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141le
11111Mtrial
Bank & Quotation Section
Railway Earnings Section
VOL. 116.
finantiat
romde
INCLUDING
Railway & Industrial Section
Bankers' Convention Section
SATURDAY, JUNE 23 1923
Electric Railway SecticaState and City Sectiot
NO. 3026
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Publiehed every Saturday morning by WILLIAM B. DANA COMPANY. clearings. What is happening is that new enterprise
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merchandise imports tell the same story. Goods can
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subsequent
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pages
suffice
on
to shut them out. Goods that would have
-day
to
of the paper. They will be found
been
in this country if costs had permitted,
produced
2848 and 2849.
are being bought across the ocean. And this will go
on until costs are again on a lower basis. Only ecoThe Financial Situation.
Naturally the suspension of two Stock Exchange nomic law can supply a corrective. In the meantime,
houses, with records dating back 40 to 50 years— new ventures are being held in check, as already inKnauth, Nachod & Buhne last Saturday and Zimmer- dicated.
mann &Forshay on Wednesday—hasserved to disturb
somewhat the serenity of financial affairs and has
The bricklayers' strike in this city appears to have
been attended on the Stock Exchange by further se- been definitely settled, at least for the time being—
vere declines in prices, in numerous instances to the and settled in the wrong way. On Friday night of
lowest figures of the year, though with substantial last week the revolting bricklayers and the contractrecoveries towards the close of the week. Matters ing masons engaged on schools construction came to
have been made worse, as always happens on such a two years' agreement at the $12 per day rate. Inoccasions, by the spreading of apparently unfounded creased receipts of brick are also reported and the
rumors that other failures were impending. Both recent arrivals are said now to have been a little
houses, it would appear, are well supplied with as- heavier than in June of last.year. A plan was made
sets, and the causes underlying the embarrassments public on Saturday by Chairman Baird of the emerare not of a nature, according to current report, to gency committee of the Mason Builders' Association
reflect discredit either on the Stock Exchange or the for a six months' apprentice training school for
firms themselves. Yet the causes are distinctive and bricklaying, but a union business agent promptly
not indicative of a general or common condition. sprang at this, declaring that a skilled worker in
The U. S. Secretary of the Treasury, Mr. Mellon, was that line cannot be produced in such a short time and
quick to see this and to point to it as an assuring that"no amount of school training can be worth anyfeature of the situation, betokening no general or in- thing to an apprentice unless he later works on the
herent weakness which would furnish occasion for job with a union man to instruct him." He also acwell-founded alarm. President Cromwell of the cused the mason builders of being largely in fault for
Stock Exchange has also done his part in allaying the lack of bricklayers. The union rule, he said, alapprehension on that score. As the week closes, con- lows three apprentices for each general contractor,
fidence has again been fully restored.
and only one concern has taken advantage of this,
• The stock market has been declining for many but if all had done so there would now be workers
months, and every unfavorable development serves enough; to overcome the reluctance of the builders
Xhe
hronicle. -
2808
THE CHRONICLE
[voL. 116.
to training boys, he added, union bricklayers have tends what is currently known as a conference. M.
had to indenture their own sons,and at the last meet- Poincare believes Mr. Baldwin has an ambition to
ing of the union's executive committee 80 boys, 95% settle the reparations problem for Britain's good,
of them sons of members, were enrolled as appren- and if that will lead him any nearer to meeting the
tices.
French view M.Poincare wants to know the details."
On Monday twelve contractors and a special com- He also stated that "the French reply to the British
mittee on school construction on part of the city questionnaire is awaiting the formation of a Belgian
signed an agreement to pay $1 50 an hour or $12 a Cabinet to consider it, and it is likely M. Poincare's
day for two years, in consideration of getting all the answer will get to London the first part of next week.
bricklayers needed. Some opposing or demurring If in turn Mr. Baldwin suggests talking the matter
opinions were expressed,for instance that this would over first hand with the French Premier, there is
make matters still worse for the large builders who every reason to believe the suggestion would be
still were holding out against the unions, and that gladly accepted by Paris." Going a step further, the
the union leaders could hardly be expected to make "Times" representative observed that "thus, there is
good the undertaking, because men already getting a far different attitude in France now from the posifrom somebody $14 to $18 are not likely to come away tion taken after the receipt of the first Cuno note,
for $12 on school construction, even when consider. when she and Belgium wrote their own answer withing the children.
out consulting Britain. In Paris it is said this shift
An adjourned meeting to discuss and dispose of is not due to any fundamental change in the French
the whole subject was held on Wednesday, when (as reparations policy, but rather to the hope that Lonone account puts it) "peace in New York's building don has changed." The same day it became known
industry, to remain in effect for six months at least, that the French Prime Minister had won a vote of
was established when the Mason Builders' Associa- confidence in the Chamber of Deputies of 380 to 200
tion surrendered," on the basis of $12 a day for two on his internal policies. His "nationalistic triumph"
years, thus granting the demands of the five local was spoken of in Berlin cable advices as "disappointunions. This is said to be the first complete agree- ing to the Germans." In a Paris cablegram yesterment since January of 1922. At that date the union day morning it was stated that "three members of
leaders were ready to sign at the then wage of $10 for Premier Poincare's Cabinet have been summoned by
three years, but the employers were not; then, about their party to resign and have refused. This dissentwo months ago, the men demanded a contract at $12 sicn has resulted from last Friday's vote in the
until May of 1925; failing to get this, they went off Chamber on the internal policies of the Government."
nominally on strike, but really picking up $14 to
The Berlin dispatches have indicated that the idea
$18 on buildings here and there.
was growing in that centre that the "passive resisIn this surrender now none of the employers are tance" of the Germans in the Ruhr area could not be
happy and not all of them are agreed upon it as the continued indefinitely. For instance, the represenbest policy. Contractors under a strict time comple- tative in the German capital of the New York "Hertion agreement naturally hold that further resistance ald" asserted in a cablegram dated June 15 that
would be foolish; others dissent strongly and say "Germany's passive resistance in the Ruhr cannot be
this leaves the bricklayers $1 a day ahead of the other continued indefinitely in the face of the swiftly intrades, and that before the two years are up those creasing precariousness of this country's financial
other trades (whose present agreements run only situation, which may deprive defensive forces, notathrough 1923) will be hot after that dollar. Then, bly the Ruhr workers, of the funds necessary to
too, said another, when the bricklayers get so very carry on the campaign." He added, "that in subflush they are liable to spend several days in the stance was the statement made to the New York
week on the sand at Coney Island, which is pleas- 'Herald' correspondent by Peter Grassmann, Presianter than laying bricks. A peace that is no peace, dent of the GeneralLeague of German Trades Unions,
said another angry contractor; we are only sowing the German equivalent for the American Federation
the seeds of more trouble for ourselves, said still an- of Labor." The Berlin representative of the New
other as he left the hall.
York "Herald" went even further, and asserted that
This is the "peace" and the "permanent settle- "signs of the weakening of Germany's passive resisment." But had the mason builders stood out, say tance in the Ruhr increase. Despite Chancellor
some of than,"it would have virtually meant the in- Cuno's assertion that the defensive operations
stituting of the open shop for bricklayers in New against the French forces of occupation emanate
York,for the mason builders would have combed the wholly from the will of the Ruhr population, it has
country for men, agreeing to pay them as high as become obvious that the 'united front' would cave in
$18 or $20 a day." Bidding at such figures does not over night if the Governmental support were withseem to be the way of attaining it, yet that the open drawn." French authorities in the Ruhr were
shop is coming—and is daily brought nearer by the quoted in an Associated Press dispatch from Essen
madness of the unionists, who do not yet realize that as expressing the opinion that, owing to the seizure
pride and unreason always go before a fall—seems of the remaining railroads running into the Ruhr, by
as certain as anything in the future can be.
which supplies were brought in, the Germans would
be compelled to discontinue passive resistance. The
Premier Poincare of France has continued to New York "Tribune" correspondent cabled the same
manifest his eagerness to have the assistance of Great evening that "the German Government to-day was
Britain in dealing with the reparations problem. looking forward to the arrival of a British questionUnder date of June 15 the Paris correspondent of the naire similar to that addressed by London to Paris
New York "Times" cabled that "Premier Poincare is concerning conditions on which the Reich might
moving toward a reparations conference with Pre- agree to end or modify passive resistance in the Ruhr.
mier Baldwin, or perhaps one should say toward con- The attitude here on this question, as expressed to
versations, with less formality than generally at- the 'Tribune' to-day, is that 'an understanding is
JUNE 23 1923.]
THE CHRONICLE
2809
quite possible, but not on the conditions demanded points between Paris and Brussels, as well as the
by France.'"
