est 41581939 J D 86% sale 86
9312
89
147
94
8
8458 9214 Kansas City Pow dr Lt 5e_ _ _1952 M S 9318 Sale 923
91
89
4
1
/
Armour & Co of Del 5348... _1943 J J 88 Sale 88
98
93
9814 141
120
4
1935 81 S 100
963 100 Kansas Gas & Electric 6s_1952 M S 9712 Sale 9713
____ 9912 100
Associated 011 temp 6e
4
973 10512
1942 F A
4
1
/
4 92
993
993 Sale 97
4
29
40 Kayser & Co 75
35 Mar'24-.__
Fruit cony deb 7s A_1934 J D
Atlantic
8614 10414
8
4
/
947 111
8
25
6
40 Kelly-Springfield Tire Se__ _1931 MN 891 Sale 883
25
24
f
25
-25
Trust certificates of deposit_ _ _ ____
7318 80
___ 80 June'24 ____
21
7
25
912 Keystone Telep Co 1st 58,..1935 J J
3
stamped
25 Sale 25
do
9853 100
7
101
1937 A 0 10012 103 1004
SO8
987 99 Kings Co El dr P g 55
99
63
98
deb be
Atlantic Refg
1937 J J 99 Sale
1
/
1997 A 0 113
____ 1127
9 1104 113
8 113
8
Purchase money 65
Baldw Loco Works let 58-1940 MN 10012 10112 1014 June'24 --__ 10018 1015
4
1
/
__ 97 Sept'23 _
Convertible debenture 68_1925 M 9
954 10063
21
1
/
974 100
Barneclall Corps f cony 8% A1931 J J 100
4
1
/ 78
69
7214
6
7112
75
72
9713 10014 Kings County El let g 48_ A949 F A
109
Bell Telephone of Pa 55-A948 J J 9934 gale 9938 10014
704 73 4
3
1949 F A
734 10
8
7214 Sale 717
Stamped guar 45
99 10014
10014 44
Beth Steel let ext 5 f 58__.1926 J J 100 Sale 100
774 81
Apr'24 ____
8158 96
81
8
23
1942 M N 953 9618 94
8
93 8 967 Kings County Lighting 5s 1954 J J
95
8
1st & ref be guar A
95 101
101
7
1954 J .1 10112 ____ 101
J 8914 Sale 8914
4
/
911
1936
89
90
30
6145
20-yr pm & Imps f 58
14 10112 10412
104
1936 J 19 1033 Sale 103
9614 81
1948 F A 96 Sale 96
96 100 Kinney Co 7345
4
68 A
93
88
4
/
911 19
4
1
/
4
1
/
1950 M 9 90 Sale 90
1953 F A 89 Sale 8812
4
1
/ 92 Lackawanna Steel 55 A
4
1
/ 56
87
89
53.05
8
915 Ws
4
1
/ 9514 June'24 ____
73
4
1
/
83 Lac Gas Lot St L ref & ext 58 1934 A 0 9613 99
6
4
/
1
/
744
Booth Fisheries deb s f 8s_ 1926 A 0 741 Sale 74
921 9 34
955
4
8 93
/ 4
_1953 F A 944 Sale 944
Coll & ref 5145 ser
M coll tr 5 f 68.1931 F A 10412 Sale 10413 10412 25 10013 10412
Braden Cop
93
91
__ 9118 Feb'24 ____
C97 Lehigh CA Navel 41ieA 1954 J J 93i8
93
26
97
Brier Bill Steel let 5%8_ _ .._1942 A 0 96 Sale 96
3
99 4
91
1
9912
9913
1933 J J 9913 100
-8012 89 Lehigh Valley Coal 58
26
69
lrway & 7th Av let c g 58_1943 J D 69 sale 67
874 8711
1933.3 J 8912 ____ 8712 Apr'24......
J 884 90
4s
1941 J
8812
87
8718 June'24
Brooklyn City RR 55
1
/
1
/
324 404
11
4014
8
4
1
/
1993 111 S 39 Sale 395
974 10218 Lax Av & P F 1st gu g 5e
10218 44
Bklyn Edison Inc gen 55 A_ A949 J 1 101 Sale 101
4
1
/
5 114 118
5 10212 106 Liggett dr Myers Tobac 7s 1944 A 0 117 118 11712 118
105
1930 .1 J 10414 Sale 10414
General Os Series B
4
1
/ 98
95
87
98
1951 F A 98 Sale 97
55
17 10512 109
1930 J J 10712 Sale 10713 108
General 78 Series C
2 11412 11712
1944 A 0 1165 117 117
117
8
5
25 108 1095 Lorillard Co (P) 78
1940.3 D 109 Sale 1085
8 109
General 7s Series D
98
95
70
4
1
/ ___ 9714
1951 F A 97
98
55
4
1
/
4
723 79
8
795 1181
4
1
/
Bklyn Man R Tr Sec(tem)65 1968 J J 78 Sale 7814
884 9114
914 98
1
/
4
1
/ 67 Louisville Gee & Electric 58-1952 81 N 904 gale 9012
63
9
67
Bklyn Qu Co & Sub con gtd 5s'41 M N 67 sale 6612
11013 37 109 11712
Magma Cop 10-yr cony 078.1932 J D 10914 Sale 1084
80 80
Jan'24
J J
80
1941
1st Ss
974 10112
1942 A 0 98 Sale 98
9812 64
Menet]Sugar 7145
7814 91
5
91
4
1
/
Brooklyn Rapid Trans g 58_1945 A 0 9t) ____ 91
3
80 4
58
_ Manhat Ry(NY)eons g 48_1990 A 0 59% 698a 5932
4
/
591 79
4
1
/
Trust certificates
_____ 73 Nov'23 --__ ____
53
47
20133 D 473 4912 4913 May'24 _
4
/ 64 -7
2d 4s
641 - s
4
7234 June'24 -___
4
let refund cony gold 48_ .2002.3 J id,i
9412 100
16
1942 M N 98
99
Manila Electric 75
9878 98
974 105
------102 Apr'24 --__
3-yr 7% secured notes_ _ _1921 1 J
88
83
2
844
Manila Elec Ry dr Lt 8 f 5&.1953 M S 84
8414 8414
1
9812 110
110
--------110
Certificates of deposit
11688140
hiarland 011 s f 8.9 with war'nts'3 A 0 118 125 118 June'24 _
Ctrs of deposit stamped
4
1
/
92 105
-1
105
105
i 100 10514
4
50
1950 FA 8412 Sale 82
Without warrant attached_ _ _ _ A 0 10412 1043 1043
4 1043
4
85
Ilklyn Un El let g 4-55
801z 85
117 138
1931 F A 115 129 120 June'24 ___
81
40
85
1950 F A 841z Sale 82
7148 Series B
85
Stamped guar 4-5s
4
983 103
li
8
do without warrants
965 100
6
994 100
4
/
Elitism Un Gas let cons g 56_1945 M N 9914 100
103 Sale 1021 103
- --- - - 1932 M N 1241 Sale 1184 1244 2Obi 114 1244 Merchants & Mfrs Exch 7s..1942 .1 D
1
/
1
/
75
1
/
_ 100 May'23
4
/
4
1
/
97 10112
M N 10614
13
10534 1064
1st lien & ref 6s Series A_1947
sI 1031/ 10614 Mar Ed 1st & ref g 6s Ser B_1952 F A 110014 Sale 10014 101
9412 9812
14
1
1929 MN 1241, ----1193
94 114 124
1953 .1 D 9918 ___
Te
Metr Power Cs
* 124
4
1
/
1932 J 0 0014 034 9112 Apr'24 --__
4
/
901 914 Mexican Petroleum 8 1 8s
Buff & Soso Iron 8 f 55
1936 M N 10512 gale 10518 10512 24 10114 105
7 99
4
1
/
3
1952 A 0 85
8512
1
99 Apr'24
81
Bush Terminal 1st 48
8
865 Mich State Telep let 5s.....1924 F A _
4
/
4
1
/ 861 8513
4
1
/ 9012
85
8912 73
1955 J J 8712 Sale 8714
4
1
/ 20
88
Coneol be
8314 885 Midvale Steel &0cony 51581930 M
8
Sale 8812
32
4
895e 95
_ 941
4
/
95
11
Building be guar tax ex1960 A 0 943
91
95
Certificates of depoeit_ _1936
- 93 Feb'24 ____
,
96 100
994
6
981A - - - 4 9811
1937 M N
4
1
/ 100
99
Cal 0 dr E Corp Is
9
99
9714 9914 Milw Elec Ry & Lt eons g 5s 1926 F - A 997 100
8
9012 95
21
95
95
95
98
4
1
/
4
/
971 58
Cal Petroleum 8%s 118 I)-1933 A 0 97 Sale 9713
Refunding dr eaten 4345-1931 i J 9212 95
9512
92
2
9514
Camaguey Sug lets! g 75..1942 A 0 95 Sale 95
95
9513 16
4
1
/
97
General 5s A
804 88
56
88
canada SS Lines let coils I 78'42 M N 94
9514
91
9413 13
9458 94
95
95 2
1st 55 11
8
9 1
1951 j 13 87 4 Sale 87
8
953 100
49
Gen Elec Co 68_ _ _1942 F A 105 Sale 105
99
Canada
10514 13 1025 10512
8
8
1st & ref g 6s ser C
1953 hi S 983 Sale 98
4
1
/ 9712
94
9
9713
_ 100 June'24 ____
9734 100 Milwaukee Gas Lt let 4s_...1927 M N 974 ____ 9714
Cent Dist Tel 1st 30-yr be 1943 J D
95
7
97 3
1931 F A 10018-- - 9018 June'24 ____
4 58
973
Gent Foundry 1st s I 8s
8912 93 Montana Power 1st 58 A,.. _1943 J 1 975 Sale 9712
4
/
911
87
8
1
/
864 924
9214 51
9211 1l97 Montreal Tram 1st & ref 515_1941 J J 9214 Sale 9014
Cent Leather 20-year g 58_ _1925 A 0 9912 Sale 9812
4
1
/ 650
99
76
8214
194 MN 108
___ 108
108
7712 45
5 1075 10813 Morris dr Co 1st 8 f 41/e___ _1939 J .1 77 Sale 764
1
/
Central Steel Se
8
____ _ _ _ _
1931 J 1 137 gale 135
138
46 127 144 8 Mortgage Bond 45
10412 Dec'23
5
Cerro de Pasco Cop 88
1966 A 0 74
94
92
9312 12
9312
4
974
9312 97
94
Ch 0 L &Coke 1st gu g 55_1937 J .1 9714 Sale 9714
1932 A 0 9312 58
1927 F A
92
94
4
1
/
7612 Sale 7612
4
/
771 31
Chicago Rye let be
74
Si N 9414 __ 93 June'24 ____
81
Mu Fuel Gas 1st cu g 58_ - -1947
94
94
___
1932 A 0 101 Sale 1004 10118 138
1
/
4
1
/
_ 93 June'24
99 101 14 Slut Un gtd bonds ext 5% _ _1941 10 N 941
Chile Copper 65 Ser A
4
/
4
1
/ 59
53
4
1
/
4
1
/ Ili
59
4
1
/
99
3
4
1
/
9558 9924 Nassau Elec guar gold 45_ _1951 1 J 5918 Sale 5614
Cincin Gas & Elec 1st & ref 5850 A 0 99 Sale 9612
8213 94
12
85
Ser B due Jan 1_ _1961 A 0 994 100
10018 43
4
9912
8514 843
515s
98 10015 National Acme 7148
1931 J D 85
91
92
912
9618 9
Coo F & I Co gen St 55...1943 F A 91
92
994 9812 May'24 ____
10
88
92
Nat Enam & Stampg 1st 58_1929 J D 97
9511 97
1934 F A 805 Sale 80
8
_ 9512 May'24 ____
81
68
75
Col Indus 1st & coll be gu
81
Nat Starch 20-year deb bs_ _1930 J J 954
9911 1014
1927 J J 9913 sale 991.
1014 21
99
4
1
/ 62
Colunibla G A E 1st 58
964 100 National Tube 1st 55
4
/
1952 M N 1011 102 10114
8
4
1
/
935 97
9912 sale 99
3
1927 .1 .1
98
Stamped
9978 37
9614 991 Newark Con Gas 55
4
/
1948 J D 96 sale 96
974 100
6
1712 7 Apr'24 --__
74
4 100
7
7
New England Tel & Tel 551952 1 0 9978 Sale 993
Col & 9th Av 1st gu g 58_ _ _1993 81 S
2 10118 103
9512 May'24 _ -__
103
Columbus Gas 1st gold be_ _1932 .1 .1 9612 97
9318 9511 N Y Air Brake 1st cony 65-A928 M N 102 103 103
7313 7312
7313
1
70
812
7
78
7812 13
7312 NY Dock 50-yr 1st g 4s_ _ _1951 F A
Commercial Cable 1st g 4s2397 Q / 73
78 sale 7778
8
77 1097 112
9412 NY Edison let & ref 1.1%s-A_1941 A 0 11158 Sale 1111 112
4
9412 132
Commonwealth Power (35_ _ _1947 IVI N 9313 Sale 923
4
/
87
1937.3 J 100 102 10013 102
9814 10118
7
10012
7 100 103
4
1
/ NY Gas El Lt & Pow g 5s_ _1948 J D 100 Sale 100
Comp Azu Barn 7148
8
24
8218 8
98 10114
6
86
4
10012
purchase money g 49
Computing-Tab-Roc 51 (le_ _1941 J J 10014 1003 1001 t
1949 F A 854 Sale 85
J J 8434 _ _ 7714 Sept'23 --__
804 8112
N Y Munk Ry let s f 58 A,.19136 .1 J 8012 ___ 8112 Apr'24 ____
Conn 115( & L let & ref g 410 1951
1951 J J 86 - -14 85
4
1
/
86
8
9
4
1
/
85
9934
2
stamped guar 41411
82 - - 8 NY Q El LAP let g 5s ___ _1930 F A 99 857
9912 99 June'24 ____
8
333 4012
ref 551950 J D 8812 Sale 8712
11
8913 41
38
86
9013 NY Rye 1st R E & ref 4s
4
1942 J J 373 Sale 3712
Cone Coal of Md 1st &
4013
32
974
1
3712 23
9312 9714
1
/
Can o Cool Ch 1st gu g 50_1936 J .1 9714 Sale 974
Certificates of deposit
4
363 Sale 364
1952 81 N 00 Sale 90
925 124
112 312
8
4
1
/
212 75
87
Power
8
212
925
30
-year ad1 Inc 58
212 Sale
a1942 A 0
Consumers
9938 ____ 100 May'24 ---_ 10018 103
Ill 31a
4
1
/ 46
2
be__ _1931 M N
212
4
1
/
2 sale
Certificates of deposit __ ____ __ _
Corn Prod Refg s 1 g
1934 M N 100 ____ 100
65
8
5
6212 115
10018
5
9814 1003 NY State Rye let cons 4%81962 81-N 62 Sale 5912
4
-Year 8 1 58
1st 25
g
85
98
1943 F A
71
2
71
85
6%8
871/4
1962 M N 8612 88
Crown Cork & Seal 65 7s_ _1930 J J --------71
9212 97
9
)14 Sale 9253
9814
1
/
9112 95 NY Steam 1st 25-yr(is Ser A 1947 M N 98 Sale 961
944 63
4
/
Cane Sugar cony
Cuba
4
1
/
99
/
146
4
4 91
/ 64
931 9
968
stamped 82 8_1930 J .1 99 sale 97
96
4
1
/ NY Telep 1st A gen 81 4348_1939 M N 961 Sale 961e
99
4
/
Cony deben
4
1
/ 1071 74 107 10811
4
/
coll 85_1931 M S 1073 Sale 107
4
4 10814 56 105 1084
30
-year deben a f 6s__ _Feb 1949 F A 10734 Sale 1073
Cuban Am Sugar 1st 58_ _ _1937 J J 98
8 20
965
4
1
/
0613 96
4
/
20-year refunding gold 63_1941 A 0 1057 Sale 1051 10614 181 104 106
8
9414 965
8
Cumb T & T let dr gen 81g 58'51 M N 89 sale 88
99 10114
16
4
1
/ 39
89
10012 101
844 893 Niagara Falls Power let 5s..1932 .1 J 101 Sale
4
Den Gam & EL Istesref
73
75
6 104 1051,
1942 81 S 68
10412
75
6
Ref & gen Os
75
82
01932 A 0 10412 Sale 0318
Corp(D 0) 71/
Deny
12
4 101
4
995 101
10312 31
Ktag Lock es 0 Pow 1st 59_ _1954 MN 103 Sale 1025
9912 10312
tr 58_1933 J J 101 sale 1003
Detroit Edison 1st coil_____ k1940 M S 99 sale 9834 100
4
1
/
9114 9414
109
95
78
95 100 No Amer Edison 6e
4
1052 M S 913 Sale 94
let & ref 55 Series A _____ 91940 M S 10513 Sale 10512 106
78 98
8 100
21 104 1064
4
/
981
Secured s f g 634s Ser B
1948 M El 99 Sale 985
Series B
let & ref (is
ed. a Due Jan. bDueFab. •Due June. / Due July. k Due Anil. o Due Oat v Due Nov. r Due D60. sOptlonsals,
•Ne Klee Friday; ateetbld and ag




iO_

s gii,

i612

,-J99

3068

THE CHRONICLE

New York Bond Record-Concluded-Page 5

[Vol.. 118.

Quotations of Sundry Securities

All bond prices are "and Interest" except w' ere marked "f"
Standard 011 Stocks Par Bid. Ask.
BONDS.
Railroad Equipments Per CL Baste
Range
Price
Week's
Anglo-American Oil new_ 81 *15
N.Y.STOCK EXCHANGE
1534 Atlantic Coast Line es
5.40 5.10
Since
Friday
Range or
Atlantic Refilling
100 94 9414
Week ending June 20.
5.20 5.00
June 20.
Equipment 6395
Jan. 1
Last Sato
Preferred
100 113 114 Baltimore 1 Ohio es
5.45 5.20
100 220 225
High Borne Sorymser Co
Bid
Equipment 4340 & 58- - 5.15 4.90
Ask Low
High No. Low
Buckeye Pipe Line Co 50 .
61
Fior Ohio'Frac & Light 6a__ _1947 M S 905 9138 9012
52 Buff Roth A Pitts equip OB. 5.40 5.05
9112 22 881s 93
25 *4912 49% Canadian Pacific 4348 & 88. 5.25 5.00
Nor States Pow 25-yr 58 A1941 A 0 9234 Sale 9234
mu 9312 Chesebrough Mfg new
9338 63
Preferred
100 113 115 Central RR of N J 68
1st & ref 25-yr 65 e'er 13_ _1941 A 0 1031 Sale 102% 10312 27 101 104
5.40 5.10
25 *39 42 Chesapeake & Ohio 68
Northweet'n Bell T 1st 78 A_1941 F A 1083 Sale 10838 10834 95 10712 109% Continental 011 new
5.50 5.25
8
Crescent Pipe Line Co 50 1814 14
North W T Ist fd g 419s gtd_1934 J J 9318 9512 92 Feb'24
92 92
Equipment63ie
5.25 5.10
Cumberland Pipe Line_ 100 126 128
Ohio Public Service 7148-1946 A 0
Equipment 55
9 103% 10618
5.10 4.90
106
1061s
76
4
1947F A 103 Sale 10212 103
12 10014 1033 Eureka Pipe Line Co__-100 953 97 Chicago Burl & Clulncy es_ 5.40 5.10
4
Galena Signal Oil com
100 5612 57 Chicago & Eastern Di 545- 5.75 5.30
Ontario Power N F 1st 58-1943 F A 975k Sale 975
9818 18 941Ia 99
Ontario Transmission 58_1945 M N 9634 ____ 9614
Preferred old
100 110 115 Chicago & North West 68... 5.50 5.25
2 94
97%
975
Otis Steel 85
Preferred new
100 101 105
1941 F A 9514 9612 95
Equipment6;96
9 94% 101%
5.40 5.15
9512
Humble Oil & Ref new_ 25 *3514 3712 Chic RI & Pac 4340 & 55.-- 5.35 5.10
10t 25-yr s f g 7;98 Ser B 1947 F A 88
8754 95
,
8812 873
4
8812 13
Pacific G & El egn & ref 58-1942 J J 9334 Sale 9318
100 128 130
3 Illinois Pipe Line
Equipment65
5.55 5.30
93 4 82 90% 93 4 Imperial
3
Pao Pow&Lt letdrref 20-yr ifs '30 F A 961s Sale 96
25 *10012 W1 Colorado & Southern 68
011
97% 36 92 96
5.50 5.30
Indiana Pipe Line Co
50 *91
Pacific Tel & Tel let 56
92 Delaware & Hudson (is
13971
35 96 99
5.40 5.10
9918 Sale 98%
993
58
1952 M N 9314 Sale 93
85 90% 9312 International Petroleum-(5) •1734 17% Erie 43,48 & be
5.40 5.15
938
Magnolia Petroleum__-100 127 12812
Pan-Amer P& T 1st io-yr 781930 F A 10212 Sale 102
4
24
99% 1023
Equipment68
5.70 5.40
103
National Transit Co_12.50 *21% 221. Great Northern Si
13148(el)
1935 MN
93 97
5.50 5.25
9614 Mar'24
New York Transit CO.
-100 69 71
Pork-Lea(ctfe) 6348
1953 .1 J 98't Sale 97% 100
94 100
49
5.15 4.95
Equipment 58
Pat& Passaic G & El cons bs 1949 M S
gr 9514 Northern Pipe Line Co...100 83 86 Hocking Valley Se
a
_
5.55 5.25
96 May'24
Prop Gaa & C let cona g ea._1943 A 0 107 108 10612 107
25 *6012 6112
3 10414 107% Ohio 011 new
5.15 4.95
Equipment 56
Refunding gold 56
25 *32
34 Winole Central 4348 & SO
1947 M S 9312 Sale 927k
8714 9312 Penn Mex Fuel Co
9312 17
- 5.10 4.90
Prairie Oil& Gas new
100 211 212
Philadelphia C es A
1944 F A 10238 Sale 102
190
99% 103
5.45 5.20
Equipmentes
103
Prairie Pipe Line new...100 10312 1033
5540
1938M S 94 Sale 9314
90
94
73
4
5.20 5.00
Equipment 7e & 630
94
Finis & Reading c& I ref 55_1973 J I 99% Sale 973
100 180 183 Kanawha & Michigan (18.-- 5.65 5.30
93% 99% Solar Refining
5 135
4
99
Pierce-Arrow 88
Southern Pipe Line Co..
..100 9 4 9512
1943 191 S 7934 Sale 7312
70 82
41
5.25 5.05
80 212
Equipment4;9e
Pierce 011 f 88
South Penn Oil
100 131 132 Kansas City Southern 5398- 5.35 5.05
1931 J D 9612 Sale 95 4
10 84% 102
97
3
Pillsbury Fl Mills 68 (rett)_ _1943 A 0 9614 Sale 9512
947 9712 Southwest Pa Pipe Lines _100 851 8612 Louisville & Nashville es
4
5.40 5.10
9612 64
Pleasant Val Coal 1st s 8 I 55 1928 J J 957k 97 9412
1
93 98% Standard 011 (California) 25 *57 5712
5.20 5.00
Equipment6598
9412
Pocah Con Collieries lst f 581957 J J 93 Sale 93
Standard Oil (Indiana)._ 25 *56% 57 Michigan Central be & es_ _ 5.30 5.00
90% 94
1
93
Portland Gen Elec 1st 5s.._.19351 .1 9814 Sale 9734
Standard Oil(Kan)
25 4014 41 Minn StPASSM 4340 & 55 5.35 5.05
22 95 99
99
Portland Ry lot Jr ref 58_ __ _1930 MN 89
Standard 011(Kentucky) 25 *10614 1063
86 90
1
4
9312 90
90 •
Equipment 63-48
- 5.50 5.20
Portland Ry Lt& P 1st ref 521942 F A 8514 Sale 8514
Standard 011(Nebraska)100 230 235 Missouri Kansas && 70 85 5.70 5.25
7 80% 90
Texas
85 8
3
SOB
Standard 011 of New Jer_ 25 *347
1947 M N 9412
8 5 Missouri Pacific 60 & 040
937g
89 4 95
5.70 5.40
3
9412 27
18t dc refund 7145 Ser A.1946 MN 1041 Sale 104
Preferred
100 1173 119 Mobile & Ohio 4348 & 18..., 5.15 5.00
4
____
10412 14 103 10434
Porto Rican Am Tob 88
1931 MN 105 10512 105
1 104% 105% Standard 01101 New York 25 13934 4014 New York Central 434 & So 5.05 4.80
105
Pressed Steel Car 56
Standard 011(Ohio)
100 282 28.5
1933 J J 891 9173 9134
88% 95
5.40 5.15
9212 10
Equipment es
Prod & Ref a f 8s(with waents)'31 J D 1121 119 1093 June'24
Preferred
100 119 120
109 6 1161
3
4
5.20 5.00
Equipment 76
Without warrants attached... J D 10984 10934 10912 109 s 31 106% 110
Swan & Finch
100 41
44 Norfolk & Western 4345..... 5.00 4.80
5
Pub Serv Corp of N J gen 58.1959 A 0 94 Sale
Union Tank Car Co......100 99 103 NorthernPacific 78
77 9412
5.20 5.00
9314
94 235
Punta Alegre Sugar 78
Preferred.
100 110 114 Pacific Fruit Express 78
1937.7 .1 1081 Sale 108
5.20 5.00
10812 97 10714 122
Remington Arms es
25 *6214 623 Pennsylvania RR ea 55 & es 5.40 4.95
1937CM N 95 Sale 9334
4
92 9512 Vacuum 011 new
88
95
Repub I AS 10-30-yr 56 5 1..1940 A 0 95
Washington 011
10 *2812 29 2 Pitts & Lake Erie 630
957
4
' 9534 95
,
9 93 963
5.37 5.10
5118
Other 011 S
195311 J 897 Sale 8912
87% 91%
16
8
5.60 5.25
90
EquipmentSs
Robbins & Myers e I 78
(5) *3
195211 D 77% Sale 7638
7512 9112 Atlantic Lobos 011
31. Reading 00 4348 & 511
4
7712
5.00 4.80
Bach & Pitts Coal A Iron 58 19461M N
Preferred
50
12 St Louis & San Francisco 58- 5.40 5.10
91
91
Jan'24
.
Rogers-Brown Iron Co 78_ _1942 M N 77 Sale 91
Gulf 011 new
25 •
57% 58 Seaboard Alr Line 4348 & as 5.90 5.40
74 90
9
7634
7712
St Joe Ry Lt Ht & Pr 5s_1937 MN 83% 843 83%
5 *234 384 Southern Pacific Co 4345
2 763 8318 Mexican Eagle 011
4
5.00 4.80
831s
St L Rock Mt& P 59 stmpd_1955 J J 75% 78
Mutual 011
5 *97, 10
7618 80
3
76%
77%
5.15 5.00
Equipment78
St Louis Transit 58
National Fuel Gas
100 99 100 Southern By 4398 & 58
1924 A 0 5614 60 58
5212 58
2
58
5.15 4.95
St Paul City Cable 55
Salt Creek Producers._ 10 *241s 24%
1937 J .1 94% Sale 9134
9112 95
4
5.50 5.20
95
Equipment es
St Paul Union Depot 56_1972
5 *1% 2 Toledo A Ohio Central 68... 5.60 5.30
9512 1001s Sapulpa Refining
J 100 Sale 99 2 1001s 55
,
Saks Co 78
1942M S 104% Sale 10412 1043
4 20 102 104%
5.15 5.00
Union Pacific 78
Public Utilities
Elan Antonio Pub Ser 68_ 19521 J 97 Sale 97
5
,
9712 11 83 4 97 2
Tobacco Stocks
Sharon Steel Hoop 1st 85 ser A '41 IN S 10034 Sale 00
1003
78
4 22 100 102% Amer Gas & Else new__(5) •7112 7211 American Cigar common 100 76
Sheffield Farms 6398
Preferred
50 *4512 4612
1942 A 0 103% Sale 0314 10312 19 10012 10314
100 84 86
Preferred
Sierra & San Fran Power 52.1949 F A 88% Sale 8612
Deb 65 2014
MAN 95 98 Amer Machine & PdrY
8 83% 87
145 156
8812
Sinclair Cons 011 I5
Amer Light & Trao com_100 130 32 British-Amer Tobae Ord-100 *2212 28
-year 78_1937 M
87% 97
92% Sale 90%
9312 101
6346B(w1)
Preferred
100 9012 92
19381 D 8612 Sale 8512
86% 101
83% 9014
ZI *2212 23
Bearer
Sinclair Crude 011 51%
1925 A 0 9934 Sale 99% 1003 330
97
993 Amer Power & Lt corn_ _100 239 41 Heime (Geo W)CO. new 25 *57 59
4
8
138
Preferred
100 288 90
1928 F A 10014 Sale 9912 1003 274
95% 100
8
100 111 113
Preferred
Sinclair Pipe Line 56
Deb es 2016
M AS 94 95 Imperial Tob of0B & Irerd •1512 16
1942 A 0 84% Sale 84
81% 86
843
4 68
South Porto Rico Sugar 76..1941 ./ D 102 10212 02
1023
4 16 100% 104% Amer Public Util com__100 80
lot Cigar Machinery-100 57 62
South Bell Tel& Tel lets I 551941 J J 97 Sale 9634
7% prior pre/
100 77 16- Johnson Tin Foil & Met-100 75
94
97%
97% 43
S'werst Bell Tel let dr ref 56_1954 F A 951/ Sale 95
a% Panic pro!
100 60
9312 953
4
95 4 629
3
MacAndrewn & Forbes-100 143 116Southern Colo Power es_ _1947 J J 89 Sale 89
903 Blaclullone Val CI&E com 50 70
4
8912 12 87
100 99 101
Preferred
Carolina Pow & LS 00M.100 143 146- Mengel Co
Stand Gas & El cony f 68..1926
D
05 May'24
_ 100 105
33
100 31
Cities Service Co com--100 13412 13612 Porto Rican-Amer Tob-100 50 55
Cony deb g 6;96 serica
M
1933
9812 Sale 98%
9412 99
98% 75
Preferred
Standard Milling lot 56
100 7212 7312 Universal Leal Tob oom-100 29 32
1930 M N 98
9812 9712
16
3
95 4 98
98
CitiesServiceBankers*Shares 1338 13%
Steel & Tube gen s f 78 Ber C 1951 I J 104 Sale 04
12 103 106
106
Preferred
100 85 87
Sugar Estates (Orienti) 75_1942 M S 963 - - -- 9634
100 33 3412 Young GI 13) Co
4
5 9512 9712 Colorado Power oom
97
100 113 116
Syracuse Lighting lot s 58..1951 I D 963 Sale 963
Preferred
100 86 90
4
1
4
92 963
4
Preferred
100 103 107
963
4
Com'w'th Pow Corp corn (5) •
Light&PowCocoiltrsfle'54J J 104% _ _ 04% May'24
9212 9312 Rubber steekocieeetamo prices)
841s 105
Preferred
100 77 79 Firestone Tire & Rub corn 10
Tenn Coal Iron & RR gen 58 1951 J .1 10112 _
02 June'24
9914 10212
68
Tennessee Cop let cony 65..1925 M N 10114 101% 10114 10112
Consumers Power pref.
_100 87 90
6
9834 103
6% preferred
100 riff- 97
Tennessee Elec Power6a.._l9471 D 98 Sale 9714
7% preferred
100 85 8712
93% 98% Elea Bond & Share pre:-100 10112 10212
981
8 89
Third Ave 18t ref 48
Elec By Securities
(5) •1614 17 General Tire & Rub corn 50 165 85
1960
J 57 Sale 57
35
58
583 59
4
Adjustment income 58_a1960 A 0 4612 Sale 46
49 285
100 97 100
8912 49% Lehigh Power Securities_(t) •72 73
Preferred
Third Ave Ry 1st g 58
Mississippi Riv Pow corn 100 2814 2914 Goodyear Tire & R Com-100 10
1937
J 95 4 Sale 95
3
4
92% 96
95 4
3
1012
Tide Water 011 6,46
1931 F A 10312 Sale 103
Preferred
100 82 85 Goody'r TAR of Can pf _100 7212
10312 30 102 1043
4
Toledo Edison 78
1941 M S 10812 Sale 10775 10812 22 106 10812
First mtse 58, 1951 J&J 96 97 India Tire & Rub corn. 100 70
Toledo Trac. Lt & Pr 135.--1925 F A 100 Sale 100
S F g deb 78 1935__MAN 102 103
31
1001
9812 10012
Preferred
100 70 78
Trenton G & El let g 56.---1949 IN 8 95% _ _ _ 9234 Nov'23 -Nat Power & Lt com.-(5) •130 132 Mason Tire & Rub 00111-(:)
1 1.15.
Undergr'd of London 4148-1933 I J 85
Preferred
(I) *289 92
90 87 Dec'23
Preferred
100 1412 1512
J 8212 _
Income (is
Income 70 1972
1948
J&J 95 96 Miller Rubber
8914 Oct'23
100 66 67
Union Bag & Paper es
1942 MN 9512 Sale 943
Northern Ohio Elect/U.(5) *9 10
957
21
93
4
98's
Preferred
100 93 94
Union Elec Lt & Pr 1st g 58-1932 M S 9834 9912 98%
Preferred
100 31 32 Mohawk Rubber
99
10
971111 99
4
8
100
1933 M N 97 Bale 97
58
97% 53 90% 97% North States Pow corn.100 *102 104
Preferred
45 55
58-1945 A 0
Union Elev (Chicago)
Preferred
100 94 96 %Merlins Tire & Rubber(1) *3% 412
75 May'24 -70 75
1931 J .1 9712 ...- 9812
Union 011 58
Nor Texas Elec Co com_100 59
9812 13
95 4 9812
1
Preferred
100 50 55
21942 F A WO% 10114 1001
65
Preferred
100 67
1001
2
1
99% 102
Swinehart Tire & R corn.100
8 12
Union Tank Car equip 7a1930 A A 104 10414 104
10412 22 103 1051s Pacific Gas & El lot pre: 100 8914 16
Preferred_
40
100
19411 D 114 Sale 114
United Drug cony 88
.(I) •12
11414 Power Securities corn
114
24 111%
15
Sugar
United Fuel Gas 1st 8 f 68-1936 J J 98% Sale 973
Second preferred
(I) *41
4
44 Caracas Sugar
98% 47
9212 9812
•I3 15
Coll trust 68 1949_ _J&D 87 90 Cent Aguirre Sugar corn. 50 *76 78
United Rye Inv %Pitts issue 1926 MN 9818 Sale 97%
98% 53 91
9818
20
Incomes June 1949__F&A /68 72 Fajardo Sugar
1934 J .1 70 Sale 6934
United Rya St L lst g 4s
7034 15 61% 70%
100 103
Puget Sound Pow & Lt 100 55 57 Federal Sugar Ref com_100 58 105
United SS Co int rota 65_ _ _1937 MN 90 Sale 89%
90
17
90
86
62
100 so 83
1942 A 0 10114 Sale 10012 10134 122
8% preferred
United Stores 66
9814 101%
Preferred
100 10012 10312 Godchaux Sugar. Inc_100 90 100
7% preferred
1932.3 J 10712 Sale 107
B Hoffman Mach 8s
10712
3 103 108
(1.
(5)
Gen mtse 7348 1941_ MAN 10514 106
US Realty & I cony deb g 56 1924 J .1 99% 100 997 June'24 .- 99% 100
Preferred
100 18 28
.1 80 Sale 7912
80/4 197
US Rubber lst ref 59 ser A 1947
_ Great Western Sugar new 25 *89 92
79% 87% Republic Ity & Light--100 29
Preferred
100 59 _
1930 F A 10114 Sale 10114 102
10
-year 7348
61
99% 10612
Holly Sugar Corp e0m (5) •25 27
13 Smelt Ref & M cony 68-1926 F A 100% Sale 10034 101
30
9914 101% South Calif Edison corn-100 10012 10112
Preferred
100 78 80
8% preferred
100 118
U 13 Steel Corp(coupon __ -d1963 MN 10412 Sale 104% 105 251 102 105
Juncos Central Sugar
100 110 120
Standard Gag & El (Del)
04
104
of 10-60-Yr 551registered __d1963 M
2 10134 105
National Sugar Refining _100 87 8812
Preferred
50 *4712 4812 New Niquero Sugar---.100 90 95
56-1944 A 0 85 Sale 83%
35 80
85
Utah Light & Traction
86%
Utah Power & Lt lot be--1944 F A 9338 Sale 931
9334 99 87% 93% Tennessee Elea Power.--(I) *38 3812 Santa Cecilia Bug Corp pf 100
3
UticaElecL&PowlstBfSsiOlOI J
Second preferred
(5) *6412 65 Savannah Sugar corn...
9414 Sept'23
(5) *62 68
1957.7 .1 98 Sale 9514
Utica Gas & Elec ref 55
983
4 13 "55; li3i Western Power Corp.--100 28 2912
Preferred
100 83 88
Preferred
100 79 81 Sugar Estates Oriente pf 100 92% 931s
1947 J D 6212 Sale 62
Va-Caro Chem 1st 75
6414 205
53% 8512
Short Term Securities
32 228
12-yr 719s with warrants_1937 J J 31 Sale 3012
29
73%
West India Bug Fin com.100 12
Am Cot 011 es 1924_ _M&153 100% 101
22
31
Without warrants attached. .7 J 30 Sale 30
29
76
Preferred
100 25 34
AnacondaCop Min68'29 J&J 102 102%
Va Iron Coal & Coke 1st g 56 1949 IN 13
91 June'24 -- 88 91
Va Ry Pow lst & ref be
19343
9212 26
9218 Sale 9218
9212 Ansio-Amer 0117;95'25 A&O 10214 102% American Hardware
88
100 6212 64
Vertientes Sugar 78
1942 J D 94% 95
941s
94%
3 89% 97% Federal Sus Ref es'33.MAN 9812 99 4 Amer Typefounders corn 100 96 98
,
1941 J D 10114 Sale 101
Warner Sugar 78
7
101 s 18 101 10314 Hocking Valley 5a 1926 MEI 10018 10012
Preferred
100 100 102
Flrat& ref 7sSer A
19391 J 9134 Sale 91
91 96% Interboro 11 T 88 1922-M&S
92
28
Babcock & Wilcox
100 116 118
K 0 Term R9.Wash Wat Power 6 f 58-1939 J J 10014 1003 10014 10012
4 99% 101%
4
14
Bliss (E W) Co new
_() •13
046 July 1931
Jct./ 10312 10414
Watches Lts s 58 stmpd gtd 10503 D
98 May'24
913% 98
Preferred
50 *50 58
1926 101% 102 Borden Company corn. 100 117 119
5128
12
West Penn Power Series A be 1946 M 8 9338 Sale 93
95
8911 95
Lehigh Pow Sec 68'27.F&A 1001s 1003
J D 103% Sale 10218 1037
lot 40
-year es Series C.__.1958
s 21 101 103%
4
100 1(2 104
Preferred
21961 m A 107 Sale 10612
194 F s
10712 17 10414 1073 Sloss-Sheff SAI es '29_F4A 100 100'2 Celluloid Com Darn
lot series D 78
4
100 50 60
,
9212 128
9112 Sale 9012
58 E
863 9212 U S Rubber 7140 1930.FAA 101% 102
4
107
100
Preferred
1944 A 0 9814 Sale 9814
988 378
Western Electric deb 55
96 2 98%
,
Childs Company corn new(5) *35 36
99
9
Western Union coil tr cur 5a-1938 J J 99 Sale 99
9614 9934 Joint Stk Land Bk Bonds
I 1 1 113
100
Preferred
Chic Jt Stk Land Bk 58_1951 101 102 Ferrules
94
16
Fund & real (state g e158-1950 MN 93 Sale 93
90% 94
100 85 89
Powder
F A 111 Sale 11014 111
Se 1952 opt 1932
15
84 108% 11134
-year
101 102
100 1.30 102
Preferred
58 1963 opt 1933
654836 MN 108 4 Sale 10818 10818 85 1063 109,
,
1931
Westhighouse E & M 7a
4
101 10214 International Salt
4
100 7112 75
098 1951 opt 1931
63
38
56
Wickwlre Seen Steel lot 78-1935 1 J 63 Sale 56
102 103 International Silver prof 190 102 07
79%
4
419e 1952 opt 1932
1933 M
9834 99
98 Sale 971
Willys-Overiand e f 13s
98 9812
993 100 2 Lehlgb Valley Coal same 50 80 84
4
,
43'6 1952 opt 1932
8412 79
Wilson & Co let 25-yr ef 66_1941 A 0 84 Sale 8314
80 98%
96 9712 Phelps Dodge
100 100 05
WS 1983 opt 1933... _ 993 10012 Royal Baking Corp com 100 128
4534 47% 44%
19283
4634.117
10
-year cony ef 66
4418 923
4
35
4
Pow
48ijW 75
Pas Coast of Portland, Ore
47% Sale 4712
711s
4712 100
100 99 00
Preferred
101 Bale 101
5.5 1954 op 1934
10112 94 1003 1023
Wincheeter Arms 7)919
!Ai 10012 1013 Binger Manufacturing_ 100 136
4
38
4
4
Yotuig'n Sheet & T 65(w 0_1943 J J 9512 Sale 95
95 4 103
3
94% 97
•Per share. I No par value. D Baal, d Purchaser also pays accrued dividend
*No price Friday;latest bid and asked a Due Jan. a Due Apr. c Due Mar. eDue tNewetock. fFlatprIc.
k Last sale. n Nominal.
Ex-dividend. v Ex-rights
May. g Due June. 8 Due July. k Due Aug. 0 Due Oct. V Due Dec. a option mae
e Eex-etock dividend. a Sale price. s Canadian quotation.




3069

BOSTON STOCK EXCHANGE-Stock Records..BZIDits,.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICE
Friday,
Taw:dalr. Wednesday. Thursday,
Monday.
Saturday,
June 20.
June 19.
June 18.
June 17.
June 16.
J une 14.

Sates
for
the
Week.

STOOKS
BOSTON STOCK
EXCHANGE

Range Sines 145.1 1924.
Lowest

EttiMett

PER SHARE
Range for Prestos"
Year 1923.
Lowest

Highest

Railroads
Shams.
100 1451a Mar 27 154 May 26 143 Apr 151 June
94 Boston & Albany
15011 1501:
150 1.501: 150 151
150 150
75 June 84 Jan
150 150
100 74 June 19 80 Jan 8
e
fvated
12
210 Boston
741: 7413
74
17454 7434 74
911: Aug 100 Mar
7612 7614 7612
.76
100 89 June 18 9614May 10
Do pref
189 • 89
89 89
9214 ___ - *9214
.
100 110 June 18 11614 Jan 24 1111s Aug 125 June
36 Do 1st pref
Ho- 116"
110 110
z110 110
95 Nov 106 Mar
*11312 114 .113
:2
100 931 one 10 100 Feb 27
24 Do 2d prof
98"
9:02 _ _ 98 - .
9714 974 9734 9734 98 98
714 Dec 2012 Mar
81: Jan 2 1514 Mar 31
100
537 Boston & Mahn
4
1212 1212 123
1214 1214 12
1214
7 Dec 27 Feb
12 1214 12
100 12 Jan 10 15 Feb 4
Do pref
40
113
13
13
4
1234 123
1212 Oct 3212 Mar
4
13 June 12 19 Jan 10
*123 - 135 Do Series A lit pref-1.00
15 IC
1412 15
1512 Dec 48 Feb
1
1312 15 •1412 15
2
70 Do Series B lit pre1-100 1712 Jan 27 2412Mar 5
21
20
21
20
22
20
22 .
151s Dec 42 Mar
23 Apr
*21
100 16 Feb
4 Do Series C let pref
17
17 •171: 19
*1712 20 .1712 -Jan 3 34 Apr 5 20 Dec 59 Feb
5 Do Series D 1st pref-100 23
_ 27 27
_
•27
27
*27 _ _ _ .
100 143 Jan 4 1491 June 9 135 July 16013 Jan
Boston & Providence
_
*1491:
*14912
*149 _ _ _ •149
18 Feb 35 Mar
100 18 May 12 24 Feb 9
28 East Mass Street RI Co
211: 221:
21
21 *211:
_
21
.
*21
58 Dec 72 Jan
:
100 581 Jan 8 641: Feb 13
60 Do let pref
62
61
62
61
61
6 1- 12 61
•___ _ 61
5014 Dec 65 Mar
100 48 May 26 58 Jan 25
51
Do Pref B
541:
.51
521: *51
51 al 51
52
•_ _
31 Dec 46 Mar
100 28 May 21 3913 Feb 14
575 Do adjustment
34 "3478
3212 323 .33
32 ____
4
3214 3214 .
31 Nov 45 Mar
3912 Feb 11
4
------ East Mass St Ry (tr etre)-100 313 Apr 23 3713 Apr 9
2213 Dec 43 Jan
25 June 19
100
10 Maine Central
"ii" 25
30 ;21s" 16'25
934 July 221: Jan
20
4
100 14 Jan 3 223 Tune
2238 218* 225* 6,479 N Y NH & Hartford
2012 2034 21
2112 2134 2118 2134
62 Dec 84 Feb
Hampshire-100 62 Jan 14 68 Apr 29
------ Northern New
•z66
•x6612
11•366
75 Dec 100 Jan
-100 80 Jan 2 95 Mar 10
8 Norwich & Worcester pre!
90
•z90 95 I•x90
95 90
sz90 95 .x90 95
6413 Oct 81 Feb
100 7212 Jan 4 82 June 20
174 Old Colony
78 82
78
78 .z78
80
•
s7714 -- 78 78
2113 Aug 387e Dec
100 34 Mar 3 413e Jan 14
148 Rutland pref
38 38
3734 3734
38 3812
Jan
3674 38
.
70 Nov 98
85 Mar 13
-- ------ Vermont & Maseachusette-100 70 Jan 22
*73 ____
77
*74 ____ *74 ____
Miscellaneous
200
'134 134 112 112
312 Jan
1 Sept
2 Jan 18
114 April
25
Amer Pneumatio Service
17g 17s
114 114
*114 134
5 12 Dec 20 Jan
so 12 Jan 3 15 June 12 119 June 12813 Dec
75 Do pref
13
13
14
.x12
1334
13
13
•1234 14 z13
20 1307s Mar
12314 1231: 12314 1235* 212138 12134 5,748 Amer Telephone & Teleg-100 z12138June 28 83 Jan 14
12411 12434 124 12434
Jan
6713 Oct 112
Apr
No par 65
9 p
64 Amoo
6634 663
4 67 67
.67 6712 6634 67
72 Oct 88 Jan
4May 7 7713 Jan 19
No par 713
pref
75
75 *75
75
75
75
*74
1434 Nov 1612 Mar
_ _ 10 16 Feb 15 16 Feb 15
------ Art Metal Construe.Inc_
.14
17 •14
17
17
17 •14
14
•
8 Dec 2018 Feb
6 June 10 1014 Jan 8
No par
100 Atlas Tack Corp
7i: .6
*6
71:
712
*6
7
7
Oct 1081: Feb
80 Boston Cons Gas Co pref-.100 104 Jan l.8 107 Jan 8 104 Dec .30 Jan
106 106
1057g 106
107 107
•105 106
119 .20 Jan 10 .05
*.07 .10 •
.07 .10 -------------- Boston Me:Pet Trus_No par .07 Mar 2 281e Mar 5
.07 .10 +.07 .10
.
19 July 27 Mar
10 24 Jan
432 Connor (John T)
41: 241:
2412 2413 24 2412
*24 ____ 2412 2412
2512 Dec 261.4 Dec
241alvlay 22 3014 Feb 14
2512 2512 *241: 251: --------35 Dominion Stored. Ltd
253s 2538 *2412 26
100 84 Jan 15 85 Jan 5
Preferred A
90
*185 90 *285
90
90 *125
---- ---- ______
•z82
4 Jan
3 Feb 25 -I- Dec
214Mar 5
10
East Boston Land
.212 3
*212 3
.212 3
*211 3
---- ---- -----5 Dec 141s Mar
81: Feb 6
5 June 18
100 Eastern Manufacturing- 5
6
.5
5
6
5
.5
514 514
*514 6
31 Nov 12713 Mar
25 38 Jan 3 5514 Mar 8
98 Eastern EIS Lines, Inc
46
45
43
46
46
46 46
43
46
45
.
No par 35 Jan 25 40 Feb 71 35 Oct40 Oct
3813 3612
3612 361: *3512 37100 Preferred
.3512 37
85 Aug 88 Oct
100 851s Jan 8 93 Mar 8
180 1st preferred
_ 8513 8512
-88- IC
.8512
86
86
86
86
100 16313 Jan 2 177 Jan 26 15234 Nov 172 Jan
562 Edison Electric Ilium
:
174 17438 174 17414 1741 175
- 14
17312 17i 174 17412
112 Dec 1074 Jan
4341May 14
21: Jan 17
No par
___
- ------ Elder Corporation
•278
27
•27s 4
.e 4
*273 4
5 July 291: Feb
185 Galveston-Houston Elec-100 13 Jan 11 27 May 13
2612
2612 -- 426
2634 *261: 27
2512 26
24 24
514 Dec 1533 Mar
613 Jan 8
5 Jan 2
No par
Gardner Motor
ii1_8
.. ..
1434 Nov 24 Feb
25 1234 Mar 31 157s Jan 7
Greenfield Tap & Die
__ _ ____
.l8i2 141e .iii:
'1334 1415 *1312 14's
50 Dec 8318 Mar
No par 46 Mar 25 52 Jan 8
--471: 48 --------175 Hood Rubber
47
47
.48 4834 48 48
32 July 44 Mar
s
80 Internat Cement Corp_No par 41 Apr 28 441 Feb 13
__---44 44
44
44
•z43 44 *z4312 4411
3 Mar
112May 28 .10 Dee
par .10 Feb 18
_
.15 .30 ..15 .30 _ - - _ ._ _ ------ International Products_No 100 .25 Feb 14
.
4)
.
3
.15 .:.
•
8 Mar
2 June 20 .60 Dec
25 Do pref
2
2
_ _ _ . ____
11:
•153*113
Peabody Acceptance
Kidder.
80 May pats Feb
100 80 Jan 3 8334 Mar 22
8314 8414 .8314 8414 --------106 Corp Class A pref
.
8314 8314 8314 8314
432 Dec
81 Aug
:
4 June 12
613 Jan 4
10
425 Libby,bicNeill & Libby
438 433
434
41:
4
41e
4
4
414
*4
Insurance__ 20 70 Jan 9 70 Jan 9
Lincoln Fire
70
•-___ 70
70
70
I14 .1'8138 11 - Apr
9 Mar 21 1012 Jan 9
25
144 Loew's Theatres
1018 1018 1018
101s 101s 1018
*-joie 1013 1018 1018
731: Dec 871: Jan
13
206 Massachusetts Gas Co1_100 7034June 28 81 Feb 20
4
711: 711: 7112 711: 703 7112
3
*70 4 ____ 7112 7113
Jan
62 Dec 73
70 Jan 31
100 63 May
208 Do pref
63 64
8334 64
Bunker
84 64
6454 65
Jan
June 179
Jan 12
149 Mergenthaler Linotype.......100 150 Apr 22 160 Feb 21 147 Dec 1434 Feb
- lli:
155 15573 1551 15614 i88
15412 155
z154 155
•
3
61: Jan 2 1734
10
Inc
282 Mexican Investment,
121: 121:
13 •1234 13
Hill
13
13
131: 13
.13
18 Nov 2814 Jan
19 Feb 18 2812June 20
2634 2614 2714 • 2711 2812 1.079 Mbraissippl River Power- 100 80 Jan 4 821!Mar 24
2613
2612 281: 2634
26
80 Jan 84 Feb
100
Do stamped pref
83
/
* 8012 81
- *x81
821:.x81
Day
8114
81
834 Feb
,4
11 ( Dec
434 Jan 28
2 Apr 24
10
309 National Leather
23s
214
2
214 212
*214 212
41: Sept
2 Oct
534 Apr 8
2 Jan 2
1,000 New England 011 Corp tr ale_
*414 438
Os Exchange
43e *4
*4
Oct
1213 Dec 16
els)
100 17 Jan 10 3114 Mar 20
60 Preferred (tr
*18 22
22
22 •20
Jan
.20
110 Dec 122
480 New England Telephone-100 10311 Apr 24 11512 Jan 31
234
105 10634
: 1414 10614 ;13
41:4 10812 -2 4 10634
914 -40'5 -414
1041: 105 105 10513 Closed.
1634 July 211: Ap
1 14 Jan 16 201s Jan 2
1834 --------1,050 Orpheum Circuit, Inc
1834
•1814 19
181: 1812 181: 1833
84 Dec 190 Jan
7812May 20 87 Feb 14
215 Pacific Mills
7934
7934 80
4 79
4
793 793
79 80
80 80
10 1434 Jan 5 1534 Apr 2 z1434 Dec 18 Mar
*z1434 151 .x1434 1512 ____ ____ ______ Reece Button Hole
:
314 Mar
Jan
•151e 1534 •z1434 151
2
3 Jan 2
21sMay 14
10
-Reece Folding Machine
-------------*x25*
8 3
•23
2 Feb
•23s 3 •x238 3
5 .15 Apr 14 .40 Feb 15 .10 Dec
_ _ _ Simms Magneto
.15 .50 1.15.50
•
.15 .50 *.15 .50
.
9813 June 10912 Jan
100 100 June 11 10513Mar 6
___430 Swift & Co
:
1001 101
10012 101
1001: 101
10014 1001: 10014 101
3934 Dec 50 Mar
25 3512June 3 4212 Jan 11
161 Torrington
:
38
381 381:
3912 3912 39 00i
3912 3912 x38
6 Dec 11
5 7 Feb 2 10 Feb 18 321: Nov 5534 Mar
100 Union Twist Drill
8
.
9
9
18
Mar
•8
8
8
25 34 Jan 3 3713 Jan 8
United Shoe Mach Corp
3614 3612 3514 361: 3,539.
4
2353 36
3634 3678 3634 37
2438June 2814 Jan
2412 Feb 29 27 Jan 7
25
490' Do pref
*2513 26
2512 26
12512 26
26
251: 26
1934 Aug 30 Jan
26
835'Ventura Consol Oil Fields_ 5 2212May 21 27 Jan 29
23 23 14
23
2314 23 23
3
15 Dec e224 Mar
2234 2234 23 233
Jan
668 Waldorf Sys.Inc,new sh No par 137. Apr 30 1714 Feb 9
151: z1533 1512
1434 1434 15
141: 15
.1412 15
5 Feb 13 Mar
1
612 Jan 11 101:
200 Walth Watch Cl B com_No par
8
8
*814
.713 8
4 9
•81
15 Dec 2912 Mar
100 14 June 10 2312 Feb 13
Preferred trust etis
--------1241
16
157s 157
s 15
15
151:
15
15
1114 Jan 18 Dec
2114 Feb 11
120 Walworth Manufacturing- 20 1512June 20
161: 161: 161e 161s 151: 1512
1634
1634 •16
•±16
251: Jan 3412 Mar
4
50 2934 Jan 3 383 Mar 12
655,Warren Bros
35
8 35
4
351 3534 3534 351
3514 3513 3512 3614
3012 Dec 391: Mar
50 34$4 Apr 25 41 Jan 25
30, Do let prat
-------•3613 37 13612 37
361: 361:
*3613 37
33 July 42 Mar
50 38 Max 5 42 Jan 18
10 Do 2d pref
*3912 401: 4012 4012 - -----41
41 .40
40
•
3 Dec 1212 Feb
512 Jan 14
2 May 9
5
Wickwire Spencer Steel
____'__
Mining
1 Feb
.20 Apr 8 .10 Nov
Adventure Consolidated- 25 .20 Apr
.30,
..20
.20 .50 •20 _ _ _
•
25 .10 Jan 1 .20 Mar 20 .10 July .50 Mar
,Algomah Mining
0.05 .15
..05 .15 ..05 .15 ..05 .15
•.05 .15 .
414 Mir
214 Jan 8 .70 July
25 .75 June 16
115 Arcadian Consolidated
.75 .90
.75 .75
.75
75
.75 .75
.80 1
•
7 Deo 1413 Ma
934 Jan 7
8 Jan 2
5
425 Arizona Commercial
4
*814 83
: 812.
81
814 81
.814 83
3
4
814 8 e
1412 Oct 19 Feb
10 14 June 13 187s Jan 15
'Bingham Mines
15
15 .14
15 .14
.14
•1412 15 •141: 15
17 Oct 49 June
7
25 133eMay 15 197, Jan
3
3
143s 1478 143 14 g 1,322,Calumet & Hecla
1418 141
±1418 141: 1434 141:
•
4
1
/
9 Feb
172 Dec
3 Feb 1
I Mar 31
1
110 Carson Hill Gold
11: 11:
.114 134
11: 11
*114 134 •114 13
2218 Oct 4814 Mar
25 1812June 6 2672 Feb 15
942,Copper Range Co
1914 2012
1934 20
1913 201
193 20
s
*191: 20
5 Feb
214 June
434 Jan 23
318 Jan 3
10
!Davis-Daly Copper
-- -- 432 Nov 1113 Mar
54 Jan 24
334lune 12
25 East Butte Copper Mining_ 10
•334 --414 -.334 - -4i-4
4
4
•334 -1"
4 4
212 Mar
-;81 - - -14 ",1 Jan 8 .30 M&Y
25 .40 May 24
Franklin
'
1.30 .75 1.35 .75 1.40 .75
.35 .75 •.35 .45
•
4 Mar
1 Oct
2 Jan 28
Jan 22
Hancock Consolidated-- 25 1
144 .
•1
.75 1
•
..75 1
.87 114
.75 1
.
2
1
281: Jan 7 24 4 Mar 331 Jane
2212 Mar 28
50 Hardy Coal Co
12212 23
2212 2212 12212 23
•
2212 2314 •221: 23
114 Feb
25 .30 May 10 .75 Jan 8 .10 Sept 11512 Apr
Helvetia
.55 .60 1.55 .60
.55 .60 •.55 .60
.
1.55 .60 •
9313 Nov
2 104 June 10
1 9414 Apr
10312 104
104 104 :10112 1013e 1,036 Island Creek Coal
103 104
103 104
9014 NOV1 10013 Mar
1 90 June 4 95 Mar 24
113 Do pref
92 $x91
9112
93 93
9212 9214 91
92 93
.
Oct 3314 Mar
25 12 June 7 20 Jan 3 16 Deo
20 Isle Royal Copper
14
12
13 .1214 14 .12
12
13
•12
*12
Ps Jan
172
Feb 13
Vs
112IVfar 5
5
Kerr Lake
113 hg
4
•II2 114 •112 114 1112 11
*lit 13 .
4
14
2 Mar
1 Feb 19 .60 Sent
25 .50 Jan 7
75 Keweenaw Copper
.75
.75
.55 .55 •.55 .75 ..50
•.55 .75 •.55
551 Mar
1 0041
8
4 J111128
13
25 .90 Apr
150 Lake Copper Co
138
113 •1
1
1
114
114
1
14 112
•1
314 Mar
.50 Dec
114 Feb 8
25 .70 June 13
La Salle Copper
'
..75 1
.75 1
•
.75
•
•.75 1
•.75 1
212 Mar
112 Nov
2 Mar 7
Mason Valley Mine
112Mar 11
11
•118 112 •118 112 .118 112
5
4 .11
•114 13
9
8
5
2, .8050
44 Mar
50 Mass Consolidated
.60 .60, •.60 .75
.60 .75
0.80 .75
'
.60 .75 .
•
112 Dec
7 Feb
1 .111n 5
2 .1an 11 .5°
Apr
8
80 Mayflower-Old Cob:My
13
4
it
llz 113
•112 De
•11: 13
8 13
•114
15 27 Oat 71 Mar
120 Mohawk
2474 .241: 25 .2474 2514
24
25 2312June 13 3512 Feb 7
231: 2414
2313 241
4
141 Oct 2412 Mar
s
480 New Cornelia Copper
1612 Jan 2 197 Jan
1814
1818 1814 •18
1734 18
1734 18
18
18
414 Apr
21s Aug
234 Apr 7
.75 June 19
1.000 New Dominion Copper
1
1
1
.85 1
.75 .75
1
1
35 Apr 40 Apr
16 40 Mar 11
100 35 June
5 New River Company
135
•35
*35
35
35
*35
72 Nov 84 Mar
11
6 Do prof100 60 June 10 75 Mar
65 164 65
- 164
•64
64 64
*63i2 65
614 Feb
434
1
6
5 214 Jan 10 filiciFeb 19 1.4 July 1234 Mar
105 Nil:Casing Mines
6
6
s 61
7
5 e 57
s
*57
.578 61
Nov
4 June
gra 478 1,088 North Butte
15
2 Jan 16
38 334
1
34 4
s 33
33
4
338 Mar
Nov
33
*312
.20 .75 1.50 .75
25 .40 June 10 .90 Jan 3 .50 Oct 321: Mar
65 Olibway Milling
.50 .50 •
.7
.50
•.50 .7 .
:
131
4
25 15 Jan 30 193 Apr 28
62 Old Dominion Co
.17
171: 11714 1712 1634 1654
1714 171
41: Nov
•1714 171
214 Aug
1
51g Feb
312 Jan 3
2•31: 414 *2313 414 *x312 414
•
Park City Mining & Smelt- 5
±31: 414
1214 Dec 1614 Mar
*Al: 414 .
*1114 1112 •1114 12
Pd Crk Pocahontas Co_No par 11 Apr 21 1212 Jan 11
*1114 12
•1114 1138 •1114 1134
18 Oct 50 Mar
*1412 15
25 14 June 10 2312 Feb 15
15
15
14
132 Quincy
15
15
15 •14
*14
27 Oct 5312 Mar
595 St Mary's Mineral Land
25 26 June 16 35 Feb 20 .30 Dee
7
2714 2712 272 28 .27
28
27
112 Mar
2614 2614 26
115 Shannon
10 .30 Apr 2 .70 Feb 14 .10 June
.30 .30 ..31 .45
•.35 .45
.30 .35
1 Aug
..85 .45
25
•.15 .75 ..15 .75 •
South Lake
.15 .75
14
3 Max
1 Dec
•.15 .75 1.15 .75
112 Jan 18
*1
113
11: •1
25 90 Jan 15
Superior
•1
l's
112
112 4.1
314 Feb
•1
1 Jan 11 .65 Dec
200 Superior & Boston Copper_ 10 .40 Apr 23
.60 .60
.70 .70
.60 .65
Oct
113 Feb
.65 .75 •.60 .75
1
5 .30 Feb 18 .85 Jan 28 .20 Dec
Trinity Copper Corp
112 Aug
10 .10 Jan 24 .50 Feb 7 .30 Oct
Tuolumne Copper
6 Apr
212
314 Mar 8
214May 14
5
214
'2
880 Utah-Apex Mining
2"1"8 1212
3 Mar
4
-;21";ii4
.01
1 .01 Jan 3 .01 Jan 3 .25 Dec
Utah Consolidated
Dec
112 Feb
1 .14 June 18 .45 Jan 4
."1"4 ":26
""./0 .20 1,225 Utah Metal & Tunnel
.25 -- i8 -;."2"0 .25
.
25 .15 Apr 24 .75 Jan 3 .60 Aug - 212 Feb
Victoria
.50 .60 •
.40 .60
*.50 .60 •
.50 .60
4
11 Mar
O.50 .60 •
.35 Mar 10 .10 Dec
350 Winona
25 .13 Feb 6
..16 .25 •.16 .25
.16
•.16 .25 ..16 .25
I Mar
Wyandot
25 .20 Mar 4 .20 Mar 4 .10 Dec
.25 •____
.25
•-- .25
basis.
Ex-rights. 3 Kz-OIyaad rights. s Ex-div. Ex-stock div. a Assessment Paid e Pflee on new
•Bid and asked prices: no sales on 8815 day




3070

THE CHRONTCLE

Outside Stock Exchanges
Boston Bond Record.
-Transactions in bonds at Boston
Stock Exchange June 14 to June 20, both inclusive:
High.
58 June
82% Feb
97 June
75 June
98 June
9715 Mar
Feb
102
9355 June
Mar
90
9115 June
Apr
97
95% May
96 June
100 June
100 June
9755 Feb
124% Mar
99 June

Baltimore Stock Exchange.
-Record of transactions at
Baltimore Stock Exchange June 14 to June 20, both inclusive, compiled from official lists:

8
651
141
92
1,141
727
102
143
161
200
95
890
50
15
5
20
248
33
12
67
20
25
35
13
207
2
429
5
415
92
252
14
$5,000
1,000
8,000
1,000
9,000
7.000
5,500
38,500
40,000
1,000
18,000
2,000
3,000
2,000
7,000
1,000
42.000
3.000
7,000
8,000
23,000
4,900
4,000
16,000
itannn

9251 June
94 June
10134 Feb
100 June
95 June
10434 June
10815 June
10834 Feb
93
Apr
90 June
9815 May
9234 June
8734 J_ne
6834 June
9515 Mar
84 May
92 June
9934 June
9634 June
7234 Jan
5234 Jan
75
Jan
9934 Jan
97
Jan
-... . _

Philadelphia Stock Exchange.
-Record of transactions
at Philadelphia Stock Exchange June 14 to June 20, both
inclusive, compiled from official sales lists:
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
-Par.
Price. Low. High. Shares.
Stocks

•

10
Alliance Insurance
Amer Elec Power Co..--50
Preferred
100
American Gas of N J_ _ _100
American Stores
*
Brill(JO)Co
100
Cambria Iron
so
Consol Traction of N J.100
East Shore0StE 8% pf.25
Eisenlohr (Otto)
100
Elec Storage Battery.- -100
Erie Lighting Co
•
General Asphalt
100
Insurance Co of N A_ _ _ _10
Lake Superior Corp_ _100
Lehigh Navigation
so
Lehigh Valley
50
Warrants
One dollar paid
Leh Val Coal otts of hst--io
Lit Brothera
Penn Cent Light & POW..
Pennsylvania Salt hug....5o
Pennsylvania RR
50
Phila Co (Pittao)
so
Preferred (5%)
50
Preferred (cumni6%)
-50




32
32
82
82
91
94%
91
10455 103% 108
29% 29% 30%
92
92
9834
39
39
42
45
45
24
24
37
37
58% 58
25% 25% 25)5
40% 40%
53
52% 51
3
351
78%
7851 75
43% 4451
3231 33%
34
3534
35
35
2354
22
22
59
59
59
8155 82%
82
44% 44%
48% 4851
3334 3354
44% 44%

7
76
189
903
9,445
150
5
539
10
30
320
119
200
970
1,010
2,034
1,257
86
1,050
50
15,248
10
197
3,485
300
10
73

Range since Jan. 1.
Low.

High.

32
Jan
22% Apr
77% Mar
7755 Apr
26% Apr
85% Jan
38% Apr
31
Feb
24
Mar
33 May
50% May
23% Jan
33
Apr
4855 Jan
255 June
84% Jan
39% Apr
25% Apr
34 June
35 June
22 June
57
Jan
80% June
4234 Jan
43
Apr
33
Jan
42
Jan

35
Feb
82% June
96 June
109 June
32
Mar
123
Jan
41
Mar
45 June
25
Jan
111% Jan
63% Feb
25% May
45% Feb
56
Feb
415 Jan
78% June
72
Jan
3351 June
35% June
35 June
2555 May
80
Jan
89
Feb
4034 Jan
48% June
35
Feb
4454 June

Pittsburgh Stock Exchange.
-Record of transactions at
Pittsburgh Stock Exchange June 14 to June 20, both inclusive, compiled from official sales ists:
mate
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.

Stocks-

Am Wind GI Mach, p1.100
Am Wind Glass, pref _ -100
Arkansas Nat Gas, com-10
Carnegie Lead & Zinc_ ....5
Federal Metals
•
Jones-Laugh Steel. Pf-100
Lone Star Gas
25
Mfrs Light & Heat
50
Nat Fireproofing, com_50
Preferred
50
Ohio Fuel Supply
25
Oklahoma Natural Gas. 25
.15
Peoples Sav & Tr Co_ _ _100
Pittsburgh Brew. pref._ _50
Pittsburgh Coal, com_100
Preferred
100
Pittsburgh Malleable Iron_
Pittsb & Mt Shasta Cop_ _1
Pittsburgh Plate Glass_100
Salt Creek Consol Oil_ _ _10
Standard Plate Glass._ _ ..•
Prior preferred
Stand San'y Mfg, com _ _26
Union Natural Gas
25
Wearhouse Air Brake_ _ _50
Whouse El & Mfg,com_50

9315 9334
110
110 110
434
455 5
2
234
34
34
34
114 114
2774 2735
5234 5155 5234
7
7
2234 2234
3211 32
3274
2355 2334 24
320 320
7
7
59
59
99
99
95
95
70
lic
238
238 245
8
8
3174 3115 3374
100 100
9034 9034
2855 2534 2815
94
91
9434
60
13031

Bonds
Pittsburgh Brew 135_ _ _1949
Pittsburgh Coal deb 561931
Pitt, 11,TnIC Ar rnnn Au 1021

85
99

85
99

ABU

0534

25
160
1,152
1,270
2,510
35
620
490
115
45
710
825
90
100
10
10
25
2,500
49
888
65
202
15
230
352
108
$2,000
1,000
2(100

Range since Jan. 1.
Low.

High.

9234 May
107
Mar
455 June
1% may
34 June
104
Mar
2815 Jan
51
Apr
7 Juno
2055 Jan
31
Feb
2234 May
310
Feb
454 Jan
5834 May
9455 Mar
90
Feb
50 Mar
209
Jan
774 Apr
25
Jan
9955 Apr
9034 June
2434 Feb
84
Feb
5535 May

9851 Mar
112
Feb
7
Apr
8
Apr
35 J_ne
11434 June
2834 Jan
5434 Jan
934 Feb
2434 Feb
3336 Feb
2534 Mar
325 May
8
Apr
62
Jan
100
Apr
95 June
lbc
Jan
265
Mar
1034 Jan
3955 June
101
May
110
Jan
2934 Jan
91355 Jan
65
Jan

8274 May
98
Mar

85
99

June
June

1121.4

07

Am-

Jan

Chicago Stock Exchange.
-Record of transactions at
Chicago Stock Exchange June 14 to June 20, both inclusive,
compiled from official sales lists:
•
Stocks-

rrtaay
Sales
Last Week's Range for
Sale
of Prices. Week.
Par. Price. Low. High. Shares.

Amer Pub Saw, pref _ --100
American ShipbuildIng_100
Preferred
100
Armour & Co (Del). pf-100 8515
Armour & Co. pref.. ___ _100
Armour Leather, pref. _100
Balaban & Katz v t c..26 44
Preferred
100 8754
Bassick-Alemite Corp..' 3074
Beaver Board, pref uts_100 15
Borg & Beck
• 2355
Bridgeport Mach Co,corns
Case (J I). 1st pref. _100
2d preferred
100
15
Cent III Pub S3rv, pref_ •
Coto City & Con RyProfit sharing com
•
Prefeed
rr
•
Chic Motor Coach. com_ _5 124
Preferred
100
Chic Nipple Mfg Co"A"50 35
Class "B"
so
Chic Rya Part Ctf Series 1.
Com Chem of Tenn "B"__• 1154
Commonw'th Edison_100 127
Consumers Co, coin.---20
334
Continental Motors. _10
834
Crane Co. common
25
Preferred
100
Cudahy Pack Co, com-100
Daniel Boone Wool Mills 25 2555
Decker (Alf)& Cohn,Inc_• 19
Deere & Co, prof
100
Diamond Match
100
Eddy Paper Corp (The)- •
Fair Corp (The), pref_100 10 55
Gill Mfg Co
•
Godchaux Sugar,cons_
•
Gossard, H W,pref
4
.
Hammen:Mil Paper, ptioo 102
Hart,schatIdgmarx,com100
Hupp Motor
10 1255
Hurley' Machine Co
• 53
Illinois Nor UM,pref-100
Indep Pneumatic Tool_ _ _• 85
Internat Lamp Corp_ _25
.
12,....nlry
Viva rn-V1.7.. Inn

• No par value.

12712

86
59
87
85
73
47
4215
8734
3055
1334
2155
534
1
55
85

8851
5934
87
8515
75
47
44
3734
32
15
24
551
134
45
85

3%

1
3%

117 124
83
85
3431 3534
1515 1555
5
5
1134 II%
12876 127
211 374
834 855
33% 3334
10934 110
58
56
24
2555
1851 19
62
62
11855 11855
15
15
103 10334
5% 574
354 315
2434 2436
102 10334
12255 124
12
1215
5114 53
8434 85
82
85
1
135
07 12

GM IL

at* 'owb w

atm

High.
85 . Jan
Mar
89
60 June
124 June
4235 June
Mar
39
2734 Apr
115 Jan
434 Jan
Feb
112
3134 Feb
2534 Jan
2834 Mar
11934 June
10115 May
Apr
110
120 May
8134 Jan
Mar
95
Mar
106
90 June
Apr
47
Jan
27
1834 Feb
Mar
9
9315 Feb
Jan
53
Mar
23
83
Jan
10634 Apr
64 June
Mar
21
8034 Jan
40
Jan
7535 June
11715 June
3034 Feb
1834 May
15534 Jan
7
Apr
5155 June

35 June
951 June
3455 June
34 June
4515 Feb
4915 June
Jan
39
64
Jan
2034 May
Jan
35
7874 Jan
189 June
11-16 Feb
134 Feb
43
Jan
19534 June
7534 June
58 June
Jan
8
42
Mar
8834 Feb

Bonds
Amer Gas& Elec 55_ _ _2007
86
9034 $12,800 84
Mar 9034 June
Bell Tel lot 55
1948
9914 9955 1,000 9734 Jan 0934 June
Cons Trac N J 1st 55_ _1932 76
76
78
1,000 6134 Jan 78 June
Elec dr Poop tr cgs 48_1945 8255 8234 65
26,600 62 May 68
Mar
Inter-State Rys coll 4s1943
4634 60
27,000 44
Feb 60 June
Keystone Tel 1st 55_ _ _1935 8434 84
8434 8,000 75
Jan 8434 June
Peop Pass tr ctfs 45_ _ _1943 72
7151 72
10,000 6934 Jan 72 June
Phila Co cons & stpd 551951
9234 9234 8,000
Jan
Phila Electric 1st 55._ _1968 100% 9934 10034 37,500 8834 Feb 9234 May
97
101
Mar
555s
11347
102 10274 26,000 9934 Jan 10274 June
5345
1953 10274 10231 103
25,000 9834 Jan 103 June
6s
1941 106
10534 106
42,000 10374 Jan 106 May
Reading Coal 55
1973
9834 99
13.000 9351 Apr 99 June
Span Amer Iron 85_ _1927
102 102
2,000 100
Apr 102 June
United Rys gold tr ctf 48'49
84
73
16,000 54
Mar 73 June
United Rys & Inv 55_ _1926
98
98
7,000 93
Jan 98 June
West Penn Power 1st 85'58
102% 10251 1.000 1021J June 10234 Innn

00000tCrp0Org.00C.OW

RA

iso

Low.

.
...

9234 9251
94
94
10034 10134
100 100
95
95
10434 10474
10755 10834
10734 10834
9255 93
90
90
9834 9815
9134 9234
8734 8734
6834 6855
9434 9455
8334 8334
9134 92
9955 9955
9634 9634
7134 7134
51
5134
7055 71
9715 98
9634 9634

55
10
420
44
10
93
80
50

ONNO4000.00W1-VN. 00.1.Nt..00.1.4.MC.PO4.4.
,
. ....
.
..
N
N
•

63
63
87
87
5834 60
121 121
4234 4251
3634 3634
2634 2655
%
54
234 255
110 11034
2434 26
24
2434
2555 2534
11734 11934
10015 10134
106% 107
mg 120
71
7215
75
79
100 100
81
90
46
4834
2834 2634
1734 1734
751 8
9034 92
5054 51
2234 2234
7834 80
104 104
64
64
19
20
45
4515
3834 3815
75
75
11434 11755
24
24
1755 1734
148 150
6
7
5134 5134

OMV.MMOI
.

Alabama Co,2d pref..-100
Armstrong-Cator8% pref.*
Arundel Sand & Gravel_100 60
Atlan Coast L (Conn)_ _100
Baltimore Electric, pref _50
Benesch (I), corn
*
Preferred
25
Cent Teresa Sugar, com_10
Preferred
10
Chas & Pot Tel of Balt _100 11055
Commercial Credit
• 2434
Preferred
25 24
Preferred B
25 2534
Como'Gas,EL & Pow.100
634% preferred
100 101
7% preferred
100 107
8% preferred
100 120
Consolidation Coal__ _100
Eastern Rolling Mlli
•
8% preferred
100
Fidelity & Deposit
50
Finance Co of America_ _ 25
Preferred
25
Finance Serv. Class A_ _ _ 10
Preferred
10
Houston Oil pref tr ctf5-100 92
Manufacturers Finance_25
26 preferred
25
Maryland Casualty Co_ _25 80
Merch & Min Tr Co_ - _100
Metz Cos Ina CO, N Y _ _ _25
Monon Vali Trac, pref_ _25 20
Mt V-Wood M,pf v t r_100
New Amster'm Cu Co_100
Northern Central
50
Penn Water & Power_ _100 11734
Silica Gel Corp v t com-_-*
United Ry & Electric_ _50
US Fidelity & Guar_ -50
Wash Bait & Annap__ _50
West Md Diary Inc, pf_ _50
Bonds
Alabama Cons C & I 551933
Alabama Co gen 135_ _1933
Bernheimer-Leader 78_1943 101
Consolidated Gas 5s._ 1939 100
Cons G,E L & P 4%5_1935
Series A 85
1949
Series 13 6558
1951 108
Series C 75
1931 108
Congo! Coal ref 4.55s_ _1934
Refunoing 55
1950
Elkhorn Coal Corp 65.1925 9834
Fair & Clarks Trac 55_1938
Georgia & Ala cons 55_1945
Macon Dug & Sav 55_ _1947
Mary'd Eiec Ry 1st 5s 1931 9415
Monon Valley Trac 5s_1942
Norf & Ports Trac 58_ _1936
Penn Wat & Power 58_1940 9914
United E L de P 4558-1929
United Ey de Elec 4s.1949 7134
Income 45
1949 51
Funding 55
1938
1949 98
65
6s
1927 9615
- •-• - •
- --""

Range since Jan. 1.

eggggVHigal2riq4M'egiWIN.ligalipsgiall
ratitigg,IgLigggggPsti2cateagal
X
x
X
X
or.0.0*.0.0XXXXXX XXXXX XXXXX
X
mmcw.,,
,mo.,00,000c..o.mb.0.001.0N.In.4.0N.0..40.40 Nmom....t.00.1.4 x X XXX
m000k—twoo
4* 00000000WWOMMWOMOVOCIOa

Stocks-

Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.

High.

Low.

3474 18,978 29 May
955 1,866
3
Mar
3435
3435 4,059 33 June
3351
34
728 2974 Mar
45
Jan
5 41
200 4434 May
4934
32%
35
6,182 3234 June
82
82
144
iosi 1834 1,790 5834 May
9
Jan
35
35
35
215 3134 Apr
5574 56%
110 5151 May
189 169
37 185
Feb
15 9-16 2,330 7-18 Apr
1 7-16 1 7-16 2,050
155 Jan
3834 39
470 3834 June
19555 19555 19514
12 18834 Jan
7534 72
7515 25,417 58% Jan
57
5634 58
427 5534 Jan
8
8
8
50
755 May
3755 3755
30 35 May
61
61
61
120 61 June

to.

Jan
Jan
Jan
Jan
Apr
June
May
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Mar
May
Jan
Jan

Range since Jan. 1.

3351
831
3374
3374
45
4915
3234
8054

1awb

Low.

369.000 42
2,000 80
4,000 9255
8.000 60
1,000 78
5,000 9715
7,000 9955
5,000 85
5,500 87
10,000 87
13.000 9434
9,000 91
13,000 92
15,000 97
2,000 98
14,000 9435
5,000 108
11,000 95%

34%

.14

AU G & W I SS L 58_1959 56% 55% 58
Chic Juno Ry & US V 45'40
81
8255
58
1940 97
95
27
E Mass St RR Ser B 551948 75
65
75
Series D 6s
1948 98
98
98
Fla Pub, Ser A 8155_1949
9755 97%
Hood Rubber 75
1936 101% 10155 10134
C Clin & Syr 1st 5.5_1925
93% 9351
K C Mem & Birm 4s..1934
88
88
Income 55
1934
9114
91
Maas Gas 415s
1929
98% 96%
4555
1931
95
95
Miss River Power 5s._1951
95% 96
New England Tel 5s_ _1932
99% 100
Series A
1952
100 100
Swift & Co 55
1944 95
95
95%
Warren Bros 7555--1937
113 113
Western Tel& Tel 5s_ _1932 99
98% 99

Range since Jan. 1.

Phila Electric of Pa_ _ _ _25
Warrants
Receipts, full paid
Preferred
25
Phila. Insulated Wire _ •
Phila & Read Coal & Iron-•
Phila Rapid Transit_ _ _50
Philadelphia Traction_ _50
Mlle, & Western
so
Preferred
50
Reading Company
50
13th & 15th Sta Pass_ _ _ _50
Tono-Belmont Devei__ _1
Tonopah Mining
1
Union Traction
50
United Cos of NJ
100
United Gas Impt
50
Preferred
50
Warwick Iron & Steel__ _10
West Jersey & Sea Shore_50
Westmoreland Coal
50

mw

Bonds
-

Yriaap
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.

amON..0062..0.0WNW..NO.s/wo
tOlnOSS8800000V..0000004 0P000000
,

Friday
Last Week's Range Sales
Sale
of Prices.
for
Price. Low. High. Week.

[VOL. HS.

Range since Jan. 1.
Low.
85
58
87
83
69
47
38
8574
2774
13
20
515
1
51
85

4 Jan
Mar
3
117 June
83 June
May
34
1555 May
5 June
1155 June
12611 May
23-4 June
8
Apr
Mar
30
10715 Mar
Apr
55
2174 June
Apr
17
May
61
11674 June
15 June
10034 Apr
53-4 June
374 Seine

23 may
June

10034
118
1034
48
84
82
I

High:

May 90
Feb 83
Mar 89
May 9315
Apr 84
June 7834
Apr 6174
Apr 100
May 3874
June 18
June 31
June 1274
June
454
Apr
%
Jan 89

Jan
June
Apr
Jan
June
Mar

RAW June

Jan
Jan
Feb
Jan
Feb
Mar
Jan
Mar
Jan
Mar
Jan
Mar
Jan
Jan

Jan

55 Jan
Jan
4
195
Feb
95
Jan
4834 Mar
2215 Jan
15
Feb
1455 Jan
138
Jab
415 Jan
851 Jan
40 MO
11255 Jan
Jan
60
Jan
38
Jan
19
Jan
75
12034 Jan
551 Jan
103% Jan
Jan
18
Jae]
8
30
Jar
10331 June
120
Man
1731 Jan
5334 June
8634 Jan
8055 Jan
Jan
9
8754 Feb

JUNE 21 1924.]
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
* Stocks (Concluded) Par. Price. Low. High. Shares.
10
Kuppenheimer. Pref-100 904 904 90%
918
44 414
434
Libby, McNeal & Libby-10
2
50
2
10
Lindsay Light
450
McCord Rad Mfg Co"A"• 3454 3354 35%
•
2.375
11
12
Maluay-Norrb3 Mfg
Middle West UM,com___• 534 534 54% 1,332
956
87% 8835
100 88
Preferred
410
95
95%
Prior lien preferred-100 95
100
16
.10
16
Murray (J W) Mfg Co.
140
115 118
Nat!Carbon, prof (new)100
10
878
2% 24
234
National Leather
9554 954
10
People's Gas Lt& Coke.100
18
10
310
1854
Pick (Albert) & Co
Pines Winterfroot "A"- _ _5 2434 23% 2534 6,410
99 100%
215
Pub Serv of N III, corn_ •
145
Pub Serv of N III, com-100 100% 1004 10054
100 91
90% 91
793
Preferred
255 260
100 260
575
Quaker Oats Co
100 101
10054 101
110
Preferred
Real Rug Hosiery Mills.
.10 34% 33% 35
1,490
15
10 15
15h
402
Reo Motor
87% 88
120
Sears-Roebuck, corn_ _100
35
35%
764
Standard Gas dr Elec Co_ •
• 4754 48
50 48
Preferred
838
-Warn Speed,com• 66% 6234 68
47,850
Stewart
1004 101
100 101
1,440
Swift & Co
15 20% 20% 204 1,920
Swift International
46
48
Thompson,J R,cora.__ _25
1,150
3,450
Union Carbide & Carbon 10 57% 57% 58
United Light & Power
Common "A" w I a_ _ _ _• 324 30% 32% 1,895
3534 37
Common "B" w a _ _ _ _• 37
200
Preferred "A" w 1 a_-__• 77% 774 784
80
320
Preferred "B" w I a_ __ _* 46% 45% 464
77% 774
25
Unit Lt & Rya let pref-100
17
1754
286
United Pap Board,com.100 17
20 83
82
84%
605
U S Gypsum
100
Preferred
10534 1054
95
154 15%
Vesta Battery Corp, corn_*
25
• 35
35
36
Wahl Co
1,00
Cast'gs•
22
23%
Wanner Malleable
905
25% 4,350
Ward, Montg & Co,com.10 25% 24
• 106
105 107%
Class "A"
745
West'n Knitting Mills,Inc•
4
50
54
34
•
554 534
5%
Wolff Mfg Corp
230
• 38% 38
Wrigley, Jr, corn
38% 4,900
Yellow Cab Mfg,Cl"B".10 48% 46% 49% 15,580
41% 43% 4,525
Yellow Cab, Inc (Chic)_ •

3071

THE CHRONICLE
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.

Range since Jan. 1.
High.

Range since Jan. 1.
High.

Low.