Belgian political crisis, now is serving to delay interAllied reparations discussions. Premiers Poincare
That new difficulties had been encountered in deal- and Theunis disagree on the reply to be made to the
ing with the reparations problem was indicated in British memorandum of last week, and the internal
a cablegram from the Paris correspondent of the crisis in Belgium has had the paradoxical result that
New York "Times" Sunday evening. He asserted Premier Theunis has been able to take a stronger
that "Premier Poincare has definitely decided to re- position with respect to Paris than if he had not been
fuse to submit to an international commission the forced to quit. As things stand, M. Theunis, pendfixation of the reparations total, as suggested in the ing the formation of a new Belgian Governm
ent, is
latest German note. He is just as determined to re- carrying on the transactions of essential Governpulse this project from whatever source it may come. mental business, but
he contends that, until the inSecretary Hughes advocated it in the last days of ternal crisis is settled, he has no right to commit
the
December and officials of several other Governments country to any policy which has
not been expressly
have let it be known they look kindly on slich pro- approved by Parliame
nt."
cedure." Going into greater detail regarding the
Word came from Brussels Monday evening that
alleged position of the Prime Minister on this ques- "Belgium has the
French draft of the response to be
tion, the "Times" representative said that "his posi- made to the British
questionnaire regarding the
tion on the total of reparations is this—France in- Ruhr and German
resistance. Its terms are very corsists absolutely on recovering from Germany 26,000,- dial. M. Poincare
, it is assured from the highest
000,000 gold marks which represents her 52% share sources, manifest
s a real desire for an understandof 50,000,000,000 marks and which *out equals what ing." The Associat
ed Press correspondent in Brusshe estimates the actual cost of repairing The dam- sels cabled the
following synopsis of the reply: "In
age the Germans did. It is for the other Allies to reply to the first
question in the British memorandecide whether they will forgive or reduce their part dum, M. Poincar
e explains what he understands as
of the 50,000,000,000 marks,but France will not listen abandonment of
passive resistance. In his opinion
one moment, says M. Poincare, to any project affect- the German
Government must by proclamation give
ing her claims to these 26,000,000,000. The French orders to State
agents to discontinue all resistance
point out incidentally that no one has ever seriously in occupied German
y and assist in the administraquestioned Germany's ability to pay 50,000,000,000, tion of Ruhr
territory. In the second place the
but, regardless of arguments, they will admit no memorandum
asked the French Governement what
questioning of their part of this amount." Continu- regime would
be established in the Ruhr if resistance
ing he said: "As for the rest of German repara- were renounced
by the Reich. To this M. Poincare
tions, some 82,000,000,000, figuring on the basis of replied that the
new regime would be that of 'invisithe theoretic total of 132,000,000,000 gold marks, ble occupation,' such
as was established on Jan. 11
France's share is 42,500,000,000 gold marks. She and 12, when a
few French troops proceeded into the
owes England and America between 25,000,000,000 Ruhr for the
eventual protection of the Franco-Beland 30,000,000,000 gold marks. M. Poincare's posi- gian engineering
commission, which had gone there
tion is that France demands payment of as much of to get in touch with
the industrials."
this as is needed to meet the claims on her of England
and America. No more, no less. As with the 50,000,- • Later
dispatches from Essen indicated that the
000,000 part, France holds that the other Allies are food .situatio
n in the Ruhr was becoming more seentitled to reach their own decision on their parts, rious
rapidly. According to an Associated Press
but her position remains clear. The French hold cablegram
from Essen dated June 19,"the food situthat Germany's domestic debt is being wiped out by ation in the
Ruhr reached such a serious phase to-day
the debacle of the mark and Germany, having no for- because of
transportation difficulties that the
eign debt except reparations, would be able to shoul- French
military authorities let it be known if it beder the reparations burden even if it ran up to 100,- came any
worse the forces of occupation would un000,000,000 gold marks, which would be reached if dertake
to haul German food cars from the frontier
France maintained her 26,000,000,000 marks claim to central
distribution points." The correspondent
plus what she owes England and America,and if this added
that "the situation confronting the Germans,
represented 52% of the total."
who have refused to co-operate with the French, has
In a dispatch to his paper Sunday evening, the been
rendered more difficult by lack of motor trucks
Berlin correspondent of the New York "Herald" in- and
gasoline. If the Germans are unable to distribtroduced a hitherto unmentioned outgrowth of the ute food by
private railroads and automobiles, it is
serious economic and industrial situations in Ger- understood
the French will haul food cars from one
many. He said that "industry already has dis- point
to another over the militarized railway lines."
counted the impending collapse in the Ruhr and as a
As the week progressed the Paris dispatches
remeasure of self-protection is rushing into agreements garding
at least one phase of the Ruhr invasion were
for foreign participation, which formerly was the more
encouraging. The Paris representative of the
biggest bugaboo of German capital. Industry ap- Associat
ed Press cabled on Wednesday that "expears to feel that it is inevitable that Germany will changes
of views between the French and Belgian
have to bear the heavy burden of reparations and
Governments regarding the reply to the British note
that by combining with foreign concerns it at least on
reparations policies and to the German reparawill have an argument against drastic seizures by tions
memorandum are continuing despite the politthe Government to secure payments to the Allies."
ical uncertainty in Brussels." According to this correspondent also, "Premier Poincare of France and
The Belgian side of the reparations situation was Foreign
Minister Jaspar of Belgium, it was said at
presented in part as follows by the correspondent of the
Foreign Office to-day, are in complete accord as
the New York "Tribune" in Paris: "A clash of view- to the
attitude to be taken by the Allies." He even
2810
THE CHRONICLE
said that "as soon as the Belgian Cabinet is reconstituted, it is forecast, France and Belgium will inform the British Government that the rigors of the
occupation in the Ruhr can be softened only on the
effective cessation of the German resistance, and the
Allies will persist in their determination to remain
in the Ruhr until the Germans begin to pay."
Toward the end of the week it became known here
that the French authorities were planning to take
still more decisive steps in the Ruhr. The Associated
Press correspondent at Duesseldorf cabled June 20
that "a decree providing for confiscation of all Ruhr
Valley industries, the products of which are applicable to the reparations account, and forced operation
of the plants by the Germans is being prepared by
General Degoutte, commander of the occupation
forces, it was announced to-day." He said also that
"arrangements for promulgation of the decree are
going forward as rapidly as possible, but owing to
the wide scope of its measures and the extensive
character of the industries affected .it was said the
French and Belgian authorities would require several days more in which to work out the details before putting the plan into operation." It was further
explained that "the decree will give the military
authorities absolute power to take over all metal
works, iron and steel plants, mines, coke ovens and
virtually all other private industries in the Ruhr. In
the event of the Germans refusing to operate the
plants after the requisition, the decree provides for
jail sentences up to 15 years, and in addition heavy
fines for the directors of the companies or others responsible for the resistance." Continuing to outline
the scope of the proposed decree in still greater detail, the Associated Press representative said: "In
cates of sabotage to hinder the work at any of the
plants after requisition, those responsible will be
tried before courts-martial, and, upon conviction,
will be subject to the death penalty. The decree will
be most sweeping, giving the military authorities, in
collaboration with the French civil commission, the
right to exploit the industries themselves or to lease
the plants to concessionaires if this is deemed better
to the interests of the occupation authorities in their
plan to obtain reparations." As to the industrial
situation in the Ruhr the correspondent declared
that "the industrial crisis is becoming more acute
here. Working hours have been reduced from 24
weekly to 16 in many plants."
London heard on Thursday that "developments of
great importance are impending in Franco-German
relations." It was asserted that "the German Government has taken practical steps to determine a
method which, without prejudicing the position of
Great Britain, would lead to direct conversations
between Paris and Berlin." According to the report
also, "the neutral countries of Central Europe are
being used as bases from which feelers to this end are
going out. The German Government was represented as especially anxious because it sees that its
policy in the Ruhr is gradually slipping from its control." The assertion was made that "the problem of
passive resistance may be boiled down practically to
a question of reinstating the expelled German officials, Berlin insisting upon such a step and Paris as
firmly refusing. At the present stage the conversations threaten to break down on this point, says the
report."
[vol.. 116.
That negotiations were proceeding in a quiet way
was further asserted yesterday morning by the Paris
representative of the New York "Times." He said
in part: "The conversations between Premier Poincare and Prime Minister Baldwin are going on without jazz bands and golf clubs, as in the days of M.
Briand and Mr. Lloyd George. After a period of
open diplomacy London and Paris are getting back
to ordinary diplomatic methods, and whatever the
results may be they can with difficulty be less than
the results of the many reparations conferences. Although officially France has not answered the British questionnaire of last week because the Belgian
crisis is delaying the work of getting Paris and Brussels into accord, the Cabinet knows privately what
Paris will answer. There has been no change in the
reply drafted a week ago by M. Poincare and a resume of which was published in the New York
'Times.'"
That Great Britain is in favor of less severe measures in the Ruhr than the French was shown by a
dispatch' from Geneva yesterday morning. It said
that "Great Britain registered a diplomatic victory
over France to-day [June 21] when an announcement
reached the League of Nations that the Saar commission had decided to recall its decree of March 7
limiting the freedom of the press and the right of
free speech."
Uncertainty as to the part Belgium will play in the
reparations negotiations continues. In a dispatch
yesterday morning the Paris representative of the
New York "Tribune" said that "the danger that Belgium may cut loose from the Ruhr adventure, leaving France to carry on alone in that area, loomed as
a possibility here to-night [June 21] when the Belgian Ambassador called on Premier Poincare to inform him that as long as the political crisis in Belgium was unsettled Premier Theunis could not undertake the responsibility of associating his country
with France in a joint reply to the British note of
last week."
In view of all that has been said in the last few
months relative to the United States joining the
World Court the assembling of the Permanent World
Court at The Hague last Monday, June 18, attracted
special attention. It was a public sitting and took
place "in the large court room of the Carnegie Peace
Palace." The New York "Times" correspondent explained that "it was the first public meeting of the
second ordinary session, not counting two extraordinary sessions of the Court." He added that "tickets of admission were in great demand, and the large
court room was crowded with interested listeners,
among whom were many people of prominence." Undoubtedly this unusual interest was due in part to
the fact that "the German temporary judge, Professor Walter Schuecking, was sworn in. He is the first
German to sit in the Court. Speaking French with a
marked German accent, Professor Schuecking took
the oath, while the Court and the whole audience
arose." It was related that "another judge to take
the oath was the new Chinese deputy judge, Wang
Chung-hui, former Foreign Minister of China, who
replaces the late Judge Barbosa of Brazil." The New
York "Times" representative at The Hague cabled
that "the present American interest in the World
Court,,due to President Harding's proposal that the
United States join it, has aroused a feeling of great
JUNE 23 1923.]