3,030 11854 Jan 1.3554 Mar
123 133
904 June 92% Jan Amer Lt & Trac, corn._100 131
Mar 9334 Apr
30 91
92
91
100 92
Preferred
6% Jan
4 June
Jan 25
Mar
21
200 21
21
Amer Multlgraph corn_ •
Jan
4
2 May
Jan 258
May
10 202
239 239
30
Apr 3754 Feb Amer Pow & Light,com100 239
121 12234 1,700 12054 June 12234 June
11 June 2054 Jan Am Tel & Tel new w 1-10
Feb
20 96 June 103
97
97
Jan 5754 Mar Amer Type Fdrs corn _100
43
8854 1,315 6654 May 93 June
78
Jan Appalachian Pow, com_100 87
Mar 89
83
20 33 June 40 June
3834 40
Arkansas Lt& Pr corn._100
Jan 9954 Jan
94
Mar
Apr 83
10 72
72
72
Feb Armour & Co (His). pf.100
16 June 20
24 Feb
600
14 May
13-4 14
Jan Atlantic•Frult & Bug w 1_ *
115 June 125
934 June 1334 Feb
94 94 1,100
Shoes, Inc, corn_ _10
234 Jan
434 Jan Biyn
35 11754 Mar 1284 May
1174 1183,4
.190
Feb Borden Co, common..
9354 May 97
2,500 2034 Jan 2354 May
-Am Tob ord bear_ _ _fl 2234 2234 23
17% Apr 21% Jan Brit
700 2134 Feb 2334 May
22%
223-4
Ordinary registered_ _Ll
19% Apr 254 June
Jan
1,200 104 Jan 14
10 1255 12% 13
Apr Brooklyn City RR
99 June 103
June
20 10731 Jan 111
111 111
Apr Campbell SOUP. pref _ _ _100
97 May 103
234 Feb
1 May
1
llie
134 11,600
90% June 9954 Jan Candy Products Corp _ __2
234 Jan
1,500 606 June
60e 900
..25
Feb Car Ltg & Power corn.
Apr 295
250
1% Jan
700 870 June
870 906
9954 May 10134 Jan Cent Teresa Sugar corn_ _10
5,900 2554 Apr 324 June
29 May 35 June Centrifugal Cast Iron Pipe* 324 2834 34
Jan
200 174 June 40
1634 1634 17
19% Jan Checker Cab Mfg, Cl A.
15 Jun
500 339-4 May 4034 Jan
344 35
80 May 954 Feb Chic Nipple Mfg cl A__ _50 35
Jan
300 32 May 37
June Childs Co, new stock_ _* 354 3534 3534
304 Jan 36
Feb
590 132 June 155
46% May 48% Jan Cities Service. com__ -100 13454 133 136
Preferred
100 724 7254 733.4 1,200 6634 Jan 74 May
Jan
534 May 101
674 Mar
654 Jan
100
63-4 654
Preferred B
10
10034 May 105% Mar
Feb
Jan 98
81
82 322,000 77
81
Stock scrip
Jan 23% Jan
19
Jan
33,000 70 May 74
70
70
70
Cash scrip
42% Apr 5054 Jan
Jan
600 13% May 16
1334
• 1334 1334
Bankers' shares
55
Apr 634 Feb
17
200 17 June 23% Jan
1754
Cleveland Auto, corn_ _ _ _ * • 17
Mar
Apr 85
10 82
85
85
100
Preferred
28% May 3254 Mar
20 2231 Feb 3451 MaY
34
34
May 37 June Colorado Power corn__ _100
31
Feb 97 June
9054 9454 1,645 56
94
Mar Com'wealth Pow Corp _ _
75% Apr 80
200 20% May 2634 Jan
2234 2254
Mar Continental Tobacco_ _ _ _•
434 Apr 46
• 3334 3354 3334 1,100 3234 May 4054 Feb
Jan Cuba Company
75% Apr 81
Apr 1014 June
10434 105
50 88
17 June 21% Jan Del Lack dc West Coal_ _50
800 10234 June 104 June
10234 104
Jan Detroit Edison Interim rets 104
Apr 99
78
• 1934 183.4 1934 2,300 18 May 2231 Mar
Apr Doehler Die Casting
10234 Jan 107
Jan Dubilier Condenser & Rad• 3734 3634 3754 10.000 1054 Jan 3754 June
154 June 28
100 23 May 2354 Jan
234 23h
Jan Dunhill International_ _ _ _ •
344 May 42
1
Mar
34 Jan
3
354 3,700
3
20 June 25% Feb Du Pont Motors, Inc_ _ _ _•
900 12 May 3634 Jan
• 1534 14% 1534
21% May 304 Mar Durant Motors, Inc
705 36 June 40 June
40
Jan East Penn Eiec Co com • 3954 36
105 May 112
10134 10234
270 97
•Jan 10231 June
Jan Elec Bond & Share,pref 100 102
1
34 Jan
Mar 19 June
250 11
1634 17
•
84 Jan Elec Ry Securities
4% Apr
Apr
10 410 June 482
410 410
40
Jan Ford Motor of Canada-100
3534 AD
800 52
May 53 June
52% 53
Jan General Motors new w L _ _ 53
44% May 96
760 257
May 28254 Apr
279 282
39 May 64% Jan Gillette Safety Razor_ _ _• 279
9834 9934 1,200 7654 Jan 9954 June
•
Glen Alden Coal
874 Jan 1134 Jan
10
1034 1,100
Goodyear Tire & R,com100 10
Bonds
Feb 61% June
Grand 5-10-25c. Stores_ _ _• 6054 5954 615-4 1,300 35
& Co of Delaware
Armour
354 June
3
354
500
14 Apr
354
Jan Griffith (D W)Class A__ _s
92
-year gold 5345_ _.1943
88)4 88% $2,000 884 Jun
20
900
1
44 June
Feb
34
34 4
52% 54
25,000 49% May 5554 Jan Hall Switch & Sig com_100
Chic City & Con Rys 53'27
600
4
Feb 12 June
12
12
100
55-1927
Preferred
774 77% 6,000 744 May 79% Jan
Chicago Railways
7.000 13
Feb 22 June
• 205-4 2034 22
1927
63
63
1,000 5854 Jan 63 June Hazeltine Corp
5s, Series"A"
364 2,7
174 Feb 3854 June
100 3534 34
1927
Jan Hudson Cos, prof
41% 42
7,000 3954 May 45
.
4s, Series"B"
1934 1831 2034 5,400
934 Mar 21% June
43% 43% 1,000 424 May 43% May Hudson & Manh,com- _100
Purchase money 58
5754 5754
100 4734 Mar 5734 June
100
Jan 107% May
Commonw Edison 55_ _1943
Preferred
99% 9934 10,000 95
5
Feb
2
2% 1,500
2 June
86
87
Lake St Elev 1st 55_ -1928
87 June Intercontinental Rubb _100
48,000 86 Jun
90c
14 3.700 75c June 134 June
10
Mar 69% June Keystone Solether
684 684 2,000 61
Metr W Side El let 45.1938
Jan 5354 Mar
4754
500 41
Extension gold 45_ _1938
Jan 6854 June Kresge Dept Stores, com_• 4534 46
65
654 10,000 58
Jan 7454 June
Northwestern Elev 55_1941 784 784 784 22,000 71
Jan 7954 J_ne Lehigh Power Securities..* 724 6754 7454 5,700 33
8254
500 72 May 8954 Feb
Peop G L& C ref g 5s 1927
93
6,000 8354 Feb 94 June Lehigh Val Coal Sales._ _50 8154 80
94
3634 3354 3634 175,000 2654 Apr 3634 June
85% Mar 89 June Leh Vail Coal. ctfs new w
89
Pub Serv Co let ref g 55'56 89
5,000
89
Jan
6
454 434
100
4 June
44
Swift & Co 1st s f g 5s.1944 954 9554 9554 4.000 9434 May 974 Feb Libby, McNeill & Libby 10
Mar 723.4 Feb
70
500 68
• 694 68
McCrory Stores cl B
84 Jan
800
2 May
2% 334
•
St. Louis Stock Exchange.
-Record of transactions at Mesabi Iron Co Stores..
200 25 June 28 June
27
25
25
St. Louis Stock Exchange June 14 to June 20, both in Metrop 5 to 50 eta
Preferred
88
10 88 June 88 June
88
Mid West Util pref _ _ _ _100
elusive, compiled from official sales lists:
100 18
Jan 25% Mar
20
20
•
Midvale Co
100 19
Feb 2634 June
28% 2834 28%
Friday
Sales
Miss River Pow, com--100
Last Week's Range for
Range since Jan. 1.
National Tea
1,010 151 May 193 June
160 193
Sale
of Prices.
Week.
New (after 150% stk div) 193
Jan
20
5
105 10534 25,200 103 June 105% June
6m 54
High.
StocksLow.
Par. Price. Low. High. Shares.
New Eng Tel & Tel_ _ _ _100
Apr
10
855
New Mar & Ariz Land.._1
Jan
Mar 112
500 109
1094 109 1104
Feb N Y Telep 64% pref.-I00
Boatmen's Bank
144 144
5 144 June 148
Feb
60 94 June 96
94
9534
Feb Nor States Pow pref _ _ _100
First National Bank
21 199 May 201
200
200 200
17
18
400 17 June 26% Jan
Feb Peerless Truck & Motor_ 50
Nat'l Bank of Commerce ------ 138 138
55 1374 June 147
104 1,100 10 MaY 1314 Feb
10
Jan 398 May Pyrene Manufacturing._10
Mercantile Trust Co
10 393
393 393
4% Jan
4
4
44 13,600
Apr
33
934 Mar 114 Jan Radio Corp of Amer,coin.*
United Railways, pref ______.. 10
11
4% Jan
434
Vis 431
9.404 1,54m
5
June
5
Best Clymer Co
2354 294 1,521 184 May 2934
26
Preferred
June 1834 Jan
Jan 5054 Feb Reo Motor Car
Brown Shoe, corn
40
170 40
10 154 15% 17
40
40
14 Jan
200 50c Mar
620 620
Preferred
85
85
10 85 June 9234 Apr Repetti, Inc
5
Jan
48
48
200 47 May 50
Apr Ros nb'n Grain Corp, V _50 48
Carleton Dry Goods, prof..
100 101
60 100 June 103
.
Jan
35
18
2234 1,100 18 Jun
Certain-teed-Erod, let prof. 73
4 73 June 80
Feb Silica Gel Corp, corn v t .• 20
73
73
Jan
Jan 148
Ely & Walker D G,corn_
Jan Singer Manufacturing_ _100 137
137 137
10 125
21
21
330 23 June 24
4c May 17c Jan
70
Fulton Iron Works, corn... 32
40 30 June 3534 Mar Southern Coal & Iron_ _ _ _5
4c 100 58,000
32
32
1554 Jan
Preferred
40 944 June 100
7
AP
944 95
Jan Stutz Motor Car
600
74 754
*
Feb
Hydraulic Press Brick, com
55
6
Feb Swift & Co
230 100 Jun 105
34 334
100 10054
334 May
100 100
Jan
Preferred
6854 6551 663,4
560 624 Jan 6934 Mar Swift Internacional
400 184 Mar 22
15 20% 2054 2034
International Shoe, corn... 74
55 73 May 7934 Jan Tenn Elm Pow, corn
1,300 1734 Jan 3954 June
38)4 3754 39
7334 74
•
Preferred
116 116
12 115 May 118
Feb
614 655
14% 121 1,300 4191H% MayJsn 6854 May
700
2d preferred
• 65
Laclede Steel Co
1231 May
27 100
Jan 125
Feb Thompson(RE)Radio vtc• 12%
100 100
Apr 1104 Mar Timken-Detroit Axle...l0
Missouri PortI'd Cement
96
27 94
7'% Jan
44 1,100
4 Jun
96
97
4
5% Feb
National Candy, corn
10 80 May 92
82
82
Jan Tob Prod Exports Corp._•
44 434 1.600
334 Fe
Apr 63% Feb
Second preferred
25 9934 Feb 1023.4 Apr Todd Shipyards Corp__ _ _•
175 56
102 102
44
45
Rice-Stix D G, let pref
5 106
Apr 10854 June Union Carbide & Carbon_•
600 56
Apr 63% Feb
10854 10834
574 58
Feb 634 May
Southwestern Bell Tel, prof
156 103 May 108M June Unit Bakeries Corp, com_• 6134 330
1054 10854
2,700 43
62
Wagner Electric, corn
25
25
17 20 May 344 Jan
Jan 90% June
300 85
Preferred
100 8954 8934 8934
Wagner Elea Corp. prof....7935 7934
2 77 May 944 Feb United G & E corn new.
4154 9,400 185-4 Jan 4154 June
_ _10 3734 31
75% 7334 7554 3.500 7334 June 75% June
United Gas Impt, corn_ _50
Bonds
100 57 June 57 June
57
57
Preferred
50 57
East St Louis dr Sub Co 55_
260 32 June 32 June
78% 80)4 814,000 7754 Feb 8134 Max United Lt & Pow, corn A_• 32
32
32
United Railways 45
70
70
71
42.000 61
Mar 71
June
6
6
Common. Class B
600 37 3 ay 3754 June
100
• 374 3744 3744
5g ,June
734 Feb
4s, certificates
69
69
1,000 61
Mar 69
Jar United Profit Sharing_ _ _ _1
54 Jan
45, certificates stamped_ 674 6734 674 3,000 61
Jan 6754 Jar Unit Retail Stores Candy-*
5
5
1,100
4
Mar
5
Telephone 6s
Kinioch
134 Jan
10234 102% 1,000 1014 Feb 10234 June US Light & Heat, coin _10
500 50c May
51c 650
9854 98% 3,000 964 Jan 984 June Wanner Mall Cast A__ •
Jan
Kinloch ong Distance 55_
200 52% June 23
194
22
22
nes', nnlz A MA n7 v...
..
no*, vs-,
4
Jan 814 Feb
400
74
76
Ward Corp corn Class A..
8
17
• 17
1754 4,800 143-4 Apr 224 Jan
Common Class B
Feb
814 8434 2,000 79% Jan 85
-Below is a record of the transNew York Curb Market.
7% preferred
100
14% 1334 104 4,900 1334 June 14% June
actions in the New York Curb Market from Juno 14 to Ware Radio Corp, WI •
834 Jan
154 June
400
1)4 19-4
Waring Hat Mfg
25 344 Jan 3634 June
384 3634
Warren
•
June 20, both inclusive, as compiled from the official lists. WesternBros Co corn
70 26
Mar 3034 Apr
2854 294
Pr Corp, com_100
Apr 39% Jan
800 17
19
184 19
As noted in our issue of July 2 1921, the New York Curb Yellow Taxi Corp, N Y._•

H

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.
Friday
Sales
Last Week's Range for
Weekending June 20.
Sale
Week.
of Prices.
Par, Price. Low. High. Shares.
Stocks-Indus. & Miscellaneous.
10
154 14
200
Acme Coal Mining
31% 35% 2,875
Adirondack Pr & L corn 100 35
3
3
100
Packers common. •
Allied
20
25
700
Prior preferred......100
100
Amalgamated Leather. _ _• 10% 1034 1034
97
97
200
Amer Cotton Feb, pref-100 72
70
72
2,070
Amer Gas & Elea corn---*
44% 45
600
50
Preferred
100
1054 1034
Amer-Hawallan SS ___ 10
•No par value.




Range since Jan. 1.
Low.
154
224
14
144
104
95
434
4154
8

Jan
Feb
Mar
June
June
Jan
Jan
Apr
Apr

High.
3
3534
54
30
16%
98
72
45
14

Jan
June
Jan
Jan
Jan
Mar
June
June
Jan

Rights
Borden Co
Former Standard Oil
Subsidiaries
Anglo-American OIL.._
Borne Scryniser Co_ _ _100
Buckeye Pipe Line
50
Chesebrough Mfg, new._25
Preferred
100
Cumberland Pipe Line 100
Eureka Pipe Line
100
Galena-Signal 011, com_100
Preferred (old)
100
Preferred new
100
Humble Oil & Refining__25
Illinois Pipe Line
100
Imperial Oil(Can) coup_25
Indiana Pipe Line
50
Magnolia Petroleum_ _ _100
National Transit _ __ _12.50
New York Transit
100
Ohio 011
25

151

6,100

1

15
15%
220 224
62
61
494 50%
114
113 115
1254 126
954 96%
58% 5634
114
114 114
1034 103% 103%
3634 37%
131 131
1004 10134
92
60% 92
127 12834
21% 21% 22
z70
z70
71
62
61% 61

400
40
100
200
100
40
60
10
50
30
600
10
330
100
45
400
75
1,200

14%
155
60
47%
113
1104
95
55%
114
10034
'35%
130
99
88
124
21
z70
60

14

1 •

Jun

Jun
Jan
Apr
May
Jun
Jan
Fe
June
June
June
Jan
Apr
Apr
Feb
May
Apr
June
May

2

May

Feb
18
265
Mar
85% Jan
52% Mar
115 June
144
Feb
105
Jan
69% Jan
114 June
104
Mar
4354 Mar
161
Jan
119
Jan
100
Jan
162
Jan
27% Feb
97
Jan
79% Jan

3072
Friday
Sales
Former Standard Oil
Lan Week's Range for
Subsidiaries
Sale.
of Prices.
Week.
(Concluded)
Par. Price. Low. High. Shares
Penn Mei Fuel
25 32
32
600
3234
PrairleOil&Gaa
100 212
208 2154 3,475
Prairie Pipe Line
100 1034 102% 104
470
South Penn 011
100 130
129 133
110
Southern Pipe Line.
..100
94% 9535
150
Standard Oil (Indiana). _25 57
56% 57% 37,600
Standard 011 (Kansas)__25 41
39% 41% 2,100
Standard 011(Hy)
25 10635 105% 107
1.900
Standard 011 (Neb)_ _ _100 235
232 235
20
Standard 011 of N Y....25 40
38% 40% 11,100
Stand Oil (Ohlo) corn..100
285 286
30
Preferred
100
11935 119%
40
Swan &Finch
100 4135 4134 43
70
Vacuum OU
25 62% 6035 63% 13,000
Washington 011
10 2834 2834 28%
30

THE CHRONICLE
Range since Jan. 1.
Low.

High.

Bonds (Concluded)-

[Vot.. 118.
Friday
•
Last Week's Range Sales
Sale
of Prices.
for
Price. Low. High. Week.

Range since Jan. 1.

High.
Low.
Amer G & E deb 68_ _ _2014 9634 954 96% 284.000 94
Feb 96% June
Amer Rolling Mill 65_1938 9934 99% 100
100
Feb
98%
American Thread 65..1928 1034 103% 10335 31.000 10135 Apr 10334 June
Jan
2,000
Anaconda Cop Min 6s 1929 1024 10234 102% 35,000 101
Feb 102% Jan
Anglo-Amer 011 7348_1925 10235 102% 10235 51.000 10154 Mar 10235 June
Antilla Sugar 7348....1939 9434 94% 93 49,000
944 June 984 Mar
Assoc Simmons Ilardw133411
1933 783.4 764 7835 95,000
Feb
Atl Gulf cir W i SS I.5s 1959 5735 5536 58 103,000 7135 June 9334 June
42
Jan 5534
Balt & Ohio RR ref 65_1995
1004 10035 293,000 100 June 10035 June
Beaver Board Co 8,6_1933 71
704 7136 17,000 70
Jan 7935 Jan
Beaver Prod 73563
1942 9735
9735 97% 4,000 9734 June 97% June
Belgo-Canad Paper 68_1943
93
93
21,000 92
Apr
Beth Steel equip 78_1935 103% 103 10335 32.000 10235 Feb 94
Feb 1034 Mar
Canadian Nat Rys 78_1935 110
109% 110
22.003 10635 Jan 110 June
Chic R I & Pac 548_19213
10936 100% 19,000 9734 Jan 10036 May
Other Oil Stocks
Childs Co 6s w 1
1929 103
1024 103
53,000 102 June 103 June
Barrington 011 Clam A...10
7
735
7% 1,000
7 June
We Jan
Cities Service 7s,ser 9 1966
Big Indian 011 & Gas
Mar
1,000 11836 Feb 124
119 119
40
3,000
5c
4c June
Sc Feb
7s, ser C
1966
94
94% 9,000 8334 Jan 9534 Mar
Boston-Wyoming 1341_ _1
81e 81e
600 75e May
1% Jan
78 Series D
1966 9235 92
9231 42.000 89
Carib Syndicate
Jan 9535 Mar
335 335 4,500
3%
835 Jan Coium Gmphoph 85..1925
345 Sine
Consolidated Royalties_ _1
1
600
1
1
1% Feb
Jan
NY Trust Co partle Ws
1435 1434 3,000 143.4 June 19
Jan
Creole Syndicate
535
5
5
535 6.300
24 Jan
5% Apr Cons G E L & P Balt 65'49
105 105
82,000 1014 Jan 105%
Darby Petroleum
1
1,000 50c
1
Jan
June
1
7s
1931 10635 10654 1084 114,000 105% Jan 108% June
Derby Oil d6 Ref com_
June
•
700
235 234
234 Jun
Jan
8
v5%a
1952
10136 10131 20.000 93
Preferred
Jan 10135 June
• 18
18
100 18 Jun
18
34% Feb
6358, series D
1951 10834 108 10835 14.000 10635 May 108% June
Engineers Petroleum Co_ _1
Sc
Sc
7.000
60
35 Ma
13e Apr Consol Textile 8*
1941
724 14,000 68% June 97
Ertle On
Jan
5
7c
2.000
7c
Sc May 19e May Cont Pap & Bag M 645'44 7235 70
92
92% 5,000 90 May 95
Federal 011
Feb
5 18e
18e 18c
2,000 15c May 60c
Jan Cuban Telep 734s... _1941
10635 10631 12,000 10634 Jan 107
Gilliland 011 v t c
Feb
500
2% 3
54 Feb Cudahy Pk deb 5358_ _1937
1% Jan
8434 8534 8,000 8134 MaY 88% SSE
Gulf(MCorp of Pa
25 57% 5735 5835 4,200 5635 May 65
Jan
56;
1946
Gulf States Oil & Ref -__5 ------ 550 850
8634 86% 5.000 85 May 8634 June
300 50c Jun
235 Jan Deere & Co 7355
1931
Hudson 011
100 100% 31,000 9935 May 10135 Feb
1
3e
4c
4,000
2c Jun
7c
Jan Detroit City Gas 68..1947
10235 1034 26,000 9934 Jan 10334 Jura
International Petroleum... 1735 1735 1834 11,600 - 16% June 22% Feb
Detroit Edison 6s_ __ _1932
Kirby Petroleum
46,000 1023,6 Jan 105 June
134 134
200
1
Ap
235 Jan DunlopT&R of Am 75_1942 104% 104% 105
Lago Petroleum Corp....-.
92% 92
Fel
93
62,000 90
Jan 94
3
335
335 26,600
235 Jan
5 May Duquesne Light 5348_1949
Latin-Amer 011
102% 10134 10234 143.000 99% Mar 102% June
40
1
4c
5e
3,000
4e May
lin Feb Federal Sugar 68
1933
Livingston Petroleum__ _.•
9836 99 . 43,000 97% Jan 10035 Jae
135 1% 6,600 60e Ma
136
135 June Fisher Body 68
1926
101% 10134 16.000 994 Jan 101% May
Margay 011 Corp
•
850 870
300 85c
Jan
1% Apr
68
1927 1013.4 10134 10134 19,000 9334 Jan 10136 June
Marland 011 of Mexico.. _1
100
2
2
2 Jun
435 Jan
68
1928 101% 100% 101% 47.000 97% Jan 1014 June
Mexico 011 Corp
10 10c
10c 120
4,000
7c May 30e
Jan Gair (Robert) Co 78_1937
Mountain Producers_
Apt
96% 18,000 94% May 100
10 18% 17% 1855 5,700 16
Feb 19% May Galena-Signal 011 78_1930 9636 95
Mutual 011 vot trust W5_5 10
9% 104 9.000
94 May 13% Jan General Asphalt 13s. _1930 105% 10534 105% 39,000 104% Jan 105% Feb
National Fuel Gas
104 10435 5.000 10234 May 10535 Jae
•
96
96
10 85
Jan 96 June General Petroleum 68_1928 9734 9734
New Bradford 011
9734 June
5
5
200
5
444 Feb
6% Jan Gmnd Trunk Ry 6368.1936 107% 1074 97% 51.000 9434 Jan 10735 June
New York 011
10736 14.030 1054 Jan
25
814 835
200
836 Jun
14
Feb Gulf 011 of Pa 55
1937 9736 9714 97% 43,000 94
Ohio Ranger
Jan 934 June
1
20
20
2.000
2c
Jan
6c Apr
Serial deb 5358
100% 100% 3.000 100
1926
Oklahoma Natural Gas....25 24% 24% 24%
Mar 100% SUS
,
50 22
Ap
25
Feb
Serial deb 535s
• 1928
101 101
Omar Oil& Gas
Ma)
1,000 9954 Mar 101
10
58e 58e
600 Mc Feb 80c
Jan Hood Rubber 78
1014 10135 7,000
1936
Peer OU Corporation
Ma)
*
136 135
300
135 Ap
6
Jan Internat Match 636s_ _1943 9434 9435 9435 78.000 90 May 10234 June
Pennsylvania Beaver 011_1
9234 Jan 94%
35e 350
3,000 21e May 62c Feb
984 99
Pennok 011
June
3,000 9734 Feb 99
10 15% 15% 1635 2,700 12% Jan 1635 June Italian Power 645s._ _1928
Kan City Term Ry 535s'26 10135 1014 10135
Red Bank 011
10134 June
25 17% 16
17% 4,700
54 Jan 2535 Apr Kennecott Copper 76_1930 105% 1054 10534 26.000 100% Jan 105% June
Royal Can 011 Syndicate.*
50,000 103
Jan
535 535 5,500
536
235 Ap
6% May Lehigh Pow Scour 6s_ _1927 100% 100% loon 16,000 96
Ryan COID301 Petrol
Jan 100% June
•
4;6 4%
330
34 Jan
535 Mar Lehigh Val Har Term 516'54 100
100 10034 29.000 9535 Jan 10034 June
Salt Creek Conn on
10 z8,35
735 z835
400
735 Jun
1055 Jan LibbyMeNeill&Libby75'31 9635 9634 97
Salt Creek Producers...10 2434 234 24% 6,600
:Fel
59,000 94 June 101
1935 Feb 26% May Liggett Winchester 75_1942
105 105
Sapulpa Refining
1,000
5
5
135
Jar
1.5
200 82e
Jan
235 Mar Manitoba Power 78_ _ _1941 9735 9634 97% 13,000 1024 Jan 10
Sunstar Oil
9534 Jan 9831 Jar
19c
150 220 14,000 15c
25e May Morris & Co 736s
Ap
1930 9634 94
9734 28.000 92 June 1004 Fel
Superior Oil warrants B.__ ...... 550 550
3 200
may 550 June Nat Distillers Prod 78_1930
85
85
6.000 85 June 85 JUDI
Western States0& G_ _1
130 13e
1.000 13c Jun
30c
Jan National Leather 85..1925
9635 9734 37,000
Mal
Wilcox Oil& Gas
1
5%
531 535 4,200
834 Feb New Orl Pub Serv 58..1952 8734 854 87% 101,003 9234 Apr 101
44 May
Woodley Petroleum Co_ __ 10%
8135 Jan 954 Jar
935 11
4.700
7
Ap
13 May Nor States Pow 6358...1933 100% 100% 1034 133,000 98
!'Y" 011 & Gas
Jan 10434 Jun,
1
Sc
So
2,000
Sc Jun
635% gold notes w 1_1933 9735 9736 974 44,000
14c Feb
Mal
9636 May 98
Park & Tilfordes
1938
•
95
96
8.000 84
Mining Stocks
Mal
Penn Pow & Light de B_'52 9235 9235 94 105.000 8735 Feb 9635 June
Arizona Globe Copper._ .1
Jan 94
5e
8c
Sc 25.000
Jan Plilla Electric 5368. _1953 102% 102% 10235 15,000
4c Ap
12c
.
Black Hawk Cons
9835 Jan 102% JUIE
30
1
3c
1,000
le
Jan
5358
4c Mar
1947 1024 102% 10255 11.000 984 Jan 102% June
Black Oak Mines Co
80e
76c 80e 13,600 37e
Jan 80e June Phillips Petrol 748.._1931
Butte & Western Mining_l
15e 15c
1,000 10e Mar 560 Jan
Without warrants
102 102% 7.030
102
Apr 103
Mae
Calaveras Copper
5
134 2%
600
1
35 June Public Service Corp 7s 1941 107% 1073- 107% 69,000 100
Feb
101
Jan 10736 June
Calumet dr Jerome Cop. _1
12e 12e
2,003
70 Feb 25e May Pure 011 Co 635s
1933 95
95
96
50,000 9235 Jan 9635 Ma
Camillo Copper
10
23(
241. 3
10,600
1% May
3 June Shawsheen Mills 7s
1931 104
104 104
12,000 102
Jan 10434 Ma:
Chief Consol Mining
2% 335
1
236
603
335 Jun
Jan Slow-Sheffield 9 & I68229
4
1003.4100% 4,000 97
Consol Copper Mines__ -.1
Jan 100% Ma
235 2% 2,400
2h6
135 Jan
3311 June Solvay & CMOs
1934 10035 1004 1003.4 19.000 99
Apr 10034 June
Cortez Silver
23e 32c 25,000 23c Jun
1 230
70c Mar South CaUf Edison 58_1944 93
9235 93
33.000 8935 Jan 93 Jun
Cresson Cons Gold 161 & M1
335
334 3
1.100
4% Jan Stand 011 of N Y 6%5_1933 109
334 May
108 109
76,000 105% Jan 103% Jun
Diamond BU Butte Reorg_
Sc
8e lie 26,000
40 Jan 15c May
7% serial gold deb_ _1925 10135 1013.4102% 15,000 101% Mar 102% Jun
Engineer Gold Mines Ltd _5 2335 21
23% 8,300
6
Ma
serial gold deb_ _1926
7%
2345 June
10335 1034 15,000 1024 May 105
Eureka Croesus
Jai
4e
1
50
4,000
4c Jun
7% serial gold deb.
15c
Jan
.1927 10534 10535 10534 15.000 105
Jae
Feb 106
Forty-Nine Mining
10e 10e
1
2,000 10c
Jan 10c
7% serial gold deb_1928 106
Jan
10636 106% 12.000 105
Jan me% Fel
Gadsden Copper
600 60c
1,000 60c Jun
7% serial gold deb_1929 106% 106% 107% 23,000 1054 Mar 10735 Jun
600 June
Goldfield Deep 1611nes---5e
3c
3c
3c
6,000
3c Ma
7% serial gold deb_ _1930
8c
Jan
107% 1074 6.000 105
Feb 103 June
Golc,field Development__ _
4c
35
4c
.000
7
3c May 10e
7% serial gold deb_ _1931
Jan
1074 10735 17,000 106
Mar 109
Fel
Goldfield Florence
1
12e 12c
4.000 Ilc Ma
42c Jan Sun Co 7s
1931 100% 10045 1004 14,000 100 May 10236 Ap
Hard Shell Mining
1
20
2c 10,000
lc Fe
65
5c
Jan
1929 100
9936 9935 2,000 96
Harmill Divide
Feb 100% Mal
60
10e
Sc
7c 17,000
2c Jan 10e May Swift & Co 58_ _Oct 15 1932 93
9234 934 78,000 5935 May 93% Jal
Hawthorne Mines, Inc_
330
30e 50e 35,000 15c May 82c
Jan Tidal-Osage 011 7s_ .1931
10335 10334 2,000 10135 Jan 104 1
Heels Mining
4 Ap
250
8%
900
8% 9%
835 Jan
935 Mar Union El L&P of III 536s'54 97% 9735 98
_67,000 94% Apr 98 Jun,
Hilltop-Nevada Mining_l
4c
4e
1,000
le Feb
7c Mar Union 011 (is, series 13_1925
10035 10035 10.000 100
Hollinger Cons Gold Mine 5 134 12% 1335
Jan 10035 Jae
800 II% Mar 134 June United Oil Produc Ss_ _1931 50
48
50
15,000 40 June 794 Fel
Howe Sound Co
2
2
24 2,100
2 June
-1
3
Jan Unit Rys of Havana 7%5'36 1064 1063-6 1013% 8,000 10535 Jan 10734 Ma:
Independence Lead Min...1
7c
Mc
8,000
Sc Apr 18c Feb Vacuum 011 78
1936 10735 107% 10735 50.000 106
Jerome-Verde Develop.. 1
Jan 108 Jun
1
1
600 92e May
Valvoline 011 65
2
Jan
1937
Jib Consol Mining
103 103
000 10135 Apr 103
1,
Fel
470
37c 52e 385,700 15e Mar 52c June WebsterMills6 Si %nob:8'33
10231 1024 14,000 1004 Jan 10235 JIM
Kay Copper Co
13.1 Pt' 20,600
1
1
Apr
P64 Apr
Kerr Lake
100
1% 1%
6
134 Mar
Foreign Government
24 Jan
Lone Star ConsoUdated_ 1
40
45
700
le may
and Municipalities
7c
Jan
Marsh Mining
70
2,000
Te
1
7e May 13e
Jan Netherlands(Kingd)689'72
9235 9334 5,000 8934 Apr 96% SaeEl
Mason Valley Mines
14 135
S
135 June
Exten 13s of 1924...1954
135 Jan
9835 9835 115,003 984 May 9831 Ma:
Mohican Copper
1,030 10c May 48e
200 20e
1
Jan Peru (Republic of) 88_1932
99
99
13,000 9735 Jan 99% Ap
Nevada Hills
330
27e 330 17,000
Russlan Govt634s- - -1919
5e
Jan 33c June
Nevada Sliver Horn
lc
lc
2,000
lc
Certificates
le Feb
lc Feb
12
1235 26,000 10
Jan 3034 Fel
New Cornelia
18
17% 18
500 15% Jan 18% Feb
64* certificates
12
12
11,000
'3% Jan 1836 Ma
New Jersey Zinc
14035 14034
150 1344 May 151% Jan Switzerland Govt 5356; 1929 9935 9935 100
100
134.000 974 Apr 100
NIpisrang Mines
Jal
635
6
631 2,100
Ext 5% notes
535 Jan
6% May
1926 100
9935 100
64,000 9734 Jan 100 Jun
Ohio Copper
Mk • 940 20.600 650 Mar 96c May
1 910
Parmac Porcupine Min _1
16c 16e
• No par value. k Correction. I Listed on the Stock
1,000 160 June 67c Mar
Exchange this week, where
Plymouth Lead Mines_ _1 MC
7,980 30e
54c 1680
Jan 58c June additional transactions will be found. o New
stook. s Option sale. so When
Premier Gold
14 2
1.100
135 Apr
235 Jan Issued. z Ex-dividend. y
Ex-rights. z Ex-stock dividend. o Sales of Cons. Gas
Red Hills Florence
lc
20
8,000
lc
Jan
50
Jan
Red Warrior
30e
320 38o 10,000 21c
Jan 4Se Feb El. Lt. & Pr., Balt., 535s of 1952 at 102. reported last week was an error. There
Rocky Mt Smelt & Ref_ _ _1
1114 135 6,000
1
Apr
1.14 May were no sales at 402. The range for the week should have been
1004 low, 101%
13is
Preferred
135
135 4.600
1
1
Apr
14 June high.
Ruby Rand Mines
25e 250
250
1.000 25c June 250 June
Silver King Div (reorg)..7
2c
2c
1,000
2o
Jan
Sc Apr
South Amer Gold & Plat.1
400
3
335
235 June
4
Feb
Spearhead
130 100 64,000
1
2c Jan 10c June Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
6,000
Superstition Consolidatedlc
lc
lc
lc Mar
2e
Jan
Jet.
......
135
Teck-1lushes
135 2,000
Int.
1116 May
1
135 Jan
Maturity.
Ram. Bid. Asked.
Maturity.
2,400 40e Apr 75c Feb
Tonopah Belmont Deve4-1 ...... 52c 55c
Rats. Bid. Asio•
2,000 17c May 400 Feb
22c 22e
Tonopah Divide
1
Sept. 15 1924
,
1534% 100,1te l 100 81e Dec. 15 1927._. 436% 10235 103
Tonopah Extension
2116 2% 2,500
1% Jan
1 --236
3114 May
Mar. 16 1925._ 434% 101
101%
Mar. 15 1927
2,000
lc
lo
Tonopah North Star
434% 102% 103
lc June
2c May Mar. 15 1926... 455% 102% 102%
Dec. 15 1924.._ 43(
6,700 50c Jun
United Eastern Mining..1
50e 57c
10035 100%
1314 Feb Dee. 15 1925._ 434% 1014 10155
Mar. 15 1925.._ 4%
400 21
22% 23
United Verde Extension 50c 23
1001116 10111s
Jun
29
Jan Sept.15 1926 _
.
1014
12c 150 13,000 10e May 20c
U S Continental Mines--- 13e
Jan June 151025... 431% 101% 1014
101%
414%
800
1
Unity Gold Nilnes
1
Jan
24 Feb
5 ------ 760
2,000 50e June 52c June
500 52e
Verde Mining & Milling. 14 135 3,400
Wenden Copper Mining...
145
1
Apr
135 Jan
2,000 30c Jun
300 35e
West End Consolidated.-5
86c
Jan
CURRENT NOTICES.
4,000
20
2c
30
West End Extension Min.,
2e May
Sc
Jan
6.000 17e May 40e
26e 290
Western Utah Copper- -1
Jan
-"June Investments," issued by Rutter & Co., 14 Wall St.. New York
3c
lc
3c 13,000
Wilbert Mining
le Jun
1
Sc June
1.200 500 May 80c
50c Mc
Yukon Gold Co
5 50e
Jan City, contains a well diversified list of securities embracing Government
and municipal bonds, foreign government bonds, Canadian Government,
Bonds
62% 174,000 48 May 70% Jar; provincial and municipal bonds; railroad and corporation bonds, and
Allied Pack cony deb 85'39 62
60
7335 62,030 57 May 84
8s, series B
1939 733( 69
Jan preferred stocks. Copies of this circular will be sent to Investors on request.
Aluminum Co of Am 78.'33 -- 10,000 105% Mar 107% June
107 107
-A. B. Murray is now associated with Horwitz dc Co. and will assume
78
103 103% 33,000 101% Jan 103% June
1925 103
charge of the trading department.




32
204%
100
129
9034
5535
38%
101
199
37%
277
115%
36
5635
25

Apr
June
Feb
June
Feb
May
June
May
Jan
May
May
June
Jan
Jan
Jan

43
289
111
171
100
68%
5035
120
256%
48
335
120
81
694
29

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
May
Jan
Feb
Feb

Investment an

gailroad bxtelligenct.

Balance,
Fixed
Net after
Gross
Stirs.
Charges.
Taxes.
Earnings.
$
$
$
-3.995
z4,202
207
14,238
'24
York Utilities Co May
-1.831
z4.143
2.312
20,139
'23
-9,169
z20,791
11,622
90,939
May 31 '24
5 mos ended
-3,154
z20.537
17,383
103,082
'23
Increase. Decrease.
1923.
inadvertently printed under the head of East St.
a This statement was
Louis & Suburban Ccs. last week.
$
$
$
* After allowing for other income. z Includes taxes.
13.320
108,734
191,692
485,689
20,000
3.187,000
44,039
324,809
FINANCIAL REPORTS
4.736
363,118
43,918
1,560.264
123,554
491,954
-An index to annual reports of steam
F nancial Reports.
462,635
3.823.034
us companies which

-In the table which
Latest Gross Earnings by Weeks.
follows we sum up separately the earnings for the second
week of June. The table covers 8 roads and shows 7.50%
decrease from the same week last year.
Second Week of June.

1924.

$
95,434
Ann Arbor
293,997
Buffalo Rochester & Pittsburgh_
3.207.000
Canadian Pacific
280,770
Minneapolis & St. Louis
358,382
Mobile & Ohio
1,604,182
-San Francisco
St. Louis
368,400
St. Louis-Southwestern
3.360,399
Southern

3073

Companies.

railroads, street railway and miscellaneo
be given
have been published during the preceding month will will not
the last Saturday of each month. This index
on
it is
In the following we also complete our summary for the include reports in the issue of the "Chronicle" in which of
The latest index will be found in the issue
of June:
published.
first week
May 30. The next will appear in that of June 28.
Increase. Decrease.
1924.
1923.
First Week of June.
•
Northern Pacific Railway Co.
$
$
$
$
-Year Ended Dec. 31 1923.)
(27th Annual Report
1.053.259
(9 roads)- -- 14.053,536 15,106,795
Pre tiously reported
112,523
1.428
111,095
Duluth South Shore & Atlantic_
The remarks of President Charles Donnelly and Chairmai4
2,100
29,000
31,100
Goorgia & Florida
income
302,498 Howard Elliott, together with the comparative
2,077.793 2,380.291
Gr et Northern
and
190
7,767
7.957
Mm eral Range
account and balance sheet, will be found under "Reports
9,609
6.722
2,887
ada-California-Oregon
Nev
43,776 Documents" on a subsequent page.
545,091
588,861
Teaas & Pacific
130.098
369,056
499,154
Western Maryland
The ukual comparative income account, comparative
118, p. 1764.-V.
4,315 1,531,915 balance sheet, &c., was published in V.
17,204.375 18,731,975
otal (16 roads)
1 g97 Ann
Net decrease (8.16%)
118, p. 2825.
-The table
Indianapolis Street Railway.
Net Earnings Monthly to Latest Dates.
following shows the gross and net earnings for STEAM
-Year Ended Dec. 31 1923.)
(Annual Report
railroads reported this week:
INCOME ACCOvNT YEARS ENDED DECEMBER 31.

Total (8 roads)
7,1
Net decrease (7.500

9,568,564 10,344,622

63,918

839,976
77a fing

-oressfromRatlivav- -Net from Railway- -Net after Taxes
1923.
1924.
1924.
1923.
1923.
1924.
$
$
$
$
$
$
New Orleans Great Northern
242,711
59,419
70,912
75,557
53,013
261,070
May
307,812
290.393
378.326
301.004
From Jan 1. 1,247,605 1,164,073

1920.
21.
1922.
1923.
-.812 $4,808,529
Pass,receipts, city lines_ $4,982,421 $5.000,556 5 21 ;,t.,2
237,687
215,329
207,850
Track rentals
Rent terminal bldg., sta276,049
276,328
289,127
286,288
tions, equipment, &c_
44,100
42,658
36,432
38,240
Miscellaneous income__ _
1,572
1,472
3.718
12,330
discount. &c
Interest,
Electric Railway and Other Public Utility Net
$5,527.131 $5.545,164 15.233.327 $5.367.936
Gross earnings
-The following table gives the returns of Maint. way & structures $643.950 $636,159 8548,879 2501,238
Earnings.
626.031
550,120
528.326
ELECTRIC railway and other public utility gross and net Maint. of equipment..... 516,798
958,225
877.213
915.409
850,845
Oper.of power plant_ _
earnings with charges and surplus reported this week:
1,564,501
1,565,814
1.553,811
1.594,879
of cars
417,890
420,418
- Operation
423,657
--Gross Earnings---Net Earnings
427,887
General expense
Previous
Current
Previous
Current
13,962,444 $4,067.883
Year.
Year.
Year.
Year.
Companies.
Total oper. expense $4,034,360 $4,057,361 $1,270,884 $1,300,053
$
$1,492,771 $1,487,802
Net earnings
509,471
437,953
437.360
419,868
American Tel & Tel Co_ _Apr 6,142,250 5,937,193 2,615,226 2,561,492 Taxes
4 mos ended Apr 30- --.24.685,541 23,892,266 10,503,550 10,784,270
1790.582
1832,031
$1,072.903 $1,050.442
taxes
Net, after
May 1,855,491 1,589,994 1,210,608
907,150
Cities Service Co
12 mos ended May 31----16,970,500 16,158,219 9,091,316 8,145.188 Bond interest: RR. Co.,
Citizens St.
1200,000
895.120
157.922
2200.000
156,383
Eastern Mass St it,.v__may 811.694
1200,000
$200,000
54,000.000 5s
922.277 1.007,064
5 mos ended May 31.-- - 4,229.834 4,670,373
Ind. St. Ry. Co.. $4,199,480
199.480
199,480
234,139
197,497
85,531
114,854
East Penn Electric Co_ May 257,198
4s
987.000
981,640
12 mos ended May 31-- _. 3,087,967 2.595,011 1.326,410
Ind. T.& T. Co., $3.191,650
191.650
191,650
188.478
833,000 58
202,567
Co_ May 249,227
78,447
55,597
Southern Utilities
Broad Ripple Traction
742,375
843,729
12 mos ended May 31-- 2,796,970 2.413,616
10,000
10.000
10,000
10,000
Co., 1200.000 5s_ -8,229
407,454
405,413
781,279
Utah Securities Corp_ -.May 831,555
0,108
4.404
2,742
Trust equip. notes_ _ _
12 mos ended May 31_ 10.529,857 9,381.968 5.233,511 4.796,067
Ind. Car Equip. Co.,
11,4511
10,250
9,050
7,850
Balance,
Gross
Preferred stock_ __ _
Fixed
Net after
7,822
27,580
32.759
32,219
Surplus.
Tares.
Notes
Charges.
Earnings.
Companies.
5
s
S
$
$628,631
$645.06S
$647.343
- $638,787
Total deductions-448,876
966,082
$161.951
Apr '24 3,233,626 1,414,958
Amer Water Wks
$187,868
$403.099
$434.116
454,441 Balance, surplus
844,766
& Elec Co
'23 2.979,467 1,299,207
12 111C*3 ended Apr 30 '24 37.886,140 16,377.463 10,692,485 5,684.978 Deductionsfrom surplus
paid,
Sinking fund not
'23 29,901.007 12.690,098 8,625,174 4,064.924
but expended for
$66.666
72.973
64.350
$70,000
273,715 *137.323
$70,000
Appalachian Power May '24
$70,000
construction, year
73,629
53,838
275,613 *127,467
'23
Co
Ind. T. & T. Co., for
60,000
60,000
702,077 1.065,302
12 mos ended May 31 '24 3,513.722 *1.767,379
60,000
60,000
construction, year..
300,000
816,322
648.887
'23 3.146,262 *1,465,209
300.000
300.000
Preferred dividends_(6%)300,000
499,560
648.560
May '24 3,594,557 *1,148.120
Brooklyn-Manbatten Transit
$4,116 def$26,900 def$242,137 der$264,716
'23 3 411 217,
Balance
11 mos ended May 31 '24 35,498,974e10,638,610 7,120,088 3,518.522
GENERAL BALANCE SBEET DECEMBER 31.
'23 33,589.020 9,429.298
1922.
1922.
1922.
1923.
130
15,861
a East St Louis & Apr '24
*15.991
115,984
Lfabliftfes$
$
Assets10.013
15,528
*25,541
Sub-Alton Cos
'23
118.549
5,000,000 5,000,000
Preferred Mock....
37,317 Property, plant &
188,115
12 mos ended Apr 30 '24 1,429,428 *225,432
1.000,000
equipment
22,324,427 22,366,427 Common stock__ 1.000.000
187,247 -30,339
'23 1.371.044 *156,908
194.000 Com,stock held in
Trust equipment
111,026 sinking funds_ _ _ _
1.500,000 1,500,000
64.458
175,484
463,012
Apr '24
Federal Light &
61,136 trust
61,595
102,872
71.631
174,503
454,345
'23
Traction Co
Cit. St. RR.Co.56 4,000,000 4,000.000
equip9.140
578.285 Road and
218.756
8,500
797,041
4 mos ended Apr 30 '24 1.996,189
583.008 Real estate mtge-.
ment
518.927 Indianapolis Car 674,769
260,078
779.005
'23 1,928,663
Ind. St. RY. 48_a_ 4,882,000 4,987.000
3„b 3767,000 3833,000
Ind.T.&T.Co.5
139.305
339,541
478,846
May '24 1,005.038
Hudson &
Equipment Co.
65,000
38,000
120,966
44,378 Car trust certifs._
983,989
461,751340,785
44,378
'23
Common stock_
Manhattan
735,583 Treat equipment._
11,000 Ind. Car Equipm't
5 mos ended May 31 '24 5.027.896 2,429,620 1,694.037
140.000
190,000
509.902 Cash
18,653 Co. contract_ _
63,341
'23 4.796.820 2,208,525 1.698,623
T.H. I. & E. Tr.
270.312 Cashier's working
90.856
361,168
751.661
Kansas City
May '24
700.000
8,700 Co. notes 1933_ 700,000
8,700
fund
260,605
74,962
335.567
Power & Light
694.266
'23
229,091
1,000 Notes& acc'ts pay. 341.209
5,420
4,451,970 1.031.511 3.420,459 Emergency fund
12 mos ended May 31 '24 9,134.945
Wages pay'ler ma133,726
964.999 2.988.250 Accounts recelvle. 347,955
'23 8,466,734 3,953,249
9,997
16,701
tured hits Oa__
843
147,135 Material and sup- 285,535
147,978
87,980
421,834
Municipal Service Apr '24
88,005
292,153 Accrued Int.r &c_ _
plies
963
159,498
160,461
Co & Subs
422,481
433,730
'23
liabilities 459,805
9,922
12.026 Deferred
7,010 1,861,609 Prepaid items,&c_
12 mos ended Apr 30 '24 4,903,036 1,868,610
275.251
21 684
13,257
2,250 Operating reserves
6.913 1,711.590 Suspense
'23 4,551,417 1,718.503
Profit and low _ _ _1 896,393 1,458.267
2.379
13,643
Apr '24
16,022
53,506
North Coast
2,333
23,839,299 23.728.458
14,706
Power Co
47.105
17,039
'23
Total
23,839,299 23,728,456
Total
29,365
170.123
660,501
199,488
12 mos ended Apr 30 '24
'23
a After deducting $1.118,000 in sinking fund. b After daducting
:15,919
May '24
35.751
19,832 $1,233,000 in sinking fund.
80,433
-V. 118, p. 2042.
Phila & Western
:15,665
34,536
'23
18,871
76,885
:79,398
150,561
357,979
71.163
5 mos ended May 31 '24
Stutz Motor Car Co. of America, Inc.
z76,842
146,459
346,727
'23
69,617
(8th Annual Report-Year Ended Dec. 31 1923.)
875,704
R T May '24 3,939,464 *1,170,649
294,945
Philadelphia
'23 4.039,011 *1,125,621
830.995
294,626
Pres. Wm. N. Thompson, N. Y., June 6, wrote in brief:
5 mos ended May 31 '24 18,946.674 *5.468.960 4.331.879 1337,081
The total number of cars sold during the year was 2,373. of which 1,946
'23 18,740.030 *5,299,275 4.163.830 1335,445
cars of
-cylinder cars and 427 were 4-cylinder cars. The 4-cylinder
249,401
May '24
305,480
879,277
56.079 were 6
Republic Ry &
substantial lose.
194,198
23
779,667
249.087
54,889 that model sold during 1923 were sold at a
including
Light Co
is manufacturing new 8 6-cylinder models, 5
The company
418.500
5 mos ended May 31 '24 4.604.659 1.681.050 1,262.460
-passenger closed suburban, a 7-passenger closed Berlin, a -passenger
open
'23 4,070,354 1.341.613
947,789
393,824 7
sport model, a 5-passenger open sport model and a 7-passenger
-passenger
11,281
56,733 -45,452 closed model, together with a small 5 passenger sedan, a small 5
Apr 24
670,977
Electric
United
touring
sotrbelief
$1,995 for
55,334
%I
67.819
663,548
'23
12.485
prices
360ore3er
Rye
roadster.
lcyfneo g neto i
83,819
226.646 -142,827 open mcIeanlA2-passnaer
4 mos ended Apr 30 '24 2.790.020
221,140 -33,956 the we have succeeded in producing an output superior in quality to any
187,184
'23 2.754,788
that
858,611 *320,524
May '24
109,001
211,523 other cars on the market at comparable selling prices. with local de'llers
Virginia Ry
850,198 *306,795
99.317
'23
207,478
It is a work of time to build up satisfactory relations
& Power Co
538.024 1,180,987 and to compete in so doing with companies sufficiently large to maintain
5 mos ended May 31 '24 4,410,593 '1719011
494.194 1.204,534 selling branches of the parent organization which come directly under the
'23 4.330,102 *1,698,728
may be interesting
912,910
503.309
409,601 control of the parent company. In this connection it
Apr '24 2,204.994
West Penn Co
1923 exceeded
827,432
468,449
'23 1,988.973
358.983 to note that the advertising expense incurred during the year also that the
the previous year, and
12 mos ended Apr 30 '24 25,345,239 10,373.858 5,631,444 4.742.414 by $153,533 the corresponding item for
'2320.852.596 8,377,628 4,956,816 3.420,812 company has reduced its bonded indebtedness by 550.008.




3074

THE CHRONTCLE

[VOL. 118.

RESULTS FOR CALENDAR YEARS.
1923.
1922.
1920.
1921.
Netsales
$4,297,134 $2,737,218 $3,071,411 $8,168,356
Cost of manufacture..--- 3,779,793
2,724.836
2,742,396
6,564,344
Selling & general expense
457,354
297,348
302,718
356,078

At the close of the year 96,576 telephones were served by machine switching central offices. After practical experience with these installations we
find that the service they furnish is very satisfactory to telephone users.
Machine switching offices are being installed solely to take care of growth
or to replace manual switchboards that have served their useful life.
Meeting the Demand.
-The demand for service was greater in 1923 than
Net earnings
$59,986 def$284,966 def$27,063 $1,301,294 ever before, but substantial progress has been made in reducing the number
Int. and discount earned
14,164
56,091 of applications deferred on account of lack of facilities The company's
6,002
1,057
aim is to regain with all possible speed its former ability to furnish telephones
Net profit
$74,150 def$278,964 def$26,006 $1,357,385 promptly, but the plant extension made necessary by the unprecedented
Interest, &c., deduct'ns_
demand for service has taxed to the utmost the ability of the company to do
114,685
Federal taxes(estimated)
330.000 • the construction and installation work required.
Inv.losses, bad debts,&c.
Dwelling houses have been erected at an abnormally rapid rate in many
383.415
606,365
Dividends
900.000 localities where hitherto there has been no telephone plant at all. Furnishing facilities in such places involves not only new central office buildings
Balance, surplus
def$40,535 def$662,378 def$632,376
$127,385 and switchboards but also the construction of a large amount of outside
Previous surplus
4,122,395 4,777,704
5,404,414
5,772,858 plant, such as digging trenches, laying conduit and installing cables. This
work requires a much longer time than building the type of dwellings that
TotaL
$4,081.380 $4.115,326 $4,772,943 $5,900,243 have sprung up.
Adjustments
1924 Construction Program -Our construction program for 1924 is greater
Dr.224
Cr.4,071
Cr.7,069
Cr.5,661
Stock dividend
500.000 than for any previous year. and every effort to provide ample facilities is
Capital stock sold
being made. By the end of this year we expect to be able to furnish service
xCr.449,805
to new subscribers promptly in all but a very few localities.
Profit and loss surplus 84,531,441 $4,122,395 $4.777,704 $5.404,314
The gross cost of additions to plant in 1923 was S85.287.997. We
as much or more in 1924. We expect to provide service for 3.000,000
mustpend
stations by the end of 1928 and to handle a daily average of 14.390,000 calls.
x Excess of sales price over declared book value of $5 per share.
Rates.
-In the report for 1922 mention was made of new rates established
BALANCE SHEET DEC. 31.
In January by the New York P. S. Commission:
Assets1923.
1922.
Liabilities-1922.
Shortly after March 1
1923
Land & buildings32,133,291 82.330,998 Capital stock _ _ _ _x81,149,945 81,000,023 went into effect, actual 1923, on which date the rates above referred to
experience thereunder demonstrated that they
Goodwill
2,100,000 2,100,000 Accounts payable_ 275,538
188,817 would not afford to the company the return which the Commission had inCash
720,804
439,821 10-year 7% cony.
tended and predicted that they would yield and that, owing to increasing
Notes receivable_ -1 227,791 219,189
debentures
950,000 1,000.000 costs of operation, the proportion of net revenues to gross revenues was
Accts. receivable...j
Depreciation, &C.,
steadily declining. These facts were recognized by
Commission in its
Mdse. inventory__ 1,924,122 1,619,158
reserve
617,862 report to the Legislature for the year 1923. Afterthe
442,295
these rates had been
Miscellaneous_ _ _
.
31,443
65,954 Accrued accounts_
74,723 given a fair test by more than ten months of actual experience the company.
60,482
Deferred charges _ 272,251
228,700 Surplus
4,531,442 4,122,395 on or about Jan. 23 1924, complained to the Commission against them and
asked the Commission, pending its determination upon
complaint, to
Total
87,409.703 87,003,820
Total
87,409,703 87,003,820 authorize the company to make a temporary increase in such at least suffirates
cient to make them yield the amount of return intended by the Commission.
x Authorized-263,000 shares of no nominal or par value, declared under Thereafter the
company continually urged upon the Commission the
the Stock Corporation Law of the State of New York at $5 per share. necessity for
$1,315.000; less unissued (33,111 shares), $165,055.-V. 118, p. 2961. that it had a expedition, and finally on April 25 1924, being of the opinion
meritorious cause of action, it commenced a suit in the United
States District Court for the Southern District of
enjoin further enforcement of the rates and has been grantedNew York to and partial
Producers & Refiners Corporation.
a temporary
relief pending further action.
The increased costs of operation also caused the net revenues of the com(Annual Report
-Year Ended Dec. 31 1923.)
pany in New Jersey to diminish and made an increase in rates in that State
CONSOLIDATED INCOME ACCOUNT FOR YEARS END. DEC. 31. necessary. A schedule of increased rates was filed, to be effective April 1
1924. but these rates have been suspended by an order of the Board of Public
1922.
1923.
Utility Commissioners pending investigation as to their reasonableness.
Gross sales and earnings from operations
$12,816,319 $10,910,725 Such
investigation at the date of this report is being proceeded with and
Producing,()per., gen. and administrative exps__ _ 8,833.221
6,783,106 several
hearings have already been held.
New Headquarters Building.
Gross earnings
-For several years the present headquarters
$3.983.098 $4,127,620 building of
Other income
the company at 15 Dey St., New York City, has been inade249,438 quate to
191,917
accommodate the administrative and executive forces. As a result
they have
Total earnings
34,175,015 31,377.058 has been been scattered throughout the city and the need for concentration
Deduct-Depreciation
apparent. When the present building was last enlarged in 1904
499,759 the
712.041
Interest and bond expense
549,304 and organization numbered only a few thousand. For reasons of efficiency
523,716
Federal tax provision
63,312 uponeconomy, therefore, a new administration building has been decided
120,000
and work was begun on the foundation in June 1923. The structure
will be
• Net income before depreciation
occupy
S2.819,257 $3,264,684 the full29 stories high, rising 404 ft. above the street level, and willstreets.
block bounded by West, Washington, Barclay and Vesey
Previous surplus
12,991,360
16,052.631
Foundations will be completed in the early summer of this year. and it is
Total surplus
$18,871,888 $16,256,044 expected that the structure will be ready for occupancy about Jan 11926.
Service.
-The number of telephone calls handled over the lines of the
Adjustments prior years
Dr.254,647
years
Preferred dividends
203,413 company at present averages more than 10,000.000 per day. Five larger
206,288
ago the daily average was 6,200.000 calls. As the business assumes
Common dividends
1,776,309
proportions the work of each department becomes more complex. Despite
Minority interest hi subsidiaries
13.851
Increasing difficulties, however, it is gratifying to report that employees are
improving
providing
Total surplus Dec. 31
$16,620,792 $16,052,631 efficiency,service in all branches of the company with steadily is on the
and the standard of service throughout the territory
Surplus
-Earned (sub,to depletion deduction)_ -- - $5,963,289 $5,395,128 highest plane since the war.
Financing.
year.
From appreciation of developed leaseholds
10,657,503 10.657,503 Additions to-There were no new issues of securities during the stock
property were financed by (1) Payments for preferred
CONSOLIDATED BALANCE SHEET.
which had been subscribed for under an installment plan. as described in the
report for 1922. (2) sale of stocks and note sof other Bell System Telephone
1922.
1923.
1922.
1923.
Assets
companies,owned by the company.(3) Loans from the American Telephone
Properties, plants
Common stock...37,395,927 21,221,400 & Telegraph Co.
& developml_ _x51,474,692 35,771,784 Preferred stock...
2,845,350 2,845,350
The usual comparative income account was given in
Invest. In & advs.
minor. stkto assoc.cos._ _A1,819,905 6,372,508 Int. of rsin subs_ _
V. 118, p. 2959.
hold(
865.328
Deferred charges__ 1,352,918
523,289 1st M.(closed) 10BALANCE SHEET DECEMBER 31.
Cash
186,227 1,826,937
Yr. 8% a.t. bds_ 3,916,000 4,438,200
Marketable secur_ 190,862
1922.
1922.
1923.
1923.
188,783 Constr.contr'ctfor
Acc'ts & notes rec.. 2,398,463 1,287,260
Assets
Liabilities
an associated co.
658,006
Accept, receivable,
Real estate
51 783 617 41 350,228 Preferred stock_ 21,885,600 16,601,400
6% tank ear notes_
38,906
associated cos_
765,331 5% lease pur.notes
72,250 Telephone plant.331,680,639 277,403,741 Common stock_204,692,000 204,692,000
Crude & ref. oils._ 1,021.140
Construction in
140,869
Prem.on cap.stk
545,556 Adv. fr. It. owners
Materials & sump_ 1,510,973
progress
44,797,348 36,630,670 Bonded debt_ __137,494,075 138,870,840
626,531
for constr. to be
I.repald fet.,1nsur126,000
113,500
Real est. mtges_
repaid fr. °per_
46,097 Furniture, fixance, &c_
106,091
tures, toolsote 10,362,929 8,883,801 Bills&acc'ts pay. 11,554,797 16,926,019
Def'd obligation._ 1,194,764
Pipe line pur. notes
168,000 Cash A- deposit._ 5,608.186 7,383,802 Accr. liabilities_ 8,136,990 6,903,947
Adv. f^om sysNous d acc'ts pay. 6,901,149 1,920,023 Adv. to system
corporation& _ 5,062,239
tem corp'ns.- 30,711,554
Accr.int.,tax.,&c. 104,033
63,998
Services billed in
Rec've Fed. taxes_ 217,929
383,116 Bills and Reels
receivable_ _ _ _ 16,214,432 19,447,326
advance
332,923 1,001,195
Surplus
_y15,620,792 16,052,631 Stocks
& bonds_ 87,719,480 119,384,743 Reserve for empl
Totai
Sinking funds..
70,061.273 47,907,977 Total
255,739
258,751
benefit fund
4.500,000 4,500,000
70,061,273 47,907,977
Unamort'd debt,
Depree'n reserve107,881,948 94,697,916
, x Includes real estate. royalties, &c.. $35,286,803:
2,272,453
disc't and exp. 3,958,905 4,188,986 Conting. reserve 1,518,141
plant and equipment,
$18,718,383; less reserve for depreciation, $2.530,494. y Including appre- Prepaid expenses 1,022,414 1,235,772 Surplus
29,504,546 29,653,128
ciation of developed leaseholds, $10,657,503, subject
to deduction for depletion.
-V. 118. p. 2190.
Total
558,466,944 516.144,808
Total
558,466,944 516,144808
-V. 118. p. 2314. 2959.

New York Telephone Co.
(Annual Report-Year Ended Dec. 31 1923.)
President H. F. Thurber, May 6, wrote in substance:
Expansion.

-The net gain for the year was 203.230 telephones.
The
year's growth was more than the entire number of
telephones served Jan. 1
1902 by the companies which now constitute the New
York Telephone Co.
It was enough in itself to serve a city of a million
inhabitants.
To connect these telephones with central
of the Bell System required a much largeroffices and to make them a part
amount of labor and equipment
than is generally recognized.
In 1923 our accomplishments included the following:
New
pleted.8 existing buildings enlarged. 17; new central offices buildings comcompleted and
opened (of which 11 are machine switching), 23;additions
to existing central
offices, 241.
Miles of wire added: In underground cable, 1,148,610: in
aerial
117.063; in submarine cable, 566: open wire, aerial, 16,182. Ducts cable,
added
for underground cable equivalent to 863 miles of single
duct.
If the wire added were placed in cable of 200 wires, it would
provide 16
cables from New York to Buffalo. Nor do these figures completely
the effort involved in accomplishing our growth. As a matter indicate
of fact.
422,534 telephones were installed and 219,304 were disconnected to attain
the increase of 203.230 above mentioned, and many complex changes were
made in the central office connections of an even greater number of telephones in order to accommodate the growth without interruption of service.
To effect this growth and to serve the new subscribers required an increased number of employees. The total number at the end of the year
was 57.508, nearly twice as many as at the end of 1918. The property has
been well maintained and is in excellent physical condition.
Telephone Dtrelopment.-During the past ten years the total number of
stations in service throughout the territory of the company increased from
966,893 to 2.041,632, a gain of over 100%. In the same period the population of the same territory increased about 19%. These figures indicate
how much more rapidly telephone development has increased than the
Population of the area we serve. They show also a general recognition that
the value of telephone service is much greater than its cost to the user. If
this were not so the remarkable development we have experienced in the last
IOW years would not have taken place.




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."
Railroads Buy Equipment Valued at $1,783,703.000.
-Class 1 railroads
in 1923 purchased directly from industries fuel, materials and supplies to the
-New York "Evening Post" June 16, p. 22.
$1,783.703,000.
Eastern Roads Plan No Grain Rate Cut.
-R. N. Collyer, Chairman of
the Trunk Line Association denies lines will lower all-rail tolls on Northwestern shipments.
-New York "Evening Post" June 19, p. 19.
Chicago & Alton RR. Negotiations with Enginetrien.-Road is still conducting negotiations with its enginemen and trainmen, who are asking a 5%
wage increase. "Wall Street Journal" June 19, p. 3.
Detroit's Wage Dispute.
-Controversy between Detroit's municipallyowned street railway system and its employes (represented by union officials), in which railway management claims chief issue is recognition of the
union, is to be carried to the State Supreme Court. This action follows
Circuit Court's decision ordering the railway department to arbitrate.
and holding that question of arbitration did not involve union recognition.
"Wall Street Journal" June 17. p. 7.
-S. C.
Rail Merger Plan to Be Less Rigid -Revised groupings from I.
Commission in a few weeks expected to offer numerous alternatives; may
favor Oldham's ideas. "Wall Street Journal" June 17.
Bad Order Freight Cars Increase.-Freight cars in need of repair on June
1 totaled 189,219 or 8.3% of the number on line. This was an increase of
7,075. over number reported on May 15, at which time there were 182,144
or 8%. Of the total number, freight cars in need of heavy repair totaled
138.536 or 6.1%. an increase of 3.299. compared with the number of May

JUNE 21 1924.]

THE CHRONICLE

3075

(2) The option to every holder of surrendering his bonds or any part
of light repair, an increase
15. Reports showed 50,683 or 2.2% in need
thereof to the company for exchange on the basis of £20 cash and $300
since May 15 of 3.776.
of the company for every
-On June 7 the Class 1 railroads of the country had of 7% Non-Cumul. Pantie. Preference shares shares ranking pari passu
Cars.
Surplus Freight
available for £100 of bonds so surrendered, such Preference
356,723 surplus freight cars in good repair and immediately 31. Of the with the existing Preference shares issued. ,
number on May
service. an Increase of 18.197 cars over the vritnin the week: 146.271 were
A Belgian group are giving the company their undertaking that on the
total 172,311 were coal cars, a gain of 3,398 stock cars, a decrease of 88; change in the 1st Mtge. bonds being effected they will exercise the option
were
box cars, an increase of 13,055: 17.010cars increased 658 to 13,156.
referred to above and surrender to the company £4,100,000 of their holding
and the number of surplus refrigerator
of 1st Mtge. bonds. The general effect of carrying out the proposals,
Practically no car shortage is being reported in any part of the country.
litigation assuming that only the Belgian group exercised the option to surrender
Matters Covered in "Chronicle" of June 14.-(a) Reading's new gross and their £4,100,000 of bonds, would be to reduce the total amount of the
showing (editorial). p. 2878: (b) Railroad
-its excellent income
less than funded debt of the company now in the hands of the public by £3.031,926.
net earnings for April, p. 2881; (e) Freight charges consumed President
(5) Of the £2.372,133 of Income bonds outstanding at the time when
(d)
s n
4% of shipqrs' dollars account of life stock in 1923, p. 2915; Pacific land the offer of conversion into 1st Mtge, bonds was made, nearly 75% have
into Northern
s resolution calling for inquiry
Coolidge
already been converted, and holders of several large additional amounts
grants. p. 914; (e) Organization proposed of shippers, regional advisory have indicated their intention of converting. There remain therefore
board in Pacific Coast States. p. 2914.
a comparatively small number of bonds to be dealt with, and in order to
invited to authorize the
bring the matter to a close the bondholders
-Joint Lease of Carolina company to complete the conversion instead areleaving it as a voluntary
Atlantic Coast Line RR.
of
Ohio Ry. Approved by Commission.
operation as at present.
Clinchfield &
(6) The outstanding $8,483,500 Preference shares were originally taken
-V. 118. p. 2946, 2702.
See Carolina Clinchfield & Ohio Ry. below.
up in 1913 for cash by a number of large bondholders who realized the
necessity of providing funds in order to enable the company to continue
Atchison Topeka & Santa Fe Ry.-Acquisition.Its work of construction. These shares were to a great extent subscribed
-V. 118. p. 2946.
See Salina & Santa Fe Ry. below.
and are now largely held by the Belgian group. The Preference shares,as
over a period of
-Re- originally issued, were to be retired the company to 15 years at a premium
Barcelona Traction, Light 8c Power Co., Ltd.
meet this requirement
of 10%. As it was impossible for
valuable right,
Plan.
organization
the Preference shareholders agreed to give up this veryprofits.
the 6% 1st Mtge. bonds and 534% Income bonds will vote receiving in return the right to participate in any surplus 1st Mtge. bonds
Holders of
for the option offered to the holders of the
To provide
June 25 on (1) amending and modifying the terms of the existing authorized
of Preference shares is to be increased from
issue of Prior Lien "B" bonds in the manner following: (a) The rate the present authorized amount
of interest on the bonds to be increased as from June 1 1924 to 6%% Per $12.500,000 to $30,000,000.
(7) It is proposed to reduce the nominal value of the Ordinary shares
annum; (b) the authorized amount of the bonds to be increased from
/2,000,000 to £5.000,000. Out of the additional £2,000,000 so authorized from $100 per share to $50.-V. 118, p. 2823.
an amount exceeding by 10% the amount of the 7% Prior Lien "A" bonds
-Bonds Called.
Baton Rouge Electric Co.
from time to time outstanding to be set aside for the purpose of providing
-year gold bonds, due Feb. 1 1939.
All of the outstanding 1st Mtge.5% 30
for the redemption of such bonds as and when the directors may consider
1 at 105 and int. at the Old Colony
advisable. (c) The unissued balance of the existing £3,000.000 and the have been called for payment Aug.
Boston, Mass.
additional £2,000,000 of the bonds so authorized to carry interest at such Trust Co. (successor trustee), 17 Court St.,
Bondholders who so desire may present their bonds to the Old Colony
r perperannum as the directors may determine at
,
rate not exceeding 6
1924 and receive payment at 105
the time of issue. ( The entire issue of the bonds to be redeemed at Trust Co. at any time prior to Aug. 1See also offering of $1,000,000 1st
par (Instead of at 11 as at present) provided nevertheless that should and int, to the date of presentation.
2946.
the company redeem or purchase any of the bonds before June 1 1939. Mtge. 514% gold bonds, series "A." in V.118. p.
they shall be redeemed or may be purchased at 102._ (e) The bondshereBoston Elevated Ry.-Agreement With Middlesex &
6%% Prior Lien bonds.'
after to be designated as "Consolidated
(2) Amending and modifying the terms Of the existing authorized issue Boston Ry.-Bond Issue Approved.
of 1st Mtge. bonds in the manner following: (a) The interest on the 6%
See Middlesex & Boston Street Ry.
lit Mtge. bonds as from June 1 1924 to be fixed at the rate of 5%% per
The Mass. Department of Public Utilities has approved an issue of
annum payable in full in any event instead of 6% partly fixed and partly 51,581.000 of bonds payable in not exceeding 30 years and to bear interest
contingent as heretofore. Such interest at 5) % per annum to be paid in at a rate not to exceed 6%,for the purpose of providing for the payment
pesetas instead of in sterling as at present, calculated on the basis that or refunding of outstanding bonds of like amount of the West End Street
every £20 of bonds be taken as equivalent to 500 pesetas. The interest Ry. Co., which become due Aug. 1 -V. 118, p. 2946. 1134.
In pesetas to be paid in Barcelona, Spain, at the bankers nominated from
Boston & Maine RR.-Codman Loses Suit.
time to time by the company for the purpose, or the holder at his option
to have the right to collect the peseta interest in sterling in London or in
The full bench of the Massachusetts Supreme Court says there are no
exchange
francs in Paris or Brussels respectively at the mean rates of on which allegations in a bill in equity recently filed by Edmund D. Codman which
ruling on the last business day immediatley preceding the date
can support liability on part of any one of the defendants: therefore, the
the interest coupons are presented for payment. The certificate of the bill is ordered dismissed with costs.
company's bankers as to the rate to be conclusive.
In this suit Mr.Codman sought to hold Frederick C.Dumaine and others,
Every holder will be given the right to surrender his bonds or any part directors of the Boston ,Sr Maine RR.. responsible for amount of an
thereof to the company for exchange in the manner provided on the basis advance of $240,000 to Hampden RR_ ., and which. Mr. Codman claimed.
of £20 cash and $300 7% Non-Cumul, Panic. Preference shares of the the directors never tried to collect. The full court was asked to determine
company for every £100 of bonds so surrendered, such Preference shares the sufficiency of Mr. Codman's bill. V 118, p. 1909, 1770, 1765.
ranking part passu with the existing Preference shares issued.
-Quarterly Divi(b) The directors to be authorized to provide the whole or any part
Brooklyn-Manhattan Transit Corp.
above mentioned out
of the cash required for carrying out the exchange
-The directors have deDeclared on Preferred Stock.
of the proceeds of Prior Lien "B" bonds or from such other resources dend
(e) The bonds henceforth to be designated 534% e ared a regular dividend of $1 50 a share on the Preferred
as may be available.
1st Mtge. bonds.
the quarter ended June 30 1924, payable July 15
(3) Providing for the conversion of the whole of the 53. % Income stock for
like
bonds still outstanding Into 1st Mtge. bonds on the basis that £20 of to holders of record July 1. An initial distribution of
1st Mtge. bonds be issued in exchange for every £100 of 5%% Income amount was made on the Preferred stock on May 1 last for
still outstanding, with provision for issuing fractional certificates
bonds
2041).
where necessary. All of the 53 % Income bonds when surrendered for the quarter ended March 31 1924 (compare V. 118, p.
conversion shall be cancelled.
Travis H. Whitney,former Public Service Commissioner, has been elected
Chairman E. R. Peacock, in a report of the bondholders' a Vice-President.
-Month of May- -11 Mos. End. May 311923.
1924.
x1923.
1924.
Earningscommittee, says in substance:
$3.594,557 $3,411.218 $36,498,974 $33,589,020
Gross earnings
The object of the contemplated re-arrangement, shortly stated, is to Net after taxes
9,774.922 9,429.298
1,094,725
1.064.436
reduce the funded debt of the company and as far as possible make the Total income
10,638,609
y
1,148.120
annual charges payable in the currency in which the revenue is earned.
3,518,522
y
after charges_ _ 499,560
As the earnings of the operating companies are received in pesetas, Surplus
depreciation of the Spanish
it might not be possible, In the case of a severe
x Brooklyn Rapid Transit System. y Figures omitted afford no comcurrency. to pay any of the contingent part of the interest on the 1st parison on account of receivership and reorganization.
-V.118, p. 2946.
Mtge. bonds. It is, therefore, very desirable, both for the lit Mtge.
bondholders and the company, that the annual charges should, as far as
.
Buffalo Creek RR.
-Bonds ered.-J P.Morgan & Co.,
possible, be payable in pesetas.
offered, at

Co.,and First National Bank, recently
The re arrangement of the company's finances now prc- Drexel & interest, yielding about 5.35%, $1,000,000 First
943. and
posed, concisely explained, are as follows:
Ref. Mtge. 5% Gold Bonds. Dated Dec. 31 1910. Due
(1) The authorized Prior Lien "A" bonds is £2,000,000-£1.260.000 is
-10,000,000 pesetas (£400,000) is Jan, 1 1961. •
outstanding on the London market

issued in Spain but payable also in sterling in London, and the balance
-Year Collateral bonds
Is lodged as collateral security for an issue of 7% 30
19
payable only . pesetas in Spain. It IS proposed to reduce the amount of
Prior Lien A bonds outstanding to about £1,000,000, partly by a voluntary exchange of that portion of the issue which is expressed in pesetas
for the 7% Collateral Spanish bonds, and partly by the purchase and
cancellation of a portion of the bonds of the sterling issue. In addition,
the "A" bonds now lodged as collateral will be released and cancelled.
(2) In 1920-1922 an opportunity occurred through the weakness of
the French exchange of acquiring £2,000,000 of Prior Lien "B" bonds by
the issue of 11,100,000 8% Debentures secured by the "B" bonds. It is
now ProPosed to redeem these Debentures at 108 and so free the collateral.
(3) The existing issue of £3,000,000 Prior Lien "B" bonds, most of
which are now held as collateral for the 8% Secured Debentures, is to
be increased to £5.000,000, carrying interest not exceeding 6%%. and
In future will be designated as "Consolidated 6%% Prior Lien bonds."
The issue will be utilized for the following purposes: (a) In the purchase and cancellation of approximately £260,000 of the Prior Lien "A"
bonds as indicated above; (b) a certain number will be earmarked for the
redemption of the balance of the Prior Lien "A" bonds which will remain
outstanding: (c) in paying off the balance of the £1,100,000 8% Secured
Debentures now outstanding, which will be called for redemption at 106
(d) towards providing the cash which will be required in connection with
the option to be given to the holders of the 1st Mtge. bonds as mentioned
later on;(e) the balance held in the treasury for general capital requirements.
It is proposed in connection with the purposes mentioned in (a). (c)
and a to sell forthwith by means of a public issue approximately £2,of the bonds.
800,
(4) The authorized 1st Mtge. bonds is £10,500,000. Of these .C7.877,500. including £133,260, the amount set aside for completing the
exchange of the Income bonds still outstanding, are now in the hands of
the public, and it is proposed that these bonds shall be varied as regards
the following manner.
the interest thereon inarrangement interest at the annual rate of 2% in
Under the existing
be paid whether earned or not, and, in so far as the revenue is
sterling must
available for the purpose, the bondholders are entitled to an additional
2%
amount of interest up to a total of6%,but betweenand and 6% the interest
is not cumulative.
as mentioned above
Is variable and contingent
now proposed that a fixed annual rate of 53 % shall be paid on the
It is
this interest shall be payable in pesetas, on the basis that
bonds but that
is
taken as equivalent to 500 pesetas.
every E20 par value of the bonds tone payment of the principal of the
regards the
No change is proposed as
bonds in sterling. of the interest in pesetas may not be convenient to
As the payment
company will offer to all holders of the bonds the
every bondholder theoptions:
following alternative
g
in sterling in London
es
option of cashing their peseta coupons mean
(1) The
rates of exchange
respectively, at the
or in francs in Paris and Brussels,
immediately preceding the date on which
ruling on the last business day
the
coupons are presented for payment. At 32, present rate of
the interest
this would give
Spain and England, viz.,
exchange prevailing between in sterling, instead of the 3% which they
the bondholders over 4 %
are now receiving.




-Authorized by the Inter-State Commerce Commission.
Issuance.
-Is a terminal railroad which •provides essential terminal
Company.
facilities for all the railroads entering the city of Buffalo, N. Y. The
territory adjacent to the company's lines is occupied by manufacturing and
industrial plants,including a number oflarge grain elevators, which have no
rail connections except those supplied through its tracks.
The railroads having trackage rights over the lines of the company include
the Pennsylvania. New York Central, Delaware Lackawanna & Western,
New York Chicago & St. Louis. and Buffalo Rochester di Pittsburgh, as
well as its owners and lessees, Lehigh Valley RR.and Erie RR. The traffic
passing over the tracks of the company is increasing from year to year, and
in 1923 amounted to over 879.000 cars.
The riroperty is leased to the Lehigh Valley RR. and Erie RR. for a
lease
term of years extending beyond the maturity of these bonds. The
provides for the payment as rental of a sum equal to the annual interest
upon all bonds outstanding under this mortgage and the underlying mortgage
The Lehigh Valley RR.and Erie RR.each own one-half of the capital stock
of the company and each have a half interest in the lease. betterments
Purpose.
-Proceeds will be used to pay for additions and
made and to be made to the property, and additional rolling stock and
equipment.
Valualion.-The value of the physical property of the company, as tentatively found by the Inter-State Commerce Commission for rate making
purposes as of June 30 1917, was $4,281,601.
Harnings.-For the four years ended Dec.31 1923 the lessees have derived
from the property net earnings available for bond interest averaging:4:
$370,000 annually, or approximately 214 times the annual interestrecently
on all bonds now outstanding, including this issue. Company has
filed notice under the provisions of its contracts with the trunk lines for an
Increase in trackage rates to become effective in 1925.
Authorized. Outstanding.
Capitalization$250,000
$250,000
Capital stock
1.000,000
(Closed)
Mortgage 5% bonds. due 1941
2,000,000
5.000.000
First Ref. Mtge. 5% Gold Bonds (this issue)
-V. 118, p. 1664.

-Sale Ordered.
Caldwell (Idaho) Traction Co.

A dispatch from Boise, Idaho, states that Judge E. L. Bryan of the District Court of Canyon County, Idaho. has ordered the sale of the company
to satisfy a judgment of 5143,000 in favor of the Tracy Loan & Trust Co.
The date for the sale has not as yet been set. The decree issued by the
Court provides that if the road is not in operation within a period of one
-V.111. ro• 791.
year certain rights of way will revert back to the owners.

Lease of Road
Carolina Clinchfield 8c Ohio Ry.-JointApproved Conditionally.
-The I.-S. C. Commission on June 3
approved and authorized the acquisition by the Atlantic
Coast Line RR. and the Louisville & Nashville RR. of joint
control of the Carolina Clinchfield & Ohio Ry. and its subsidiaries, by lease subject to certain conditions.

3076

THE CHRONICLE

Authority was also granted to assume, as lessees,
as rental for the property, rights and franchises of theobligation of paying
& Ohio Ry. and its subsidiaries amounts equivalent to Carolina Clinchfield
dividends at certain
rates upon $25.000,000 of Common capital stock and interest upon certain
bonds and equipment obligations of said railway in the amount of $28,292,000,now outstanding, and, as guaranteed by said lessor, upon $1,500.000 of
Holston Corp. 5% Realty & Coll. Trust Cony. notes.

The report of the Commission says in part:

[VOL. 118.

proval where such approval is required under the provisions of Section 20a
of the Inter-State Commerce Act; and that the par value of stock and (or)
the principal amount of bonds or other securities issued to refund maturing
obligations or to reimburse the lessees for expenditures made as provided in
the lease, shall not on the one hand exceed the principal amount of the
securities refunded, and on the other, the amount of actual expenditures
for additions, betterments, extensions or improvements properly chargeable under our accounting classification to capital accounts.
-V. 118.
rt. 2946, 2564.

The applicants (Atlantic Coast Line RR. and the Louisville
Nashville
RR. and the carriers [Carolina Clinchfield & Ohio Ry. and &
subs.] have
Charleston-Isle of Palms Traction Co.-Sale.entered into a tentative agreement providing for the proposed acquisition of
Peronneau R. Rivers, special master for the company, recently offered
control and assumption of obligation by the execution
Under the the property at public auction. Confirmation the
lease all the property, rights and franchises (except of a lease.
sale appears to depend'
of
the franchise to be a on purchase by the ferry commission of the two old steamboats and two
corporation) of the carriers are demised to the applicants, Jointly,for a period wharfs and the
bridge connecting Mt. Pleasant with Sullivan's Island.
of 999 years from May 11 1923. upon substantially the following terms:
J. D.Ernest Meyer offered $15.000 for the purely railway property.
Prior to the execution of the lease the capitalization of the Clincbfield is chairman
As
for the ferry commission, John P. DeVeaux offered $105.000 for
to bereduced by proper legal action to $53.292.000,consisting of$13,950,000 Parcel
No. 1, two steamboats,
1st Mtge.5% 30
-Year gold bonds,due June 1 1938;$8.000,000 1st & Consol. commission is declared to have two wharfs and a bridge, provided the
authority for
Mtge. 30
-Year 6% gold bonds, Series "A," due
Arthur R. Young offered b20.000 for Parcel proceeding.electric railroad
Lick Creek & Lake Erie RR. 1st Mtge. 5% gold Dec. 15 1952: $195.000
No. 2, the
bonds due Jan. 1 1933;
$6,947,000 equipment trust notes and obligations,and $25,000.000Common and its appurtenances, provided the ferry cotrunission purchase Parcel No.1.
Mr. Young also offered $23.000 for Parcel No. 3, the lighting plant, prostock; as rental for the leased properties the lessees are to pay $750.000 Per vided the ferry
commission purchase Parcel No. 1. Mr. Young, again
annum for three years beginning Jan. 1 1925, $1,000.000 for ten years acting for others,
offered $2,000 for some real estate holdings.
beginning Jan. 1 1928, and $1,250,000 per annum for the remainder of the
The
term, being 3. 4 and 5%. respectively, on the $25,000.000 of Common Countycompany has not been operating since the Sheriff of Charleston
took custody of the ferry-boats becauie of non-payment of a verdict
stock; in addition, the lessees are to pay the interest on the bonds and for damages.
("Electric Railway Journal.")
equipment trust obligations, including such obligations as shall be issued by
-V. 118, p. 2436.
the Clinchfield in connection with the payment for certain locomotives
Chesapeake & Ohio Ry.-Equip. Trusts Ojfered.-J. P.
now under construction, and on such other securities as may hereafter be
issued under the terms of the lease: the lessees are also to pay the interest Morgan & Co., Kuhn, Loeb & Co., First National Bank,
on 81.500.000 of Holston Corp 5% Realty & Coll. Trust Cony. notes. Guaranty Co. of
New York and National City Co., New
due April 1 1926. guaranteed as to payment of principal and interest by the
Clinchfield, if, and to the extent that, the latter is required to pay such York, are offering at 100 and div. for all maturities, 818,000,interest; they are also to pay all taxes, assessments and
governmental 000 5% Equip. Trust gold certificates, Series "V." Issued
charges upon the leased properties, and certain other other
customary charges:
money in possession of the lessors on May 11 1923 and net income from the under the Philadelphia plan.
Dated July 1 1924. Serial maturities
leased properties from said date to date of delivery of possession of the
1925 to July 1 1939, both inclusive. of $1,200,000 per annum. July I
properties are to be applied by the lessors
Denom. $1,000 me. Guaranty
the lessees in making additions
and betterments, or otherwise as provided or the lease; the lessees may make Trust Co. of New York,trustee. Dividends payable J. & J. Iii N. Y. City.
in
Issuance.
-Subject to authorization by the -S. C.
additions and betterments, extensions and improvements, to the leased
The certificates are to be issued to provide I. part Commission. the
properties and for expenditures made therefcr
for
of the cost of
shall be entitled to be reim- standard new railway equipment,
bursed by the Clinchfield with its stock or bonds
as follows: 50 heavy type mikado locoor
specify, such securities to be taken by the latter both as the lessees shall motives; 50 light type mikado locomotives. 1.000 automobile box cars,
at fair and reasonable 5.500 steel hopper bottom gondola
market prices in view of market conditions and
cars. 600 steel hopper bottom ballast
other circumstances existing cars, 15 steel express cars.
at the time; and in like manner the lessees are to
4 steel dining cars. 100 steel superstructure
be reimbursed for all pay- caboose cars. 5 steam
ments, costs and expenditures incurred in taking up
locomotive cranes and 4 Jordan spreaders. The
maturing obligations foregoing equipment is to
of the Cllnchfiehl.
cost
of
issue of the certificates, cash approximately $22,600,000. At the time be
It appears that the primary
equal to the face amount
is to
the Cenchfield, and making object of the L. & N. in acquiring control of deposited with or to the credit of the trustee, to be appliedthereof payment
the proposed connection, is to relieve an of not
to the
Intolerable car supply condition
exceeding 80% of such cost of the equipment. The remainder of the
line to McRoberts, and on its said to exist on its Lexington & Eastern cost is to be paid by the company at the time of acquisition of the equipment.
Cumberland Valley line in southeastern
During the first five months of the current year net railway
Kentucky. The first of these lines, which will hereafter be designated
meaning
income is estimated at $8,966,046, as compared
herein as the McRoberts line, extends
with the actual figure of
Ky., with the main line of the L. & N. from a connection at Winchester. 87.624.250 during the first five months of 1923.-V. 118, p. 2571.
running from Corbin to Cincinnati.
southeasterly into what is known as the Hazard coal field. The Cumberland
Chicago & Alton RR.
Valley division of the L.& N. passes through
-Litigation over Settlement.
The Director-General of Railroads has instituted a suit in the U. S. Court
Appalachian coal field. A branch of this what is known as the southern
what are known as the Harlan and Benhamline extends northeasterly into of Claims for a decision as to the basis for a settlement of the amounts
fields. These fields are desig- owed by the Government to
nated collectively as the southeastern Kentucky
the railroad
railroad to the
coal field.
ment for the period of Fdereal control,and by thethe question ofGovernThe Hazard coal field lies within the
over or
involving
basin of the
Kentucky River and its tributaries. The testimonyhead waters of the undermaintenance. A board of referees appointed by the I. 0.Conunis-S.
is that there are sten found that the Alton was entitled
several hundred thousand acres in this field: that. it
to compensation on the basis of the
was opened in 1913: standard return at the rate of
that there are now in the field 127 operators
who have expended more than General has offsetting claims $3,178,314 per annum, but the Director$40.000,000 in developing the
against the road on which there has hem a
that their mines
capacity of 1.300 cars per day;territory:they are shipping have a car-eating failure to agree.
-V. 118. p. 1391, 1267.
and that
800 cars pre day,
all that the L. & N. is able to furnish.
Chicago & North Western Ry.-Bond Sold.
The southeastern Kentucky coal fleed is within
-Kuhn,
the basin formed by the Loeb
bead waters of the Cumb.mland
& Co. have purchased and placed privately $3,150,000
It appears that there are fromRiver and its tributaries. From the record
150,000 to 200.000 acres of coal-bearing General Mtge. 5% Gold bonds, due Nov.
lands in Harlan County alone, and about
1 1987.-V. 118,
100.000 acres
that in Harlan County there are about.45 independent in Bell County: p. 2946, 2823.
concerns in
operators' association conducting about 60 separate operations with the
an
Chicago Rock Island & Pacific R.
investment of between $40.000.000 and $50.000,000: that, in addition,
-Notes Sold.
there are several independent operators:
shipments Speyer & Co. and Dillon, Read & Co. have sold at 99 and
from the ilarlan County fields amount tothat at present coal
and that the field has a potential capacity about 8.000,000 tons per year, int., to yield over 5.20% (subject to approval of the I.-S. C.
of between
000.000 tons per year. The entire development in this 15,000,000 and 16.- Commission),$10,000,000 5-Year
field has taken place
5% Secured Gold notes.
since 1908.
..
Dated July 1 1924. due July 1 1929. Int. payable J. & J. Denom.
Since the termination of Federal control the L.
& N. has expended a large $1,000. Entire issue (but not a part thereof) red, upon 30 days' notice, on
amount for additional equipment and in double-t
or Jan. 11926. at 101 and int., and on any int. date thereafter
of improving its coal-transporting facilities. racking for the sole purpose July 11925.less
1%
these improvements shall lessen, to some extent,While it is intended that at ( of in New for each succeeding year, or part thereof. Prin, and int.
payable
York, in U. S. gold coin, without deduction for any tax.
the mines are now operating, and improve the tae restriction under which assessment
or governmental charge (other than Federal income taxes
operating condition on the
lines of the L. & N., it is represented that
permanent relief can be obtained exceeding in the aggregate 2% per annum) which the company or the
only by securing another outlet from each of the
two fields. This the L. & trustee may be required to pay, or to retain therefrom, under any present
N. proposes to do in the event the lease is
proposed links between its McRoberts and approved by constructing the or future law of the U. S. or of any State, county, municipality or other
Harlan
one hand and the Clinchfield on tne other. . . County lines on the taxing authority therein.
Security.
_
covering the proposed connections between the L. , No definite survey with the -Notes are to be secured by deposit, under a trust agreement
Central
&
have been made. The plan is to build an extension N. and the Clinchfield 1st & Ref. Mtge.Union Trust Co. of New York, as trustee, of $15.000,000
4% Gold bonds, due April 11934. the bonds being thus
of the McRoberts line
through the mountains to Elkhorn City. and to connect.
the Varian County pledged at 66 2-3, as against the present market value of approximately
branch from a point somewhaee near
field either directly or in combination Its eastern terminus with the Clinch- 82, or at a margin of about 23%.
with some of the existing lines on the
Purpose.-Proeeeds are to be used to retire 88.000,000 6% notes to the
Virginia side of the mountains.
. .
Director-General of Railroads, and for additions and betterments, and other
In connection with the representations filed, we
have.reached the con- corporate purposes.
-V. 118. p. 2947.
clusion that approval and authorization of the aconisition
in the nubile interest only Upon the following conditions: proposed will be
Cincinnati Lawrenceburg 8c Aurora Elec. Street RR.
I. The applicants shall establish and maintain a separate organization
The receivers of the company have applied to the City Council of Cinfor the combined properties of the Carolina Clinchfield &
Ohio By. and its cinnati, 0.,for
increase the
subsidiaries, so that the three companies shall constitute a separate operating from 7)5 centspermission to for a periodcash rate of fare within Cincinnati
to 10
of two years. beginning July 9.
unit, having a responsible management directly in charge of the operations The ticket rate of 6 cents is to
cents
remain unchanged.
-V. 116, p. 2515.
of such properties.
2. The Louisville & Nashville RR. shall, within 12 months after the
Cincinnati Traction Co.
-Fates Increased.
effective date hereof, file with the Commission its application under paraThe company announces that rates of fares payable on and after July I
graph (18) of Section 1 of the Inter-State Commerce Act for a certificate of will be as follows: (1) Adults
-Cash. 10c.: tickets will be sold in strips of
public convenience and necessity to construct the proposed connections 6 tickets for 57c. (2) Children-Under
10 years of age, cash, Sc.; tickets
between it McRoberts line and its Harlan County branch on the one hand, will be sold in strips of 4 tickets for
and the Clinchfield on the other and, in the event it proposes to acquire present rules and regulations. Old 19c. Transfers will be given under
tickets will not be accepted for fare.
existing lines for use as part ofsuch connections, under such other provisions but will be redeemed at Room 812,
Traction Bldg., Cincinnati, 0.
of the Act as are pertinent: and shall, If in such proceeding it is
The company at present charges a cash fare of 9c. with 6 tickets for 54c.
that
the present or future public convenience and necessity require found re- -V. 118, p. 1391.
or will
quire the construction of either or both such connections, proceed with such
construction in accordance with the terms of the certificate issued in such
Cleveland & Pittsburgh RR.
-Stock Authorized.
proceeding.
The 1.-S. C. Commission on June 13 authorized the company to Issue not
3. So far as lies within the power of the applicants, existing routes and exceeding $9,928,850 special guaranteed
channels of trade and commerce heretofore established by other carriers in vania RR. has been authorized to assume betterment stock. The Pennsylobligation and liability, as lessee.
connection with the Clinchfield shall be preserved, existing gateways for the in respect of the stock.
-V. 118. p. 2823.
interchange of traffic with such other carriers shall be maintained, and the
present neutrality of handling traffic inbound and outbound by the Carolina
Cleveland Southwestern & Columbus Ry.-Plan, &c.
Clinchfield & Ohio Ry, and its subsidiary. the Carolina Clinchfield &
Hayden, Miller &
Ohio Er. of S. C.. shall be continued so as to permit equal opportunity certificates of depositCo.. Cleveland, in a notice May 31 to the holders of
representing
for service and routing or movement of traffic which is competitive with & Elyria Electric Ry. 6.s: (b) Elyriathe following bond issues: (a) Cleveland
(t) Cleveland
traffic of the applicants, or either of them, to and from all connecting Berea Elyria & Oberlin Ry.5s. and & Oberlin Electric Ry.
(d) Cleveland Elyria & Western Ry. 58.
lines reached by theline of the Clinchfield companies, without discrimination say in substance:
in service against such competitive traffic.
On Mar. 14 1924 Hayden, Miller & Co.,reorganization managers, bought
4. The applicants shall permit the line of the Clinchfield and its subsidi- in the properties of the Cleveland Southwestern
& Columbus Re. at forearies to be used as a link for through traffic, via existing gateways of Inter- closure sale for and in behalf of the
furtherchange, or via such gateways as may hereafter be established under au- ance of the plan of reorganization. depositing bondholders and in by the
The sale has been confirmed
thority of the Commission by means of the connecting lines which the U.S. District Court and new issues of
securities on the reorganized property
Louisville & Nashville RR. Co. proposes to build, equally available to such which bring about the accomplishment of
reorganization, have been
other carriers, now connecting, or which may hereafter connect, with the authorized by the Ohio P. U. Commission, the
the propline of the Clinchfield and its subsidiaries, as may desire to participate in erty passed to the new company, ClerelandOn May 3 the title to & Light
Southwestern Railway
through routes and joint rates between points in territory north and west of Co.. and the plan of reorganization became effective.
the line of the Clinchfield and points at and beyond the Ohio River on the
Temporary bonds are now in the hands
Trust Co.. deone hand and points in the southaastern and Carolina territory on the positary under the plan of reorganization, of the Cleveland will distribute
and the depositary
other, under divisions to be agreed upon by the applicants,or either of them, the permanent bonds and disburse cash for accrued interest up to March 1
and (or) the Clinchfield organization, on the one hand, and by the other 1924, as provided in toe plan, as
soon as the permanent bonds have been
participating carrier or carriers on the other, and shall not discriminate as printed.
to rates, fares and charges against such participating carrier or carriers as
Tne reorganization managers in a notice to the holders of certificates of
compared with the applicants, or either of them: the intention of this pro- deposit representing the following bond issues:(a) Elyria Grafton & Southern
vision being that the line of the Clinchfield and its subsidiaries shall be Ry. 5$: (b) Cleveland & Southwestern Traction Co. 5$; (c) Norwalk Gas &
maintained as an open route equally available to all carriers connecting with Electric Co. 5$: (d) Ohio Central Traction Co. .58 (of 1899), and (e) Onio
the Clinchfield for traffic between the points designated.
Central Traction Co. es (of 1903). further state in substance:
5. It shall be expressly provided by the lease, as executed, that no seNet earnings of the property have
sufficient to pay interest
curities shall be issued by the lessors, or any of them, except with our ap- currently on the Gen & Consol. Mtge.not been the new reorganized rembonds of




JUNH 21 1924.]

THE CHRONICLE

3077

and Laredo; that it will afford a proper connection for the New
pany. 'Consequently, provision for deferring payment of certain coupons Antoniocompany's
Orleans
'has been necessitated in the interest of these bondholders and to give the handling of a large northbound business. thus facilitating the economical
volume of traffic originating on its system; that it will
company the opportunity to gain advantage of entrance to Cleveland by give the New Orleans company important through connections at northern
private rapid transit right of way into toe new Union Terminal, which is Texas junctions, and will provide additional eastern connections for the
expected to be completed by 1929.
International company through New Orleans. It is claimed that each line
For these reasons interest coupons on the aforesaid issue for the 5-year would
strengtnen
without detriment to the
period from Mar. 1 1924 to Mar. 1 1929 have been made deferrable until presentsupplement and either; that the other Orleans company probably
effectiveness of
the last five-year period of the mortgage, and will not be paid on the regular ariginates a larger percentage of its the New
total traffic than any other railroad
interest dates unless earned and payment authorized by the directors. It in the territory, and could increase materially the revenues of the InterIs further provided, however, that such deferrable coupons must be paid national company by delivering to it northbound traffic.
prior to the declaration or payment of any dividend on the company's capThe larger freight movement on the International railroad is south aound,
-V. 118. p. 1909, 1664.
ital stock.
and it is testified that economies could be effected by balancing the tonnage
Savings in operating
are expected
Cleveland Southwestern Ry. & Light Co.
-Temporary in opposite directions. of equipment, as the costs movement onto result
peak
the two
from the combined use
Bonds,
lines is seasonal and occurs largely at different times. It is stated that
See Cleveland Southwestern & Columbus By. above.
-V. 118, P. 2437. the proposed acquisition would enable the New Orleans company to concentrate equipment where needed to care for this movement. The New
1909.
Orleans company estimates that the combination of the terminals at
Columbus Ry., Power & Light Co.
-Stock Option Sought. Houston would effect an annual saving of approximately $200,000, and
Common stockholders have received a bid of $115 a share and accrued would facilitate the movement of traffic by eliminating interchanges.
dividend for their stock from Fuller & Rounsevel, a Columbus,0., broker- The control of the International company is expected to increase the
age house. The offer does not disclose the client, but it is understood that ability of the New Orleans company to handle and control Mexican traffic.
It states that it would continue the development of the route through
the stock is sought for the Continental Gas & Electric Corporation.
The notice to the Common stockholders says it is desired to purchase a Laredo, taking full advantage of its strategic value. It is testified that
millitallta of 31,000 shares and a maximum of 46,000 shares out of a total of during the receivership of the International company approximately 72%
approximately 60,000 shares. The right is reserved to accept a greater or of the Mexican traffic passed through the Lareo gateway, and only about
smaller number than the amount specified. Substantially all of the 60 was routed over the New Orleans company's line througa Brownsville.
,
-,
largest stockholders, it is said, have agreed to accept the offer. The in- It is further represented that the New Orleans company's control of the
tending purchaser has deposited with the Cleveland Trust Co. $100,000 International company would strengthen the latter's credit. . . .
-V. 118, p. 1910, 1771.
as evidence of good faith.
The proposed acquisition apparently should effect large economies in
operation, and strengthen the general transportation system in the territory
Delaware & Hudson Co.
-Obituary.
served by the two lines. Unified operation should result in improved
Secretary Frank M. Olyphant died at Englewood, N. J., on June 17. service, with a tendency, toward a reduction of some rates tnrough the
-V. 118. p. 2033.
establishment of a one-line haul. The acquisition proposed is in accord
with our tentathe plan for the consolidation of railroads, as both lines are
Denver & Rio Grande Western RR.
-Plan Declared included in System No, 19.
System No. 19 in our tentative plan is based primarily on the Missouri
-Kuhn, Loeb & Co. and Equitable Trust Co.,
Operative.
reorganization managers, in a notice to holders of 1st & Pacific properties. The Missouri Pacific has filed with us an application.
Finance Docket No.4049,seeking authority to acquire control by purchase
Ref. Mtge. 5% Gold bonds and 7% Cumul. Adjust. Mtge. of the Capital stock of the New Orleans company. Such control would
Gold bonds, announce that they have declared operative the of course carry control of the International company if the application now
under consideration is granted.
It appears that the ultimate disposition of the International company
plan of reorganization dated June 15 1923, as modified Feb.
should be considered in connection with the conclusions which may be
1924.
29
reached in Finance Docket No,4049. The contract between the applicant
The I.
-S. C. Commission has authorized the issue of securities in accordvoting trustees provided that the option of purchase therein conance with the plan, as modified, and the acquisition by Missouri Pacific and the
exercised on or before May 14 1921. By agreement of
tained should
RR. of one-half the Common stock of the Denver & Rio Grande Western the parties the be
option was extended 30 days from that date.
RR.
It appears
for the deposit of bonds is further extended to the close of conditions asnecessary that our order in this proceeding be subject to such
The time
will enable us, on further consideration of this matter in
business on July 19 1924. After July 19 1924 no deposits will be received
application of the Missouri
make such order
except on such terms and conditions as the reorganization managers may connection with thecontrol of the International Pacific. toas may be found
company
or orders as to the
Impose.
to be in the public interest. To
Holders of more than 79% of the Ref. bonds and more than 95% of the impose the following conditions: accomplish this, we find it necessary to
Adjust. bonds have already assented to the plan as modified.
(1) That if, upon further consideration inc inflection with the proceedings
State Closes Fight to Prevent Selling of Rio Grande Stock.
- in Finance Docket No. 4049. the Commis ion shall finally determine that
The State of Colorado will make no further fight to prevent the reorgani- it is not in the public interest for the applicant to hold said stock of the
zation of the Denver & Rio Grande Western RR.,according to an announce- International company, the New Orleans company shall within 90 days
thereafter sell and dispose of said stock.
-General Wayne Williams, which says in part:
ment of Attorney
(2) That the New Orleans company within 20 days from the date of the
"The inter-State commerce laws give the Commission the power of discretion in such matters, and it would be very unlikely that the Federal acquisition of the stock herein authorized to be acquired shall procure and
courts would go over the Commission's head unless there had been gross submit to the Commission an agreement on the part of responsible banking
violation of the Commission's authority. Colorado made a strong fight concerns, who shall agree that, in the event teat the Commission shall
against the reorganization, and won certain points in the matter which will finally determine that it is rot in the public interest for the New Orleans
be of benefit to the State and particularly to southern Colorado. But to company to hold said stock oftle Internationalcompany,they will purchase
carry the matter further probably would be useless, and the State Governor the same at not less than the price which the New Orleans shall pay for
has instructed this office after the conference to accept the decision of the the same under its said option.
(a) The control herein authorized shall be held subject to such conditions
Inter-State Commerce Commission."
-V.118, p. 2947, 2703.
as to the maintenance of joint through routes, open gateways and trackage
Detroit United Ry.-New Financing Reported.
rights, or other requirements as to operation as the Commission on further
It is reported in the financial district that Dillon, Read & Co. will soon consideration in connection wite the proceedings in Finance Docket No.
offer an issue of bonds of the company. The amount of the issue, it is 4049. or otherwise, after hearing, may find to be in the public interest.
(4) The Commission reserves jurisdiction over this proceeding to make
stated, will be about $9,000,000.-V. 118, p. 2039.
such further order or orders as, after further consideration, it may deem to
necessary or appropriate.
Grand Rapids Holland & Chicago Ry.-Receivership.- beUpon the facts presented and subject to the observance of the above
Steward Hanley,of Detroit, has been named as receiver for this company. conditions, we find that the acquisition by the New Orleans company of
Interest on 1st Mtge. bonds, due Feb. 1 1924, has been in default.
- control of the International company, by purchase of the Capital stock
V. 118, p. 663.
ofthat company,under the terms of the contract described in the application
will be in the public interest.
Grand Trunk Ry. of Canada.
-Interest Paynients.The estimated earnings of the Wellington Grey & Bruce Ry. for the
-As is known, the I. C.
-S.
Stock Delivered-Payment Made.
half year ending June 30 1924, applicable to meet interest on the bonds, Commission did
not give its final or unqualified approval for
will admit of the payment of fa 8s. 8d. per .£100 bond. This payment will
be applied as follows, viz.: £2 10s. in final discharge of coupon 80, due the sale of the International-Great Northern stock to the
July 1 1910, and 18s. 8d. on account of coupon 81, due Jan. 1 1911, and Gulf Coast Lines. The difficulties created by this qualified
will be made on and after July 1 next,at the offices of the Canadian National
Rye., Orient House, 42-45 New Broad St., London, Eng. The coupons order have been overcome, after several conferences between
must be left three clear days for examination. Last January, 13 17s. 10d. the interested parties. The votiiN. trustees, Willard V.
was paid.
-V. 117, p. 2889.

King, James Speyer and Frederick Strauss, announced
June 21 that delivery of the International-Great Northern
stock has now been made and payment received therefor.
Formal announcement to the holders of voting trust certificates is to be made early next week.
Gulfport & Mississippi Coast Traction Co.
-Fares.
State of Texas to Oppose Merger.
In an effort to meet competition of the Trackless Transportation Co.,
Great Northern Ry.-New Director.
-

Arthur Curtiss James has been elected a director. His acceptance will
depend upon the ruling of the Inter-State Commerce Commission, as he is
a director of the Chicago Burlington & Quincy RR. Mr. James recently
resigned from the Northern Pacific Ry.-V. 118, p. 2703.

which operates passenger buses along the Mississippi coast, this company,
which operates between Biloxi and Pass Christian, for both passenger and
freight traffic, has reduced passenger fares from 7 to 5 cents from zone to
zone. This makes the trip between Biloxi and Gulfport 25 cents instead of
35 cents-("Electric Ry. Journal").
-V. 111, p. 588.

Hawkinsville & Florida Southern Ry.-Bond Exch., dec.

A dispatch from Austin, Tex., states that a suit directed against the
Government and the New Orleans, Texas & Mexico Ry. to prevent the
proposed merger of the International-Great Northern into the Gulf Coast
Lines, will be started by the State of Texas in the Federal Court at New
Orleans. It is contended that the merger violates the Texas Constitution.

Authority to Pledge Bonds-Notes.
-

The 1.-$. C. Commission on June 9 granted the company authority to
The bondholders' committee, consisting of F. J. Lisman, G. F. Hawkins
-Year 6%
and W. E. Bush. announce the completion of a settlement which is to the procure authentication and delivery of $1,809,000 1st Mtge. 30
effect that the holders of certificates of deposit will receive $241 17 in Gold bonds, Series "A," and to pledge them, or any part thereof, from
cash out of the proceeds of the sale of their property, this sum being arrived time to time, as collateral security for any note or notes that may be issued.
See U. S. Railroad Administration below.
-V.118.P. 2948, 2175.
at as follows:
Paid over by the trustee
$257 17
Interstate Public Service Co.
-To Operate Buses.
Legal & other exp., compensation of the committee and depositary
16 00
President Harry Reid announces the purchase by the company of 11
motor buses to operate between Indianapolis and Franklin as an adjunct
Balance per $1,000 bond
$241 17
For the unpaid portion of their bonds, they will receive Georgia Southern to its main line. Later it is possible that the company will operate buses
& Florida 5% Debentures with the same maturity as the original Hawkins- down as far as Columbus, Ind. The purchase is the first active step of
-V. 118. p. 2179.
ville & Florida Southern bonds. Script will be issued for fractional amounts. the company to meet bus competition.
Bondholders desiring to dispose of their script may do so at 70% of its
Keokuk & Des Moines Ry.-Line Ordered Sold.
face value through the depositary. See also V. 118, p. 2948.
Sale at auction of the road, now under lease and operated by the Chicago
Rock
&
International-Great Northern RR.
ordered in Federal court at Des Moines.
-Control by New Iowa,Island11, PacificaRy., was $2,750,000 of the Farmers' Loan & Trust
June
unless claim
Orleans Texas dc Mexico Ry. Approved.
-Mention was made Co. of New York, is satisfied of
within ten days.
Federal Judge Martin J. Wade,in signing the decree, fixed the minimum
in the issue of June 14, page 2948, of the approval by the
bid at
-S. C. Commission of the acquisition of the stock of the 1520. 51,100,000. The sale would be subject to lawful liens -V. 118. 13I.
1392

company by the New Orleans Texas & Mexico Ry. The
report of the Commission says in part:

On Feb. 14 1924 the New Orleans company made a contract with the
voting trustees to purchase all the Capital stock of the International
company for $31 a share. The price to be paid for the stock is based upon
the New Orleans company's opinion that if the proposed acquisition be
authorized it will be able to operate the railroad of the International company more economically, and that the earnings will increase sufficiently to
justify the expectation of a proper income from operations upon the Canital
stock.
The New Orleans company proposes to guarantee a minimum distribution
of 4% per annum in respect of the interest payable upon the Adjustment
Mtge. bonds, Series "A," of the International company for the years 1924
to 1927, both inclusive, in consideration of the grant by the owners of an
Option to purchase the assenting bonds on certain prescribed terms. An
application for authority to make such guaranty is pending before us.
It is represented that the proposed acquisition will give the New Orieans
company an entrance into Houston over its own rails and will enable it to
serve directly the important cities of Fort Worth. Palestine, Austin, San




Lehigh Valley RR.
-Trackage Rights.

An agreement between the Pennsylvania RR. and the Lehigh Valley
granting the latter trackage rights between its junction with the Pennsylvania at Newark and the Jersey City ipassenger terminals, the Waldo freight
yards and the ferries between Jersey City and New York City, was approved
June 11 by the New Jersey P. U. Commission. An agreement covering the
use of Pennsylvania ferries and Hudson & Manhattan trains by Lehigh
Valley passengers was also approved.
The agreement approved further provides for trackage rights to the
Long Island terminal at Sunnyside yard. Queens,for the Lehigh-Valley. It
gives the Lehigh Valley definite rights of entry into the New York district,
and solidifies its position here through a formal agreement. The Lehigh
Valley at the present time uses the Pennsylvania terminal, in which it has
a lease running to 1928. It runs six trains a day from the terminal. The
agreement was reached on Jan. 10.-V. 118, p. 2179. 1904.

Louisville & Nashville RR.
-Joint Lease of Carolina
Clinchjield cfc Ohio Ry. Approved by Commission.
See Carolina Cunohneid & Ohio Ry. above.
-V. 118. 13. 2949, 2437.

3074

THE CHRONICLE

Maine Central RR.—Equipment Notes Offered.—Paine,
Webber & Co., are offering, at prices to yield from 43/2% to
5.f5%, according to maturity, $296,700 Equip. Trust 6%
Gold Notes. Stamped subordinate in lien to $585,500 unstamped prior lien notes.

[VOL. 118.

Norfolk & Portsmouth Belt Line RR.—Note.-The I.
-S. C. Commission on June 9 authorized the company to issue
under date of July 16 1924 a one-year 6% promissory note for $50,000.
payable to the order of the Norfolk National Bank of Norfolk, Va. in re-'
newel of a promissory' note for $75,000, reduced by $25.000, maturing
July 16 1924.—V. 116, D. 2884.

Northern Ohio Traction & Light Co.—Bonds Offered.
Dated Jan. 15 1920. Due $26,700 annually Jan. 15 1925 to 1935, incl.
Interest payable J. & J. Denom.$1,000. Redeemable as a whole only on —The National City Co. is offering at 99 and int., to yield
and interest.
sixty days notice at 103
These notes are a direct obligation of the company, and are issued under over 6.54%, $1,250,000 Gen. & Ref. Mtge. Gold bonds,.
an equipment trust agreement dated Jan. 15 1920. between the Director- 6% Series due 1926.
General of Railroads, the company and the Guaranty Trust Co., trustee.
Dated Mar. 1 1924. Due Sept. 1 1926. Int. payable M. & S. at
Original issue was for $1,203,000, covering the following equipment: 6 Mi- National City Bank, New York, trustee, without deduction of the normal
-ton box cars and 2 switching locomotives.
kado locomotives. 300 50
Federal income tax up to 2%. Denom.$500 and $1,000 c*. Red. on any
Of the original issue one-third of each maturity were stamped subordinate int. date on 30 days' notice at 101 on of
in lien. Since date of issue $320,800 have been retired. The total sub- Sept. 1 1925, and at 100 on Mar. 1 1926. before Mar. 1 1925; at 1003' on
ordinated and unstamped notes now outstanding amount to only $882.200,
Issuance.—Authorized by the Ohio Public Utilities Commission.
or about 73% of the total original cost of the equipment.—V. 118, p.2824,
Compang.—Does a highly successful and growing electric light and power
2572.
business in Akron, Ohio, and surrounding territory. Owns and operates a
comprehensive system of city and interurban railways in the important
Manhattan (Elevated) Ry.—Ends Service on Spur.—
Cleveland-Akron-Canton
The gross
Service over the old Sixth Avenue elevated railroad spur, extending from net earnings contributed industrial section of that State. departmentand
by the electric light and power
are
50th to 59th streets, ceased at midnight June 16.
nearly seven times; those of 1914.
Justice Vernon M. Davis in the New York Supreme Court May 29
The
condemnation pro- stalled electric property includes two generating stations with a present ingranted the application of the city to acquire title by
capacity of 92,500
ceedings to that portion of the road. The order directs that compensation struction of a high-tensionh. p. Company has recently completed the consteel-tower
forms a Part
of all parties in interest shall be ascertained and determined by the Court. of a great super-power system linking transmission line whichof the Industogether practically all
Under this order the city acquires the right to proceed with the demolition trial centres of eastern
and removal of that part of the old structure. The city's proceedings is and the western part ofand northern Ohio, as well as western Pennsylvania'
under an enabling Act passed by the last Legislature. This gives the city the basis a large supply of West Virginia. Company purchases on a favorable
right to take over all the property involved—structure, tracks, platforms, to Akron and vicinityelectric. current, which is transmitted from Cleveland
over this
stairways and appurtenances—to institute proceedings to ascertain their business in Akron. the company new high-tension line. In addition to its
sells electric energy in several surrounding
value and to assess the value of any real estate rights along the streets communities, thus serving
directly an aggregate population estimated to
affected.
Smith on June 10 designated Supreme Court Justice exceed 250,000. 144
Governor Alfred
Company owns
miles, measured as single track, of high-grade interO'Malley to hold an extraordinary special term of the Supreme Court for urban electric railways
connecting Cleveland. Akron and Canton, and exthe purpose of acting on the application of the City of New York relative tending into other important
to acquiring title to the structure, and also for acquiring the rights to ates city railway properties industrial communities. Company also operextinguish all rights, franchises, easements, &c., and to determine the about 105 miles of single in Akron, Canton and Massillon, with a total of
track equivalent and a fleet of city and interurban
damages, if any, to be paid by the City of New York for the taking of such auxiliary motor
buses.
property, and what costs shall be assessed upon the property owners in the
Purpose.—Proceeds will reimburse the company for important additions
assessment area.
The Commissioners of the Sinking Fund adopted a resolution June 13 to the property, including the construction of high-tension transmission
authorizing Comptroller Craig to sell and remove the Sixth Ave. elevated lines which permit the purchase at wholesale of a large amount of electric
energy to supply the rapidly increasing demand.
railway spur above referred to —V. 118, p. 2949. 2437.
Earnings for Calendar Years.
Middlesex & Boston Street Ry.—Takes Over "L" Line.—
Interest on
Gross
Net Earnings
An agreement has been entered into between the Boston Elevated By.
Year—
Earnings.
After Taxes. Funded Debt.
and the Middlesex & Boston Street Ry. under which the former turns over 1910
6520,707
$1,088,463
$2,437,436
its tracks in Trepelo road in Belmont. Mass., to the latter company, which 1912
524,800
2,996,037
1,293,271
is to perform all the service there in the future. The line which the Middle- 1914
575,953
1,398,656
3,636,085
the Waverly 1916
sex & Boston takes over runs from the railroad crossing at
588,925
5.170,442
2,299,463
-Waltham line. The 1918
station of the Boston & Maine RR. to the Belmont
766,693
2,063,449
7,224,142
Massachusetts Department of Public Utilities has approved the agreement. 1920
883.553
2,378,982
10,909,630
1922
("Electric Ry. Journal.")—V. 118, p. 2704.
1,110,996
9.263,1522,426.621
1923
1,182,433
2,339,528
10,105,124
For the 12 months period ended Apr. 30 1924, net earnings from the
Midland Valley RR.—Listing.—
The Philadelphia Stock Exchange has authorized the listing of $200,000 electric light and power business alone amounted to $2,219,137, as com-year gold bonds, due 1943, making the total pared with 1,295.745 interest charges on $23,507,000 bonds outstanding.
additional 1st Mtge. 5% 30
including this issue. Due primarily to the cessation of operation of the railamount listed June 14 $5,891,000.—V. 118, p. 2573.
way lines in Akron during the month of Feb. 1924, the railway department
a loss for
12 months period, after providing for operating exMinneapolis St. Paul & Sault Ste. Marie Ry.—Notes showedand taxes,the$57,755. An
penses
of
agreement reached with the municipal
Sold.—Dillon, Read & Co. and National City Co. have sold authorities in Akron provides more favorable railway rates, which are now
-Year In effect, and it is estimated that for the calendar year 1924 these lines will
at 993 and interest, to yield about 53%,$1,500,000 2
4
show some return after operating expenses and taxes and net earnings for
5% Gold Notes. The bankers state:
the system will be in excess of $2,600.000, or over twice the interest charges
on the bonded debt to be presently outstanding,including this issue of bonds.
Dated June 27 1924. Due June 27 1926. Non-callable. Authorized
Security.—Gen. & Ref. Mtge. bonds are secured by a direct mortgage,
$1,500,000. Denom. $1,000. Interest payable J. & D. in New York'
subject only to the liens of underlying mortgages on the entire property
Brooklyn Trust Co., trustee.
These notes will be the direct obligation of the company, which owns and of the company. and by pledge with the trustee of $11,819,500 1st Lion &
Minneapolis Ref. Mtge. bonds.
operates 3,282 miles of railway extending east and west from
and St. Paul, giving those cities outlets to the Atlantic and Pacific coasts
Capitalization Outstanding (Upon Completion of This Financing).
in connection with the Canadian Pacific Ry., which owns a majority of Common stock
$10,000,000
each class of stock. Company controls the Wisconsin Central By. by Preferred stock. paying 6%
4,588,100
ownership of over 95% of stock,and together they give the Canadian Pacific Preferred stock paying 7%
x2,460,800
System its own entrance into Chicago.—V. 118, p. 2949, 2564.
Gen. & Ref. Mtge. Gold bonds:6 Series, due 1947
11,156,500
do
6% Series due 1926 (t
issue)
1,250,000
Missouri-Kansas-Texas RR.—Notes.—
Secured 6% Gold bonds, due 1926
1,856,000
See U. S. Railroad Administration below.—V. 118. p. 2175, 2042.
First Lien & Ref. Mtge. 5s, 1956
y5,253,500
Underlying divisional mortgage bonds (three issues)
z3.991.000
Monongahela Ry.—Notes.—
x Does not include stock sold locally since April 30 1924. y Does not
See U. S. Railroad Administration below.—V. 118, p. 551.
Include $11,819,500 bonds pledged under Gen. & Ref. Mtge. or $2,320,000
bonds pledged under Secured 6% Gold bonds. z $6,774,000 additional
Montreal Tramways& Pwr.Co.—Attacks Validity of Note. underlying divisional mortgage bonds pledged under let Lien & Ref. Mtge.
As a sequel to the recent suit wherein the company seeks $4,000,000 as
loss of profit and damages, from certain of its former directors, and the —V. 118. p. 2305, 2041.
Imperial Trust Co., Ltd.. another action was taken June 5 by tne company.
Northern Pacific Ry.—President Coolidge Signs Resolution
asking the Court to declare void a note for $824.604. signed by E. A.
Calling for Inquiry into Land Grants.—
Robert in favor of the Imperial Trust CO.
question was signed by Robert before he ceased to be ProdThe note in
See under "Current Events," in "Chronicle" June 14, p. 2914.—V. 118:
dent of the company, and when he was still head of the Imperial Trust
p. 2825, 2705.
By it the Tramway Co. was bound in a sum of $824,604, and Co.,Ltd' this
among those which the present directorate attacks
transaction is numbered
Ohio River Electric R.& Power Co.—Sale, &c.—
In its suit to recover $4,000,000 from Robert and other former directors of
The Ohio River Power Co. has been authorized by the Olilo P. U. Comthe company, and from the Imperial Trust Co.. Ltd.
mission to take over the properties of the Ohio River Electric R.& Power
The present independent action is taken in order to prevent the negotia- Co.. operating between Gallipolis, Pomeroy and Middleport, at a price of
tion of the note held by the Imperial Trust Co., Ltd.
r477,570, from the bondholdders' committee headed by F. W.Bacon (who
The defendants in the $4,000,000 suit have not yet filed their defense. was President of the old company).
118. p. 1911, 2179.
The new company also was authorized to issue 4,860 shares of non-par
common stock with a nominal value of $24 per share $252.000 in 7% pref.
Morgantown & Kingwood RR.—Equipment Notes.—
stock and $100,000 10-year 7% notes or bonds at not less than 85. The
Weilepp-Bruton & Co., Baltimore, recently purchased(from stock and the proceeds from the sale of the bonds are to be turned over'to
Railroad Administration) an issue
$635,800 the bondholders' committee of the old road.—V. 118. P. 1012.

of
the U. S.
Equipment Trust 6% Gold Notes, maturing $57,800 annually Jan. 15 1925 to Jan. 15 1935, inclusive. Stamped subordinate in lien to $1,271,600 notes of same issue, and guaranteed, principal and interest, by the Baltimore & Ohio RR.
by endorsement.
The issue has been sold, with the exception of a small amount of the longer
maturities.—V. 114, p. 2823.
New Orleans Texas & Mexico Ry.—Acquisition of Stock
of International-Great Northern Ry. Approved.—
See International-Great Northern By. above.—V. 118, p. 2949. 2704.
New York Chicago & St. Louis RR.—Listing

The New York Stock Exchange has admitted to the list$26,058,000
Ref. Mtge. 5ti% gold bonds, Series A,due April 1 1974, "when issued."
See offering in V. 118, p. 2949.

N. Y.& Queens County Ry.—Applicationfor Fare Inc.—

General Lincoln C. Andrews,receiver, applied to the Transit Commission
Justice
June 16 for an increase in fares following the dictum ofgot this Aspinwall in
relief before
the Queens Supreme Court that unless the company
June 26. the Court would allow the receiver to abandon operation. The
lines serve about 40,000 residents in Jamaica, Flushing. Woodside and
College Point.
Assistant Corporation Counsel Victory told the Court that the city was
-cent fare.
prepared to enter into a contract to operate the lines with a 5
Justice Aspinwall informed him that that would be illegal and did not
admit of discussion. Borough President Connolly said that the city was
willing to give the company relief from the $200,000 owed for paving
between the rails of the lines and back taxes. He declared if service were
abandoned the city would seize all physical property of the company to
meet these debts and establish service by municipal buses. Justice Aspinwall gave it as his opinion that if the passengers who use the lines were
allowed to vote on the subject. 90% of them would favor an increased fare
rather than have the service abandoned.—V. 118, p. 2824, 2438.




Pennsylvania RR.—Grants Trackage Rights.—

See Lehigh Valley RR. above.—V. 118, p. 2705. 2180.

Pere Marquette Ry.—Budget for 1924.—

President Frank If. Alfred announces that the company will expend
$6,131,000 during 1924 for improvements and betterments, including
work carried over from last year. The company's program In 1923 involved
over $10,000,000.
The 1924 program affects every division, and includes the following items:
The completion of engine terminal and train yards at Erie two new steamers
(car ferries), carried over from last year 300 refrigerator cars completion o
-lb. rail, and 700 tons of 85-1b. rail
shops at Wyoming 14.300 tons 0(90
rebuilding of the Saginaw River bridge for heavier power.—V. 118, p.2950-

Plymouth & Brockton Street Ry.—Discontinues Line.—
It is reported that the company has discontinued operations between
Mayflower and Kingston. Mass.,about Smiles. The entire road is 24 miles
long. The discontinued trackage is in the middle of the system, and, it is
said, two ends will be operated as separate units.—V. 115, p. 2159.

Poughkeepsie & Wappinger Falls Ry.—Seeks Fare Inc.
The company has applied to the New York P. S. Commission for permission to increase its cash fare in Poughkeepsie and Wappingers Falls,
N. Y., and intermediate fare zones from 8 to 10c. The company claims
that the present rate is insufficient to yield a reasonable return, and that
it Is. in effect, confiscatory.—V. 118. p. 1268.

Yuget Sound Pow. & Lt. Co.—Pays Tax Under Protest.

Holding that the 1919 property tax on Seattle's street railway system,now
city-owned, is due and delinquent, and that the tax-collecting officers of
King County, Ore—are, under the State laws, required to distrait) personal
property where taxes are not paid. three U. S. District Court Judges who
heard the arguments in the suits of the company and the Old Colony Trust
Co. against the city of Seattle and King County, handed down a decision
en banc on June 5, dismissing the application for an injunction. The Court
held that it had no jurisdiction in the case of the Old Colony Trust Co., and
that in the case of the company the company has an adequate remedy at law.
In obedience to this decision the Puget Sound Power & Light Co. on

JUNE 21 1924.]

THE CHRONICLE

June 7 paid King County the delinquent tax on the Municipal street railway
property, amounting with interest to $655,296. Payment was made under
formal protest.
An amended bill of complaint was filed by the company in the United
States Court stating that the tax had been paid and that action was being
taken to collect three-fourths of it from the city under the terms of purchase
agreement. The city contested the acceptance of the amended complaint,
holding that the ease was not one for the Federal court, and thereupon
specific performance of the contract between the city and the company
Was sought by the latter in another bill, which asks that the company be
allowed to proceeds and exercise its right to collect from the city.—V. 118,
p. 2950.

Rapid Transit in N. Y. City.—Change in Transit Law.—

By a law which was approved by Governor Smith on May 1, the State of
New York has placed the authority for constructing, equipping and operating new rapid transit railways in cities of over 1,000,000 inhabitants
in the hands of the city governments. This applies especially to the City of
New York.
The principal features of the new Act, which goes into effect July 1.
are as follows:
Board of Transportation Established.—There shall be a board of transportation in each city containing population of more than 1.000,000 inhabitants according to the last preceding Federal Census or State enumeration. The board shall consist of three members, to be appointed by the
mayor of such city. The term of office of a member of the board shall be
six years from the first day of July of the calendar year in which he shall be
appointed, except that the members first appointed shall be appointed for
such terms that the term of one member shall be two years from the first
day of July of the calendar year in which he shall be appointed, the term
of one member shall be four years from the first day of July of the calendar
year in which he shall be appointed, and the term of the third member shall
be six years from the first day of July of the calendar year in which he shall
be appointed. Vacancies shall be filled by appointment by the mayor
for the unexpired term. A member of the board designated by the mayor
shall, during his term of office, be the chairman. Each member shall be a
resident of such city. He shall receive an annual salary to be fixed by the
board of estimate and apportionment and which salary shall not be decreased
during the term of office of such commissioner.
All proceedings of the board and all documents and records in its possession shall be public records, and open to public inspection, except such
documents and records as shall be prepared by or for the counsel for use in
actions or proceedings to which the city or the board of transportation is
a party.
Powers and Duties of Board of Transportalion.—The _powers and duties of
the board of rapid transit railroad commissioners, including every right or
obligation to construct any road or roads under any contract made pursuant
thereto, and any additions or extensions to any railroads now or hereafter
constructed, heretofore transferred to the Public Service Commission for the
First District or the Transit Construction Commissioner or the Transit
Commission, are hereby transferred to and conferred upon the board of
transportation, together with such other and necessary powers as may be
requisite for the efficient performance of the duties imposed upon it by
reason of such transfer; provided, however, that nothing herein contained
is intended to repeal or restrict any powers conferred on the Transit Commission by Article Six of this chapter in respect of the plan of readjustment
or to transfer or affect any power or duties of the Transit Commission under
the aforesaid sections of the Rapid Transit Act in so far as they relate or
apply to any cbntract, certificate or grant of authority heretofore made,
or to any amendment or modification of any such contract, certificate or
grant of authority, heretofore or hereafter made, it being the intention of
this Act to confer on the board of transportation the powers and duties
under the Rapid Transit Act to construct or complete the construction of
any road or roads remaining to be constructed by the city under any such
contract, and to construct or construct and equip any new road or roads
and to lease or operate such new road or roads and to retain in the Transit
Commission the powers and duties not so transferred.
Upon the adoption of any route and general plan of construction of any
rapid transit railroad, under the Rapid Transit Act, the board of transportation shall prepare and file in the office of the secretary of the board of
estimate and apportionment at or prior to the time of submission of such
route and general plan of construction to the board of estimate and apportionment or other local authority for approval, a statement signed by at
least two members of the board of transportation and countersigned by its
chief engineer, showing in detail the estimated cost of construction and
equipment of such rapid transit railroad and the estimated time required
for the completion of such construction and equipment, together with an
estimate by years of the prospective results of the operation of such rapid
transit railroad over a term of ten years from the estimated date of the
beginning of operation thereof.
Municipal Operation, Rates of Fare, i%c.—If the board of transportation
shall undertake or engage in public or municipal operation of any road or
roads pursuant to the authority of the Rapid Transit Act the rate of fare
shall be 5 cents for an initial period not to exceed three years from the date
of beginning such operation. If the aggregate revenues derived from the
municipal operation of such road or roads during the third year of the initial
period be insufficient to pay (a) operating expenses exclusive of maintenance; (b) expenses of maintenance and repairs of structures and equipment, exclusive of depreciation; (c) contributions to s. depreciation fund or
funds, for replacement or renewal of worn out, obsolete or inadequate units
of structure or equipment• (d) the amount of interest actually payable by
such city on debt incurred or obligations issued on account of such rapid
transit railroad or railroads so operated and (e)constributions to sinking fund
to amortize and retire the debt incurred or obligations issued by said city
on account of such rapid transit railroad or railroads, the board of transportation shall within 61) days adjust, fix and readjust the rate of fare on such
road or roads, so as to produce an annual income sufficient to make all such
payments.
The revenue derived from all sources of income of any such road or roads
shall be deposited daily by the board in the name of the city in a bank or
banks to be designated by the board of transportation and shall be held
separate and apart from all other funds of the city as the operating fund for
the payment therefrom of the expenses of operation, maintenance and
repairs, and depreciation, interest and amortization charges.
i.om the operating fund thus derived there shall be deducted the following charges in the order named and a spearate accounting be made of each:
(a) Operating expenses, exclusive of maintenance, including all expenses
for personal service, materials and supplies used in operation.
(b) Expense of maintenance and repairs of structures and equipment,
which shall be the actual cost of keeping the structures and equipment in
thoroughly good order and repair, and shall include the replacement of parts
of construction and parts of equipment units, but shall not include the renewal or replacement of any complete units of property, as such units are
defined and specified from time to time by the board of transportation for
renewal or replacement from capital reserve fund.
(c) The amount of interest actually payable by the city and the proportionate annual contributions to sinking fund or other funds to amortize and
retire the bonds, corporate stock or other evidence of indebtedness issued
by the city on account of road or roads.
(d) Contributions to a depreciation fund or funds for replacement or
renewal of worn-out, obsolete or inadequate units of structures or equipment, of the amount the board of transportation shall determine is the
estimated net loss of value, after maintenance has been applied, of such
complete units of property, with due provision for obsolescence or inadequacy of such units.
The deduction for expenses of operation and maintenance shall be made
currently as required, and the deductions for depreciation, interest and
amortization installments shall be made after the close of operations each
month and shall be the monthmy proportion of the annual amount required
for such purposes. principal operating fund in
which all the revenue shall
In addition to the
be deposited, there shall be established and maintained In the custody of
the comptroller a separate fund and bank account, to be designated as the
capital reserfve fund, to which shall actually he transferred the amounts
on account of
deducted from reienuebalance which interest, amortization and depreciation. Any surplus or in execs of an shall accrue from the revenue at the
amount equal to the average cost of
fiscal year,
end of the
such
operation and maintenance for one month during fund fiscal year, shall
shall be available
paid into such capital re mryc fund. Such
also bo
manner as the
for disbursement in the same order specified: principal operating fund for
(a) Interest payable by the
the following purposes in the
city on account of bonds or other evidences of indebtedness issued, and contributions to sinking funds established for the retirement thereof; (b)
amounts necessary for renewals or replacements on account of depreciation and obsolescence. Any surplus accruing in the capital reserve fund
over and above the amounts disbursed for the purposes specified shall be




3079

retained in such fund and may be expended only for the support, installation or extension of such transportation facilities. All interest earnings of
such fund shall be added to the fund. The comptroller shall make all
payments out of the capital reserve fund, and shall report quarterly to the
board of estimate and apportionment, or other analogous local authority,
the condition of the fund, itemized as to the amount on hand for interest,
amortization of bonds or other evidences of indebtedness, depreciation and
surplus, and shall keep the account of the fund so subdivided.
Payments or withdrawals of moneys from the operating fund and the
capital reserve fund shall be made by checks drawn and signed by the corntroller upon vouchers certified by a member or an officer of the board ef
transportation, duly authorized by resolution of such board, except that
payments of interest, contributions to sinking funds and on account of
retirement of bonds or other evidences of indebtedness shall be made by
the comptroller upon his own initiative as such payments become due and
payable, but a memorandum of such payments shall be transmitted by the
comptroller to the board of transportation for entry in the accounts thereof.
The comptroller shall from time to time inform the board of transportation
in writing as to the amount to be periodically deducted frcim revenue on
account of interest and amortization requirements, and the monthly
charges and vouchers for such amountsshall be made in accordance with such
advices.
Capital for Initial Operations: Deficiencies.—The board of estimate and
apportionment or other analogous local authority is authorized to provide
the necessary working capital with which to begin such public or municipal
operation, and from time to time during the initial period of three years
after such public or municipal operation shall have been begun is authorized
to provide for the payment of any expenses of operation, maintenance.
interest, contribution to sinking funds, and reserves on account of depreciation, to the extent and in the amount not provided for by the revenues derived from such operation during such initial period. For such purposes
such board is hereby empowered to authorize the issuance of temporary
certificates of inddbtedness or corporate stock notes from time to time
during such initial period of operation and to replace and exchange such
temporary obligations, at any time within five years after the beginning
of such initial period, for rapid transit bonds or corporate stock or serial
bonds of the city having a date of maturity not to exceed ten years after the
expiration of such initial period of operation. Such rapid transit bonds.
corporate stock or serial bonds shall be amortized within such period of
ten years, and the interest payments thereon shall be provided from the
revenues derived from operation after the termination of the initial period
of operation, and the revenues shall be made sufficient and adequate to
fully provide for all the payments required by this article in the manner
heretofore prescribed. But this provision that such bonds, corporate
stock or serial bonds shall be payable out of the revenues derived from
operation shall not diminish or affect the obligation of said city as a debtor
upon said bonds, or any other right or remedy of any holder or owner of
any such bonds, to collect the principal and interest thereof.
Transfer of Officers and Employees.—Officers and employees of the
Transit Commission exercising functions and performing service in respect
to subjects or matters. jurisdiction of which is transferred by this Act to the
board of transportation, shall be eligible for transfer and appointment
without examination to offices and positions in the office of the board of
transportation; and, so far as necessity for such service exists, shall be so
transferred and appointed.
Transfer or Records.—The Transit Commission shall transfer and deliver
to the beard of transportation all contracts, books, maps, plans, papers
and records of whatever description pertaining to subjects or matters,
jurisdiction whereof is transferred by this article to the board of transportation; and such board is authorized to take piosse.sion of all such contracts,
books, maps, plans, papers and records. If any documents or records of
the Transit Commission pertaining to a subject or matter, jurisdiction
whereof is transferred to the board of transportation, are so combined or
connected with documents or records pertaining to other subjects or matters
within the Jurisdiction of such commission as to render it impracticable to
delivar such documents or records to the board of transportation as required
by this section. the Transit Commission shall cause to be prepared certified
copies of the parts of such documents and records as pertain to the subject
or matter. Jurisdiction whereof is transferred to the board of transportation.
and shall deliver the same to such board. The Transit Commission shall
also turn over to the board of transportation such supplise, furniture and
equipment as such Commission shall determine are no longer needed for its
purposes.
Continuity of Jurisdiction.—The board of transportation shall be deemed
and held to constitute a continuation, as to matters within its jurLscliction,
of the Transit Commission as now constituted, and not as a new commission, for the purpose of succession to all such of the rights, powers, duties
and obligations of the Trairsit Commission as by this article are transferred
to such board of transportation.—V. 118, p. 1521.

,

Reading Co.—Starts Contempt Proceedings.—

The company has filed proceedings in the U. S. District Court at Philadelphia to attach for contempt the 1st and 2d Preferred stockholders who
filed a suit in Common Pleas Court No, 1 June 3 for an equal participation
in the distribution of Reading Co.'s profits. It is charged that the suit
Is in violation of an injunction clause in the final Reading dissolution decree
of June 28 1923 against bondholders and stockholders filing such suits,
and it is asserted that the U.S. Supreme Court has already decided that the
Preferred stockholders are limited 'to a 4% dividend from earnings in.
any fiscal year.
The contempt proceedings are against William B. Kurtz. Madge Fulton
Kurtz, Walter I. Cooper, Elmira A. Hazzard,Pauline C Redman,trustee:
Walter'I. Cooper and Pauline C Redman. as executors of the estate of
Isaac Cooper, deceased; Charles B. Fritz, William G. Jackson and Randall Chase.
Judge Thompson fixed June 23 for the defendants to file an answer to,
the contempt proceedings.
The Reading's petition states that when the case was in the U. S. Supreme Court counsel for the Iselin committee agreed to the interpretation,
that the Pref.stock was limited to 4%.and that this interpretation has been
made a part of the final decree of dissolution, although the Iselin committee
maintained it stood on an equal basis with the Common in the distribution
of capital assets.—V. 118, p. 2950, 2944.

St. Louis-San Francisco Ry.—Equip. Notes Offered.—
Paine, Webber & Co., J. S. Bache & Co.., A. B. Leach &
Co., Inc., and Hornblower & Weeks are offering at prices
to yield from 434% to 5.65%, according to maturity,
$3,516,700 Equip. Trust 6% gold notes (stamped subordinate in lien to $7,031,WO unstamped prior lien notes).
Dated Jan, 15 1920. Due $319,700 annually Jan. 15 1925 to 1935 incl.
Int. payable J. & J. 15. Denom. $1,000. Red as a whole only on 60
days' notice at 103 and interest.
Security.—Notes are a direct obligation of the company. They areissued under an equipment trust agreement dated Jan. 15 1920 between
the Director-General of RRs., the company and the Guaranty Trust Co.,
trustee. Original issue was for $14,383,500 covering the following equip-ton box
ment: 33 Mikado locomotives, 7 switching locomotives, 3,500 40
cars and 1,000 50
-ton gondola cars. Of the original issue one-third of each
maturity was stamped subordinate in lien. Since date of issue $3,835,600
have been retired. Tne total subordinated and unstamped notes now outstanding amount to only $10,547,900, or about 73% of the total original
cost of the equipment.—V. 118. p. 2706, 2430.

Seaboard Air Line Ry.—Adjustment Mtge. Interest.—

The directors on June 19 authorized the payment on Aug. 1 of interest
commons Nos.47 and 48 on the Adjustment Mortgage 5% bends,aggregating
2.5i1 (see also V. 117. p. 2771).—V. 118, p. 2306, 2173.

Salina & Santa Fe Ry.—Acquisition of

The I.
-S. C. Commission on June 4(a) authorized the company to acquire
by urchase a line of railroad formerly owned and operated by the Salina
p
Northern RR., extending from a connection with a branch line of the
Atchison Topeka & Santa Fe Ry. at Salina, in a general northwesterly
direction to Osborne, approximately 81 miles, in Salina, Lincoln. Mitchell
and Osborne Counties, Kansas:(b) authorized the company to issue $300.000
of Common stock in connection with the acquisition.
The Commission also authorized the Atchison Topeka & Santa Fe Ry.
to acquire control of the Salina company by purchase of its capital stock
and to lease the line of that company.
The Salina Northern RR. was completed and placed in operation in Nov.
1916. In June 1917 the property was placed in the hands of a receiver.
On Feb.7 1924 the road was sold under foreclosure to two Individuals acting

[vor.. us

THE CHRONICLE

3080

-V. 118.
In the interest of the bondholders. The sale was confirmed by the court tives, 500 steel tank cars. 93 caboose cars and work equipment.
p. 1775. 1764.
en March 5 1924.
The Salina company was organized Feb. 23 1924 in Kansas with an
United American Rys., Inc.
-Bankers' Shares Offered.
authorized capital stock of $300,000 (par $100), and with authority. to operSal
ate a railroad from Sauna to Osborne. It plans to purchase the line in Bonner, Brooks & Co. are offering in New York (and British
question and its equipment from the representatives of the bondholders
in London) Bankers'
for $900,000. To obtain a part of the purchase price it now proposes to & General Debenture Trust, Ltd
Issue and sell its entire authorized capital stock. The Atchison company Shares representing stocks of 17 railway companies at $14
has agreed to purchase 2.993 shares at par and the remaining shares will be per share, to yield over 7%.
purchased by individuals who will serve as directors. The rest of the
Bearer shares, with coupons attached. In denom. of 5, 10, 25, 50 and 100
purchase price of the railroad will be advanced by the Atchison company
on open account, and no additional securities will be issued. The estimated share certificates. Coupons payable Jan. 31 and July 31 in U. S. currency
This estimate does not at the Empire Trust Co., New York,trustee, or,at the option of the holder,
cost of constructing the railroad was $1,247,303.
Include any allowance for interest during construction or for general expenses. in sterling in London, England. These Bankers' shares are rated "A"
Upon acquiring the line the Salina company proposes to lease It to the by Moody's Investors Service. Company deposits, with the trustee, 115
Atchison company for 10 years, and thereafter from year to year, subject shares of Common stock of the following 17 representative railway comto the right of either party to terminate the lease by giving to the other panies. totaling $10,000 par value, and 1,000 Bankers' Shares, of $10 each
par value, are issued against them:
-V. 118. p. 1774.
party 90 days' written notice.
Atchison Topeka & Santa Fe By., Atlantic Coast Line RR., Canadian
Pacific By., Central RR. Co. of N. J.. Chesapeake & Ohio By. Delaware
Springfield Street Ry.-Wage Increase.
Lackawanna & Western RR., Delaware & Hudson Co., Illinois Central
-V. 118, p. 2706.
See Worcester Consolidated Street By. below.
RR., Lehigh Valley RR., Louisville & Nashville RR.. New York Central
RR.. Norfolk & Western Ry., Northern Pacific By., Pennsylvania RR..
-Fares Increased.
Stark Electric RR.
City fares in Alliance, 0., were increased from 5 to 6c. on June 8. This Reading Co., Southern Pacific Co., Union Pacific RR.
Listing.-Application will be made to list these shares on the New York
action was taken to retain service over that part of the line for which the
company had filed an application to abandon. The abandonment plan Stock Exchange.
-United American Rys.. Inc.. has been formed to secure, for
Company.
-V. 118, p. 2306.
has been sidetracked for the present, it is stated.
the holders of its Bankers' Shares, the advantages of an investment trust
- in the stocks of the 17 railways that constitute the main transportation
Indianapolis & Eastern Traction Co.
Terre Haute
systems of the North American continent. Company is entirely inde1920.
1921.
1922
1923.
Earns. Cal. Years$5,282.267 $5,190,591 $5,130,124 $5,316,288 pendent of the 17 railway companies. It does not own or operate railways.
Gross earnings
3,805,565 It owns shares of the Common stocks of the said 17 railway companies.
3,734,958
3,861,741
3,680,458
Operating expenses
312,259 Under a trust agreement dated May 9 1924 it has deposited these shares
333.820
366,725
316,462
Taxes
with the Empire Trust Co., 120 Broadway, New York. as trustee, in units
Earns,from operation $1,104,064 $1,143,408 $1,061,347 $1.198,464 of 115 shares each, totaling $10,000 par value, and against each such unit
263,548 It has received 1,000 Bankers'Shares of $10 each par value. Each Bankers'
296,204
348,984
352,161
Other income
Share, therefore, represents a 1-1000 interest in each unit of $10,000 par
$1,456,225 $1,492,392 $1,357,551 $1,462,012 value of shares deposited with the trustee.
Net earnings
Deposited Stocks.
-The trust agreement provides that stocks of the 17
737,274
729.750
718,055
722.963
Bond-interest
.as trustee
235,958 railway companies shall be deposited with the Empire Trust Co.
235,458
232,167
234,958
Dividend rental
68,730 In units, and that each unit shall be identical and shall consist of 115 shares
86,087
82.825
77.545
Interest on notes, &c__ _
8,000 of $10,000 par value -V. 118. D. 2951.
8,000
8,000
8,000
Brazil El.Co.rental, &c.
231,616
209,331
214.047
217,365
Sinking fund

U. S. Railroad Administration.
-Sells Notes of Railroad.

Balance. surplus
-V. 118, p. 908.

$203,093

$226,336

$92.187

$180434

-Hemphill,
-Bonds Offered.
Tide Water Power Co.
Noyes & Co., Stroud & Co. Inc., Coffin & Burr, Inc., and
'
Otis & Co. are offering, at 97M and interest, to yield over
6.20%, $1,070,500 First Lien & Ref. Mtge. Gold Bonds,
Series A, Sinking Fund 6%. Dated Oct. 2 1922. Due
Oct. 1 1942 (see description in V. 115, p. 2268).
Data from Letter of President A. E. Fitkin, New York, June 13.
-Does all the electric light and power, gas and electric railway
Company.
business in Wilmington, N. C., and the territory to the north, and through
Its subsidiary, the Pinellas County Power Co., all the commercial electric
light and power business in St. Petersburg and Clearwater, Fla.
The property of the company includes the electric light and power, gas
and street railway utilities in Wilmington and a short interurban line to
Wrightsville Beach. The electric plant is 11.500k. w.in capacity, of which
6.000 k. w. Is just being completed, and the distribution system covers the
city, the towns along the interurban, the beach, and extends to the outlying
industries. Seventy-five miles of 33.000-volt high tension transmission line
have recently been completed, extending north from Wilmington and
serving a number of communities as well as providing for interconnection
with the system of the Carolina Power & Light Co., which is now building
to the terminus of this line. The gas plant is combination coal and water
and the distribution system includes 50 miles of mains. The street and
interurban railway includes 34 miles of track and has 50 cars. The property
of the Pinellas County Power Co. Includes a 6.400 k. w. steam station in
-mile transSt. Petersburg and a small standby station in Clearwater. a 20
mission line between the two, and distribution systems in the two cities.
-ton ice plant at Clearwater. A new 6,000 k. w. steam
There is also a 25
plant is now under construction at St. Petersburg, with provision for an
additional unit, the transmission line to Clearwater is being rebuilt for
-volt operatioh and will be extended from Clearwater to Tarpon
60.000
Springs and north.
Consolidated Earnings Year Ended April 30 1924 (Incl. Earnings of Properties
to Be Acquired at Tarpon Springs).
Gross earnings
er
Operating expenses, maintenance and taxes
Annual interest on mortgage bonds to be outstanding (includingx$11:(76:765198
294,810
$12,202 interest on bonds in sinking fund)
Balance available for other int.. Fed'I inc. taxes and deprec:n_

$482,129

x Dividends of the Pinellas County Power Co. on its $150,000 pref. stock
not owned by Tide Water Power Co., amounting to $10,500, have been
added to operating expenses.
Securlly.-Bonds are secured by a direct first mortgage on the Wilmington
property, subject as to part of it to a closed mortgage having $355,950
bonds held by the public. They are further secured by the direct pledge
of all the First (and only) Mortgage Bonds of the Pinellas County Power
Co. as well as of its voting control.
-An annual sinking fund of 1% of all bonds previously
Sinking Fund.
certified begins Dec. 1 1924 for the retirement of bonds. This amount
shall be increased if later series provide larger sinking funds.
-Proceeds of this issue are to be used for the completion of the
Purpose.
6,000k. w. addition to the Wilmington power plant,for the construction of
a new 6,000 k. w. steam plant now under way at St. Petersburg, for lines
and transformers connecting it to the system,for the purchase of the utility
property at Tarpon Springs. and for the construction of a transmission line
from Clearwater to Tarpon Springs and north.
Authorized. Outstand'g.
Capitalization12,000 shs. 12,000 s •
Common stock
$17,300
Preferred Stock 7% Cumulative
1312200
, ,
Cumulative
33,500.000
Pinellas County Power Co
1.492,300
1.500.000
-year 7% Sinking Fund Gold Debs , 1937
15
First Lien & Ref. Mtge. Gold Bonds, Series A _ _1 Indeter- 1
4,413,500
Sinking Fund 6%. due 1942 (incl. this issue)- --1 minate
x355,950
$600,000
Consol. Rys., L. & P. Co. 1st 55, 1932

White, Weld & Co. have purchased from the U. S. Railroad Administration the following notes, held by the Administration to secure advances
made by it to the railroads:
-Kansas
-Texas RR.6% note.secured by $3,210,000
(1) $2.500,000 Missouri
-KansasPrior Lien Mtge. 6% gold bonds of the Missouri
Texas RR. Co., Series "C," due Jan. 1 1932.
2,250,000 Missouri-Kansas-Texas RR.6% note,secured by $2,890,000
-Texas
-Kansas
Prior Lien 6% .
gold bonds of the Missouri
RR., Series "C. due Jan. 1 1932.
'
(2) 1,900,000 Monongahela Ry. Co. 6% note, secured by $2,650,000
1st & Ref. Mtge.5% bonds. Series "B." of the Monongahela
Ry., due 1972.
2,400,000 International-Great Northern RR. 6% note, secured by
(3)
$2.750,000 1st Mtge. gold bonds of the International-Great
Northern RR., Series "A," 6%, due July 1 1952. (This
purchase was made for the joint account of White. Weld &
Co. and Blyth, Witter & Co.)
The notes are all due Mar. 1 1930. with interest payable Mar. 1 and
Sept. 1. and are callable on any interest date at 100 and accrued interest.
Other purchases reported included: $8,000,000 Chicago Rock Island &
Pacific notes by Dillon, Read & Co.(which are being refunded through the
Issuance of 5% notes: see offering above); $9,000,000 Baltimore & Ohio:
$3,000,000 St. Louis-San Francisco, and $1.500,000 Wabash notes, by the
Equitable Trust Co., Guaranty Co., Speyer & Co. and Potter & Co.:
$1.000,000 New York Chicago & St. Louis RR.and $9.200,000 Chesapeake
& Ohio notes by J. P. Morgan & Co.; $700,000 Si. Louis Southwestern
notes by R. F. Devoe & Co.
-V. 118. p. 1270. 204.

Utah Light 8c Traction Co.
-Earnings.
Earnings for Years Ended December 31.
1920.
Years End. Dec. 311921.
1922.
1923.
Gross earns,from oper__ $1.857,747 $1,979,380 $2,048,978 $2,069,482
1.489,283
Oper. exp., incl. taxes.. 1,467.590
1,595.291
1,498,811
Net earns, from oper_
Other income

$390,157
495,998

$480.569
382,797

$453,687
398,932

$580,199
401,748

Total income
Interest on bonds
Other int. & deductions_
Renewal & replace. res_

$886.155
841,765
59,577

$863,366
841,765
46,453

$852,619
821,633
34.098

$981,947
799.735
24,687
144,725

Balance
-V. 118. p. 2439.

def$15,187 def$24,852

def$3,112 sur $12,800

-Earns.
-Seeks Higher Rates
Utah Power & Light Co.
The company has applied to the Utah Utilities Commission for a new
schedule of rates in all territory outside Salt Lake City and Ogden, Utah.
-cent lighting rate and 51 11 gross minimum
The desired schedule names a 10
bill, both subject to 10% discount for prompt payment. Rates in Ogden
and Salt Lake City are 8.1 cents a k. w. h. and 90 cents minimum.
The new generator plant on Bear River, near Alexander. Idaho, which is
nearing completion, will give the company's Bear River plants a total of
140,000 h. p. With the company's other stations in Idaho, Utah and Colorado, exclusive of the 50.000 h. p. steam generator being built on tne Jordan River,in Salt Lake City,it will bring company'scapacity to 240,000 h.p.
-Inter-Co. Charges Eliminated.]
[Incl. Western Colorado Power Co.
1920.
1923.
1921.
1922.
Grass earns, from oper_ $88,543,405 $7.125,089 $6,746,642 $6,730,848
3,599,449
0per. exp., incl. taxes_ - 4,253,372
3.502,637
3.612,341
Net earnings
Other income

$4.290.033 $3,512,748 $3,244,005 $3,131,399
148,311
183,749
133,135
201,219

Total income
34,473,782 $3,713,967 $3,377,140 $3,279,710
1,211,970
Interest on bonds
1,854,933
1,574,919
1,277,845
493,641
Other int. & deductions194,532
440,896
286,312
591,500
Divs. on Pref. stock__ _ 867,837
660,221
786,402
345,590
216,930
Divs. on 2d Pref. stock_
288,050
216,930
615,000
725,000
600,000
Renewal & replace. res_
600,000

$22,009
Surplus
614,550
$110,128
$249,404
-V. 18, p. 909.
x In addition there are $244,050 bonds of this issue held alive in its
drawing interest for the benefit of the fund.
sinldng fund
Virginia Ry.& Power Co.
-New Interests Seek Control.
Deposited under the First Lien & Ref. Mtge. above are all the First
This company may soon change hands, according to reports in the
Mtge. Bonds (only mortgage) of the Pinellas County Power Co. amounting financial district. It is stated that buying has been largely for the same
completion of this financing, and all the common stock
to $1,885,000 upon
Interests who recently acquired control of the American Electric Power Co.
of the company (except directors' shares), thus giving the Tide Water They are said to be seeking control of Virginia By. & Power Co. with a
Power Co. voting control. The preferred stock of the Pinellas County view to combining it with other properties. Negotiations, it is said, are
-V. 118,
Power Co.. I. e., $150,000 7% stock, is in the hands of the public.
under way for taking over the company at a price believed to be around
P. 2706. 2431.
-V. 118, P. 2306, 2181.
$75 a share for the Common stock.

-Tenders.
Toledo Columbus & Ohio River RR.

22 William St., N. Y. City will until
The Farmers' Loan & Trust Co.. of 1st
Mtge.435% bonds of the Clevesale to it
June 30 receive bids for the amount sufficient to exhaust
$11,300 at a price
Marietta Ry. to an
land &
not exceeding par and int.-V. 117, p. 1130.

-Sold.
Tuskegee RR.
Ga., has purchased this 3
-mile line which
w. G. Mitchell of Atlanta.of Alabama at Chehaw. Ala.
-V.109, p.372.
the Western Ry.
connects with
-Budget for 1924.
RR.
Union Pacific
Carl R. Gray,
According to President for extensions, the company proposes to spend
equipment and new shops.
1924

-To Issue Bonds
Washington (D. C.) Ry. & Electric Co.

The Washington (D. C)Public Utilities Commission has authorized the
company to issue $2,496.000 10
-year 6% Gen. & Ref. Mtge. bonds to retire
outstanding bonds and to reimburse the company for expenditures made.
These bonds are part of a 310.000.000 mortgage authorized by the Commission last September. (See V. 117, p. 1463.)-V. 118, p. 2306.

Wellington Grey & Bruce.Ry.-Interest Payments.

See Grand Trunk Ry. of Canada above.
-V. 117, p. 2891.

Winona Service Co.
-Organized.

This company was incorporated in Indiana on May 27 1924 with an
$29.510,447 during
of second main authorized capital of 10,000 shares of no par value to acquire the property
construction of 44
The company's plans include the to Nampa, Idaho;miles-mile line from of the Winona Interurban Ry., recently sold at a receiver s sale to James P
a 98
Boise, from Orchard
line through
-mile line from Crane to Burns, Ore., Goodrich for $309,369.
Rogerson. Idaho, to Wells, Nev.; a 30
The Winona Service Co. proposes to issue $600,000 1st Mtge. 6% gold
and a 17-mile extension northerly from Fort Collins, Colo., to serve the bonds, dated July 11924, due serially, $18,000 per annum, 1925-1956 incl.,
.
New equipment includes 20 mallet and 20
newly developed oil fields.
and the balance ($24,000) due in 1957. Int. is payable J. & J. at theAetna
2-10-2 type freight locomotives, and 5 passenger mountain type locomo-




JUNE

21 1924.]

THE CHRONICLE

3081

Trust & Savings Co., trustee, Indianapolis, Ind. Denom. $1,000, $500
(1) President Coolidge vetoes bill proposing increases
and $100. Callable on any interest date at 103.
Office employees, p. 2900; (m) Pay increase granted by in wages to Post
majority of Conrity
The company holds under lease the Winona & Warsaw Ry.
firms to iron
Directors of the Winona Service Co. are: Harry Reid (Pres.), Theodore employment and pay workers, union claims, p. 2888; (n Decrease in
rolls
Frazer (V.-Pres.), James P. Goodrich (Sec. & Treas.), Martin J. Insull April 1924, p. 2888; (o) in selected industries in the United States in
Factory employment in New York State
-V. 118, p. 2825.
and H. C. Anderson.
7% in two months, p. 2888: (la) Clothing wages continued on presentdrops
In Rochester market, p.2888;(q) H. W. Stokes of American Pulp & basis
Winnipeg Electric Ry.-Report.Paper
Association says paper and pulp manufacturers are being taxed out
of
Calendat Years1923.
business, p. 2885.
1922.
1921.
1920.
Gross earnings
$5,280.407 $5,395,223 $5,418,024 $5,233,700
(r) Senate resolution calling for investigation into wheat losses during
Operating expenses
3,465,892
Governmental price regulation, p. 2914; (s) Senate committee's
3,526,715
3,559,380
3.428.897
investigation of Department of Justice to continue during the
Net operating revenue $1,814,515 $1.868.508 $1,858,644 $1,804,803 (t) Offering of United States Treasury certificates ofsummer. p. 2909:
indebtedness, p.
Miscellaneous income..-127,706
121.854
161,407
76,700 2900; (u) Offering of Argentine gold notes, p. 2895; (v) Offering of Federal
Intermediate Credit Bank debentures by Goldman,
Gross income
$1,942,221 $1,990.362 $2,020,051 $1,881,503 others, p. 2895; (w) Cuba to retire $18,352,000 loan onSachs & Co. and
June 30,
Int. charges, taxes, &c
$1.071,821 $1,054,988 $1,091,085 $1,084,927 (x) Representative McFadden's statement on bill to modernize p. 2895:
national
Depreciation
201,050
201,050
201,050
201,050 bank laws, p. 2895.
Sinking fund
55,320
56,550
57,420
60,000
Preferred dividends- --210,000
Air Reduction Co., Inc.
210,000
-New Officers.
182,367
4,444
R. B. Davidson has been elected Secretary succeeding M. W. Randall.
Surplus
$404,030
$467.774
$488,129
$531,082 Mr. Randall will retain his position as Vice-President of the company.
--V. 118, p. 2574.
C. S. Munson has been elected a Vice-President.
-V. 118, p. 2044.

Worcester' Consolidated Street Ry.-Wage Increase.

All America Cables, Inc.
-Earnings.-

A board of arbitration recently granted employees of this company and
of the Springfield Street Ry. wage increases of 10 cents an hour, retroactive
to Jan. 1 1924. The maximum wage will be 68 cents an hour. The award Net after taxes
will be placed in operation June 28 and will expire Jan. 1
1925.-V. 118, Other income
P. 1522.
Tots income
Yonkers (N. Y.) RR.
-Fares Reduced.
D.vidends
The company has been authorized to charge 5 cents for a single-trip
fare
between Kimball Ave., Yonkers, N. Y., and Scotts Bridge over
Surplus
the New
York New Haven & Hartford RR. tracks in the city of Mt. Vernon, N.
Y. -V. 118. p 2826.
This is a reduction of 5 cents.
-V. 108, p. 2242.
:Estimated.
INDUSTRIAL AND MISCELLANEOUS.
The following brief items touch the most important
developments in the industrial world during the past week,
together with a summary of similar news published in full
detail in last week's "Chronicle."

--Quarter Ended- :Total.
:June 39'24. Mar.31'21. 6 Months.
$658.566
$763,190 $1,421,756
145,000
140,000
285,000
$803,566
403.600

$903,190 $1,705,756
403,000
806,000

$400,566

$500,190

American Brick Co.
-Listing.
--

5900.756

The Boston Stock Exchange has authorized
certificates for 50,000 shares Common stock of no for the list temporary
par value.
The gross sales in 1923, less trucking and discount, were $290.399.
The cost of goods sold was $186,663, leaving a gross profit, on sales
of
$103,736. Net earnings were $80,853.
Balance Sheet April 30 1924.
Assets.
Liabilities.
Steel and Iron Production, Prices, &c.
Plant, property, &c
5391,727 Preferred stock
5137,425
Cash
The review of market conditions by the trade journals formerly
33,499 Common stock
247,500
given Accounts receivable
under this heading appears to-day on a preceding page under
43,434 Accounts payable
16,299
"Indications Notes receivable
of Business Activity."
1,000 Sinking fund reserve
6,865
Inventories
12,953 Res. for State tax
Coal Productioh, Prices, &c.
2,300
Deferred charges
5,633 Res. for Federal tax
10,979
The United States Geological Survey's report on coal production,
Medfield tax accum
161
with the detailed statements by the "Coal Trade Journal" and together
the "Coal
Surplus
67,218
Ago." regarding market conditions, heretofore appearing in
will be,found to-day on a preceding page under the heading this column,
Total
$488.748
Total
"Indications
$488.748,
of Business Activity."
-V. 118, p. 2044, 666.
Oil Production, Prices, &c.
American 8c Foreign Power Co., Inc.
The statistics regarding gross crude oil production
-Dividend No. 2.
The directors have declared the regular quarterly dividend of $1 75 per
compiled by the American Petroleum Institute andin the United States
formerly
under the above heading, will be found to-day on a preceding appearing share on the Preferred stock, no par value, payable July 1 to holders of
page.
record June 18. An initial dividend of like amount was paid April 1 last.
Prices, Wages & Other Trade Matters.
-V. 118, p. 2307.
Refined Sugar Prices.
-On Juno 16 Arbuckle advanced price of
sugar 15
American Smelting & Refining Co.
pts. to 6.65c.. and on June 18 a further 10 pts. to 6.75e. Federal, on
-New Secretary.
June
George A. Brockington has been elected
16, advanced price 30 pts. to 6.60c. a lb. In assorted lots, and refined
in Merris.s, effective Jan. 1 1925.-V. 118, p. Secretary, succeeding W. E
bags 25 pts. to 6.55c.t and on June 17 a further advance to 6.75
1668.
assorted lots and to 6.70c. a lb. in bags. On June 16 American, a lb. in
Franklin
American Sugar Refining Co.
and Warner advanced price 25 pts. to 6.90c.
-Final Production.
Central Cunagua has finished grinding cane in
On June 19 Revere advanced price 25 pts. to 6.90c. On June 17
Penn- of 555,260 bags, as compared with an estimate Cuba with a final outturn
sylvania advanced pr.ce 15 pts. to 6.80c.
of 500,000 bags. Central
Jaronu, the company's other estate, finished a short time ago
Tire Prices Cul.-F.sk Rubber Co., on June 19,
about 15% on its whole line of tire balloons, cords announced price cuts of 471,072 bags, compared with an estimate of 500.000. Total making
and fabrics. Firestone, production
Cuban
on June 20, notified dealers that it will cut prices from 10% to 15%
of the company
on high an estimate of 1,000,000. for 1923-24 was 1.026,332 bags, compared with
pressure tires and tubes. United States Rubber Co.on
During the 1022-23 season. Cunagua made
June
that it will cut prices of high pressure pneumatic tires and 20, announced 588.246 bags and Jaronu 578.390 bags, making a total outturn of 1,166,636
tubes 10 to 15% bags.
and balloon tire prices about 20%.
-V. 118, p. 2044.
Reduces Newsprint Price.
--St. Maurice Paper Co. has reduced newsprint
American Telephone & Telegraph Co.
prices $2 a ton, effective July 1. Price is for balance
-Listing.
of the year. Boston
'Financial News" June 18, p. 6.
The Philadelphia Stock Exchange has authorized the listing of $4,051.400
additional capital stock issued $275,000 in exchange for $275,500 Cony.
The International Paper Co. announced June 14 that
it would meet the
reduction in newsprint prices by certain Canadian
bonds
and now is 4 % bonds due 1933; $656,500 in exchange for $656,500 7-Year 6%
quoting $73 a ton for contracts for the second half of producersas
the year, compared Cony,part of due 1925, canceled and stricken from the list; and $3,120,000
with $75 quoted previously. New York "Evening Post"
being
200.000 shares to be issued to employees; making the total
June 14, p. 4.
Telegraphers Get Raise.
-U,S. Railroad Labor Board has granted increase amount of stock listed at June 14 $755,792,400 and reducing the amount of
of 5 cents an hour to telegraphers of Terminal Railroad Association
Cony. 4 14s listed to $3.956.300, and the amount of Conv. 6s listed
to
of St. $6,623,600.-V. 118, p.
Louis. Carrier had offered increase of 2 cents. "Wall
2952.
Street Journal"
June 13. p. 10.
American Water Works & Electric Co., Inc.
Ford 0lice Forces Go on a 5
-Day Ilreek Basis.
-But will lose
-Earnings.
or a days pay. New York "Times" June 15, Section I, p. paid vacations
The company reported a balance, after charges and depreciation for the
1.
American Woolen Wages.
-President Wood says trade will increase and year ended April 30 1924 of $3,305.160. equivalent, after 1st Pref. dividends.
this is no time to cut wages. "Wall Street Journal"
to $13 35 a share on both the 100.000 shares of Common and 100.000
June 16, 13- 1.
International Harvester Lays Off Men.
shares of Pattie. Pref. now outstanding. This compares with
-About 1,500
$2,333,839
laid off at tractor plant of International Harvester Co.men were recently of $9 40 a share on the same amount of
at Chicago. This
Common and Partic. Pref. for the
follows other layoffs earlier in the year. It Is expected
that making of new period ended April 30 1923.
. tractors will cease by July 1, and that the repair department will run only
Gross earnings of $37,886,140 compare with $29,901.007 in
1923. a gain
to Sept. 1. Boston 'News Bureau" June 18. p. 4.
of $7.985,132; while net after operating expenses and taxes, aggregated
Pittston Coal Suspension Ended.-Follow.ng an order
from Internat.onal $16,377,462, against $12,690,007 the year before, an increase of $3.687.365.
Pres.dent John L. Lew.s of the United Mine Workers, the
Electric output of the company's subsidiaries, which include the West
strike of 10.000
miners in the Pittston field has been called off.
, Penn System and the Potomac Edison Co.. totalled over 1,120.000,000
Pennsylvania Coal Co. will resume in 24 hours. The men, employed by kilowatt hours for the year
"Wall Street Journal'
ended April 30
16, p. 3.
June
kilowatt hours over the year ended April 301924. an increase of 203,737.000
1923.-V. 118, p. 2707, 2576.
Court Upholds Paper's Right to Refuse to Publish
"ads." New York
"Times" June 15, Section II,
American Woolen Co., Boston.
-Nat Considering Wage
Mills Close Down.
-(a) Bigelow-Hartford Carpet
Conn., announced June 18 closing of its plant until Co., Thompsonville, Reduction-New Director.
July 7. (b) Lowell
President William M. Wood on June 16 said: "The outlook for business
of Massachusetts cotton mills announced a
plant
three weeks' shutdown must improve as political prospects
between June 23 and July 14. (c) Everett Mills at
for a business administration advance.
Lawrence, Mass, will Of course, there is a letting
be shut down from June 18 to July 14.
down in the textile industry in conjunction
Strike Controversies Settled.
-Three strikes, a threatened strike, and two with the general business hesitation, but I and my associates do not think
this is the proper time to consider a reduction in wages. The demand for
controversies, affecting about 1,000 employees,
were
partment of Labor during tne week ended June 14. Onadjusted by the De- goods is here in the country, although it may be delayed in reaching the
that date there were
41 strikes before the department for settlement and 13 controversies which mills. The country's consumption must be tremendous and must show in
had not reached the strike stage. Of 54 total cases pending 13 new cases renewed orders to the mills in due time. No true American at this time
would wish to see any reduction in wages or in the general purchasing and
were presented during the week. Boston "News Bureau" June
18.
consuming power in the country."
Bans Picketing by Union.
-Justice Benedict grants order to Steamp. 10.
Dyeing
(Frederick It. Edington has been elected a director, succeeding George L.
Brooklyn. "Evening Post" June 16. p.
Co. in
Shepley.]
-V. 118, p. 2707.
Sues Labor Union for $500,000.-A suit for 3.
$500,000 against Theodore
Brendle, President of the Hudson County Building Trades
Council, two
Arcade Malleable Iron Co.
-Defers Dividend.
councils and eleven labor unions, was filed in the Essex County
Supreme
The directors have decided to defer
Court in Newark June 17 by attorneys for the Clifford F. MacEvoy
Co., 2%, due at this time on the $500,000 payment of the quarterly dividend of
engineering and contracting firm, 505 Orange Street, Newark.
8% Cumul. Pref. stock.
-V. 118. p.
New York 1522.
lmes" June 16, p. 31.
West Virginia Miners Lose Union Autonomy.
-Lewis puts area directly.
Arden Dairy Products Co., St. Paul, Minn.-Capital,&e,
under international executive to enforce .ts pol.cies. New York "Times'
This company,incorporated in Delaware June 13 1924 with an authorized
June 15, p. 14.
Injunction Sought in Strike.
-Iron League of New York, comprising load- capital of 5600,000. filed notice with the Secretary of State of Delaware
ing construction companies, asks Supreme Court for injunction to restrain Jute 16, increasing its capitalization to $1,775,000. Compare also V. 117,
union iron workers from interfering with non-union men, claiming strike p. 2215.
has caused damages of $5,000,000 and asks court to ease.s union for that
Arizona Power Co.-Propcsed F:nancing Plan.
Evening Post" June 18. p. 1.
amount. New York"
The directors met Juno 13 to con ider a plan for providing for junior
,
Governor Smith Names Board of Arbitration in Garment Dispute.
-New finances of the company and will shortly present to the stockholders for
York "Times" June17, p. 40.
their formal approval
Covered in "Chronicle" of June 14.-(a) Automobile price changes, 75% of the Common a program which has been informally approved by
Matters
stockholders end
Further reductions in price of crude
P. 2887; (b)steel production records-additional oil and gasoline. p. 2887; In brief, the suggested plan provides as60'7 of the Preferred stockholders.
follows:
sharp decline,
(c) May
(1)
Cumul. 1st Prof. stock, to
brings Steel Corporations' unfilled orders p. 2892; have The authorization of $1.000,000
(d) Further shrinkage
down to
preference
lowest level since 1914, p..2892; (e) Cosnumption of steel and iron still assets and to beover all other stocks of the company as to dividends and
used only for the acquisition of properties or to provide
-prices tending lower. p. 2892;.
falling off
funds for extensions and improvements to the company's property, which
(f) Coal production continues small, p. 2893; (g) Improvement in coal funds cannot be realized in
trade looked for, but not yet hero, p. 2893; (h) Building activities con- tions of the bond mortgage.full-from the sale of bends. due to the restricslowing up in the majority of cities and towns,
tiling in large cities, but
(2) Authorizing 51,000,000 of 7%
stock;
p. 2886: (1) Adjournment of Congress-failure of deficiency appropriation dividends and assets, with respect toCumul. Prof.stock ofpreferred as to,
toe existing
the company.
1)111, _p, 2902: (j) Changes in retail food costs from April 15 to may 15, The 7% Pref. stock to
be cumulative from July 1 1924 and
Reduced.construction activity in May reported by the F,
p. 2887; (lc)
W. only to retire by exchange par for par the present 6% Pref. to be used
stock -with
Dodge Corp., p. 2887.
its accumulated dividends.




•

[VOL. 118.

THE CHRONICLE

3082

-New Directors.
Burns Bros. (Coal).

President F. S. Viele further states:

It is admittedly impossible under the present financial structure and
earnings of the company to pay the accumulated dividends on the present
1st
Pref. stock and the directors are advised by their nankers that thelong
Pref. 8% stock necessary for junior financing will not be salable so
dividends on the present Pref. are outstanding.
re; the accumulated
The suggested plan has _great merit from the standpoint of the stockholders in that if approved by s sufficient number of stockholders to justify
the directors in declaring the plan operative, the position of the company
will be greatly strengthened: future financing will be faciliated: it will not
be necessary to conserve for junior financing the net earnings from operation
which can be with discretion distributed to the stockholders, and unless
the plan is adopted no distribution of earnings will be possible for many
years to come.
The plan has received the approval of a large number of Pref.stockholders
for the reason that it makes early cash dividends possible, increases the
rate by 1% and gives the stockholders priority as to assets over the Common
stockholders in event of dissolution, which priority does not now exist.
V. 113. p. 2182. 1777.