THE CHRONICLE
satisfaction among the judges. Although they do not
consider it proper to be quoted individually on this
question, they all earnestly express the hope that the
United States will soon join the Court, thus giving it
more weight in the eyes of the world." He added
that "as to the question of whether the Court is dependent on the League of Nations, the judges are
unanimous in maintaining that the tribunal is to all
intents and purposes a body by itself, entirely independent of the League, although brought into being
by the instrumentality of the League. Except for the
question of the financing of the Court, which, it is
suggested, could easily be arranged among the various Governments themselves, and the election of
the judges, by the League Council and Assembly
jointly, the Court is deemed to be free of the convention." Continuing, he said: "The view prevails
among the judges that should the United States stipulate that the Court must be completely severed from
the League before joining it, these points could be
satisfactorily solved. The judges therefore hope that
the United States's official participation in the Court
may soon be realized. As the next election of judges
in the body will not be held for another eight years
the Court is gratified at the prospect of keeping
Judge John Bassett Moore as the unofficial representative of the United States." Probably the whole discussion in the United States of her joining the World
Court has been further complicated by President
Harding's address in St. Louis Thursday night, in
which he advocated divorcing it from the League of
Nations and making it independent and self-perpetuating.
Indicative of the workings of the International
Court of Justice, the New York "Herald" representative at The Hague cabled June 19 that"an example
of how the International Court of Justice is utilized
by the League of Nations in obtaining advisory opinions to be translated later into League decisions will
be seen Friday, when the Court will take up the dispute between Finland and Russia, regarding the autonomy of Eastern'Karelia, despite Russia's flat refusal to recognize the Court's impartiality or competence." He explained that "under Article 53 Finland needs only to present the case and ask a formal
decision in her favor in the absence of Russian pleading, the Soviet silence contrary to ordinary rules of
justice being considered virtually as an admission of
guilt. But the International Court has decided to
hear Finland in order to get the case into the records
fully, and will take Tchitcherin's caustic defiance of
the Court's authority as Russia's plea on the grounds
that Tchitcherin's explanation as to why the Court is
incompetent contains at least one Russian argument,
namely that Karelia's autonomy was contested long
before the treaty of Dorpat was drawn up."
A plan for the payment of the Ottoman debt is still
under discussion by the delegates to the Near East
Conference which has been in session at Lausanne
for several weeks. Word came from that centre
Tuesday evening that "Sir Horace Rumbold, British
delegate, has refused to accept the Turkish proposals
regarding the method of paying the Ottoman debt.
Interest in gold is required. Talk of ultimatums has
sprung up again, although all so far along the Aegean
and Dardanelles have been duds."
Distinctly encouraging advices were received relative to the negotiations between American Minister
Grew and the Turkish delegates bearing on the revi-
2811
sion of treaties between•Turkey and America. The
Associated Press representative cabled that "negotiations for the revision of the various antiquated
Turco-American treaties are proceeding favorably
here, and it is confidently expected that a complete
accord will be reached between the American and
Turkish representatives by the time the general Near
East Peace Conference is brought to a close." He also
declared that "the American attitude has been one of
frankness from the start. Joseph C. Grew, the Minister to Switzerland, observing the policy adopted at
the Washington Conference by Secretary Hughes,
went with his colleagues before the Turks with concrete written suggestions as to just how the future
legal arrangements between Turkey and the United
States should be framed, without concealments or implications. It is expected that one broad, general
treaty will emerge from the Turco-American negotiations, replacing the three conventions now in existence."
Reports have come to hand of the granting of another seemingly exclusive contract to exploit natural
resources in Turkey. The latest was said to have
been signed in Lausanne on June 16. The New York
"Times" representative there said that "before a
notary there was signed here to-day one of the biggest private agreements which has yet been made for
the exploitation of the resources of Turkey. It will
give to the Anglo-French company, which is at present called the Leslie-Urquhart group, the right, in
conjunction with the National Society of Turkey for
Export and Import, the virtual monopoly of Turkish
export and import trade." Explaining the project
still further, he said that "the two companies will be
sister concerns, one being entirely Turkish and the
other Anglo-French, with capital in sterling. In the
Turkish company, it is understood, there are among
the original shareholders 175 members of the Angora
National Assembly, a fact from which one may infer
that the new concerns will have considerable political backing." He further stated that "the Urquhart
group, it is understood, intends to establish branch
houses all over the Ottoman Empire and begin a big
scheme of exploitation of the country almost immediately. It will have practical power to bar all competitors and give exclusive rights of entry into Turkey to English and French goods." Representatives
of the State Department at Washington were quoted
as saying that the granting of such exclusive privileges "would mean that a serious blow had been delivered against the business of the United States, as
well as the negation of the open door principle advocated by the United States."
The New York "Herald" correspondent at The
Hague called attention to the question of grants as
they might be involved in the signing of treaties with
Turkey. He said that "unless a settlement is reached
at the Near East Conference now being held at Lausanne the outstanding differences in the Turkish
treaty probably will be signed with the provision that
the mooted points, including the rights of pre-war
concessionaires--thus holding in abeyance the Chester grants—will be submitted either directly or for
an advisory judgment to the International Court of
Justice here. Turkey already has assured the League
of Nations of her willingness to join as a measure of
strength to herself and is willing to abide by the
Court's decisions." He observed further that "with
the United States not a member and none of the big
2812
THE CHRONICLE
nations pledged to automatic obedience to the Court
rulings, except in the cases they submit for direct
judgment, it is pointed out that Turkey would be little better off here than in the direct negotiations now
going on at Lausanne."
Belgium has been trying all week to get a new Ministry. The task was undertaken by former Premier
Theunis, who was asked last week by King Albert to
do so. As early as Tuesday evening word came from
Brussels that the Prime Minister "expects to present
a new Cabinet on Thursday to Bing Albert." Up to
a late hour last evening no word had been received
of its completion. The Associated Press correspondent at the Belgian capital cabled that "no
Socialist will be included in the reorganized Cabinet,
because, it is explained in political quarters, the last
Socialist Congress, which declared for a conquest of
power through the 'class struggle,' was opposed to
an energetic policy towards Germany and favored a
drastic reduction in the term of military service."
[VOL. 116.
English aggression. Secondly, Trotzky was speaking with a view of formal public opinion abroad, not
only in the West but in the East, whose peoples cannot fail to be influenced by the loss of 'face' which
they may consider Russia has suffered in her controversy with Britain."
Official discount rates at leading European centres continue to be quoted at 18% in Berlin; 6% in
Denmark and Norway; 5/
1
2% in Belgium; 5% in
France and Madrid; 4/
1
2% in Sweden;
in Holland and 3% in London and Switzerland. In London the open market discount rate again moved up
fractionally and short bills are now quoted at 2/
1
2%,
against 2 1-16%, and three months at 21/
8@)2 3-16%,
against 2@2 1-16% a week ago. Call money at the
British centre followed a parallel course, advancing
to 134%, in comparison with 15
/
8% a week earlier,
4% yesterday. In Paris the open
but receding to 11/
market discount *rate remains at 4/
1
2% and in Switzerland at 7
/8%,unchanged.
Russia's Soviet leaders appear to be flirting with
The Bank of England again added to its gold holdboth France and the United States with a view to re- ings
and reported an increase for the week of £3,685,
establishing friendly relations with both countries.
while reserves gained £363,000, note circulation havLeon Trotzky, War Minister, on the other hand,"at- ing
been reduced £359,000. The proportion of retacked British policies past and present in a stirring serve
to liabilities, however, fell slightly—to 19.26%,
speech to-day [June 19] to the All-Russian Congress from 19.35%
a week ago. At this time last year the
of Metal Workers, probably the most important trade reserve ratio
stood at 20% and in 1921 at 13.91%.
union gathering in the country." He was quoted as Public deposits
increased £5,982,000, but "other"
asserting also that "although the crisis over the is- deposits
were reduced £3,539,000. Loans on Governsues raised by Lord Curzon, the British Foreign Sec- ment securities
fell £980,000, though on the other
retary, and dealt with in the recent exchange of notes
hand, loans on other securities showed an expansion
with England, seemed to have been averted, 'this is
of £3,088,000. The bank's stock of gold is £127,538,a minimum result, because in the circumstances there 151, which compares
with £128,883,226 in 1922 and
can be no firm relationships with Great Britain.'" £128,357,445
a year earlier. Reserves aggregate £23,Referring to the possibility of renewing relations
478,000, as against £25,960,416 last year and £19,329,with France, the Associated Press representative 150 1921. Loans
stand at £71,177,000, in compariin
said that "the War Minister hinted at the possibility son with £76,801,257 in 1922
and £78,905,209 a year
of a Russo-French rapprochement through the ef- earlier. Note circulation is now
£123,741,000, as conforts of the French Left and the petit bourgeoisie trasted with £121,372,810
and £127,477,995 one and
bloc, some of whom he had seen personally. They two years ago, respectivly. No
change has been made
told him, he said, that they admired the Red Army in the official discount
rate of 3%. Clearings
and thought it would be a good thing to link it with through the London banks
for the week were £613,the French army if France were threatened with dan- 273,000, which compares
with £625,541,000 a week
ger." The New York "Times" correspondent, in his ago and £727,030,000 last
year. We append herewith
account of the speech, quoted Trotzky as saying: comparisons of the
principal items of the Bank of
"We need metal—more iron in Russia's blood." The England returns for a
series of years:
correspondent added that this "was the keynote
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
which the Red War Lord sounded throughout his
1923.