Vacancies on the board of directors caused by death or resignations have
been filled by the election of Charles Hayden, Alfred Holley and W. J.
Wason. V. 118, p. 2828.

-Earnings.
Calgary Power Co., Ltd.

The company reports for the year ended Dec, 31 1923, gross earnings
from operations, $317,727; other earnings, $15,687; total income, $333.415;
operatbig and general expenses. $67,337; interest on bonds, Including exchange premium thereon, $146,471; net profit, $119.606; previous surplus,
$232,415; total surplus, $352,020: discount on bonds and depreciation,
$70,000; provision for income tax 1923 period and adjustment for previous
years, $3,390: investigation and extraordinary expenses, $15,424; profit
and loss, surplus, $263,206.-V. 105, p. 1422.

-Back Dividends.
Canadian Car & Foundry Co., Ltd.

-To Issue Bonds.
Arkansas-Missouri Power Co.

The directors have declared two regular quarterly dividends of 13%% on
the Preferred stock, and two dividends of 1 X % on account of back dividends, half of which is payable July 10 to holders of record June 27. and the
other half on Oct. 10 to holders of record Sept. 26. A dividend of 33%%
(1 % regular and 1 % on account of accrued dividends) was paid April 10
-V. 118, p. 1140.
last.

Armour & Co. Illinois.-Earnings Satisfactory.- have
thus far this year

James N. Laing has been elected President to succeed the late James R.
Gordon, while J. H. Roy has been elected Vice-President and will continue
as General Manager.
-V. 118. p. 2954.

The Missouri P. S. Commission has authorized the company to issue
electric
$664,000 1st Mtge. bonds, the proceeds to be used to acquire the 2707.
properties at Caruthersville. Kennett and Hayti, Mo.-V. 118, p.

Canadian Converters Co. Ltd.
-New President,

'
President F. Edson White says: "Our earnings
been very satisfactory. We shall not put out any semi-annual statement
Central Aguirre Sugar Co.
-Final Production.
this year. We put one out last year because of the Morris consolidation.
outturn of
The
We though it necessary to give our stockholders a true picture of conditions. 35,000 Central Aguirre mill has finished grinding with a total a producshort tons. Central Machette finished on May 10 with
"Our reorganization of these two companies is now complete and econo- tion
of 11.000 short tons, or a total for the two mills of 46,000 short tons.
better than expected. Our bank loans are
mies are working out even
crop
This compares
slightly larger than at the close of last year but nothing like as large as a of 50,852 shortwith an estimate of 44.500 short tons, and the 1922-23
tons.
year ago. Of course, our loans are subject to the rise and fall of business.
The Santa Isabel Sugar Co., In which the Central Aguirre Sugar Co.
care of a change in price
"Our inventories are in fine shape to take
tons during
when it comes. I am thoroughly satisfied with the way our business is recently acquired a 62% stock interest, produced 8,400 short
-V. 118, p. 2184.
the season.
-V.118, p. 2827.
running and things look very good from now on."

Chicago Nipple Manufacturing Co.
-Acquisition.

-Plans.
Atlas Steel Corp., Dunkirk, N. Y.

Plans are progressing for the reorganization of the company, it is said.
Receivers and creditors have outlined a tentative plan for the incorporation
of the Dunkirk, N. Y.. concern with outside companies and new capital
will be available to carry out the program, it is believed. About 75% of
the creditors have ratified the new plan. The reorganization does not
affect the Charleroi and Welland properties and only the Dunkirk plant
will be included in the deal. The major officers perhaps will be selected
-V. 118, p. 434.
from the Atlas company-("Iron Age").

-Stock.
Attleboro (Mass.) Steam & Electric Co.

The Massachusetts Dept. of Public Utilities has authorized the company
to issue 4,160 additional shares of capital stock (par $25) at $37 50 a share.
-V. 118.
The proceeds will be used to pay for capital improvements, &c.
p. 2183, 1015.

-Conditions Imposed
Brooklyn (N. Y.) Edison Co., Inc.
Nullifies Purchase Agreement.
take over

The Board of Estimate has granted the company permission to
the electrical franchise of the Flatbush Gas Co., covering Ocean Ave. and
granting
some adjacent property, from the Brooklyn Union Gas Co. Inagree not
approval the Board stipulates that the company "be required to the conto increase the rate for electricity within the territory covered by to any
to resort
tract without approval of the Board, and further agree not circumvent the
court proceedings to procure an increase in rates or to
requirement of the provision for a consent to be incorporated in the proposed
agreement."
M.S. Sloan, President of the Brooklyn Edison Co., Inc., in answer to the
board, stated that "the law will not permit us to agree to a possible discrimination against the rest of Brooklyn in favor of the Ocean Parkway
District. I will say, however, that the effect of your agreeing to our
proposition will be an immediate lowering of the rates all through the Flat
bush territory. If you accept our proposition, there are 40,000 people in
Flatbush whose rates will immediately be lowered 25%. It will make a
difference of $300,000 a year to them in their electric light bills. But
you are asking us to agree to discriminate against 400,000 customers we
now have in Brooklyn in favor of 1 000 residents along the Eastern Parkway
and because the law will not permit us to make that discrimination, even if
we were willing to do it, the high rates of the 40,000 residents of Flatbush
are being continued and they are compelled to pay $300,000 more a year for
electric light than they would pay if they had the Brooklyn Edison Co.'s
service.
"We are a company controlled by the law and operating under the
provisions of the law. You are asking us to take ourselves out from under
the law and operate under a separate and distinct authority. The law will
not permit us to discriminate in favor of one small section of the city against
all the rest of the city. If we did agree to any such proposition, it would
be of no avail. We cannot accept any such proposition."
In the annual report for 1923 President Sloan said in substance:
Terms were recently agreed upon for the purchase for $4,500,000 from
the Brooklyn Union Gas Co. of all of the franchises and electrical business of
the Flatbush Gas Co., including its distribution system but excluding its
old operating plant. Before this negotiation can be concluded, it is necessary to arrive at an agreement with the City of New York, in regard to a
franchise covering Ocean Avenue and some adjacent territory• If this
purchase is completed, this company will then be the only company in
Brooklyn holding franchises to manufacture and supply electricity for
illuminating and power purposes.
Should this company take over the Flatbush Gas Co.'s electrical business.
it will add about 38,000 customers and, approximately, $2,000,000 gross
-V. 118, p. 2576.
revenue per annum.

-Purchase Agreement Nullified.
Brooklyn Union Gas Co.
-V. 118. p. 1015.
See Brooklyn Edison Co., Inc.. above.
-Annual Report.
Burroughs Adding Machine Co.

The report for the fiscal year ended Dec. 31 1923 states in part:
The net earnings available for dividends after deduction of all expenses,
suitable reserves,ample depreciations and due allowances for taxes amounted
to 54,443927. These are the largest earnings available for dividends in
any year in the company's history. During the year 1923 company paid
-M.
dividend (Q. )of $8 per share. used
machines during 1923 amounted
Sales of new.'demonstrating and
represents domestic sales.
to $28,404,508. of which approximately 36% the
largest volume of sales
exception of 1919 and 1920. this was
With the
In the history of the company, showing an increase of 27.5% over 1922
on the company's books at the
and of 12.7% over 1918. Unfilled orders with
$3,650,000 at close of 1922.
close of 1923 were $3,960,000. as compared
Earnings Year Ended Dec. 31 1923.
Profits for year---- - ---- -------------------------------$4,443,927
83,940
Decrease in value of investments of subsidiary companies
----------------------------------Surplus_Previous surplus
Total surplus
Dividends paid ($8)

--

$1.359,987
5,545,861
$9.905,818
2,398,882

37,506.968
Profit and loss surplus
Balance Sheet December 31 1923.
Liabilities.
Assets.
Capital stock
$30,000,000
Land, oidgs., mach. eC equip_x$4,875.833 Accts. dr wages payable
2,020,888
y2.442,270
Good-will
3,099,212 Repairs to machines under
Patents & develop. work
307,677
3,590,698 guaranty
Cash
150,327
Govt.& municipal securities 7,190,091 Workmen's compensation_ _ _ _ 750,774
2,572 Deterred credits
Other marketable securities,- 5,800,542 Reserve for adv. appropriation 131,578
Notes es accts. receivable
125,000
13,024,084 Reserve for contingencies
Inventories
7,506,966
74,622 Surplus
_
Miscellaneous
advances to agts•
Commission investments_850,859
on untitled orders
$41,414,593
Total (each side)
Prepaid taxes, Insurance, &c.._ 1,085.591
x After deducting $5.029,836 for depreciation reserve y Including
commissions and a provision for Federal income tax -V 118, p. 2954.




The company is reported to have purchased the property adjoining its
main Chicago plant, which will give it private wharfage and railroad sidetrack facilities. The existing building is leased for a 5-year term, and it is
contemplated that as soon as proper arrangements can be made, another
building will be constructed on the unoccupied part of the newly acquired
land. The new building when completed will give the Chicago plant a
floor area of 80,000 sq. ft.
-V. 118. p. 2829.

Cities Service Company.
-Dividends-Earnings.

The directors have declared the regular monthly cash dividends of % of
1% on the Preferred and Preference "B" stocks, and % of 1% in cash scrip
and 13%% in stock scrip on the Common stock, all payable Aug. 1 to holders
of record July 15. Like amounts are also payable July 1.
-Month of May- -12 Mos. End, May 311923.
Earnings.1924.
1924.
1923.
Gross earnings
$1,855.491 $1,589.944 $16,970,500 $16,158,220
492,873
537,913
Expenses
60,239
48,635
Net earnings
$1,795.252 $1,541,309 $16,432,587 $15,665,347
2.575,166
2,318,599
Int. & disc, on debts_ _ 161,318
218,461
Balance
Preferred dividends_ _ _

31.633,934 $1,322,848 $14,113,c88 $13,090,181
5,022,672 4.944,993
423.326
415,698

Netfor com.stk. & res $1,210.608
-V. 118, p. 2708.

$907,150 $9,091,316 $8,145,188

Clark's Ferry Bridge Co.
-Bonds Offered.-Battles
Co. and Parsley Bros. & Co., Philadelphia, are offering at
943/i and int. to yield about 6.57%, $450,000 1st. Mtge.
6% Gold bonds.
Dated June 2 1924. Due June 11939. Int. payable J. & D. at Pennsylvania Co. for ins, on lives & granting annuities. Phila, trustee, without
deduction for 4 mills Penn Tax and Normal Federal income tax not exceeding 2%. Tax refund in other States to an amount not exceeding 43% mills
per annum. Denom. $1,000 and $500 Cs. Red.all or part on any int. date
on 30 days' notice on or after June 1 1925, at prices as follows: during 1925
and 1926 at 1023%; during 1927 and 1928 at 103; during 1929 at 1033%:
during 1930 to 1934 both incl. at 104; during 1935 at 1033%; during 1936 at
103; during 1937 at 102; during 1938 at 101; in all cases with accrued interest.
Data from letter of President William Jennings, Harrisburg, Pa.,
June 17.
Company incorp. in Pennsylvania in 1915. Has a perpetual charter right
for the operation of a toll bridge over the Suseuchanna River at Clark's
Ferry, Pa. The existing bridge which, with its predecessors, dates back to
1832, has neither the capacity nor the strength to accommodate the present
and rapidly increasing motor and truck traffic. In order to provide the
necessary facilities the company now has under construction a modern
concrete bridge directly below the existing structure.
The Clark's Ferry Bridge serves as a crossing point on the Susquehanna
River for the large and increasing volume of traffic moving north and south
over The Suseuehanna Trail and east and west over The William Penn
Highway. During the year 1923 it is estimated that approximately 250,000
vehicles crossed the Clark's Ferry Bridge. For the first 5 months of the
current_year traffic has shown a large increase over the same period of last
year. The completion of The Susquehanna Trail in the fall of 1923 added
very largely to the use of the bridge. Improvements being made to The
William Penn Highway as well as to other connecting highways will it is
anticipated, result in still further increases.
Purpose.
-Proceeds from the bonds now being issued will provide in part
for the construction of the new bridge.
Security.
-Secured by a first closed mortgage lien upon the entire mortgageable property of the company now or hereafter owned except that the
company will, upon completion of the new bridge, be permitted, in accordance with the Federal Government requirements, to remove the existing
bridge including piers. The completed bridge and costs incident thereto
will represent an expenditure largely in excess of the amount of bonds issued.
-The mortgage provides for a repurchase fund under
Repurchase Fund.
which payments will be made in each year from Dec. 1 1925 to June I
1939. Payments so made will be used for the purchase of bonds in the open
market or by lot. This fund will, it is estimated, be sufficient to acquire
the entire amount of bonds by maturity.
-Gross revenues in recent years have grown rapidly. For the
Earnings.
current year to date they exceed those for the same period of last year by
.
'
approximately 70%. Applying to the gross revenues for the 12 months
ended May 31 1924, the estimated annual operating expenses, maintenance
and taxes on the new bridge, there would remain a balance available for
interest on the 1st. Mrge. bonds approximately twice the required amount.
Authorized. Outstanding.
Capitalization.$450,000
lat. Mtge. bonds (this issue)
$450,000
175,000
Proffered stock
175,000
250,000
Common stock
250,000

-Extension.
Columbia Motors Co., Detroit.

A dispatch from Detroit states that at a meeting of the creditors a year's
-V. 117, P. 1996, 1239.
extension was agreed upon.

Commonwealth Power Corp.
-Common Div. No. 2.

The directors have declared a dividend of $1 per share on the Common
stock, payable Aug. 1 to holders of record July 16. An initial dividend of
like amount was paid May 1 last on this issue.
President George E.Hardy says in substance: "During the quarter ended
May 31 the company's financial position has been further strengthened by a
.
-V. 118, P. 2577
decrease of over $1,000.000 in its indebtedness."

-Federal Court
Consolidated Gas Co. of New York.
-Financing Plans.
Declares $1 Gas Law Confiscatory.
See New York & Queens Gas Co. below.
financing by the
proposed

The New York "Times" June 17 says: "The
company to meet the current year's construction budget probably will not
exceed $30.000,000 for the initial issue and will consist of short-term notes,
although the budget which amounts to $69,000,000 very likely will entail
further financing before the year is over. It is understood that the offering

JUNE 21 1924.]

THE CHRONICLE

of $30,000,000 will be made before fall. It is definitely stated that the issue
will not consist of bonds or stock.
-V. 118, p. 2442. 1397.

Consolidated Mining & Smelting Co. of Canada, Ltd.
-3% Dividend for First Half of 1924 Declared.
-

The directors have declared a dividend of 3% for the half
-year ended
June 30, payable July 15 to holders of record June 30. On Jan. 15 last a
dividend of 6% was paid for the year 1923. This latter dividend was the
first distribution made on the stock since Sept. 1920, when a quarterly
dividend of 23. % was paid.
An action was taken in the Superior Court at Montreal, June 12, by
French's Complex Ore Reduction Co.of Canada. Ltd., to recover $8,000.000
from the Consolidated Co., should the latter fail to render an accounting
of profits alleged to have been made through the infringement of a patent
for the extraction of zinc, which is owned by the plaintiff company.
The plaintiffs also ask the Court to issue an injunction to restrain the
Smelting concern from continuing to make use of the process in question,
which was patented by the promoter of the plaintiff company, Andrew G.
French.
-V. 118, p. 2442.

Consolidated Telegraph & Electrical Subway Co.
-

N.

The company has filed a certificate at Albany,
Y. increasing its authorized Common stock from 482.500 shares to 544,400 shares, no par value.
The company also has an authorized issue of 37,500 shares of Preferred stock,
no par value.
-V. 115. p. 549.

Continental Gas & Electric Corp.
-Dividends.
-

The quarterly dividends of 1%% on the Prior Preference stock,
(and % of 1% extra in Common stock) on the Partic. Prof. stock. 1Si%
1%%
on the Preferred stock and 75 cents (and 51 of 1% extra in Common stock)
on the Common stock, recently declared (V. 118, p. 1397), are all payable
July 1 to holders of record June 14.-V. 118, p. 2046.

Cuba Cane Sugar Corp.
-Final Production.
-

Production of the 12 mills of the corporation operating during the 1923-24
sugar crop was 3,683,291 bags of 320 lbs. each, as compared with 3,284.731
bags last year. The following table shows the production of the various
mills during the past season as compared with the last two years. During
the 1923-24 season centrals Maria Victoria and Socorro were not operated.
The production was as follows:
Mill1923-24.
1922-23.
1921-22.
Alava
270,997
210.673
223,596
Conchita
247,225
201.412
230,606
Jagueyal
304.697
302,342
303.800
La Julia
179,253
111,679
160.420
Lequeito
112.648
Lugareno
278,410
273.050
256,774
Maria Victoria
81,263
86.998
Mercedes •
285,775
269,239
251,099
Moron
744,179
600.833
584,104
Perseverancia
155.720
128,006
134,471
Santa 0ertrudis
154,675
119,125
121,983
Socorro
172,061
Soledad
166,076
124.109
91,121
Stewart
387,335
439,484
379,900
Violeta
508,949
423,516
269.780
Total
3,683,291
3.284,731
3.379,451
Present indications point to a still larger production next year with increased cane supply and with the addition of Central Velasce now under
Construction. This mill when finished will increase the capacity of the
Eastern estates up to 3,000,000 bags, whereas this season they made
2,223.-V.118. p.2829.
570 bags.

Cuban Telephone Co.
-Annual Report.
-

Calendar Years1923.
1922.
1921.
1920.
Operating revenues
$3,547,084 $3,076,909 $2,846.670 52,478,795
Non-operating revenues_
335.419
413,704
303.489
229,807
Gross earnings
$3.882,503 53.490.613 $3,150,159 $2,708.602
Operating expenses
$845,989
$762,428
$719,658
$582,181
Maintenance
439,630
440,903
452,699
293,621
Taxes
171,788
135,232
126,552
115,018
Depreciation
484,139
459,876
394,131
338.672
Interest
639,197
856,648
686,445
385,451
Preferred dividends.. _ _ _
120,000
120,000
120,000
120,000
Common dividends
746,289
469,950
583,431
574.547
Balance, surplus
$435,471
$245,576
$67,242
$299,112
-V. 118, p. 2829.

Cumberland Telephone & Telegraph Co.
-New Pres.See Mountain States Telephone & Telegraph Co. below.
-V.118, p.2047.
Davison Chemical Co.
-To Redeem Debentures.
-

All of the outstanding 15
-year S% Sinking Fund Gold debentures, dated
Feb. 11921. have been called for payment Aug. 1 at 106 and interest at the
office of Blair & Co., 24 Broad St.. New York City, or at the holder's option
at the Safe Deposit & Trust Co.of Baltimore, 13
(Compare V. 118, p. 913.).-V. 118, p. 1916. South St., Baltimore,1%M.

Detroit Edison Co.
-Definitive Stock Certificates.
The Bankers Trust Co.,as

agent for the above company,is now prepared
to receive Interim receipts for capital stock for exchange. The stock
cates will be delivered in exchange for the interim receipts as soon as certifipossible
after June 23. (See also V. 118. p. 2047.)-V. 118, p. 2829.

3083

June 1 1927, thereafter at % of 1% less than 105% and interest for each
succeeding 12 months to maturity. Denom. $1,000 and $500c5 Interest
.
payable J. & D. without deduction for normal Federal income taxes, not in
excess of 2% per annum Company will refund Penn. and Conn. taxes
not in excess of 4 mills per annum, the Maryland securities tax not in excess
of 4% mills per annum, and the Mass. income tax on the interest not in
excess of 6% per annum. Chemical National Bank, New York, corporate
trustee.
Data from Letter of Pres. T. C. Sheehan, Jersey City, N. J., June 18.
Corspany.-Is one of the largest manufacturers of safety razors and
safety razor blades in the world. For the last 11 years the sale of razors
by the company and its subsidiaries has averaged over 1,000,000 per year.
and as a result of the growing number of users of this type of razor there
is a normal increase in the sale of blades which in recent years has amounted
to over 4,000,000 blades per year. Through stock ownership, the company
controls the Wade & Butcher Corp.. which owns certain valuable and
successful automatic processes for manufacturing stainless steel knife blades.
Security.
-First mortgage upon all the plant, machinery and equipment
now or hereafter owned, and further secured by pledge with the trustee of
substantially all the outstanding capital stock of Durham Duplex Razor
Co., Ltd., of Canada, Durham Duplex Razor Co., Ltd., of England, and
Societe du Rasoir Durham Duplex of France.
Sinking Fund.
-Mortgage provides for a minimum sinking fund of$42,000
per annum, payable in monthly installments of $3,500. the first payment
to be made on or before Jan. 1 1925, and on or before the first day of each
month thereafter. An additional payment of 515.000 will be made on or
before Dec. 1 1924. Mortgage will also provide for an additional sinking
fund, beginning with the calendar year 1925. payable annually, equivalent
to the amount by which 20% of the net earnings shall exceed the sum of
$42,000. The sinking fund will be used for the purchase of bonds at not
exceeding the then current redemption price.
CapitalizationAuthorized. Outstanding.
First Mtge. & Coll. Trust Sinking Fund 78
$500,000
$500.000
7% Cumulative Preferred Stock (par $100)
500,000
500,000
Common Stock (par $100)
1.000,000
1,000.000
Purpose -Proceeds will provide for additional working capital required
by company's growing business and for other corporate purposes.
Earnings for Calendar Years.
Net after
Net after
Sales.
Deprec'n.
Deepre'n.
Sales.
1917
5844,608 $175.623 1921
$1,505,486 $139,662
1918
1.558.560
363,875 1922
1,594.64a
364.596
1,310.824
1919
179,025 1923
376.439
1,832,914
1920
1,545,299
206.016 1924(4 mos.)- _
166.895
545,194
Assets.
-The consolidated balance sheet (incl. sub. cos.), the stocks of
which will be pledged under the mortgage, as of Dec. 311923. adjusted to
include the effects of this financing,shows net quick assets of $414.518, with
a ratio between current assets and current liabilities of over 7)j to 1. Net
tangible assets shown on said balance sheet total 51.349,189, or practically
52,700 per $1,000 bond of this issue.
-V.118. p. 1670.

East St. Louis & Interurban Water Co.
-Bonds Offered.
-P. W. Chapman & Co., Inc., Halsey, Stuart & Co., Inc.,
New York, and H. M. Payson & Co., Portland, Me. are
offering at 9W and interest, to yield over 6.35%,$1,100,000
First Mtge. & Ref. (now First) 6% Gold Bonds, Series "B,"
of 1917, due July 1 1942.
-Approved by the Illinois Commerce Commission.
Issuance.
Data from Letter of J. C. Adams,President of the Company.
Company.-Incorp.in 1916 as a consolidation of two successful companies
which had, for a long period of years, been pars of a group of water works
properties now controlled by American Water Works & Electric Co., Inc.
Company supplies water without competition for domestic and industrial
purposes to the City of East St. Louis and the adjoining communities of
Granite City, Madison, Venice, Belleville, Brooklyn, National City. Fairmont City and Swansea, Ill. Company and its predecessor companies
have been supplying water to East St. Louis since 1886, Granite City since
1893, Venice since 1894, and Belleville since 1886.
CapitalizationAuthorized.
Issued.
y$5,028,500
x
First Mtge.& Refunding (now First) Gold Bonds__
70/ Cumulative Preferred Stock
$1.550.300
650,300
Common Stock
4,750,000 4,750.000
x Issuance of additional bonds limited by restrictions of mortgage. y Of
the $5.028.500 now issued, $3,472,000 are 5% bonds and $1.556,500, including this issue, are 6% bonds.
Earnings for Year Ended April 30 1924.
Gross revenue
$968.512
Operating expenses, maintenance and taxes
419.406
Net earnings
Annual interest on bonds (including this issue)

$549.106
266.990

Balance
$282,116
-To retire all underlying mortgage bonds and the First Mtge.&
Purpose.
Ref. Bonds, Series "C," now outstanding, and also to partially reimburse
the company for expenditures made for additions, improvements, and
extensions to its properties.
-V. 117, p. 1560.

Edison Electric Illuminating Co. of Brockton.
-

Doehler Die Casting Co.
-Common Dividend No. 2.
-

The stockholders will vote July 9 on changing the par value of the stock
from $100 to $25 per share, subject to the approval of the Mass. Dept.
of Public Utilities.
-V. 118. p. 913.

Dominion Textile Co., Limited.
-Report.
-

An extra dividend of 50 cents a share has been declared on the Common
stock, in addition to the regular quarterly dividend of 50 cents, both payable
July 1 to holders of record June 20 Like amounts were paid on the Common stock in the previous four quarters -V. 118. Ti 2577.

The directors have declared a quarterly dividend (No. 2) of 50
share on the outstanding Common stock, no par value, payable cents per
Aug. 1 to
holders of record July 15. An initial dividend of like amount was
paid on
the common stock on May 1 last.
-V. 118, p. 2047.
Years Ending March 31Profits
Interest received

1923-24.
1921-22.
1920-21.
$1,604,607 $1,768.861 $1,780,988
162.922
138,376
150,027

Total income
Rentals
Bond interest
Welfare
Bad debts
Preferred dividends
Common dividends

$1,767.529 $1,907,237 $1.931,012
31.416
659,513
y750,286
524,359
45,420
x42,081
50,000
110,425
135,842
135,842
135,842
900,000
600,000
500.000

Surplus
Previous surplus

$30.092
5,359,910

$371,109
4.636,591

5583,548
4,053,044

Profit and loss balance

$5,390,002 55.007.700 $4.636,591
x Including pension fund provisions. y Including bond discount & rent.
Note.
-For the first time since May 1922 an annual financial statement
of the company was issued to the shareholders, no statement having been
issued in 1923 subsequent to the split-up of the shares. Hence any comparison of the figures contained in the report under review must be made
with those of 1921-22.-V. 116. p. 2642.

Durant Motors of Canada, Ltd.
-Production, &c.
-

During the two years ended Feb. 29 1924, the company has made and
sold 13,507 cars, with a total sales value of n.652,678. It also imported
253 cars with a sales value of $420.552. making a total all told of 13,760
cars with a sales value of $10,073,230. In addition to this the parts and
service department have made shipments with a sales value of $255,767.
The company has established throughout Canada 445 dealers and selling
agencies for Durant and Star cars.
Cash on hand and in banks at Feb.29 1924 totaled $145.158.-V. 115,P.
764.

-Bonds Offered.
Durham Duplex Razor Co.
-Hemphill,
Noyes & Co. are offering at par and interest, $500,000
First Mtge. & Coll. Trust Sinking Fund 7% Gold Bonds.

Dated June 1 1924. Due June 1 1936. Redeemable at any time, in
whole or in part, upon 30 days' notice at 105 and interest on or before




Edmunds & Jones Corporation.
--Extra Dividend.

Empire Gas & Fuel Co.
-Tenders.
-

Halsey, Stuart & Co., 14 Wall St., New York City, will until June 27
receive bids for the sale to it of First & Ref. Cony. 15
-Year 7)4% gold
bonds, Series "A," dated May 11922, to an amount sufficient to exhaust
$450.000. at prices not exceeding 106 and interest.
-V. 118. p. 2830.
Halsey, Stuart & Co., 14 Wall St., N. Y. City, will also receive bids
until June 30 for the sale to it of 1st & Ref. Cony. 3
-Year 7% gold bonds,
Series "B," dated May 11923. to an amount sufficient to exhaust $100,000,
at prices not to exceed par and int. to Aug. 1.-V. 118, D. 2830.

Federal Mining & Smelting Co.
-Quarterly Report.
Tons Shipped Quarter Ending
April 30 1924.
Jan. 31 1924.
April 30 1923.
Feb. 1924
11.140 Nov.1923
11.452 Feb. 1923
6.791
Mar.1924
9.908 Dec. 1923
10,589 Mar.1923
10,255
Apr. 1924
13.740 Jan. 1924
11,832 Apr. 1923
9.833
Total
34,788
Statement Showing Exces
April 30 1924.
Feb. 1924
$198,682
Mar.1924
176.193
Apr. 1924
247,132

Total
Total
33.873
26,879
of Receipts Over Expenditures, Quarters Ending
Jan. 31 1924.
April 30 1923.
Nov.1923
$118,623
$131,789 Feb. 1923
Dec. 1923
152.695 Mar.1923
229,825
Jan. 1924
203,455
183,165 Apr. 1923

Total
x$622,006
Total
4551,903
Total
y$467.649
x Before deducting $36,465 construction and equipment and $15,481 de
forced development. y Before deducting $32,277 construction and equipment and no deferred development. z Before deducting $24.619 construction and equipment and $5,142 deferred development.
No account is taken ofeither ore depletion or depreciation.-V.118,p.1916

Famous Players-Lasky Corp.
-New Director,&c.
-Earns.

The corporation in its consolidated statement(which includes the earnings
of subsidiary companies) reports for the three months ended Mar. 29 1924
net operating profits of $803,072. after deducting all charges and reserves
for Federal income and other taxes.
After allowing for payment of dividends on the Preferred stock, the above
earnings amount to $2 71 per share for the quarter on the Common stock
outstanding.

3084

THE CHRONICLE

William H. English has been elected Chairman, and Frank Bailey a
member, of the Finance Committee.
-Mary Pickford Co. and the Pickford Film Co. have
The Famous Players
-V. 118, p. 2578.
merged with the Famous Players-Lasky Corp.

-Annual Report.
Fifth Avenue Bus Securities Corp.

[VOL. 118.

next year will be using balloon tire equipment. The balloon tire is fundamentally sound. Our dealer and replacement business is good and up to
expectations. We have met the Firestone proposition, giving a wheel and
rim with our tires, and this proposition is now in the hands of the dealers.
I don't anticipate any further price cuts in the tire industry, and I think
things will move along.
"There is no chance of our changing our sinking fund requirements
because that would have to be brought about by a refunding program and
-V. 118. p. 1526, 661.
we are not anticipating such a thing at present."

Profit and Loss Statement for Year 1923.
-Bondholders' committee, 810,000 dividends New York
Income.
8289,264
Transportation Co. $278,289 interest, $975 total
-Preferred Stock.
Great Lakes Power Co., Ltd.
-General,$965: dividend expense,$1,949: stock expense.
Expenses
7.936
A block of 7% Cumul. Pref. (a. & d.) shares is being offered at 9735
$5,002 total
Cr.2 and divs. by A. E. Ames & Co. Divs. are payable Q.
-M. in United
Profit on sale of investments
131 States funds, at the Continental & Commercial Bank, Chicago. CerTaxes paid (Delaware franchise tax)
tificates may be transferred and registered at the office of Middle West
$281.199 Utilities Co., 1500 Edison Bldg., 72 W. Adams st,, Chicago.
Net profit
$600
Reserve for unadjusted expenses
Authorized. Outstanding.
Capitalization218,994
Dividends paid
$2,000,000
$2,000,000
57,170 Common stock Preferred stock
Reserve for dividend payable Jan. 17 1924
600,000
600,000
7% Cumulative
2,700,000
3,000.000
$4,435 1st Mtge. 6% Gold bonds in Ontario in March 1910. Company has
Surplus Dec. 31 1923
-Incorporated
Company.
-V. 118, p. 2048.
acquired and owns in fee and operates a hydro-electric plant at Sault
the company the
Ontario
Ste.
- rightMarie, Ont. The Province of or other has granted the use of 20,000
-Dividend Action Deferred.
Fifth Avenue Coach Co.
charges, to
in perpetuity, without rental
-V. 117. p. 93.
See New York Transportation Co. below.
Cu. ft. per second of primary or continouus water on the Canadian side
of the St. Mary's River.
-Ocean Ave. Franchise.
Flatbuvh Gas Co.
Company owns all the stock of the International Transit Co., operating
-V.117, p. 2439.
See Brooklyn Edison Co., Inc., above.
a street railway system in Sault Ste. Marie, Out., and the ferry service
between Sault Ste. Marie, Ont., and Sault Ste. Mario, Mich., payment
-Annual Report.
Fraser Companies, Ltd.
of whose outstanding bonds (now totaling only $32,500) is guaranteed by
1922.
1923.
Cal. Years1922.
1923.
this company.
Cal. Years$220,495 8209,455
Owing to the constantly increasing demands for rower the company
Trading profit_ _ _x$1,364,467 8804:614 Depreciation
57,840 has, from time to time, increased its capacity from 14,000 h. p. in 1916
183,831
268,750 Depletion
249,350
Bond interest
221,247 Discount on securto 39.200 h. p. at the present time, consisting of 11,000 hydraulic h. P.
201,397
Other interest_ _ _ _
31,500 and 28,200 electric h. p.
31,500
ities sold
5,205
$913,720 $314,617 Dom.Govt. taxes_
The operation of the property is under the management of the Middle
Balance
270,000 West Utilities Co.
783,142 Dem. of invent
Previous surplus- 523,759
Earnings for Calendar Years.
$523,759
P.& L. balance.$1,001,652
Total surplus_ _ _$1,437,479 $1,097,759
'
Over.
Gross
Fixed
Net Avail. Earned on
-V. 113, p. 1058.
Pref.
x After Federal and general taxes.
Income.
Exp.
E
Charges. for Pref. Stk.
35.66
$214,006
$379,517
$62,440
1918
$103,071
-Balance Sheet.
General Electric Co.
32.42
412,856
78.619'
1919
194,554
139,683
39.13
*Feb. 29 '24. Dec. 31 '23. 1920
461,820
76,609
234,810
*Feb. 29 '24. Dec. 31 '23.
150,401
34.33
511.791
g
117.041
1921
205,895
188,855
Assets36.15
542,338
152,614
172,784
216,939
Plant,mach.,&a. 61,982,093 59,625,073 Capital stock__ A97,806.386 197,790,886 1922
40.98
1 Debentures ____ 22,016,520 22,111,230 1923
162.019
1
577.488
Patents.kfmnch.
169.563.
Investments __ A27,193,438 117,307,129 Accts. payable_ 46,300,136 31,595,933
Balance Sheet Dec. 311923.
1,500,000
Inventories _ -128,655,702 103,482,210 U.S. Govt. loan
Assets.
Liabilities.
C. A. Coffin
Notes dc acme.
$600.008
400,000 Plant real estate & equip_$5,657,361 Preferred shares
400,000
Foundation __
receivable_ _ _ - 42,805,640 40,628,002
2,000,000
154,828 Common shares
52,741,381 37,406,397 Securities
51,802,841 51,582,893 Reserves
Cash
2,700,000
600 1st Mtge. 6s
95,912,283 82,762,096 Due on Common stk. subs
941,233 Surplus
Deferred charges 2,736/991
4,287
Material & supplies
2,147 Accounts payable
50,500
139,500 Interest and dividends__
415,176,706 373,566,541 Notes receivable
Total
416,176,706 373.566.541
Total
25,610
Accounts receivable
52.684 Dominion inc. taxes, 1923
of Corporations.-V.118. p.2956. Cash
* Asfiled with the Mass.Commissioner
724,647
94.923 Surplus
3,000
-Plans to Simplify Capital Struc- Prepaid expenses
General Motors Corp.

-The stockholders on June 16
ture of Corporation Approved.
adopted the charter amendments proposed by the directors
for the purpose of simplifying the capital structure of the
corporattom.

These amendments provide for the consolidation of the three issues of
senjor securities into one issue of 7% Preferred stock, which will copstitute
a prior preference on the entire assets after debts of the corporation. The
holders of the present 6% Preferred and 6% Debenture stocks will be given
the right to exchange their shares for the 7% Preferred stock on the payment
of $10 per share in cash. The present 7% Debenture certificates may be
-for-share basis without
exchanged far the 7% Preferred stock on a share
cash payments.
Exchanges may be made at any time before Dec. 31 1924 and notices regarding the details of exchange will be mailed to stockholders within the
next few days.
The charter amendments also provide for the exchange of the present
outstanding Connnon shares for new Common shares on the basis of one new
'Common share for each 4 shares of present Common stock outstanding.
thus reducing the 20,646,400 Common shares at present outstanding to
5,161,600 shares.
On account of the large number of certificates involved, the time required
rbo have the new certificates prepared and engraved, as well as the amount
of work involved in exchanging the senior securities, the date of exchange
for Common shares will be fixed later.
At present (March 31 1924) the company's capital position is stated
as follows:
832,931,600 00
329,316 shares 7% Debenture stock
60,801,000 00
608,010 shares 8% Debenture stock
16,183.400 00
161,834 shares 6% Preferred stock
20.646.397 shares Common stock without par value, car206,463,970 00
ried at $10 per share
132,176,113 36
Surplus
$448,556,083 36
Total
Upon completion of exchanges of all securities (if all are exchanged), the
capital position based on March 31 1924 statement, may be summarized as
follows:
8109,916,000 00
1,099,160 shares 7% Preferred stock
5,161,600 shares Common stock without par value, capi258,080,000 00
talized at $50 per share
88,258,523 36
Surplus
Total

$456,254,523 36

-Alfred P. Sloan Jr.,
Sales of General Motors Cars to Users.
President of General Motors Corp., on June 17 issued the
following statement:
I have recently noted various articles in the press dealing with the reudc-

$6,105,044
Total
$6,105,044
Total
There is also a contingent liability of 832,500 in connection with the
of the International Transit Co., which are guaranteed
outstanding bonds
principal and interest.
-V. 113, p. 1580.

-Merger.
Hawkesbury Electric Light & Power Co.
See Western Quebec Power Co. below.
-V. 116, p. 1184.

Hayes Wheel Co.
-Preferred Stock.
John Burnham & Co., Inc. Chicago, recommend the purchase at $100
and divs. of the 734% CuMul. Pref. (a. & d.) stock of the company.
-M.
Authorized. $2,000,000: outstanding, $1,842,000. Divs. payable Q.
This stock was issued in exchange for the shares of Hayes Motor Truck
Wheel Co., the Morrison Metals Stamping Co. and the Albion Bolt &
Nut Co. The net earnings for these companies alone, based on last year
and the first three months of this year, should amount to about $600,000
per annum, whereas the dividend on this Prof. will require but $138,180
to pay.
Year Ended Quar. End.
EarningsDec. 31 '23. Mar. 31 '24
Hayes Wheel Co
$1,302,066
$353,441
Companies acquired
487,286
157,185
Total
$510,626
$1,780,352
As of March 31 1924 the total assets of the company and subsidiaries,
applicable to Preferred stock outstanding, were over $400 per share.
-V. 118, p. 2186.
Net current assets amount to $230 per Preferred share.

Hibbard, Spencer, Bartlett & Co.
-Extra Dividend.
The directors have declared three monthly dividends of 35c. a share.
payable July 25. Aug. 29 and Sept. 26 to holders of record on July 18,
Aug. 22 and Sept. 19, respectively.
In addition, an extra dividend of 15 cents has been declared payable
Sept. 26 to holders of record Sept. 19. An extra dividend of 15 cents per
share is also payable June 27.-V. 118. p. 1527.

Holyoke Water Power Co.
-To Increase Stock.
The stockholders will vote June 26 on increasing the authorized capital
stock from $1,200,000 (all outstanding) to $3,000,000, par $100.-V.
118, p. 1019.

-Omits Dividend.
Howe Sound Co.
The directors have decided to omit payment of the dividend usually
declared at this time. Three months ago a dividend of 5 cents per share
was declared on the capital stock, par $1. The passing of the dividend.
it is stated, was due to the general unsettlement of the metal market,
especially the low price of copper, genera 'disturbance in Mexico and the
construction of the mill at Chihuahua. Mexico.
-V. 118. p. 1527.

Hudson Motor Car Co.
-Earnings.-

-3Months Ended- -6 Months Ended
tion in activity in the motor car industry and citing current production
May 31'24. Feb. 29'24. May 31 '24. May 31 '23.
figures as an indication of such a trend. While production is at present be82,699.610 81,301,363 $4,000,973 84,446,039
low the level of the past winter and early spring months, due to the policy *Net income
* Net income after all expenses, depreciation and reserve for taxes.
of reducing dealers' stocks, it should be recognized that the real index is
the rate of deliveries by dealers to the consumer. Obviously production -V. 118. p. 2957.
must sooner or later be adjusted to that trend.
International Telep. & Teleg. Corp.-Bal. Sheet.
Heretofore it has been the custom of General Motors Corporation to pubMar.3124 Dec.31 '23
lish only figures of sales of cars to dealers. In order, however, to permit a
$
Mar.31'24 Dec. 31 '23
Assets
more adequate analysis of the situation General Motors will in the future
$
$
Liabilitiesissue monthly figures showing both sales to dealers as well as deliveries of Plant, prop.& conCapital stock
12,673,687 12,672,093
cessions
24,568,961 24,238,573 Pref. stk. of subs.- 2,257,300 2,257,300
cars to the consumer. Dealing with the subject along these lines, delivercars to consumers from Jan. 1 1924 to May 31 1924 Adv. to & invest.
Min. stockholders'
ies of General Motors
In allIi. Interests 1.818,303 1,538,848
were 320,906 cars and trucks and during the corresponding period of the
Int. In capital &
previous year were 333,938 cars, a reduction of less than 4%.-V. 118, rt. Expend. in connec.
608,206
surplus subs... 639,395
t
acq. new prop's. 1,203,732 1,117,106 Funded debt
2830.
doebf
18,143
115.475 Deferred liabilities 8,2113,1
Special deposits_ _ )1? 0,211311,5942!
27
-New Officers.
General Motors of Canada, Ltd.
Deferred charges._ 1,149,364 1,129,829 Bills payable
1,500,000
1,480,033
904,905 Accts.& wages pay 376,088
G. W. McLaughlin, Vice-President and General Sales Manager, has Cash
5 .5
52,327
25,269
23,209 Empl. benefit fund
retired after 38 years of service. J. H. Beaton has been appointed General Empl. wkg.fund__
58,154
38,700
38,700 Mat. Int. & dive.
Sales Manager and C. E. McTavish General Parts and Service Manager. Marketable securs.
442.gs
88,405
545,030
K.'I'. Keller. formerly Manager of Production of the Chevrolet Motor Co., Accts.receivable__ 707.360
Dluvon•PaPaidyable_
who on April 1 last became General Manager of the General Motors of Due from empl. on
,1 1
117 1
-V. 118, p. 1671.
subsc to cap.stk
1,317 Accrued interest
91,
Canada. Ltd., has been appointed Vice-President.
317,055
Mat'ls & supplies. 610,108
467,821 Accrued taxes. _ _ _ 345,757
-Sales-Earnings.
Razor Co.
9,420
10,581
Gillette Safety
Deposita to meet
5,327 Other accr. Items.
matur. int. &
r
s deprec__. 3,160,096 3,098,918
Fire Months Ending May 31g
3.118,02 2,465,17
4
1,324,289 1,140,183
dim payable_ _ _
77,344
384.103 Surp
Surplus
.
Res
Razors so
17.438,275 13,218,588 Accr. Int. receiv_ _
1,908
Blades sold (number of packets)
$4,199,667 $3,568,263 Sundry curr. assets
reserve for taxes
8,859
.
Tot.(each side)_ 31,708,227 30,510,108
Net earnings, after
-V. 118, p. 2957. 2944.
Compare V. 118, p. 786. 1671.

--Operations.
Goodyear Tire & Rubber Co.

Chairman E. G. Wilmer is quoted assaying: "We are now making about
25,000 tires daily. A short time ago we were making :30.000 tires a (lay. I
think the recession in the automobile field is only temporary. We expect
the automobile companies to take the number of tires that we originally
figured on. Of course, with this recession now upon us, it is rather difficult
to forecast earnings. I expect that fully .50% of the new cars coming out




International Paper Co.
-Prices for Second Half of 1924.

The company, it is announced, is making contracts for newsprint for the
second halfof 1924 on the basis of $73 per ton. Contracts for the first six
months of 1924 were on the basis of $75 per ton.
The new 10,000 h. p. electric plant at Feeder Dam, N. Y., located on
the Hudson River-and in which the company is interested, began operation
J'ene 18. The company has a one-third ownership in the now project,

JUNE 21 1924.1

THE CHRONICLE

controlling a similar ratio of the available water power at the dam. The
addition of the plant is in line with the policy of developing water powers.
-V. 118, p. 2832.

International Petroleum Co., Ltd.
-Dividend No. 6.-

A dividend of 25c. per share (in U. S. currency) has been declared payable June 30 to holders of record June 21. A like amount was paid Jan. 2
-V. 117. P. 2896.
last.

Jersey Central Power & Light Corp.
-Notes Offered.
E. H. Rollins & Sons, Blyth, Witter & Co. Eastman, Dillon
Federal Securities Corp. and H. M. Byllesby & Co.,
& Co.,
Inc., are offering $1,250,900 6
Secured Gold Notes, due
Dec. 11926, at 99 and interest, to yield about 6.90%.
The proceeds of

the present financing, including proceeds from the sale
of additional $500.000 pref. stock, will be used to acquire more than 90%
of the total capital stocks of the Coast Gas Co. (which owns the stock of
Shore Gas Co. and over 94% of Lakewood Gas Co.), City Gas Light Co.
and Kennett Gas Co., and $150,000 Jersey Central Power & Light Corp.
Ten-Year 7% Debentures, all of which securities will be pledged with the
trustee as security for these notes.
Additional notes to the total of 94,750,000 may
issued, par for par.
against the deposit of underlying securities of thebe
Corporation and its
New Jersey subsidiaries and for the acquisition of other New Jersey utilities.
Corporation is under the management of the General Engineering and
Management Corporation.
The company, which controls several operating companies serving Central
New Jersey and the coast section, has just completed a successful customerownership campaign for the sale of its Preferred stock in the City of Long
Branch, N. J. The campaign, which was the outgrowth of the
acquisition
of the Consolidated Gas Co. of New Jersey by the Jersey
only 22 working days and during this period $125,000 Central, consumed
sold to approximately 300 customers. Since July 1 7% Pref. stock was
1923 the company
has added over 1,880 new Preferred stockholders to its list.
The directors have declared the regular quarterly dividend of $1
share on the 7% Cumulative Participating Preferred stock. payable 75 Per
July 1
to holders of record on June 17 1924.-V. 118, p. 2957.

Johnson-Cowdin-Emmerich, Inc.
-New Director.

3085

Kelly-Springfield Tire Co.
-Defers First Preferred Div.
The directors have voted to defer payment of the quarterly
dividend of 1
due July 1 1924, on the 6% Cumul.
1st. Pref. stock. The company had paid dividends regularly
on this issue since 1914.
On April 15 last the directors decided to defer payment
of the quarterly dividend of 2%, due May 15 1924, on the
8% Cumul. 2d Pref. stock. See V. 118, p. 1919.
Kentucky Utilities Co.
-Acquisition.
See
Middle West Utilities Co. in V. 118, p. 2833.-V. 118. p. 2580.

Laconia (N. H.) Car Co.
-Pays Div. on First Pref. Stock.
The

directors have declared a cash dividend of 334% on the First
stock, payable July 1 to holders of record June 24. This dividendPref.
will
clear up all dividends to date on the First Prof. stock. Dividends accrued
on this issue from April 1 1914 to Jan. 1 1924. inclusive ($70 per share), is
now being paid at the First National Bank of Boston. in Second Prof. stock
of no par value. See V. 118, p. 2312. 2188.

Lehigh Coal & Navigation Co.
-Obituary.
-

Edgar M. Reynolds, Vice-President and Comptroller, died at Germantown. Pa.. on June 16.-V. 118. p. 2188.

McIntyre-Porcupine Mines Co., Ltd.
-Option on Stock.

The company advises Toronto Stock Exchange of an issue of
additional shares under the Miller option bringing the outstanding 3,500
total
to 787,000 shares and leaving 13,000 still unissued. See also V. 118, p. 2833.

McQuay-Norris Manufacturing Co.
-Omits Dividend.
-

The directors have voted to omit payment of the quarterly dividend due
July 1 on the outstanding 100,000 shares of capital stock, no par value.
From July 2 1923 to April 11924, incl., quarterly dividends of 50 cents per
share were paid. See also annual report in V. 118, p. 2710.

(H. R.) Mallinson

& Co., nc.-Explains Charges.
Bernhard Benson of Merrill, Lynch & Co. has been elected a director.
Referring to the recent complaint asued by the Federal Trade Commission
V. 115, p. 443.
the company has made the following statement:
"The notification recently received from
Commission
Kentucky Hydro-Electric Co.
-Bonds Offered.
-Halsey, involves merely the technical question the Federal Trade
Stuart & Co., Inc., are offering, at 94 and interest, to yield can be used with reference to any fabric whether the generic term 'silks
other than those which are com100%
silk.
nearly 63'%,$4,000,000 First Mtge.6% Gold Bonds, Ser. A. posed ofFederalcocoon Commission has
"The
Trade
expressly disclaimed any suggestion
Dated June 2 1924. Due June 1 1949. Interest payable J. & D.
at the that in this matter there is any intent on our part to deceive the public.
office of Halsey, Stuart & Co., Inc., in Chicago and New York
without In fact, it is stated by the Commissioner that we are an old established
deduction for Federal income tortes not in excess of 2%.
house of good reputation for fair
Denom.
$500 and $100 c*. Redeemable, all or part. upon 30 days' notice$1.000, and that there is no claim that dealing and for the quality of our goods,
our goods are not of honest quality. It is
following prices and interest: To June 1 1929 at 105 on and from at the stated that the purpose
of the notification is to bring up the technical
June 1
1929 to June 1 1934 at 104: on and from June 1 1934 to June 1 1939 at
question above stated.
on and from June 1 1939 to June 1 1944 at 1023: on June 1 1944 at 103;
"We believe that the company was selected for this notification, because
102,
and thereafter at 102 less
of 1% for each full year elapsed after
the firm was one
1944. Subsequent to may 31 1948, they will be redeemable at 100. May 31 mark names:and of the first to extensively advertise its product by tradePenn.
and Conn. 4 mills, Maryland 43. mills taxes, District of Columbia personal the public with itshas spent and is spending,large sums of money to acquaint
products under these
property taxes not exceeding 5 mills per dollar per annum,and Mass,income particularly interested in trade-marks trade-mark names. It is. therefore.
which correctly represent its prodtax on interest of the bonds not exceeding 6% of such interest per annum ucts." See V. 118, p. 2958.
refunded.
Sinking Fund.- A sinking fund payable through Halsey,
Stuart
Mattagami Pulp & Paper Co., Ltd.
-Offer.Inc. sinking fund agent. is provided for Series A bonds beginning & Co..
,
June 1
It is stated that certain holders of 7% Cony, Sinking Fund First Mtge.
.
1930 which Is calculated to retire prior to maturity 25% of the present issue.
Debentures have received from a trust company a tentative offer to purchase
Data from Letter of Martin J. Insull, President, Chicago,
June 14. their holdings at 25. As these securities are now quoted in the open market
Company.
-A Delaware corporation. Will engage in
transmission and sale of electrical energy upon completion the generation, at 22,it is believed that the offer is part of a plan by new interests to acquire
of a 22,500 k. w. control of the company with the object to ultimate reorganiaztion.-V. 118.
hydro-electric generating station on a site owned by the company
on the Dix River near its confluence with the Kentucky River situated p. 318.
about 20
miles southwest of Lexington, and 75 miles southeast of
Maynard Coal Co.
-Bank Seeks Prior Lien.
Flowage and other necessary rights have boon acquired for Louisville, Ky.
a
A petition seeking to establish its claims as a prior lien on properties of
height, which will flood the gorge of the river for a distance of dam 270 ft.in
about
About 45% of the work of building the dam, power house, &c., 36 miles. the company recently placed in the hands of a receiver, was filed in Federal
has been Court at Columbus, 0., June 11 by the Citizens Trust & Savings Bank as
completed and there are now engaged about 900 men
completion of the construction, which is looked for in prosecuting the trustee under a mortgage deed for a $1,500,000 bond issue of the company.
Bnergy from the impounded water is estimated to give about Jan. 1 1925. The amount of bonds outstanding is $680,000, secured by coal properties
of the
annual production of 77,000,000 k. w. h. Company is at the plant a mean -V. company and 5.500 shares of stock in the Superior Coal & Dock Co.
well along with the
118. p. 2580. 2050.
building of 95 miles of double circuit, 66.000
-volt steel tower transmission
line connecting with the transmission lines of the
Met rc-Goldwyn Corp.
Interstate
-Registrar.
-Co. at the Ohio River in the vicinty of Louisville, Ky. and Public Service
The Chase National Bank has been appointed registrar of 184.098%
with those of the
Lexington Utilities Co., at Lexington, Ky. Connection at
the
be made with the 6,000-volt transmission line of the Kentucky station will shares of Preferred stock. See also V. 118, p. 2051, 1020•
connecting its new steam power station in the southeastern Utilities Co..
Middle West Utilities Co.
Kentucky coal
-Earnings Exceed Estimate.
fields on the Cumberland River near Pineville, Ky. Connection
The company, in letters accompanying dividend checks deuvered June
will also
be made with the same company's 33,000-volt
to 18,219 Prior Lien stockholders, stated in substance:
the various towns in which it operates in centraltransmission line for serving 16A little
Kentucky. Interchange of
over 4 years ago a plan for the readjustment of the stock capitalhydro and steam generated electrical energy will thus
will
pmmit of efficient generation benefiting the companiesbe possible, which The ization of the company was announced. In that announcement there was
interconnected.
an estimate of what the earnings of the Middle West subsidiary companies
Dix River hydro plant, owing to its operating characteristic
completed, occupy a very important place in the generations, will, when would probably amount to in the 5 years beginning May 1 1920. Included
of electrical there was also an estimate of what the operating erpenses and the net operenergy for a superpower system connecting Indianapolis,
Louisville and ating income probably would be in the same period.
Lexington with the southeastern Kentucky coal
fields.
It is interesting to compare those estimates of four years ago with what
Security.
-Secured by a direct first mortgage on
property and rights now owned, or hereafter acquired all of its permanent has actually happened. In every year since but one-the first one of the
with
First Mortgage 1bonds. The cost of the completed project the proceeds of four that have elapsed-the actual earnings of the subsidiaries, net as well
with 22,500 k. w. as gross earnings, have far exceeded the estimates.
capacity and about 95 miles of transmission line,
exclusive
In the second year of the period covered by the estimates the actual net
sites and flowage rights valued at 81,500,000, is estimated of plant and dam
against which no additional bonds may be issued. The at over $6,250,000 earnings were 17% greater than they had been estimated: in the third year
contracts
to below will be pledged under the mortgage as additional security, referred 31% greater: in the fourth year, almost 50% greater. There is no reason
for bonds for doubting that the fifth year will show continued increase of earnings.
issued thereunder.
In 1920 it was estimated that
Proceeds not used to reimburse the company for
expenditures already 30 1925 would be $3,417,000. the balance available for dividends on April
made will be deposited with a trustee to be expended
The balance actually available on Dec. 31
-month period almost a
with the construction of the dam, generating station, only in connection 1923 for a I2
half earlier, was $3.929,881.
transmission lines
At the time of the readjustment year and a
and necessary auxiliary apparatus and the acquisition
of the stock capitalization four years
of necessary lands and ago, the officials of the
rights.
company stated their belief that the earnings estimates made were conservative. The experience of the company in the inCapitalization Outstanding upon
tervening period has demonstrated this in an effective manner.
-V. 118.
7% Cumulative Preferred Stock Completion of Present Financing.
p. 2833.
43,000,000
Common Stock (no poor value)
40.000 sits.
Midwe.:t Oil Co., Denver, Colo.
First Mortgage 6% (Sold Bonds. Series A (this issue)
-Larger Dividend.
$4,000,009
Dividend payments to and including Dec.
The company has declared a quarterly
the
31
severally guaranteed by the Middle West Utilities 1928 are jointly and Common stock, par $1, and of 80c. a share dividend of Sc. a share on$10,
on the Common stock, par
Co. and the Kentucky both payable
Utilities Co.
July 15 to holders of record June 30. On April 15 last 7c.
Purpose.-Proceeds not used to reimburse the company for
and 7.5c.. respectively, were paid, while in the previous quarter the payment
expenditures was 63'lc. and 65c..
already made will be deposited with a trustee to be
respectively.
-V. 118, p 1529.
expended
nection with the construction of the dam, generating station, only in conMissoula (Mont.) Gas & Coke Co.
lines and necessary auxiliary apparatus and the acquisition transmission
-Incorporated.
of necessary
This company was incorporated in Montana on May 1 1924 with an aulands and rights.
rac's of Middle West [metes co.
thorized capital of 2,000 shares, par $100, to acquire the t
Con,
Rroyerty of the
-Middle West Utilities Co.. serving Garden City G
through subsidiaries one or more classes of public utility
Gas Co.. formerly owned by Henry B. Sint o Bay City,
service to 806 Mich.
communities, located in 15 States of the Union,
with
tion of 1,895,500, has obligated itself to furnish anyan estimated populaadditional funds re- 20The company also has an authorized issue.of $500.000 1st Mtge. 7%
-year Sinking Fund
quired to complete the project as above described through
the purchase of be issued. Interest Gold bonds dated May 1 1924. of which $75.000 will
additional capital stock of the Kentucky Hudro-Electri
is payable M. & N. 1 at the Central Trust Co. of IlliCo. It
tract to cause a sufficient amount of electric energy cgeneratedwill con- nois, trustee. Chicago. Ill.
by the
station to be purchased during the life of these bonds at rates
Directors are: R. C. Cordell (Pres.), James
McGill (Vice-Pros.),
sufficient to George Arnett Jr.
pay operating expenses, including maintenance, taxes and
(Treas.), Lloyd L. Swingle (Sec.). and G. E. Snell,
interest on these bonds. Middle West Utilities Co. will depreciation and
also contract to
Modern Glass Co., Toledo.
cause the prompt payment of the sinking fund for Series A bonds,
-Sale Confirmed.An order confirming the sale of the company for $150.000 Judge James
calculated to retire 25% of the present issue prior to maturity. which is
Austin Jr., special trustee, representing the stockholders,to
Consolidated Earnings S'a'ement of Middle West Utilities Co. and
was signed by
Subsidiaries, Federal Judge Killitts at Toledo June 11.-V. 117.
P. 676.
Calendar Year1923.
1922.
earnings of subsidiaries
Gross
Mcline Plow Co., Inc.
$36.185,181 $29,870.701
-To Liquidate Unprofitable Units.Operating expenses of subsidiaries
24,972,699 21,044.421
Chairman F.0. Wetmore in a letter June 5 to holders of debenture
and 1st Pref. stock participation certificates of the company, said inbond
Net earnings of subsidiaries
sub$11,212,482 $8,826,279 stance:
Other income of holding company (net)
331,468
On Sept.6 1923 the directors approved the following policy: To segregate
465,314
into a new and smaller company those units of the business which have shown
Net income--------------------------------$11,543,950
Total prior deductions for interest and dividends__ 7.614,070 $9 291 593 a consistent earning record in the past, and give fair promise of profitable
6;293:046 operations in the future; to sell off as soon as possible real estate, inventories
Available for divs, of stock of M. W. Util. Co__ $3,929.880 $2,998,547 and equipment pertaining to those units whose past record and future prospects do not individually promise profitable operation.
Control-KentuckyHydro-Electric Co. will operate
under aexpetual
Considerable progress has been made on this policy and it is now planned
charter pursuant to the laws of the State of Delaware authorizing
the
generation, transmission and sale of power. The majority company's to extend it somewhat by the sale of further assets pertaining to units not
then included in the sale but now believed not to be necessary to
ommon stock is owned or controlled by the Middle West Utilities Co.
the small
- company proposed. Inventory, real estate, and equipment
117. p. 899.
have been disposed of more rapidly and to better advantage than
V
was then expected, and



3086

THE CHRONICLE

there has been accumulated $2,500,000 in cash, which is surplus of the requirements of the new and smaller company. It is estimated that there
will be at least $3,000,000 of such surplus cash by the end of the fiscal year
and about $4,000,000 when this program is completed. In the meantime,
the work of organization and establishment of the more profitable portions
of the business should go forward.
When the disposition of property pertaining to unprofitable units is complete. It is estimated that there will lbe left, in addition to the surplus cash
mentioned above, assets sufficient to operate the new and smaller implement company (capitalized at about $3,500,000, although salable under
present conditions only at a lower figure). Recent experience indicates
that this company should pass into profitable operation with a measurable
return of prosperity to the industry. There has been considerable interest
in this unit as a going concern, and it is planned to sell it as such in whole or
in part.
The reasonabls expectation of distribution is $4,000,000. plus whatever
is realized from the sale of the tillage implement company as a going concern. Of this $4,000,000. $2,500,000 is now available for distribution.
The directors and the trustees under the Moline Plow Co. trust agreement have agreed upon the following plan of distribution to which the assent
of the Debenture bonds and First Preferred stock is solicited:

The plan to which assents are requested is as follows:

(a) To consummate as promptly as possible and on the best terms obare not
tainable the sale of all assets which In the judgment of the directorsa small
necessary or well suited to the organization and continuation of such ascapitalized and organized, and to retain chance
implement company to be
sets as,in the Judgment of the directors,shall seem to offer it the best
of successful operation.
(b) To organize such small implement company and to sell to it in exchange for all of its capital stock, such of the assets of the Moline Plow Co..
• Inc., as in the judgment of the directors shall seem to offer it the best chance
of successful operation, the capital stock of such small implement company
to be held in a voting trust if the directors should so determine, either youror
suant to the terms of Moline Plow Co. trust agreement of May 5 1922,
otherwise.
either by
(c) To sell such small implement company in whole or in part,any of Its
authorizing the sale of all or any of its assets or by selling all or
capital stock, as promptly as possible and on the best terms obtainable.
int. date,
(d) To pay in full all debenture bond interest accrued to last
paying
March 1 1924 (approximately $1,300,000). and thereupon to cease First
Interest on Debenture bonds unless and until all Debenture bonds and
distribution on account of
Preferred stock are retired: to make no further
until
principal to holders of Debenture bond participation certificates
$5,000.000 First Preferred stock shall have been redeemed at its redemption
computed from
price ($100 per share plus an amount equal to int. at 7%
Sept. I 1923). and the proceeds thereof distributed to the holders of First
Preferred stock participation certificates.
particIpatiou
(e) To distribute to present holders of First Preferred stock
and
certificates approximately $1.200,000 which will be in the company been
have
available for distribution after interest on Debenture bonds shall holders of
paid in full to last interest date. Thereafter to distribute to
First Preferred stock certificates all such cash accrued or to accrue from sale
of assets not to be segregated to the proposed small implement company.
or from sale of stock of such company, or from sale of its assets, as in the
judgment of tho directors shall not be necessary for operation of such implement company and as is available for distribution. Such distribution
shall continue until $5.000,000 First Pref. stock shall have been redeemed
at its redemption price, and the proceeds thereof distributed among the
no
holders of Preferred stock participation certificates, or until there aredemore funds for distribution, or assets from which further funds may be
rived. If and when holders of 1st Prof. stock participation certificates
1st
shall have been paid the proceeds of such redemption of $5,000.000 disbe
Prof. stock, all further funds available for distribution, if any, shall certifitributed equally between holders of 1st Pref. stock participation
cates and holders of Debenture bond participation certificates until both are
retired. Residue, if any, will be used first to pay Debenture bond interest
and thereafter to retire other securities in the order of their pirority.
(f) If and when all assets of the present Moline Plow Co.. Inc.. including
the stock and (or) assets of the proposed small implement company shall
have been sold or otherwise disposed of. and the avails of such sale and (ee)
disposition distributed, to cancel all Debenture bonds and First Pref. stock
for
certificates and all Common stock certificates heretofore issued and held
the owners of Debenture bond and First Pref.stock participation certificates.
When an adequate number of assents to the foregoing Droned/I filled out
and executed, have Leon recieved from holders of Dsbenture bond and First
Pref. stock participation certificates, distribution of $2,500,000 will be made
to the holders thereof as above provided and subssquent distribution will
be made as rapidly as funds available theerfore accrue in the company.
V. 118, p. 2833.

(VOL. 118.

Light & Power CO. will pass to the Montreal Light, Heat & Power Consolidated. New financing, it is stated. is expected on behalf of the companies to retire underlying issues and clear the way for the formation of a
new holding company with a capital of $20,000.000.
This would give Montreal Power control of Montreal Tramways &
Power Co., holding company for Montreal Tramways, and, while it would
make for a sound understanding between these two interests, Montreal
Tramways would continue to be operated separately from the, power
company.
-New England Hydro-electric Corp., it is said, has decided
The Quebec
to enter the merger and the next step. It is stated, will be an offer to the
stockholders of the Montreal Tramways & Power Co. on the basis of $15 a
share, the transaction to be effected either in cash or in exchange for shares
-V. 118. p. 560, 439.
of the new company.

-New President.
Mountain States Tel. & Tel. Co.

Frederick H. Reid, Vice-President of the Southern Bell Telephone
Telegraph Co., has been elected President, succeeding Ben S. Read, who
has resigned to become President of the Cumberland Telephone & Telegraph and the Southern Bell Telephone & Telegraph companies, to succeed
J. Epps Brown. Mr. Brown has been elected Chairman of the board of
-V. 118. rt. 1021.
the latter company.

-New Director.
National Biscuit Co.

Howard F. Whitney has been elected a director to succeed the late 8. S.
-V. 118, Is• 2313.
Marvin.

-Harris, Forbes &
-Bonds Offered.
Nebraska Power Co.
Co. and Coffin & Burr, Inc., are offering at 95 and int., to
yield about 5.37% $1,000,000 1st Mtge. 30-Year gold
'0,
bonds, Series "A,' 57 dated June 2 1919, due June 1 1949.
Data from Letter of A. S. Grenier, Vice-President of the Company.
-Does substantially the entire electric power and light business
Company.
In the City of Omaha. having a 1920 U. S. Census population of 191,601.
and in several suburban towns; it also supplies at wholesale all the electrical
energy used by the local company serving Council Bluffs, Iowa, which had
a 1920 U. S. Census population of 36.162.
Company generates its electric energy from an economical type of central
station, having a present rated capacity of 53,000 k.w., of which 35.000 k.w.
has been installed within recent years. Active work has begun on the
installation at this plant of an additional 20.000 k.w. unit which is expected
to be ready for operation early in 1925. The distributing system is extensive, in good condition, and includes underground construction representing a substantial investment. Current is supplied to more than
50.000 customers, and for the 12 months ended April 03 1924 the company's
sales of electrical energy amounted to 146,688,452 IC.w,h.
Franchises -The U. S. Supreme Court has held that the company possesses a franchise right, unlimited in time, to distribute electricity for light.
heat and power purposes.
Earnings 12 Months Ended April 30.
1923.
1924.
$3,885,191 $3,664.006
Gross earnings
2,153,476 2,225,662
Operating expenses, maintenance and taxes
$1,731.715 $1,438,344
Net earnings
447,000
Annual interest on First Mtge. bonds outstanding_ _
$1,284,715
Balance
• Capitalization Outstanding Upon Completion ofPresent Financing.
$5.000,000
Common stock
*5,600,000
Preferred stock (7% cumulative)
3,500,000
Debentures, 6%. due 2022
6.600.000
First Mtge.. Series "A," 5% (including this issue)
1,950,000
Series"B," 6
do
.
"$5,100.000 in hands of the public.
Supervislon.-Company is controlled through stock ownership by the
American Power & Light Co. and its operations are supervised by Electric
Bond dr Share Co.
-V. 118. p. 1529.

-Balance Sheet Dec. 31.New Bedford Cotton Mills.
1922.
1923.
LiabilitiesAssets1923.
1922.
Capital stock
$1,800,000 81,800,000
Real estate 6t ma20,000
14,500
$1,874,961 $1,858,455 Bonds
chinery
27,642
44,587
767,022
762,758 Accounts payable_
Inventories
Profit and i0(19, deCash & invest'ts &
398,640
preen & taxes__ 1,321,534 1,155,266
accounts reedy_ 521,694

Total
53 163.677 53,019 853
$3,163,677 $3,019,853
Total
-Dividend Decreased.
Monomac Spinning Co.
115, p. 2803.
The directors have declared a quarterly dividend of $1 50 per share. -V.
quarterly
payable July 1 to holders of record June 19. This compares with
-Reorganization Plan.
New Britain Machine Co.
dividends of $2 per share paid from April 1923 to April 1924. inclusive.
The Preferred stockholders reorganization committee (see below) in
V. 116, p. 1284.
a circular to the Preferred stockholders says in substance:
"In July 1921 the company defaulted in the payment of dividends upon
Ohio Copper Co. of Utah.-PrUuction.Its Preferred stock and no dividends have since been paid. Thereafter the
The company in May produced 1,080.753 lbs. of copper. Operatin
Preferred stockholders assumed control of the company's affairs to the
profit was $76.990 and costs 5.55 cts. a pound. April operating profit exclusion of the Common stockholders. Company is now being managed
amounted to $65,236.-V. 118. p. 2582.
by directors mos (of whom were in no way connected with its previous
management and who consented to serve for the sole purpose of rehabilitat-Annual Report.
Montreal Water & Power Ca.
ing the company's affairs. Under their direction the company's business
1920-21.
1921-22.
1922-23.
Years ended April 30- 1923-24.
company Is now
its indebtedness has been paid, and
$927,673 has prospered, profit. There still remains, however,thevery large capital
Gross revenue for year.... $1,170,481 $1,073.491
$997.748
a
operating at a
Oper. exp. (incl. maint.,
deficit and while the capital is impaired the company's directors are advised
repairs, legal, gen. &
of earnings to stockholders can legally be made.
456,457
430.784
435,892
457.81J that no distribution this deficit from future earnings will require a number
other expenses
The making up of
237,708
237,519
227.452
222,016
Interest (net)
of years during which the Preferred stockholders will receive no dividends
Exp. on sales of bonds
26,858 even if the company's earnings wouiC otherwise warrant their payment.
17,730
18,245
21,858
written off
"In order to make it possible to apply earnings to the payment of Pre25,000
25,000
Res. for damage claims_
ferred dividends some plan of reorganization must be agreed upon. With
58.127
58.655
59,482
Sinking fund for bonds. _
view the directors have asked William H. Putnam (of
5,000 this purpose in Hartford, John McKeon (of Scranton & Co.) New Haven,
15.000
15,000
27,000
Reserve for bad debts,..._
144,000 Putnam & Co.)
151,847
164.618
152,035
Prov. for gen. deprec'n
Co.)
Britain.
13.714 J. J. Bedell (of Bedell & theProvidence, and A. W. Stanley, New
Contingent, &c., acct_
Preferred stockholders.
to act as a committee of
3.5.000
35.000
35.000
Preferred dividentLs(7%)
this committee has conferred with a similar committee acting
"Already
%)28,000
(7)19.600
(7)19.600
Common dividends
in behalf of the Common stockholders and it Ls hoped that some plan can
$42.574 be worked out by which the deficit in the capital stock may be remedied
$133,029
$91,908
$24,865
Balance, surplus
resumed.
$549,241 and the payment of dividends on the Preferred stock immediately requisite
$616,680
$591,815
$648,680
Previous surplus
It is obvious that some concession by the Preferred stockholders is
60.000
35,000
Less res. for Fed. taxes_ _
secure such voluntary reduction of the Common stock capital as is
to
the
$746,617
$591,815 necessary to obviate plan company's capital impairment.
$648,588
$616,680
Balance
under consideration contemplates the reduction
"In substance the
Balance Sheet April 30.
of the present Preferred dividend rate from 8% to 7%, applicable both to
1924.
1923.
future dividends and to the unpaid accumulated dividends on the Preferred
AssetsLiabilitIesstock, and the reduction of the Common capital stock by the substitution
Real estate, Plants.
280,000 of shares of no par value for the outstanding shares of Common stock of
10,833,397 8,295,774 Common stock._ _ 560.000
&c
288,898 Preferred stock_ __ 500,000
500,000 the par value of $2.5. For the purpose of improving the situation of the
244.748
Franchises
_ 4.784.907 4.803,400 company a few other changes will also have to be made In the articles of
,
Prior lien bonds_ _ y50,127. 50.127 Prior lien
1st Mtge.5s
979,935 association. It is not proposed to make any changes in the present manage928,081
Disc. & exp. of
147,582 ment. The basis of the plan under consideration Is recommended to both
184,206 Accts. due municip x125,030
134.258
prior lien bonds_
Prov. for prior lien
committees by the directors who believe that such a plan will promote the
Constr'n materials
bonds
155.280
147,887 interest of the company and will be to the distinct benefit of both the
33,089
23.091
on hand
Sinking fund
118,130 Preferred and the Common stockholders."
178,283
Furniture, tools,
44,548 Reserve accts. for
Day, Berry & Reynolds, counsel for committee of Preferred stockholders.
52,755
equipment, &c_
depreciation, &e 1,484,030 1,398,381 Hartford, have been appointed to receive proxies.
7,480
-V. 118, p. 2711.
5,461
Unexp. taxes & ins
75,703
87.210 Reserve for taxes.
88,204
Accts. receivable
-To Build New
New Madison Square Garden Corp.
132.987
155,592 Current ordin. nab 157,996
187,238
Secured call loans_
97,488
97,341 Garden.
2.478 Accr. int. & wages_
52,331
Secured loans_ _ _ _
31,499
27,300
151,773 Div. pay. May 15_
Investment secur's 130.709
President George L. (Tex.) Rickard, boxing promoter, announced
18.369 Cap, surplus acct_ 1,782,948
45,505
50th
Cash
748,817
848,588 June 17 the purchase of the car barns on Eighth Ave. from 49th to the
Profit & loss
streets, where the corporation plans to erect the "largest building in
Total
11,605.822 9,279,518 world devoted exclusively to amusements."
11,805,822 9,279,518
Total
The transaction, it is understood, involved the payment to the Eighth
Avenue Ry. of $2,000.000. According to the announced plans, the work
municipalities"
x The amount shown above as "duethe extensions is payable, in respect of erecting the New Garden, as the structure will be known, will be started
concerned produce a
of a portion of the liability, when
within 90 days. It Is expected to have the building completed in October
certain return for the company, and in respect of the balance, over a varied 1925. The building itself, it is said, will represent the outlay of an addiy
term of years, all, however, without interest. for These bonds are held by tional $3,000,000.
the fulfilment of one of
the Royal Trust Co., trustees, as guarantee
The purchase of the Eighth Avenue site revealed for the first time that
-V. 117. p. 214.
the company's contracts.
Rickard and his associates had abandoned their plans for the erection of the
New Garden on the Seventh Avenue car barn site between 50th and 51st
Montreal Light, Heat & Power Consolidated.
launched a year ago and at the
A Montreal dispatch states that negotiations are said to be under way streets. Negotiations for this block were nearing a successful conclusion.
-New Eng. Ilydro-El. Corp.and Canadian time announcement was made that they were
by which control of the Quebec




JUNE 21 1924.]

THE CHRONICLE

Difficulties developed, however, which interfered with the transfer of the
property to the New Madison Square Garden Corp. Subsequently minority
stockholders of the traction company involved the property in litigation
which, temporarily at least, prevented its sale. Compare also V. 117. P334, 447, 1895.

New Mexico & Arizona Land Co.
-New Director.
-

J. M.Burn,President of the St. Louis-San Francisco By.. has been elected
a director.
-V. 118. p. 2834.

Newton Steel Co.
-Earnings.
-

The company for the calendar year 1923 earned $1,
039653, after depreciation and Federal taxes. After payment of $238.087 in Common dividends, there was added to surplus $801,565, bringing that item to $937.494
on Dec. 31 1923.-V. 116. p. 2891.

New York Central Electric Corp.
-Application.
The corporation has

applied to the New York
authority to exercise electric franchises granted to P. S. Commission for
the corporation by the
towns of Ossian, Sparta, Reading, Bath,
'Wayland and Middlebury and the
villages of Almond and Wyoming, N. Y.
-V. 117, p. 2898.

New York & Qucens Gas Co.
-$1 Gas Law Confislatory.

The report of James G. Graham, as special master in
instituted by the company to prevent enforcement of thethe litigation
$1 gas law,
to the effect that the law was confiscatory and therefore unconstitutional,
was approved June 16 by Federal Judge Winslow.
An opinion was prepared in which the Court modified
the report to
the important extent of declaring that the injunction
to
public officials from seeking to enforce the law, must follow, restraining
the enforcement of that provision of the law calling also operate against
for gas of not less
than 650 British thermal units. Mr. Graham
In his opinion the rate and the standard were stated in his report that
separable and that one
could be rejected and the other sustained.
Judge Winslow denies this and refers to the
companies in this city shall not receive or chargelaw, which says that gas
a sum per
In excess of $1. nor furnish in such city gas of "standard 1,000 cu. ft.
a
British thermal units per cubic foot." This phrasing, the less than 650
prevents the separation of the rate and the standard, and Court asserts,
the injunction
must run against both.
Another important feature of the opinion was an
Legislature, in over-ruling an order of its servant, intimation that the
the Public Service
Commission, which fixed the rate which the
$1
had been guilty of an unconstitutional act. Thelaw sought to supplant.
mission became effective on Oct. 11922, and was to rate fixed by the Comrun until Sept. 30 1923.
The $1 law was to become effective on June
refers to a decision of the New York Court of2 1923. Judge Winslow
Appeals that the Public
Service Commission could fix gas rates for a period
of three years or until
the Commission fixed other rates. This period between
rate fixing was
called a "period of repose.' Judge Winslow's opinion
"This view has been generally accepted throughout continues:
mission regulation to the end that for a limited time the history of comthe rate so fixed may
not be disturbed over the objection on
on the other hand, of any party to the the one hand of the company or,
proceedings which resulted in the
order."
Further, the Court says: "I am of the opinion
the
disclosed in this case leading up to the making of thatrate circumstances
the
to
Oct. 1 1922, and to continue for a year, and its acceptance take effect
by the corporation, followed by the expenditure of considerable
sums of money,
constituted a valid contract for the period mentioned.
"The repudiation by the Legislature
the impairment of the
contract, which is properly the subject ofinvolves review.
judicial
The Court will
not venture to comment upon the possible question
of business integrity
and honor. If the legislative body
may deprive the plaintif of its property
without due process or set at,
naught its contract, then all constitutional
protection is gone for all time.
In relation to the rates of the company the
"It may be conceded that confiscation ofopinion of the Court read:
the
utility takes place when the utility is limited to property of the public
a rate
provide sufficient revenue to pay the cost of production which does not
and distribution
and, in addition, a reasonable return upon its investment."
The New York & Queens Gas Co. is a subsidiary
of the Consolidated
Gas Co.
An appeal is to be taken from the decision
In announcing the appeal, Assistant Attorney- of Federal Judge Winslow.
General Clarence Cummings
described the opinion as the most drastic and
of public utility regulation. Mr. Cummings destructive in the history
part of Judge Winslow's opinion saying that objected strongly to that
Service Commission should run for a period a rate made by the Public
not
loss than one year. He said that if this were exceeding three years nor
adopted the fixing of a rate
by a commission and its acceptance by a
corporation would operate as
a contract and would remove the commission,
the child of the Legislature,
from legislative control.
A statement given out by the Consolidated Gas
Co. describes the
opinion of Judge Winslow. in the New York & Queens case as
of "farreaching importance and in some respects epoch-making."
It says that
while the opinion of Judge Winslow relates only to the New
Gas Co., the points of it are "clearly and equally applicableYork & Queens
cases of all the other gas companies in this city, including to the pending
the Consolidated
Gas Co. and the Brooklyn Linton Gas Co."
-V. 118, p. 440.

New York Transportation Co.
-Div, Action

Dejerred.The directors of this company and of the
deferred until July 1 formal action declaring Fifth Avenue Coach Co. have
the usual dividends. Regular
dividend declarations are due at this time. F. T.
companies, said that action was deferred solely Wood, President of both
for accounting reasons so
that action might be taken at the beginning
of the fiscal year commencing
July 1 and the usual dividends would be declared
then, in his opinion.
-V. 118, D. 1673.
North Counties Hydro-Electiic Co.
-Bonds Offered.
Peabody, Houghtelieg & Co.
are offering
int., to yield about 6.60%, lkioo,00b 1st (Closed)at 99 and
Mortgage
OM 20-Year Sinking Fund Gold bonds.
Dated April 1 1924, duo
April 1 1944.
of Peabody, Houghteling & Co., Chicago, Int. payable A. & 0. at office
Federal income tax up to 2%. Red. all orwithout deduction for normal
part on
and int. until 1929 and thereafter at 101% and int.60 days' notice at 102
until 1934. and the
after at 101 and int. until 1939,and thereafter at 100 and
int. until maturity.
Denom. $1,000, $500 and $100. Chicago Title &
Trust Co., Chicago.
trustee.
Data from Letter of Pres. Fred D. Breit,
Chicago, June 1924.
Company.
-Is constructing, on the Fox River
miles from Ottawa, Ill., a modern and efficient at Dayton, Ill., about 5
reinforced concrete dam
and power house, creating a 30
-foot head. The generating equipment will
consist of 3 modern direct
-connected, vertical electric
a combined capacity of 3.700 k.w. (5.300 waterwheelgenerating units with
marketable output of this water-power developmenth.p.). The average
will be 19.000,000
k.w. hours per annum.
Present Capitalization Authorized and Outstanding.
Common stock
$250,000
7% Cumulative Preferred stock
250,000
1st(Closed) Mortgage 6)15
Earnings.
-Based on tho existing contract with Illinois Power 500.000
& Light
Corp. which extends for 20 years beyond the term of these bonds, and
ocera erndnttgsnfio m s regardingfotows:
a ind eare
tar
e r neerti l
as t le eapacity of
completed plant,
ted
AnnutE gross earnings, 195.000; operating expenses, including taxes,
$18.300; net earnings available for interest, $76,700; annual interest on
these bonds requires $32,500. The estimated average annual net earnings
are therefore over 2 1-3 times the annual interest requirements on these
bonds.
-Company has sold its entire output when and as
Power Sales Contract.
generated, to the Illinois Power & Light Corp. under a 40
-year
by which the Illinois Power & Light Corp. agrees to purchase all contract.
available
current at the switchboard of this hydro-electric development and to
construct, equip and own its own substation and transmission lines. Under
this arrangement the corporation will expend in excess of $50,000 in the
construction of a substation at Dayton and a high tension transmission
line connecting with its main lines at La Salle. Ill.
The net revenues from the sale of current under this contract, it is estimated. will average $76,700 or over 2 1-3 times the maximum annual interest
charges of this issue, after providing for all operating expenses, including
taxes.




3087

Purpose.
-To provide cash for the completion of the power plant and
necessary generating equipment.
Sinking Fund.
-Company is required to pay into a sinking fund to be
maintained at the office of Peabody. Houghteling & Co.annually beginning
Aug. 15 1925 and ending Aug. 15 1929
% of the total amount of
issue, and annually beginning Aug. 15 1930 and ending Aug. 15 1942 this
2%
thereof In addition to these fixed annual payments the mortgage further
provides that the company shall pay into sinking fund annually on the Feb.
following the end of its fiscal year, 33 1-3% of the amount of its gross
earnings in excess of $85,000. All sinking fund moneys shall be applied
to the retirement of the bonds by redemption or purchase, before maturity.

Northern Mexico Pwr. & Develop. Co., Ltd.
-Report.
-

Calendar YearsProfits from operations
Less depreciation

1923.
$430,693
137.500

1922.
$379,169
137,500

1921.
x$452,241
100,000

Balance

$293.193
$241,669
$352,241
x Includes profits from operations for 1920, before depreciation of
$194.757.
Dividends on the Preferred shares are cumulative from Jan. 1 1920 and in
view of the company's cash position and present rate ofearnings the directors
have felt justified in declaring a dividend at the rate of7% on the outstanding
Preferred shares for the year 1920.
Consolidated Balance Sheet December 31.
1922.
1923.
1923.
1922.
Assets$
$
Liabilities
Property
14,190,689 13,344,167 7% Pref. stock__ _x3,000,000 3,000,000
Inv. in other cos
69,049
122,400 Common stock_ _x10,000,000 10,000,000
Matls & supplies77,398
65,080 7% let Mtge. 10
Accts. rec., less. res 177,492
126,854
year bonds
105,000
Cash
218,652
327,232 Accounts Payable_
94,677
33.495
Deferred charges
26,208
7,408 Coupons of predec.
co. outstanding_
3,635
3,585
Adv. by cos.(spec.
agreement)
114,601
284,125
Reserve
10.000
10,000
Deprec. reserve_ 375,000
237.500
Total(each skle)14.759,490 13,993,141 Surplus
593,910
887,103
x/Vole.-(1) Divs. on Prof. shares are cumulative from Jan. 1 1920.
(2) 37034 of the above Prof. shares and 16.557 of the above Common shares
are held by the Montreal Trust Co. to be exchanged for Prior Lien and
First Mortgage bonds of Mexican Northern Power Co.. Ltd., not yet
surrendered for exchange.
-V. 116, p. 3005.

Northern Ontario Light & Power Co., Ltd.
-Bonds
-Kelley, Drayton & Converse and Eastman, Dillon
Offered.
& Co. are offering at 943. and int., to yield about 7%,
$500,000 1st Mtge. Sinking Fund 6% gold bonds, dated
April 1 1911, due April 1 1931.
Data from Letter of Vice-President F. 0. Blackwell, Dated June 17.
Company.
-Owns and operates an electric light and power system serving
the important silver mining territory centering around Cobalt, the Porcupine and the Kirkland Lake gold mining districts in the Province of Ontario,
Including an area of 4,000 square miles, having a total population of 60,000.
Company also distributes compressed air for power in the Cobalt mines and
-ton per day pulp mill at Haileybury and a local
owns and operates a 40
telephone system in the Porcupine district.
Capitalization as of March 31 1924, After Giving Effect to Present Financing.
First Mortgage Sinking Fund 6% gold bonds
85.006,500
, ,
67 Cumulative Preferred stock
Common stock
4,585,000
Earnings 12 Months Ending March 31 1924.
Operating revenue
$1,146,826
Operating expenses, maintenance and taxes
397,726
Expenses and commission on bond coupons
7.588
Balance
Other income

$741.510
51,912

Net available for bond interest
$793,423
Bond interest (including this offering)
300,390
The above net income available for bond int, is equivalent to more than
234 times interest charges on bonds outstanding and those to be issued.
Sinking Fund.
-A sinking fund provides for the annual payment to the
trusteo of an amount equal to 21 % of the par value of all bonds at any
time theretofore issued. The sinking fund to be used by the trustee to purchase or redeem bonds at not exceeding par. To March 31 1924 the sinking
fund had retired $1.691,000 par value of bonds.
-Proceeds will be used to defray a portion of the cost of conPurpose.
struction of62 miles of 44,000 volt transmission line now under construction,
and to reimburse the company for money spent in the acquisition of additional properties and improvements to the present system.
-V.118, p. 1146.

Northern States Power Co.
-New Stock Issue.

The shareholders will vote July 10 on authorizing a new class of stock
to be known as Class "B" Common stock, shares of which will be without
par value and upon which no dividends can be paid until after the Preferred
stock dividends are paid in full.
It is stated in the letter transmitting the notice that the increased demands
upon the company for services throughout the extensive territory supplied
require the construction of generating plants, substations, transmission
lines, distributing facilities and other additions and improvements, calling
for the investment of large amounts of new capital which will produce
further business and increased earnings.
A considerable part of the money to be used for construction will be
derived from the issue and sale of the new class of stock. Of the 10.000,000
shares of Class"B" stock proposed for authorization, it is intended to issue
and sell 500,000 shares to yield $5.000,000, which, it is stated, will be purchased by the interests responsible for the organization and development
of the company during the past 14 years. The remaining amount is to be
held for rocinirement of the future.
Class "B' Common stock will rank after the Preferred stock and the
present stock as to assets, and will place additional and substantial property
values back of both. It will share in dividends with the present Common
stock, after full 7% dividends are paid on the Pr
Preferred stock, in the ratio
.
of 10 cents on each share of Class •13" Common stock for each $1 per share
paid on the present Common stock -V. 118, p. 2448.