1922.
1921.
1920.
1919.
June 20.
June 21.
June 22.
June 23.
June 25.
harangue." Trotzky was reported to have said that
123,741,000 121,372,810 127.477,995 115,240.110 78,301,590
"to each ultimatum, each provocation, each English Circulation
Public deposits
16,982.000 16,801,755 16.636,570 17.869,076 20,044,176
action—in Persia or Bulgaria—aimed against Rus- Other deposits
105,255,000 113,156.219 121,992,120 118.474,092 137,744,811
Governm't securities 45.358,000 45.029.470 58.495,246 53,003,431 86,820,806
sia's interests we must respond with a new squadron Other
securities
71,177,000 76.801.257 78.905.209 80,139,557 80,803,466
of airplanes. The day will come when we shall see a Reserve notes O. coin 23,478,000 25,960.416 19,329,150 21,025,305 27,958,936
Coln and bullion...127,538,151 128.883,226 128,357,445 117,815,415 87,810,526
great air fleet overhead built up as the result of the Proportion
of reserve
19.26%
20%
13.91%
15.40%
attacks of our enemies and know that Russia is no • to liabilities
17.71%
Bank rate
354%
I%
6%
5%
longer forced to submit to their harsh demands."
Commenting upon the speech, the "Times" represenThe Bank of France continues to report small gains
tative said: "A speech of this nature from Trotzky,
in its gold item, the increase this week being 91,250
who, though he is not Lenin's 'successor,' is unques- francs. The
Bank's gold holdings, therefore, now
tionably the most important figure in Russia to-day, aggregate
5,537,695,950 francs, comparing with
has three distinct implications. First, it is intended 5,528,549,063 francs
on the corresponding date last
to reassure Government supporters at home and year and with 5,520,044
,183 francs the year previous;
show them that the concessions to Great Britain of the foregoing
amounts 1,864,344,927 francs were
were rather a strategic move, like the Brest-Litovsk held abroad in 1923
and 1,948,367,056 francs in both
Treaty with Germany (which Trotzky himself op- 1922 and 1921.
During the week silver increased
posed, though he later admitted the wisdom of Len- 61,000 francs and
Treasury deposits rose 49,000
in's insistence on a 'breathing space'), than any francs. Bills discounted,
on the other hand, fell off
craven weakness before what Russians regard as 78,232,000 francs, advances
were reduced 17,923,000
JUNE 23 1923.]
THE CHRONICLE
francs and general deposits diminished 103,751,000
francs. Note circulation registered the further contraction of 80,087,000 francs, bringing the total outstanding down to 36,621,812,000 francs. This contrasts with 35,852,312,005 francs at this time last
year and with 37,494,061,955 francs the year before.
In 1914, just prior to the outbreak of war, the amount
was only 6,683,184,785 francs. Comparison of the
various items in this week's return with the statement
of last week and the corresponding date in both 1922
and 1921 are as follows:
DANK OF FRANCE'S COMPARATIVE STATEMENT.
Chauges
Status as of
for Week.
June 21 1923. June 22 1922. June 23 1921.
Gold Holdings—Francs.
Francs.
Francs.
Francs.
In France
Inc.
91,250 3,673,351,023 3,580,182,006 3,571,877,127
Abroad
No change
1,864,344,927 1,948,367,056 1,948,387,058
Total
Inc.
91,250
Silver
61,000
Inc.
Bills discounted__ _Dec. 78.232,000
Advances
Dec. 17,923.000
Note circulation Dec. 80,087,000
Treasury deposits_Ino.
49,000
General deposits Dec. 103,751,000
5,537,695,950
292.805,400
2,711,306,000
2,138,919,000
36.821,812,000
21,043,000
1,483,542,000
5,528,549,083
284,784,729
1,970,023,912
2,311,174.554
35,852,312,005
13,297,329
2,275,813,695
5,520,044,183
274,087,480
2,486,394.090
2,334,217,338
37,494,061,955
42,415,481
2,630,488,263
The Federal Reserve Bank statement, issued at the
close of business on Thursday,presented some rather
unusual features in that the New York Reserve Bank
reported a material increase in gold accompanied by
marked contraction in bill holdings, while the System lost gold and increased its rediscounts. Gold
reserves for the group banks declined $10,000,000.
Rediscounting of Govrenment secured paper was reduced $6,700,000, but in "all other" there was an increase of $29,900,000, which more than offsep the decrease of $12,900,000 in open market purchases, and
resulted in an addition to total bill holdings of $10,300,000, to $936,817,000. Earning assets declined
$26,000,000 and deposits $35,000,000. At New York
the Federal Reserve Bank in its transactions with
interior institutions gained $39,000,000 in gold, at
the same time that rediscounts of all classes of paper
were reduced $39,000,000. Bills bought in the open
market showed a contraction of $13,300,000; hence,
total bill holdings decreased $53,500,000, to $177,809,000. Substahtial reductions occurred in earning
assets and deposits; $49,600,000 and $10,600,000, reapectively. Both locally and nationally the amount
of Federal Reserve notes in circulation decreased—
$7,600,000 at New York and $13,400,000 for the
twelve banks combined. Member bank reserve accounts were sharply reduced, the decline at the local
institution being $13,500,000 and for the System $39,000,000. As a result of the large gain in gold accompanied by contraction in deposits the reserve
ratio of the New York bank advanced 4.3%,to 87.6%,
but the combined report showed an increase of only
0.6%, to 77.6%.
Last Saturday's statement of the New York Clearing House banks and trust companies was in line
with general expectations and reflected the successful efforts of the banks to correct the previous week's
abnormal conditions. Aside from an increase in the
reserves of member banks in the Federal Reserve
Bank of $35,813,000, which was the means of restoring a substantial surplus reserve, changes were not
particularly significant. Loans declined $1,816,000.
Cash in own vaults of members of the Reserve bank
was reduced $2,977,000 to $46,802,000 (not counted
as reserve). Reserves of State banks and trust companies in own vaults increased $48,000, but the reserves of these institutions kept in other depositories
declined $251,000. In net demand deposits there
•
2813
was an expansion of $43,742,000, to $3,761,927,000.
This is exclusive of $64,476,000 in Government deposits, an addition to thelatter item of $21,455,000 for the
week. Time deposits decreased $8,304,000, to $486,905,000. Notwithstanding the addition to deposits,
the increase in reserve at the Reserve bank operated
to bring about an increase in surplus reserves of $30,191,450, not only eliminating last week's deficiency
of $5,822,920, but left excess reserves of $24,368,530.
The above figures for surplus are based on 13% reserves above legal requirements for member banks of
the Federal Reserve System, but do not include cash
in own vaults amounting to $46,802,000 held by the
Clearing House banks on Saturday last.
The rates for call money have ruled somewhat
higher, but little or nothing has been said about
stringency in the money market at this or any other
important centre in the United States. As a matter
of fact, there is no stringency. Furthermore, none is
expected in the near future by leading authorities.
Call money quotations are expected to fluctuate
somewhat by reason of special developments from
time to time, but that is all. Time money is essentially unchanged, although a slightly firmer tone
was reported toward the end of the week. While the
further severe declines in the prices for stocks were
said to have been due to a considerable extent to
heavy professional short selling, undoubtedly there
has been liquidation on a good-sized scale. In fact,
it was estimated this week that brokers' loans had
fallen to $1,700,000,000, in comparison with $2,000,000,000 several months ago. In view of all the apprehension over the stock market position that has
existed the greater part of the week,careful attention
was given to the observations of Secretary Mellon
regarding the general business and financial situations, on the eve of his departure for Europe. What
he said undoubtedly helped considerably to steady
sentiment in speculative circles. As was expected,
the latest offering of Treasury certificates of indebtedness was well over-subscribed. The subscriptions
totaled $342,462,000, but as the Treasury did not
need that amount, it accepted only $189,833,500.
Dealing with specific rates for money, call loans
covered a range during the week of 41A@5M%,
as against 4@432% a week ago, although most of
the time call funds were stationary. On Monday
5
was the high, with 432% the low and the rate
for renewals. For the remainder of the week,
however—that is, Tuesday, Wednesday, Thursday
and Friday—a flat rate of 5% was quoted, this
being the maximum and minimum as well as renewal
basis on each day. The figures here given are for
both mixed collateral and all-industrial loans alike.
For fixed-date maturities no change was noted and
sixty and ninety days and four months' money continues to be quoted at 4%@5%, with five and six
months at 5%,the same as a week ago. The undertone was steady and trading quiet, with no large
individual loans reported. No differential is made
between regular mixed collateral and all-industrial
loans.
Mercantile paper rates have not been changed from
4%@5% for sixty and ninety days' endorsed bills
receivable and six months' names of choice character.
The inside figure continues to be mainly for New
England mill paper, with most of the business passing
at 5%. Names less well known still require5@5V1%.
Offerings were light, so that only a moderate amount
of business was transacted.
Banks' and bankers' acceptances ruled at the levels
previously current on a light demand. City and
country institutions were in the market but the turnover was smaller than in the recent past. The supply of prime names was not large. For call loans
against bankers' acceptances, the posted rate of the
against
American Acceptance Council is now 4
4% on Friday of last week. The Acceptance Council
makes the discount rates on prime bankers' acceptances eligible for purchase by the Federal Resersve
g% bid and 4% asked for bills running 30
banks 43/
days; 43.% bid and 41A% asked for bills running for
60 to 90 days;4%% bid and 43.% asked for 120 days,
ed for bills limning for
and 4%% bid and M
et quotations follow:
150 days. •Op'
SPOT DELIVERY.
90 Days.
60 Days.
30 Days.
4Mig}4%
43(@4h
4a4%
WITHIN
THIRTY
DELIVERY
DAYS.
FOR
e member banks-----------------------------------------------4% bid
43, bid
ble non-member banks
There have been no changes this week in Federal
Reserve Bank rates. The following is the schedule
of rates now in effect for the various classes of paper
at the different Reserve Banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT
JUNE 22 1923.
Paper Maturino—
Within 90 Days.
FEDERAL RESERVE
BANK.
After 90 After 6
but
Days, but
Within 6 Within 9
Months. Months.
Ccmercial &cur. by
Agricid.* A gricul.
Agricut. U. S. Bankers' Trade
and
and
&Liven.* Govt.
Accep- Accep- Livestock Livestock
Paper. Obliga- tances. tances. Paper. Paper.
n.e.s.
none.
434
434
6
434
434
434
434
5
434
434
434
434
434
434
434
434
434
434
434
434
434
434
4%
434
434
434
4%
434
434
434
434
434
434
434
44
434
434
434
4
434
434
434
• Including bankers' acceptances drawn for an agricultural purpose9eded
by warehouse recelPts.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
434
434
434
434
434
434
434
434
434
434
434
434
434
434
434
i;i
434
434
434
434
434
434
434
434
434
434
ther
The sterling exchange market experienced
dull and uneventful week, with no increase in activity noted in any direction. Transactions were exceptionally light, and fluctuations narrow and devoid
of significance. The extremes for the week were
% and 4 60g for demand bills. At the opening
4 623
sterling eased off, apparently in sympathy with the
slump in francs, also renewed weakness in marks.
Later on the market steadied and recovered practically all of the earlier losses; but before the close
weakness again set in, induced by selling of sterling
(so it was understood) on the part of the German
Government in a vain effort to stem the decline in
Berlin exchange. Bankers, however, showed no
uneasiness, for the reason that sterling is expected to
maintain the levels now ruling at least for some little
time to come. •• Speculation in this class of remittance
is absolutely nil and in the absence of seasonal demands offerings of commercial bills are small, with
the inquiry correspondingly so. This is regarded as
being one of the important factors in stabilizing sterling rates at a time when fluctuations in Continental
currencies have been so violent. Moreover, financial
conditions in Great Britain continue to improve;
that country's exports are increasing steadily, while
the British Government has completed payment of
the semi-annual interest on its war indebtedness to
the United States.
[VOL. 116.
THE CHRONICLE
2814
Developments in the Franco-German tangle are
not liked, although many bankers persist in their belief that a settlement must be brought about in the
near future and that both nations are simply "playing
for position" and will sooner or later settle down in
dead earnest to adjust their differences. Hopes that
Premier Baldwin will find a way out of present difficulties still run high and although there is very little
disposition in financial circles to either take a definite
position in the market or hazard predictions, the undercurrent of sentiment remains optimistic, or at
least tranquil, so far as the future of sterling is concerned.
Referring to quotations in greater detail, sterling
exchange on Saturday last was a shade firmer, and
the range for demand was 4 60%@4 613.1, for cable
transfers 4 61%@4 613', and for sixty days 4 58%
@•4 593'; trading was inactive. Monday's market
opened strong and on a light volume of buying rates
4for demand, to
were marked up to 4 61 9-16(4)4 623
and to
transfers,
cable
for
4 61 13-16@4 62%
moveIrregular
days.
sixty
for
603.1
4 59 7-16@4
the
although
dealings,
Tuesday's
featured
ments
range was narrow, the extremes for demand being
8, for cable transfers 4 62 5-16@
/
4 62 1-16@4 628
4 62%, and for sixty days 4 59 15-16(4)4 603.1. On
Wednesday there was a slight tendency toward re% for deaction and prices receded to 4 619.@4 621
and to
transfers,
mand, to 4 62@,4 62% for cable
took
change
little
4 59%@4 60 for sixty days. Very
fracdown
bilk
moved
place on,Thursday; demand
tionally to 4 61 1-16@4 61%, cable transfers to
4 61%@•4 61% and sixty days to 4 58 15-16@
4 593'; the volume of business transacted was light.
On Friday the undertone was steady and prices
largely nominal, at 4 613j@4 61% for demand,
for cable transfers and 4 5938@
4 613' @
or sixty days. Closing quotations were
4 59
-16 for sixty days, 4 61 5-16 for demand and
4 9-16 for cable transfers. Commercial sight
ills finished at 4 611-16, sixty days at 4 58 5-16,
ninety days at 4 57 7-16, documents for payment
(sixty days) at 4 58 13-16, and seven-day grain bills
at 4 60 5-16. Cotton and grain for payment closed
at 4 611-16.
Little or no improvement was noted in Continental exchange and price levels again responded
(in numerous instances) to disappointing foreign
news with sharp losses which carried quotations
down to new lows. A feature of the week was the
slump in French francs in the early dealings that
followed Premier Poincare's refusal to consider settlement of the Ruhr dispute by the proposed International Economic Commission. This announcement
gave rise to reports that there was no apparent
ground for hope of an agreement between France
and England over the German reparations question
and precipitated heavy selling, with the result that
the quotation broke to 6.12%, a loss of 17 points
from the extreme low of last week and about 40
points under the levels recently prevailing. The
drop attracted considerable attention but was regarded as largely a sentimental affair, induced by
unsatisfactory internal financial conditions, general
unrest abroad, also the fact that at this time of the
year selling to cover French commodity purchases
is at the highest level. Later the market steadied.
Several large banking concerns placed buying orders
for round amounts and there was a recovery to
•
JUNE 23 1923.]
THE CHRONICLE
Bankers' sight on Amsterdam finished at 39.13,
2. In reichsmarks
2, and the close was 6.193/
6.263/
the
against
39.113/2; cable transfers at 39.22, against
spectacular weakness developed practically from
commercial sight at 39.08, against 39.063/2,
39.203/2;
0.0009,
of
start and following an opening quotation
sixty days at 38.83, against 38.813/2
Gerand
commercial
of
value
the
a series of drastic declines carried
quotations on Swiss francs were
Final
a
namely
week
ago.
point,
vanishing
to
the
man currency down
sight bills and 17.933/2 for cable
bankers'
dollar.
for
17.923/2
the
to
marks
170,000
0.0006, or approximately
with 17.96 and 17.97 last
compares
conThis
trading
remittances.
the
of
all
nearly
that
noted
be
It should
at 17.89 and cable
closed
checks
London,
week.
Copenhagen
in
is,
that
origin;
foreign
of
be
to
tinues
Berlin and other important European centres, so transfers at 17.96, against 17.96 and 18.00. Checks
that prices here are purely nominal and merely a on Sweden finished at 26.49 and cable transfers at
/, while checks
reflection of what is going on abroad. In the final 26.53, against 26.503/2 and 26.541
transfers at
cable
and
16.59
dealings there was a rally to 0.0007%. Movements on Norway closed at
on Friday
close
the
at
16.64
more
16.63, against 16.60 and
in other minor branches of the market were
the
week at
finished
pesetas
were
of
last
week. , Spanish
or less routine in character. 'Lire quotations
Last
transfers.
cable
for
on
14.843/2
for
and
4.55@4.60,
checks
14.853/2
fairly stable and held at around
14.853/2.
and
yesterweek
the
close
was
14.843/2
quiet trading, although receding to 4.499.
As to South American exchange Argentine curday. Greek drachmas again shot upward and
established another new high point of 3.741/, rency was easier, closing at 35.65 for checks and 35.70
Polish marks for cable transfers, against 35.70 and 35.80; but
but subsequently receded to 2.98
suffered in sympathy with Reichsmarks and the Brazil showed further slight improvement and fin2. ished at 10.75 for checks and 10.80 for cable transfers,
quotation for a time hovered around 0.00073/
Cable advices that the Polish Minister of Finance comparing with 10.50 and 10.55 last week. Chilean
had vetoed dealings in foreing exchange, later on, exchange was strong and closed at 13.85, against
served to bring about a slight rally. Czechoslo- 13.65, while Peru remained at 4 29, unchanged.
Far Eastern exchange was as follows: Hong Kong,
vakian exchange was strong, but Rumanian and
levels.
previous
53%@54, against 533/2®53%; Shanghai, 72%@
Finnish currencies remained at
set
dulness
733%, against. 733/2@73%; Yokohama, 493%@49
Toward the end of the week extreme
at
that
against 493/2@49%; Manila, 493/2@49%, against
reported
is
It
weak.
in and the close was
Wednesand
493/2@49%;
Singapore, 54@543% (unchanged); BomTuesday
noted
buying
least some of the
/@
in
especially
313%®31%
bay,
(unchanged), and Calcutta, 313
purposes,
covering
short
for
was
day
/i (unchanged).
francs, where a certain amount of speculative trading 315
has been taking place. News that new methods of
Pursuant to the requirements of Section 522 of the
stabilization are being considered by the Reichsbank
Act of 1922, the Federal Reserve Bank is now
Tariff
had no effect, and dealers continue to await the
daily to the Secretary of the Treasury the
certifying
outcome of the Ruhr struggle before undertaking
rate
for cable transfers in the different counbuying
extensive commitments on either side of the
world. We give below a record for the
of
the
tries
market.
just
past:
week
The London check rate on Paris closed at 74.70,
EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
as compared with 72.65 a week ago. In New York FOREIGNBANKS
TO TREASURY UNDER TARIFF ACT OF 1922,
6.193/2,
at
JUNE 18 1923 TO JUNE 22 1923, INCLUSIVE.
sight bills on the French centre finished
against 6.293/2; cable transfers at 6.203/2, against
Noon Buying Rate for Cable Transfers in New York.