Norwalk Iron Works Co., South Norwalk, Conn.
-

Sale of the plant and goodwill of the company to Charles B. Stanley,
of Cleveland, has been confirmed by Federal Judge E. S. Thomas at Norwalk, Conn. The purchaser, it is said, will revivify the plant, and to that
end has formed a new corporation, known as the Norwalk Co. Directors
of the new company are Charles B. Stanley, Howard N. Bissell and George
F. Griffith. Cleveland, representing the bankers F. R. Hickman, Elmer II.
Havens, Bridgeport; R. C. Witmer and T. H. Hermanson, Norwalk.
Mr. Ilavens has been elected President, Mr. Hickman, Vice-President and
Treasurer, Mr. Witmer, Secretary, and Mr. Hermanson, Works Manager.
The new company, it is stated, has taken up the interest of the bondholders and holds a first mortgage on the plant.
-V. 115, p. 2694.

Ohio River Power Co.-Acguisilion.-

See Ohio River Elec. Ry. & Power Co. under "Railroads" above.

Orpheum Circuit, Inc.
-Declares Two Dividends.

The directors have declared two monthly dividends of 1234 cents each
on the Common stock, par $1. payable Aug. 1 and Sept. 1 to holders of
record July 19 and Aug. 20, respectively. Like amounts have been paid
on the Common stock monthly since March 1 last.
-V. 118. p. 2582.

Otis Elevator Co.
-2% Common Dividend.
-

The directors have declared a quarterly dividend of 2% on the new
Common stock, par $50. payable July 15 to holders of record June 30.
This places the new Common stock on a $4 annual basis, equivalent to the
same rate as paid on the old Common before the par value was changed
from $100 to $50 per share, two new shares being issued for each share held.
The company to-day (June 21) paid a 10% stock dividend on the Common stock to holders of record June 7.-V. 118. p. 2582. 2448.

-Stock Application.
Pacific Gas & Electric Co.

The company has applied to the California RR.Commission for authority
the
to issue $5.000,000 Common stock at not less than $92 per share,
proceeds to be used to finance improvements on Mt. Shasta power projects
-V. 118, p. 2959.
and elsewhere.

-Earnings Statement.
Pacific Oil Co.

1921.
1922.
1923.
1924.
3 Mos. end. Mar. 31.
Gross earns,from oper_ _ $5.466,768 $4,606,540 $5,195.956 $10,591,843
4,911,760
1.807.386
1,832,233
_ _ 2.169.762
Less-Oper. expenses_
71.773
202,276
324,213
288,608
Taxes(Fed.tax.not inc)
$3,186.293 $5,608,310
Net profit from oper- - $3,008,398 82.450,094
112.177
476,151
532.346
x781,575
Other Income
$3.789,974 $2.982.440 83.662,443 $5,720,487
Gross income
775,010
786,649
760,730
703,461
Res,for deprec. & depl
50,000
42,810
169,440
Res. for Fed. inc. taxes_
Surplus income for 3
mos.end. Mar.31-- $2.917.074 $2.178,900 $2.825,794 84,945,477
the
x Includes dividend of 37ii cents per share paid Jan. 25 1924 on 8
Feb.
stock of Associated 011 Co. and dividend of 40 cents per share paid
-V. 118. p. 2700.
1924 on the stock of Miley Heck 011 Co.

--Sales.
Paige-Detroit Motor Car Co.
1924-Month-1923. 1924-5 Mos.-1923.
Period Ended May 3117.806
19,850
4,800
5,294

Retail sales (Paige and Jewett cars)._
-V. 118, p. 2190, 1674.

-Dividend of 81.
Parke, Davis & Co.

30
The directors have declared a dividend of $1 a share. payable June 50
dividend of
to holders of record June 20. On March 31 last an extracents.
-V. 118,
was paid in addition to a quarterly dividend of 50
cents
p. 1279.

-Mortgage.
Passaic (N. J.) Consolidated Water Co.

A mortgage for 850,000,000 was recorded June 18 at the office of the
Register of Hudson County, in Jersey City. It was given to the First
National Bank, New York, by the company.
The mortgage is upon the plants of five water companies recently merged
to form the Consolidated: the East Jersey Water Co.. Acquackanonk
Water
Water Co., Kearny Water Co., Montclair Water Co. and Passaic of the
Co. It was arranged for the purpose of refunding the obligations
subsidiary companies. a
The bonds will be o the serial type, and are to be paid off within 100
years, or not later than Jan. 1 2024. The instrument provides that the
the
directors of the Consolidated shall decide when bonds shall be issued,also
amount to be put out and the rate of interest they shall bear. (See
p. 2443.
East Jersey 'Water Co. in V. 117, p. 2115.)-V. 117.

-7'o Expand.
0. C.) Penney Co., Inc.

The company* is planning to enter the retail-field in New England. The
present plans. It is stated, call for the opening of 25 now stores in that section in 1925.
The company has already opened 25 stores this year, situated in various
States, and it is expected that about 75 additional establishments will be
now
placed in operation before MI close of 1924. Total number of storesstore
comprising the J. C. Penney chain number 500, the five hundredth
having been opened recently in Hamilton. Mo.-V. 118, P. 2835.

Philadelphia Electric Co.-Conowingo Rights to Be
Taken Over.

The company has practically decided to exercise the option obtained on
banka majority of the voting stock of SusquehannaPower Co. through thePlans,
ing house of Drexel & Co., according to reports from Philadelphia. plant of
It is said, had been completed by the Susquehanna company for a changed
about 300.000 h.p. capacity, but it is stated these plans have been
an
by the Philadelphia Electric Co.'s engineers to provide for a plant with
ultimate capacity of 500,000 h.p.
& Electric
The Susquehanna Power Co., controlled by the United Gas
River
Corp., owns exclusive water rights on both sides of the Susquehanna 118,
.-V.
for a distance of slightly more than 15 miles (Baltimore "Sun")
p. 2960.

-Balance Sheet Dec. 31.Pierce Mfg. Co.
1922.
1923.
AssetsLand buildings &
9771.118 8764.845
machinery
Inventory cash accounts receivable
& kwestments„ 2,737,848 2,215,132
53,508,967 82.979,977
Total
-V. 115, p. 2695.

[VOL. 118.

THE CHRONICLE

3088

1922.
1923.
LiabilitiesCapital stock
9600,000 8600.000
78,041
Acc'ts & notes pay. 446,698
289.030
Fed'I tax reserve._
63,590
Depreciation and
profit and loss__ 2,398.678 2,012,906
Total

93,508,967 92,979,977

-Court Forbids Negotiation of No;es.Pierce Oil Corp.

Supreme Court Justice Ford on June 13 enjoined Henry L. Doherty from
making any disposition of seven notes of the Pierce Oil Co. amounting to
81,000,000 and the note of the Pierce Pipe Line Corp. for 83,073,876 given
as collateral to secure payment of the other notes.
Justice Ford also enjoined Mr. Doherty or anyone from taking the property out of the jurisdiction of the Court. He also decided the case must be
tried in this jurisdiction as the equity calendar here is not unduly crowded
,
and a reasonably early trial may be expected.
In the complaint brought by the company it was charged that Mr.
to negotiate the notes. An application was made to
Doherty was about
their disenjoin him from entering into any kind of negotiations relating to collateral
posal. charging there was no valid consideration for the notes or the
note given to secure them. In his opinion Justice Ford says: complaint
"This is an action for an accounting and injunctive relief. The
alleges unlawful seizure of dominion over the assets and property of the
plaintiff corporation through an Illegally elected board of directors. That
been decreed
this directorate was in fact illegal has organized. by the courts of Virginia,
The usurping board con
under whose laws the plaintiff was
trolled the plaintiff for about 8 months, and It is for the wrongs inflicts
damages it suffered during that period for which relief is
upon it and the
sought in the pending action.
"A conspiracy is alleged in which defendants Doherty and Pierce are
claimed to have been the prime movers and principal beneficiaries. The
with having co-operated
other defendants are chargedfrom the fraudulent acts with them and having
of the conspirators.
knowingly received benefits
of
"In the voluminous complaint and other moving papers a long listNo
inflicted upon the plaintiff and its stockholders is set forth.
wrongs
of any material fact alleged. Among the wrongdenial has been interposed
seven
ful acts complained of Is the delivery to the defendant Doherty of of the
promissory notes of the plaintiff aggregating $1,000.000. and of a note
of the
Pierce Pipe Line Co.,a subsidiarynotes. plaintiff, for $3,073,876 as collateral
to secure payment of the other by Doherty and his right to the possession
"The validity of the notes held
He manifested his
of the collateral note are attacked in the complaint. to enjoin him from
intention to press payment of them, and this motion is
transferring or enforcing them pending the trial of this action. It seems to
me the motion should be granted.'

Bond Interest and Sinking Fund Payments.

int, per annum refunded. Red. on any int. date at 105 and int. to May 1
1939. thereafter at 1023 and int. to May 1 1944; thereafter at par and
int. to maturity. Denom. $500 and $1,000. United States Mortgage &
Trust Co.. New York, trustee.
-Subject to the approval of the Maryland P. S. Commission.
Issuance.
Data from Letter of Pres. M. F. Riley, Dated June 6.
-Formed Dec. 31 1923 in Maryland by a consolidation of
Company.
Potomac Edison Co. and Potomac Public Service Co. Now owns and
operates an electric light and power system serving substantially all of
western Maryland up to within 25 miles of Baltimore. Through its subsidiaries-Northern 'Virginia Power Co., Potomac Light & Power Co..
Chambersburg, Greencastle & Waynesboro St. By. and Waynesboro
-it owns and operates a power and light system in northerhn
Electric Co.
Virginia, the northeastern portion of West Virginia and the adjacent section
of Pennsylvania. Company is serving an aggregate population of about
300,000. Company also does a gas business in Frederick, Md., and
operates or controls street and interurban railways in western Maryland
and a portion of Pennsylvania.
The electric system consists of electric generating plants with a total
installed capacity of 64,000 h.p., including 4 hydro-electric plants with a
capacity of over 6,500 h.p. These hydro-electric plants are located on the
Potomac River and its tributaries in the heart of the system. Company
has recently constructed a modern steam electric generating plant at
Williamsport, designed for an ultimate capacity of over 240,000 h.p. The
Initial installation of 20,000 h.p. has been in operation for about 10 months.
Other steam generating stations are located at Security and Cumberland.
Md., and Millville, W. Va. Electric current is delivered over approximately 600 miles of high-tension transmission lines to 29 substations. The
electric distributing system serves 27.379 consumers of electricity, an
increase of over 5,729 for the past two years, and, in addition, supplies
seven local distributing systems In the territory. The gas plant at Frederick
Md., serves 1.643 consumers. The railway system includes city lines in
Cumberland. Hagerstown and Frederick, Md.,and interurban lines connecting these cities with other communities in western Maryland and southern
central Pennsylvania, totaling 111 miles.
Capitalization Outstanding Upon Completion of Present Financing.
$260,000
Underlying & Div. bonds-$6.982,10015% notes, due 1932
2,203,200
do
do
Ser. B.. 2,000,000 Preferred stocks
C (this issue) 1,000,000 Corn.stock (no par value) 75,000 shs.
do Ser.
Consolidated Earnings Statement 12 Months Ended.
Dec. 31 '22. Apr. 30'24.
Gross earnings
83372,566 83,678,264
1,965,554
Operating expenses
1,814,864
Net earnings
81,357,702 $1,712,710
869,482
Annual int. on funded debt, incl. this issue, requires
$843,228
Balance
Approximately 90% of the above net earnings were derived from electric
light and power and gas business. The above earnings include only about
9 months' operations of the Williamsport power plant, which has increased
the electric generating capacity by about 50%•
Ownership et Management.
-Entire Common stock is owned by the
American Water Works & Electric Co.. Inc. This ownership assures to
the company the same management which his been so successful in building
up the business of the West Penn System -V. 118, p. 2190, 1402.

Prairie Pipe Line Co.
-Shipments.

Crude oil shipments in May totaled 3,658,266 bbls., against 3.747.013
bbls. In April. For the first 5 months shipments averaged 3,700,163 bbls.
monthly, against a monthly average of 3,365,856 bbls. over the last half
of 1923.-V. 118, P. 1784.

-Annual Stock Dividend-Increase
Procter & Gamble Co.
in Capital Proposed.
-

The directors have declared an extra dividend of 4% on the Common
stock, payable in Common stock,in addition to the usual quarterly cash dividend of 5%, both payable Aug. 15 to holders of record July 15. The
company has paid a 4% stock dividend in August each year since 1913.
The directors plan to increase the authorized Common stock from
$24,000,000 to $2.5,000,000. par $100, with a view to the payment of the
annual stock dividend In 1925.
President Wm. Cooper Procter announced that it is the intention of the
company to pay cash dividends in the future at the rate of 25% per annum
-V. 117, p. 1897.
Instead of 20% as heretofore.

-Rights.
Public Service Co. of Northern Illinois.

The Common and Preferred stockholders of record July 3 have been
offered right to subscribe for new 7% Cumulative Preferred stock at par
on the ratio of one share of new stock for each five shares held. Rights
must be exercised before Aug. 2. Subscriptions can be made in cash or In
-V. 118, p. 1280.
ten monthly payments.

-Organized.-Pullman Car & Manufacturing Co.
See Pullman Co. below.

-Segregates Manufacturing Interests.
Pullman Co.

The company on June 19 announced the segregation of its manufacturing
properties and the organization of a new corporation, known as the Pullman
Car Manufacturing Corp., with an authorized capital of 850,000.000,
which has taken over the manufacturing plants at Pulltnan. Ill., and at
Michigan City, Ind. and is now in operation.
The new corporation is headed by men formerly connected with the
manufacturing departments of the Pullman Co. and has already assumed
all manufacturing contracts.
D. A. Crawford. formerly V.-Pres, of the Pullman Co., is Pres, of the
new corporation; Clive Runnells. former V.-Pres, of the parent organization, is 1st V.-Pres., and C. A. Liddle, a former V.-Pres. of the older company,is also a V.-Pres. of the new corporation. W.N.Oehm, Works Manager for the Pullman Co., goes to the new corporation in the same capacity.
and S. V. Geher is Sec. The officers of the new corporation also will be
directors, and in addition Ralph M.Shawls a member of the directorate.
It was announced that there would be no distribution of stock or assets,
but that the stock of the new corporation would be held by the Pullman Co.
-V. 118, p. 2835, 1906.

-Interim Div. of 60%.
Rand (Gold) Mines, Ltd.

The Bankers Trust Co. has been advised by the London Secretaries of
Rand Mines. Ltd., of the declaration of dividend No. 42. an interim divi.
dend of 60%. equivalent to 3s. per Ordinary share. The dividend will
amount to 7)4s. sterling per "American Share.' and will be paid In London
on or about Aug. 111924.-V. 118, D. 2980, 2448.

-Reincorporated in Massachusetts.
Regal Shoe Co.

The company has been incorporated in Massachusetts with an authorized
capitalization of $2,500,000 7% Cumul. Prof. stock. par $100. and 25,000
shares of Common stock of no par value to take over the business, franchises, &c., of the Maine corporation of the same name. See also V.
118, p. 1676, 1923.

-Unfilled Orders.
Rolls-Royce of America, Inc.

The corporation is reported to have over $900,000 of unfilled orders and
to be producing from seven to nine cars a week. The gross turnover, it
t the rate of between $5,000,000 to $6,000,000 a year. See also
Is said
V. 118,1. 2177.

-

Santa Cecilia Sugar Co.:13.-Final Production.
Funds have been deposited with the Chase National Bank, as trustee,
The mill of the company in Cuba finished grinding on May 11 with a
-year 8%
10
to meet coupons due June 15 on the 81.600.000 outstandingsinking fund final outtum of 42,526 bags. This was an increase of 12,526 bags over the
The provisions of the
Sinking Fund Gold Debenture bonds.
of bonds. estimate made by Himely for this crop and an increase of 2,449 bags over
have been met by the deposit with the trustee of $100,000 par value
last year.
-V.118, p. 2960, 2835.
Pres. Goodrich stated that 75% of this sugar had been sold at an average
below
-Bonds Ojfered.-E. H. Rollins & price in excess of Sc. a pound whereas the present market Is2210. 4c. This
Potomac Edison Co.
-V. 117, p.
leaves about 10,000 bags remaining unsold.
W. A.

Sons, Halsey, Stuart & Co., Inc.,ambleton & Co.,
Harriman & Co., be., and Vominick & Dominick are
offering at 95 and mt., to yield 6.40%, $1,000,000 1st Mtge.
& Ref. Gold Bonds, Peries C, 6%.
New
Dated May 1 1923, due May 1 1949. Int. payable M. & N. in not
York or Chicago without deduction for any normal Federal income tax
exceeding 2%. Penn. 4 mills tax, Maryland security tax not exceeding
mills. District of Columbia personal property taxes not exceeding 5
4
mills per $1, and Mass. Income tax on the int. not exceeding 6% of such




-Sales.
Schulte Retail Stores Corp.
5 Months Ended May 31Sales
-V. 118, p. 2961. 1924.

1923.
Increase.
1924.
812,799,351 $10,624,827 82374,524

-Earnings.
Scovill Manufacturing Co.

The company reports for the calendar year 1923 net earnings after do..
predation, taxes and other charges of $3,167.761. This compares with net
earnings of $989,408 in 1922.

JUNE 21 1924.]

THE CHRONICLE

The earnings for 1923 include profits of the Oakville Co. and American
Pin Co. of Waterbury, Conn., which were purchased on Dec. 28 1923
the Scovill company. The assets of these two companies were paid for by
by
the issue of 27,000 shares of Scovill Mfg. stock, plus an issue of
$300,000
-Year 5% Gold debentures.
5
-V. 118, p. 441.

Sharp Mfg. Co.
-Balance Sheet Dec. 31.Assets1923.
1922.
Liabilities1923.
Real est. & bldgs_ _51,724,966 $5,440,932 Capital stock
53.817,000
3,724,340
Machinery
Notes payable
_ 1,280,000
Merchandise
1,348,080 1,212,256 Reserve & deprec_ 1,356.231
Cash & debits rec. 336,190
659,162 Surplus
680.346
Total
57,133,577 57.312,350
Total
$7,133,577
-V. 118, p. 442.

$7,312,350

Shawmut Paper Box Co., Inc.
-Receive

Shell Transport & Trading Co.
-Report.
-1923.
E3,008,185

1922.
1921.
£4,633,160 £5,487,421

Southern (Bell) Tel. & Tel. Co.
-New

President.
See Mountain States Telephone & Telegraph Co. above.
-V.118, p. 2449.

Southwestern Bell Telephone Co.
-Quarterly Report.
-

Three Months Ended March 31Total revenues
Total expenses, including taxes
Interest
Dividends

1922.
53.817.000
1,060.000
1,413,130
Surplus
1.022.220 -V. 118. p. 1678.

rship.
A petition for receivership of the Shawmut Paper
the Shawmut Paper Box Corp., both of CambridgeBox Co., Inc., and of
the Massachusetts Superior Court at Boston June , Mass., was flied in
The petitioners allege that the first corporation 18.
was incorporated to take over the assets of the is insolvent and the second
gross mismanagement of the second corporation,first; that there has been
and
poration gave a note for $71,500 without considerati that the second coron, secured by a mortgage on the machinery of the first company.
Calendar YearsNet profits
-V. 118. p. 2836.

1920.
E7,627,420

Silver Dyke Mining Co.
-Tenders.
The National

Shawmut Bank of Boston, trustee,
will, until June 26,
receive bids for the sale to it of 7% gold notes.
dated June 1 1923, due
June 1 1928. to an amount sufficient to exhaust
550.040.-V. 118. p. 212

$374.324

$608,532

Sparks-Withington Co.
-Extra Dividend of 50 Cents.
The directors have declared an

extra dividend of 50c.
Common stock, no par value, and the regular quarterly a share on the
a share on the Common and of 14i% on the "A" and "B"dividend of 50c.
Preferred stocks,
all payable July 1 to holders of record June 20. I.ike amounts
were paid
Jan. 2 and April 1 last.
-V. 118. p. 1678.

Staten Island (N. Y.) Edison Co.
-Tenders.
-

The Irving Bank-Columbia Trust Co., 60 Broadway, N. Y. City,
as
trustee, will until June 23 receive bids for the sale to it of lief. & Impt.
"A,.
634%
Gold bonds. Series
'
dated July 1 1923 to an amount
519,113 and at prices not exceeding 10734 and int.-V. sufficient to exhaust
118. p. 2317.

Sterling Coal Co., Ltd.
-Annual Report.
-

Years Ended March 311923-24. 1922-23.
Profit for year
$165,189 $121,949
Coupons declared payable
79,334
Minority interest in sub. cos_ __ _
8,582

1921-22.
$6,786

1920-21.
$92,562
82,712

56.788
193,784

59,850
183,933

Balance, surplus
Previous surplus

$156,607
433.161

$599,768 $243,184 $200,572 $193,783
190,000

Vice-Chancellor Backes at Newark, N.
Anderson (President of the company) and J., has appointed Richard C.
M.
Company estimates assets at $2,300,000 and Casewell Agine receivers.
Profit and loss surplus
liabilities at $1,260.000.
-V.118. p. 2836.
-V. 116. p. 3008.

Sinclair Consolidated Oil Corp.
-May Open Italian
Oil Fields.
The corporation, according to reports, has
Italian Government to spend approximately reached an agreement with the
104,000,00011re,approximately
54.500.000, in the next ten years in oil exploration
s in that country if' the
preliminary investigations prove favorable.
The agreement with the Sinclair Co. provides
for three stages in the
work. The first three years will be used for
studies, the next three for
investigations, and during the ensuing four actual
exploration of the subsoil
will be made. During the first three-year period
takes to outlay no lees than five million lire on the the Sinclair Co. underShould these studies decide the company to sink preliminary work.
will form an Italian company for this purpose with shafts in certain zones,it
a share capital of not less
than 40,000,000 lire, of which 40% will be placed on
the market for Italian
subscribers. During the ensuing three years the company
annual expenditure of 8,000,000 lire on actual soundings. is pledged to an
Thus by the end
of the sixth year, the company will have invested
in the enterprise a total
sum of 29,000,000 lire. This will be followed
by a third period extending
over four years during which the company undertakes
ing efficiency, at an outlay of $12,500 per unit, each to put into full workunit of 1,000 hectares
it decides to take up.
Meanwhile it will abandon all claim to zones shown
to be unproductive.
At the close of the ten years the Sinclair Co. will be
entitled to concessions
covering an area not to exceed 75,000 hectares.
The concessions will cover the output
•handling
and their respective hydrocarbides. but andnot apply of mineral oils, gas,
do
to asphaltic schist.
The concession will have the duration of 50 years.
-V. 118, p. 2583, 2316.

(S.) Slater & Sonr, Inc.
-Balance Sheet Dec. 31.
[As filed

with the Massachusetts Commissioner of
Corporations.]
Assets1923.
1922.
Liabilities1923.
1922.
Real est., eq., &c- 5823,401 51,647,231 Capital stock
Inventories
1,592,257 3,983,070 Accts. & notes pay53,000,000 83.000.000
689,295
592.269
eash
187,225.
98,775 Miscall, reserves__ 2,075,000 2,165.000
Investments
4,003.777
25,025
Notes& accts. rec_ 1,563,982 2,587,564 Profit and loss__ __ 2,460.156 2,665.111
Prepaid expenses.
53,809
100.715
Total (each sIde)88,224.451 $8,422,380
-V. 117, p. 2334.
.111

report, believed by the "Chronicle" to be correct, says:
'The production of the company for the
tons. This is the second largest crop in1923-24 season was 97,000 short
the company's history, being
exceeded only in 1920-21 when 111.000 tons were
made. Last year the
two factories-centrals Romana and Guanicamade 83.000 short tons,
making the increase in this crop 14,000 tons.
In 1921-22 86.500 tons were
made.
-V. 118, p. 804.

Southwestern Power & Light Co.-Pref
-Bonbright & Co., Inc. are offering at 96 . Stock Offered.
and div., to
yield about 7%,32,000,000 7% Cumul. Pref. (a.
& d.)
stook, par $100.
Redeemable at the option of the company at
115 and divs. Dividends
payable Q.
-M. Exempt from present normal Federal
income tax.
fer agent. Registrar & 'Transfer Co., Jersey City. N. J.; registrar, TransCorporation Trust CO., Jersey City. N. .1.
Data from Letter of A.S. Grenier, President
of the Company,
Company.
-Owns or controls companies
utility service in 140 communities, includingfurnishing a diversified public
many important
them Fort Worth, El Paso, Galveston, Waco, Denison and cities, among
Wichita Falls.
situated in the richest and most rapidly growing sections
of Texas. Total
population served is in excess of 767,000. Of the
gross
ation of the subsidiary companies, 85% is derived fromearnings from operelectric power and
light business, 13% from gas business and 2% from railway,
water and ice
business.
physical property owned and operated by the
The
subsidary and controlled companies includes electric generating stations having
an aggregate
installed generating capacity of 97,826 k. w.. more
than 3.000 miles of highvoltage transmission lines and electric distributin
communities in Texas. It also includes the modern g systems serving 137
uting systems supplying all the gas used in Galveston gas plants and distriband El Paso and vicinity
CapitalizationAuthorized. Outstanding.
stock, 7% cumulative
Preferred
$15.000,000
Common stock20,000,000 x$7,387,000
15.125,000
First Lien 5s, due June 1 1943
(Open)
7,297,000
Gold debenture,6%,Ser. A.due Mar. 1 2022_(N'ot specified)
3.000,000
-Year8% Bond-Serstred, Ser. B,due Jan 1.1941 $5,000,000
20
2,250 000
$7,387,000 Pref. stock to be outstanding,
x Of the
$2,447,000 was originally issued as 2d &ref. and has been converted into Preferred stock.
-Proceeds will be used to tetire floating
Purpose.
indebtedness for
struction expenditures made or to be made by subsidiaries, and for conother
corporate purposes.
Earnings, 12 Aranihs Ended April 30.
1923.
1924.
Gross earnings of all subsidiary companies
510.431,516 $11,596,092
Bal. of sub. cos. earnings, after deducting all
exps.& charges appl. to S. W.Pr.& Lt. Co:3.582.986
54.090,256
Expenses of Southwest(rn Pr.& Lt.Co
130.087
130,077
_______________
Balance
_____ $3.452.899
53.960,179
Int. charges of Southwestern Pr.& Lt. Co
811,438
Annual dividends on 57,387,000 7% Pref. stock
517,090
Balance -------------------------------------------$2.631.651
Control and Superaision.-Company, is controlled through onwershlp of
all its Common stock except directors shares by American Power & Light
Co. Electric Bond & Share Co. supervises the operations of the company.
-V: 118. e. 2191.




1924.
1923.
$11,371,889 910,690,968
58,507,593 57,570.356
614,763
797,805
1,875,209
1,714,275

Total surplus
Dividends (4%)

Simms Magneto Co.
-Receivership.
-

South Porto Rico Sugar Co.
-Production.
-A current

$089

$42,612
200,572

5489.768 $243,184 $200,572 5193,783

(John B.) Stetson Co., Phila.-$2 50 Common Div.
The directors have declared

a dividend of $2 50 per share on the
standing Common stock, no par value, payable July 15 to holders of outrecord
July 1. On Jan. 15 last a dividend of $3 75 per share
was paid on the
Common stock.
-V. 117, p. 2782.

Stewart-Warner Speedometer Corp.
-Acquisi

tion, itc.
The corporation has issued the following statement:
A contract is being entered into with the General Motors
Corp. whereby
they are to use Stewart
-Warner vacuum tanks
vacuum tanks. This means that the Stewart on all of their cars using
-Warner
their exclusive vacuum tank business, which amounts to acompany will have
very large volume.
Negotiations which have been pending between the
-Warner
Speedometer Corp. and the Dorzi Corp. of New York are Stewart
pleted, whereby the former will purchase the assets of now being comthe Dorzi Corp..
including their patents and vacuum tanks, thereby settling vacuum
tank
infringement suit, between the two corporations.
-V. 118, p. 2713.
Sugar Estates of Oriente, Inc.
-Production.
--

The following statement is understood by the "Chronicle" to be
substantially correct:
Production of the company (in bags) for the 1923-1924 season, as
compared with Guma-Mejere original estimate and with the past two crops.
s
Is as follows:
Central1923-24.
x1923-24.
1922-23.
1921-22.
Alto Cedro
222,708
205,000
234,939
244,575
America
191,613
190,000
y171,621
y250,267
cupei
144.434
170,000
196.011
154.703
Pa.a
304,823
230,000
242,072
211,642
Total
863,578
795,000
844,643
861.187
Guma-Mejer estimate. y Property was acquired in 1923.-V.
118.
p. 2583.

Tecumseh (Cotton) Mills, Fall River.-Ltquidati

ng Div.
The directors have declared a cash dividend
This is in accordance with the liquidation plans, aof 40%. payable July 1.
previous cash dividend of
?g having been
oc
far
Marcl; 2 last, ma , a total of
ee
9also v. Als;gp
.
paid in sash
tie stockholde

rs so
Tennessee Eastern Electric Co.-Bal. Sheet Dec. 31.
-

[As filed with the Massachusetts Commissioner of
Corporations.]
Assets1923.
1922.
Liabilities1922.
Plant & equip.-.-$3,111,176 $2,767,798 Preferred [mock_ _ _ 1923.
$600,000 $600,000
Cash
121,442
36,153 Common stock_ _ .x1,409,300 y1.340.000
Investments
342,959
342,964 Accts. & notes pay /14.568
120,616
Notes & accts. rec_
93,605
119,423 Funded debt
1,717,000 1,377,000
Unpaid subscr_
39,036 Improve.fund
55
Bond disct. & exp_ 254,507
Allscel. reserves_
7,473
Deferred charges
68,154
247,296 Deterred credits..
398
180
Accrued
82,148
53.921
Tot.(each side).83,991.843 $3,552,670 Surplus items_
60,956
60,898
x Representing 14,192 shares, no par value. y Representi
ng 13,400
shares, no par value.
-V. 118, p. 2961.

Texas Power & Light Co.
-Bonds Offered.
-Harris,
Forbes & Co. and Coffin & Burr, Inc. are offering at 95 and
int. to yield about 5.55%, $1,500,000 1st Mtge. 5% Gold
bonas. Dated June 1 1912, due June 11937.

Data from Letter of A.S. Grenier, Vice-President, New York,June
113.
Company.-Does the entire commercial electric power and
in 99 communities and serves electric power at wholesale in light business
11 communities in a wide territory, located in and contiguous to the famous Black Waxy
Belt. which constitutes the most prosperous and thickly
Texas. Company also does the entire municipal lightingsettled section of
in practically all
of the communities served at retail and does a gas business in two of the
principal cities served. Total population served estimated at 353,000.
Company's principal electric plant is in Waco. It has a present installed
generating capacity of 12,000 k.
it has
louilt for an ultimate capacity of w., butk. w. been designed and partially
50,000
the central station for
the generation and transmission of power for It ispoints reached by the
all
company's transmission lines extendhig from Waco. In addition to the
Waco plant, the company has 13,650 k. w. installed generating capacity
at other points, making a total installed generating capacity of 25,650 k. w.
CapitalizationAuthorized. Outstanding.
Common stock
510,000,000 510,000,000
Preferred (7% cumulative) stock
5,500.000
Debenture bonds, Series A,6%. due20222. 5,400,000
00,
0 000
1st Mtge. 5s, due June 1 1937 (incl. this issue)
30,040,000 13.000,508
x Limited only by conservative restrictions of indenture.
Earnings 12 Months Ended April 30.
1924.
1923.
Gross earnings
$5,e49,453 55.142,678
Net after oper. exps., maint. and
52469,045 52,029,483
Annual interest requirements ontaxes
mortgage debt
(including this issue)
650,250
The company recently acquired lignite properties in Malakoff, Texas,
and is said to be planning the construction of a steam-operated electric
power plant.
-V. 118, p. 2961.

(R. E.) Thompson Radio Corp.
-Officers
-Directors.
-

The following have been elected directors of
company: R.E.Thompson (Pres.), Leonard F. Fuller (Vice-Pros.),the
James S. Gifford (Treas.).
Ralph H. l'erry and H. E. Mitchell,
Charles L.Ilaverman has been elected Secretary. See also V.
118,p.2450.

Timken-Detroit Axle Co., Detroit.
-To Close Two Plants.

The company announces the
Mich., and the plant at 106thclosing of its Waterloo Ave. plant in Detroit,
St. and Loraine Ave., Cleveland (acquired

3090

THE CHRONICLE

[vol.. 118.

$1,000 and
ana sinking fund payments payable at office of trustee. Denom.
from the Standard Equipment Col in summer of 1923. V.117, p.449)low- $500. Red. all or part on not less than 30 days' notice at the following
and
that it is to discontinue the manufacture of axles for medium as well as prices: To and including Mar. 1 1927, at 103 and int.; from that date to
priced cars and in the future confine its efforts to passenger cars a product and incl. Mar. I 1932, at 102% and int.; thereafter to maturity at 102 and
to the few makes of cars which require and can pay a fair price formachinery int. Exempt from California personal property tax.
ofthe highest quality. It is proposed to write off the value of the
inventories
Data From Letter of Fred Weber, President of the Company.
and equipment and to lease the land and buildings. Current
over 22
minimum, it is
-From a small cabinet shop founded by Mr. Weber
Company.
of parts for axles it is discontinuing will be reduced to a over the manuconsistently
,
years ago, the business of the company has grown steadily and Company
stated. Any surplus will be sold to competitors who take
until to-day it is the largest concern of its kind west of Chicago.
facture of these models.
there manufactures a complete line of standard store and bank fixtures, office
After the reduction of the plant account (of about $3,700,000)
at Dec. 31 partitions and soda fountains, on a quantity production basis, and builds
will still remain a surplus of approximately $800,000. (Surplus
extend
special fixtures to order for large installations. Sales operations
1923 totaled $4,517.716.) See V. 118, p. 2192.
with
Into the ten Western States and include a substantial export business
-Extra Dividend. and an the Hawaiian Islands, Mexico and Central America. Gross sales for the
Title Guarantee & Trust Co.
dividend of 3%
were approximately $2,000,000.
year 1923
The trustees have declared the regular quarterly
June 21. calendarin fee 14.64 acres at South Park and Slauson Ayes., Los Angeles,
. Owns
extra dividend of 4%, both payable June 30 to holders of record
now
-V. 117. p. 2782.
together with a modernly equipped plant of 288.000 sq. ft. floor space
Like amounts were paid Jan. 2 and March 31 last.
under construction upon a portion of this tract.
-Complaint Dismissed. a comEarnings -Net earnings for the 4 years ending Dec. 31 1923 have averTobacco Products Corp.
j
,
2; times maximum interest charges on
The Federal Trade Commission has issued an order dismissing N. Y. aged $97,606, or approximately
such requireCo., both of
this issue, and for 1923 were $137,933, or in excess of 3 timescompany will
plaint against the corporation, and the Falk Tobacco
the
Tobacco Association, its officers and ments. In addition to earnings from plant operations, 1925 a net annual
City, and the Cincinnati Wholesale
dismissed charged the receive from the lease of its property beginning Feb. 15
members, of Cincinnati. Ohio. The complaint
system in the sale rental of $28,225, or nearly 70% of the annual interest requirements on
respondents with conspiracy to maintain a resale price
this issue.
-V. 118, p. 2714, 1925.
of tobacco products.
will pay to the trus1
Sinking Fund.
.
- tee monthly an -Beginning Mar.to 1926 the company maturity.
-New
retire all bonds by
amount sufficient
Tobacco Products Export Corp.resident.Vice-President
-V.117, p. 2004.
from the sale of these bonds will be used for the con-Proceeds
Purpose.
for
L. B. McKitterick has been elected a Vice-P
struction and equipment of a new plant, to cost not less than $300.000.
-New Director.the retirement of the present mortgage debt, and to provide additional workTodd Shipyards Corp. New York.
succeeding Arthur E. Ged- ing capital.
J. Herbert Todd has been elected a director,
dard.-V. 118, p. 2837.
-Merger.
Western Quebec Power Company.
- The holders of the 6%% 1st. Mtge. bonds have been advised that the
-Earnings.
Transue & Williams Steel Ftrging Corp.
the five months ended May 31, it is reported, approxi- entire issue will be redeemed on July 1 at 105 and int.
Net profits for
-V. 118, p. 2192.
The company, it is stated, has been acquired by Nesbitt, Thompson &
mated $110,000 after all charges and taxes.
Co.. bankers, and will be amalgamated with Hawkesbury Electric Light
-Balance Sheet.& Power Co.
& Suffolk Mills.
Tremont
It is understood that a new company is being incorporated which will
Mar.31'24. Dec.31'23.
LiabilitiesMar.31'24. Dec.31 '23.
Assets-V. 118, p. 2838.
$2,000,000 $2,000,000 take over and recapitalize these two properties.
Realest.& equip...82,042,155 84,437,574 Capital stock
965,719
2,410,765 2,470,883 Accounts payable_ 1,493,822
Inventory
93,016
Whitman Mills of New Bedford.-Bal. Sheet Dec. 31.1,211,059 Reserve for taxes_
835,603
Cash & debts rec
1922.
40,000
1923.
637,233 Taxes accr. (city)_
1923.
1922.
LiabilitiesAssetsLiberty loan bonds 642,016
19,630
18,759
83,000,000 $3,000,000
14,404 Commissions accr_
83,942,865 $3,767,715 Capital stock
Accrued interest_
Property
895,000
500,000
1,110,000
reserve
Other
_
16,122
2,922,691 2,218,395 Notes payable_. _
Inventories
Prepaid insurance_
277,658
1,894,081 5,692,788 Prepaid accounts342,975
Surplus
73,7S,7 Acceptances
90,079
185,524
160,524
592,413 Rea. for all taxes
Cash & receivables 497,419
$5,946,662 $8,771,153
Total
Res.for deprec'n 1,597,637 1,482,896
15,946,662 $8,771,153
Total
811.192
1,241,918
-V. 118. p. 2961.
depreciation.
Total(each side) 87,453,055 $6,652,270 Surplus
*After $2,440,377
-V. 118, p. 2329.
-Omits Common Dividend. due
United Alloy Steel Co.
dividend
-New Kansas Subsidiary.
Wilson & Co., Inc.
The directors have voted to omit payment of the quarterly
dividend
quarterly
The Wilson & Co. of Kansas was incorporated May 7 last in Delaware
July 10 on the Common stock. Three months ago thecents per share (see
75 cents to 50
no par value, of which 20,000
with an authorized capital of 30,000 shares of
on the Common stock was reduced from
will be issued and all owned by Wilson & Co., Inc. The latter company
V. 118, p. 1413)•
has transferred all its Kansas City properties to this new subsidiary.
President E. A. Langenbach issued the following statement:
.
the dividend on the Common
The transfer is made, it is said, for the sake of operating conveniencet
"After a full discussion and consideration of
arrangemen
stock. it was decided to pass it for the following reasons:dividend on the It brings the Kansas City properties under the same operating
Tennessee, Nebraska, Minyear fully covered the
"While net earnings for the current
taxes, they as the organizations in Oklahoma, California,
and Delft
Preferred stock and provided for the regular depreciation and on account nesota, Louisiana And the Wilson Martin plants in Philadelphia
-V. 118. p. 2972, 2838.
more.
do not warrant payment of a dividend on the Common stock
steel industry. The
of the largely decreased operations general in the
to increase
-Annual Report.
Winona Copper Co.
directors have been enlarging and improving the plant in order of money
sum
The company's financial statement as of Dec. 31 1923 shows cash, acits production at largely decreased cost and a considerable company has
liabilities of
The
has been appropriated and expended for that purpose. and in view of the counts receivable and copper totaling $13,840, and current
$14,766. Expenditures for the year totaled $45,940.
more than 3 for 1 of liquid assets to current liabilities,
directors deemed it
d in 1923, says:
President Woods, after reviewing the work accomplishe
uncertain business outlook for the near future, the
liquid condi- "The present showing warrants at a favorable time some form of financing
conservative and wise to keep the company in such splendid
to
for the purpose of putting Winona's costly mine and mill equipment
-V. 118. p. 2569.
tion."
use."
-V. 116, p. 2020.
-Acquisition of Properties. by the profitable
United Telephone Co.
acquisition
-Balance Sheet Dec. 31.-S. C. Commission on June 10 approved the Telephone Co.,the
The I.
Williams Tool Corp.
1922.
company of the telephone properties of the ConsolidatedThe P. U. Commis1923.
Liabilities
1922.
1923.
Assetscertain individuals.
St. Francis Telephone Co., and of
Plant dc machinery $265,591 $346,606 Preferred stock_ _ _ $300,000 $300,000
acquisitions.
400,275
sion of Kansas has entered orders authorizing the proposed agreements, as Pats., good-will, die 189,900
stock__ 403,801
211.000 Common
4,990
It is represented that the parties have entered into oral
7,338
13,766 Accounts payable.
5,770
assets and Cash
30,500
follows: The United Co. agrees to purchase all the property,
22,500
49,285 Notes Datable._
85,307
of the Notes & accts. rec.
3,201
rights of the Consolidated Co. for a sum equal to the capital stock obli- Inventories
1,210
__
92,731 Accrued herds_ _
93,374
and
16,404
Consolidated Co., which is $150,000. and to assume all the debts
3,437 Foote-Burt Co_ _
Prepaid charges_
7,865
gations of that company.
82,440 Contract liabilities
87,666
that
66,917
The agreement between the United Co. and the St. Francis Co. is for Investments
26,951 Reserve for deprec
24,334
Deferred charges
3,928
9,230
the former company shall purchase the properties of the latter company
Surplus
$20,000. plus its indebtedness.
The United Co. agrees to purchase the exchange at Oakley for $10,000.
8751,943 $826,216
Total
8751,943 $826,216
Total
jointly the United
For the properties owned by the three individuals
the
Co. agrees to pay $300,000, which is represented to be the cost to it is -V. 117, p. 2335.
-New President.
present owners. The individuals are all officers of the United Co.. and and
Worcester (Mass.) Gas Light Co.
officers,
been
stated that they acquired the properties while they were such United Co.
Paul B. Morgan, President of the Morgan Construction Co.. has2838.
with an understanding had with the board of directors that the cost to the elected President to succeed the late Louis II. Buckley.
-V. 118, p.
time at the
might purchase the properties within a reasonable
sellers.
-Four Monthly Divs. of 25 Cents.
(Wm.) Wrigley Jr. Co.
cents
-Div. oj 50 Cents.
The directors have declared four regular monthly dividends of 25
United Verde Extension Mining Co.
1 each,payable Aug.1,Sept.2,Oct. 1 and Nov.1 to holders of record July 19.
The directors have declared a dividend of 50c. per share payable Aug.
From
p. 8070
to holders of record July 3. A like amount was paid May 1 last. were Aug. 20, Sept. 20 and Oct. 20, respectively. (See also V. 118,
V.
- 118, p. 2972, 2592.
May 1 1923 to Feb. 1 1924 incl., quarterly dividends of $1 per share
paid.
-V. 118, p. 2962.

Universal Winding Co., Boston.-Bal. Sheet Dec. 31.

-Annual Report.
(J. S.) Young Co., Baltimore.

1920.
1921.
1922.
1923.
Calendar Yearss.]
$197,167
$180,113
$344,925
$370.176
:Net profit
[As filed with the Massachusetts Commissioner of Corporation
70,000
1922.
70,000
1923.
70,000
1922.
Liabilities70,000
1923.
Preferred dividends(7%)
AssetsCapital stock
$2,278,000 $2,305,200 Common dividends_ _ _ (10%)149,923 (10)149,878(731)112,353 (10)100,000
Real est., mach'y.
2,000.000 2,000,000
81,511,542 Bonds
81,477,621
Am
$27,167
143,160
def$2,240
$150.298
$125,002
Balance, surplus
1,825,420 2,234,627 Accla payable_ _ - - 120,474
Merchandise
899,372
340,890 Previous surplus
426.539
229,120
23,834 Surplus
424,299
574,597
. 46,349
Notes receivable_
500,000
551,649
Stock div.on Corn.stock
Awls receivable__ 594,758
181.987
370.872
Cash
$426,539
$424.299
75,618
$574,597
P. & I. stir. Dec. 31.. $699,599
78,966
Securities
1
I
-V.112. p. 941.
Patent rights
16,475
__
Treasury bonds_
24,000
Youngstown Steel Car Co., Niles, 0.-Earning8.43,000
Sinking fund stock
$2,821,636
185,992
Total(each side) $4,627,594 $4,789,250 Net sales for year ended Dec. 31 1923
Prepaid items.-174,132
Cost of sales, $2,659,616; selling exp., $35,779; gen. & admin- 2,800,197
-V. 115. p. 153'2.
istrative expenses, $104,802; total
-To Redeem Bonds.
32,211
Wagner Electric Corp.
to redeem on Aug. 1 Interest and other deductions
The corporation has announced that it has voted 1 1926, amounting to
$10,772
Mtge. 7% Serial Gold bonds, due Aug.
loss for year 1923
Net
1924 its 1st
call as a whole or in part on any
V.
$100,000. These bonds are subject topremium of % of 1% for each year - 114, p. 1544.
interest date upon 30 days' notice at a
-V. 118. P. 1532.
before maturity.
or part of year
CURRENT NOTICES.
-Earnings.
Ward Baking Co.
amounted to
Exchange,
it is
Net profits for the five weeks ended May 31,118. reported,
Steiner, Rouse & Stroock, members of the New York Stock
p 1163.
-V.
$454.813, after deducting Federal taxes.
have prepared a circular on conservative marginal purchases.
- -Prince & Whitely, after having been located at 52 Broadway for the
-Dividen
Waring Hat Manufacturing Co. quarterlyd Deferred.
dividend on the
It is reported that the payment of the regular on April 1. was deferred. past 27 years, have removed their offices to 25 Broad St.
stock, ordinarily made
8% Cum. Cony. Pref,
for the Pre-Bankers Trust Company has been appointed Registrar
-V. 116. p. 1773.
- ferred and Common stock of the Gamewell Company.
-Conversion.
(Asphalt) Co., Boston.
Agent of
Warren Bros.
bonds have been reduced to $1,400,000
-The Seaboard National Bank has been appointed Transfer
The outstanding debenture 735% the close of 1923. Common shares
at
the Preferred stock of Southwest Power Company.
from the $1.854.000 outstanding
same period.
the
registrar
outstanding have increased from 53.901 to 69,762 during
-The American Exchange National Dank has been appointed
-V. 118. p. 1679.
of the preferred stock of the Southwest Power Co.
-Bonds Offered.-Blyth, - M.Lampert & Co., Inc., announce that II. C. Zwetsch has become
A.
Weber Showcase & Fixture Co.
are associated with them as Vice-President.
Witter & Co. and Alvin H. Frank & Co. Los Angeles,
Detroit has been
'
and int. to yield about 7.05%, $600,000
-The corporate name of Hughes. Gordon & Co. of
offering at 99M
changed to Ramsey, Gordon & Co.
1st (closed) Mtge. 7% Sinking Fund Gold bonds.
the common
1 1939. Int. payable M. & S. at
-The American Trust Co. has been appointed registrar for
Dated March 1 1924. Due MarchLos Angeles, trustee, without deducdr Coal Co.
Farmers & Merchants National Bank,
Federal income tax not in excess of 2%. Principal and stock of the Alaska Coke
tion for normal




JUNE

21 1924.]

THE CHRONT CLE

3091

&1,
1 t4.Tori5 and pocument5.
SUSLISNES AS ADVERTI &SSTS

NORTHERN PACIFIC RAILWAY COMPANY
TWENTY-SEVENTH ANNUAL REPORT
-FOR THE YEAR ENDING DECEMBER 31 1923.
Office of the
Northern Pacific Railway Company,
St. Paul Minnesota.
May 1 1924.
To the Stockholders of the
Northern Pacific Railway Company:
The following, being the twenty-seventh annual report,
shows the result of the operation of your property for the
year ending December 31 1923.
INCOME ACCOUNT.
1923.
Average mileage operated_ .._
6,668.99
Operating Income$
Operating revenues
102,002,059 86
Operating expenses
80,364.809 90
Net operating revenue_ --- 21,637.249 96
Railway tax accruals
8,462.890 56
Uncollectible railway revenues
19.428 60
Railway operating income_ 13,154,930 80
Equipment rents
-net
2,404,237 63
Joint facility rent
-net
1,541,388 53

Increase(+)or
1922.
Decrease(-).
6.640.64
+28.35
$
S
96,076.066 48 +5,925.993 38
72,654,711 05 +7,710,098 85
23.421,355 43 -1.784.10547
8.430,583 11
+32.307 45
24.982 54
-5,553 94
14.965,789 78 -1.810.85898
2,566,625 53 --162,387 90
1,918,099 16 --376,710 63

passengers carried one mile was 479,515,131, an increase of
5,522,808, or 1.17%.
The number of miles run by revenue passenger trains was
9,753,631, an increase of 198,358, or 2.08%.
The average rate per passenger mile was 3.220 cents,
against 3.281 cents in 1922.
EARNINGS AND EXPENSES PER MILE OPERATED.
1917.
Oper. revs, per mile _ _13,526 37
Oper. exp. per mile__ 8,171 39
Net oper. rev, per mile 5.35498
Taxes per mile
1.05952
Net

4,29546

1920.

1921.

1922.

16.996 59
15,177 88
1.81871
1,51934

14,19910
11,659.73
2.53937
1,35387

14,467 89
10,940 92
3,526 97
1.26954

1923.
.
15
.29498
12,050 52
3.24446
1,26899

299 37 1,18550 2,25743 1.97547

RATIOS.
1917.
1920.
1921. 1922. 1923.
Oper. expenses to oper. revenue_60.41% 89.30% 82.12%
78.79%
Transportation exp. to oper. rev _32.34% 42.84% 37.87% 75.62% 37.78%
3S.31T
Taxes to operating revenue
7.83% 8.94% 9.53% 8.77%. 8.30%

OPERATING EXPENSES.
(Detailed statement of operating expenses appears on
pages 25 and 26 [pamphlet report].)
CONDUCTING TRANSPORTATION.
The charges for transportation expenses were $38,535,417 42, an increase of $1,733,789 41, or 4.71%, as against an
Increase in total operating revenue of 6.17%.
MAINTENANCE OF EQUIPMENT.
The charges for maintenance of equipment were $22,464,34174, an increase of $4,399,726 35, or 24.36%. Of this
amount $3,421,183 38 repre3ents depreciation, accrued at
the rate of 4%.
LOCOMOTIVES.

Net railway operating InCome
17,100,856 96 19.450,514 47 --2,349,957 51
Non-operating Income
Income from lease of road_ _ _.
341,649 40
342,120 13
--470 73
_Miscellaneous rent income_ _ _
716.274 96
638,982 68
4-77,292 28
Miscellaneous non-operating
physical property
73,585 35
44.516 91
A-29,06844
Separately operated properties-profit
99,229 48
--99,220 48
Dividend income
8,339,695 33
4-1,41283
Income from funded securities 1.393,06802 8,338,282 50
1,048,570 15 4-344,497 87
Income from unfunded securities and accounts
315,901 73
758,448 47 --442,546 74
Income from sinking and
other reserve funds
178 10
149 99
4-2811
Miscellaneous income
1.32294
1,429 13
--106 19
Total non-operating income 11.181.675 83 11,271,729
44
-90.053 61
Total number of locomotives on active list Dec. 31 1922;tie &Ito f
Gross income
the last
1.439
Deductionsfrom Gross Income28,282,232 79 30,722,243 91 -2.440,011 12 Additions: annual report
Rent for leased roads
51,320 66
51.320 66
Locomotives IntrebasPd
Miscellaneous rents
49
10,265 24
Locomotive remodeled
9,869 59
+39565
1
Interest on funded debt
14,707,679 49 14,992,473 37 -284,793 88
-56
Interest on unfunded debt_ -258,855 43
67.646 14 +191.20929
Amortization of discount on
1,489
funded debt
22,771 75
283,824 59 -261,052 84 Deductions:
Miscellaneous income charges
249,914 34
Locomotives sold during year, from active list
260,180 06
-10,265 72
5
Locomotives withdrawn from service
58
Total deductions from gross
--- 63
income
15,300,806 91 15,665,314 41 --364.507 50
Total locomotives on active list Dec. 31 1923
1.426
Net income
12.981,425 88 15,056,929 50 -2.075,503 62 In addition to the locomotives on active list there were:
Dividend appropriations of
Withdrawn from service and on hand Dec. 31 1922
27
income
Withdrawn from service during the year
12,400,000 00 12.400,000 00
58
--- 85
Income balance for the year
Less-Dismantled during the year
38
transferred to profit and
Rebuilt and re-instated on active list
1
loss
Sold
$581,425 88 $2,656,929 50 -2,075.503 62
1
---- 40
Leaving on hand locomotives withdrawn from service which may-REVENUE TRAIN MILEAGE.
. be sold or dismantled
45
Revenue passenger

train miles during the year were
9,753,631, an increase of 198,358 miles, or 2.08%.
Revenue freight and mixed train miles during the
were 11,122,790, an increase of 885,696 miles, or 8.65%. year
Revenue special train miles during the year were
6,085, a
decrease of 15,183 miles, or 71.39%.
All revenue train miles during the year were
20,882,506,
an increase of 1,068,871 train miles, or 5.39%.
EARNINGS.
FREIGHT BUSINESS.

Freight revenue was $77,610,569 96, an increase
of $5,885.564 22, or 8.21%.
The number of tons of revenue freight carried was
24,133,001, an increase of 2,681,973, or 12.50%.
6,854,336,779 tons of revenue freight were moved
one mile,
an increase of 823,177,807 tons one mile, or 13.84%.
The average earnings per ton mile decreased from
1.191
cents to 1.132 cents.
The revenue train load increased from 588.17 to 616.24
tons. The total train load, including company freight,
increased from 680.58 tons to 724.51.
The number of miles run by revenue freight trains
was
10,471,764, an increase of 898,231, or 9.38%.

PASSENGER EQUIPMENT.
Comparative Number and Seating Capacity of Passenger Cars.
Increase (+) or
Dec. 31 1923. Dec. 31 1922. Decrease(-).
Seating
Seating
Seating
No. Capacity. No. Capacity. No. Capacity
Coaches-first class_
221 17.624 221 17,624
Coaches-second class
196 12.550 203 13.024 -7 -474
Chair ears
_
2
78
2
78
Combination passenger cars- __ 68 2,035
68 2,031
+4
Gasoline rail cars
35 - Ali
2
70
+35
1
Tourist cars
424
8
424
8
Buffet and observation cars__ _ 38 1,361
38 1.361
Parlor cars
981 -10 -402
15
579
25
Total passenger carrying cars 550 34.721 566 35,558 -16 -837
Dining cars
52
52
Expressrefrigerator cars
286
218
+68
Postal cars
3
14
--11
Baggage and express cars
163
+2
161
Mail and express cars
92
-9
101
Total pa&senger train cars--1.146 34.721 1,112 35.558 +34 -837

On December 31 1923 the Company owned 1,146 passenger train cars, an increase of 34 cars, consisting of the purchase of 70 passenger refrigerator cars and one White
gasoline car, and 4 cars transferred from miscellaneous
equipment; less 36 cars destroyed or dismantled, and 5 cars
transferred to miscellaneous equipment.
Authority has been given for the purchase during 1924 of
PASSENGER BUSINESS.
Passenger revenue was $15,438,784 11, a decrease of
ten all steel baggage cars.
$113,113 10, or .73%.
FREIGHT EQUIPMENT.
Mail revenue was $1,660,115 46, an increase of $2,953 52,
Comparative Number and Capacity of Freight Cars.
or .18%.
Increase(+) or
Express revenue was $2,059,449 07, a decrease of $97,Dec. 31 1923.
Decrease (-).
Dec. 311022.
Capacity
Capacity
Capacity
727 75, or 4.53%.
No.
(Tons)
(Tons)
No.
(Tons)
No.
Sleeping car, parlor,and chair car, excess baggage and Box
23,380 928.050 24,274 948,420 -894 -20,370
Automobile
1,961
38,640 +995 +49,810
88,450
miscellaneous passenger revenue was $1,075,201 80, an in- Refrigerator
966
4,777 160.810 4.958 165.295 --181 --4,485
Stock
crease of $54,325 80, or 5.32%.
2,159
57.050 2,079
49.020 +80 +8.030
Flat
7,144 254,075 7,265 259,280 --121 --4,305
Total revenue from persons and property carried on pas- Oil
62
2.560
2,560
62
senger and special trains was $20,233,550 44, a decrease of Coal
6,141 304,840 5.720 283,070 +421 +21.770
Ballast and ore
1.364
$153,561 53, or .75%.
63,710 --34 -1,340
62,370 1,398
The number of passengers carried was 4,706,528, a deTotal
46.988 1.859,105 46.722 1,809.995 +266 +49.110
crease of 550,912 from the previous year, and the number of Percentage
+.6
+2-7
Avge.capacity per car
38.7
39.6
+.9




[VOL. 118.

THE CHRONICLE

3092

All the freight train cars authorized during 1921 were
received, except 101 stock cars which were received during
1922,
January 1924. Of the 3,000 box cars authorized during
1,713 were received during the year, and delivery of the
balance will be accomplished by March 31 1924.
The purchase of 200 additional ore cars was recently
authorized.
FREIGHT CAR SITUATION ON DECEMBER 31.

The deficit in the net proceeds is accounted for entirely by
these cancellations. The cash receipts in 1923 were much in
excess of those in 1922 so that, apart from the cancellations,
the financial statement indicates a marked improvement
over the previous year. There is a better outlook for increased land sales in 1924 than in any previous year since
1917.
OIL DEVELOPMENT.

Oil

nt Company proceeded with

Developme
The Absaroka
Inc. 1+)or
No dis1923. 1922. Dec.(-) Its drilling and exploration throughout the year.
+8,734 coveries of oil were made upon railway lands during the
35,197 26.463
N. P. cars on line
+1.207
11,544 10,337
Foreign cars on line
+9,941 year, although, in addition to the Absaroka Company, a num46,741 36,800
Total cars on line
11,791 20,259 -8,468 ber of other Companies have been drilling in various loN. P. cars on foreign lines
2.165 3.581 -1.416
Number of cars unserviceable
-5.10 calities under Absaroka permits.
9.73
4.63
Percentage of unserviceable to total cars on line_ 1,530
-330
1,f;60
TAXES.
Number of cars requiring heavy repairs
-1.78
5.05
3.27
cars on line
Percentage of total
635 1,721 -1,066
The following statement shows taxes paid each year durNumber of cars requiring light repairs
-3.32
4.66
1.36
ing the past four years:
Percentage of total cars on line
1923.
1922.
1921.
1920.
OF WAY AND STRUCTURES.
MAINTENANCE
8,453,990 33 8,339,049 60 8,257,045 00 7,748,214 88
and structures were State taxes
31
The charges for maintenance of way
Federal taxes
Be- Canadian and mis-1,620.591 91 638,983 26 142,538 11 662,883
$14,022,693 61, an increase of $1,196,052 60, or 9.32%.
51,792 37
31.00000
36,087 64
cellaneous taxes_ - _ 34,104 14
s and cars the
of locomotive
cause of the increasing weight
-pound rails as its standard for
Company has adopted 100
-pound rail for very heavy curves and
main line, and 130
mountain grades.
GENERAL.
FINANCIAL RESULTS OF OPERATION.

The operation of your property, after all charges, resulted
62.
in net income of $12,981,425 88, a decrease of $2,075,503 of
volume ,of passenger business was 10.58% less, and
The
freight business 12.50% more than in 1922. The freight
business measured in tons was exceeded only in one year,
of
1918, and then by less than 20,000 tons; it exceeded that
1922 by 2,681,973 tons; but measured by ton miles it was less
exthan any year during the period from 1916 to 1920, but
•
ceeded that of 1921 and 1922.
Notwithstanding the large volume of freight moved in
1923, the revenue received for moving it did not increase
proportionately. Much of the tonnage moved consisted of
short-haul, low grade commodities, taking low rates; and
the general rate level in the Northwest is too low considering the great increase in costs of every nature since the period before the war. The revenue per ton mile compared
while
with the three years entletiltin 80 1917 increased 43%,
wages increased 113%, fuel 77%, and other material 73%.
The operating revenues of the Company increased $5,925,993 38, or 6.17%, while operating expenses increased $7,710,ex098 85, or 10.61%. The excess of Increase in operating ce,
over revenues is entirely due to heavier maintenan
penses
especially maintenance of equipment. Net operating revenue decreased $1,784,105 47. or 7.62%.

Year endingDecember 31 1916
December 31 1917
December 31 1918
December 31 1919
December 31 1920
December 31 1921
December 31 1922
December 31 1923

Return
Net
Railway Property
on
Railway
Investment
Operating Investment
Including Material
Per Cent.
Income.
and Supplies.
6.71
$33,446,012
8498,225,699
5.94
30,491,140
512.950.626
4.60
24,217,342
526,323.059
2.72
14,368,479
528,333,822
1.47
7.949,458
540,259,557
1.99
10.843,826
544,496,786
3.53
19,450,515
550,332,639
2.99
17.100,557
572.846,686

CLAIM AGAINST THE GOVERNMENT.

The Company's claim against the Government covering
the guaranty period has not yet been adjusted. It is believed that final settlement will be made during the year
1924.
VALUATION WORK.

Totals

0.108.686 38 9.014.120 50 8.430.583 11 8.462.890 5$
COMPARATIVE STATEMENT OF PAYROLLS.

A comparison of payrolls for a period of years ending
December 31 follows:
1916
1917
1918
1919

866,503,794 00
1920
50,643,526 00
1921
49,041,401 00
1922
51,921.572 00
1923
SECURITY OWNERS AND EMPLOYEES.
828,204,669 00
35,877,879 00
49.632,127 00
52,605,396 00

There are now about 38,000 owners of stock and 30,000
owners of bonds of the Company.
As showing the number of small stockholders, the following figures are interesting:
21.002 hold from 1 to 19 shares.
12,047 hold from 20 to 99 shares.
33,049, or 86.99%, hold less than 100 shares each.
4,942 hold 100 or mere shares.
Total 37,991
13,966 of the stockholders are women.
2,559 are savings banks, insurance companies, trustees, guardians, colleges and charitable institutions.

The average number of employees in 1923 was 31,344.
SUBSIDIARY COMPANIES.

On Page 44 [pamphlet report] will be found operating results of the Spokane Portland and Seattle Railway Company, together with its subsidiaries, the Oregon Trunk, Oregon Electric and United Railways, and on page 45 [pamphlet
report] the operating results of the Minnesota and International Railway Company.
The United Railways Company acquired from the Oregon
American Lumber Company the capital stock and property
of the Portland Astoria and Pacific Railroad Company and
the facilities of the Nehalem Boom Company near Portland,
and completed in 1922 the construction of the line of railroad to Keasey, Oregon, 32.6 miles. Effective January 1
1924, these two railway properties were consolidated and
are now operated as the United Railways.
IMPROVEMENT IN FREIGHT CAR EQUIPMENT.

During the war and the period of Federal control, freight
car equipment was not maintained at the pre-war standard,
and large expenditures have been required to rebuild and
strengthen this equipment. On December 31 1920 the Company had 48,729 freight cars, with a total capacity of 1,872,735 tons, and an average capacity of 38.43 tons. Since that
date many old weak cars of small capacity have been dismantled. Many other cars have been rebuilt and new cars
purchased, so that (counting cars ordered a year ago and
just being received) the Company has 48,376 freight cars,
with a total capacity of 1,914,625 tons, and an average capacity of 39.57 tons.
Improvement in freight car condition is indicated by the
following tabulation:

During the past year numerous conferences with representatives of the Bureau of Valuation of the Inter-State Commerce Commission were held with reference to the preliminary engineering and land reports heretofore served upon
the Company. It is thought that tentative valuation report
will be received some time during the year 1924.
The number of Company employees engaged on this work
at the end of 1923 was fifty, and the amount expended by the
Company to that date in connection with the work was Cars new or rebuilt within 5 Years
Cars with steel centre sills
$1,951,487 22.
LAND DEPARTMENT.

Statements summarizing the operations of the Land Department for the year appear on pages 42 and 43 [pamphlet
report].
While generally the crop conditions throughout the Comprices
pany's territory in 1923 were fairly good, the grain
were discouragingly low, so that little profit was realized
from strictly grain growing operations. The sheep industry
has been prosperous, but the cattle business has not yet recovered from the depression. Financial conditions in North
Dakota and Montana have grown increasingly difficult, culminating in the suspension of a number of banks, with a
consequent crippling of business in the communities affected. The timber industry in Washington, Oregon and
large
Idaho was prosperous throughout the year and a
of stumpage was sold at very good prices.
quantity
The land market is still sluggish. There was less land
great as
sold in 1923 than in 1922, but the decrease is not so
two
would appear from a comparison of the reports of the
ng
years. The item reported in 1923 as new sales, aggregati
89,197.46 acres, is largely new business, whereas the corresponding figure reported in 1922 contains a large number of
resales. An exceedingly large number of land contracts
were anceled dining the year for abandonment and default.




Cars with steel underframes
Cars with metal roofs
Cars with steel ends

March 1 1020. Dee. 311923.
23,615
5,272
21,429
18,860
13,216
8,124
26.645
19,094
4.000

Freight cars are now in better condition than at any time
since 1917 and the same is true of passenger cars and locomotives. 714 locomotives are now equipped with superheaters, and 136 with mechanical stokers. The total tractive
power of locomotives is 54,090,070 pounds, an average of
37,931 pounds. On December 31 1917 the total tractive
power was 46,467,200 pounds, an average of 34,142 pounds.
ERRONEOUS INCLUSION OF NORTHERN PACIFIC/ LANDS
WITHIN THE BOUNDARIES OF NATIONAL FORESTS.

In consequence of the failure of the Government to survey the lands granted to the Northern Pacific in 1864 many
of them were lost to settlers; and it was ascertained more
than twenty-five years ago that the available lands within
the "indemnity" limits of the grant were not sufficient to
make up for these losses. Notwithstanding this fact the
Government proceeded, against our protest, to include
within the boundaries of National Forests a large quantity
of Northern Pacific indemnity lands. The question of the
right of the Government to do this having been submitted to
the Courts, it was decided In favor of your Company by the
Supreme Court of the United States on April 11 1921.

JUNE 21 19241

THE CHRONICLE

The right of your Company to the lands in dispute would
therefore seem to have been established; but at the instance
of the Secretary of Agriculture, the President has asked
Congress again to review the whole question of the administration of the grant for the purpose of ascertaining whether,
in the adjustment of the numerous questions that have
arisen during the past fifty years, some basis can be found
for the retention of these lands by the Government. It is
confidently believed that your Company's right to them cannot be successfully challenged.
FINANCIAL CONDITION.

In spite of the increase in funded debt occasioned by the
refunding of the joint 4% bonds in 1921 and in spite of the
expenditure during the last seven years of $67,311,059 48 for
additions and betterments, your Company's funded debt has
increased during that period only $6,285,000. The total
funded debt as of December 31 1923 was $319,849,500, on
which the annual interest is $14,799,430, or at the rate of
4.63%. After applying the Burlington dividend to the payment of this interest there is left an annual charge of $6,498,-

3093

410, or less than $1,000 a mile for the operated mileage, at
an annual interest rate of 3.18%. Exclusive of its two
series of equipment trust notes which mature serially at the
rate of $450,000 each per annum up to the years 1930 and
1932, respectively, only $2,930,500 par value of the Company's debt matures prior to the year 1996.
Under the provisions of the Refunding and Improvement
Mortgage, a credit basis for the issue of approximately $70,000,000 additional bonds is already established by expenditures for additions and betterments heretofore made and not
capitalized, the retirement of prior debt refundable under
the mortgage but against which no bonds have so far been
issued, and on account of Burlington stock against which
only a part of the bonds issuable therefor have been issued.
This amount is sufficient to take care of the addition and
betterment requirements of the property for a number of
years.
By order of the Board of Directors,
HOWARD ELLIOTT, Chairman.
CHARLES DONNELLY, President.

GENERAL BALANCE SHEET, DECEMBER 311923.
INVESTMENTS.
ROAD AND EQUIPMENT:
Road
Equipment
General

ASSET&
1923.

1922.

Increase.

$449.127,706 43 8442.484,934 00
105.637,516 89
90.686.035 77
3,372,228 80
3.316,144 70

1558,137.452 12 3536.487.114 47
SINKING FUNDS
22,501 47
DEPOSITS IN LIEU OF MORTGAGED PROPERTY (Net moneys in
hands of Trustees from sale ofland grant land, arc.)
788,51997
440.542 66
MISCELLANEOUS PHYSICAL PROPERTY
7,919.152 27
8.661.252 95
INVESTMENTS IN AFFILIATED COMPANIES:
Stocks
144,075.276 01
144.075.276 01
Bonds
31.065.69775
30.203,797 75
Notes
2.388,69935
2.392,899 35
Advances
2.983,110 22
3.374,931 19

Decrease.

36,642.772 43
14,951.481 12
56.084 10
321.650.337 65

OTHER INVESTMENTS:
Stocks
Bonds
U. S. Treasury certificates of indebtedness
U. S. Treasury notes
Contracts for sale of land grant lands

742,100 68

4,200 00

100
2,489,525 07
1,051.489 8
.3
7.435.092 34

$1,249,520 97

100 .
10,025,628 96
1,000,078 12
9,077.43750
10,316.032 37

7,536,103 89
1.000.078 12
8,025,947 92
2,880.940 03

30,419,177 95

$757,870,439 05 $756,541,070 43

861.900 00
391.820 97

1179.655.083 33 8180.904,604 30

10.976.107 99
Total Capital Assets
CURRENT ASSETS:
Cash
•
Time drafts and deposits
Special deposits
Loans and bills receivable
Traffic and car service balances receivable
Net balances receivable from agents and conductors
Miscellaneous accounts receivable
Material and supplies
Interest, dividends and rents receivable
Other current assets

$22.501 47
347,977 31

19,443,069 96
$1,329,368 02

UNADJUSTED DEBITS:
Rents and insurance premiums paid in advance
Balance of Guaranty due from Government
Discount on funded debt
Other unadjusted debits

310,325.432 12
1,00000
9,661.166 55
1,005 30
1,980.614 72
1,117,733 25
5,180,779 48
13.845,525 11
318,857 40
153,440 52

338.287,278 92

842.585,554 45

834.977 54
1,89191
14.467 86

$29,12736
2.36063
25,16029

851,33731

356.648 28

$5,310 97

$32,49999
2,936,117 59
2,394,492 29
5,005,082 53

335,099 99
2,760,606 14
2,000,573 75
4,159,566 79

$2.600 00
175,511 45
393.918 54
845,515 74

510.368.192 40

Total Current Assets
DEFERRED ASSETS:
Working fund advances
Due from U. S. Government account various transactions
Other deferred assets

$10.374,362 29
1,37800
5,532,505 55
855 30
1,874.994 93
996.664 35
4,594,509 12
14,709,233 81
82,907 86
119.867 71

18,955,846 67

$1,412,345 73

148.930 17
378 00

863.708 70

4,128,661 00
150 00
105.619 79
121.068 90
586,270 36
235,949 54
33.572 81
$4,298,275 53

$5.850 18
468 72
10,692 43

1806.577.247 68 8808,139.11983

81.561,872 15

LIABILITIES.
STOCK:
Capital stock—common
GOVERNMENTAL GRANTS:
Grants in aid of construction
LONG TERM DEBT:
Funded debt
Less—held by or for the Company

1923.

1922.

Increase.

80,714 05

21,19373

359.520 32

329.176.500 00
9.327.000 00

328,206.90000
8.924,500 00

969.600 00
402,500 00

$319.849.50000 3319.282,40000
Total Capital Liabilities
CURRENT LIABILITIES:
Traffic and car service balances payable
Audited vouchers and wages payable
Miscellaneous accounts payable
Interest matured unpaid
Unmatured dividends declared
Unmatured interest accrued
Unmatured rents accrued
Other current liabilities
Total Current Liabilities
DEFERRED LIABILITIES:
Due U. S. Government account various transactions
Other deferred liabilities
UNADJUSTED CREDITS:
Tax liability
Operating reserves
Accrued depreciation of equipment
Other unadjusted credits
CORPORATE SURPLUS:
Additions to property through income and surplus
Funded debt retb•ed through income and surplus
Miscellaneous fund reserves
Profit and loss balance
Total Corporate Surplus




Decrease.

3248.000.000 00 8248,000,00000

$567,100 00

8567.930,214 05 3567.303,593 73

3626.620 32

$1,402.362 58
8,019.262 51
488.489 04
5,439,933 75
3.100,000 00
396,702 08
7.15970
172.305 36

S808,98682
8,597,51099
606,30458
5,205.61075
3,100,000 00
546.417 66
6.147 20
203,95752

119,026.215 02

319.074.935 52

55,471 04
267.607 65

133,291 16
177.096 18

3593,375 76

234.323 00

3578,24848
117.81554
149,715 58

1,012 50

31.652 16
848.720 50
77,820 12

90,511 47

$323,078 69

3310,387 34

$12,691 35

7,270,563 60
355.097 65
36,773.132 81
1,590,903 32

6,213.052 20
227,102 75
37.409,531 79
1,646,257 15

1,057,511 40
127,994 90

$45,989,697 38

345,495,943 89

8493,753 49

379.612 49
16,092.739 04
294,382 39

293,541 04
15.705,056 .54
401,226 92

86,071 45
387.682 50

816.766,733 92
156.541,308 62

316.399,824 50
159.554.434 85

$366.909 42

636,39898
55,353 83

106,844 53
3.013,12623

3173.308.042 54 3175,954,259 35

$2.646.216 81

$806,577,247 68 8808.139,11983

11.561.872 15

[VOL. 118.

THE CHRoNICLE

3094

CAPITAL STOCK.
$248,000.000

There was no change in the amount of capital stock outstanding during the year,viz

FUNDED DEBT.
Changes have been nomie as follows:
Issued
Northern Pacific refunding and improvement 5% bonds, series D. issued to reimburse the treasury for funds heretofore disbursed in the
retirement of mortgage debt secured by lien prior to that of the Refunding and Improvement Mortgage. principally Northern Pacific,
10,000,000
St. Paul-Duluth Division bonds and St. Paul and Duluth Railroad Company Second Mortgage 5% bonds
Retired
$460,400
Prior Lien bonds purchased and canceled under Article 8, Section 2 of mortgage
50,000
General Lien bonds reacquired and held in treasury
10,000
St. Paul-Duluth Division mortgage bonds purchased and canceled
336,000
Northern Pacific refunding and improvement 6% bonds, Series B,reacquired and held in treasury
450.000
Equipment Trust of 1920, certificates redeemed
450,000
__
.
Equipment Trust of 1922, certificates redeemed.__ _ ______________________
7,660,000
St. Raul and Northern Pacific Railway mortgage _____ matured Feb. 1 1923
16,500
The Washington Central Railway Company first mortgage bonds reacquired and held in treasury
9,432,900
Net increase in funded debt

_______________________________________________________________________________________________

$567.100

FUNDED DEBT DECEMBER 31 1923.
Amount Held
By or For
Amount
Northern
Amount
Actually
Pacific
MaNominally
Outstanding. Railway Co. Outstanding. Date. Lures.

Name,
IssuedNorthern Pacific By. Co. prior lien mortgage
Northern Pacific Ry. Co. general lien mortgage
Northern Pacific Ry. Co. St. Paul-Duluth Division mtge.
Northern Pacific By. Co. refunding and improvement
mortgage, Series A
Northern Pacific By. Co. refunding and improvement
mortgage, Series B
Northern Pacific Ry. Co. refunding and improvement
mortgage. Series C
Northern Pacific By. Co. refunding and improvement
mortgage, Series D
Northern Pacific By.Co.equipment trust 1920, certificates
Northern Patine By. Co.equipment trust 1922,certificates
Assumed
St. Paul and Northern Pacific By. mortgage
St. Paul and Duluth RR. first mortgage
St. Paul and Duluth RR.first consolidated mortgage_ _ _
The Washington and Columbia River By. first mortgage
The Washington Central By.first mortgage

$
109,134,600
60,000.000
371,000

Rate.

When
Payable

Amount
Charged Income for Year
Ending Dec.
31 1923.

%
4
3
4

Quer. Jan.
Quer. Feb.
Juno, Dec.

$
4,375,409 55
1,637,293 64
14,943 56

Interest.

5,448,500

$
109,134,600 1897
54,551.500 1897
371,000 1900

1997
2047
1996

20,000,000 1914

2047

434

Jan., July

900,00000

336,000

106,959,600 1921

2047

6

Jan., July

6,427,656 00

8,702.300

8.702,300 1922

2047

5

Jan., July

435,11500

10,000.000
3,150,000
4.050,000

10.000,000 1923
3.150,000 1920
4,050,000 1922

2047
1930
1932

5
7
41i

Jan. July
May', Nov.
Feb., Aug.

459,722 22
232,312 50
59,590 63

1931
1968
1935
1948

5
4
4
4

Feb., Aug.
June, Dec.
Jan., July
Quer. Mar.

38,300 00
50,000 00
40,000 00
5,600 00
31,73639

$

20,000,000
107,295,600

Retired
1,000,000
1,000,000
2,620,000
*1,853,000

2,480,000
1,062,500

1,000,000
1,000,000
140,000
790,500

1881
1898
1895
1898

14.707.679 49

9.327,000 319.849.500
329.176.500
*Hallway and property formerly of the Washington Central Railway Company deeded to this Company subject to these bonds.

Tow

LAND DEPARTMENT.
The transactions for the year ending December 31 1923
were as follows:

CHARGES TO CAPITAL ACCOUNT.
FOR YEAR ENDING DECEMBER 31 1923.
3108,918 10
Engineering
463,600 39
Land for transportation purposes.
1,316,715 70
Grading
10,562 82
Tunnels and subways
497.860 55
Bridges, trestles and culverts
105,864 73
Ties
419,974 59
Rails
630.455 63
Other track material
359,582 88
.
Ballast.
215,675 01
Track laying and surfacing__
18,126 34
Right of way fences
1,49508
Snow and sand fences and snow sheds
235.458 11
Crossings and signs
374.315 32
Station and office buildings
5.3,822 00
Roadway buildings
20.721 90
Water stations__
4,891 82
Fuel stations
392,366 61
Shops and englnehouses
24,022 68
Wharves and docks
19,164 41
Gas producing plants_
68,994 35
Telegraph and telephone lines
562,600 20
Signals and interlockers _
33,680 51
Power plant buildings
6.439 81
Power transmission systems
16,297 49
Power distribution systems
6,976 64
Power line poles and fixtures
372 12
Miscellaneous structures
2,408 72
Paving
42,425 20
Roadway machines
6,707 57
Roadway small tools
Assessments for public improvements
340,273 37
Revenues and operating expenses during con3,263 24
struction
1,589 33
-road
Other expenditures
77
Shop machinery
55,109 90
Power plant machinery
256 47
Unapplied construction material and supplies..

Cash
Acres.
Payment.
89,197.46 $1,028.924 32

New sales
Cancelation of prior
sales
508,724.73
Net sales

Net increase in capital this sear-CURRENT

3921.198 09
1,015,382 36
315,479 98
32,252,060 43
3473,301 98
920,219 90
1,393.521 88
3858,538 55

Net cash receipts for the year

The net proceeds (deficit) charged to profit and loss and
property accounts were made up as follows:
3944459 58
315,479 98

Total net sales as above
Interest collected

3628,879 60
- 1,393,521 88

Expenses and taxes

21,649,737 65
600 00
321.650,33765

NOTICES.

-Rutter & Co. have issued a general circular describing numerous
State and municipal bonds, railroad and public utility bonds, foreign
government bonds. Canadian government provincial and municipal bonds
and preferred stocks of public utility aorporations now selling at prices to
yield from 4.30% to 7.07%.
-Guaranty Trust Co. of New York has been appointed co-registrar and
co-paying agent under Northern States Power Co. indenture of mortgage,
dated Nov. 11923. securing an issue of 1st Lien & Gen. Mtge. Gold bonds,
series "A," due 1948.
-Westcott & Kearr announce that they have formed a co-partnership
under the firm name of Weatcott, Kearr & Parrott, to transact a general
investment business, specializing in municipal bonds, with offices at 42
Broadway.




3944,359 58

Total
Less for expenses
Less for taxes

56.081 10

Net charges to capital for the year.
Adjustment of road and equipment prior to July 1 1907

2,934,381 54

Received from sales as above
Received from payments on contracts
Interest collected on deferred payments

14,951:181 12
$130 62
32.680 58
23,759 41
225 27

Total general expenditures

107.726 23 2.826.655 31
$921,198 09 $1,865,557 67

419,527.27

The cash transactions of the Department were as follows •

$6.642,172 43
Total expenditures for road
Expenditurcs. Retirements.
locomoSteam
$3,457,046 08 $56484274 32,892.203 34
tives
Freight train cars_17.931.246 51 6.478.864 98 11,452,381 53
151.259 70
284,610 66
435.870 45
Pam train cars_ _
322.284 39
175,970 54
498.254 93
Work equipment
1 20
1 20
equipm't
Miscell.
$22,322.419 17 $7.370.938 05
Total expenditures for equipment
Law
Taxes
Interest during construction
Other expenditures-general

Contracts for
Deferred
Total.
Payments.
3961,097 64 $1,990,021 96

Deficit
-32,022.401 48
Charged to-Miscellaneous physical property__ $647,781 30
Profit and loss
1.374,620 18

BALANCE OF LAND DEPARTMENT CURRENT ASSETS.
Increase (+) or
1923.
Decrease (-)•
1922.
Contracts for sale of lands_ _$7,435,092 34 $10,316,032 37 -32,880.940 03
Bills receivable
-6,463 32
64 92
6,52824
Accounts receivable
--110.043 74
263.585 70
373,629 44
$7,698,742 96 310,696.190 05 -$2,997,447 09
Less, accounts payable
Less. suspense account (collections not taken to account by land agents)--- -

347.005 36

2149,093 79

-$102,088 43

55,579 34

75,896 13

-20.316 79

$102.584 70

$224,989 92

-3122.405 22

Balance Land Department
current assets
27.596,158 28 $10,471.200 13 -32,875,041 87
-The National City Co. has prepared a pamphlet entitled "New York,
the Metropolis." describing the various striking aspects of the country's
greatest city, and presenting important statistics concerning it.
-Henry G. Lapham, member of the Stock Exchange firm of Brumley,
Chamberlin & Co., has sailed for Europe as a member of the American
Olympic Association Committee.
-The Seaboard National Bank has been appointed trustee under indenture securing an issue of $2,000,000 Gold Debenture bonds 6% Series, due
2024. of the Ohio Power Co.
-Halsey, Stuart & Co. have prepared for distribution a revised edition
of their booklet entitled "A Sure Road to Financial Independence."
-The Equitable Trust Co. of New York has been appointed transfer
agent for voting trust certificates of the Garvin Machine Co.

JUNE 21 1924.]

THE CHRONICLE

3095

The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE
-GRAIN-PROVISIONS
PETROLEUM-RUBBER-HIDES
-METALS
-DRY GOODS
-WOOL
-ETC.

COMMERCIAL EPITOME
Friday Night, June 20 1924.
COFFEE on the spot has been in better demand for
Brazils. Milds have recently sold freely. No. 7 Rio was
143 to 143/2c.; No. 4 Santos, 183 to 19M0.• fair to good
4
%
Cucuta, 19M to 203/30.; Bogota,23 to 233/30.; Medellin,25 to
26c. Later old crop Rio 7s. sold at 14%c. and new crop at
145 o. Santos 4s. were 183 to 1934o. Mild grades have
%
4
recently risen sharply and though trade fell off on the advance holders were firm because of strong prices in Colombia.
Jobbers quoted spot Medellin at 2634 to 2634c. and hard
bean Bogota at 2434 to 25c. Today the spot market was
firm but inclined to be rather quiet. No. 7 Rio was 15 to
153/sc.; No. 4 Santos 19 to 1934c. Mild grades were not
much wanted at the moment. A further rise here followed
with the cables higher, shorts covering and new outside long
buying. Rio closed 350 to 375 reis higher on the 17th inst.
with exchange on London 1-32 lower at 6d. and the dollar
rate unchanged at 9$100. cantos closed 75 to 500 reis
higher. Sales on Monday firm; offers included Santos 4s.
at 17.40c.; 4s.-5s. at 173.4c. Rio 7s. at 13.40c.• Victoria
7s. at 13
7s.-8s. at 13.10e. Later offers included Santos
4s. at 1734c.; 3s.4s. genuine bourbon at 1934 and Rio 7s.
at 13.90c.
Futures advanced 25 to 30 points on Monday on a better
spot demand and buying by European and Cotton Exchange
interests. Stop orders were caught. Lower cables fell flat.
Coffee was wanted. To all appearance the position had
become oversold. The day's transactions were 59,250 bags,
the latter including switches from September to May at a
net difference of 95 points; July to December at 110 points
and December to May at 45 points. Later in the week
July touched 14, with the trade buying more freely and the
cables strcng. Better foreign and domestic trade buying
sent prices up further later in the week. Rio was 125 to
450 reis higher with exchange on London 1-64d. lower, at
5 63-64d. and the dollar rate 50 reis higher at 9$150. Santos
was unchanged to 175 rcis higher. Said one member of
the trade: 'Should the bug scare develop into a real
pestilence the market might advance. Bugs or no bugs,
the market looms up firm for the next six months. The
Government of Brazil has shown conclusively that it can
regulate conditions so that no extreme competition prevails
SS in years gone by. With limited receipts and a small
crop,
even though there will be a carryover, the figures indicate
that the consuming world will gradually absorb these holdings. The flowering of the next crop, therefore, will be
awaited with interest."
To make the situation more interesting it is pointed out
that the deliveries of Brazil coffees in the United States are
liberal whereas in 1923 at this time they were small. The
price chart says that a rise of prices is apt to take place in
July and continue up to October. And dealers stocks are
steadily disappearing. The good old custom is to flock into
the market all at the same time, producing in the summer,
nine times out of ten, the price expansion mentioned. Some
are advising dealers to buy as the opening of a new season on
July 1st is close at hand and the supply outlook is considered
dubious at best. The Havre Bulletin said "The Banque
Franeaise Italienne Pour L'Amerique Sud estimates the Sao
Paulo coffee crop, South Minas and North Parana at 6,841,000 bags against 13,280,000 last year." Some call attention
to the,fact, as it is declared, that very little provision has
thus far been made for future shipments. Buying ahead has
been light whereas it is recalled that a year ago about 750,000
bags had been sold. The trouble has been the scarcity of the
higher grades of Santos owing to the fact that it is a low grade
crop. Soft drinking Santos coffees ar bringing very high
premiums when they can be secured at all. Meanwhile
Brazil Government orders that where stations have not
finished the present crop, new crop coffees cannot be shipped
down to Santos. The carryover into the next season, estimated at from 2,500,000 to 3,000,000 bags, is believed to be
largely coffee of lower grades. Scarcity of the better grades
is expected for months to come. While receipts of Santos
continue up to the quantity allowed those at Rio, to make
bad worse, have recently been much under the limit. To-day
futures advanced somewhat with the cables higher again
and shorts covering. The market here, however, did not
make the response that it should have done with Rio up 300
and 400 reis and Santos 200 to 325 reis. But final prices show
an advance for the week of 70 to 71 points. July at one time
to-day touched 14.06c.
Spot (unotri) _14%-15c I September_ 13.37013.39 I March ----12.70@12.73
'December _ 12.96@12.97 I May
July
14.01@ nom.
12.40©

SUGAR.
-Cuba raw advanced to 334 early in the week.
Recent sales have been 60,000 tons. On Wednesday the
demand fell off and Cuban sold down to 3%c. Late on




Monday it is estimated the sales of raw to local and outport
refiners were from 400,000 to 450,000 bags. Small wonder
that they withdrew. Several small lots of Cubas and Porto
Ricos were sold at 334c. and 5.28c.; also 10,000 bags Cubas
June to early July shipment, at 338c., and 20,000 Porto
/
Ricos, June shipment, at 5.15c. Refined was quoted in
bulk bags as low as 6.70c. nominally, and assorted barrels
at 6.75c. Other refiners, however, quoted 6.80 to 6.90c.,
despite the drop in raws. The European market was
firm. Small sales of nearby Cubas were reported to the
Continent at 19s. and 19s. 3d. c.i.f. British refiners advanced prices 6d. Cuban raws were active later at 33/2c.
Refined was firm and in good demand with warmer weather
at 6.70 to 6.75c. European cables were firm with light
offerings of afloat Cubas reported at 19s. c.i.f. United
Kingdom. British refiners reported a good demand and bid
19s. for spot raws, but were not buying ahead. Futures
advanced here, though the trade sold. On the 18th inst.
Cuban raws sold at 3Mc. Refined withdrawals seemed to
be rather heavy.
One of thestatements gave the recei tsfor the week at41,560;
exports 70,935, stock 846,420 and centrals grinding 10.
Exports included 18,091 to New York, 12,919 to Philadelphia,
3,357 to Boston, 13,807 New Orleans, 2,428 to Savannah, to
1,000 to Galveston, 4,269 to Canada, 8,665 to England and
6,399 to China. Some think Cuban holders have the future
of the market in their hands. Prices will hinge on their
attitude. The present supplies, it is said, are in strong hands.
Meanwhile the weather is gradually growing warmer, 80 to
90 here and in Chicago. In a sense itis a weather market.
Higher summer temperatures will mean more demand and
it is believed higher prices, tempered by a desire to keep
down the carryover in view of what looks like a larger
world's crop next season. Ordinarily the greater part of
the beet crop seeding is completed by the middle of May, it
is stated, and is all in the ground by the end of that month.
This year, it is claimed, that the backward season has left
as much as 20% to be completed. Even in California sowings
were not completed up to the middle of May and in some
sections the extreme drought has interfered with the progress
of the crop. In Utah and Idaho lack of rain has retarded
the crop and may lead to the abandonment of considerable
acreage. In the Rocky Mountain section the crop situation
appears to be exceptionally good. In the Mississippi Valley
States conditions are reported as generally favorable. In
Michigan and Ohio cold and wet weather has seriously
delayed plantings. The number of factories that will operate
this year will be 90, or 1 more than last year. To-day
futures were irregular, at one time higher and another lower,
ending at a small net loss for the day. For the week there
is a net advance of 2 to 8 points. Cuban raws were quiet
at 33/3e. with some asking 3%c. British markets were
firm. Refiners paid 198. 3d. for small lots afloat and 18s. 9d.
for 4,500 tons of Cuba and 2.800 tons of Santo Domingo, both
July shipment. It is said that there is a possibility of large
deliveries on July contract here. About 65,000 tons are
held here in licensed warehouses. The trade wants two more
piers on Staten Island and 25 stores in Brooklyn.
Spot (unoMcial)_ _ _3)4c f September - _3.620) _ - I March
July
3 @3.43[December _ _ -3.51@3.52 I May
.42

3 @
.29
3.38@nom

LARD on the spot was firmer with a better business. Liverpool higher and grain markets rising. Prime Western was
11.30c., refined Continent 11.65c., South America 12.35c.,
Brazil 13.35c. Futures advanced with the cables up and
shorts covering with those in grain markets. The Chicago
stock increased in the first half of June 11,000,000 lbs., but
this had no effect. Neither did lower prices for hogs and
selling by packers. But a reaction came with realizing.
Later prices rose with hogs and grain higher and grain traAl
era buying. Packers sold and stressed the lack of a foreign
demand. Shorts covered for all that. A decline on Thursday was.due to hedging sales, large receipts of hogs and dulness of export trade, though the cables were firm. Cottonseed oil fell 10 to 12 points. To-day futures declined 5 to
8 points but ended 12 to 17 points higher for the week.
DAILY CLOSING PRICES
Sal.
July delivery
cts_ 10.57
September delivery----I0415
October delivery
10.95

OF LARD FUTURES
Man.
iVrd.
TuPs.
10.70
10SO
10.67
10.P5
10.95
11.07
11.07
11.05
11.20

IN CHICAGO.
Thurs.
Fri
10.72
10.67
11.00
10.95
11.10
11.05

PORK steady; mess, $26 to $27 nom.; family, $27 to $28;
short clears, $20 to $25. Beef quiet; mess, $16 to $17;
packet, $17 to $18; family, $20 to $21; extra India mess,
$.32 to $34; nom. No. 1- canned corned beef, $2 35; No. 2,
$4; 6 lbs., $15; pickled tongues, $55 to $65 nom. per barrel.
Cut meats have been dull; sweet pickled hams, 10 to 24 lbs.,
1434 to 1634c.; pickled bellies, 6 to 12 lbs., 11 to 1134c.
Butter, creamery, lower grades to high scoring, 35 to 421 2e.
/
Cheese, flats, 19 to 253/2o. Eggs, fresh-gathered track to
extras, 25 to 32c.

3096

THE CHRONICLE

-Linseed shows little change from a week ago.
OILS.
Inquiries have been rather more numerous, but actual business is confined to small quantities. Paint and linoleum
interests were said to be taking more oil. Spot carlots,
June-August, 94c.; tanks, 88c.; less than carlots, 97c.; less
than 5 barrels, 99c. Cocoanut oils, Ceylon barrels, 9%(4)
95.4c.; corn, crude, tanks, mills, 83/20.; edible, 100 barrels,
/
1134@l2c.; olive, $1 20@$1 25; cod, domestic, 59@160c.;
Newfoundland,61(02c. Lard,prime,13Yic.;extra strained
4
New York, 113 c. Spirits of turpentine, 733/2(045/2e.
Rosin, $5 55@$7 65. Late in the week there was a better
demand reported from big linoleum manufacturers. Paint
makers have also been purchasing more freely. Prices were
firmer. Cottonseed oil sales to-day, including switches,
21,600 P. crude, S.E., 900 nom. The Census Bureau
reports crude oil produced in May as 954,343,390 lbs.,
against 982,773,859, and stock on hand, 52,333,249 lbs.,
against 23,714,206. Refined oil produced 797,691,367 lbs.,
against 874,255,102, and stock on hand, 194,458,331 lbs.,
against 222,827,794 Prices closed as follows:
Spot __c_ 10.70011.25IAugust _ _ c_ 10.43010.451November_c_9.2509.30
10.41010.42 December _ _ _9.1509.18
June
July

10.50 ®11.00 September
10.45010.46 October_ _10.04010.06 January

9.1709.20

PETROLEUM-Further price cuts were made in crude
early in the week. Wooster was marked down 15c. and
Corning 25e. A decline in Wyoming and Montana crudes
is expected shortly. Gasoline has been quiet and weak.
Export business is very small. On the 18th inst. the Standard Oil Co. of New Jersey reduced the price of all grades of
unfiltered cylinder oils 3c. Paraffin oils were reduced lc.
a gallon. Kerosene has been dull and prices are largely
nominal. Water white was offered at 73/8c. a gallon in
oingle tank cars delivered. Bunker oil of late has been quiet
and easier at $1 75 per bbl., refinery. Gas oil was quiet.
Pennsylvania crude oil prices were cut 50c. a bbl. early in
the week. All other Eastern grades were out 25c., except
Corning and Ragland. The former remained unchanged
while the latter was reduced 100. to $1. The tank wagon
prices of gasoline was cut 23c. in Tulsa, Okla. Chicago is
expected to cut prices shortly. New York prices: Gasoline,
cases, cargo lots, U. S. Navy specifications, 28.15c.; bulk,
per gallon, 14e.; export naphtha, cargo lots, 15.25c.; 64-65
deg., 17c.; 66-68 deg., 18.50c.; kerosene, cargo lots, cases,
16.90c.; petroleum, tank wagon to store, 14c.; motor gasoline,
garages, steel bbls., 20c.
$375 Bull-Bayou32-34.9$1 50
53 25 Bradford
Pennsylvania
2 07
1 00 Illinois
Corning
1 90 Ragland
1 65
Oabell
1 70 Corsicana,Igt 1 50f4200 Crichton
1 45
2 28 Plymouth
light-- 2 00 Lima
Somerset,
1 500200
208 Mexia
1 95 Indiana
Wyoming
Princeton
2 07 Calif.,35 & above_ 1 40
Smackover,26 deg.
2 00
2 63 Gulf Coastal
1 20 Canadian
Mid-Continent
Oklahoma,Kansas and Texas
$2 215
39 and over
30 93
Under 28 Magnolia
1 75
33-35.9 deg.
1 00
28-30.9
1 46
30-32.9 below
1 10
31-32.9
1 35 Caddo
33-35.9
1 50
Below 32 deg
1 50
36 and above
I 65
1 25
32-34.9
Below 30 Humble
1 85
38 and above
1 75
33-35.9
2 00
36-38.9
2 25
39 and above

RUBBER early in the week declined under rather heavy
offerings and lower London and Far Eastern markets.
/
Ribbed smoked sheets spot, June-July, sold at 183 c. on the
16th inst. London declined to 103.1d. on the same day in a
quiet market. The undertone here is considered weak, and
a general tendency to sell would naturally force prices down
further. On the 17th inst. the feature of the market was the
announcement that some manufacturers intended to follow
the action of the Firestone Tire & Rubber Co. in giving away
a set of four wheels and rims with the purchase of five
balloon tires. This is equivalent to a reduction of 15% in the
price of balloon tires, and according to close observers will
have an unsettling effect on the market. The Firestone Co.
is supposed to have taken this action to compete with manufacturers who have been making semi-balloon tires which
can be placed on any automobile wheel without necessitating the purchase of special rims and wheels. Late in the
week prices advanced Yic. on smoked ribbed sheets spot, to
/
18,Ic. July was quoted at 1858c.; August-September,
3
18%c.• October-December, 193jc.; January-March, 19%c.
First latex crepe spot, June 193jc.; July, 193'c.; AugustSeptember, 19%c.; October-December 193c.; January'
March, 193c. In London on June 19th the market was dull
4
3
and weak. Spot, 10% to 103/2d., July, 103 to 10%c.•
/
July-September, 10% to 1030.; October-December, 10A
to 113/sd. The c. i. f. market was dull. June-July shipment
%
from the East, 1034d.; July-August, 103 d.; buyers, c. i. f.
/
New York. In Singapore it was steadier. Spot, 938d.;
%
July, 93/2d.; July-September,95 d.; October-December, 101.
HIDES have been quiet and rather weak. Bogota, 183/
to 19c.; country, 73/i to 9e. Small sales of frigorifico steers
were reported at $37 50. Common dry hides were dull.
Buenos Aires cables reported steady prices with cows firmer
and added these sales: 2,000 Uruguayan steers, 28 kilos,
first half June salting, at $37 50, or 139'c., to Europe;
2,500 Sansinena cows at $28, or 1031c., and 1,500 Montevideo cows at $30,or 11c. The col:74 were 21 kilos. Chicago
was quiet and unchanged. All weights of May native cows
-and steers were sold by independents at 10c.• off-grade
16c. and
were quoted 9 to 934c. Orinocos were quoted
Central Americans at 15 to 153'c. Further sales were reported on the 19th inst. of 12,000 frigorifieo steers at 12%
to 133'c. c. & f.




[VoL. 118.

OCEAN FREIGHTS have been quiet except for sugar and
coal. They have been in fair demand. Grain has been dull
and rates have shown a downward tendency. Later berth
rates were firmer but charters were dull. Coal from Norfolk
to Montreal sold at $1, or slightly above the last charter reported for coal Hampton Roads to Montreal. Monday's
grain freight business through New York is estimated in the
trade to have been about 30 loads. It is said that the special
rate of 5c. to Hamburg on that day was in the nature of
"distress" business.
CHARTERS included ore from Rio to Atlantic range July 10, $3 50;
coal from Hampton Roads to Montreal, 95c. June; from Hampton Road.
to Rio, $3 30 June; grain from Vancouver to United Kingdom, 32s. 6d.:
coal from Atlantic range to Rio. $3 25; coal from Norfolk to Montreal.
$1 June-early July; sugar from Cuba-Santo Domingo to United Kingdom
and Continent. 22s. and 24s.' three months time charter in West Indies
trade, El 55 July; coal from Hampton Roads to Corner Brook, Newfoundland, $1 15 June.

COAL with increasing stocks has been quiet, with prices
irregular. Large industrial concerns are buying only for
immediate wants. Soft coal is noticeably dull, even at
current low prices. No. 1 Navy standard is $3 to $3 25,
mines; $5 70 to $5 90 piers. Prices are apparently none too
steady even at this level. Anthracite was very quiet. Soft
coal later in the week was dull with the big industries slow.
Prices have a downward drift at Hampton Roads. Northwest Virginia has reduced the output rather sharply.
TOBACCO.
-Sumatra wrappers have met with a little
more attention. Porto Rico is in fair demand, without
important business thus far however. Stocks are gradullly
being reduced even though individual trading is not large.
In the aggregate it is enough to cause a certain depletion of
supplies. The feeling is more hopeful in the trade. The
idea is that before long there must be some increase in business after the protracted lull in buying coincident with dulness in almost all branches of trade.
COPPER, though firmer early in the week, declined later
to 12.65e. f.a.s. N. Y. harbor and 12.90e. c.i.f. London,
Havre or Hamburg. On the 18th inst. the American Brass Co.
reduced prices of its products % to %C. The sales have been
very moderate of late and prices have apparently a downward
trc-nd. In Germany resale copper has been freely offered.
That has hurt. Prices are considered low on this side of the
water and there is some buying in this belief but no activity.
In the past ten years, it is pointed out, copper has got below
2
123/0. only once, i. e., in August 1921, when it was 113,c.
But it is recalled there was then a surplus of 1,000,000,000
lbs. There were large supplies of both scrap and virgin
metal in the hands of the Government and conditions wore
exceptionally bad. Exports from New York on Thursday
were 1,700 tons, bringing the total for the month to 10,357
tons. Arrivals at New York were the heaviest for many
weeks, reaching 1,750 tons of bars. The foreign buying
has latterly been mostly by France. England has bought .
on a fair scale. The U. S. Geological Survey on the 18th
inst. issued its final figures of copper production for 1922
and 1923. Production of domestic copper in 1922 was 950,285,947 lbs. and in 1923 1,434,999,962; production of refined, both domestic and foreign, in 1922 was 1,255,515,959
lbs. and 1,979,835,616 in 1923. Exports in 1922 were
705,025,268 lbs., against 792,073,512 in 1923. Domestic
consumption in 1922 was 896,633,833 lbs. as compared with
1,300,473,331 in 1923. Stocks in 1922 were 16,000,000
bs., against 264,000,000 lbs,
TIN broke sharply in London on the 19th inst. owing to
lack of support. The price dropped £50 10s. to £217 17s.
6d. on both cash and forward deliveries. English ingots fell
£5 10s. to £222 5s. Prices here declined to 40 to 423'c.
for spot. Here early in the week advanced lo. when London
sent higher cables. On the 17th inst. London reported the
largest business on any single day for some time, when 900
tons were sold. Most of this business was supposed to have
been to cover shorts. Strait: shipments were estimated at
6,500 tons and American deliveries at a little over 4,000
tons. On the 18th inst. prices both here andin London
declined. Spot here was then quoted at 430. The rather
unfavorable reports from the steel industry have had an
unsettling effect on the trade. London operators, it is said,
have been steady buyers here.
LEAD has been quiet but steady at 7 to 73(c. for spot
New York and 6.95c. for East St. Louis. Quite a good deal
of Mexican lead is being shipped to Europe because of the
comparatively higher prices there. And an unusual quantity
of Spanish lead is going to the United Kingdom.
ZINC declined despite reports of a better inquiry of late.
On the whole, however, actual business has been only moderate. Spot New York 6.123' to 6.17%c.• East St. Louis,
5.77% to 5.82%c. The world's stock is 62,400 tons.
STEEL has continued quiet and more or less depressed.
The output averages only 45% with Pittsburgh 40 and some
other districts 30 to 40. Buyers' stocks are evidently reduced, but they in turn plainly find trade so unsatisfactory
that they stick to a very cautious policy in making purchases.
Some think that the tide is near the turning, that production is probably at its lowest and that th next change is
likely to be for the better, both as to demand and prices.
But the actual.conditions are dulness, low output and more
or less depression, whatever may be in store for the trade
in the near or more remote future. Cast-iron pipe makers
are working, it is said, at 85%, and would go beyond this

JUNE 21 1924.]

THE CHRONICLE

3097

if labor could be had. Cast-iron pipe fell $1, it appears,
COTTON
making the quotation $60 60 New York per net ton for
Friday Night, June 20 1924.
6 inch. Pittsburgh reports stated that the American Sheet
THE MOVEMENT OF THE CROP, as indicated by our
& Tin Plate Co. had made no formal change in its sheet telegrams from the South to-night, is given below. For the
prices, but has cut them for regular customers. Independreached
ents cut quotations $5 or more. Nominal prices were week ending this evening the total receipts have
43,337 bales
2.75 to 2.80c. for blue annealed sheets, 3.60 to 3.65c. for 49,228 bales, against 35,702 bales last week and the 1st of
black sheets, 4.75 to 4.80e. for galvanized sheets and 5.10e. the previous week, making the total receipts since bales for
5,609,177
for automobile sheets. Export business is small, especially August 1923, 6,551,384 bales, against increase since Aug. 1
the same period of 1922-23, showing an
to China and Japan.
bales.
PIG IRON has been fairly active, the buying being to re- 1923 of 942,207
plenish depleted supplies and at declining prices. Some think
Total.
Wed. Thurs. Frs.
Mon. Tues.
Sat.
Receipts atthe bottom has about been reached. The demand has spread
786 6,468
372
702
978
915 2,715
somewhat. Chicago reports sales of 75,000 tons recently to Galveston
---- 10.661
--------5,891
4,770
the Central West at a decline of $1, or to $21 furnace base. Houston
772 6,813
876 2,517 1,401
700
547
New Orleans
272 2,866
148
960
276
625
585
Recent buying in the United States is said to have reached Mobile
1
---------------------------1
tons, the largest since last November. Yet prices Jacksonville
400,000
4 13,442
-,'
3,'
2,
3,
Savannah
64
as none too steady. Buffalo is $19; East- Brunswick
are still regarded
439
--_
i/li
44
_-__
181
33
ern Pennsylvania, it is intimated, shades $20 very noticeably Charleston
--__ 1.000 1,050 3,854
254 1,400
150
Wilmington
700 3,131
103
then. There are inquiries here for 4,000 tons or Norfolk
308
now and
530 1,178
312
more from New York and Connecticut, showing a decreased New YorkSO
458 1,155
_--_
____
341
90
266
Boston
284
buyers.
284
interest on the part of
Baltimore
WOOL has been quiet and weak East and West. Western m........l. rhi ....ale A 19c 10.100 51011 5515 11.233 5.707 49.228
prices have recently declined. Prices fell 5 to 10% at the
The following tab e shows the week's total receipts, the
carpet .wool auction at Liverpool on the 17th inst. Sales
smaller than a year ago in the range country say reports total since Aug. 1 1923 and stocks to-night, compared with
are
to the Bureau of Agriculture at Washington. Lower prices last year.
were expected at the London Colonial auctions commencing
Stock.
1922-23.
1923-24.
July 1 and at the Sydney, Australia, sale (28,000 bales being
Receipts to
This Since Aug This Since Aug
June 20.
offered) and the Brisbane sale (40,000 bales offered), com1923.
1924.
Week. 1 1923. Week. 1 1922.
mencing respectively June 17 and July 1. Yarn spinners
51,231
46.894
6,4682,816.619 9,0312.313,505
have about a penny a pound below those of a week ago. Galveston
19
119
18,606
69,798
Not over 25% of the California clip has been sold, against Texas City
722,004
10,661 1,063,933
Houston
75% a year ago. Of the Washington clip 65% is sold; of Port Arthur,/cc
75,197
93,711
6,813 1,320,016 7.788 1,339,311
Oregon sales are the smallest in many years. About 23% New Orleans
Gulfport
1.455
1,970
of the Colorado clip has been sold and about 19% shipped. Mobile
87,924
76,969 1,355
2,866
8,820
11,771
These wools are of generally good quality with weight Pensacola
2.670
1,838
9,156
3,927
1
Jacksonville
24.179
slightly above average. Some sections of the State report Savannah
36,939
13,442 424,435 5,369 425,619
243
28.520
944
500
64
an estimated shrinkage of 62 to 64%. Wyoming sales Brunswick
31.658
14,023
439 190,100 2,078 129.914
Charleston
approximated 40%. .All wool in Arizona has been shipped Georgetown
11.008
16.721
94,728
688
3,854 128,610
except 10 to 12 clips to be made after lambing. Of Idaho Wrim3ngton
39.025
clip 80% has been sold or contracted and of Texas about NorfolkNews. &c_ 3,131 408,762 3,576 275,173 37,485
N'port
88.420
55,307
100
8,460
16,202
50
50%. Colorado prices are 40 to 45c. bids recently 33 to New York
7,387
4,685
189
73,819
41,984
1,155
36c. California prices were 40 to 44c. with buyers in- Boston
2,007
17,484
1,420
54
27,200
284
Baltimore
4,341
4,942
3.109
different. Washington was offered at 30 to 32c., with very Philadelphia
1,306
few sales. Oregon best offered at 40c., with buyers bidding
49,228 6,551,384 30,728 5.607,177 318,458 334.603
Totals
around 38c. Wyoming was generally from 38 to 41c. In
In order that comparison may be made with other years,
Union Pacific territory holdings sold at Rawlins and Rock
. Springs, but considerable held and very little sold. The we give below the totals at leading ports for six seasons:
Campbell County pool was dissolved and unsold after a bid
1919.
1920.
1921.
1922.
1923.
of 36c. Idaho small clips brought 35 to 36c.; prices generally Receipts at- 1924.
42,448
6,536
36.443
24,614
asked were 38 to 40c. One lot of 500,000 lbs. at Soda Galveston_
9,031
6.468
9,745
847
11.227
87
Springs sold at 413/2c. and a lot of 50,000 lbs. in Bannock Houston, &c_ 10,661
35,475
10,456
24,129
21,643
6,813
7,788
New Orleans_
3,334
342
960
County at 24c. Eastern Montana wool sold at 38e. at Mobile
3,145
2,866
1,355
32,339
2,108
17,104
16.075
13,442
5,369
Savannah
country points; western part of the State sold for 30c. These Brunswick
5,000
1,080
500
64
3,269
prices are from 3 to 4c. per lb., grease basis, lower than the Charleston
340
54
4,172
2,078
439
4.598
27
2,342
1,029
3,854
688
Wilmington - _
same kind of wools brought early in the season. New Norfolk
3,550
1,665
4,253
3,131
2,941
3,576
Mexico sold at 30 to 35c., Texas short wools at 40 to 44c., N'port N.,&c.
46
43
768
3.319
1.169
970
343
1,490
long wools at 45 to 48c., the latter showing heavier shrinkage All others_ _ _ _
than usual. At the San Angelo sale on May 20 short wools Tot. this week 49,228 30.728 75,711 100,160 23,204 140,572
comprising about 60% of the approximately 1,000,000 ,lbs. m,,,,:, ,t,,,,. I A ggl 20.1 11 nno 17711 5.1.0110 A 995 sm A 553.656 5.509.746
,
offered, brought 44c., and the remainder 46c. The Del Rio
accumulation of about 3,000,000 lbs. was scheduled to be
The exports for the week ending this evening reach a total
offered for sale while at a farm bureau sale at Brownwood of of 57,640 bales, of which 19,353 were to Great Britain,
about 100,000 lbs. were to be offered. In Boston recent 10,477 to France and 27,810 to other destinations. Below
prices have been 5 to 8c. a lb., in the grease, below the are the exports for the week and since Aug. 1 1923.
highest point of the season. Best half blood and fine
Week ending June 20 1924.
From Aug. 1 1923 to June 20 1924.
Montana offered at 45c. a few weeks ago, would hardly
Exported to
Exported to
bring 38c. now. Most of the wools in the territory section
Exports
°rest I
of the better types are being sold at 35 to 37c., or occasionally fromGreat
Total.
BrUafts.;France. Other. Total. Britain. France. Other.
38c. For Texas 35c. is the general bid for medium
wools and it is accepted. Ohio delaine has been sold Galveston _ _ 4,108 4,004 4,197 12,309 538,808 311,426 1,182,9502.033,184
4,770
5,796 10,566 352,574 187,7101 518,029 1,058,313
at 50c., or say $1 25 clean basis; half blood, 50c.; three- Houston
1,754
1,754
eighths combing, 46c., and quarter combing at 43c. Scoured Texas City- 5,057 3,835 11,887 20,779 292,279 80,2931 478,827 8.51,399
New Orleans
6,796 21,048
1,0501
Mobile
13,202
' and pulled wools are quiet and weak. Foreign wools are Jacksonville
1,954
435
1,519
generally scarce, quiet and steady. Foreign markets have Pensacola
800 11,464
10,374'
296
3,302 99,652: 15,282; 185,824 300,758
been weak with German finances depressed. It gave rise to Savannah _ _ 3,302
50
I
50
a recent conference of Bradford and Roubaix interests as to Brunswick _
300 79,272 155,110
Charleston
833
833 75,538
9,600; 59,650 77,550
8,300
a concerted action on credits and failures. In Bradford big Wilmington
Norfolk_
4,537, 104,35 205,707
27196,820
271
combers refuse to cut prices but second hands cut under.
79,1261 268,314 474,410
628 2,638 4,092 7,358 126,970
New York _ _
15,801
Boston was weak with the West anxious to sell. Good Boston
I 10,261
1,217'
5,540
1,005 2,222
3,069
2,963,
106
staple tine to tine medium territory in the original bags sold Baltimore
2,772
1,354
66;
Philadelphia
1,352
28,664
700, 11,001
at 1.18 clean and French combing at 1.10. In Liverpool Los Angeles
16,963
' 77,986
77,986
on June 17 the East India carpet wool auctions opened San Fran
1,231
Diego
1,231
with prices off 5 to 10% from the last auction. The better San
47,134 47,134
Seattle
grades were particularly neglected. The sale will continue
Total_
19,3531 10,477 27,810 57,6401,643,02 603,3433.032,9835,369,388
,
five days and a total of about 30,000 bales will be offered.
Total
2,530,894 4,389,831
10,012
At Liverpool on June 19 East India wools showed no change. Total'22-'23 29,784 5,829 29,191 45,0321,255,424 603,513 3,233.781 5,573,223
'21-'22'
11,483 38,440 79,7071,633.437,706,005
Good Jonas can be had there at 25d. compared with 27d.
in
NOTE -Exports
at the last series. At Sydney, Australia, on June 17 began above table exportsto Canada.-It has never been our practice to include all the
the
of cotton to Canada, the reason being that virtually
a three-days series of sales. A decline of 10 to 15% had cotton destined to the Dominion comes overland and it is impossible to get returns
same
week to week, while reports
been expected, but prices turned out to be firm and 5% concerning theborderfrom always very slow in coming from the customs districts on
the Canadian
are
to hand. In view, however
higher as compared with the last sale. Japan was the leading of the numerous inquiries we are receiving regarding the matter, we will say that for
of May the exports to the
buyer. France also bought readily. England took nothing. the month the corresponding month Dominion the present season have been 10,703
bales.
of the preceding season the exports were 11,930
America held aloof. The offering on the opening day was bales. In
For the ten months ending May 30 1924 there were 141,476 bales exported, as
poor, but was better on the 18th. Bradford styled 64s
cost about $1 16 clean basis, landed in Boston bond, or about against 181,544 bales for the corresponding ten months in 1922-23.
In addition to above exports, our telegrams to-night also
$1 20 for American style. At Sydney on June 19 prices
were firm. It was a big surprise to Bradford and American give us the following amounts of cotton on shipboard, not
cleared, at the ports named.
markets.




3098

TtlF CHRONICLE

Fol.. 118.

Bar silver advanced at a rate that attracted some attention.
On the 18th inst. Fall River sold some 25,000 pieces of
cloths and. sheeting. Since then the demand for small lots
Total.
has somewhat increased there. It was announced that five
43,131
Galveston
500 8,100
1.000 1,000 1,600 4.000
77,055 Carolina mills were running full time. Mill stocks of raw
New Orle.ms
304 16,656
677 3,168 2,818 9.689
29.739 cotton in parts of New England are said to have been conSavannah
200 7.200
7.000
14,023
Charleston
1,910 siderably depleted. The total held in consuming establishMobile
- 60
do
35,485 ments on June 1, according to the Census Bureau, was only
2.000
Norfolk
2,000
78,099
Other ports*
500 5,000
2,000
-866 1,000 1,000
1,157,778 bales, against 1,328,273 on April 30 and 1,634,167
Total 1924
3,677 4,668 7,418 21,749 1,504 39,016 279.442 on May 31 last year. This shows a decrease in a month of
Total 1923
11,240 4.791 7.587 11,238 2.073 36,929 197.674 170,495 and as compared
with last year a decrease of 476,389
Total 1922
31.693 12,708 16,683 19,457 4,273 84,814 687,530
bales. This excited general remark. It acted as a sort of
*Estimated.
brake on the decline. Also, at times the active and higher
Speculation In cotton for future delivery has been light markets for stocks, grain, coffee and sugar have had a certain effect on cotton, even if it was not very marked. But
and price movements upward or downward have been com- with
wheat moving up rapidly, Chicago became a buyer of
paratively small. At one time there was a decline owing to
cotton. Large
generally favorable crop advices, dulness of cotton goods ing and with Wall Street operators were credited with buyhaving taken the long side in very pronounced
and scattered liquidation. New Orleans, the South and fashion.
Large Alabama and New Orleans operators were
other interests sold. There was considerable selling of
October. Liverpool advices were rather bearish. The trade also buying. Noteworthy buying orders came from Atlanta.
If Southwestern interests sold July and other months, they
was not buying there. Liverpool plainly showed a belief
that the crop in the main was doing well. From time to time also bought from time to time. The market acted short.
It has been a seller here. July gave way and the premium Bears became more cautious as contracts grew scarcer. It
declined to 270 points after recently reaching 310 over Octo- was remarked that prices for a couple of weeks past had
ber. Manchester now and then has reported a better de- been steadied by tile evidently strong technical position.
mand, but on Thursday cabled that the bids for cloths were That is to say, the market had to all appearances been
too low. The forecast on that day, moreover, was for cooler short. Of course, the recent dulness of trade, recent favorweather. Despite recent reports of damage from high tem- able weather, the disappointing consumption and evidences
peratures, a good many Southern dispatches said that no of a larger prospective carryover than had been estimated
harm had been done. This referred particularly to Texas. might have had more effect. With it all, however, speculaThe weekly report said that the plant in Texas made ad- tion, as already stated, has been sluggish. Neither side has
mirable progress; that hot and dry weather had been ideal been much disposed as a rule to take the aggressive. It has
been considered on the whole a weather and waiting market.
for harvesting. The progress of deep-rooted cotton was exTo-day prices declined slightly with the weather cooler in
cellent, though admittedly the cotton just up had been innorthwestern Texas, with a forecast for lower temperatures and assurjured by a lack of rain and by the heat in the
ances in many dispatches that the recent hot wave had done
part of the State. On the other hand, however, weevil were
less active, even if damage by grasshoppers had been con- no material damage in that State if, indeed, any at all. The
siderable in some localities. .The growth was yery early planted cotton is believed to have been benefited. At
only five places were the temperatures 100 to 105 in Texas.
good, the condition fair and some early squares had apAt half a dozen or more it was 100 to 108 in Oklahoma. But
peared. Meanwhile there were rumors that cotton would be
over most of the belt conditions were more normal. The
shipped to New York by mills and co-operative associations
for delivery on July contracts. This had more or less In- Liverpool cables ware indifferent. Fall River sold only
30,000 pieces this week. Worth Street was reported quiet.
fluence. Also, the spot markets died.down. Worth Street On
the other hand, the decline was only 7 to 15 points early
and Fall River were quiet. Almost every day came reports and
later on July rallied from 28.50 to 28.80c., winding up
of this or that mill closing down for a stated period, on acat 28.67c., and at a premium of 274 points over October,
count of the dulness of trade. Fall River is curtailing 75 to
against 272 the day before. July was a sustaining influence.
80%. New Bedford has been selling cotton to the South and
Nobody knows just what is ahead in regard to it. Spinners'
for export. In some cases mills which take this course buy
takings increased. Manchester advices were more cheerful.
the new crop months at the discounts. New Orleans at times
Tattersall's report was optimistic. Month-end crop reports
has insisted that quite a good many July notices would be are
expected next week from various sources which issue
issued there, that its available stock had been pretty well special
statements. The Government report for June 25 last
picked over and inferentially that tenders might not be of a
year was 69.9% and the 10-year average was 74.8%. Some
very desirable grade. On Thursday came a decline of 20 to
think the market is oversold here and at the South. It is
30 points, mainly because of a forecast of cooler weather in
declared in some dispatches that everybody is talking bearparts of Texas and Oklahoma. Liverpool was again a seller
ish in the cotton belt. Final prices for the week show a deand local traders inclined to the bear side. The bulk of the 'cline
of 35 points on July, 30 on October and 22 on December
advices was to the effect that the crop on the whole was
doing very well. The hot weather in Texas had done no and January. Spot cotton wound up at 29.65c., a decline for
harm. It had kept down the weevil. It would have a ten- the week of 45 points.
The following averages of the differences between grades,
dency to improve the tap root; any damage reported had
been exaggerated. Many favorable reports came from other as figures from the June 19 quotations of the ten markets,
parts of the belt. Speculation was dull. Bears, it is true, designated by the Secretary of Agriculture, are the differences
were inclined to be a bit cautious, fearing that hot weather from middling established for deliveries in the New York
might continue-it had been 100 to 114 in Texas during the market cn June 26.
1 91 on *Middling "yellow" stained
week-and real damage resulted. It was not denied by Middling fair
2 75 0
"
Strict good middling
1.56 on *Good middling "blue" stained--1.28 off
anybody that if such temperatures should be prolonged for a Good middling
1 22 on *Strict middling "blue" stained_ _1.74 off
80 on *Middling "blue" stained
I
couple of weeks the effects might be serious. But in the Strict middling
2 4821 °L
Strict low middling
1.13 off Good middling spotted
meantime there was pronounced skepticism as to some of Low middling
2 65 off Strict middling spotted
4 10 off Middling spotted
the more sensational reports of damage. They did not, as a *Strict good ordinary
*Good ordinary
*Strict low middling spotted
258 o°Ii
2 901 offft
rule, attract outside speculation. June is considered too Strict good mid."yellow" tinged.5 13 off *Low middling spotted
.19 on
early to kill the crop. And a serious drawback is the pro- Good middling "yellow" tinged__ .27 off Good mid, light yellow stained.....82 ell
3 57
Strict middling "yellow" tinged__ .74 off *Strict mid, light yellow stained _1 43 off
longed dulness of goods.
*Middling "yellow" tinged
1 83 off *Middling light yellow stained ,..2.i5 off
The consumption of raw cotton in the United States dur- *Strict low mid."yellow" tinged.3.12 off Good middling "gray"
off
turned out to have been smaller than had been *Low middling "yellow" tinged_ _4.44 off *Strict middling "gray"
ing May
Good middling "yellow" stalned_1.40
*Middling "gray"
generally expected. Previous estimates had put it at 461,000 *Strict mld."yellow"stained_ --1.98 off • These grades are not dellverab1e.o°11
l 846344 °
They turned out to be worthless. The Cento 478,000 bales.
The official quotation for middling upland cotton in ire
actual total as 413,649 bales, against New York market each day for
sus Bureau stated the
the past week has been:
480,010 in April, 620,854 in May last year, 496.000 in May
June 14 to June 20Sat. Mon. Tues. Wed. Thurs. Fri.
29.90 29.75 29.55 29.90 29.65 29.65
1922, 440,000 in 1921 and 541,000 in 1920. It caused a de- Middling upland
cline on the 14th inst. of 30 to 40 points, although it is true
NEW YORK QUOTATIONS FOR 32 YEARS.
that on that day July moved up to 310 over October, only to
The quotations for middling upland at New York on
270 later.
Juno 20 for each of the past 32 years have been as follows:
On the other hand, two things have tended to steady the 1924
29.65c.1916
12.80c. 1908
9.06c.
11.60c. 1900
27.65c, 1915
9.80c. 1907
76..4431::
price, or at any rate to prevent any marked decline. They 1923
13.15c. 1899
23.30c, 1914
13.60c. 1906
76..2556cc..
11.20c, 1898
were hot weather in the Southwest and the relative firm- 1922
2
1
10.85c. 1913
12.35c. 1905
8.90c. 1897
38.75c. 1912
11.80c. 1904
ness of July. Some reports have insisted that a week of
12.40c. 1896
929
32.85c. 1911
15.90c, 1903
12.50c. 1895
temperatures like 100 to 114 in Texas and 100 to 113 in Okla- 1919
1918
30.00c. 1910
8 30c.
7 1c
:0 .
15.20c. 1902
9.44c. 1894
homa have done more or less harm to young cotton. The 1917
25.55c. 1909
11.20c. 1901
weekly report stated that in Texas the cotton just up has
MARKET AND SALES AT NEW YORK.
been injured by lack of rain and by the heat in the northpart of that State. It is said that the plant in
western
Spot
Spot
SALES.
Futures
Market
Market
parts of Texas has developed surface roots as usual after a
Closed.
Spot. Contet. Total.
Closed,
that at best the tap root is not satisfactory.
rainy season, and
Some reports asserted that there was not much likelihood Saturday_ Quiet, 20 pts. dec.... Easy
Monday__
15
dec..that the crop in certain sections of that State would be in- Tuesday _ _ Quiet, 20 pts. dec__ Steadysteady
Met,
pts.
Barely
creased much if at all as compared with that of last year. Wednesday Steady, 35 pts. adv_ Firm
Thursday
Quiet
- - -------At times the cables have shown that Liverpool was im- Friday __ Quiet, 25 pts. dec__ Steady
-1e:13Quiet, unchanged.
105
pressed by the hot weather in Texas. Offerings there fell
Total_
103
103
off. On Wednesday the spot sales increased to 8,000 bales.
On Shipboard, Not Cleared for
-

Great
GerOther CoastJune 20 at
- Britain. France. many. Coning. wise,




Leaviny
Stock.

3099

THE CHRONICLE

JUNE 21 1924.]

-The highest, lowest and closing prices at corresponding periods of the previous year-is set out in
FUTURES.
detail below:
New York for the past week have been as follows:
Saturday,
June 14.
June-Range. _
Closing JulyRange- Closing Aug.
Range _ _
Closing-

Tuesday, 1Vednesday, Thursday,
June 17.
June 18.
June 19.

Monday,
June 16.

Movement to June 20 1924.

Friday,
June 20.
Towns.

- 28.87 -28.76 -28.54 -28.88 -28.65 -- 28.67

Range of future prices at New York for week ending
June 20 1924 and since trading began on each option.
(option for
June 1924_ _
July 1924._ 28.45
Aug. 1924.. 27.00
Sept. 1024.. 26.20
Oct. 1024.. 25.54
Nov. 1924..
Dec. 1924_ _ 24.84
Jan. 1925.. 24.58
Feb. 1925_
Mar. 1025.. 24.75
Apr. 1925..
May 1925.. 24.80

Range for Week.

Range Since Beginning of Option.

23.10
14'22.05
17 25.25
19 24.20
19 23.45
23.84
June 16 25.57 June 19 23.15
June 16 25.28 June 19 23.47
23.85
June 16 25.49 June 19 23.19

June 16 29.10
June 16 27.55
June 16 26.75
June116 26.27

June
June
June
June

Aug. 11 1923 35.75
Aug. 4 1923 36.50
Mar. 27 1924 34.50
Mar. 28 1924 31.00
Mar. 27 1924 30.00
Mar 27 1924 28.60
Mar.27 1924 28.40
Apr. 9 1924 27.85
Apr. 8 1924 23.85
Apr. 22 1924 26.65

Dec. 28 1923
Nov. 30 1923
Nov. 30 1923
Nov.30 1923
Nov. 30 1923
Dec. 1 1923
Jan. 2 1924
Feb. 4 1924
Apr 8 1924
June 2 1924

Movement to June 22 1923.
Receipts.

Ship-

Stocks
Jung
23.

MU .

Week.

Season.

Week.

41,266
25
8,337
237 60,545
12
54,306
40
34,544
57 170,645
155 132,740
6,255
197 45,497
230 273,270
3.286 293,671
241 124,328
195
56,742
375
47.842
74,100
24,706
103 128,681
305 106,705
35
34.082
9 32,467
1
23,135
5
28,125
3,125 705,254
409 106,054
54
11,234
1 102,729
81.389
78,127
1,669 172,171
8.100
3,863 1,094,88
291
45.797
18,470
35,591

34,963
310 1,073
2,117
9,394
536 6,723
53.087
260 1,936
34,109
156 1.713
15,136
303 5.900
222 112,601
59 60,929
776 10,322
88 1,950
2.073
33
506 8,487
45,390
1.194 158,443 2,252 11,746
1.196 196,507 1,780 14,971
780 7,421
78,053
200
32,128 1,109 2,853
127
3.482
29,872
400 113,900
-100 7,800
19,973
1,218
253 79,346 1,L27 7,932
97,989 1,143 16,511
135
50
527 5,867
31,291
753 2,236
31,387
_
17,188
80 1,278
4
19,328
28 4,216
3,016 556,621 3,183 5,625
223 63,073
568 6,035
17
100 1,730
14,251
108 119,364
806 13,315
98,826
251 3,767
14 62,269
356 6.885
965 157,779 2,102 12,437
10,75
10,291
4jig 911,86 5,958 40,072
53
63,534
208
26,651)
635
12
15
Brenham..
81
39,801
5
Austin
261 2,359
73 127,311
Dallas
Houston_ _ _ _ 2,582 3,457.459 18.733 51,084
so
77,23
Paris
513
49,416
San Antonio_
102 92,04
759
Fort'Worth..

Ala.,BIrming'm
Eufaula
Montgomery.
Selma
- - Ark.. Helena..
---- ---- 27.00-27.0027.55 27.5527.22-27.22
,
Little Rock..
27.30 ---- 27.10 -- 27.20 ---- 27.55 -27.35 ---- 7.37 Pine Bluff. _
Sept.
Ga., Albany_ _ _
26.75 26.75
,
Range - -- ---- 26.20-26.20
Athens
26.48- 6.42
Closing. 26.38 ---- 26.51 -26.35 ---- 28.77Atlanta
.0c1.
Augusta
Range _ 25.75,26.11 25.54-26.03 25.75-25.97 25.65-26.23 25.92-25.7 5.80-25.97
Columbus. _ _
Closing_ 25.85-25.9025.95-25.98 25.75-25.77 26.17-26.2025.93-25.95 5.83-25.85
Macon
Nov.Rome
- -- -- Range- _- - 25.29 ---- La., Shreveport
25.3525.23 ---- 25.65 Closing. 25.29 ---- 25.39 Miss.,Columbus
Dec.Ciarksdale _ _
,
Range _ _ 25.05-25.38 24.84-25.28 25.03-25.24 24.95 25.53 25.22-25.5 25.12-25.28
Greenwood _ _
Closing - 25.10-25.15 25.20-25.28 25.04-25.06 25.46-25.49 25.22-25.2 25.16-25.17
Meridian_ _ _ _
Jan Natchez
Range__ 24.85-25.20 24.58-25.0024.74-24.94 24.70-25.24 24.95-25.2 24.88-25.00
Vicksburg_ _ _
24.05-24.9 24.93 ---24.77-24.79 25.24Closing _ 24.88-24.90 24.98Yazoo City_
Feb.Mo., St. Louis_
-- -------- ---Range 25.00- N.C.,Gr'nsboro
24.86 -25.32 ---- 25.05---- 25.0724.95
Raleigh
March
Range _ 24.9e,25.30 24.75-25.20 25.00-25.18 24.92-25.43 25.20-25.4 25.09-25.19 Okla., Altus...
Chickasha. _ _
25.10 ---24.97 --25.46-25.4325.16Closing _ 25.04-25.10 25.15Oklahoma _
AprilS.C.,Greenville
Range_ ---- -Greenwood_ _
25.10 ---Closing 25.04 ---- 25.15 --24.97 -25.40 -25.16Tenn.,Memphis
MayNashville._
25.10-25.16
Range.- 25.07-25.30 24.80-24.90 25.05,25.12 25.23-25.23 25.31-25.4
9;
OM
Closing_ os os- 1R .--. 9.11 07- dO __ 05 17 -- 25.11 ---- Texas, Abilene.
28.68-29.10 28.45-28181 28.54-28.8828.47-28.9028.65-28.91 8.50-28.80
28.87-28.92 28.76-28.8128.54-28.57 28.88-28.90 28.65 - 8.67-28.69

I

Ship- Stocks
ments. June
Week. I Season. Week.
20.
Receipts.

378

492
215

132

4191
2.501
751
49
642
1,371
809
18
490
2.200
1,419
102
549
400

3.936
729
7.160
1.404
8,005
16.547
27,781
2,083
14.580
22,655
20,025
4,451
9.274
5,297
200
1,165
2.038 21,964
809 19,104
258 1.434
3,393
135 3,627
243 8,732
3.783 10,450
1,505 17,257
191
104 1,491
526
71
5001 1,959
5,7961 26,078
3801 6.100
5,4061 64.084,

84.594

5,9652,671,019
71,639
41,188
-616
64,174

sol

23
80
353
8,878
29
37

186
3,887
308
2,123
29.359
85
34
1.250

Total, 40 towns 16,467 7,201,3401 45,344 283,651 21.342 7,194,699 42.011369.047

The above total shows that the interior stocks have increased during the week 28,476 bales and are to-night
85,396 bales less than at the same time last year. The
receipts at all towns have been 4,875 bales less than the
same week last year.
OVERLAND MOVEMENT FOR THE WEEK AND
June 16 25.40 June 19 24.58 June 9 1924 25.95 June 3 1924
-We give below a statement showing the
SINCE AUG. 1.
THE VISIBLE SUPPLY OF COTTON to-night, as made overland movement for the week and since Aug. 1, as made
up by cable and telegraph, is as follows. Foreign stocks, as up from telegraphic reports Friday night. The results for
well as the afloat, are this week's returns, and consequently the week and since Aug. 1 in the last two years are as follows:
all foreign figures are brought down to Thursday evening.
-1923-24-1922-23Since
Since
June 20But to make the total the complete figures for to-night
Week. Aug. 1.
Aug. 1.
ip s
raed t.
(Friday), we add the item of exports from the United States, Shipped- Louis
3.183 580,076
3.783 691,941
including in it the exports of Friday only.
2,160 197,780
1.50_0_
23 ;8628
7 66
4
Via Mounds. &c
June 20Stock at Liverpool
Stock at London
Stock at Manchester

1924.
bales_ 484,000
4,000
61,000

1923.
498,000
1,000
45,000

1922.
1921.
899,000 1.089,000
1,000
2.000
57,000
93,000

549,000
6.000
125,000
. 95,000
15,000
82,000
17,000
12.000
• 1,000

544,000
10,000
40,000
62,000
7.000
82,000
12.000
15,000
3.000

957,000 1.184,000
34,000
33,000
237,000 183,000
145,000 141,000
14,000
11.000
80,000 124.000
26,000
10.000
8.000
32.000
1.000

231,000

525,000

Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Ghent
Stock at Antwerp
Total Continental stocks_ _ _

. 353,000

Total European stocks
India cotton afloat for Europe...
American cotton afloat for Europe
Egypt,Braril,&c.,afloatforEurope
Stock in Alexandria, Egypt
Stock in Bombay, India
Stock in U. S. ports
Stock in U. S. interior towns....
U. S. exports to-day

902,000
141,000
202,000
95,000
93,000
777,000
318.458
283.651

554,000

775,000 1,482.000 1.738.000
75,000
124.000
41.000
109,000 298,000 277,362
61,000
89.000
52,000
151,000 251.000 265,000
676,000 1,150,000 1,182,000
334.603 772,344 1.600,316
369,047 588.332 1,339,017
7,949
49,785

Total visible supply
2.812.109 2,599,650 4,713.625 6,544.480
Of the above, totals of American and other descriptions are as follows:
American
Liverpool stock
bales_ 211,000 205,000 540.000 689,000
Manchester stock
49,000
27,000
41,000
77.000
Continental stock_
251,000 142.000 442.000 472,000
American afloat for Europe
202,000 109.000 298,000 277,362
318,458 334,603 772.344 1,600,316
U. S. ports stocks
283,651 369,047 588,332 1,339,017
U. S. interior stocks
7,949
11.1. S. exports to-day
49,785
Total American
F:ast Indian, Brazil, etc.
Liverpool stock
London stock
Manchester stock
Continental stock_
India afloat for Europe
Egypt, Brazil, dtc.. afloat
Stock in Alexandria. Egypt
Stock in Bombay. India
Total East India, Ste
Total American

1,315,109 1,186.650 2,689,625 4,504,480
..

273,000
4.000
12.000
102.000
141,000
95,000
93,000
777,000

293,000 359,000 400,000
1,0001,000
2,000
18,000
16,000
16,000
89,000
83,000
82,000
124,000
75.000
41,000
61.000
89.000
52.000
151,000 251,000 265,000
676,000 1,150.000 1.182,000

1 497,000 1.413,000 2,024,000 2,040,000
1,315,109 1,186,650 2,689,625 4,504.480

2 812,109 2,599,650 4,713.625 6.544,480
Total visible supply
16.57d. 13.59d.
Middling uplands, Liverpool...... 16.99d.
7.006.
28.90c. 22.20c.
11.05c.
Middling uplands, New York..-- 29.65c.
17.756. 22.256. 17.50d.
Egypt, good Sake!, Liverpool_ -- _ 24.956.
18.7541.
14.000.
11.000.
Peruvian, rough good, Liverpool_ 24.006.
13.606. 12.956. 12.106.
7.15d.
Broach, fine, Liverpool
14.75d.
14.100. 13.006.
7.65d.
Tinnevelly, good. Liverpool

Via
Via
Via
Via

21.199
175
26,119
373
3,284 197,705
9,217 452.796
-18,392 1,475,675

Rock Island
Louisville
Virginia points
other routes, &c

Total gross overland
Deduct Shipments

595
2,722

86,583
26.353
614,639

4,806

727.575

13,586

748.100

Overland to N. Y., Boston, &c__ _ 1,489

Between interior towns
Inland, &c..from South
Total to be deducted
Leaving total net overland t

-238
3.247
9.323

55,356
171,115
457,920

18,091 1.618.826
343
522
1.521

105.125
26,847
470.794

2,386

602.766

15.705 1.016.060

t Including movement by rail to Canada.

The foregoing shows the week's net overland movement
this year has been 13,586 bales, against 15,705 bales for the
week last year, and that for the season to date the aggregate
net overland exhibits a decrease from a year ago of .267,960
bales.
-1922-23-1923-24
Since
/n Sight and Spinners'
Since
Week. Aug. 1.
Week. Aug. 1.
Takings.
30,728 5,609,177
Receipts at ports to June 20
49,228 6,551,384
748,10015,705 1,016.060
Net overland to June 20
13,586
Southern consumption to June 20- 68.000 3,827,000 102.000 3.945,000
Total marketed
130,814 11,126,484 148,433 10,570.237
18,730
Interior stocks in excess
24,368 t20.769
*28,476
Excess of Southern mill takings
384,072
108,055
over consumption to June 1_ _ _ _
Came into sight during week_ ..102,338
Total in sight June 20
- - 11,258,907
Nor,spinners' takings to June 20- 13,029

1.752,654

127.664
10,973,039
36,485 2.280.545

* Decrease.

QUOTATIONS FOR MIDDLING COTTON AT
OTHER MARKETS.
-Below are the closing quotations for
middling cotton at Southern and other principal cotton
markets for each day of the week:
Week ending
Junt. 20.
Galveston

C osing Quotations for Middling Cotton on
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
29.85

New Orleans_ _ _ 30.00

Mobile
Savannah
Norfolk
Baltimore
Augusta
Memphis
Houston
Little Rock
Dallas
Fort Worth..

28.75
29.45
29.75

29.75
29.75
28.75
29.31
29.50
29.75
29.25
30.00
29.75
29.75
28.80
28.95

29.55
29.40
28.75
29.12
29.25
29.75
29.06
30.00
29.55
29.75
28.55
28.65

29.85
29.55
28.75
29.45
29.50
29.50
29.38
30.00
29.80
29.75
28.90
28.90

29.65
29.35
28.75
29.20
29.25
29.75
29.13
30.00
29.55
29.50
28.65
28.65

29.65
29.35
28.75
29.20
29.25
29.50
29.13
30.00
29.55
29.50
28.70
28.65

Continental imports for past week have been 41,000 bales.
29.44
30.25
The above figures for 1924 show a decrease from last week
29.85
of 93,331 bales,aq increase of 212,459 from 1923,a decline of
29.75
29.05
1,901,516 bales from 1922, and a falling off of 3,732,371
bales from 1921.
-The closing
NEW ORLEANS CONTRACT MARKET.
-that is,
AT THE INTERIOR TOWNS the movement
the receipts for the week and since Aug. 1, the shipments for quotations for leading contracts in the New Orleans cotton
the week and the stooks to-night, and the same items for the market for the past week have been as follows:




3100

THE CHRONICLE
.4
Tuesday, Wednesday, Thursday, Friday,
June 17.
June 18. June 19.
June 20.

- -28.83-28.64 28.4028.02-28.06 28.24 --27.98-28.00 28.05-28.07
25.11-25.12 25.18-25.20 24.97-24.98 25.42-25.44 25.19-25.21 25.09-25 10
24.84-24.8' 24.95-24.98 24.73-24.75 25.19-25.20 24.96-24.99 24.85-24.89
24.82 -24.90 bid 24.6725.13 bid 24.90 bid 24.80 bid
24.82 bid 24.90 bid 24.64 bid 25.10 bid 24.87 bid 24.77 bid
Quiet

Quiet

Quiet

Quiet

Steady

Steady

Steady

Rarplv Wir

Rto%dv

Wand',

Quiet
Steady

COTTONSEED PRODUCTION IN MAY.
-The report
of the Bureau of the Census showing the cottonseed production during May will be found complete in an early part of our
paper under the heading "Indications of Business Activity."
WEATHER REPORTS BY TELEGRAPH.
-Reports to
us by telegraph from the South this evening indicate that
the weather has been exceptionally favorable for cotton.
There has been only a little rain during the week and most
of this was in the eastern portion of the cotton belt. Generally the cotton crop made satisfactory progress, being favored
by the warm, dry weather.
Galveston, Texas.
-Temperatures have been above normal
in the south and extremely hot in the north. With excessive
sunshine and dry weather, deep-rooted cotton made excellent
progress, but cotton that has Just come up has been injured
by the hot, dry weather in the northwest. Weevil are not
active and chopping and cultivation of cotton have made
, excellent progress.
Mobile, Ala.
-The hot weather and ample moisture have
caused rapid growth of cotton plants. There has, however,
been somewhat too much rain, and many fields, consequently,
are grassy. Hot and dry weather are the requisites.
Weevils are only slowly increasing.
Galveston, Texas
Abilene
Brenham
Brownsville
Corpuschristi
Dallas
Henrietta
Kerrville
Lampasas
Longview
Luling
Nacogdoches
Palestine
Paris
San Antonio
Taylor
Weatherford
Ardmore, Okla
Altus
Muskogee
Oklahoma City
Brinkley, Ark
Eldorado
Little Rock
Pine Bluff
Alexandria, La
Amite
New Orleans
Shreveport
Okolona, Miss
Columbus
Greenwood
Vicksburg
Mobile, Ala
Decatur
Montgomery
Selma
Gainesville, Fla
Madison
Savannah,Ga
Athens
Augusta
Columbus
Charleston,S.0
Greenwood
Columbia
Conway
Charlotte, N.C
Newborn
Weldon
Memphis, Tenn

•

Rain. Rainfall.
1 day 0.41 in.
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
2 days 0.43 in.
dry
dry
dry
dry
dry
dry
dry
2 days 0.10 in.
dry
1 day 0.08 in.
1 day 0.12 in.
I day 0.44 in.
dry
5 days 3.72 in.
2 days 0.80 in.
2 days 0.20 in.
3 days 1.75 in.
3 days 1.15 in.
2 days 0.44 in.
4 days 0.23 in.
2 days 0.35 in.
3 days 0.15 in.
2 days 0.48 in.
2 days 0.07 in.
dry
2 days 0.88 in.
1 day 1.46 in.
3 days 1.40 in.
3 days 1.41 in.
3 days 0.93 in.
3 days 0.12 in.

Thermometer
high 88 low 71 mean 80
high 108 low 70 mean 89
high 93 low 72 mean 83
high 94 low 74 mean 84
high 90 low 74 mean 82
high 102 low 74 mean 88
high 111 low 72 mean 92
high 97 low 60 mean 79
high 103 low 68 mean 86
high 98 low 75 mean 87
high 99 low 71 mean 85
high 98 low 69 mean 84
high 94 low 72 mean 83
high 105 low 72 mean 89
high 96 low 72 mean 84
high __ low 72 mean _ _
high 101 low 69 mean 85
high 108 low 72 mean 90
high 113 low 71 mean 92
high 98 low 68 mean 83
high 102 low 70 mean 86
high 97 low 68 mean 83
high 99 low 73 moan 86
high 95 low 71 mean 83
high 101 low 73 mean 87
high 101 low 74 mean 88
high 94 low 70 mean 82
high ___ low __ mean 85
high 98 low 75 mean 87
high 100 low 69 mean 85
high 100 low 70 mean 85
high 101 low 70 mean 86
high 96 low 72 mean 84
high 98 low 67 mean 82
high 94 low 66 mean 80
high 95 low 70 mean 83
high 96 low 68 mean 83
high 96 low 68 mean 82
high 93 low 70 mean 82
high 95 low 71 mean 83
high 96 low 71 mean 84
high 94 low 68 mean 81
high 96 low 70 mean 83
high 97 low 79 mean 88
high 93 low 65 mean 79
high __ low 68 mean _high 94 low 63 mean 79
high 95 low 61 mean 79
high 92 low 58 mean 78
high 92 low 61 mean 77
high 94 low 70 mean 82

The following statement we have alto received by telegraph, showing the height of rivers at the points named at
8 a. m. of the dates given:
June 20 1924. June 22 1923.
Feet.
Feet.
Above zero of gauge..
12.2
14.1
Above zero of gauge..
28.3
24.6
Above zero of gauge_
10.4
9.0
Above zero of gauge_
12.5
19.0
38,1
Above zero of gauge_
40.3

New Orleans
Memphis
Nashville
Shreveport
Vicksburg

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 fina,lly reaches the market through
the outports.
Week
riding

Receipts at Ports.

Stocks at Interior Towns.

20_ 49.228

62,634 90,932 623.832 742,998 1,203,182 11.540 30,115 63,962
63,854 115,100
34,990 114,106
34,681 101,999
35,743 86,760

586,349
555,542
517,534
486,199

690.6251.145,068
665,8341,096,517
631,756 1,043,089
604,3401,008,857

17,887 11,481 56,988
29,902 10.199 65,555
31,427
67 48,571
28,821 10.436 52,528

28,580 94,458
35,332 124,013
26,647 106,558
36,894 109,273
28,322 113,448

443,328
420,213
392,300
372,553
347,017

572,660 965.883
540,812 898,218
508,435 838,360
471,972 782.106
447,224 .715,192

21,912
51,484
21,157 5.420 56,348
24,482
47,588
31.121 1,983 53,109
24,888 5,568 46,444

25,060 94,570 333,056 419,670 666,798 29,416
31,C51 70.575 312,127 391.675 674,463 14,773
30,728 75,711 283.651 369,047 538,332 20,752




Cotton Takings.
Week and Season.

133 45,787
5,244, 31,240
9.9591 36,580

1923-24.
Week.

1922-23.

Season.
Visible supply June 13
2,905,440
2.729,362
Visible supply Aug. 1
3.760,450
2,024,671
American in sight to June 20-_ - 102,338 11,258,907 127,664 10,973,039
Bombay receipts to June 19.......
25,000 3.230,000
51.000 3,541,000
Other India shipm'ts to June 19
14,000
335.550
4,000
616,000
Alexandria receipts to June 18....
600 1.277.600
2,000 1,330,400
Other supply to June 20384,000
6,000
8.030
399,000
Total supply
Deduct
Visible supply June 20

Season.

Week.

3,055,378 18,806,178 2,920,026 20,304,439

2.812.109 2.812,109 2,599,650 2,599,650
Total takings to June 20_a
243,269 15,994.069 320,376 17.704,789
Of which American
153,669 10,797,469 185,664 11,736,927
Of which other
89.600 5.196,600 134,712 5,967.862
t Embraces receipts in Europe from Brazil, Smyrna, West Indies, &C.
a This total embraces since Aug. I the total estimated consumption by
Southern mills, 3,827,000 bales in 1923-24 and
-23
bales in 1922 -takings not being available-and the aggregate3,945,000taken by Northern
amounts
and foreign spinners, 12,167.069 bales in 1923-24 and 13,759,789 bales in
1922-23, of which 6,970,469 bales and 7,791.927 bales American.
b Estimated.

INDIA COTTON MOVEMENT FROM ALL PORTS.
The receipts of India cotton at Bombay and the shipments
from all India ports for the week and for the season from
Aug. 1, as cabled, for three years, have been as follows:
1922-23.

1921-22.

Since
Week. A up. 1.

Since
Week. Aug. 1.

1923-24.

June 19.
Receipts at
-

IVeek.
Bombay

Since
Aug. 1.

25,000 3.230,000 51,000 3,541,000 51,000 3,241,000
For the Week.

Exports.

Since August 1.

Great Conti- Japan&
Great
Britain. neat. China. Total. Britain.

Bombay
1923
-24_
1922-23._
1921-22._
OtherIndia1923-24_
1922-23_
1921-22..
Total all
1923
-24_ _
1922-23__
1921-22_ _

2;666

Conti- Japan et
Total.
China.
sent.

21,000 22,000 43,000 150,00 907,0001,465,000 2,522,000
2,000 45,000 49,000 124,000 592,5001,968,5(10 2,685,000
5,000 54,000 59,000 34.000 464,0001,651,0002,149,000

2,000 12,000
3,000 1,000

618,000
335,550
18,000 215,000

14,000 128,000 488,000
4,000 75,000 260,550
10,000 187,000

2,000 33,000 22,000 57,000 278,
1,395.0001,465,in 3,138,000
5,000 3,000 45,000 53,000 199,00d 853,050 1,968,5003,020,550
5,000 54,000 59,000 44,00 651,000 1,669,000 2,364,000

According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's receipts of
26,000 bales. Exports from all India ports record an increase
of 4,000 bales during the week, and since Aug. 1 show an
increase of 117,450 bales.
ALEXANDRIA RECEIPTS AND SHIPMENTS.
Alexandria, Egypt,
June 18.

1923-24.

1921-22.

8,500
6,660,107

60,000
5,265,211

Since
Week. Aug. 1.

Exports (bales)-

1922-23.

3,000
6,388,000

Receipts (cantars)This week
Since Aug. 1

Since
Week. Aug. 1.

Week. Aug. 1.

To Liverpool
208,822
To Manchester, &c
'
204,703
To Continent and India_ 6,000 361,137
To America
107,076

since

___- 225,825 8,000 164,502
____ 136,823
3,500 170,312
2,550 307,114 8,350 219,020
400 164,492
___- 207,695

Total exports
6.000 881.778 6,050 910 946 18,750684,837
Note.
-A cantar is 99 lbs. Egyptian ba es weigh about 750 lbs.
This statement shows that the receipts for the week ending June 18 were
3,000 cantors and the foreign shipments 6,000 bales.

MANCHESTER MARKET.
-Our report received by
cable to-night from Manchester states that the market in
both cloths and yarns is steady. Demand for India is
improving. We give prices to-day below and leave those for
previous year for comparison:
1923-24.

Receiptsfrom Plantations

1923-241922-231921-22 1923-24 1922-23 1921-22 1923-24 1922-231921-22
t_.--_

Mar.
28... 49,733
Mull
4__ 55,370
11._ 60,709
18._ 69,435
25._ 58,548
May
2__ 64,783
9__ 44,272
16__ 52,395
23__.50,868
30__ 50.424
June
6_ 43,377
13__ 35,702

The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1923 are 6,503,561 bales;
in 1922-23 were 5,122,490 bales,and in 1921-22 were 5,222,558
bales. (2) That although the receipts at the outports the
past week were 49,228 bales, the actual movement from
plantations was 20,752 bales, stocks at interior towns
having decreased 28,476 bales during the week. Last year
receipts from the plantations for the week were 9,959
bales and for 1922 they were 36,580 bales.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and
since Aug. 1 for the last two seasons, from all sources from
which statistics are obtainable; also the takings, or amounts
gone out of sight, for the like period.

32. Con
Twist.
Mar a.
28 24%
April
4 25%
11 27
18 26%
25 26%
May
2 26%
9 25%
16 2534
23 25%
30 25%
June
25%
13 25%
20 25%

1922-23.

8% lbs. Shirt- Corn
fags, Common
to Finest.
UPI's

8% lbs.
82s Cop
Ttoisr

d. 5.6.
a. d. d. 41.
93 26% 17 4 9317 7 18.01 23%
27% 17 6
29% 18 1
28% 18 3
28% 18 4

(418 0
018 4
018 6
§19 0

17.68 23li
8.96 2334
8.35 22%
7.70 22%

(418 7
(418 7
1418 7
(418 5
@l8 5

17.35 22%
7.37 21%
7.89 21%
17.46 21%
7.99 22%

28% 18 1 (418 5
28% 18 0 (418 3
27% 18 2 4418 5

7.3022%
7.14 22%
6.99 2231

28%
28%
28%
2814
28%

18
18
18
18
18

3
3
3
1
1

000 00000 0000 0

June
July
Oct
Dec
Jan
March _
Tone
Spot
Options

Monday,
June 16.

000 00200 0000

Saturday,
June 14.

[VOL. ilL

Cot's
Colntnon Mid.
Clore
to Finest.

a.
s. d.
(1. a. 6.
24;i 17 1 017 6 14.80
24% 17 0
24% 17 0
23% 17 0
24% 17 0

@)17
(417 4
1417 9
9317 4

15.88
15.95
15.18
15.46

16 6
16 0
16 0
16 0
16 3

<317 2
@)16 4
016 4
@16 4
@16 9

14.76
14.08
14.74
15.50
15.96

24% 16 3 (417 0
24% 17 0 (4117 4
2444 170 @173

16.33
16.61
16.57

23%
2241
22%
22%
23%

JUNE 21 19241

THE CHRONICLE

3101

business is light, as American prices are beyond exporters'
limits. On the 16th inst. clearances from New York were
45,392 sacks, mostly to the United Kingdom. The total
clearances last week were 263,070 sacks and 2,151 barrels.
Bales. Prices were advanced further this week, but buyers bought
Liber
-June 12
- asc ty, 1.023; June 16NEW YORK-To Havre
only as their needs demanded. Continental stocks are said
Middleham Castle. 202; June 17-0 onier, 1,200: June 132.638 to be large, especially in Germany. At railroad terminals in
Coaxet,213
550
-June 13
-Cedric, 550_ _
To Liverpool
reported against 1,041 last week
78 New York 1,060 cars were
To Manchester-June 13-Nessian. 78 ______
151 and 1,260 last year.
-June 13-Coaxet, 16: June 18-Sandand. 135
To Antwerp
2.755
--Stuttgart,80._
-America,2,675;June 18
To Bremen-June 14
Wheat advanced sharply in a very active and excited
1.186
To Genoa-June 17-Regina What!a, 1.186
2.730 market. It rose 1y to 2c. at Chicago on the 16th and 2 to
-To Genoa-June 13-Monginevro, 2,73(1
4
NEW ORLEANS
100
To Savona-June 13-Monginevro. 100
11c, within a week.
3.835 2%c. at Winnipeg. This made a rise of
To Havre-June 13-Coldbrook, 3.835
759 Prices were up to new highs for the season. This was due
-June 13-Coldbrook, 659; June 17-Danier, 100
To Ghent
460
To Gothenburg-June 14
-Tortugas 460
supplies in the world's crop year
200 to fears of a big shortage of
To Copenhagen-June 14
-Tortugas 200
100 beginning July 1. Liverpool advanced decidedly. Europe
To Oporto
-June 14-0gontz, 100 ____ _________________________
4.798
To Liverpool
-June 14
-Duquesne, 4.798
bought cash and futures freely. Speculation broadened.
To Manchester-June 14
-Duquesne 259
dos Commission houses bought heavily. It is pointed out that
To Antwerp-June 17-Danier. 600
6.838
To Murmansk-June 17-01uf Maersk, 6.838
which is usually an exporter, may have to
100 New Zealand,
To Barcelona-June 19-West Chetac, 100
import wheat. Rumania may prohibit exports owing to
GALVESTON-To Havre
-June 13-Dorington Court, 2.150:
4 004 fears of a poor crop. Temperatures were high in the South.
June 14-Steadfast. 1.854
To Liverpool
-June 14
-Colorado 8 rin
i108
4308
Export sales
To Ghent
949 west and some heat damage was claimed.
-June 14-Steadfast. 249: Greystoke Castle, 700
100 were estimated at 300,000 to 400,000 bushels of Manitoba.
-June 14-Greystoke Castle, 100
To Antwerp
To Bremen-June 14---City of Alton, 2,728
2,728
visible American
To Rotterdam-June 14-City of Alton, 350
360 Chicago got above the current bids. The
To Hamburg-June 14-Duburg,70
70 supply deceased 1,127,000 bushels and bonded stocks deHOUSTON-To Liverpool
-June 13
-Colorado Springs, 4,770_ _ _ _ 4,770
world's shipments were large. The
To Hamburg-June 19
-Schleswig Holstein. 2,941: Duburg.2.8.55_ 5,796 creased 971,000. The
BOSTON
-To Liverpool-May 31-Devonian, 217; June 6"on-passage" stocks fell off. They are still 5,000,000 bush1,217
Davisian, 1,000
The decrease in the visible of
To Hamburg-June 6-Seattle. 1.005
1,005 els more than a year ago.
OHARLESTO
Antwerp
-June 18-Sundance,833
1,127,000 to 38,788,000 compares with 1,596,000 a year ago,
-To Manchester-June 18
NORFOLK
0
.
10
-West Cobalt, 100
29,719,000. The decrease of 971,000 in
-June 18
To Liverpool
171 when the total was
-Westlake, 171
SAVANNAH-To Liverpool
-June 16-Dakotian,3,302
3,302 bonded to 6,256,000 bushels compares with an increase last
years of 909,000 bushels, when the total was 2,900,000 bushTotal
els. Transactions in futures on the 18th at Chicago were
COTTON FREIGHTS.
;1
57
-Current rates for cotton ; 0
bushels, the largest since last January. But
New York, as furnished by Lambert & Burrows, Inc., are 48,440,000
after the early decline wheat closed higher on the 17th inst.,
as follows, quotations being in cents per pound:
after absorbing liquidation. Offerings then
High
StandStand- the price.rising
High
Mob
Standard.
Density.
aril.
Density. ord.
fell off. The Canadian visible supply decreased 2,911,000
Liverpool .25e. .40e. Stockholm .50c. .65c. Bombay
.50e. .65c.
bushels. Some stressed the falling off in bonded stocks of
Manchester .25c. .40c. Trieste
.45e. .60e. Gothenburg
Antwerp .25e. .40c. Flume
.30o. .45e
971.000 bushels. Winnipeg was 1%c. over Chicago July. A
.45c. .60e. Bremen
500. Lisbon
Ghent
.35e.
.50e. .650. Hamburg .2750. .4251e. fair export business was done and sales of 80,000 bushels of
Havre
.25c. .40e. Oporto
.600. .750.
.75e. .90o. Piraeus
Rotterdam .250. .40e. Barcelona .30c. .45e. &Ionics
Gulf wheat were reported. Private cables reported that
.500. .750
Genoa
.30e. .35e
Japan
.42 He. .5754e.
Italian supplies were decreasing and that the Russian crop
Christiania .400.
55e. Shanghai
4250. snia
smaller than last year. A car of new wheat ar-By cable from Liverpool we have the fol- was 15% Wichita. Chicago thinks, apropos of the rise on
LIVERPOOL.
rived at
lowing statement of the week's sales, stocks, &c.,at that port:
in Liverpool of 2% to 3d., that seaboard and
May 30. June 6. June 13. June 20. Wednesday
about 40,000,000 bushels of cash
Sales of the week
11.000
21,000 Winnipeg exporters have
29,000
25,000
Of which American
7.000
12,000 sold abroad expecting to buy it at a good decline, but they
15,000
19,000
Actual export
,
5,000
,
.
cover by purchase of futures. ForeignForwarded
47,000
58,000
30.000
39,000 have been forced to
Total stock
597,000 502.000 495,000 484,000 ers have been aggressive buyers. In Chicago a story was
Of which American
316.000 242,000 233,000 211,000
that a $20,000,000 bull pool with a leading New
Total imports
43,000
43.000
29.000
34,000 in circulation
Of which American
,
11,000
18,000
10.000
York cotton and stock interest at its head, was active in the
Amount afloat
118,000 118,000
128,000
122,000
and expected to continue its operations until after
Of which American
33,000
29.000
28,000
43.000 market
This of course is
The tone of the Liverpool market for spots and futures the Presidential election in November.
worth. Such things
each day of the past week and the daily closing prices of here mentioned merely for what it is
are usually nine-tenths talk. A rise of 1% to 2c. occurred
spot cotton have been as follows:
in Chicago on the 18th inst. and 2 to 3c. in Winnipeg, or 15c.
Spot.
Saturday. Monday. Tuesday. Wednesday. Thursday.
since Congress adjourned. Temperatures have fallen again
Friday.
in the Lake region,but elsewhere changes have been slight.
Market, I
A fair
12:15 (
business
Small
More
A heat wave continued in the Southwest and seemed to be
Quiet.
Quiet.
P. M. (
doing.
inquiry.
demand,
gradually pushing northward. It was said in Chicago that
Important milling intrests were among the best buyers of
17.14
0
16.93
17.00
17.06
Mid.Uprds
16.99
se.164
HOLIDAY
wheat. Heavy profit-taking is believed to have improved
Sales
5.000
4,000
8,000
4,000
3.000
the technical position. Some Chicago members of the trade
I"
Futures.
Quiet
Dull
Quiet
Quiet but
Quiet,
think the world's crop for 1924-25 may show a decrease of
Market 1
2 pts. adv.
1 to 7
steady
14 to 23 11 to 1606s.
400,000,000 to 500,000,000 bushels, against 3,692,000,000 bushto 13 pts. points
Opened l
1 to 7 pts.
points
decline.
decline,
advance,
decline.
advance.
els harvested in 1923-24. If this actually occurs it will be
r
I'l0'
under the pre-war average. Part of the 1924-25 season's
Market, f
Quiet
UnQuiet unQuiet but Quiet but
4
6 to 14 changed to changed
(
steady steady, 11 wheat crop, it is true, has not yet been planted. But the
points
12 me.
P.M. I
to 7
.
to
s. to 2 ns
0
•declin.
15n
pntesk
outlook, it is generally believed, points to a decrease of no
I
mammoth crop of 1923-24
Prices of futures at Liverpool for each day are given below: small moment, especially as the
was considered phenomenal, a kind of "freak." The yield
per acre was exceptionally large; something above the averSat.
Mon. I Tues. I Wed. I Thurs. I
Fri.
June 14
age, something which, it is pointed out, has occurred but
to
1251 1251 1251 4:00 12% 4:001 123.4 4:00 12511 4:00 12511 4:00
the fact is
June 20. p. m p. m.p. m p. m.p. m.p. m.p, m.p. m.p. m.p. m.p. m.:p. m. once before. That was in 1915. Meanwhile
stressed that the world's takings of wheat so far this season
d.
d.
d.
it.
il
it.l d.
d.
d.
d.
.
d.
d 1 d.
bushels per annum, by
June
17.11 17.03 17.0 17.03 16.98 16.96 17.19 17.20 17.04 17.00 have been at the rate of 768,000,000
16.76 18.71 16.72 16.71 16.67 16.71 16.89 16.90 16.77 10.77 far the largest on record. It makes a vivid contrast with
July
August
16.23 16.21 16.22 16.23 16.16 16.22 16.4 16.40 16.29,16.28
season. As usual, the
15.69 15.67 15.72 15.75 15.6 15.73 15.87 15.88 15.74115.72 712,000,000 bushels in the previous
September.
Ocrober
15.10 15.0815.1 15.1 15.12 15.16 15.31 15.32 15.19,15.18 size of the potato crop abroad probably will largely deterHOLI- 14.85 14.83 14. 14.93 14.8 14.91 15.07 15.03 14.95 14-4
November
will be required in 1924-25.
DAY 14.71 14.70 14.77 14.8014.7 14.79 14.95 14.96 14.83 1.1.82 mine the quantity of wheat that
December
14.60 14.59 14.66 14.69 14.64 14.6 14.84 14.8 14.7214.71 The world's carryrover of wheat on July 1, including the
January
February
14.52 14.51 14.58 14.61 14.56 14.61 14.77 14.78 14.65 14.64
the necessary domestic re14.47 14.46 14.53 14.57 14.S1 14.5614.7214.7314.6014.59 quantity on ocean passage and
March
reach about
April
14.3914.38 14.45 14 48 14.42 14.47 . 14.63 14.52 14.52 serve in the United States, it is estimated, will
May
.
. 14.38 14.43 14.37 11.42 14.57 14.5 14 46 14.46 310,000,000 bushels, or somewhat above an average. Broomhall's review said: "Good quantities of wheat have been
BREADSTUFFS
contracted for during the past few days on the conviction
that the 1924 world's harvest will be much smaller than
Friday Night, June 20 1924.
Flour has been firmer but not at all active, either for last year's and only about equal to requirements. The Eurohome or foreign account. Recently prices have advanced pean weather lately has been somewhat better, but the un50e. per bushel. Some mills have raised their prices 75c. favorable month of May has suddenly reduced the prospecand
with wheat up very sharply recently. But buyers stick to tive yield. Indian shippers have become more active,
prices
their old policy. Nothing shakes their determination to fol- both offers and sales are increased." Though
low it. Now and then the demand improves somewhat. The fell 1 to 19c. at Chicago on Thursday and 1% to 13!.c.
4c.
/
buyer may hold off a little too long. Some of them of late prices fell 1 to 13 at Chicago on Thursday and 1% to 1%c.
have shown less confidence in the soundness of their old at Winnipeg, Liverpool was strong. Argentine prices rose
policy. Shipping directions on old orders have noticeably 8c. and Winnipeg July kept 3%c. over Chicago. Export
Improved. This has stirred up the mills. But new business sales were estimated at 800,000 to 1,000,000 bushels of Maniis another matter. Yet supplies here are relatively small. toba, mostly to France, with a little durum. Gulf wheat
At some Western centres they are also said to be small. was wanted. East Indian shipments for the week were
Very few offerings of new crop flour are reported. Export 848,000; Argentina 4,025,000, or in other words, again large.

-As shown on a previous page, the
SHIPPING NEWS.
exports of cotton from the United States the past week have
reached 57,640 bales. The shipments in detail, as made
up from mail and telegraphic returns, are as follows: IN




n2e4.p..t

et er

.
..
A .. M.I..

3102

THE CHRONTCLE

The stock at Minneapolis fell off 600,000 bushels up to
Thursday. To-day prices closed unchanged to Y higher in
2e.
Chicago and unchanged to lAc. lower in Winnipeg. Liverpool broke. Winnipeg was more sluggish. North American
shipments. however, fell off to 7,244,000 bushels, but were
larger than last year. World's shipments are estimated at
14,600,000 bushels, against 12,700,000 last year. The Southwest was cooler. Chicago was buying in the Northwest,
taking No. 1 dark Northern at 28c. over July. Prices end 3
to 312c. higher for the week.
,
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sal. Mon. Tues. Wed. Thurs. Fri.
No. 2 red
cts_126% 131
131% 132% 130% 130%
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
July delivery in elevator
cts_11294 114% 115% 116% 114% 114%
September delivery in elevator-11434 115% 117
117% 115% 116%
December delivery in elevator_ _ _ -116K 118
119
119% 118% 118%
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
July delivery in elevator
cts_113% 116% 117% 119% 118% 117%
October delivery in elevator
108% 110% 111% 113% 111% 111%
December delivery in elevator- —1063i 108% 108% 109% 108% 108%

[VoL. 118.

DAILY CLOSING PRIcES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri,
cts_ 413' 41% 4134 4134 41% 42
403 40
40
40% 40% 40K

July delivery in elevator
October delivery in elevator

Rye advanced in company with the rest of the grain list,
It touched a new high for the season. Wheat lifted it as
much as anything. But crop reports were less favorable.
The American visible supply decreased last week 1,373,000,
against only 109,000 in the same week last year. This looked
suggestive. The total is now 16,944,000 bushels, against
16,197,000 last year. The Chicago trading in rye futures on
the 18th inst. reached 3,542,000 bushels, against 3,315,000 on
June 11. The supply of bonded rye in the United States is
293,000 bushels, a decrease within a week of 166,000. There
was no bonded stock a year ago. Of barley the American
visible increased 2,000 bushels last week, against a decrease
last year of 21,000. The total is 589,000, against 1,131,000'
last year; of bonded 248,000, a decrease of 24,000 in a week.
There was no bonded stock last year. Later prices fell 1%
to 1%c., with less demand and some profit-taking. Russian
crop news was still bad. But American crop reports were
more favorable. Export demand was small. There was a
little inquiry early in the week for new crop Gulf grain, but
no new export business was reported. At Duluth on the 19th
inst. 850,000 bushels were loading. To-day prices declined a
fraction. Export demand was absent. The weather at the
Northwest was favorable and there was some liquidation.
But the tone towards the close became more confident.
Some business was done in Canadian barley. Final rye
prices show a decline for the week of 1 to 12
/
1c.