Value in United States Money.
2; commercial sight at 6.173/2, against 6.273/2, Country and Monetary Unit.
/
6.301
16.
June
June
18. June 19. June 20. June 21. June 22.
•
6.2
against
,
2
43/2
and commercial sixty days at 6.143/
$
$
EUROPE$
$
$
i
the week preceding. Closing rates on Antwerp Austria.
krone
.000014 .000014 .000014 .000014 .000014 .000014
.0527
.0530
franc
.0534
Belgium,
.0539
.0527
.0528
francs were 5.283/2for checks and 5.293/2for cable trans- Bulgaria, ley
.012458 .012567 .012775 .012808 .012733 .0129
Czechoslovakia, krone
.029972 .029989 .030081 .030035 .030028 .029981
.1792
fers, in comparison with 5.383/2 and 5.393/2 lsat Denmark,
.1763
.1794
krone
.1782
.1784
.1791
England, pound sterling 4.6146 4.6203 4.6241 4.6229 4.6141 4.6165
.027688
.027669
week. Berlin marks finished the week at 0.0007% Finland, markka
.027681
.027703 .027691 .027731
.0520
.0621
.0626
France. franc
.0621
.0630
.0618
for both checks and cable transfers, against 0.00093/i Germany. reicbsmark
.000008 .000007 .000007 .000009 .000007 .000007
.031661
.030722
Greece, drachma
.0301
.033863 .033338 .634638
.3920
.3920
.3922
a week ago. Austrian kronen, which are appar- Holland, guilder
.3926
.3920
.3924
.000116
.000116
.000115
Hungary, krone
000119 .000110 .000099
.0452
.0455
.0457
.0460
.0455
.0454
ently impervious to current happenings, ruled and Italy, lire
.1660
.1658
.1666
.1661
.1662
.1652
Norway, krone
.000010
.000009
mark
.000011 .000009 .000007 .000008
closed at 0.00143% (one rate), against 0.0014% Poland,
.0471
.0480
.0479
Portugal, escudo
.0493
.0484
.0490
.005097
.005063
leu
.005017
Rumania,
.005011
.005094 .005061
4 for bank- Spain, peseta
a week earlier. Lire finished at 4.493
.1484
.1486
.1487
.1488
.1490
.1491
.2652
.2650
krona
.2649
Sweden,
.2652
.2657
.2655
This
4 for cable transfers.
ers' sight bills and 4.503
.1794
.1796
.1797
Switzerland, franc
.1797
.1796
.1797
.011558
.011589
.011533
dinar
Yugoslavia,
.011194
.010917
.010867
Exchange
compares with 4.62 and 4.63 last week.
ASIA.7488
.7413
.7463
Chefoo tact
.7487
.7488
.7529
on Czechoslovakia closed at 3.00, against 2.993/2; China,
.7438
.2363
.7413
" lillnkOW tael
.7421
.7442
.7483
.7214
.7214
.7245
" Shanghai tael
.7255
.7275
.7275
.5742
.7467
on Bucharest at 0.513%, trgainst 0.51; on Poland " Tientsin tadl
.7521
.7525
.7548
.7596
.5318
.5320
.5345
" Hongkong dollar
.5358
.5346
.5354
.5214
4, and on Finland at " Mexican dollar
.5225
.5243
at 0.0009%, against 0.00103
.5252, .5260
.5258
" Tientsin or Peiyang
.5279
.5288
.5329
dollar
.5321
2.77, unchanged. Greek exchange closed at 3.213/2 " Yuan
.5279
.5313
.5338
.5338
.5379
.5371
dollar
.5363
.5329
.3104
.3107
.3105
compared
cable
India,
as
rupee
.3107
for
transfers,
3.22
and
.3108
.3103
for checks
.4900
.4888
.4906
Japan, yen
.4907
.4904
.4902
.5392
.5388
.5392
Singapore (S. S.) dollar
.5388
.5388
.5358
with 2.993/2 and 3.003/2 the previous week.
NORTH AMERICA_
Canada, dollar
Cuba, peso
.076102 .976514 .977856 .976969 .976477 .97525
.992813 .99975 .92975 .999938
.999813 .999813
• In the neutral exchanges, formerly so-called, there Mexico, peso
.483906 .483906 .483594 .483594 .483594 .483594
Newfoundland. dollar
.973672 .973906 .975156 .974531 .973984 .972856
report.
SOUTH
AMERICA-is practically nothing new of moment to
.8082
.8063
.8068
.8131
.8143
.8125
Argentina. Peso Mold)
.1054
.1059
milreis
.1056
.1057
.1649
.1043
Trading was of a desultory character and the volume Brazil,
.1363
.1360
.1352
Chile, peso (Paper)
.1348 • .1349
.1343
.8170
.8138
peso
.8133
.8108
.8154
irregularly,
.8174
Quotations
Uruguay.
fluctuated
of business light.
either
in
a
to
few
confined
points
were
but changes
The New York Clearing House banks in their
direction. Guilders were a possible exception, exhibiting strength in the early part of the week, then operations with interior banking institutions have
declining on (it was claimed) German selling. The gained $3,554,740 net in cash as a result of the currency movements for the week ending June 21.
range was 39.20 and 39.12 for checks.
Z1516
THE CHRONICLE
[Vol,. 116.
Their receipts from the interior have aggregated limitation of acreage; then they would .fix prices by
$4,413,740, while the shipments have reached $859,- law made in Washington; again, they would have un000, as pr the following table:
limited credits to enable them to hold grains until
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING "the price is right." Now,
neither of these methods
INSTITUTIONS.
is in consonance with the other. None of them, when
Out of
Into
Gain or Loss
in effect, can benefit the consumer equally with the
Week ending June 21.
Banks.
Banks.
to Banks.
producer. And it is inevitable that a part of indusBanks interior movement
$4,413,740
$859,000 Gain 53,554.740
thus set apart for special benefits, breaks the law
try
As the Sub-Treasury was taken over by the Fedequilibrium
of
in exchange, helps one occupation at
eral Reserve Bank on Dec. 6 1920, it is no longer
expense
the
the
of
others, constitutes an interference
possible to show the effect of Government operain
natural
the
functioning
of our self-running comtions on the Clearing House institutions. The Federal Reserve Bank of New York was creditor at the mercial machine. The farmers themselves are diverted from a study of something whole, say taxation,
Clearing House each day as follows:
DAILY CREDIT BALANCES 01? NEW YORK FEDERAL RESERVE BANK that vitally affects them and all other citizens.
AT CLEARING HOUSE.
The goal of contented life cannot be reached by a
people
constantly excited by discussions of class inSaturday, Monday, Tuesday, Wednesd'y Thursday, Friday,
Aggregate
June 16. June 18. June 19. June 20. June 21. June 22.
for 1Week.
terests. Concentration upon main issues is not pos3
$
$1
5
5
$
5
96.000,000 05,000.000 74,000.000 73.000,000 59,000.000 69.000,000 Cr. 465.000,000 sible to voters. Public opinion is a thing of shreds
Note.—The foregoing heavy credits reflec the huge mass of checks which come and patches. Consequent
laws are usually dangerto the New York Reserve Bank from all parts of the country In the operation of
the Federal Reserve System's par collection scheme. These large credit balances,
however, reflect only a part of the Reserve Bank's operations with the Clearing ous, though often futile. While one class clamors,
House institutions, as only the items payable in New York City are represented
in the daily balances. The large volume of checks on Institutions located outside another groans or hisses. Unrest enervates the indiOf New York are not accounted for in arriving at these balances, as such checks do
Business becomes altern'ately over-confinot pass through the Clearing House but are deposited with the Federal Reserve vidual.
Bank for collection for the account of the local Clearing House. banks.
dent, doubtful, depressed. A thousand theories to
alleviate human ills spring up like fungii in the dark
The following table indicates the amount of buldamp of minds gloomy through brooding. Liberty
lion in the principal European banks:
soon changes into license. Political elections become tainted by sophistry. Opportunism seeks sucJune 21 1923.
June 22 1922.
Banks of—
cess at any cost. When the issue is made up and the
Silver. I
Total.
Gold.
Gold.
Silver.
Total.
die cast, the unaffected majority continue on their
£
I
£
.£
1127,538,151 128,883,226
Eng and _- 127,538,151
128,883,226
way, heedless of results—until, later, finding the
Franco a_ _ 146,934,041 11,680,000 158,614,041 141,207,781 11,360,000152,567,781
41,595,300 b3,475,400, 45,070.700 50,061,480
Germany
855,800 50,917,280
2,369,000'
10,944,000
Aus.-Hun.