Indian corn advanced decidedly with much larger trading.
On the 16th inst. it rose % to 11
4c., with shorts covering
eagerly, partly on stop orders. The rise disregarded selling
in Chicago against buying in other markets. The American
visible decreased 726,000 bushels, against 946,000 last year.
The total is now 11,150,000 bushels, against 4,332,000 a year
ago. A big decrease at Duluth excited comment. It was
even intimated that the Duluth stock had been sold and
that Eastern buyers would be compelled to buy in Chicago.
Cash corn was very firm, with receipts moderate. The folDAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
lowing day prices were 5(3 lower in some cases, with less
Sat. Mon. Tues. Wed. Thurs. Fri.
snap in the speculation. The weather was better. That af- July delivery in elevator
cts_ 75% 7634 7634 77% 7634 7634
4
fected distant months. But cash prices held up well, with September delivery in elevator_ - 764 77% 77 yi 77 7 7734 77
79i4 7834
available stocks small. On Wednesday prices advanced December delivery in elevator_ ___ 78% 79% 79% 80
The following are closing quotations:
with wheat 3 to 3%c., making 10c. recently on liad crop
talk, cold, wet weather and a good demand. Bull speculaFLOUR.
Ed 85 67 40 Rye flour, patents
tion revived. The Chicago trading in futures on the 18th Spring patents
$4 25@$4 70
Clears,first spring
5 50 600 Seminole No. 2. lb
inst. reached 32,666,000, against 15,850,000 on June 11. Soft winter straights_ — 5 35 5 60 Oats goods
3023j
Prices fell later 1 to 1%c. on warmer weather, cash prices Hard winter straights._ 625 6 65 Corn flour
220 @ 225
Hard winter patents
7 40
weaker at Chicago. The weather will be the ruling factor. Hard winter clears ___ 6 65 600 Barley goods 4
5 25
400
Nes. 2,3 and
The Northwestern cash markets were conlparatively firm. Fancy Minn. patents.-- 8 20 895 Fancy pearl, Nos. 2,3
8 35 885
650
and 4
Northwestern stocks are rapidly falling off. Argentine ship- City mills
GRAIN.
ments for the week are estimated at 6,000,000 bushels. The Wheat.
New York:
Oats:
Nebraska acreage is believed to be fully as large as that of
No. 2 red,f.o.b
130% No. 2 white
61%
No. 1 Northern
152% No. 3 white
1923. B. W. Snow said: "The way in which recent rainfall
60
No. 2 hard winter. f.o.b.-130K Rye. New York:
has seriously interfered with corn cultivating as well as
No 2 c.i.f
86
with necessary replanting is strikingly shown by the amount Corn:
Chicago. No. 2
No.2 ratted
.10134 Barley. New York:
of rainfall in important sections so far during the month of
No.2 yellow
.103
Malting
so OM
June. For example, at Omaha up to 7 a. in, yesterday there
Chicago
70 ki 81
For other tables usually given here. see page 3049.
had been 7.5 inches. This has come in the way of almost
daily rainfall, there being only one storm especially heavy.
WEATHER BULLETIN leOR THE WEEK ENDING
At Tekamah, Neb., the rainfall up to Monday morning this
week was 7.7 inches without any single excessive storm. At JUNE 17.—The general summary of the weather bulletin
,
Atlantic, Iowa, there had been 9 inches up to Tuesday morn- issued by Ur Department of Agriculture, indicating the
ing, with only one single storm of more than a full inch at influence of the weather for the week ending June 17, is as
•
one time. It is this continual rainy condition that is most follows:
There was no marked storm activity
though shallow
injurious to the corn crop at this stage and it is a situation depressions persisted over central and during the week,of the country.
eastern portions
which covers a large part of the important corn belt." The with much cloudy weather in Central-Eastern and Northeastern States,
local heavy rains in
There was a
Missouri bulletin said: "Corn made better growth than and in temperature overthe interior and Southeast. the beginningmarked
rise
the Northwestern Sta.tes at
of the
during any preceding week and the color improved. The week, but cooler weather overspread the northern Plains near the close,
while the first
stand is uneven and the stages of growth range from just with seasonableand middle parts were unseasonably cool in the Northeast
temperatures later.
coming up to knee high. Some has been cultivated once and
Moderate to high temperatures for the season prevailed for the week as a
whole, in much the greater part of the country, though the weekly
a few fields twice, but most corn is grassy and in need of were considerably below normal in the western Lake region and much means
of the
cultivation. To-day prices ended %c. lower to 11 c. higher, Atlantic coast area. The week was unusually warm in the Southwest.
,
where the temperatures averaged
showing considerable irregularity. Crop news was better. over large areas. Temperatures from 6 to 9 degrees or more above normal
of 100 degrees or higher occurred in
In Illinois, however, army worms were said to be doing Kansas, Oklahoma, much of Texas, and in the far Southwest, the western
highest
damage. Receipts were very small. The cash situation is reported being 112 degrees in southern Arizona. On the other hand, the
temperature did not go above 70 degrees at points in the
considered acute. July ended at about the highest of the States and in some local areas of the western Lake regions. Northeastern
Rainfall was generally light to moderate, except for some heavy falls In
season. In the last few days St. Louis has sold about 800.the Florida Peninsula and locally at other points in the Southeast,
000 bushels. Final prices show a rise for the week of 2% as a few 'Maces in the upper Mississippi and lower Missouri valleys. as well
Little
or no rain fell from the lower Mississippi Valley westward, and the week
to 6e.
was rainless
of the Rocky Mountains,

DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sal. Mon. Tues. Wed. Thurs. Fri.
No.2 mixed
cts_ 96% 98% 98
101
101
101K
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
cts_ 81% 82% 83% 8614 85% 86%
July delivery in elevator
80% stii 82% 86% 85% 85%
September delivery in elevator- December delivery in elevator__ - - 434 75% 75% 7774 7734 77

Oats did not fluctuate much early in the week, but they
advanced later. Yet dulness of the cash trade and weakness of cash prices offset for a time anything bullish in the
general situation. Receipts were somewhat larger. Long
liquidation was apparent. The American visible supply increased last week 377,000 bushels, against a decrease of
1,196,000 last year, a difference of 1,573,000 bushels, which
did not help matters. The total, however, is still only 5,630,000 bushels, against 11,018,600 last year. The Chicago transactions in futures on the 18t11 inst. were 5,491,000 bushels,
against 4,700,000 on June 11. Later there was a fair cash
demand. Offerings were moderate. The weather was good,
however. To-day prices advanced slightly. Offerings were
The South did a fair cash business. The weather was fa2
vorable. Compared with last Friday, prices are % to 114 c.
higher. There was a small export business in Canadian oats.

west
except for light showers in northern districts.
During the first part of the week temperatures continued too low for
germination and growth of spring crops in the Northeastern States, and
rains further delayed planting in some sections. The latter part was
warmer and more favorable. In the central and south Atlantic areas
the warmer weather promoted rapid growth, though it was still too wet
for cultivation of row crops in some places, especially in Virginia and adjoining localities. The warmer weather and moderate rainfall favored
agricultural interests in central Gulf districts, but it was becoming much too
dry for most crops in the west Gulf section, where sunshine was excessive
and temperatures high.
A splendid growing week was experienced in the central Plains States
and lower Missouri Valley, although in the latter area there was too much
moisture in the soil for field work, while rain was needed in the west-central
Plains. From the upper Mississippi Valley westward to the Rocky Mountains the higher temperatures and increased soil moisture gave the best
growing week of the season so far, though there was some complaint of local
hail damage in the upper Mississippi Valley and northern Plains, and washing rains in Iowa. This was the first week for a period of about two months
in which the temperature averaged above normal in central-northern

Conditions west of the Rocky Mountains remained decidedly unfavorable. Warmth and dryness persisted, with no relief except in the more
northern districts, where showers were beneficial, though inadequate. It
was especially unfavorable for fall grains and grass, though irrigated crops
did well generally. Nevada reports irrigation water the lowest in 35 years.
SMALL GRAINS.—Favorable reports on the progress of winter wheat
were quite general in all of the principal producing areas. The crop
was heading northward to the western lower Lake region, and growth
was fair to very good throughout the Ohio Valley States. Some improvement was reported in the general condition of wheat in Illinois, though
there was complaint of lodging in parts of Indiana and the general condition
remained only fair in Ohio.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
The plants were filling well in Iowa, and fair progress was reported from
Sat. Mon. Tues. Wed. Thurs. Fri.
61
61
61
6134 61% 6134 Missouri, though with some complaint of lodging. Wheat was damaged
No. 2 white
by heat and dryness in extreme northwestern Oklahoma. Conditions were
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO. favorable for filling in Kansas and harvest was begun in the southern porSat. Mon. Tues. Wed. Thurs. Fri. tion of that State. There was some improvement in color in Nebraska.
cts_ 46% 4634 46% 47% 47
July delivery in elevator
4734 but the condition of the crop remains poor. West of the Rocky Mountains
42% 42% 42% 4311 4334 43% the weather was decidedly unfavorable, and winter wheat has suffered seSeptember delivery in elevator_ _
44
4434 4434 45% 44% 45% verely.
December delivery in elevator




JUNE 21 1924.]

THE CHRONICLE

Rainfall in the spring wheat belt was timely and beneficial, while moderate temperatures promoted good growth. The plants are short, but stands
fair in Minnesota, while the condition of the crop has materially improved
in South Dakota, with very favorable repoits from North Dakota. In
Montana early-seeded spring wheat looks well but the later-sown has been
retarded by dry, cool weather. Showers in the far Northwestern States
were beneficial to spring wheat, though more rain is needed.
With better weather conditions oats show improvement quite generally
from the Mississippi Valley eastward. The crop is stooling nicely in the
upper Mississippi Valley and heading northward to southern Iowa. Rice
made satisfactory advance in Louisiana and good progress was reported in
the Southeastern States. Flax shows a good stand in the northern Great
Plains, and buckwheat seeding was about completed in the western Lake
region.
CORN.—While the latter part of the week was more favorable for planting corn from the Ohio Valley northward and eastward, much remains to be
planted in these sections, and many complaints of weedy fields were received from Ohio Valley localities. Late-planted corn shows a good stand
In Kentucky, but stands are very uneven in Indiana and are poor in many
places in Illinois.
Corn shows substantial improvement in Missouri, though cultivation
is needed as fields are grassy. Progress during the week was fair to very
good in Iowa. but the general condition continues very poor to poor, and
there was considerable damage by washing and flooding. In the central
and lower Great Pia ir i the crop made excellent growth with the prevailing
warm, dry weather, while it was more favorable in North-Central and
Northwestern States. Rain is needed for this crop in Texas, but in the
central and east Gulf States satisfactory progress was noted.
COTTON.—Temperatures were generally above normal in the Cotton
Belt, especially in the western portion, but it continued cool in the more
northeastern districts. There was little or no rain in the western portion
of the belt, but moderate showers were general in the east. The weather
was mostly favorable and the cotton crop made satisfactory progress in
nearly all sections, with favorable weather for cultivation, except in a few
local areas.
The well-rooted cotton in Texas made excellent growth, but the laterplanted in the northwestern portion of the State was injured by the hot,
dry weather; weevil were less active, though there was considerable local
damage by grasshoppers. The warm, dry weather favored rapid growth
in Oklahoma, Arkansas and Louisiana, though it remained too wet in some
northern portions of Arkansas and there is much small cotton in that State,
with stands irregular in Oklahoma and plants generally small in Louisiana.
Progress and condition were fair to very good in Tennessee and growth
was satisfactory in Mississippi by reason of warmth and abundant sunshine.
The temperature was favorable in Alabama, but cultivation was interrupted
considerably by rather frequent showers, with slight improvement reported
In the general condition. The plants made rapid growth in Georgia, though
the condition of the crop remains very irregular; much cultivation was accomplished, but many fields are still grassy. In Florida and the Carolinas
growth was rather satisfactory, though there was too much rain locally
in parts of North Carolina and in western Florida. Reports show weevil
increasing in the southeastern portions of the belt, and Tennessee reports
this pest for the first time.

The Wcather Bureau also furnishes the following resume
of the conditions in the different States:
Virginia—Richmond: Temperatures more favorable for good growth
of vegetation during week, but excess of rainfall allowed but little cultivation. Fields grimy: bulk of corn and cotton crops plants. Wheat,
potatoes, meadows, and pastures good. Wheat ripening in south. Fruit
conditions good to excellent; cherries and berries plentiful.
North Carolina.—Raleigh: Generally favorable for most crops, except
too much rain locally and scattered damage by hail. Cotton continues
to improve, except some wet areas, mainly in east; progress fair and condition poor to fair. Corn, tobacco, peanuts, sweet potatoes, truck, and
minor crops made good progress, except where some lowlands too wet.
Wheat nearly ready to harvest.
South Carolina.—Columbia: Most favorable week thus far. Growth
of cotton very good; condition fair with some early squares; first bloom
in Allendale on the 13th; weevil numerous and increasing. Chopping
continues in northwest. Corn vigorous and good color; tobacco markedly
improved and other crops improved. Wheat and oat harvesting results
better than expected in some sections.
Georgia.—Atlanta: Scattered showers, with quite warm weather generally favorable for growth of cotton. Condition ranges from poor to
very good; chopping about finished and much cultivation done, but many
fields still grassy. Squares forming freely in south with bloom reported.
Weevil increasing slowly. Growth of corn excellent; laying by in south
where roasting ears available; lowland needing cultivation.
Florida.—Jacksonville: Showers unfavorable locally in west, but more
needed in portions of central and south. Progress of cotton and condition
very good, except in west where rain damaged and weevil increased.
Dusting for weevil began. Corn much improved; early laid by. Cane,
peanuts, and melons doing well.
Alabama.—Montgomery: Warm weather favorable for growth of
crops, but showers delayed cultivation and fields grassy most sections.
Progress and condition of corn mostly fair. Progress and condition of
pastures,truck, minor crops,and fruits most sections fair to good. Progress
of cotton fair; condition mostly poor to only fair with slight improvement.
Beginning to bloom in south; weevil appearing in many sections of south
and central abd becoming active locally.
Mississippi.—Vicksburg: Moderate temperatures and local showers.
Progress of cotton and corn, including growth and cultivation, mostly
fair. Progress of cane, fruit, gardens, pastures, and truck fair to good.
Harvesting alfalfa and oats in Delta counties.
Louisiana.—New Orleans: No rain, except local showers, with warmth
very favorable on cotton, corn, and cane, but rather unfavorable for
pastures and most truck. Progress of cotton excellent, but plants still
small; some bloom reported in south. Weevil numerous in northwest
and appearing in southeast, but hot sunshine retarding multipleation.
Corn and rice generally good and cane made good progress.
Tears.—Houston: Hot and dry weather ideal for harvesting and cultivation which made excellent progress. Ranges deteriorated; corn.
truck, rice, and minor crops made fair to very good progress, but now
need rain badly. Some damage by hot winds in northwest. Progress
of deep-rooted cotton excellent, but that just up injured by lack of rain
and heat in northwest; condition mostly poor to fair. Weevil less active,
but grasshopper damage considerable locally. Progress in chopping
and cultivation excellent. Amarillo: Ranges drying; livestock in fair
to poor condition.
Oklahoma.—Oklahoma City: Ideal for maturing small grains and
growth of corn and cotton. Progress of winter wheat generally fair,
except extreme northwest where damaged by heat and scant moisture;
harvest well advanced in south and begun in central and north. Condition of corn fair to excellent; tasseling in south. Progress of cotton
generally excellent, but late and irregular stand; chopping and cultivating. Grasshoppers numerous over considerable areas of central and
west with rather extensive damage to wheat.
Arkansas.—Little Rock: Progress of cotton very good to excellent,
due to warmth, except in some northern localities where heavy rains.
Much cotton small and many fields grassy, but chopping and cultivation progressing rapidly. Condition poor in some northern localities;
fair to very good elsewhere. Progress and condition of corn fair to excellent; tasseling in southern half. Favorable for wheat and oat harvest;
all other crops good to excellent.
Tennessee.—Nashville: Growth very good and work progressed well
generally, but cultivation still behind. Progress of cotton fair to very
good; condition poor to very good. First reports of weevil. Progress
and condition poor to excellent. Condition of wheat
of corn very good cutting
just beginning.
poor to very good;
Kentucky.—Loulsville: Rainfall light in central where fair premiss
de in farm work; heavy in other districts where little accomplished.
Corn uncultivated and very weedy; still planting in north and replanted
coming up. Late plantings show good stand and growing rapidly. Progress and condition of winter wheat fair; some improvement. Tobacco
mostly set; stands good.

3103

the trade appeared to be more cheerful. Improvement was
especially noted in the rug and carpet division, where salesmen returning from the road reported conditions on a sound
basis. There was also more activity in the linen division,
where sales, particularly of dress linens, were more liberal.
News of the hot wave throughout the West has been one of
the most encouraging developments responsible for the improved feeling. It appeared to be the consensus of opinion
among merchants that if the hot weather continues so that
retailers, wholesalers and converters will be enabled to get
their summer merchandise in motion, there will be a satisfactory business accomplished during the next few weeks.
Trade in general has been unusually retarded by adverse
climatic conditions this year, and now that more seasonable
weather is at hand, buyers are Inclined to take a better view
of the future. Hence, there has been an increased inquiry
for goods for deferred delivery, though sales for the most
part have been confined to hand-to-mouth orders covering
immediate and nearby needs. The latter has been notably
true in regard to cotton goods where competition for business resulted in further price concessions on various fabrics. Mill curtailment of productiori, continued except
where applied to fine goods. Mills manufacturing the latter quality of goods have accepted new orders for fine poplins and broadcloths, and the new goods are cutting into the
sales of importers. Importers report business quiet, ,but
they are stocking the very fine yarn goods in the belief that
they will be wanted later on. Merchants are confident
that curtailment of output which continues throughout the
textile industry will eventually have the desired effect. It
is becoming more difficult to procure well assorted lines,
even though there continues to be accumulation of certain
fabrics, such as styled or seasoned goods of a novelty character. There are indications that this condition of affairs
is beginning to impress wholesalers of the risk they are taking of not being able to secure goods in quantity should
storekeepers enter the market for larger assortments.
DOMESTIC COTTON GOODS: Nothing in the way of
new features developed in the markets for domestic cottons
during the week. While the more seasonable weather
prompted increased inquiries for gray cloths, print cloths,
wide sheetiugs, sheets, pillow cases and other wash fabrics,
buyers confined most of their purchases to small lots to
satisfy immediate requirements. Wholesalers purchased
bleached cottons only as they required them, while cuttersup continued to take dress goods only in a moderate way.
They do not find it necessary to move about in search of
goods, as so many bargains are offered them. Owing to the
dearth of advance business on many mill books, there is a
strong tendency in some quarters to make special prices to
special customers on many standard articles for the purpose of keeping their machinery partially employed and
goods in motion. For this reason some very attractive low
prices have been named by individual mills on various lines'
of goods. In ginghams the demand has centred largely on
re-orders for the choice styled cloths and very little active
interest is reported in staple dress ginghams or the staple
checks of other goods of gingham yarn construction. No
change is noted in demand for denims or tickings, which
have continued quiet. A small parcel demand was reported for working suit materials, cutters taking just what
they need and not finding much fault with prices, their
principal desire being to secure sufficient goods to meet
their immediate needs. Print cloths, 28-inch, 64 x 64's construction, are quoted at 7%c., and 27-inch, 64 x 60's, at 634c.
Gray goods in the 39-inch, 68 x 72's, are quoted at 10c., and
39-inch, 80 x 80's, at l3'/c.

WOOLEN GOODS: There was evidence of a little more
activity in both men's wear and women's wear divisions of
the market for woolens and worsteds during the past week.
Increased buying in the women's wear departments was
encouraged by the action of Governor Smith in appointing
a special non-partisan committee to arbitrate the differences between the garment workers and manufacturers in
the hope of bringing about a settlement. Hearings are now
under way and it is generally believed that a satisfactory
adjustment of the dispute will be arrived at and thus avoid
a strike. Should this fail to be the case, however, and the
strike take place, it Is not likely that it would prove to be
of long duration. Consequently, buyers are more confident
and have operated with less hesitancy. In the event of the
labor troubles being amicably settled, there is a possibility
of a heavy buying movement developing, as it is claimed that
the trade is badly in need of merchandise.
FOREIGN DRY GOODS: A satisfactory improvement
in demand for linens was noted during the past week. The
more seasonable weather prompted increased buying of
dress linens, and there has been a persistent call for the
better qualities, such as the firmer and shrunken goods.
Crashes for knickers were also in active demand, and factors continue in the belief that this section of the market is
a permanent institution which will be active each year.
Demand for handkerchiefs, which has been inactive for
some time past, developed more activity, there being a good
THE DRY GOODS TRADE
call for ladies' lace numbers of all grades. Burlaps, after
Friday Night, June 20 1924.
ruling moderately active during the early part of the week,
markets for textiles remained more became quiet during the latter part. Light weights are
Despite the fact that
or less quiet during the past week, sentiment throughout quoted at 5.65 to 5.70c. and heavy weights at 8.05c.




3104

ffitate and 0'4 gleinatutent
NEWS ITEMS.
-Third Extra Session of State LegisArkansas (State of).
-Governor McRae late in
lature Called by Governor McRae.
the afternoon of June 16 issued a proclamation again calling
the State Legislature into special session, to convene 12 m.
June 23. This makes the third time the law-makers have
been called into extra session. The prime purpose of the
coming session, it is stated, is to pass a tax bill which will
care for the needs of the State. This step is made necessary
by the finding of the Supreme Court of the State, which held
that the tobacco tax, passed at the last special session in
place of the requested income tax, was unconstitutional. Avoca Drainage District (Sub Drainage District No.
-Extending
-Date Set for Final Deposit of Bonds.
1), La.
the time of deposit of the 5% bonds, dated Aug. 15 1911
and Aug. 15 1914, the interest on which for Aug. 15 1923
and Feb. 15 1924 and principal due Feb. 1 1924 are in
default, as mentioned in V. 118, p. 2984, the committee
formed to protect the bondholders issued another statement
under date June 16 1924, which reads in part as follows:
The time for the deposit of the above mentioned bonds has been estended
until June 20 1924, after which date no further deposits will be accepted,
except upon such terms as may be imposed by tne committee.

Municipality of Medellin (Department of Antioquia,
-External Bonds Floated in United
Republic of Colombia).
States.-This week the Equitable Trust Co. of New York
brought out here $3,000,000 8% External Secured Gold
bonds of this municipality and offered them to investors at
98 and interest, to yield 8.19% to maturity, or 9.55%, if
called in 1928 at 105. The above bonds represent the full
amount authorized and are issued to provide funds for the
payment of $2,500,000 External Dollar notes of 1920 and
for the further improvement and development of the
utility properties (see referencs below). Bonds are coupon in
form,. of denominations of.$500 and $1,000, registerable as
to principal only. Dated Oct. 1 1923. Principal, premium
and semi-annual interest (A. & 0.) payable in United States
gold coin free of all present or future taxes of the Municipality
of Medellin, Department of Antioquia, or the Republic of
Colombia, at the principal office of the Equitable Trust Co.
of New York. Due Oct. 1- 1948. Redeemable as a whole
on any interest date from Oct. 1 1928 to and including April 1
19381 at 105% and accrued interest; from Oct. 1 1938 to
and including April 1 1946 at 102M% and accrued interest,
and thereafter at 100% and accrued interest. Also redeemable in part for the sinking fund on any interest date beginning Oct. 1 1928 at 100% and accrued interest. The
sinking fund, it is stated, is sufficient to retire all of the
bonds by maturity.
For other particulars of this loan see our Department of
!"Current Events & Discussions" on a preceding page.
North Carolina (State of).
-State Legislature Called into
-The North Carolina
Special Session-To Convene Aug. 7.
Legislature has been called into extra session to convene
Aug. 7 to pass on the State-owned ship and water transportation facilities, reports the "Wall Street Journal" of
New York in its issue of June 19, which further says: kW
Proposals include ownership of an east and west rail line through the
State. A committee appointed by the Governor recommended Stateowned port facilities and ships and rail line if necessary to secure what the
State is contending for, lower freight rates. An expenditure of $8,000,000
is involved. The Governor will ask the Legislature to submit the proposal
to a vote of the people this fall.

BOND PROPOSALS AND NEGOTIATIONS
this week have been as follows:
ABERCROMBIE SPECIAL SCHOOL DISTRICT NO. 24, Bottineau
County, No. Dak.-CERTIFICATE OFFERING -Bids will be received
until 2 p. zn. June 26 by J. E. Buchholz, District Clerk, at the County
Auditor's office in Bottineau for $2,500 certificates of indebtedness. Date
June 26 1924. Due 11-500 Dec. 24 1924, 31,000 June 25 1925.
AHOSKIE, Hertford County, No. Caro.
-BOND SALE.
-The
315,900 6% electric light and power system bonds offered on June 14-V.
-were purchased by the Farmers Atlantic Bank of Ahoskie at
118,1o. 2987
-equal to 101.33-a basis of about 5.86%. Date June 1 1924.
$15,200
Due June 1 as follows: 3500, 1927 to 1946. and 31.000,1947 to 1951.
ANN ARBOR SCHOOL DISTRICT (P.O. Ann Arbor), Washington
-CORRECTION IN AMOUNT OF BONDS AWARDEDCounty Mich.
OTHERBIDDERS.-The amount of 4)4% school bonds offered on Juno
'
11 by this district and awarded to A. B. Leach & Co.. Inc. of Chicago at
101.71, a basis of about 4.39% was 3150,000, not $140.000 as incorrectly
reported in last week's issue on page 2987. Other bidders for the issue
were:
101.643 Otis & Co.
100.536
A.G.Becker & Co.
101.642 Bank of Detroit
.
100.378
Taylor, Ewart & Co.
100.294
Emery,Peck, Rockwood__ - _101.09 Bonbright & Co
101.084 Stevenson,Perry,Stacy
100.24
Detroit Trust Co
101.066 Keane, Higbie & Co
100.195
Halsey, Stuart & Co
100.792 H.D.Fellows & Co.
Matthew Finn
R. M. Grant
100.116
Harris, Small & Co.
100.786 Harris Trust & Savings Bank100.10
First National Co.
100.69
Savings Bank
State
-During
ANTELOPE COUNTY (P. 0. Neligh), Neb.-BOND SALE.
the month of May the State of Nebraska purchased 38,500 5% school
par. Date April 11924. Due April 11932,optional April 11929.
bonds at
-BONDS REGISTERED.
ARKANSAS CITY, Cowley County, Kan.
-The State Auditor of Kansas registered $53,500 5% refunding bonds on
May 23.
-BOND OFFERING.ARLINGTON, Middlesex County, Mass.
Charles A. Hardy, Town Treasurer, will receive sealed bids until 8 p. m.
(daylight saving time) June 23, for the purchase of the following described
coupon bonds dated July 1 1924 issued in denomination of $1,000 each:
190,000 4% "school" bonds payable 35,000 July 1 1925 to 1942 inclusive.
80,000
% "fire station' bonds payable $10,000 July 1 1925 to 1932
inclusive.
Principal and semi-ann. int. (J. & J.) payable at The First National Bank
of Boston. These bonds are exempt, it is stated, from taxation in Massa-




[VOL. 118.

UTE CHRONICLE

chusetts and are engraved under the supervision of and certified as to
genuineness by The First National Bank of Boston; their legality will be
approved by Ropes, Gray. Boyden & Perkins, whose opinion will
wi,
furnished the purchaser. All legal papers incident to these issues
I be filed
with said bank where they may be inspected at any time. Bonds will be
delivered to the purchaser on or about July 1 1924, at The First National
Bank of Boston.
Financial Statement, May 23 1924.
Net Valuation for year 1923
$33,394.291 00
Debt limit
852,622 64
Total gross debt, including these issues
976,000 00
Deductions:
Sinking funds
$16,148 10
Water bonds
80,000 00
Sewer bonds '
100,000 00
Park and playground bonds
211,648 10
15,500 00
Net debt
3764,351 90
Borrowing capacity
388.170 74
Sinking funds for debts outside debt limit
79,557 75
ASHLAND COUNTY (P,0. Ashland), Ohio.
-BOND OFFERING.Until 12 in. June 23, sealed bids will be received by Zella Swartz, Clerk
Board of County Commissioners, for $32,000 535% bridge and culvert
bonds. Denom. $1,000. Date July 1 1924. Prin. and semi-ann. int.
(A. & 0.) payable at the County Treasurer's office. Due 34,000 Oct. 1
1925 to 1932 incl.
ASHTABULA, Ashtabula County, Ohio.
-Season-BOND SALE.
good & Mayer of Cincinnati, bidding $227,957. equal to 105.91, a basis
of about 4.615%, were the successful bidders for the 3215,000 54% coupon
bonds offered on June 18-V. 118, p. 2731-issued for the purpose of constructing those portions of a system of storm drains and sanitary sewers
and for sewage disposal works known as River Crossing and Submerged
Outfall, and under authority of a two-thirds vote at an election held Nov.7
1922 and pursuant to Ordinance No. 1284 of the City Council passed on
March 3 1924. Date April 1 1924. Due yearly on Oct. 1 as follows:
$10.000, 1925 to 1932 incl., and $9,000,
to 1947 incl. The bids received were as follows:
Premium.
Premium.
Title Guar.& Tr. Co., Cin_39,202 00 Guard.Say.& Tr.Co.,Cle.38,922 50
Stranahan, Harris, & Otis,
Otis & Co.; Cleveland
7,977 00
Toledo
9.10525 Herrick & Co.,Cleveland__ 9,157 00
Seasongood & Mayer. Cin-11,957 00 Breed, Elliott & Harrison,
N. S. Hill & Co., Cin
8,40490
8,800 00
Cincinnati
Prov. S. B.& Tr. Co., Cin_ 9,30950 Citizens Tr.& S. B.,Colum. 4,848 00
David Robison & Co., Tol_ 9,073 00 Ryan,Bowman & Co.,Tol- 7,894 80
Hayden, Miller & Co., Cle_ 9,999 00 Benjamin Dausaid & Co..
Braun,Bosworth & Co.,Tol. 8.987 00
Detroit
9,230 00
Canton Bond & Investment
Detroit Trust Co., Detroit _11,357 00
Co., Canton
9,548 20 W.L. Slayton & Co., Tol_.. 9,696 50
ATKINS DRAINAGE DISTRICT (P. 0.
ille), Lee County,
So. Caro.
-BOND SALE.
-The $50,000 to $75,000 6% drainage bonds
Bishopv
offered on June 10-V. 118, p. 2731-were purchased by Blanchet, Thornburgh & Vandersall of Toledo. Amount of bonds purchased not stated.
ATLANTA, Fulton County, Ga.-BOND SALE.
-The following 5%
coupon street improvement bonds offered on JUDO 14 (V. 118, P• 2987
)
were purchased by the Hibernia Securities Co., Inc., and associates of Atlanta for $168,542 80,equal to 102.77, a basis of about 4.43%:
39.000 Linden Street bonds. Due June 1 as follows: $1,000, 1927 to 1931,
and $2,000, 1932 and 1933.
6,000 Matthews Street bonds. Due June 1 as follows: $1,000, 1926 to
1919; 31,000, 1931 and 1933.
4,000 Newport Street bonds. Due June 1 as follows: $1,000, 1927, 1929,
1931 and 1933.
9.000 Johnson Avenue bonds. Due June 1 as follows: $1,000, 1926 to
1932; $2.000, 1933.
7,000 Formwait Street bonds. Due $1,000 June 1 1927 to 1933.
8,000 Stokes Avenue bonds. Due $1,000 June 1 1926 to 1933.
11,000 East Harris Street bonds. Due June 1 as follows: $1,000,1927
32,000, 1928 to 1931; 31.000, 1932 and 1933.
3.000 Abbott Street bonds. Duo June 1 as follows: $1,000, 1929, 1931
and 1933.
5,000 Parsons Street No. 2 bonds. Due June 1 as follows: $1,000, 1926
and 1927. 1929. 1931 and 1933.
37.000 Atlantic Avenue No. 1 bonds. Due on June 1 as follows: $5,000.
1926 to 1932, and $2,000, 1933.
9,000 Murray Hill Avenue bonds. Due June 1 as follows: 12,000. 1926;
$1,000, 1927 to 1933.
11,000 Ormond Street No. 2 bonds. Due June 1 as follows: $2,000, 1926
to 1928; 31,000. 1929 to 1933.
13,000 Highland Avenue bonds. Due June 1 as follows: $2,000, 1926 to
1930;$1,000. 1931 to 1933.
32,000 Pullitam Street No.2 bonds. Due June 1 as follows: $2,000, 1926;
15.000, 1927 and 1928, and 14,000, 1929 to 1933.
Date June 1 1924.
The following bids were received:
Price Bid.
Bidders.
Price Bid.
Bidders.
J. H. Hilsman & Co._ _ _ _3167,775 60 Batchelder, NVack & Co._$167,779 70
Robinson-Humphrey Co. 167.962 40 It. W. Pressprich & Co._ 168,428 00
National City Co
167.5.3748 Roosevelt & Son
168,393 56
Citizens & Southern Co... 167,772 50 A. M.Lampert & Co._ - 168,301 00
Edmonds Bros. & Old
Colony Trust Co
167,657 00
AUGUSTA SCHOOL DISTRICT (P.O. Augusta), Bracken County,
-Sealed bids will be received until 2 p. m. Juno
Ky.-BOND OFFERING.
26 by E. Z. Overturf, Secretary Board of Education, for $24,000 5% school
bonds. Denom. 51,000 and $500. Date July 1 1924. Prin. and semiann. int. payable at the Farmers National Bank, Augusta. Due serially
for 30 years. Legality approved by Peck. Shafer & Williams of Cincinnati.
-BOND
AURORA (P. 0. East Aurora), Cayuga County, N. Y.
OFFERING.-Until 2 p. m. (standard time) June 24 the Town Clerk will
receive sealed bids for $140,000 4 % bridge bonds. Date July 1 1924.
Int. semi-ann. Due 35.000 yearly 1928 to 1931 incl. and $10,000, 1932
to 1943 incl.
-A
BANGOR, Penobscot County, Me.
-TEMPORARY LOAN.
3125.000 temporary loan due Oct. 6 1924 has been sold to the First National
Bank of Bangor on a 3.74% discount basis. Other bidders were: First
National Bank, Boston, 3.14; S. N. Bond & Co., 3.34; Merrill Trust Co.,
Bangor.3.30 and Eastern Trust Co., Bangor,3.73.
BATH, Steuben County, N. Y.-730ND ELECTION.
-A special
election for June 23 has been called by the village trustees, at which time the
question of issuing bonds for $34,000, or as much thereof as may be necessary for the cost of the completion of the village hall, will be submitted.
BAYLOR COUNTY(P.O. Seymour),Texas.
-BONDS REGISTERED.
-On June 6 the State Comptroller of Texas registered $500,000 5)4%
serial special road bonds.
BEXAR COUNTY COMMON SCHOOL DISTRICT NO. 25, Texas.
-The State Comptroller of Texas registered
-BONDS REGISTERED.
$15,000 6% 10 -year school bonds on June 4.
-20
BLOOMFIELD SCHOOL DISTRICT, Los Angeles County, Calif.-.
-Sealed proposals will be received until 2 p. m. June 23
BOND OFFERING.
by L. E. Lampton, Clerk Board of Supervisors (P. 0. Los .Angeles), for
$18,000 515% school bonds. Denom. $1,000. Date JUDO 11924. Prin.
and semi-ann. int. payable at the County Treasury. Due 31,000 Juno 1
1925 to 1942 incl. A certified check or cash for 3% of bid, payable to the
Chairman of the Board of Supervisors, required.
BLOOMFIELD TOWNSHIP FRACTIONAL SCHOOL DISTRICT
-BOND SALE
NO. 1 (P. 0. Birmingham), Oakland County, Mich.
CORRECTION IN INTEREST -The following two issues of school bonds
-have been awarded to Matthew Finn
offered on June 9-V. 118, p. 2858
of Detroit for $270,085, equal to 100 03:
3255.000 Pierce St. school bonds. Due as follows: $5,000, 1925 to 1927;
310,000, 1929 and 1930; $10,000, 1932 and 1933; S20,000. 1934
and 1935: 120,000. 1937 and 1938, and 3120,000, 1939.
•
15,000 Pierce St. site bonds. Due as follows: $5,000, 1925 to 1927 incl.
Denom 31,000. Date June 1 1924.
In last week's issue, on page 2987, we reported that the above bonds had
been sold as 44s.,but later advices show that $150,000 of the bonds were
awarded as 4)4s and 3120.000 as 435s. The bids for the entire amount
at 4)4% were;

1933

JUNE 21 1924.]

THE CHRONICLE

3105

Price. will be furnished the purchaser. All legal papers incident to this issue
Price.
100.431 will be filed with said bank where they may be inspect d at any time.
Otis & Co.
Prudden & Co.
Bonds will be delivered to the purchaser on or about July 1 at the First
Stranahan, Harris & Oatis_.100.962 Keane, Higbie & Co
Livingston, Higbie & Co.--- _100.381 National Bank of Boston.
Detroit Trust Co.
Financial Statement June I 1924.
100.841
The bids at 5% were:
Lerchen & Co
Watling,
53,621.310 00
Net valuation for year 1923
100.852 Detroit Trust Co.
E. E.MacCrone & Co
101.044 10
102.781 Debt limit
Watling, Lerchen & Co.
First National Co.
112,900 00
Total gross debt, including this issue_
102.40
E.E.MacCrone & Co.
Harris, Small & Co.
authorized by Act of the Legislature and are outside the
These bonds are
.
100.78 Keane, Higbie & Co
H.D.Fellows & Co
Livingstone, Higbie & Co._ _ _102.279 limit of indebtedness.
WhIttlesey, McLean & Co.
CHAUTAUQUA COUNTY RURAL HIGH SCHOOL DISTRICT
This last named syndicate also bid premium 51.181, price 100.437 for
-The State Auditor
-BONDS REGISTERED.
$255,000 of4Sts. and premium $6,272 50, price 102.323for the same amount NO.1 (P. 0. Sedan), Kan.
of 5s. A bid of par, plus a premium of $23 50. equal to 100.008, less $400 of Kansas registered $38,438 38 5% school bonds on May 12 and $32,122 63
for expenses, for $150,000 as 4%s.and $120,000 as 4Sis. was also received 1%% temporary notes on May 13.
from Prudden & Co. and Stranahan, Harris & Otis.
CHERRYVILLE SCHOOL DISTRICT (P. 0. Cherryville), Gaston
-Sealed bids will be received
-BOND OFFERING.
BOONVILLE, Oneida County, N. Y.
-On June 16 County, No. Caro.
-BOND SALE.
an issue of $8,500 6% concrete curb and pavement bonds was sold to Sher- until 11 a. m. June 24 by A. M. Stroup, Secretary Board of Education,
bonds. Denom. 51.000. Date June 11924.
wood & Merrifield of New York as 5s at 101.55, a basis of about 5.765%• for 530,000 6% coupon school
Denom.$500. Date July 11924. Int. J. & J. Due $500 yearly on July I Prin. and semi-ann. Int. payable at the Mechanics & Metals National
1925 to 1941 inclusive.
Bank. Due June 1 as folrows: $1,000 in 1927 to 1936 and 52,000. 1937
Legality approved by Storey, Thorndike, Palmer & Dodge of
Mass.
-TEMPORARY LOAN.
-The temporary loan of to 1946. A certified check for 2% of bid, payable to the Board of Trustees.
Boston.
03.000.000 offered on June 14-V. 118,.p. 2987
-dated June 16 1924 and is required.
maturing Nov. 4 1924 has been awarded to the National Shawmut Bank of
-The foI
-BOND SALE.
Boston on a 2.48% discount basis plus a $4 96 premium. Other bids, all on
CHICAGO,SOUTH PARK DISTRICT, III.
a discount basis, were: First National Bank 2.72% discount, plus $23; lowing two issues of4% serial bonds offered on June 18-V. 118. p. 2988
S. N. Bond & Co., 2.847,, plus $10; Old Colony Mist Co., 2.85%, plus have been sold to a syndicate composed of the Illinois Merchants Trust
$15; Merchants National Bank, 2.89%; Grafton Co., 3.25%•
Co.,Continental & Commercial Trust & SavingsBank, First Trust& Says.
98.17,a basis of about 4.23%;
SCHOOL TOWNSHIP (P. 0. Fairland), Shelby Bank and the Harris Trust & Savings Bank at
County, Ind.
-BOND OFFERING.
-W, G. Bush. School Township 52,000,000 Lake Front extension bonds.
1.000.000 Grant Park improvement bonds.
Trustee, will receive sealed bids until 1 p. m. July 2 for $14,000
%
payabler
Denom. $1,000. Date Jtme 1 1924. Prin. and semi-ann. int., Chicago
school improvement bonds. Denom. $500. Date July 28 1924. Prin.
Commissioners in
and semi-ann. int. (J. & J. 28) payable at the First National Bank of Fair- at the office of the Treasurer of the South Park
yearly on June 1 1925 to 1944, inclusive.
land. Due yearly on July 28 as follows: $1,000, 1925 to 1928 incl., and Due 5150.000
Financial Statement.
52,000, 1929 to 1933 incl.
$1.966,088,700
value of taxable property, estimated
BRISCO COUNTY COMMON SCHOOL DISTRICT NO. I, Texas. Real
983.044.350
Assessed valuation for taxation 1923
-On June 5 the State Comptroller of Texas Total bonded debt (this issue included)
22,827,000
-BONDS REGISTERED.
900.000
registered $16,000 6% serial school bonds.
Population, estimated
Total debt less than 2 1-3% of assessed valuation.
BROCKTON Plymouth County, Mass.
-TEMPORARY LOAN.The Home National Bank of Brockton purchased a temporary lean of
-BOND OFFERING.
CLAREMONT, Catawba County, No. Caro.
$400,000 maturing $200,000 Feb. 12, and March 12 1925. on a 2.47%
Board
Soiled bids will be received until June 25 by P. 11. Moser, Secretary bonds.
discount basis plus a premium of $1.
electric light and power system
of Commissioners, for $10,000 6%
BRONSON CITY, Bourbon County, Kan.
-BONDS REGISTERED. Denom. $500.
-The State Auditor of Kansas registered $34,000 5% internal improve!
CLEVELAND HEIGHTS (P. 0. Cleveland) Cuyahoga County,
ment bonds on May 10.
% special assessment "Paving
-The 3258,000
-BOND SALE.
Ohio.
BROOKS COUNTY (P. 0. Falfurrias), Texas.
- bonds, second issue 1924," offered on June 7 (V. 118, p. 2732) have been
-BOND SALE.
Kauffman, Smith & Co. purchased $250.000 5%% direct obligation road awarded to the Herrick Co. of Cleveland for $264,116. equal to 102.36.
bonds. Denom. 51.000. Date March 10 1924. Prin. and semi-ann. int. a basis of about 4.785%. Date June 1 1924. Due yearly on Oct. 1 as
(M. & S. 10) payable at the Hanover National Bank, New York. Due follows: 526.000. 1925 to 1934 incl., except in the years 1925 and 1930
serially.
525.000 will mature.
-The State
-BONDS REGISTERED.
BUFFALO, N. Y.
-RECORD OF BORROWINGS MADE DURING
CLYDE, Cloud County, Kan.
MAY BY CITY.
-During the month of Mav, this city sold 4% short-term Auditor of Kansas registered $40,208 30 5% paving bonds on May 27.
securities at par to the Commissioner of Finance and Accounts for the
-Sealed bids will be
CODY, Park County, Wyo.-BOND OFFERING.
account of various funds of the city as follows:
p. m.June 30 by G. W.Trueblood, Town Clerk, for $1,500
0160.536 65 emergency, purchased in acccount for the General Fund. received until 8
sewer bonds.
Date May 11924. Due July 11925.
-Our Denver correspondent
-BOND SALE.
36,000 00 Municipal Bldgs., purchased In account for the Water Bond
COLORADO (State of).
Sinking Fund. Date May 11924. Due May 1 1925 to 1944 advises us in a special dispatch that Boettcher, Porter & Co and the Denver
Inclusive.
National Bank, both a Denver, have Jointly purchased 5500.000 5%
1,962 77 Monthly Local Work, purchased in account for the Erie RR. 2 -year (opt.) highway bonds at 102.10. These bonds were offered
-13
Grade Crossing Bond Sinking Fund. Date May 15 1924. on June 1-V. 118. p. 2603- and again on June 19.
Due May 15 1925.
COOK COUNTY SCHOOL DISTRICT NO. 97 (P. 0. Oak Park),
BUNCOMBE COUNTY (P. 0. Asheville), No. Caro.
-An issue of $500,000 4%% school bonds has been sold
-BOND OFFER- 111.
-BOND SALE.
-Sealed bids will be received until 12 m. July 8 by George A. Diggcs to the First Trust & Savings Bank of Chicago at 105.30.
ING.
Jr., Clerk Board of County Commissioners. for 5300.000 5% road and
COUNCIL BLUFFS INDEPENDENT SCHOOL DISTRICT (P. 0.
bridge bonds. Denom. $1,000. Date July 1 1924. Prin. and semi-ann.
-BOND OFFERING.
int. payable at the Hanover National Bank, New York. Due $10,000 Council Bluffs), Pottawattamie County, Iowa.
H. Williams, District SecreJuly 1 1929 to 1958. Legality approved by Storey, Thorndike, Palmer & Bids will be received until 8 p. m. July 1 by B.check for $3,250 required.
tary, for $65,000 building bonds. A certified
Dodge of Boston. A certified check for $6,000 required.
-W.L. Slay-BOND SALE.
CRESTLINE, Crawford County, Ohio.
BUTLER COUNTY SCHOOL DISTRICT NO. 70 (P. 0. White.
Toledo have been awarded the 512,0006% North Thoman St.
water R. F. D. No. 1) Kan.
-BOND OFFERING.
-Sealed bids will be ton & Co. of
-at
2475
received until 2 p. m. June 21 by Ernest G. Classen, Clerk, for 510.000 property portion impt. bonds offered on June 9-V. 118, p on July I
year .
1924.
% school bonds. Date July 1 1924. Due July 11927. A cert. check 103.76, a basis of about 5.08%. Date July 1 $1,000,Due to 1933 incl.
1931
as follows: 51,500. 1925 to 1930 incl., and
for 2% of bid Is required.
-BOND OFFERINGCUMBERLAND COUNTY (P.O. Portland), Me.
CALHOUN FALLS SCHOOL DISTRICT (P. 0. Calhoun), Pickens
proposals will be received until 12 m. June 26 by Henry
County, So. Caro.
-BOND SALE.
-The Bank of Charleston purchased -Sealed
H. B. Hawes. County Treasurer, for $125,000 4% court house refunding
$50.000 5Si% school bonds at a premium of $325
-equal to 100.65.
bonds. Date July 1 1924. Prin. and semi-ann. int. (J. & J.) payable
CAMBRIDGE, Middlesex County, Mass.
-TEMPORARY LOAN.- at the First Nat. Bank of Portland. Due July 1 1944. These bonds are
The temporary loan of $500,000 issued in anticipation of revenue for the prepared under the supervision of and certified as to genuineness by the
year 1924, offered on June 19(V. 118, p. 2988) has been sold to the National MA National Bank of Portland, and their legality approved by Verrill,
Shawmut Bank of Boston on a 2.57% discount basis. Date Jan. 23 1924. Hale, Booth & Ives, whose opinion will be furnished the purchaser. All
Due Dec. 23 1924.
papers incident to this issue will be filed with the First National Bank of
-The Portland, where they may be inspected.
Newport), Ky.-BOND SALE.
-The
5250.000 5% county coupon bonds offered on June 16-V. 118. p. 2603
-BOND SALE.
DAVIES COUNTY (P. 0. Washington), Ind.
were purchased by Weil-Roth & Irving of Cincinnati at par and a premium 564,170 5% S. H. Burton et al., road bonds offered on June 16-V. 118,
-equal to 102.20-a basis of about 4.76%. Date May 1 1923. p. 2603
of 55.505
-have been sold to the Fletcher Savings Bank & Trust Co. of
Due on May 1 as follows: 530.000, 1934: $40,000, 1935 to 1939; $20,000. Indianapolis at 102.35, a basis of about 4.52%. Date June 161924. Due
1940. The following is a list of bids received:
$3.208 50 each six months from May 15 1925 to Nov. 15 1934, incl. Other
Premium.
Premium. bidders were:
Breed Elliott & Harrison_ _51.925 00 J. C. Mayer & Co
$2,525 00
Premium.Premium.
Seasongood & Mayer
5,42600 Hill & Co.
31 50 Fletcher American Co
51,455 50
01,431 001J. F. Wild & Co
Poor & Co., Cincinnati_ _ _ - 2,877 50
1.503 00
Meyer-Kiser Bank
1,250 00 City Trust Co
BOND OFFERING.
-John L. Clark, County Treasurer, will receive
Fremont County, Colo.
-BOND SALE.
-Boettcher,
Porter & Co. and Sidle, Simons, Fels & Co. of Denver purchased $209,- sealed bids until 2 p. m. July 8 for $4,700 5% Thomas D. Hastings et al.,
road construction bonds. Denom.$235. Date July 8 1924. Int. M.& N.
063 35 improvement bonds as 5s at a premium of $978 12,equal to 100.46.
15. Due $235 each six months from May 15 1925 to Nov. 15 1934. incl.
CARRICK SCHOOL DISTRICT (P.O. Carrick), Allegheny County,
DAVIESS COUNTY CONSOLIDATED SCHOOL DISTRICT NO. 3
-BOND SALE.
-Glover & MacGregor have purchased the $115,000
Pa.
-The White-Phillips Co. of Daven4)4% school bonds offered onJune 16-V. 118, p. 2988-for $118,510, equal (P. 0. Gallatin), Mo.-BOND SALE.
to 103.04, a basis of about 4.27%. Date June 1 1924. Due on June 1 port has purchased 535,000 5 Si% school bonds. Denom.$1,000 and $500.
as follows: $25,000 1934 and $30,000 1939, 1945 and 1954. Other bidders Date Feb. 1 1924. Prin. and semi-ann. int.(F.& A.) payable at the office
of the above-named firm. Due Feb. 1 as follows: $1,000, 1926 to 1930;
were as follows:
and
Amount of Bid.
Amount of Bid. $1.500. 1931 to 1935; 52,000, 1936 to 1940: 53,000, 1941 to 1943.
Graham, Parsons & Co_ .5117.57508 Union Tr. Co.of Pittsb'h$118,225 40 $3,500 in 1944.
West & Co
117.020 55 Mellon National Bank- 118,005 00
-The follow-BOND SALE.
DAYTON, Montgomery County, Ohio.
Harris, Forbes & Co__ _ _ 117,093 00 Redmond & Co
117,541 50 ing two issues of 5% coupon bonds offered on June 19 (V. 118, p. 2603)
People's Says. & Tr. Co- 117,220 00 J. H. Holmes & Co
117,644 00 have been sold to a syndicate composed of Estabrook & Co., Hannahs.
Lewis & Snyder
117,967 00
Bailin & Lee, Curtis & Sanger and Otis & Co. at 103.77, a basis of about
•
CEDAR COUNTY SCHOOL DISTRICT NO.64 (P. 0. Hartington), 4.42%:
5300,000 water-works extension and improvement bonds. Date May 1
Neb.-BOND SALE.
-During the month of May the State of Nebraska
1924. Duo $15,000 yearly on Sept. 1 from 1925 to 1944 incl.
purchased $10,000 5% school bonds at par. Date July 1 1923. Due July
348,000 storm sewer constructing and iltreet and alley improvement bonds.
1 1939 to 1943.
Date April 1 1924. Due yearly on Sept. 1 as follows: $38,000,
CHAMBERS COUNTY ROAD DISTRICT NO. 4 (P. 0. Anahuac),
1925 to 1927 incl.. and $39,000, 1928 to 1933 incl.
-BOND OFFERING.
-Sealed bids will be received until 10:30 p. m.
Tex.
Financial Statement (as Officially Reported).
Juno 28 by Joe F. Willson. County Judge, for $100,000 5Si% coupon road Assessed valuation. 1924 •
$'35.675.560
bonds. Denom.$1,000. Date June 101924. Int.semi-ann.(J.& D. 10). Total bonded debt (including this issue)
11.306,140
payable in Anahuac or New York. Due serially. A Certified Check for
Water debt
52,436,000
2% of bid, payable to the County Judge, is required.
2.070,980
Sinking fund
4.506.980
CHANUTE, Neosho County, Kan.
-BONDS REGISTERED.
-The
State Auditor of Kansas registered $190,000 5% military memorial bonds
$6.799,160
Net bonded debt
on May 19.
Population, 1920 Census, 152,559.
CHARLOTTE, Eaton County, Mich.
-BOND OFFERING.
-Claude
-On June
DEARBORN, Wayne County, Mich.
W.Behrens,City Clerk, will receive sealed bids until 7 p. m.(Central stand-BOND ELECTION.
June 23 for $30,000 paving bonds. Denom.$1,000. Int. F.& A. 24 the taxpayers will vote on two bonding propositions, as follows: $10,000
ard time)
Duo 03,000 Yesq on Aug. 1 1925 to-1934 incl. Bidder to name rate of for new fire engine and $10,000 for enlarging village hall to provide jail and
Interest, to furnish blank bonds and pay all expenses of securing legal opin- rest room.
ion on the bonds. Certified chock for $500 required.
DENVER (City & County).
-DEAL TO PURCHASE THE ANTERO
-CITY
-BOND OFFERING.
CHATHAM Barnstable County, Mass.
-Until AND LOST PARK RESERVOIR PROPERTY CONSUMMATED
8 p. m. (daylight saving time) Juno 23 sealed bids will be received by BONDS TURNED OVER IN PAYMENT RESOLD.
-Just recently the
Augustus M. Bearse, Town Treasurer, for the purchase of 5100,000 4% Water Board of this city, after much litigation, completed the deal for the
coupon "School and Municipal Loan Act of 1923' bonds, issued In denom- Antero and Lost Park Reservoir property. The purchase price was
ination of $1,000 each, dated July 1 1924, and payable 55,000 on July 1 51.050,000 in city bonds and $150,000in cash, this being paid to the Antero
1925 to 1944. inclusive. Prin. and semi-ann. int. (J. & J.) payable at the & Lost Park Reservoir Co., which in turn has now resold $980,000 of the
First National Bank of Boston. These bonds, it is stated, are exempt bonds to Boettcher, Porter & Co.of Denver at 101.50, the highest price, it is
from taxation in Massachusetts and are engraved under the supervision of stated, ever paid for bonds in Denver "on a basis of comparison." The
and certified as to genuineness by the First National Bank of Boston; their bonds bear 414% interest, are dated Jan. 1 1914 and mature Jan. 1 1944.
legality will be approved by Ropes, Gray, Boyden & Perkins, whose opinion The Antero company redelivered $70,000 of the bonds to the Denver

BOSTON,

BRANDYWINE

CAMPBELL COUNTY (P. 0.

CANON CITY,




3106

THE CHRONICLE

Water Board as indemnity for various small items that are not yet adjusted.
These adjustments have no bearing on the title. The deal just completed
for the purchase of the property by the Water Board originally stared in
1915. when the bonds spoken of above were voted for that purpose. Speaking of effects of the deal by the city, the Denver "Rocky Mountain News"
says: "Consummation of the deal for the purchase marked the close of 15
different legal suits involving the property since the original contract for
purchase was drawn. The different suits involve the Henry L. Doherty
interests, the East Denver Municipal Irrigation District and the Nile
Irrigation District, in addition to the city and the Antero & Lost Park
Reservoir Co. All the outside interests were drawn into the deal due
to the fact that litigation between the different interests directly affected
the title to the property. Dismissals were procured in each of the different
cases, definitely clearing the land titles." A special dispatch from Denver
to the "Wall Street Journal" also says regarding the result of the deal:
"As a result of the purchase, the East Denver Irrigation District will
complete its canal system, now 90% finished, so that water may be applied
to 40.000 acres of barren desert land north and east of Denver lying between
the Union Pacific and Burlington railroads. The city agrees to supply
water not needed for domestic purposes to this area, which is expected to
open a large district for agricultural development. The contracts also
dispose of litigation involving the Nile Irrigation District in which Doherty
-ere interested. This district was designed to furnish
and
water to 20,000 acres in Morgan County. The Doherty interests agree
associates7'
to surrender bonds, coupons, tax certificates and tax deeds on lands involved aggregating approximately $1,500,000, but will retain interests
in the irrigation works. The combined litigation involved judgments
against the Doherty interests aggregating 33,000,000; these judgments
have now been dismissed."
DE PERE, Brown County, Wis.-BOND SALE -The 8100,000 5%
-were purchased
school building bonds offered on June 16-V. 118, p. 2989
by the Second Ward Securities Co. of Milwaukee at a premium of $2.605,
eaual to 102.605, a basis of about 4.66%. Date March 1 1924. Due
25,000 March 1 1925 to 1944, inclusive.
-The
-BOND SALE.
DE SOTO COUNTY (P. 0. Arcadia), Fla.
-were purtwo issues of 534% bonds offered on June 14-V. 118, p. 2859
chased by the following:
360,000 jail bonds to Pauly Jail Building Co.
1,000,000 county wide road bonds to Caldwell & Co. of Nashville. Blanchett Thornburg & Vandersall of Toledo and Spitzer Rorick &
Co. of Toledo.
Date July 11924. Due within 24 years.
DILLONVALE VILLAGE SCHOOL DISTRICT (P. 0. Dillonvale),
Jefferson County, Ohio.
-J. S. Miller, Clerk
-BOND OFFERING.
Board of Education, will receive sealed bids until 12 m. (Central standard
time) June 28 for 3100.000
% fireproof school construction bonds.
Denom. $1.000. Date June 1 1924. Prin. and semi-ann. in (M. & S.)
payable at the office of the Board of Education. Due each six months as
follows: 32,000 each March 15 and 33.000 each Sept. 15 from March 15
1925 to Sept. 15 1928 incl., and 32.000 each six months from March 15
1929 to Sept. 15 1948 incl. Certified check for $1,000, payable to the
Board of Education, required.
DODGE COUNTY (P. 0. Juneau), Wis.-BOND OFFERING.
Sealed bids will be received until 12 m. June 27 by E. F. Becker, County
Clerk, for the following 5% county bonds:
3100,000 bonds. Denom. $1,000. Date April 11923. Due April 11930.
80,000 bonds. Denom. X1,000. Date April 1 1923. Due April 11941.
102.000 bonds. Denom. $1,000. Date April 1 1923. Due April 11943.
30,000 bonds. Denom.$500. Date April 1 1924. Due April 11925.
25,000 bonds. Denom. $500. Date April 1 1924. Due April 1 1926.
A certified check for 2% of bl,c1 required.
DODSONVILLE INDEPENDENT SCHOOL DISTRICT (P. 0. Dod-BONDS REGISTERED.sonville), Collingsworth County, Texas.
On June 4 the State Comptroller of Texas registered $16,000 534% serial
school bonds.
.-The
DOUGLAS COUNTY (P. 0. Omaha), Neb.-BOND SALE
$200,000 5% road bonds offered on June 10-V. 118, p. 2859-were purchased by R. M. Grant & Co. of New York. Date Oct. 1 1919. Due
Oct. 1 1944.
DOUGLAS COUNTY SCHOOL DISTRICT NO.71(P.O. Lawrence),
-The State Auditor of Kansas registered
Kan.-BOADS REGISTERED.
37.000 5% school bonds on May 6.
DOWNEY SCHOOL DISTRICT, Los Angeles County, Calif.
BOND OFFERING.-Sealed proposals will be received until 2 p. m. June 30
by L.E.Lampton,County Clerk (P.0.Los Angeles),for $30,0006% school
bonds. Denom. $1,000. Date June 1 1924. Prin. and semi-ann. int.
payable at the County Treasury. Due $1,000 yearly on June 1 from
1925 to 1954, incl. A certifed or cashier's check for 3% of bid, payable to
the Chairman of Board of Supervisors, required.
DULUTH INDEPENDENT SCHOOL DISTRICT (P. 0. Duluth),
-BOND ELECTION.
St. Louis County, Minn.
-An election will be held
on July 19 to vote on the question of issuing 31,800,000 school bonds.
EASTCHESTER UNION FREE SCHOOL DISTRICT NO. 3 (P. 0.
Bronxville), Westchester County, N. Y.
-BOND SALE.-Bonbright
& Co., Inc., of New York have purchased the 3600,000
% coupon or
registered school bonds offered on June 16-V. 118. p. 2732
-at 101.95.
a basis of about 4.35%. Date Sept. 1 1923. Due yearly on Sept. 1 as
follows: $10,000. 1926 to 1930 incl.: $15,000. 1931 to 1936 incl.; $20,000.
1937 to 1941 incl.: 325.000. 1942 to 1945 incl.; 320,000, 1946 to 1949 incl.,
and $35,000. 1950 to 1953 incl.
EAST LANSING, Ingham County, Mich.
-The De-BOND SALE.
troit Trust Co. of Detroit has purchased an issue of 345,000 4%% bonds for
paving and a fire station, at 98.76. The following bids were received:
Price.'
66.761Paine, Webber & Co
Detroit Trust Co
98.651 Harris Trust & Says. Bank.
._97.16
Keane, Higbie & Co
98.541First National Company
David Robison & Co
-BOND OFFERING.-Until
.0
EASTWOOD, Onondaga County, N. Y.
7 p. m. June 30 sealed bids will be received by Lorain E. Eaton, Village
Clerk, for the purchase of the following issues of bonds, not to exceed 6%
interest:
360.000 paving bonds. Due $3.000 July 1 1925 to 1944 incl.
60.000 sewerage bonds. Due $3.000 July 1 1925 to 1944 incl.
Denom. $1,000. Date July 1 1924. Prin. and semi-ann. int. (J. & J.)
payable at the First Trust & Deposit Co. of Syracuse. Legality approved
by Caldwell & Raymond of New York. Certified check for 2% of the
amount of bonds bid for, required.
EDGEWATER SCHOOL DISTRICT (P. 0. Edgewater), Bergen
-Harris, Forbes & Co. of New York pur-BOND SALE.
County, N. J.
chased the issue of 5% coupon or registered school bonds offered on June
12 (V. 118, p. 2732) for $160,297 (for $157,000 bonds), equal to 101.98,
a basis of about 4.755%. Date June 1 1924. Due yearly on June 1 as
follows: $8,000, 1925 to 1943 incl., and $5,000, 1944. Other bidders were:
Amt. of Bonds
Amt. of
Bid for.
Bid.
3159.000
$160,216 00
Union National Corporation
160,999 98
.000
N.J. Fidelity & Plate Glass Insurance Co160
158.000
160,152 00
B. J. Van Ingen & Co
160,207 26
158,000
H.L. Allen & Co
160,075 00
158,000
C. W. Whitis & Co
159.000
160,839 00
J. S. Rippe! & Co.
EDWARDS COUNTY SCHOOL DISTRICT NO. 3 (P. 0. Kinslev),
-The State Auditor of Kansas registered
-BONDS REGISTERED.
Kan.
$20.106 funding judgment bonds on May 21.
-BOA DS REGISTERED.
-The
ELDORADO, Butler County, Kan.
State Auditor of Kansas registered $73,210 395% paving bonds on May 1.
-BONDS REGISTERED.
-The
ELECTRA, Wichita County, Tex.
State Comptroller of Texas registered *25.0006% serial street improvement
bonds on June 10.
EL PASO COUNTY SCHOOL DISTRICT NO. 11 (P. 0. Colorado
-BOND SALE -The $100,000 434% coupon school
Springs), Colo.
-were purchased jointly by
bonds offered on June 16-V. 118, p. 2989
Boettcher,Porter & Co.and Antonides & Co.. both of Denver,at 101.0876.
a basis of about 4.41%. Date Jan, 2 1923. Due Jan. 2 1941. The
following bids werereceived:




iis.

International Trust Co_ _ _
U.S. National Co
Van Riper, Day & Co
Newton & Co

_101.08351 Bosworth, Chanute & Co.:
101.031
Sidlo, Simons, Fels & Co--100.863
100.84
100.9132 Benwell & Co
100.898
National City Co., Chicago- -100.693
100.465
Taylor, Ewart & Co
EUCLID, Cuyahoga County, Ohio.
-Charles
-BOND OFFERING.
H. Cross, Village Clerk, until 12 m. July 7 will receive sealed bids for
3134,000 6% coupon street and highway bonds. Denom. $1,000. Dated
day of sale. Int. A. & 0. Due yearly on Oct. 1 as follows: $8,000.
1925, and $9,000. 1926 to 1939 incl. Certified check for 10% of the
amount of bonds bid for, payable to the Village Treasurer, required
Purchaser to take up and pay for bonds within ten days from time of award,
FAIRFIELD, Fairfield County, Conn.
-BOND OFFERING.-Linn
B. Switzer, Town Treasurer, will receive sealed bids until 12 m.(daylight
saving time) June 25 for the purchase of $220,000 4% coupon high school
bonds. Issued in denomination of $1,000 each, dated July 1 1924, and
payable 510.000 on July 1 1926 to 1947 incl. Prin. and semi-ann. int.
(J. & J. 1) payable at National Bank of Commerce in New York or at the
Fairfield Trust Co., Fairfield. at the option of the holder. The bonds are
engraved under the supervision of and certified as to genuineness by the
First National Bank of Boston; their legality will be approved by Storey.
Thorndike, Palmer & Dodge, whose opinion will be furnished the purchaser.
All legal papers incident to this issuil will be filed with said bank, where they
may be inspected at any time. Bonds will be delivered to the purchaser
on or about July 1 1924 at the First National Bank of Boston.
Financial Statement June 1 1924.
Last grand list
$23,470.838 00
Total bonded debt, including present issue__ ..$820,000
Floating debt
5,000
825,000 00
Sinking fund
95,51467
Net debt
$729,485 33
Population (1920). 11.475.
FAYETTE COUNTY (P.O. Fayette), W. Va.-NO BIDS RECEIVED.
-No bids were received for the $3388,000 5% Fayetteville Road District
coupon bonds offered on June 12 V. 118, p. 2989). Date July 1 1923.
Due on July 1 as follows: 311,000, 1925 to 1931; 312,000. 1932 to 1941;
311,000, 1942; 512.000. 1943 to 1957.
FAYETTEVILLE, Cumberland County, No. Caro.
-BOND OFFERING.
-Sealed bids will be received until 8 p. m. June 23 by H. J. M'Buie,
City Clerk,for 3200.000 street impt, bonds registerable as to prin. Denom.
$1,000. Date June 1 1924. Prin, and semi-ann. its. (J. & D.) payable
in gold at the U. S. Mtge. & Trust Co., New York. Due $20,000 June
1 1926 to 1945 incl. The bonds will be prepared under the supervision
of the U. S. Mtge. & Trust Co., N. Y. City, which will certify as to the
genuineness of the signatures and the seal impressed thereon. The approving opinion of Chester B. Masslich, N. Y. City, will be furnished the
purchaser. A certified check or cash upon an incorporated bank or trust
company for $4,000 is required.
FLATHEAD COUNTY SCHOOL DISTRICT NO. 10 (P. 0. Kalispell), Mont.
-BOND OFFERING.-Bids will be received until 2 p. m.June
28 by David Shirreffs, District Clerk, for $3.000 coupon school bonds.
Denom. $300. Int. rate not to exceed 5%. Due 1 to 10 years. A cert.
check for $100 payable to the District Clerk is required.
FLOYD COUNTY COMMON SCHOOL DISTRICT NO. 77, Texas.
BONDS REGISTERED.
-The State Comptroller of Texas registered $7,000
6% 10'20
-year school bonds on June 7.
FLOYD COUNTY COMMON SCHOOL DISTRICT NO. 14, Texas.
BONDS REGISTERED.
-On June 7 315,000 6% serial school bonds were
registered by the State Comptroller of Texas.
FORT LAUDERDALE, Broward County, Fla.
-BOND OFFERING.
Sealed bids will be received until 12 m. June 25 by Jasper Lawson, City
Clerk, for 3200.000 6% municipal improvement bonds. Denom. $1,000.
Date June 1 1924. Prin. and semi-ann. int. (J. & D.) payable at the
Hanover National Bank. Due June 1 1944. Approving opinion by John
C. Thomson of New York. A cert. check for $2,000 on some responsible
bank, payable to the City Treasurer is required.
FORT SCOTT, Bourbon County, Kan.
-Bids
-BOND OFFERING.
will be received until 2 p. m. June 23 by W. E. Childress, Mayor, for
355.000 5% internal improvement bonds. Date March 1 1924. Due
35,500. 1924 to 1933, inclusive.
BONDS REGISTERED.
-The State Auditor of Kansas registered $19,000
5% internal improvement bonds on May 10.
FORTY FORT SCHOOL DISTRICT, Pa.
-BONDS NOT SOLD.
-TO
-OFFERED AT A LATER DATE.
BE RE
-On May 27 an issue of $290,000
school bonds was offered but not sold. The bonds are to be sold at some
future date.
FRANKLIN COUNTY (P. 0. Columbus), Ohio.
-BOND SALE.
Otis & Co. of Cleveland have been awarded two issues of 534% road improvement bonds offered on June 18 as follows:
$39.900 Meek Road improvement bonds for $40,741, equal to 102 10.
;
19,500 Wilson Road improvement bonds. for $19,906, equal to 102.08.
Date June 2 1924. Following is a list of the bids received:
1Vilson
Meek
Both
Road
Road
Issues
Bonds.
Bonds. Combined.
Premium. Premium. Premium.
Citizens' Trust & Savings Bank,Columbus.
$676 00
Stranahan, Harris & Oatis, Toledo
Assel, Goetz & Moerlein, Cincinnati
$448 50 $917 70
Prov. Say. Bank & Tr. Co.. Cincinnati
458 25
949 62
Herrick Co., Cleveland
1,25770
Seasongood & Mayer. Cincinnati
466 00
966 00
Well, Roth & Irving Co.. Cincinnati
363 00
754 11
Breed, Elliott & Harrison, Cincinnati
406 00
830 00
N. S. Hill & Co.. Cincinnati
340 00
696 00
Title Guarantee & Trust Co.. Cincinnati_ _ _ _
397 80
813 96
Braun, Bosworth & Co.. Toledo
407 00
843 00
Prudden & Co
1
W.L. Slayton & Co.. Toledo
406 00
841 00
Otis & Co., Cleveland
1,43800
FRANKLIN SCHOOL TOWNSHIP (P. 0. Franklin), Johnson
County,Ind.
-BOND SALE.
-On June 11 J. F. Wild & Co.of Indianapolis
were awarded an issue of $50,000 4%7 school bonds for $50.555 50,
0
equal to 101.111. The next two highest bidders were: Fletcher Savings
& Trust Co., par and int. plus a premium of $333 30, and the Fletcher
American Co., par and int. plus a premium of $319.
FREDERICK COUNTY (P. 0. Frederick), Md.-BOND SALE.
On June 17 a group consisting of Baker. Watts & Co., Nelson, Cook & Co.
and Townsend, Scott & Son at 101.386, purchased an issue of $50,000 435%
,
lateral road bonds, maturing 1931 to 1937, inclusive.
FREDERICKA INDEPENDENT SCHOOL DISTRICT (P. 0.
Fredericka), Bremer County. Iowa.-BOND OFFERING.
-Bids will
be received by E. L. Rourke, District Secretary, until 2 p. m. June 27 for
330,000 5% school building bonds.
FREDONIA, Wilson County, Kan.
-On
-BONDS REGISTERED.
May 7 the State Auditor of Kansas registered $125,000 5% water and
lighting bonds.
FREEHOLD, Monmouth County, N. J.
-BOND OFFERING.-Until
8 p. m. July 7 sealed bids will be received by Harry M. Burke, Borough
Clerk, for the purchase of an issue of 434% coupon or registered sewerage
extension, series 1924, bonds, not to exceed $36,000, no more bonds to
be awarded than will produce a premium of $1,000 over $36,000. Denom.
$1,000. Date July 11924. Prin. and semi-ann. int. (J. az J. D. payable
at the office of the Borough Treasurer in New York exchange. Due $2,000
July 1 1925 to 1942.incl. The bonds will be prepared under the supervision
of the United States Mortgage & Trust Co. of New York, which will certify
as to the genuineness of the signatures of the officials and the seal impressed
thereon and the validity of the bonds will be approved by Caldwell &
Raymond of New York. Certified check for 2% of the amount of bonds
bid for, payable to H. A. Sutphen, Borough Treasurer, required.
FREEPORT, Nassau County, N. Y.
-Sherwood &
-BOND SALE.
Merrifield. Inc., of New York at 100.07 for 4.40s, a basis of about 4.39%.
purchased the $,46,000 fire dept. headquarters, Series "L," bonds offered on
June 13(V. 118. p. 2732). Date July 11924. Due 32.300 yearly on July 1
1925 to 1944 incl,

JUNE 21 1924.]

THE CHRONICLE

GALLATIN COUNTY SCHOOL DISTRICT NO. 22 (P. 0. Boze-Bids will be received until 2 p.
-BOND OFFERING.
man), Mont.
June 30 by (Mrs.) Lee Halsey, District Clerk, for $6,500 6% school bldg.
bonds. Notice of this offering was given in V. 118. p. 2989; it is given
again, as the amount was given as $6.50, due to a typographical error.
GLENVILLE UNION FREE SCHOOL DISTRICT NO. 2 (P. 0
-BOND SALE.
-The 570.000
Scotia), Schenectady County, N. Y.
-have been
coupon school bonds offered on June 18-V. 118. p. 2989
awarded as 440 to the Union National Corp. of New York at 100.29, a
basis of about 4.475%. Date Jan. 1 1924. Due yearly on Jan. 1 as
follows: $1,000. 1926 to 1929 incl.; 52.000, 1930 to 1934 incl.; $3,000,
1935 to 1938 incl., and 54.000, 1939 to 1949 incl. Other bidders were:
Rate
Interest Rate
Bid.
Bid.
100.38
Sherwood & Merrifield, Inc
4.60%
100.65
Geo. B. Gibbons & Co., Inc
4.60%
101.82
Fidelity Trust Co
4.75%
-The
COVE COUNTY (P. 0. Cove), Kan.-BOADS REGISTERED.
State Auditor of Kansas registered $11,000 57 electric light bonds on
0
May 13 and 520,000 5% electric light bonds on May 14.
GRAND RAPIDS, Kent County Mich.-BOND OFFERING.
-J. C.
Shinkman, City Clerk, until 3 p. m. June 26 will receive sealed bids for the
following issues of 434% bonds:
$250.000 water extension bonds. Date July 1 1924. Int. J. & J. Due
July 11944.
300.000 sewer disposal system bonds. Date April 1 1924. Int. F. & A.
Due yearly on Aug. 1 as follows: 520,000, 1925, and 510.000. 1926
to 1953 incl.
Denom. 51,000. Prin. and semi-ann. int, pa able at the City Treasurer's
office in New York exchange. Certified check for 3% of the amount of
bonds bid for, payable to the City Treasurer, required.
-Hall &
GRAND SALINE, Van Zandt County, Tex.
-BOND SALE.
Hall of Temple have purchased 550.000 6% water works bonds.
GRANITE QUARRY SCHOOL DISTRICT NO. 7 (P. 0. Salisbury),
-BOND OFFERING.
-Sealed bids will be
Rowan County, No. Caro.
received until 12 in. June 21 by Max T.Baker, Register of Deeds,for 325,000
not to exceed 6% interest coupon or registered school bonds. Denom.
$1,000. Date July 1 1924. Prin. and semi-ann. int. (J. & J.) payable in
gold at the National Park Bank New York City. Due $1,000 July 1 1926
to 1950. Legality approved by Reed, Dougherty & Hoyt, New York City.
A cert. check for 2% of bid payable to the Board of County Commissioner?
Is required.
GREAT NECK PARK DISTRICT OF NORTH HEMPSTEAD (P. 0.
Manhasset), Nassau County, N. Y.
-BOND OFFERING.
-Until 2 p.m.
June 30, sealed bids will be received by William J. Millon, Town Clerk, for
515,0005% park dist. coupon bonds. Denom. $1,000. Date May 1 1924.
Prin. and semi-ann. int. (NI. & N.) payable at the Bank of Nassau County,
North Hempstead. Due 51.000 May 1 1933 to 1947 incl. Cert. check for
2% of the amount of bonds bid for. required.
GREENE COUNTY (P. 0. Bloomfield), Ind.
-BOND OFFERING.
W. L. Herrington, County Auditor, will receive sealed bids until June 26
for the following issues of 5% coupon road bonds.
$5,000 Henry D. Bredewig et al. road bonds. Denom. $250. Due $250
each six months from May 15 1925 to Nov. 15 1934. inclusive.
5,000 Thomas Foster et al. road bonds. Denom $250. Due $250 each
six months from May 15 1925 to 1934, inclusive.
Date July 15 1924. Interest M.& N. 15.
GREENE COUNTY (P. 0. Jefferson), Iowa.
-BOND OFFERING.
Sealed bids will be received until 1.30 p. M. June 21 by D. B. McClure,
County Treasurer, for 5280,000 road bonds.

3107

HUGHES SPRINGS INDEPENDENT SCHOOL DISTRICT (P. 0.
Hughes Springs), Cass County, Tex.
-The First
-BOND SALE.
National Bank of Hughes Springs has purchased $27,000school bonds at par.
HUNTLEY CONSOLIDATED SCHOOL DISTRICT NO. C-3 (P. 0.
Huntley), Harlan County, Neb.-BONDS VOTED.
-At the election
held on May 31 (V. 118, p. 2605) the voters authorized the issuance of
$50,000 534% school bonds by a vote of 103 "for" to 36 "against."
ICICLE IRRIGATION DISTRICT (P. 0. Dryden), Chelan County,
Wash.
-BONDS NOT SOLD.
-The $240,000 6% serial gold bonds offered
-were not sold. Date Jan. 1 1924. Due
on June 3-V. 118, p. 2733
on Jan. 1 as follows: $13,000, 1934; 514,000, 1935:515,000, 1936;$16,000.
1937; 517,000., 1938; 518.000. 1939; $19,000, 1940; $20,000. 1941; $21,000,
1942: 522,000, 1943; 524,000, 1944; 525,000, 1945; 527,000, 1946; $28,000,
1947; $30.000, 1948; 531,000, 1949.
IDAHO (State of).
-The $567.000 treasury notes of-NOTE SALE.
-were purchased by Ralph Schnecloch
fered on June 16-V. 118, p. 2990
Co. of Portland at 3.50% plus a premium of $11 91. Date June 30 1924.
Due June 30 1925.
-BOND SALE.
-On June 12 an issue of $280,INDIANAPOLIS, Ind.
000 434% coupon hospital bonds was sold to William R. Compton & Co.
of Chicago for 5294.001, equal to 105.00. a basis of about 4.31%. Denom.
51.000. Date July 11924. Prin. and semi-ann. int. (J. & J. 1). payable
at the office of the City Treasurer. Due $10,000 yearly on July 1 1926 to
1953. inclusive.
Financial Statement.
$618,444.460
Assessed valuation
6.859.500
Total bonded debt,including this issue
314.194
Population, 1920 U. S. Census
Total bonded debt is slightly over 1% of assessed valuation.
-The following two
IPSWICH, Essex County, Mass.-BOAD SALE.
issues of 434% bonds have been sold to F. S. Moseley & Co. of Boston
at 100.71:
1517.000 water bonds.
$20.000 electric bonds.
Due 1925 to 1934 incl. Other bidders were:
100.519
100.114R. L. Day & Co
Old Colony Trust Co
100.53
Exchange Trust
100.071 Harris, Forbes & Co
-Until 8
-BOND OFFERING.
IRVINGTON, Essex County, N. J.
received by W. H.
. m.(daylight saving time) June 25 sealed bids will be
amouneau, Town Clerk,for the purchase of two blocks of bonds as follows:
$76,000 street. Due yearly on June 1 as follows: $4,000, 1925 to 1928
incl., and $5,000, 1929 to 1940 incl.
54,000 sewer. Due yearly on June 1 as follows: $2,000, 1925 to 1940 incl.
and $1,000, 1941 to 1962 incl.
No more bonds to be awarded than will produce a premium of $1,000
over the amount of each of the issues given above. Denom. $1,000. Date
June 1 1924. Prin. and semi-ann. int. (J. & D.) payable at the Merchants
& Manufacturer's National Bank of Newark. The bonds will be prepared
under the supervision of the United States Mortgage & Trust Co. of New
York. which will certify as to the genuineness of the signatures of the
officials and the seal impressed thereon and the validity of the bonds will
be approved by Hawkins, Delafield & Longfellow of New York. Cert.
check for 2% of the amount of bonds bid for, required.
-BOND OFFERING.ISLAND HEIGHTS, Ocean County, N. J.
Geo. S. McKarg, Borough Clerk, will receive sealed bids until 8 p. m.
July 9 for the yntrchase of an issue of 534% coupon fire house bonds, not to
exceed 515,000. no more bonds to be sold than will produce a premium of
$1,000 over 315.000. Denom. $1,000. Date July 1 1924. Prin. and sendann.int. payable at the First Nat. Bank of Toms River. Due $1,000 yearly
on July 1 1925 to 1939 incl. Cert. check for 2% of the amount of bonds bid
for, payable to the Borough,required.
-BOND OFFERING
JACKSONVILLE, Onslow County, No. Caro.
Town
GREENSBURG SCHOOL DISTRICT (P. 0. Greensburg), West. -Bids will be received until 12 in. June 27 by John D. Warlick,bonds.
Clerk, for $12,000 6% water, electric light and power system
County, Pa.
-BOND OFFERING.
moreland
-Mary R. Peoples, SecreDenom. $500. Date July 1 1924. Prin. and semi-ann. int. payable at
tary School Board, will receive sealed bids until 7:30 p. m. June 24 for
Due $500 July 1 1927
5250,000 434% school bonds. Denom. $1,000. Date July 1 1924. Int. the Hanover National Bank, New York. bank or trust company to 1950.
for 2%
semi-ann. Due yearly on July 1 as follows: 510,000. 1927; $15.000, 1930: A certified check upon an incorporatedis required.
$20.000, 1933 and 1936: $25.000, 1939; 530.000. 1942 and 1945: 535.000, of bid, payable to the Town Treasurer,
0. Edge1948; 540,000, 1951 and $25,000, 1953. Cert. check for $2,500, required.
JEFFERSON COUNTY SCHOOL DISTRICT NO. 8 (P.
-BOND SALE.
-The International Trust Co. of Denver
GREENWOOD COUNTY RURAL HIGH SCHOOL DISTRICT water), Colo.
Due
-On May 6 the purchased 560,000 5% school bonds at 101.305. Date June 11924.
NO. 8 (P. 0. Eureka), Kan.-BOADS REGISTERED.
June 1 1925 to 1934 inclusive.
State Auditor of Kansas registered 55.000 5% school bonds.
JEFFERSON PARISH FOURTH JEFFERSON DRAINAGE DISHAMBURG UNION FREE SCHOOL DISTRICT NO. 1 (P. 0.
-Sealed bids will
-BOND OFFERING.
Hamburg), Erie County, N. Y.
-BOND SALE.
-E. H. Rollins & Sons TRICT (P. 0. Shrewsbury), La.
Secretary Board of
of New York at 105.478, a basis of about 4.55%, purchased the $343,000 be received until 3 p. m. Tidy 15 by Ernest Arnoult,
Commissioners, for $1,500.000 6% Sub-Drainage District No. 3 bonds.
5% school bonds offered on June 17-V. 118. p. 2990. Date April 1 1924.
payable in
Due yearly on April 1 as follows: $8,000 1925 to 1931. incl.; 512.000 1935 Denom. $1,000. Date May 1 1924. Prin. and semi-ann. int.
to 1944, incl.; 514,000 1945 to 1953, incl., and 517,000 1954. Other gold in New Orleans or New York. Due May 1 1929 to 1954. LmialitY
approved by either John C. Thomson, New York. Charles & Rutherford.
bidders were:
the
RateBid.I
Rate Bid. St. Louis, or Wood & Oakley of Chicago. A certified check payable to
Board of Commissioners for 2% of bid is required.
Sherwood & Merrifield, Inc... 105.19 Geo. B. Gibbons & Co., Inc_105.31
104.59
Fidelity Trust Co
105.236 H. L. Allen & Co
JEFFERSON TOWNSHIP (P. 0. Celina), Mercer County, Ohio.
-The Commercial Bank of Celina has purchased the $7,500
- BOND SALE.
-BOND OFFERING.
HANCOCK COUNTY (P. 0. Findlay), Ohio.
-for
G. R. Morehart, County Auditor, will receive sealed bids until 1 p. m. 534% road improvement bonds offered on June 14-V. 118, p. 2990
June 30 for $36,000 5% road bonds. Denom. 51,000. Date June 1 1924. $7,542, equal to 100.56, a basis of about 5.29%. Date May 11924. Due
Prin. and semi-ann. Int, payable at the County Treasurer's office. Due $1,500 on May 1 1925 to 1929, incl. Other bidders were:
Bid.
Bid. I
$4,000 Dec. 1 1925 to 1933 incl. Cert. check for $500 required.
Ryan, Bowman & Co
$7.505 25!Tucker, Robison & Co_ _ _ _57.508 25
HARRISON SCHOOL DISTRICT (P. 0. Harrison), Hudson
JOLIET TOWNSHIP HIGH SCHOOL DISTRICT (P. 0. Joliet),
County, N. J.
-BOND OFFERING.
-Jas. A. Brophy, District Clerk, will
receive sealed bids until 8 p. m. June 26 for the purchase of an issue of Will County, III.
-BOND OFFERING.
-J.F. Skeeh, Clerk Board of Edu434% coupon or registered school bonds not to exceed $165,000. No more cation, will receive sealed bids until 3:05 p. m. June 25 for $250,000 434%
bonds to be awarded than will produce a premium of 51.000 over $165,000. school bonds. Denom. $1,000. Date July 1 1924. Int. J. & J. Due
Denom. $1.000. Date June 1 1924. Prin. and semi-ann. Int. (J. & D.) yearly on July 1 as follows: $25.000, 1935 to 1941 incl.: 538,000. 1942 and
payable at the West Hudson County Trust Co. of Harrison. Due yearly $37,000. 1943. Legal opinion of Wood & Oakley of Chicago to be furnished.
on June 1 as follows: $8,000. 1926 to 1931 incl. and 59.000. 1932 to 1944 Purchaser to furnish blank bonds. Cert.check for $2.000 required.
incl. The bonds will be prepared under the supervision of the United
JONES COUNTY ROAD DISTRICT NO. 18 (P. 0. Anson), Tex.
States Mortgage & Trust Co. of New York which will certify as to the
genuineness of the signatures of the officials and the seal impressed thereon. BONDS REGISTERED.
-The State Comptroller of Texas registered
$200,000 5%% serial bonds on June 14.
and the validity of the bonds will be approved by Hawkins, Delafield &
Longfellow of New York. Cert. check for 2% of the amount of bonds old
-The $40.000
-BOND SALE.
JUNCTION CITY,Geary County, Kan.
for, payable to the Custodian of School Moneys, required.
4%% water works improvement bonds offered on June 9(V. 118. P. 2860)
HASKELL COUNTY RURAL HIGH SCHOOL DISTRICT NO. 2 were purchased by a local investor at par. Date May 11924. Due May 1
-BONDS REGISTERED.
-On May 23 the State 1944. optional May 1 1934.
(P. 0. Santa Fe), Kan.
Auditor of Kansas registered 512.405 06 5% funding judgment bonds.
-BONDS REGISTERED.
JUNCTION CITY, Geary County, Kan.
HAWARDEN, Sioux County, Iowa.
-BOND ELECTION.
-A special The State Auditor of Kansas registered $90,000 434% refunding bonds on
election will be held on July 9 to vote on the question of issuing $50,000 May 28.
electric light and power plant bonds.
-The State Auditor of
KANSAS (State of).
-BONDS REGISTERED.
HELENA, Phillips County, Ark.
-BOND SALE.-Stifel Nicolaus & Kansas has registered the following bonds:
Interest. Date Rea.
Co. of St. Louis have purchased 5143.000 5% direct obligation funding
bonds. Denom. $1,000. Date July 1 1924. Prin. and semi-ann. int. $33,000 ISO Coldwater
May 14
5
May 16
(J. & J.) payable at the National Park Bank, New York. Due July 11944.
1,507 68 Crawford County S. D. No, 57
o
May 23
3,201 34 Yates Center S. D. NI. 10
HEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 14 (P. 0.
5;47
7; May 26
2.70000 Gas City
Woodmere), Nassau County, N. Y.
-BOND SALE.
-Sherwood & MerriMay 29
6%
1.259 38 Goff
field, Inc.,a New York have been awarded the $50.800 coupon or registered
school bonds offered on June 17-V. 118. p. 2990
-as 434s. at 100.03-a
-The
-BOND SALE.
KANSAS CITY, Wyandotte County, Kan.
about 4.49%. Date June 28 1924. Due $10,160 yearly on Jan. 1 5137.1005% park improvement bonds offered on June 12 (V. 118. p. 2860)
basis of
1925 to 1929 incl.
were purchased by the Shawnee In iestment Co. of Topeka at a premium of
51.510 84, equal to 101.10. Date June 1 1924. Due serially.
HIBBING, St. Louis County, Minn.
-BOND OFFERING.
-Sealed
BONDS REGISTERED.
-The State Auditor of Kansas on May 6 regisbids will be received until 8.30 p. m. July 8 by John L. Golob, Village tered
543,176 5% condemnation bonds, on May 7 5500,000 4%% leectricRecorder, for $400,000 memorial building bonds, bearing interest at a
6%. Prin. and semi-ann. int. payable at the Village light bonds, on Ma 8 5200,000 454% water-works bonds, and on May 13
rate not to exceed
Treasurer's office. Due $50,000 July 1 1926 to 1933. Incl. A certified $200,000 military memorial bonds.
check for 2% of issue, payable to the Village Treasurer required.
-Sealed bids
KELSO, Cowlitz County, Wash.
-BOND OFFERING.
-BONDS VOTED.
HOUSTON, Tex.
-The following is a result of the will be received until 8 p. m. July 1 by A. J. Branscom, City Clerk. for
51.000. bate June 1
on June 3-V. 118, p. 2344:
5250.000 6% special water revenue bonds. Denom.
election held
1924. Prin. and semi-ann. hit. (J. & J.) payable at the City Treasurer's
$300.000 Library building: 7,208 for, 3.867 against.
office or at the fiscal agency in New York. Due on June 1 as follows:
500,000 Permanent paving: 7,104 for, 3,905 against.
paving: 7,247 for, 3.842 against.
$7,000, 1926 and 1927; $8.000. 1928 and 1929; $9,000. 1930 and 1931:
200,000 Gravel
510.000, 1932: $11,000, 1933: $12.000, 1934; 513,000, 1935: $14,000, 1936;
350.000 Drain sewers: 7,189 for. 3,884 against.
$15,000. 1937; 516.000, 1938; $17.000, 1939; 518,000, 1940 and 1941:
150,000 Sanitary sewers: 7,287 for, 3,810 against.
These bonds were registered by the State Comptroller of Texas on 519,000. 1942 and 1943, and $20,000, 1944. Legality approved by Preston,
Thorgumson & Turner of Seattle. A certified check for 5% of bid required.
Juno 5.
KEMP INDEPENDENT SCHOOL DISTRICT (P. 0. Kemp), KaufHOUSTON INDEPENDENT SCHOOL DISTRICT (P. 0. Houston),
-BONDS VOTED.
-At a recent election $3,000000 man County, Tex.
-BOND ELECTION.
-On July 5 a proposition to
Harris County, Tex.
issue $50,000 shore building bonds will be submitted to a vote of the people
school building bonds were voted by a count of 9,861 for to 1,612 against.




y

3108

THE CHRONICLE

[VOL. 118.

KNOXVILLE, Knox County, Tenn.
-BOND SALE.
-The $1,120,000
LYNDEN,Whatcom County, Wash.
-The Bellingham
-BOND SALE.
434% coupon gold bonds offered on June 17-V. 118, p. 2990
-were Pur- National Bank of Bellingham purchased $32,000 filtration plant bonds as
chased by the First National Bank, Graham, Parson & Co., Barr Bros., 5145 at a premium of $33, equal to 100.10.
Keane, Higble & Co., B. J. Van Ingen & Co. and Hornblower & Weeks.
LYON COUNTY (P. 0. Marshall), Minn.
-BOND OFFERING.
all of New York, at a premium of $3,584, equal to 100.32, a basis of about
be
4.71%. Date July 1 1924. Due on July 1 as follows: $30,000. 1926; Bids will forreceived until 10 a. in. June 21 by R. D. Houdersheldt, County'
$90,000 county road bonds. Int. not to exceed 5%. Denom.
$35,000. 1927 to 1930 incl.•, $40,000, 1931 to 1934 incl.: $45.000. 1935 to Auditor, Date
June 11924. A certified check for 10% of bid, payable te
1938 incl.; $50.000, 1939 and 1940: $55.000. 1941 and 1942: $60,000, 1943; $1,000.
the County Treasurer, is required.
$65.000, 1944 to 1946 incl.: $70.000, 1947, and $75,000, 1948.
McALLEN, Hidalgo County, Tex.
-An election
-BOND ELECTION.
LACLEDE COUNTY (P. 0. Lebanon), Mo.-BOND OFFERING.
-year street
Sealed bids will be received until 12 in. (central standard time) July 21 by will be held on June 28 to vote on issuing $60,000 534% 40
L. S. Wallace, County Treasurer, for $80,000 5% court house bonds. bonds. J. C. Seawall, City Clerk.
Denom. $1,000. Date June 1 1924. Prin. and semi-ann. int. (F.& A.)
MACON, Bibb County, Ga.-BOND SALE.
-The following 414%
payable at the Merchants Laclede National Bank, St. Louis. Due Feb. 1 bonds offered on June 10-V. 118. p. 2734
-were purchased by Estabrook
as follows: $2,000, 1925 to 1927; $3,000, 1928 to 1932; $4,000, 1933 to & Co. of New York and Wm.E. Bush & Co. of Augusta at 100.41, a basis
$5,000. 1938 to 1941; $6,000, 1942 and 1943: $7,000, 1944. Legality of about 4.47%:
1937;
approved by Charles & Rutherford, St. Louis. A certified check for 2% $150,000 1924 bridge bonds. Due on June 1 as follows: $7,000, 1929
of issue, payable to the County Treasurer, required.
to 1947 incl., and $17.000, 1948.
225,000 1924 sewer bonds. Due on June 1 as follows: $11,000, 1929
-Bertha
LANSING, Ingham County, Mich.
-BOND OFFERING.
to 1947 incl., and 316,000, 1948.
Ray, City Clerk, will receive sealed bids until 8 p. m. (eastern standard
100,000 1924 paving bonds. Due on June 1 as follows: $5,000, 1929
time) June 30 for $250,000 4%% public impt. bonds. Denom. $1,000.
to 1948 inclusive.
Date Jan. 2 1924. Prin. and semi-ann. int. (J. & J.) payable at the Guar25,000 1924 fire bonds. Due on June 1 as follows: $1,000, 1929 to
anty Trust Co. of New York. Due $5,000, 1925 to 1929 incl. Certified
1947 inclusive, and $6,000, 1948.
check for 1% of the amount of bonds bid for required.
100,000 1924 stadium bonds. Due $5,000 yearly on June 1 from 1929
'
LAREDO, Webb County, Tex.
-BONDS REGISTERED.
-The State
to 1948 inclusive.
Comptroller of Texas registered $80,000 514% street improvement serial
Date June 2 1924.
bonds on June 12.
MAINE (State of).
-BOND SALE.
-E. H. Rollins & Sons, Arthur
-The Perry & Co. of Boston and C. H. Gilman & Co. of Portland Jointly have
LAS VEGAS, San Miguel County, N. Mex.-BOND SALE.
$20,000 6% coupon fire equipment purchase bonds offered on June 9 been awarded the $500,000 4% coupon highway and bridge bonds offered
(V. 118, p. 2346) were purchased by the United States National Co. of on June 17-V. 118, P. 2991
-at 99.67, a basis of about 4.02%. Date
Denver at 101.22. Date July 1 1924. Due July 1 1954, optional July 1 July 11924. Due $50,000 yearly on July 1 1949 to 1958 incl.
1943-a basis of about 5.40% if called at optional date and 5.38% if allowed
MALDEN, Middlesex County, Mass.
to run full term of years.
-The following
-BOND SALE.
issue of 4% %
bonds
LAURINBURG, Scotland County, No. Caro.
-The to F. S. Moseley & offered on June 18-V. 118, p. 2991-have been sold
-BOND SALE.
CO. of Boston, taking the $15,000 sewerage loan at
$175,000 water-extension coupon bonds offered on June 13(V. 118, p. 2477) 101.41, a basis of about
4.03%, and the balance at, 102.13, a basis of about
were purchased by the State Bank as 514s at $177,650, equal to 101.50- 3.80%;
a basis of about 5.36%. Date April 1 1924. Due on April 1 as follows $15,000 "Sewerage Loan of 1923"
.
bonds, dated Nov. 15 1923, payable
$3,000, 1926 to 1930, inclusive: $5,000, 1931 to 1935, inclusive; $6,000.
$1,000 Nov. 15 1924 to 1938 incl. Int. semi-ann.(M.& N. 15)•
1936 to 1945, inclusive. and $5.000. 1946 to 1960, inclusive.
17,000 "Sewerage Loan 1924"•bonds, dated July 1 1924, payable $1,000
July 1 1925 to 1941 incl. Int. semi-ann. (J. &
LEAVENWORTH, Leavenworth County, Kan.
-BONDS REGIS39,000 "Street Widening Loan 1924" bonds, dated July 1 1924, payable
TERED.
-The State Auditor of Kansas registered $7,568 25 and $27,722 36
$4,000 July 1 1925 to 1933 incl., and $3,000 on July 1 1934. Int.
5% paving bonds on May 1.
semi-ann. (J. & J.).
LEE COUNTY (P. 0. Fort Myers), Fla.
-Sealed
-BOND OFFERING.
6,000 "Surface Drainage Loan 1924" bonds, dated July 1 1924, payable
bids will be received until 2 P. m. July 9 by J. F. Garner, Clerk Board of
$1.000 July 1 1925 to 1930 incl. Int. semi-ann. (J. & J.).
County Commissioners, for $1,650,000 county bonds. Date July 1 1924.
26,000 "Sidewalk Loan Act of 1921" bonds, dated July 1 1924, payable •
Prin. and semi-ann. int. payable at the Bank of America, New York.
$6,000 July 1 1925 and 65,000 July 1 1926 to 1929 incl. Int.
Due July 1 1930 to 1953. A certified check for 2% of bid required.
semi-ann. (J. & J.).
Other bidders were: Estabrook & Co., 01.186: Paine, Webber & Co..
LE ROY (P. 0. Le Roy), Genesee County, N. Y.
-BOND SALE.
A. B. Leach & Co. of New York have purchased the $60,000 414% coupon 101.169: Second National Bank, Malden,101.11; Tucker, Anthony & Co..
or registered bridge bonds offered on June 12(V. 118. p. 2733) for $60.343, 101.05: F. Ft. Sawyer & Co., 101.03; Brown Brothers dc Co., 100.99; Merrill,
equal to 100.57, a basis of about 4.41%. Date June 11924. Due $4,000 Oldham & Co., 100.95: R. L. Day & Co.. 100.79; Harris, Forbes & Co.,
100.77: Wise, Hobbs Sr Arnold, 100.675: Curtis
yearly on June 1 1925 to 1939 incl.
Sanger, 100.634; Blake
Bros. & Co., 100.61; Blodget & Co., 100.592. &
LETCHER COUNTY (P. 0. Whitesburg), Ky.-BOND SALE.
-The
Well, Roth & Irving Co. of New York has purchased $210,000 5% road and
MALDEN, Middlesex County, Mass.
-TEMPORARY LOAN.
bridge bonds. Denom. $1,000. Date April 1 1924. Prin. and semi-ann. Blake Bros. & Co. of Boston have been awarded a temporary loan of
int. (A. & 0.) payable in New York. Due $105,000 April 1 1939 and 1954. $200,000, dated June 16 and due Oct. 15 1924. on a 2.90% discount basis
plus a Ell premium. Other bidders: First National Bank, 3% plus $15:
LEXINGTON, Middlesex County, Mass.
-The Old Old Colony Trust Co.,
-NOTE SALE.
Colony Trust Co. of Boston has been awarded $24,950 434% notes, due $10. and Grafton Co., 3.05% plus $5; F. S. Moseley & Co., 3.0% Plus
2.967.
1925 to 1929 inclusive, at 100.591.
MAMARONECK, Westchester County,
-BOND SALE.LIMA, Allen County, Ohio.
-BOND SALE.
-Well. Roth & Irving of Seasongood & Mayer of New York have been N. Y.
awarded the following two
Cincinnati have purchased an issue of $114,505 municipal bonds at 101.64.
issues of bonds offered on June 16-V. 118, p. 2734
-as 414s at 101.414.
LINCOLN, Lancaster County, Neb.-BOND OFFERING.
-Sealed a basis of about 4.35%:
bids will be received until 10 a. m. June 28 by Theodore H. Berg. City $50,000 sewer. Denom. $1,000. Due $2,000 June 1 1925 to 1949 incl.
50,000 dock. Denom. $1,000 and one for $500. Due $2,500 June 1
Clerk, for the following special assessment bonds:
1925 to 1944 incl.
$423,110 paving district bonds.
Date June 1 1924.
31,590 water district bonds.
Other bidders, all of New York, were:
A certified elle& for $1,000, payable to Geo. Dayton, City Treasurer,
Parson, Son & Co
101.336 Batchelder, Wach & Co
101.040
is requircvl.
A. B. Leach & Co
101.037 Lehman Bros
100.760
-Sealed Union National Corn
LINCOLN, Lancaster County, Neb.-BOND OFFERING.
100.510 Sherwood-Merrifield, Inc_ 100.890
bids will be received until 10 a. m. July 17 by Theo. II. Berg, City Clerk, Kissel, Kinnicutt & Co--- 100.025 Geo. B.Gibbons dc Co., Inc-101.050
for $100,000 hospital bonds. A certified check for $1,000, payable to
.
Harris. Forbes & Co
100.570
George Dayton, City Treasurer, is required.
All of the above bids were for 414s with the exception of the bid marked
LINCOLN COUNTY SCHOOL DISTRICT NO.65 (P. 0. Wallace), (l), which was for 41.1s.
Neb.-BONDS VOTED-SOLD AT PRIVATE SALE.
-At an election
MANHATTAN, Riley County, Kan.
-BONDS REGISTERED -Ott
held on June 9 the voters authorized the issuance of $20,000 6% building May 15 the Stain Auditor of Hailliati registered $12,423 4%% refunding
bonds. The bonds have since been sold at a private sale to Benwell & CO. bends.
of Denver. Denom. $1,000. Date July 11924. Due 1940 to 1944, incl.
MARINE CITY,St. Clair County, Mich.
Notice of the election was givsn under the caption "Wallace, Neb.," on
-BOND SALE.
-The 17.000
6% coupon fire truck bonds offered on June 16 have been awarded to
page 2863 Of our issue of June 7,
Hale P. Saph for $7,051 60. equal to 100.73. Date June 16 1924. Due
LITCHFIELD SCHOOL DISTRICT (P. O. Litchfield), Hillsdale $1,000, 1925 to 1931 incl. There were no other bidders.
-BONDS DEFEATED.
-By a vote of 84 to 37, a $10,000
County, Mich.
MARION COUNTY (P. 0. Ocala), Fla.
-BIDS REJECTED.
-All bids
bond issue for an annex to the district school building was defeated.
received for the $1,500,000 5% gold bonds offered on June 7-V. 118.
LITCHVILLE SCHOOL DISTRICT, Barnes County, No. Dak.- p. 2606
-were rejected. Date July 1 1924. Due on July 1 as follows:
BOND SALE.
-The State of North Dakota purchased $11,000 5% funding $375,000. 1929; $375,000, 1934; $375,000, 1939, and $375,000, 1944.
bonds during the month of May at par. Date May 1 1924. Due May 1
MARION COUNTY SCHOOL DISTRICT NO. 135 (P.O. Centralia),
1944. Bonds are not subject to call but may be redeemed 2 years from
III
-BOND OFFERING
.-A.E. Hammond, Secretary Board of Education,
date of issue.
will receive sealed bids until June 24 for the purchase of an issue of $60,000
LITTLE VALLEY, Cattaraugus County, N. Y.
-BOND SALE.
- school bonds.
The $10,500 registered motor fire truck bonds offered on June 16 (V. 118,
MARYSVILLE, Marshall County, Kan.
-NOTES REGISTERED.
f New York as 4.90s
p. 2990) were sold to Sherwood & Merrifield.
Inc.,1924. Due yearly on The State Auditor of Kansas registered $155,157 72 temporary notes on
at 100.07, a basis of about 4.89%. Date July 1
follows: $1,000, 1925 to 1933 incl., and $1,500, 1934. Other bid- May 9 and $15,505 06 temporary notes on May 15.
July 1 as
ders were as follows:
MASSACHUSETTS (State of).
-TEMPORARY LOAN.
-A temporary
Rate Bid.
Int. loan of $2,000,000 was awarded this week to Salomon Bros. Sz Hutzler
100.29
5s
of Boston on a 2.35% interest basis. Date June 20 1924. Due Nov. 21
Union National Corporation, New York
100.23
5s
1924.
Geo. B. Gibbons & Co., New York
100.62
514s
Farson, Son & Co., New York
MEIGS COUNTY (P. 0. Pomeroy), Ohio.
-BOND OFFERING.
100.00
5s
Cattaraugus County Bank, Little Valley
Until 12 m. July 10 sealed bids will be received by J. W. McCullough,
LIVE OAK COUNTY ROAD DISTRICT NO. 8 (P. 0. George West Clerk Board of County Commissioners, for $35,350 6% road impt. bonds.
-By a count of 324 to 93 the voters Denom. 63.535. Date June 1 1924. Int. semi-ann. Due $3,p35 yearly'
-BONDS VOTED.
Oakville), Tex.
at an election held on June 7 authorized the issuance of $568,000 road bonds. on March 1 1926 to 1935 incl. Certified check for 10% of the amount 9f
bonds, Payable to the County Commissioners. required.
LOGAN AND THOMAS COUNTIES JOINT CONSOLIDATED
-BOND SALE.
-The State recently sold issues
-BONDS REGIS- of MICHIGAN (State of).
SCHOOL DISTRICT NO. 2 (P. 0. Colby), Kan.
5% bonds as follows:
-On May 20 the State Auditor of Kansas registered $53,774 5% $48,000 bonds of Road Assess. Dist.
TERED.
No. 1068, Sanilac County, awarded
Judgment refunding bonds.
to Detroit Trust Co. at 100.010.
-TEMPORARY LOAN.
- 15,000 Road Assess. Dist. No. 1091, Sanilac County, awarded to Detroit
LOWELL, Middlesex County, Mass.
Trust Co. at 100.010.
loan of $600,000 maturing Dec. 15 1924 has been sold to
A temporary
21,000 Road Assess. Dist. No. 335, Oceana and Muskegon Counties.
Salomon Bros. & Hutzler of Boston on a 2.84% discount basis plus a
awarded to Joel, Stockard & Co. at 100.56.
$3 premium. Other bidders were: S. N. Bond & Co., 3.08%; F. S.
Moseley dc Co.. 2.99% plus $3; First National Bank. 2.85%; Grafton &
MONROE, Monroe County,
-BOND ELECTION-A $58,000
Co., 2.91%; Middlesex National Bank of Lowell, 3.05% plus $7 50. bond proposition for addition to Mich.
Lincoln School will be submitted to the
All of the foregoing bids were made on a discount basis.
taxpayers of the city on June 23.
LUBBOCK INDEPENDENT SCHOOL DISTRICT (P. 0. Lubbock),
MONTGOMERY COUNTY (P. 0. Rockwell), Md.-BOND SALE.
-BOND OFFERING.
-Sealed bids were received
Lubbock County, Tex.
An issue of $33,000 4%% bonds was
a syndicate
until 8 p. m. June 20 by C. E. Maldgen. Secretary, School Board, for $125,- consisting of Strother, Brogden & Co..awarded on June 17 to Co. and the
Macicubin, Goodrick &
bonds. Denom. $1,000. Date July 1 1924.
000 not to exceed 6%, school
Continental Co. at 100.878. Other bidders were:
Prin. and semi-ann. int. payable in New York or Chicago. Due Jan. 1 Frank B. Cahn & Co
100.7912
as follows: $3,000. 1926 to 1956. and $4,000 in 1957. Legality approved by C. T. Williams & Co. and the Century Trust Company
100.611
Wood dc Oakley of Chicago. Purchaser to pay for attorney s fee. A ear- J. A. W.Iglehart & Co
100.2454
for $10,000 reqtured.
th..3d check
.
100.205
John
Stockley
-BOND OFFERING.
-Sealed
LUCAMA, Wilson County, No. Caro.
-BOND OFFERMONTGOMERY COUNTY (P. 0. Dayton), Ohio.
bids will be received until 12 m. June 26 by S. E. High, Town Clerk, for ING.
-F. A. Kilmer, Clerk Board of County Commissioners, will receive
interest not to exceed 6% electric light bonds. Denom..$1,000. sealed bids until 9 a. m.(Central standard
$15.000
time) June 30 for $47,000 514%
and semi-ann. int. (F. & A.), payable in New
Date Feb. 1 1924. Prin.
Caltalpa Drive impt. bonds. Denom. 21,000. Date June 11924. Prin.
York in gold. Due $1,000 Feb. 1 1925 to 1939, incl. Approving opinion and
& D.) payable at the County Treasurer's office.
of Chester B. Masslich, Esq.; preparation and certification of bonds by Due semi-ann. int. (J.as follows:
yearly on June 1
$6,000, 1926; $5,000, 1927 to 1929 incl.:
United States Mortgage & Trust Co., New York City. A certified chock 66.000. 1930, and
1931 to 1934 incl. D. W. & A. S. Iddings of
or cash for $300 upon an incorporated bank or trust company, payable to Dayton and Peck, $5,000, & Williams, attorneys, of Cincinnati have been
Shaffer
the Town Clerk, is required.
employed to assist in the preparation of legislation and the issue and sale
-BONDS APPROVED
- of these bonds,and will certify as to the legality thereof. A certified check
LUCAS COUNTY (P. 0. Toledo), Ohio.
-The County Commissioners have approved the issu- in the amount of $2,000. upon any solvent bank, payable to the County
BONDS OFFERED.
ance of 61.087,141 bonds for the improvement of county roads. The bonds Treasurer, is required with each bid as a guaranty of good faith upon the
part of each bidder.
are to be sold on July 7.




Juxm 21 1924.]

THE

t
crn- 6Matt

MOORESTOWN TOWNSHIP (P. 0. Moorestown), Burlington
-On June 16 a syndicate composed of
-BOND SALE.
County, N. J.
Rufus Waples & Co., Stroud & Co. and Bodine, Sangree & Co. purchased
two issues of 5% bonds as follows:
$107,000 (8110,000 offered) "Serial Main St. and Chester Ave. Reconstruction Bonds of 1924" at 102.82, a basis of about 4.595% .
Due yearly on July 1 as follows: $6,000. 19214,and 1926; $7,000,
-*
1927 to 1939 inclusive. and $4,000, 1940.
150,000 (8155.000 offered) water supply bonds at 103.83.
$1,000. Date July 11924.
Denom.
-Kissel.
-BOND SALE.
MOUNT KISCO, Westchester County, N. Y.
Kinnicutt & Co. of New York have been awarded the following two issues
of 4%% improvement bonds offered on June 17 at 100.81, a basis of about
4.403%:
880,000 street bonds. Due $4,000 yearly on May 1 1925 to 1944 incl.
41,000 street bonds. Due yearly on May 1 as follows: $3,000, 1925, and
32.000, 1926 to 1944 incl.
Date July 1 1924.
Financial Statement.
55,773.862
Assessed valuation, 1924
310,447
Net bonded debt
Population, 4,500.
-The
NASHWAUK, Itasca County, Minn.
-BONDS DEFEATED.
proposition to issue $15,000 sewer extension bonds submitted to a vote of
the people at the election held on June 10(V. 118. p. 2861) failed to carry.
-BOND SALE.
NEW CASTLE COUNTY (P. 0. Wilmington), Del.
The $250,000 441% coupon highway impt., ninth series. ,bonds offered
on June 17-V. 118, p. 2735-have been sold to W. A. Harriman & Co.
of New York for $250,672 59, equal to 100.26, a basis of about 4.22%.
Date June 1 1924. Due yearly on June 1 as follows: 815,000, 1928 to
1933 incl.: $20,000, 1934 and 1935; 315,000. 1936; $10,000, 1937: 315,000,
1938 to 1943 incl., and $5.000, 1944.

3109

PALOMAR SCHOOL DISTRICT, Los Angeles County, Calif.

-Sealed proposals will be received until 2 p. m. June 30
BOND OFFERING.
(P.0. Los Angeles), for 86.5006% school

by L. E. Lampton. County Clerk
bonds. Denom. $1,000 and $500. Date June 1 1924. Prin. and semiann. int. payable at the County Treasury. Due $1,000 yearly on June 1
from 1925 to 1930 incl., and $500 June 11931. A cert. or cashier's check for
3% of bid, payable to the Chairman Board of Supervisors, required.
-The
-BOND SALE.
PARK RAPIDS, Hubbard County, Minn.
-were pur$14,000 refunding bonds offered on June 6-V. 118. p. 2862
chased by the Northwestern Trust Co. of St. Paul as 5%s at a premium
of $205. equal to 101.46, a basis of about 5.05%. Date May 1 1924.
'1
Due $2,000 Nov. 1930 to 1936 inclusive.
PARKER INDEPENDENT SCHOOL DISTRICT (P. 0. Parker),
-The State Comptroller
-BONDS REGISTERED.
Johnson County, Tex.
of Texas registered $20,000 5% serial bonds on June 10.
-BOND OFFERING.CHRISTIAN, Harrison County, Miss.
PASS
Sesled bids will be received until July 1 by Martin Farrell, City Clerk, for
$80,000 6% street paving bonds.
-BONDS DEFEATED.
PAYNE COUNTY (P. 0. Stillwater), Okla.
At a recent election a $1,000,000 road bond issue was defeated by a vote of
2,276 for to 3,321 against.
-A
-TEMPORARY LOAN. tempoPEABODY, Essex County, Mass.
rary loan of $100.000 has been awarded to the Old Colony Trust Co. of
Boston on a 2.70% discount basis, plus a $2 75 premium. Due Dec. 1 1924.
-BOND ELECTION.
PELICAN RAPIDS,Otter Tail County, Minn.
An election will be held on June 27 to vote on the question of issuing $18,000
water works bonds.
PENNSAUKEN TOWNSHIP SCHOOL DISTRICT (P. 0. Delaire),
-The Mercantile Trust Co. of
-BOND SALE.
Camden County, N. J.
Jersey City has purchased the tistle of 5% coupon school bonds offered on
(V. 118, p. 2858) for $400.569. eaual to 102.66. for $390,000 bonds
June 12
-The $11,000.000 44% (8400.000 offered), a basis of about 4.79%. Date Feb. 1 1924. Due
NEW JERSEY (State of).
-BOND SALE.
bonds offered on June 17 (V. 118, p. 2735) were awarded, it is stated, as $10,000 yearly on Feb. 1 1925 to 1963 incl.
follows:
-Bids will be re-BOND OFFERING.
PENNSYLVANIA (State of).
$3,000,000 Road Series "C" to 32 New Jersey banks on a 4.11% basis.
% State higbway bonds, this being
Prin. and semi-ann. int. (J. & J.) payable at the Mercer Trust ceived until July 22 for 815,000,000
the initial portion of a total issue of $50,000.000 authorized by the voters at
Co. of'Trenton. Due July 1 1939.
V. 117. p. 2455).
2,000.000 Bridge, Series "B." to 13 New Jersey banks and trust com- the November 1923 election (see
panies on a 4.09% basis. Prin. and semi-ann. int. (J. dr 3.)
-BOND OFFERING.-Sealed bids
PERRY, Jefferson County, Kan.
payable at the Broad Street Nat. Bank of Trenton. Due will be received until 8 p. in. June 24 by W.E. Cain, City Clerk,for $20.000
July 11939.
internal improvement bonds. Date July 1 1924. Due $2,000 July 1
5%
6.000.000 Highway extension, Series "E." to 53 New Jersey banks, J. S. 1925 to 1934. it certified check for 5% of bid required.
Ripped & Co. and Lehman Bros. of New York, who were
PERSHING SCHOOL TOWNSHIP (P. 0. Freetown), Jackson
awarded $2,116,000 at 101.09. a 4.14% basis, this being the
-Until 1:30 p. m. June 21 sealed bids
-BOND OFFERING.
largest individual lot disposed of. Prin. and semi-ann. int. County, Ind.
(J. & J.) payable at the Merchants Nat. Bank of Trenton. Due will be received by William T. McKain, Township Trustee, for 89,750 5%
months' school bonds. Denom. $240 and 6 for $265. Date July 1 1924. Prin.
July 1 1954, optional after 15 years from date. upon 6
and semi-ann. int. (J. & J.) payable at the Farmers Bank at Freetown.
notice.
Date July 11924. The bonds will be coupon in form, of the denom. of Bonds mature each six months.
• 11.000, registerable as to principal and interest, or may be converted into
-BOND OFFERING.
PHILADELPHIA SCHOOL DISTRICT, Pa.
fully registered bonds in denom. up to $50,000.
Sealed bids will be received by William Dick, Secretary Board of Education,
at the Keystone Building, until 12 m. July 15, for the purchase of an issue
-BOND OFFERING.
NEW LONDON, New London County,Conn.
serial gold tax free school bonds, authorized at a
Sealed bids will be received by Carey Congdon, Director of Finance, until of $5,000,000 44% 19 1924, by the resolution of the Board of Public EduJune
meeting
p. m.(daylight saving time) June 24 for the purchase of all or any part of cations. held on
Denominations: Registered bonds. $100; coupon bonds, $1,000,
an issue of $60,000 4 tt% water works refunding bonds. Series 8, dated 310.000 and $100.000 each. Date Aug. 1 1924. Int. F. & A. Due
July 1 1924 and maturing $2.000 on July 1 in each of the years 1925 to 1954.
on Feb. 1 from 1935 to 1954 incl. Both the registered and
both inclusive. All of the bonds are in denominations of $1.000 and are $250,000 yearly the loan shall be fully interchangeable from registered to
bonds of
coupon in form, but may be registered either as to principal or as to princi- coupon bonds and from coupon to registered bonds. Bids at less than par
pal and interest. Prin. and semi-ann. int. (J. & J.) payable in gold coin coupon
considered. Tenders may be made for "all or none' or for. any
•of the U. S. of A., or its equivalent, at the office of the City Treasurer. will not be issue. Proposals must be made upon blanks to be obtained from
New London, or at the Old Colony Trust Co.. Boston, at holder's option. part of the Secretary upon request. All bids must be accompanied by a
the above
The bonds will be prepared under the supervision of the Old Colony-Trust
2% of the par value of the bonds bid for, drawn to the
CO., Boston, whose certificate as to legality will be signed thereon. The certified check for of Education. Deposits of successful bidders will be
'legality of the bonds will be examined by Storey, Thorndike, Palmer & order of the Board
applied in partial payment of the amount of the loan awarded to them.
Dodge of Boston. whose favorable opinion will be furnished to the purchaser.
-BONDS REGISTERED.
PITTSBURG, Crawford County, Kan.
Bonds will be delivered at the office of the City Treasurer, New London. or
at the Old Colony Trust Co., Boston. at purchaser's option, on July 1 1924 The State Auditor of Kansas registered 812.3405% paving bonds on May 26.
-or as soon thereafter as bonds may be ready. Bids are desired on forms
PLANO INDEPENDENT SCHOOL DISTRICT (P. 0. Plano), Collin
-The State Comptroller of Texas
which will be furnished by the Old Colony Trust Co. or the above official. County, Tex.
-BONDS REGISTERED.
No bids atless than par and accrued int, will be accepted. Bids must be registered $65,000 5%% serial bonds on June 9.
accompariled by a certified check upon an incorporated bank or trust com-At
-BONDS VOTED.
Des Moines), Iowa.
POLK COUNTY (P. 0.
pany, payable to the order of the city, for 2% of the par value of the bonds
-the voters authorized the
the election held on June 2-V. 118, p. 2479
bid for.
31,500.000 road bonds.
issuance of
Financial Statement.
-BOND OFFERING.
PORTER COUNTY (P. 0. Valparaiso), Ind.
'Bonded debt, not including this issue
$2,449,000
be received
Water bonds,'included in above
936,000 Until 10 a. m. June 30 sealed bids willWiggins et al.by W. 0. M'Ginley,
road bonds. Denom.
County Treasurer, for 817.0006% R. J.
39,850.569
'Assessed valuation of taxable property
each six months
Int. M.,k
25,688 $850. Date June 16 1924. 15 1934 incl.N. 15. Due $850
'Popnlotion (1920)
from May 15 1925 to Nov.
Me.
-TEMPORARY LOAN
PORTLAND, Cumberland County,
NIXON CNDEPENDENT SCHOOL DISTRICT, Gonzales County.
Texas.
-BOND SALE-BONDS VOTED.
-At the election held on June 7 June 19 a temporary loan of $200,000. dated June 23 1924 and payable
-the voters authorized the issuance of $60,000 5%% Oct. 3 1924. was sold to the Old Colony Trust Co. of Portland on a 2.70%
-V. 118, p. 2735
school building bonds. These bonds have since been sold.
discount basis plus a $375 Premium.
-TEMPORARY
- PORTSMOUTH, Rockingham County, N. H.
NORTH ADAMS,Berkshire County, Mass.
-TEMPORARY LOAN.
A temporary loan of $100,000. due Nov. 15 1924, has been sold to the First LOAN -Blake Bros. & Co. of Boston have been awarded a temporary
National Bank of Boston on a 2.77% discount basis plus a $2 premium.
loan of $50,000 due Sept. 1 1924 on a 2.79% discount basis.
NORTH CAROLINA (State of).
-The First National
-BOND SALE.
PRINCE GEORGE'S COUNTY (P. 0. Upper Marlboro), Md.'Bank, William R. Compton Co.. Eldredge & Co., Redmond & Co. the BOND SALE.
-Stein Bros. & Boyce and the Mercantile Safe Deposit &
Detroit Co.. B. J. Van Ingen & Co., Kissel, Kinnicutt & Co., Blodiet & Trust Co. of Baltimore on June 17 was awarded an issue of $29.000 5%
Co., F. E. Calkins & Co.. E. H. Rollins & Sons, Hornblower & Weeks, lateral road bonds due July 1 1944.
Curtis & Sanger and Taylor, Ewart & Co. have purchased $10,000,000
QUEEN ANNE'S COUNTY (P. 0. Brewster), Md.-BOND SALE.
434% highway bonds at a premium of $5,000, equal to 100.05, a basis of
about 4.49%. Denom. $1,000. coupon bonds registerable as to principal The $21.000 5% county lateral road bonds offcred on June 17-V. 118.
-have been sold to Brinkman & Co. of Baltimore at 104.895,
only or both prin. nad int. Date Jan. 1 1924. Prin. and semi-ann. int. p. 2992
(J. & J. 1) payable in New York City or in Raleigh. Due $333,000 Jan. 1 a basis of about 4.31%. Date July 1 1924. Due $3,000 yearly on Jan. 1
1934 to 1962 and $343.000 Jan. 1 1963. These are the bonds offered un- from 1930 to 1936 inclusive. Other bidders were:
Rate Bid.
Rule Bid.
successfully on May 15(V. 118, p. 2607)•
103.61
Century Trust Co
Geo, H. Stickney & Co_ __ _103.14
NORTHWEST INDEPENDENT SCHOOL DISTRICT OF BOULDER Weilepp-Bruton & Co
103.97
103.211 H. A. Orrick
TOWNSHIP (P. 0. Marion), Linn County, lowa.-BOND ELECTION. John P. Bear & Co
Mercantile Trust & Deposit
103.156
-A special election will be held on June 28 to vote on the proposition of Inglehart & Co
103.508
Co
103.4639
issuing $1,500 school improvement bonds. W. II. Trefz, Secretary.
-RANCHITO SCHOOL DISTRICT, Los Angeles County, Calif.
NORWAY LAKE SCHOOL DISTRICT, Wells County, No. Dak.- BOND SALE.
-The 525,000 5% school bonds offered on June 9-V. 118,
BOND SALE.
-During the month of May the State of North Dakota pur- p. 2735
-were purchased by the Security Co. at a premium of $70, equal
chased $5.000 5% funding bonds at par. Date May 1 1924. Due May 1 to 100.28, a basis of about 4.97%. Date June 1 1924. Due on June 1
1944. Althouh bonds are not subject to call they may be redeemed 2 years as follows: $1,000 1925 to 1936, incl.; $3,000 1941 to 1944. bid.; $4,000
from date of issue.
1945.
NORWICH (TOWN & CITY) UNION FREE SCHOOL DISTRICT
-The 3400,000 434%
-BOND SALE.
READING, Berks
NO. 1 (P. 0. Norwich), Chenango County, N. Y.
-BOND OFFERING. coupon or registered County, Pa. bonds offered on June 18-V. 118,
street raving
_Margaret S. Clarke, Clerk Board of Education, received sealed bids
-have been awarded to the Reading Trust Co. of Reading for.
2735
until 1 p. m. June 20 for 350,000 4)4% coupon school bonds. Denom.
104.500. equal to 101.12, a basis of about 4.26%. Date July 15 1924.
$1,000. Date May 1 1924. Int. M. & N. Due yearly on Nov. 1 as
ue $40.000 July 15 1925 to 1934 incl. Other bidders were:
Bid.
'follows: $1,000, 1924 to 1926 incl.; $3,000. 1927 to 1941. and 32,000, 1942.
Bid.
Legality approved by Clay & Dillon of New York.
Berks Co. Tr. Co., Reading3403.005 Reading Nat. Bk., Reading-$400,750
OAKDALE SCHOOL DISTRICT (P. O. Fairfield), Solano County, Farmers Nat. Bk., Reading_ 401,025 Redmond & Co. and E. L.
400,800
-BOND OFFERING.-Sealed bids will be received until 11 a. m. Colonial Tr. Co., Reading_ _ 400,020 Stokes& Co., Philo
'Calif.
July 7 by G. G.Halliday, Clerk Board of Supervisors, for $6,5006% school
REDFORD SCHOOL DISTRICT (P. 0. Redford), Wayne County,
Denom. $325. Due $235 1925 to 1944. A certified check for Mich.
bonds.
-The Detroit Trust Co.of Detroit has been awarded
-BOND SALE.
10% of bid, payable to G. G. IIalliday, Clerk Board of Supervisors, is re- an issue of $185,000 school bonds at 100.03, taking $85,000 as 4515 and
•quired.
3100,000 as 4%s.
-The taxpayers have voted a $425,000 bond issue for
BONDS VOTED.
OELWEIN, Fayette County, Iowa.
-Bids will
-BOND OFFERING.
be received until 7:30 p. m. June 25 by C. D. Shippy. City Clerk, for school sites and new buildings.
145,000 sewage disposal bonds.
REDONDO BEACH CITY SCHOOL DISTRICT, Los Angeles
•
school bonds offered
-The $275,000
OKMULGEE COUNTY (P. 0. Okmulgee), Okla.
-BOND SALE. on June 1-V.-BOND 2735-were purchased 5% Wm. R. Stoats Co.,
- County, Calif. 118, p. SALE.
by
'The $400,000 road bonds offered on June 16 '(Ar.. 118, p. 2862) were purCo. Date June 1 1924. Due
chased by the Central National Bank & Citizens National Bank of Okmul- California Securities Co. First Securities1929 incl., and $9,000, 1930 to
on June 1 as follows: 510,000, 1925 to
gee at a premium of 32.025. equal to 100.506. Due serially.
1954 incl.
-BOND OFFERING.
-A. Jenny
ORRVILLE, Wayne County, Ohio.
REED SCHOOL DISTRICT NO. 15, Cass County, No. Dak.Village Clerk, will receive sealed bids until 12 m. July 2 for $13,000 5%%
-During the month of May the State of North Dakota
$650. Date Aug. 151924. Int. F.& A. bue BOND SALE.
street impt. bonds. Denom.
par. Date May 1 1924. Due
$1,300 yearly on Aug. 1 1925 to 1934 incl. Cert.check for 2% of the amount purchased $4,000 5% building bonds atnot subject to call, they may be
May 1 1944. Although the bonds are
bid for, payable to the Village Treasurer, required.
of bonds
years from date of issue.
redeemed 2
-BOND SALE.
County, Mich.
-The Detroit
OWOSSO, Shiaw
RICHARDSON PARK SCHOOL DISTRICT NO. 20 OF NEW
'Trust Co. of Detroit has been awarded the $20,000 water-works con-BOND SALE
is
-as 44is CASTLE COUNTY (P. 0. Wilmington), Del. purchased an issue of
refunding bonds offered on June 16-V. 118, p. 2862
struction
reported that the State Board of Education has
at 103.22, a basis of about 4.51%. Due $4,000 yearly on July 1 1942
$85,000 school bonds, which were authorized recently.
to 1946 inclusive. .




E

3110

THE CHRONICLE

[Vizir,. 118.

RICHMOND, Henrico County, Va.-BOND SALE.
-The following Court by the Union Trust Co. of East St. Louis, Ill., against the city of
4)% coupon bonds offered on June 17-V. 118, D. 2992
-were purchased Sedalia in which the plaintiff asks judgment for $15.000, the principal and
by Eldredge & Co. of New York at 102.59, a basis of about 4.35%:
Interest of 15 bonds of $1,000 each, issued in 1899. The bonds were
$200,000 water work bonds.
anticipated revenue bonds. Interest was paid for only 13 or 14 years after
500,000 as to prin. only on general improvement bonds.
theirIssuance."
Date July 11924. Due July 11958.
The same paper also said: "Officers of the trust company explained
RIDGEWOOD, Bergen County, N. J.
-BOND SALE.
-The two that the bonds In question were issued by the city of Sedalia in anticipation
Issues of 5% coupon or registered bonds offered on June 17-V. 118, 13 of revenue that dl 'notmaterialize and for that reason both principal and
. part of the interest have been in
2862
default."
-were awarded as follows:
2134.000 ($136,000 offered) assessment to H. L. Allen & Co. of New York
SHAWNEE COUNTY (P. 0. Topeka), Kan.
-BOND OFFERING.at 101.86, a basis of about 4.56%. Due yearly on March 1 as Sealed bids will be received until 10
a. m. June 23 by Douglas A. Graham,
follows: $15,000, 1925 to 1932 incl.. and $14,000, 1933.
County Clerk. for $150,000 4%% road improvement bonds. Denom.
13.000 street impt. at 101.3599, a basis of about 4.58% to Graham, ELMO and $500. Date June 15 1924.
Due
Parsons & Co. of New York. Due yearly on March 1 as follows: Jan. 11926, 33,500 July 11926, $4.000 each $7,500 July I 1925, 34,000
Jan. 1 and $3,500 each July
$2.000. 1925 to 1929 incl., and $3,000, IMO.
1, thereafter, including July 1 1944. A certified check for 2%, payable
Denom. $1,000. Date March 11924.
to the County Treasurer, Is required.
Following is a complete list of the bids received:
SILVER LAKE SCHOOL TOWNSHIP, Worth County Iowa.Street Impt. Bonds Assessment Bonds.
BOND ELECTION.
-A special electi9n will be held on June 30 to
Bonds
Bonds
the question of issuing 314.000 school bonds for Sub-Districts ' vote on
BiddersBid On.
Rate.
Bid On.
Rate.
Nos. 2, 4, 5
and 6 in said school township.
H. L. Allen Ss Co
$13,000 100.88
$134,000 101.86
Batchelder, Wack & Co
13.000 100.709
135,000 100.709
SLAB FORK MAGISTERIAL DISTRICT,Raleigh County, W.Va.Boland & Preim
13.000 101.005
134,000 101.791 BOND SALE.
-The $400,000 5% road bonds offered on May 24-V. 11S,
Citizens Nat. Bank of Ridgewood
13,000 100.52
136,000 100.66
p. 222
-were purchased by Seasongood
Graham, Parsons & Co
13,000 101.359
134,000 101.811 Irving Co., the Title Guarantee & Trust & Mayer. The Well. Roth k
R. M. Grant & Co., Inc
13.000 100.90
134,000 101.603 Bank & Trust Co. Date March 11924. Co. and the Provident Savings
Harris. Forbes & Co
13,000 100.831
134,000 101.50
SODUS UNION FREE SCHOOL DISTRICT NO. 4 (P. 0.
N.J. Fidelity & Plate Glass Ins. Co_
136,000 100.525
Sodus),
Outwater & Wells
-BOND OFFERING.
13,000 101.20
134.000 101.550 Wayne County, N. Y.
-W. J. Troor. Clerk, Board
B. J. Van Ingen & Co
13,000 101.007
135,000 101.411 of Education. will receive sealed bids until 3 p. m. June 24 for the purchase
of $190,000 4%% coupon school bonds. Denom. 31,000. Date
Sept. 1
RIPLEY COUNTY (P. 0. Versailles), Ind.
-BOND OFFERING.
- 1923. Prin. and
Henry Buitman Jr., County Treasurer, will receive sealed bids until 11 yearly on Sept. 1 semi-ann. int. (M. & S.) payable in New York. Due
as follows: 32.000, 1924 to 1928 incl.: $4;000, 1929 to
a. rn. July 7 for 33,0004%% Andrew Peetz et al. road construction bonds. 1933 incl.: 35,000. 1934
to 1938 incl.: 87.000. 1939 to 1943 incl., and $10,000
Denom. $150. Date July 7 1924. Int. M. & N. 15. Due $150 each six 1944 to 1953 incl.
Legality approved by Clay & Dillon of New York.
months from May 15 1925 to Nov. 15 1934 incl.
Certified check for 5% of the amount bid, payable to W. J. Troor, TreasROBESON COUNTY (P. 0. Lumberton), No. Caro.
-BOND OFFER- urer, required.
ING.
-Sealed bids will be received until 11 a. m. July 7 by M. W. Floyd,
SOMERVILLE, Somerset County, N. J.
-BOND SALE.
-On May 19
Clerk, Board of County Commissioners, for $25,000 5% road and bridge R. M. Grant & Co.
bonds. Date July 1 1924. Due July 1 1944. Legality approved by street improvement of New York were awarded an issue of 3137,000 5%%
bonds at par and accrued interest.' Denom. 31,000.
Clay & Dillon of New York.
Date June 1 1924. Int. J. & D. Due $7,000
1926 to 1932, incl., and
ROBY, Fisher County, Texas.
-BOND ELECTION.
-An election 38.000 1933 to 1943, inclusive.
will be held on June 21 to vote on the question of issuing $40,000 5%
SOUTH GREENSBURG (P.O. Greensburg), Westmoreland County
school bonds. Int. semi-ann. (A. & 0.)
Pa.
-BOND SALE.
-An issue of $18,000 5%% improvement bonds has
ROME, Oneida County, N. Y.
-BOND SALE.
-On June 17 the been sold to Redmond & Co. of Pittsburgh.
street resurfacing bonds offered on that day
$25,000
-V. 118. p. 2862SPRINGVILLE, Erie County, N. Y.
-BOND OFFERING.
-Sealed
were awarded to Sherwood & Merrifield. Inc., of New York, as 4.405 at bids will be received until
100.20, a basis of about 4.33%. Date June 1 1924. Int. payable annually 342,000 coupon lighting 8 p. m. June 23 by P. J. Cady, Village Clerk, for
system bonds not to exceed 5% interest. Denom.
on June 1. Due $5,000 yearly on June 1 1925 to 1929 inclusive.
$1,000. Date Feb. 1 1924. Int. F. & A. Due $3,000 Feb. 1 1925 t,o
RUSSELL, Russell County' Kan.-BOND OFFERING.
-Sealed bids 1938 incl. The Board of Trustees reserves the right to sell the bonds at
will be received until 2 p. m. June 25 by J. W. Morphy, City Clem for public auction at the same hour and day, and in that event any sealed pro3100,0005% paving bonds. Date Aug. 11924. Due serially 1 to 10 years. posal received will be deemed to be a bid on such auction sale at the price
named in bid. Certified check for $1.000, drawn upon
ST. CLAIR COUNTY (P. 0. Port Huron), Mich.
-BOND OFFER- bank or trust company and payable to the order of Ira H. an incorporated
Vail, Treasurer,
ING.
-F. E. Beard, Chairman of Board of County Road Commissioners, required.
will receive sealed bids until 1:30 p. m. (Eastern standard time) June 23
SPRINGVILLE SCHOOL DISTRICT NO. 3. Mich.
for $81,500
% Assessment District Road No. 75 bonds. Denom.
-BOND SALE.31.000. Date May 1 1924. Int. M. & N. Due 1926 to 1934. incl. Keane, Higbie & CO.of Detroit have been awarded an issue of$10,000 school
Miller-Canfield-Paddock & Stone,attorneys of Detroit. will approve bonds. bonds for 89.983 33 (equal to 99.83), which includes accrued interest for
Bonds to be printed and paid for by the county, to be delivered to the First 2 months of $83 33 and deduct charges amounting to $100. '
National Bank of Port Huron when bid is accepted.
STANLEY CONSOLIDATED INDEPENDENT SCHOOL DISTRICT
ST. LOUIS SCHOOL DISTRICT (P.0.St. Louis), Gratiot County, (P. 0. Stanley), Fayette and Buchanan Counties, Iowa.
-BOND
-An election will be held on July 7 to vote on the question of
Mich.
-BOND SALE.
-An issue of 840.000 5% school bonds has been ELECTION.
awarded to the Detroit Trust Co. of Detroit at 101.63. Bids were received issuing 3100.000 school bonds. W. T. Fuller, Secretary.
as follows:
STAR, Montgomery County, No. Caro.
-BOND SALE.
-E. C. Willis
Price.
Price.
of Trinity and Walter 'Woody & Heimerdinger of Cincinnati have jointly
Detroit Trust Co
101.63 Gratiot Co. State Bank
_101.22
purchased $85,000 6% water and sewer bonds.
Benj. Dansard SG Co
101.625 R. M. Grant & Co
101.15
STEVENS COUNTY SCHOOL DISTRICT NO. 2 (P. 0. Hugoton),
Commercial Saw. Bk., St. L_101.62 Joel Stockard & Co
101.06
Kan.
-BONDS REGISTERED.
E. E. MacCrone & Co
101.56 Stranahan, Harris & Oatis_ 100.72
-The State Auditor of Kansas registered
818,000 5% judgment funding bonds on May 26.
H. D.Fellows & Co
101.35
STILLWATER, Payne County, Okla.
SAGINAW, Saginaw County, Mich.
-BONDS AUTHORIZED.
-The
-NO BIDS RECEIVED.
-No
City Council has authorized a $400,000 4%% bond issue for paving. Date bids were received for the $200,000 5% coupon reservoir bonds offered on
June 10-V. 118, p. 2349. Date June I 124. Due June 1 1944.
July 10 1924. Due in ten years.
STONEY CREEK SCHOOL TOWNSHIP (P. 0. Blountsville),
SALEM SCHOOL DISTRICT NO.24 (P. O. Salem), Marion County,
Ore.
-BOND OFFERING.-Willlam M. Barr, Township
-BOND SALE.
-The $220,000 5% school bonds offered on June 12- Henry County, Ind.
V. 118, p. 2993
-were purchased by Freeman, Smith & Camp Co. of Trustee, will receive sealed bids until 1:30 p. In. July 14 for 330,000 5%
Portland at 100.696, a loasis of about 4.85%. Date July 1 1924. Due coupon school bonds. Denom. $500. Int. J. & J. 15. Due each six
months as follows: $500 Jan. 15 1925 to Jan. 15 1926 incl., $1,000, July
$22,500 yearly on July 1 from 1925 to 1934, inclusive.
15 1926 to July 15 1927 incl. 31.500 Jan. 15 1928 to Jan. 15 1932 incl..
SALEM SCHOOL TOWN (P. 0. Salem), Washington County. Ind. and $2,000 July 15 1932 to Jan. 15
1935 incl.
-BOND OFFERING.
-Until 1:30 p. m. June 24, sealed bids will be reSUMMIT TOWNSHIP (P. 0. Waterford, R. F. D. No. 4), Erie
ceived by the Board of Trustees for $46,000 5% school bonds. Denom.
-BOND OFFERING.
$500. Date July 11924. Int. J. & J. Due each six months as follows: County, Pa.
-Walter Sweatman, Secretary Board of
Supervisors, will receive sealed bids until 10 a. m.June 30 for $12,000 53.4%
$2.500. July 11926. and $1,500. Jan. 1 1927 to Jan. 1 1941 incl.
coupon road bonds. Denom.$1,000. Date
SALINA SCHOOL DISTRICT NO.3(P. 0.Salina), Saline County, nt. (July 1) payable at the Central Trust & July 11924. Prin. and annual
Kan.
-NOTES REGISTERED.
-The State Auditor of Kansas registered 32.000 yearly on July 1 1926 to 1931 incl. Title Co. Bank of Erie. Due
Certified check for $120 re354.543 87
% temporary notes on May 29.
quired.
SANILAC COUNTY (P. 0. Sandusky), Mich.
-BOND SALE.
-An
SUMNER COUNTY (P. 0. Willington), Kan.
-BOND SALE.
-The
issue of 848.000 5% road assessment District No. 1068 bonds has been $59,500 4)4% road bonds
offered on June 4-V. 118, p.
-were purawarded to the Detroit Trust Co. of Detroit at 100.010.
chased by the First Trust Co. of Wichita. Date June 2609
1 1924. Due 1
20 years.
SAN BENITO INDEPENDENT SCHOOL DISTRICT (P. 0. San to
Benito), Cameron County, Tex.
SUNDBURY, Delaware County, Ohio.
-BONDS REGISTERED.
-The State
-BOND OFFERING.-Verc
Comptroller of Texas registered $22,000 5%% serial bonds on June 12.
Williamson, Village Clerk. until 12 m. July 19, will receive sealed bids for
$22,000 534% village's portion water works system installment bonds.
SCHENECTADY, Schenectady County, N. Y.
-NOTE SALE.
- Denom. $500. Date July 1 1924. Prin. and semi-ann.
S. N. Bond & Co. of New York have purchased the $419.000 bridge con- Payable at the Village Treasurer's office. Due $500 each int. (M. & S.)
six months from
struction notes offered on June 13-V. 118. p. 2862
-on a 2.90% interest March 1 1925 to Sept. 1 1946 incl. The bonds will be sold subject to apbasis plus a premium of $3. Date June 6 1924. Due Oct. 10 1924. The proval of the transcript of the proceedings relating to
following is a list of the bids received:
thereof, by Squires, Sanders and Dempsey of Cleveland.the issue and sale
All bids must be
Premium accompanied with a certified check payable to the Treasurer of said village
Rate
for 5%, of the amount of bonds bid for.
Bid.
Bid.
George H. Burr & Co., New York
4 00%
85433
-BONDS REGISTERED.
Albany Savings Bank, Albany
-The State Comptroller
4 257
25 00 ofTEXAS (State of).
Texas has registered the following bonds:
The National City Co., New York
5 00 Amt.
3.50%
Place.
Regis
Due.
The Schenectady Trust Co., acct. J. P. Morgan ,k Co_ -2.94%
Int.
Par $3,000 Limestone
Co. C. S. D. No. 20
S. N.Bond & Co., New York
10-20 yrs. 5
.2.90%
300
4,000 Houston County C. S. D. No.66
5-20 yrs. 507 June 4
The Schenectady Trust Co.,acct.Salomon Bros.& Hutzler 3.10%
7 00
1,200 Leon County C. S. D. No. 29
20 Years 53.4
The Citizens Trust Co., acct. Guaranty Co. of N. Y.. ..3.00%
June 5
9 76
1,000 Van Zandt ounty C. S. D. No. 105
10-N1 yrs. 8 o June 7
-Sealed bids will be received at the office of Leon
BOND OFFERING.
4.800 Burnett and Williamson Counties C.S. D.
G. Dibble, City Comptroller, until June 24 at 12 m.(daylight saving time)
No. 38
serial
5% June 7
for the Purchase of coupon bonds of the city of Schenectady (with privilege
2,500 Bowie County C. S. D. No. 25
10-20 yrs. 6% June 9
of registration) as follows:
3,500 Bowie County C. S. D. No. 24
10-20 yrs.
June 9
$120,000 garbage reduction plant bonds, maturing $12,000 on July I in
3,000 Lindsey County Line Ind. Sch. Dist
serial
5% June 10
each of the years 1925 to 1934. both Inclusive.
3,200 Milan County C. S. D. No. 53
serial
534' June 10
40,000 road improvement bonds, maturing $8,000 on July 1 in each of
3.500 McCulloch County C.S. D. No.22
10-20 yrs. 5Si% June 10
the years 1925 to 1929, both inclusive.
1,100 Rusk County C. S. D. No. 24
10-20 yrs. 5% June 13
Said bonds to be dated July 1 1924 of the denomination of $1,000 each.
BONDS PURCHASED BY THE STATE BOARD OF EDVCATION.Prin. and int. will be payable at the Chase National Bank, N. Y. City,
or at the office of the City Treasurer. Schenectady, interest being payable On June 12 the State Board of Education purchased the following, aggre$144.650,
semi-annually on Jan. 1 and July 1. The bidders are requested to name gating
NameAmt.
Interest.
the rate of interest the bonds shall bear, but not exceeding 5%, expressed
Enloe I. S. D
$25.000
In multiples of % of 1%. The bonds will be awarded to the one offering
5%
KenedY I. S. D
5
to take them at the lowest rate of interest and to pay therefor the highest Mt. Enterprise
I. S. D
15,000
premium on such lowest rate. The legality of the issue of said bonds will
5
20,000
5
be examined by Clay & Dillon of N. Y. City, whose favorable opinion Parker I. 9. D
23,750
will be furnished to the purchaser. A prescribed form of proposal will be Ranger 1.5. D
5
3.500
6
furnished upon application and all proposals must be unconditional. The Bowie County C. S. D. No. 24
2,500
bonds will be delivered to the purchaser on July 10 1924 or such other date Bowie County C. S. D. No.25
Floyd
15,000
as may be mutually agreed upon, either at the Chase National Bank, Floyd County C. S. D. No. 14
County C. S. D. No. 17
7,000
N. Y. City, or at the office of the Comptroller in the city of Schenectady, Houston
664,100
County C. S. D. No.
at the option of the purchaser. No alternate bids or bids except those on
the entire issue will be considered. A certified check for 33,200, payable Leon County C. S. D. No. 29
to the City Treasurer, must accompany each proposal. which check will Milam County C. S. D. No. 53
900
be returned to the bidder if unsuccessful: otherwise applied to the payment Navarro County C. S. D. No. 102
9,000
of the sum bid. No bid at less than par and accrued interest will be ac- Tyler County C. S. D. No. 12
Van Zandt County C. S. D. No. 105
1,000
cepted
Williamson County C. S. D. No. 7
1,500
5
SEDALIA, Pettis County, Mo.-JUDGMENT SUIT BROUGHT Williamson County C. S. D. No. 27
5'
6.000
AGAINST CITY -The St. Louis "Globe-Democrat" of June 18 had the
-BOND OFFERING.
TAYLORSVILLE,Alexander County, No,Caro.
following: "A] suit has been filed in the Pettis County Circuit -Rids will be received until 2 p. m. June 25 by C. C. Munday, Town




1.2.,
a 3.2.1

u:cn 21 1924.]

THE CHRONICLE

3111

-BOND OFFERING.
WHARTON COUNTY (P. 0. Wharton), Tex.
Date
Clerk, for $80,000 6% street improvement bonds. Denom. $1,000. Trust Sealed bids will be received until 1 p. m. June 30 by W.G. Davis, County
the
June 1 1924. Prin. and semi-ann. Int., payable at 1925Equitable$6,000 Judge, for $540,000 6% conservation and reclamation bonds. Due 1 to
to 1934,
on June 1 as follows: $7,000
Co., New York. Due
an incorporated bank 25 years, optional after 20 years.
1935, 81,000 1926 to 1939. A certified check upon
required.
-On
-BONDS REGISTERED.
WICHITA, Sedgwick County, Kan.
or trust company for 2% of bid,payable to the Town Treasurer,
State Auditor of Kansas registered $25,000 414% and $17,500
May
THOMAS & SHERIDAN COUNTIES JOINT CONSOLIDATED 414%12 the bonds.
island
-BONDS REGISKan.
SCHOOL DISTRICT NO, 88 (P. 0. Colby),
-On May 19 the State Auditor of Kansas registered $100,000
WICOMICO COUNTY (P. 0. Salisbury), Md.-BOND SALE.
TERED.
J. A. W. Inglehart & Co. of Baltimore have purchased the $24,000 5%
5% refunding bonds.
OFFERING-Until 12 serial lateral road bonds offered on June 10 (V. 118. p. 2736) at 103.16.
-BOND
TOLEDO, Summit County, Ohio.
Finance Director, a basis of about 4.55%. Date July 1 1924. Due $4,000 yearly on July 1
m. July 8 sealed bids will be received by Walter Stewart.
from 1930 to 1935 incl.
for the following issues of 4%% bonds.
-BONDS
W1LBARGER COUNTY ROAD DISTRICT NO. 3, Tex.
$31,000 police station erection. Due yearly on Dec. 1 as follows. $2,000,
-The State Comptroller of Texas registered $150,000 5Si%
1925 to 1938 incl., and 83,000. 1939.
REGISTERED.
50,000 park and blvd. impt. Due $5,000 yearly on Nov. 1 from 1925 to serial road bonds on June 3.
1934 incl.
-BOND OFFERWILKINSON COUNTY (P. 0. Woodville), Miss.
350,000 city's portion, paving sundry streets and alleys. Due $35,000 ING.
-Sealed bids will be received until 2 p. m. July 7 by W. L. Haye,
yearly on Dec. I from 1925 to 1934 incl.
to exceed 6% Fifth Separate Road Ens110,000 bonds issued "for the purpose of paying the final judgment rendered Chancery Clerk, for $60,000 not
against City in an action based upon an obligation of a contractual thet bonds.
-The $50,000
-BOND SALE.
nature, incurred prior to May 14 1921, and reduced to judgment
WILLIAMS, Coconino County, Ariz.
-were purprior to the passage of House Bill No. 486. passed April 5 1923. 6% water work bonds offered on June 16-V. 118, p. 2994
and under the authority of the laws of Ohio and of the provisions of chased by James N. Wright & Co. of Denver at a premium of $265. equal
the General Code of Ohio and under and in accordance with a to 100.53-a basis of about 5.94%. Date June 16 1924. Due $3,000,
certain ordinance No. 3447 of the City of Toledo, passed April 1929 to 1942, and $4,000. 1943 and 1944.
21 1924." Due $22,000 yearly on Dec. 1 from 1925 to 1929 incl.
WILLIAMS IRRIGATION DISTRICT (P. 0„ Williams), Colusa
Denom $1,000. Date June 1 1924. Prin. and semi-ann. int. payable at
-The $17.000 irrigation bonds offered on
-BOND SALE.
the office of the United States Mortgage & Trust Co. of New York. Cert. County, Calif.
-were purchased by Stephens & CO. of San Francheck for 2% of the amount bid for, payable to the Comm'r pf the Treasury, June 7-V. 118. p. 2863
cisco as 6s. at 95.00.
issue.
required for each
-Edward
• WILNA UNION FREE SCHOOL DISTRICT NO.1(P.O. Carthage),
-BOND OFFERING.
TONAWANDA, Erie County, N. Y.
-E. H. Rollins & Sons of New
-BOND SALE.
F. Fries, City Treasurer, will receive sealed bids until 8 p. m. June 30 for Jefferson County, N. Y.
-a basis of about 4.535%-were awarded the
street impt. bonds. Denom. $1,000. Date July 1 1924. York, bidding I05.799
$10,000 4%%
York. $60,000 5% coupon school bonds offered on June 18-V. 118. p. 2994.
Prin. and semi-ann. Int. payable at the National City Bank of New
yearly on May 1 from 1928 to 1957. incl.
Due July 11935. Legality approved by John C. Thomson of New York. Date May 11924. Due $2,000
Other b.ds were:
Certified check for $500, payable to the City Treasurer, required.
Union National Corporation_ _105.071G. B. Gibbons & Co., Inc_ - -104.64
TUCUMCARI, Quay County, N. Mex.-BIDS.-The following is a Sherwood & Merrifield, Inc_ _ _105.35 I
of bids for the $100,000 6% water bonds purchased by Geo. W. Vallery
list
WILSON COUNTY SCHOOL DISTRICT NO. 9 (P. 0, Fredonia),
& Co. at $102,813 50. as stated in V. 118, p. 2863:
-The State Auditor of Kansas registered
-BONDS REGISTERED.
Premium. Kan.
Interest.
Amount.
$2,270 00 on May 21 $16.000 5% funding judgment bonds.
Accrued
Par
Nuveen & Co.. Chicago
John
$2,262 00
-The
Accrued
Par
-BONDS REGISTERED.
Spitzer, Rorick & Co., Toledo
WINFIELD, Cowley County, Kan.
1,631 00
Accrued
Par
K. E. Campbell & Co., Los Angeles
State Auditor of Kansas on May 14 registered $5,000 5% impt. bonds.
Jas. M. Wright & Co., Denver; United
DISTRICT (P. 0. Winfield), Cowley County,
WINFIELD SCHOOL
States National Co., Denver; Antonides
-The $5,000 5% school bonds offered on June 2-BOND SALE.
$9801 Per $100 00
Kan.
& Co., Denver
-were purchased by the State Bank of Winfield at par.
V. 118, p. 2736
Benwell & Co.. Denver: Van Riper, Day &
Due yearly as follows: 81,000. dated Dec. 1 1923. due Dec. 1 1933; $1.000,
Co., Denver; American National Co.,
98 25 Per 100 00
Denver
dated Jan. 1 1924, due Jan. 11934: 81,000. dated Feb. 1 1924. due Feb. 1
98 12 Per 100 00
Sidle, Simmons, Fels & Co., Denver
1934: $1,000, dated March 1 1924, due March 11931. and $1,000, dated
-00 April 1 1924, due April 11934.
2,030
Accrued
Par
A. T. Bell & Co., Denver
to delivery.
Geo. W. Vallery & Co.. Denver; Season- $102,813 50 net
-BOND OFFERING.
WINSTON-SALEM, Forsyth County No. Caro.
1Accrued int. after July 4 1924.
good & Mayer, Cincinnati
be received until 12 m. June 25 by the Finance Committee
Also furnish blank bonds and -Sealed bids will Aldermen, for the following coupon bonds, aggregating
of the Board of
attorney's opinion.
-The fol- $3,491,000:
-BOND SALE.
VIGO COUNTY (P. 0. Terre Haute) Ind.
534% street assessment bonds. Due $110,000 on July 1. 1926
-have $1,100,000
to 1935 incl.
lowing issues of 5% road bonds offered on June 12-V. 118. p. 2736
to
sold to the Fletcher American Co. of Indianapolis at 102.17, a basis
been
800,000 4%% school bonds. Due $27,000 July 1 1926 July1950 incl.
11954.
of about 4.56%;
$30,000 July 11961 to 1953 Incl., and $35,000
1926:
$58,800 John N. White et al. Denoms. $500 and $440. Due $2,940 each
4%% water bonds. Due on July 1 as follows: $16,000, incl.,
750,000
six months from May 15 1925 to Nov. 15 1934 incl.
$19,000. 1927 to 1956 incl.; $20,000, 1957 to 1963
58.000 Arthur H. Fromme et al. Denoms. $500 and $400. Due $2,900
and $24,000, 1964.
1
each six months from May 15 1925 to Nov. 15 1934 incl.
376,000 434% municipal market bonds. Due on July to as follows:
1945 Md..
Interest M. & N. 15.
1926 to 1935 incl., $13,000. 1936
and 814,000. 1946 to 1954 incl.
812.000'
VOLUS1A COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 41
improvement bonds. Due on July 1 as follows:
% general
290,000
-BOND OFFERING-Sealed proposals will
(P. 0. Daytona Beach), Fla.
$10,000, 1925 to 1944 incl.; $12,000, 1945, and $13,000,
be received until 10 a. m. July 10 by Geo. W. Marks. County Supt. of
1946 to 1951 incl.
Schools, for $15,000 6 % coupon Daytona Beach-Seabreeze school bonds.
as follows:
100.000434% street improvement bonds. Due on July 1 1972 mcl.,
$500. Date July 2 1923. Prin. and semi-ann. in payable at
Denom.
82.000, 1926 to 1967 incl.; $3,000, 1968 to
the East Coast Bank & Trust Co. of Daytona Beach or at the National
and $1,000. 1973.
Park Bank, N. Y. City, at option of the holder. Due July 11955. A cer75.000434% incinerator bonds. Due $3,000 yearly on July 1 from
tified check for $750, payable to the Board of Public Instruction, required.
1925 to 1949 incl.
WADE HIGH SCHOOL DISTRICT (P. 0. Fayetteville), CumberDenom. $1,000. Date July 1 1924. Legality approved by Reed.
-The $35,000 6% school bonds Dougherty & Hoyt, New York. Bonds certified as to genuineness of
-BOND SALE.
land County, No. Caro.
-were purchased by Stevenson, Perry, signatures by U. S. Mtge. & Trust Co. of New York. A certified check for
offered on June 16-V. 118, p. 2863
Stacy & Co. of Chicago at a premium of $1,896 65, equal to 105.41. Date cash for 2% of bid required.
July 11924. Due $1,000, 1927 to 1945; $2,000, 1946 to 1953.
-The $61,000
-BOND SALE.
WINTER PARK, Orange County, Fla.
-BOND SALE.-Geo. B 6% improvement bonds offered on June 13(V. 118, p 2736) were purchased
WALLINGTON, Bergen County, N. J.
Gibbons & Co., Inc., of New York, have been awarded an issue of $125.000 by Wright. Warlow & Co. of Orlando at $61.631 35. equal to 101.035. a
5% coupon or registered school bonds. Denom. $1,000. Date Dec. 15 basis of about 5.75%. Date Jan. 1 1924. Due on July 1 as follows:
1923. Prin. and semi-ann. in (J. & D.) payable at the Passaic National $6,000 1925 to 1933 incl. and $7,000 1934.
Bank & Trust Co. of Passaic. Legality approved by Clay & Dillon of
WOODBRIDGE TOWNSHIP (P. 0. Woodbridge), Middlesex
New York.
-Until 7 P. m. June 24, sealed bids
-BOND OFFERING.
County, N. J.
SALE.
-Edmonds will be received by A. Keyes. Township Clerk. for the purchase of the
WALTHAM, Middlesex County, Mass.-BOAD
Bros. & Co. of Boston have been awarded an issue of $60.000 4% water following issues of 4%, 5 or
% coupon or registered bonds:
bonds dated July 1 1924 and due 1929 to 1939 at 100.134. Other bidders $113,000 public impt. Due yearly on July 1 as follows: $4,000. 1926 to
were as follows:
1934. incl.; 85.000. 1935, and $6,000. 1936 to 1947, incl.
100.09 I Estabrook Co
100.030
R. L. Day & Co
170,000 assessment. Due yearly on July 15 as follows: 814,000, 1925
to 1929, incl., and $20,000. 1930 to 1934, incl.
-A $200,000 temporary loan, due Jan. 12 1925,
TEMPORARY LOAN.
No more bonds to be awarded than will produce a premium of 81,000
has been purchased by Grafton & Co. of Boston on a 2.95% discount basis,
plus a $2 premium. Other bidders were: First Mlles' Bank, 2.95%; over the amount of each of the issues given above. Denom. $1,000. Prin.
Old Colony Trust Co., 3.05%, plus $3 75:S. N. Bond & Co.. 3.07%. plus and semi-ann. int. payable in gold at the Nat. Park Bank of New York.
.16,% Plus$1 00. All bids were submitted Legality approved by Reed, Dougherty & Hoyt of New York. Certified
25 and F.S. Moseley & Co.,3
check for 2% of the amount of bonds bid for, payable to the Township.
on a discount basis.
-BOND OFFERING.
-The following is a
-BIDS.
WASCO COUNTY (P. 0. Dallas), Ore.
WORTHINGTON, Franklin County. Ohio.
list of bids received for the $250,000 highway bonds purchased by Ames, Sealed proposals will be received by A. S. Davis, Village Clerk, until 12 m,
Issues of bonds:
Emerich & Co. of Chicago and John E. Price Co. of Seattle, as stated July 10 for the purchase of the following
•
Denom.
in V. 118, p. 2994:
$10,256 87 6% New England Ave. special assessment bonds. A.& O.1.
Total Bid.
BidderPremium. Int.Rate.
$1.000. and one for $256 87. Date April 1 1924. Int. $1,000.
1925, and
Robertson-Ewing Co., Portland
Due yearly on Oct. 1 as follows: $1,256 86,
$251,985 00 $1,985 00 5%
1,895 00 5
251,895 00
Ralph Schneeloch & Co., Portland
1926 to 1934 incl.
$300. Date
66 50 5
Security Savings & Trust Co., Portland_ - 175,066 50
3,000 00 6% Stafford Ave. village's share bonds. Denom.Sept. 1 from
28 50 4%
Bond, Goodwin & Tucker. Portland_ -1 75,028 50
Jan. 1 1924 Int. M. & S. Due $300 yearly on
Stevenson. Perry. Stacy & Co., PortI'd1
to 1934 incl.
1925
Date
Denom.
Ames, Emerich & Co., Chicago; John E.
3.500 00 5)4% water works plants impt. bonds. yearly on$500.1 from
Oct.
2,90000 5
1925 l 1931 Int
Dec to192 . inci A. & 0.1. Due $500
252.90000
:
Price & Co., Seattle, Wash
.
Camp & Smith, Portland; A. B.
Freeman,
Cert. check for 5% of the amount of bonds bid for, payable to the Village
Leach & Co., Inc., Chicago; Wells,
2.217 50 5
252,217 50
Treasurer, required.
Dickey & Co., Great Falls, Mont
1,711 00 5
0. KanPalmer Bond & Mtge. Co., SaltLake City 251,711 00
WYANDOTTE COUNTY SCHOOL DISTRICT NO. 10 (P. Kansas
57 00 5 & 44
250.057 00
A. C. Allyn & Co., Chicago
-The State Auditor of
-BONDS REGISTERED.
402 50 5 & 44 sas City), Kan.
250.402 50
Pierce, Fair & Co., Portland
registered $20.000 5% school bonds on May 9.
Portland
1.192 50 5
251,192 50
Blyth, Witter &
-BONDS REGISPortland
1,825 00 5
251,825 00
Ladd & Tilton. Co..
WYANDOTTE COUNTY(P.O. Kansas City), Kan.
All of the above offered to print bonds.
-The State Auditor of Kansas registered $350.000 5% drainage
TERED.
district bonds on May 12.
WASHINGTON SCHOOL DISTRICT (P. 0. Washington), Wash-NOTES REGISTERED.
-BOND SALE.
YATES CENTER, Woodson County, Kan.
-On June 16 the $150,000 4%
ington County, Pa.
$42,556 63 6% temschool bonds offered on that day (V. 118, p. 2863) were sold to the Mellon -On May 12 the State Auditor of Kansas registered
National Bank of Pittsburgh for $153,705 50, equal to 102.46, a basis of porary notes.
NO. 1 (P. 0. Yates Center),
4.265%. Date July 1 1924. Due yearly on June 1 as follows:
YATES CENTER SCHOOL DISTRICT
about
-The State Auditor.
-NOTES REGISTERED.
$5.000, 1928 and 1931, and $10.000, 1932 to 1945 incl. Other bidders were: Woodson County, Kan.
Union Trust Co., Pitts_ _$153,281 85;Graham, Parsons & Co_ _$152.818 65 of Kansas on May 26 registered $6,542 486% temporary notes.
-Remick,
153,696 00( National City Co
153,613 50
-BOND SALE.
Harris. Forbes & Co- YONKERS, Westchester County, N. Y.
151,579 50 Redmond & Co
152,516 10 Hodges & Co. and Roosevelt & Son of New York have been awarded the
West & Co
152,156 10 J. H. Holmes & Co
-V. 118. Do
153.414 00 following issues of
Stroud & Co
% coupon bonds offered on June I7
WATONWAN COUNTY SCHOOL DISTRICT NO. 32 (P. 0. St. 2863 at 101.635-a basis of about 4.21.5%;
1 1925 to
-BOND ELECTION.
-A special election will be held 8990.000 local impt. bonds "Series A' payable 868,000 on June
James), Minn.
1929 inclusive. and $65,000 on June 1 1930 to 1939 inclusive.Inei,
on June 28 to vote on the question of issuing $7,500 4%% bonds. L.
$27,000 on June 1 1925 to 1934
270.000 assessment bonds payable
Larson, District Clerk.
280.000 local impt. bonds 'Series B payable 856,000 on June 1 1925 to
WEBSTER COUNTY SCHOOL DISTRICT NO.31 (P.O. Red Cloud),
1929 inclusive.
-During the month of May the State of Nebraska
SALE.
Neb.-BOND
Date June 1 1924.
Financial Statement.
purchased $10,000 5% school bonds at par. Date Jan. 1 1924. Due
$208.079,103
Jan. 11944; optional Jan. 11929.
Assessed valuation
16.093.447
-BOND SALE.
--The Bonded debt,including this issue
WESTERVILLE, Franklin County, Ohio,
2.591.250
transmission system construction bonds which had Water bonds
% coupon
$18,000
13.502.197
debt
beenscheduled to be sold on June 21 V. 118, p. 2736) were awarded to the Net bonded
Population, 1920 census, 100.176. Present population (estimated),
ate July 1 19241 Due $2,000 yearly
Commission at par.
State Industrial
110,000.
on Oct. 1 1925 to 1933 incl.




3112

Wier ar1101•17CLE

CANADA, its Provinces and Municfpaikias.
CANADA (Dominion of).
-REPORTS THAT THE DOMIliffoll
GOVERNMENT PROPOSES 8300.000,000 LOAN
-DISBELIEF E
PRESSED.
-A wire from Ottawa under date of June 19 to "Daily Financial
America" of Now York City had it that the Dominion Government intended to float a loan of 8300.000,000 and that Hon. James Robb. acting
Minister of Finance, would shortly bring down legislation to give the
necessary authority. "Proceeds of the loan will be devoted ent-rely to
refunding the 5
-year Victory Loan for $107.955.000. issued in 1919, and
which falls due on Nov. 1, and the proceeds of the new loan will take care
of this an other maturing oblgatIons."
Expressing d sbelief of the above report, a wire from Toronto, also dated
June 19 and published in the above-mentioned paper, reads as follows:
"The Ottawa report that the Government contemplates the issue of $300.000,000 bonds for refunding purposes is receved with utter increaulity in
bond circles here which have always been in close touch with Government
financing and were instrumental in the flotation of last year's loan. It is
admitted that 8107.955,000 falls due next November, apart from that
there is nothing substantial. Some $46.000.000 mature in 1925 on one loan
and some odd amounts of bonds sold in England mature this year and next,
but nothing approaching the total suggested. There appears to be no
appreciable amount of railroad account issues maturing either. One wellknown local bond man expressed the opinionthat if the King Government
attempted to bring down any such legislation they would simply be committing suicide. He intimated that the public was evidently out for the
same economy in govetnment as in business life and would not stand for
any unnecessary flotation."
COCHRANE, Ont.-DEBENTURE OFFERING.
-Bids are invited
until 6 p. m. June 20 for the purchase of $40,000 515% 20 annual installment debentures guaranteed by the Province of Ontario. R.0. Mor tson,
Clerk and Treasurer.
DUFFERLIN COUNTY, Ont.-BOND SALE.
-We are informed that
an issue of 848.000534%15-year instalment bonds was awarded on June 19
to Dominion Securities Corporation on a bid of 101.719, which is approximately of a 5.24% basis. The other bids included: Cochran, Hay & Co.,
101.62: Macneill, Graham & Co., 101.28; Goss, Forgie & Co.. 101.41:
Bain, Snowball & Co., 101.042: Wood. Gundy & Co.. 101.03; McCoo. Padmore & Co.. 101.15: McLeod. Young. Weir & Co.. 100.95.
EASTVIEW, Ont.-DEBENTURE SALE.
-C. H. Burgess & Co. were
recently awarded the $43,210 515% 20 annual installment debentures at
97.02, the money costing 5.87%. McLeod, Young, Weir & Co. submitted a bid of 95.
-year
EDMONTON, Alta.
-BOND SALE.
-An issue of 8145.000 5% 40
school bonds was sold reports say, to Gairdner, Clarke & Co.
GREY R. M., Man.
-BOND SALE.
-It is reported that an issue of
$5,000 534% 30
-installment debentures, guaranteed by the Province of
Manitoba, was awarded to Bond & Debenture Corp. at 100.10, the money
costing 5.49%. Tenders were as follows:
Bond & Debenture Corp_100.10 [John Macgregor & Baker Co. 98.5777
Macneill, Graham & Co__ _ _ 99.27 l E.G. Read & Co
98.60
KENORA, Ont.-DEBENTURE OFFERING.
-Bids will be received
until 12 m. June 23 for the purchase of 820,000 6% 20
-year local improvement and $11,687 514% 30
-year consol. debt debentures. F. J. Hooper,
Treasurer.
MIMIC°, Ont.-BONDS AliThORIZED.-An issue of $20.000 school
debentures was recently authorized by the Council of this municipality.
MONTREAL METROPOLITAN DISTRICT, Quo.
-BOND OFFERING.
-Until 12 m. June 26 sealed bids will be received by E. T. Sampson,
Secretary„
-Treasurer, for the purchase of the following issues of 5% bonds:
$1.462,000 municipal. Date Nov. 1 1924. Due Nov. 11949.
1,150,000 municipal. Date May 1 1924. Due May 1 1951.

NEW LOANS

-

1Vot. 118.

• Dimom. $1.000. Alternative bkis iil1 be received
Mows: (1) Per
bliilda payable both as to principal Lod ;:iterst in gold ar) in New
coin
The amount tendered to be payable with deerued interelit from York.
May 1
,
1924 in Montreal. in Canadian funds, agu1nst dellyery of
honds payable as to principal and interest.in Mot, the hada. (2) For
the
to be payable with accrued interest from .May 1 10 4, In amoinVencloren
Caned lt
against ddivery of the bonds in Montreal. Certifi check for % finds,
Of the
amount of the loan required.
NEW OLAg0OW, N. S.
.
-BOND SALE.-O June 7 U, M. liraclatid
& Co. Purchased an issue of 838.00020
-year 5% refunding bohda at 96.61.
Denom. $500. bate June 12 1924. Int. J. & D. Due Juice 12 1944.
ONTARIO (Pfovirice a).
-HYDRO-ELECTRIC POWER COMMISSION OF ONTARIO BONDS GUARANTEED BY THE PROVINCE
SOLD TO CANADIAN SYNDICATE.
-A
by R. A.
Daly & Co. has been awarded $4,000,000 5%syndicate headed the Hydro-year bonds of
15
Electric Power Commission of Ontario, guaranteed
successful bid of 97.51 represents a cost basis of by this province. The
5.24%.
R. A. Daly & Co., McLeod, Young, Weir & Co., MatthewsOther bidders:
& Co.
,
and Bell, Gouinlock &-Co
97.54
A. E. Ames & Co. and Wood, Gundy & Co
97.48
Dominion Securities Corporation
Gairdner, Clarke & Co., C. H. Burgass& Co., Macneill, Graham & 97.21
Co., Dvment, Anderson & Co., Aird, McLeod & Co. and
Murray98.837
The National City Co.. Bank of Montreal and Harris, Forbes
& Co_ 96.739
• ONTARIO COUNTY (P. 0. Whitby), Ont.-DEBENTUR OFFERE
iNa.-Tenders will be received up to 12 m. June 24 for the purchase of
$164,000 515% 20-annual installment highway debentures. E. A. McKay, Treasurer.
PETERBOROUGH, Ont.-BOND SALE.
-Reports state that Matthews & Co. were the successful bidders for the $154.680
515 and 6%
10, 20 and 30 year bonds. At the purchase price of 103.274, the money
is casting 5.29%. The bids were as follows:
Matthews & Co
..-103.274 Stewart, Scully & Co
102.51
Bain. Snowball & Co
103.17 C. II. Burgess & Co
102.264
Macneill. Graham & Co
103.11 McLeod. Young, Weir &
R. A. Daly & Co
102.91
Co
102.14
Wood, Gundy & Co
102.79 Dyment, Anderson & Co--- -101.861
Gairdner, Clarke & Co
102.73 Cochran, Hay & Co
101.81
A.E.Ames & Co
102.69 Dominion
Municipal Bankers'Corp- _ --102.659 I Housser, Securities Corp_ _ _101.701
101.228
Wood & Co
WINNIPEG, Man.
-BOND ELECTION.
-On June 27 the ratepayers
will be asked to vote on a by-law authorizing the issuance of $750,000
debentures.
SCHRIEBER TOWNSHIP, Ont.-PRICE
& Co., purchasers of the $40,000 514% 30 BASIS.-Macnelli. Graham
-installment school bonds, as
stated in V. 118, P. 2995, paid 99 50, a basis of about 5.55%. for same.
Tenders were as follows:
Macneill, Graham & Co
99.501C. H. Burgess & Co
99.25
Wood. Gundy & Co
99.34!Nesbitt. Thomson & Co
99.00
VANCOUVER, B. C.
-BONDS VOTED.
-The ratepayers, it is stated.
voted several by-laws totaling $735,000 out of more than $1,000,000
submitted to them.
VERDUN, Que.-BONDS AUTHORIZED.
-The Metropolitan Commission has authorized the city to issue a loan of $325.000•
WESTBOURNE R. M., Man.
-DEBENTURE SALE.
-An issue of
$10,000 6% 30-year road debentures, guaranteed by the Province of
Manitoba, was sold, according to reports, to John Macgregor & Baker Co.
at 105.10, the money costing 5.65%. Tenders were as follows:
John Macgregor & Baker
IE. G. Read & Co
104.12
Co
105.10[Macneill, Graham & Co_ _ _ _*104.07
*Plus cost of printing bonds.

NEW LOANS

NEW LOANS

,,,,M
•-••••••••••••••••M,,,,,

$270,000
We Specialize in

City of Philadelphia
3s
32s
/
1
4s
41
/is
42
/
1
s
5s
51/1s
52s
/
1

Biddle & Henry
109 South Fifth Street
Philadelphia
Private Wire talNetelYork
Call Canal.8437

,BALLARD & COMPANY

City of Memphis,Tenn. St. Mary Parish, La.
Coupon Bonds
Memphis, Tennessee, June 7, 1924.
Notice is hereby given that sealed bids will be
received by C.C.Pashby_, City Clerk of Memphis.
Tennessee, at the City Hall in Memphis,Tennessee, until 2:30 o'clockp.m. TUESDAY, JULY
1st, 1924, for Two Hundred Seventy-Thousand
($270,000.00) Dollars of bonds of the City of
Memphis.
The foregoing bonds ara general liability, serial,
negotiable coupon bonds which may be registered
as to principal, only.
The bonds will be dated January 1st, 1924 and
Interest will be paid in January and July of each
year at the City Hall in Memphis or at the option
of the holder at the office of the fiscal agent of
the City of Memphis in New York City.
The bidder will name the rate of interest said
rate being either 5 per cent or 6 per cent, to
produce a bid of par.
The bonds will be sold for Par, interest to date
of delivery and any premium bid.
The bolds mature serially on January 1st, 1925
to 1929, both inclusive.
The City furnishes the approving opinion of
Mr. John 0. Thomson, Attorney at Law, New
York City, also' furnishes the bonds and makes
delivery.
A certified check in the sum of $3,000.00 must
accompany each bid.
The right is reserved'toreject any and all bids.
Address Inquiries to the undersigned.
C. O. PASHBY, City Clerk.

,Members New York Stock Exchange
HARTFORD

Connecticut Securities

$244,000
Des Moines County, Iowa
Levee Improvement Bonds

USE AND CONSULT
the Cla83ified Deparinimi oi
the Financial Chronicle




$75,000

Sealed bids will be received at the office of the
County Auditor at Burlington, Iowa, for the sale
of $244,000.00 of Levee Improvement or Drainage Bonds, bearing 5% interest, payable semi-annually, and dated July 1. 1924.
Bonds to be issued in denominations of $500.00
and $1,000.00 each; $12,000.00 payable each
year, beginning in 1926, until paid. The final
$16,000.00 of the issue payable January 1, 1945.
One-half of the issue payable at the County
Treasurer's office in Des Moines County,and onehalf at the County Treasurer's office in Louisa
County.
All bids must be on file by 1:30 P. M.,
JULY 10, 1924.
J. F. WEYER,
County Auditor.

SCHOOL DISTRICT BONDS
Sealed bids are Invited and will be opened by
the St. Mary Parish School Board at its regular
meeting to be held on JULY 3RD, 1924, at ten
o'clock A. M., at its office in the Town of Franklin, Parish of St. Mary, State of Louisiana, for
the sale of one hundred fifty (150) bonds of the
denomination of five hundred (8500.00) dollars
each, to the amount of Seventy-five thousand
375,000.00) dollars, to run for a period of twentyfive years, bearing interest at the rate of five and
one-half per cent per annum, payable semi-annually, to be secured by a tax upon all of the property situated in School District Number Eight
of the Parish of St. Mary. Louisiana
All bids should be addressed to L. A. Law.
Parish Supt., Franklin, Louisiana, and should be
accompanied by a certified check for Two thous
,
sand ($2,000.00) dollars.
The School Board reserves the right to reject
any and all bids.
Franklin Louisiana, this 20th day of May,
1924.
JOHN C. CLAUSEN,
President St. Mary Parish School Board.
L. A. LAW,
Secretary, St. Mary Parish School Board.

$47,000
Putnam County, N.Y.
BONDS.
Sealed bids will be received by the undersigned
up to TWELVE O'CLOCK NOON, JUNE 26,
1924, for the purchase of $47,000 HighwaY
ITprovement Bonds, to be
County
of Putnam, New York. issued by the
Bonds will be payable $1,000 on the first day
of Auguit, 1925, and $2,000 on the first day of
August in each year, from 1926 to 1948, both
inclusive, and will bear interest at Four and
Three-quarters per cent per annum, payable
semi-annually on the first day of February and
August.
Principal and interest payable in New York
etchange at the office of the County Treasurer,
or at the First National Bank, Brewster, New
York.
All bids must be accompanied by a check certified by a New York State or National Bank or
Trust Company for Two Per Cent of the total
amount issued.
The right is reserved to reject any and all
Bonds will be dated August 1, 1024.
Dated, Brewster, New York, Juno 10th, 1924.
EDWARD D. STANNARD,
County Treasurer' Of Putnam County.