13,313,000 10,944,000 2,369,000 13,313,000 pressure of special advantage to others begin
to
101,029,000 26.445,000,127,474,000 100,909,000 25,628,000
Spain
35,498,000 3,023,000 38,521,000 34,512,000 3,042,000 126,537,000 pinch, another class is
Italy
.37,554,000
born,
to
run
shouting
into
the
Nett:Nand_ 48.03,000
818 009 49.301.000 50,491,000
582,000 51,073,000
Nat. Belg- 10,757,000 2,472,009 13,229,000 10,663,000 1,658,000 12,321,000 politics of another
election. And our boasted conSwitzerl'd. 21,466,000 4,112,000 25,578,000 21,680,000 4,300,000 25,980,000
Sweden__ _ 15,176,000
15,176,000 15,226,000
15,226,000 trol and director, "Public Opinion," becomes a mere
Denmark _ 12,678,000
194,000 12,872,000 12,684,000
224,000 12,908,000
Norway __ 8,115,000
8,115,000 8,183,000
8,183,000 rattle and clash of inconsequent ideas.
Total week 580,213,492 54.588,400634,801,892585,444,487 50,018,800635,463
,287
Another example: The idea is now advanced that
Prey. week 580,184,157 54,668,400634,852,557587,445,681
50.093,800637,539,481
"public
utilities" are to be sweated by law for their
a Gold holdings of the Bank of France this year are exclusive
abroad. b It is no longer possible to tell the amount of silverof £74,573,797 held
held by the Bank surplus earnings. Yet a light weight
of Germany. On March 15 1923 the Reichsbank began Including
gold coin, rein its "Metal
Reserve- not only gold and silver but aluminum, nickel and
Iron coin
Bank still gives the gold holdings as a separate item, but as under theas well. The duced by sweating, serves to convict the manipulator
practice
the remainder of the metal reserve can no longer be considered as beingnew
silver, there of crime. We forget that we cannot
In now no way of arriving at the Bank's stock of silver, and we therefore carry
remove the "fat"
it
computed
figure
the
along at
March 7 1923.
from these institutions without reducing them to incapacity—to a condition when they can no longer
Classes, Groups, Blocs.
serve the people. There is to be a drive to take over
"The great project of government of the people, the steam railroads in the face
of the almost univerfor the people, by the people was sent forth in the sal failure of Government ownership
of these indi&world because no group or faction or narrow interest pensable utilities. These
Socialistic schemes are
assumed to be or to represent all the people. No sporadic also. They may indirectly
touch everybody,
group arrogated to itself all the political righteous- but no great body of "public opinion"
can be brought
ness of the young republic."
to bear upon the "solution" offered, while a matter
In this fashion, President Harding, in a recent ad- such as just and equable taxation remains
to vex the
dress, touches upon an important feature of our pres- voters as a whole. Once a leading
issue is founded
ent collective life. We have these groups and fac- upon a paramount principle applied to a
general contions. By their drives upon legislation they fasten dition, then a "public opinion" can
grow to strength
upon us selfish laws, destroy the natural unity of and dominate the legislative and
administrative decitizenship, and prevent the crystallization of public partments of Government. Otherwise
there is the
opinion. We may have lived in the more recent past neutralization of discord,everywhere.
too much under the domination of two very old politWe are not unmindful that there were fierce disical parties. But these have been sufficient for the sensions in the formative days of the
republic. But
expression of opposing political principles—an ex- the issues were large and fundamental, dealing
with
pression which, while it points the way to comprehen- the theory and structure of the
Government—a Govsive legislation, prevented the details of special and ernment of limited
powers, a representative democspecious laws from absorbing public attention, and racy not an elective autocracy.
We will always have
left the people free, as intended, to pursue their ca- "too many laws," while
classes and groups rush to
reers as individuals.
State Legislatures and Congress for relief. And if a
We cannot have equal-bearing laws; we cannot government by classes becomes
a mere hodge-podge
have unity of public sentiment; while clamorous of conflicting laws, how much
less can we hope for
factions seek adventitious special aids and ignore unity and reconcilement
through groups. The labor
the great underlying principles which constitute the unions, for example,.constitute a
group of citizens
substance out of which our Government is wrought. that not only assumes to speak
for all labor but has
At one time the farmers are exercised over prices by its mind centred wholly on wage
scales and working
JUNE 231923.]
THE CHRONICLE
conditions, if we exclude certain fellowship benefits
and educational processes. Groups are many, are
more or less active, and are usually the propagators
of a theory of human relations. They have come to
follow the fashion of appeals to Government and in
our times are often bound up with socialistic and
communistic theories.
"Bloc" is a new word—and applies to a group
within our legislative bodies that attempts to control
legislation by the exercise of balance of power in behalf of.an interest, occupation or idea. For no such
limited number of citizens, no such selfish association, can entertain and further any great primal
principle of government. And if .we allow ourselves
to be swept along indefinitely by these sporadic organisms we cannot attain solidarity of purpose, we
cannot attain equal laws or accomplish exact justice.
True, the present blocs, classes and groups will pass.
But we must restrain their self-seeking, and look
upon their successors with disfavor. Not even benign peace can come while we divide along lines of
national and international policies. Our Government,for all its pristine power, must meet new issues
with new days—but not the petty strivings born of
opportunism. We must unite to guaranty to the individual a protected freedom.
To restore the republic to its original intent we
must exorcise paternalism. The President is not an
imitation "Little Father" to all his people. Congress
is not a grist mill, its wheels turning by every gale of
sentiment, grinding the grist of temporary majorities into laws•that are fixed though futile. As long
as classes, groups and blocs of those who deem themselves weak or injured can come to the doors of legislation with promise of help we shall have discord—
disgruntled and discontented voter's disgusted with
the results of their own self-rule. We need self-reliant men for electors. We need officials who represent all the people. We need a trade and industry
freed from artificial control, capable of initiative,
and courageous in enterprise. We need mass rule,
not mob rule. We need a "public opinion" of slow,'
growth, comprehensive spirit, and strong, concentered power.
Helping One's Fellows--Does Business
Improve Mankind?
Economics is by no means an exact science. Yet
there are natural laws in the physical world that cannot be set aside, and which must be taken into account in any estimate of the means that advance human welfare. And these natural laws are to be
found in the physical and mental being of man himself—they are just as immutable—and must be taken
into account in our estimates of human progress. A
writer employs himself in showing that "business
men" do not really "improve" mankind—rather, they
give to them greater comforts, and this in contrast to
the scientists and philosophers , who give themgreater knowledge. The thought is not without some
truth, but is merely fantastic in the light of the fact
that the uses of our ideas perpetuate them, apply
them, and stimulate investigation and discovery in
new rehlms of science. Science and philosophy that
cannot be applied to human action, to life as it must
be lived, are really abstract knowledge which though
it improve mankind mentally and spiritually does
not sustain life in et purely physical world.
But why attempt to split hairs in this fashion?
The 'growing theory of old-age pensions is builded
2817
upon the belief that every man, no matter what his
vocation, no matter what his financial success, having taken a part in the general work of the world by
which we all improve and advance, has contributed
his share and should be taken care of in his age-disability. We can no more dispense with the business
man than with the scientist and philosopher. And
when it comes to adding only to comforts, what
would knowledge be without the material comforts
necessary to its use and enjoyment. Many an invention of great usefulness to the general improvement
has gone begging for a long time until some business
man took it up and exploited it. And when communism had its fling in Russia, taking over the material
means of existence, there was little thought given to
the so-called "intelligentsia." A race of scientists
and philosophers without business sense and commercial endeavor would soon starve out; and the most
sane and sublime ideas of the wisest men need the
good right hand of normal work to make them effective in improving mankind.
The suggestiveness of this thought for us lies in
another line. It is not the contribution which business makes to the general welfare—that we think beyond dispute—it is not Comfort so much as content
that business should consider at this day and age of
the world. The fever of gaining great wealth in a
single lifetime is consuming much of the constructive
benefit of business to the human race. We often hear
the expression—"the people are money-mad." It
would be cavilling to say that the scientist and philosopher are enamored, if not obsessed; of an idea;
that deep in their search and research is the pleasure
of discovery and investigation, rather than devotion
to the ultimate higher knowledge of the race. And
yet it is to some extent true. And the mere business
man is likewise enamored of a great fortune with its
power and prerogative. One of the most encouraging
"signs of the times" is the growing sense of responsibility to others in the accumulation and use of great
fortunes. But the "fever" in the blood not only shatters many a constitution but prevents the considerate
thought of others which should all along accompany
the building of a great business and the making of a
large fortune.
The personal equation in business economics is contentment—that which flowers into respect for law
and order and love for fellow man. Not every man
can become a millionaire. He who cannot, and knows
he cannot, can project and carry out some lesser industrial integer—a farm, a shop, a store—can root
himself in his place in life, and growing slowly but
surely reach competency and independence. Then,
in content, he may loyally serve his country and his
fellows; envying none, dealing good-will to all. No
revolutions are bred in this class. No socialism is
engendered among these small owners. And the sum
of these small competitive efforts is the larger co:operation which maintains civilization. And all
these
men building in a small way in business "improve"
mankind, because with comforts plus contentment
there comes time and means for "knowledge." Good
soil, something of skill, more of work, and the farmer
of even forty acres in our alluvial valleys becomes independent, an economic integer, a contented citizen,
a helper of his kind. The little shop or store, long in
a single place, catering to a small community, yet a
factor in distribution of world-wide goods—it is an
essential—as important in a way as a city department store with its possibly thirty acres of floor
2818
THE CHRONICLE
[VOL. 116.
as a unit, to pool your thought and power for a single
purpose. You are disorganized."
Entirely right as to organizing, but not as to doing
that "as" labor does it. The trouble with the farmer
is that the dollar yardstick by which he sells is longer
than the other yardstick by which he buys. The
labor whose selfish example is commended to him is
organized against him, as against the rest of mankind. He has been too much deflated, as compared
with the commodities which he must buy and does
not produce, and especially so as compared with labor. Subsidies would not help him. A tariff which
would exclude foreign food would not help him.
Politicians and blocs cannot help him.
What he needs most is co-operation of the right
kind, which can be had only by organization. A few
days ago, in a letter to the "Times," Mr. B. F. Yoakum said that in the country there is one food dealer
2 million farms, a proportion
4 of the 61/
/
to each 13
the soil and the table, he
Between
large.
too
quite
said, are three service agencies: the producer, the
carrier and the distributer. The rightfulness of present freight rates he passes by, but cites an illustrative case of Southern watermelons, where 6 cents
of the consumer's $1 24 per melon went to the farmer,
18 cents went to the carrier, and 100 cents to local
distributers, commissions, profits, etc., between the
railroad receiving point and the consum3r; in an
instance cited of cabbage, the farmer got $7 a ton,
icing and carrying took $28 a ton, and other costs
Wheat and the Farmer—Mr. Gompers's
were $98 a ton, the consumer paying $140, which was
View.
times what the grower received. The farmer's
20
The Natiimal Wheat Conference, in session this
said Mr. Yoakum,"is entirely attributable to
plight,
week in Chicago, was agreed upon the need of some
unscientific and uneconomic marketing
loose,
our
improvement in the situation of that cereal, but dithe remedy he conceives is "a simple
and
system,"
vided sharply upon having Government once more
ve law which will enable farm
constructi
broad
but
undertake to hold up its price. The minority group
associations to ascertain
proposed that Congress be asked to set up a grain and co-operative market
agencies collects for their
corporation, of course at the public expense,for buy- what each of the different
and
consumer, with a limfarmer
the
ing up wheat when the price is as low as $1 50, and goods between
profits and service
ns
and
commissio
to
that a special session for enacting this be urged. itation as
business oreffective
become
will
they
This was defeated by two to one, and a resolution charges; then
laws that
regulative
the
farmers
give
was passed that the sense of the convention is that ganizations;
rest."
do
the
will
they
and
to
work
wheat should be stabilized and its consumption in- they can
A farmer in an up-river county writes his own forcreased, that freight rates on grain should be investiexperience to the"Times," called out by Mr. Yoamer
gated, and that it would be helpful to feed low grade
letter. As many hundreds know and as has
kum's
wheat to live stock. A resolution asking that this
the miserably inefficient truth, the fruitbeen
long
country call a world economic conference failed.
in the hands of the middleman, his
helpless
is
grower
Before the debate over the proposed cry to the Govman."
He ships apples, for example,
on
"commissi
ernmental Hercules, Mr. Gompers said (as on sevof
le time gets a statement
course
considerab
in
and
eral previous occasions he has said) some things that
per contra, freight,
at
$18;
$1
barrels
50,
12
say
of,
y
if
sound
d
interprete
are suggestively and practicall
ns;
balance whatever
ents and commissio
a little differently from his intention. If American disbursem
merchant consents to. I have no means,says this
farmers, he said to the delegates present, cannot de- the
grower, of verifying any figure, I must accept
vise some better means of keeping their proper place former
sale proceeds, I canin the economic scheme "than a resort to legislative anything reported to me as the
even whether my
or
buyer
the
was
who
cure-alls" they are doomed to continued disappoint- not find
at his own price,
himself,
not
buy
them
did
ment. They "should organize as labor has done"; dealer
broker or comEvery
in
them
storage.
put
then
had not wage-earners organized nobody would have and
to furnish
compelled
be
he
man,
should
adds,
mission
paid attention to their demands, and the farmers
the buyer
to
copy
one
sale
attested
statement,
an
must organize if they expect to be heard. Said he:
and another to the grower;"this would eliminate one
"There is no force in our social organization that evil, but leave the fact that the farmer has no voice
will not come to the council table with the farmers
selling price, which is invariably decided for
when they find the way to bring their strength to- in the
gether at that table, and the council table is the goal. him by the buyer and seller."
This is strictly correct. The up-river grower may
The battlefield is not, much as some may like to make
means
netable
conference,
find himself with a credit which leaves him in debt
it appear so; the council
t.
The
counenforcemen
farmers
of
our
and
gotiation
for the barreling. The "Chronicle" once told of one
try will, if they know their history, proceed to find veritable case, when peddlers were vending half-rotremedy and improvement through organization in ten apples on our East Side, using as tables garbage
their industry. You know what is wrong and what piles which had collected during a strike, while at
ought to be done, but you are not in a position to act
space. Not that the acorn under favoring circumstances may not grow the oak, not that sometimes
the tortoise beats the hare in the race—but that each
man by doing well his small (or large) part contributes to the peace and joy of life for all, and paves
the way for true contemplation of the meaning and
purpose of our common life. Others than the philosophers think on mankind and the State.
Again,let us repeat, we need the scientist, the philosopher and the business man—also we need the
teacher and the priest and the poet. But ideas,
softly as they may drop into the lap of an intellectual
age, are not manna upon which men may eat and live.
And even if we could live upon the finer products of
our brains we would find a distinct loss if there were
no commerce with its "captains of industry." We do
lack in the contemplation peculiar to the Orient.
But our scientific-economic interpretation of nature
(environment) and man (the soul) lifts us into a
higher collective culture. We need to temper our
abundant energy with the thought of time and
safety; to know that effort and not success is the better goal; that competency brings content more surely
than riches if we but use it rightly; that the wisdom
of thought and action combined is better than knowledge; to realize that he who does the best with his
own opportunity contributes his full share to improving mankind.
juNE 23 19231
THE CHRONICLE
2819
estimated receipts, the actual expenditures must not
exceed $3,507,000,000. That is to say, the prospective deficit must not only be wiped out, but there
must be a reduction in the expenditure program of
about $167,000,000.
The President gave a significant warning to the
officials present that he would countenance no attempt by any of them to induce Congress to increase
any item submitted by him in the Budget. Last year
it was noteworthy that a number of officials, proceeding as if by inertia under the old pre-budget
methods, disregarded the estimates submitted by the
President and advocated those originally submitted
by them to the Bureau of the Budget, which,in nearly
every case, were larger. This warning, uttered with
such force by the President, will no doubt be sufficient to enable the executives to present a unified
front to Congress.
General Lord's address was one of the most notable
expositions of the business management of the Government ever made. His description of the methods
employed to control expenditures with a view of balancing the Budget and of protecting the taxpayers
was clear and convincing. The impression is driven
home that he has accomplished a most difficult undertaking with great patience, skill and diplomacy.
His review of the work of the co-ordinating boards
and agencies set up by the President as a part of the
budget machinery is highly instructive. Much more
significant than any savings in dollars and cents is
the fact that the President, through his budgetary
agencies, has during the past two years turned the
routine of Governmental procedure into the road of
economy and efficiency. A few more years of this
constant pressure and admonition; associated with
The Fifth Regular Meeting of the Business unremitting scientific endeavor to spend every dolOrganization of the Federal Government.
lar taken from the public Treasury in the most busiOn June 18 the President of the United States pre- nesslike manner, will make it difficult, if not impossided over the fifth regular meeting of the business sible, to ever go back to the old system of divided
organization of the Government at Continental Me- responsibility with the consequent haphazard promorial Hall in Washington. It will be recalled that cedure.
the first of these meetings inaugurated the national
This last business meeting shows conclusively (if
budget system under the Budget and Accounting there ever were any doubters on this point) that the
Act. From the tenor of the President's address and President is whole-heartedly, sincerely and vigorthe facts and developments presented by Director ously behind this great business reform.
Lord, it is evident that certain fundamental elements of business management are gaining a firm
The Labor Board Rebukes the
foothold in the Federal establishment. NotwithPennsylvania.
The issue between the Labor Board and the Pennstanding the fact that drastic cuts had been made in
plans for Federal expenditures for the year just clos- sylvania has now brought the former to rallying iting, and many Government officials were restrained self in a solemn rebuke of the latter for violation of a
from engaging in activities which they might have Board order, whereby, as the Board now charges, it
considered necessary, this meeting of the Govern- "denied to its shop employees essential rights as lament's executives gave evidence of a happy frame of boring men to which Congress had declared them entitled." This dispute goes back several years. The
mind over what had been accomplished.
The President gave figures to show that although Board had ordered an election at which members of
the Government had started out with a very large the shop crafts union might be chosen to represent
deficit which, in fact, stood at about $92,000,000 on the road's shopmen in any differences arising, but
January 1, yet the fiscal year was closing with an the road disregarded this order. Then came a quesapparent surplus of receipts over expenditures of tion as to the Board's jurisdiction, and finally the
$200,000,000 and an actual reduction of $256,000,000 U. S. Supreme Court construed the Act of 1920 as
in expenditures as compared with the preceding year. empowering the Board to issue such ruling and orIt was admitted both by the President and by Gen- der, but without power to enforce its position. Now
eral Lord that although the Executive Government the Board, as if determined to have the last word,
made every possible effort to curtail expenditures, says that the employee representation which the road
this large surplus was due in no small measure to the claims to have originated is guaranteed in the Act
unexpected increase in customs receipts.
and that if it had any meaning at all it is "the right
For the coming year the President laid down the of a class of employees, through majority action, to
policy that although the estimated expenditures select their own representatives to negotiate with the
totaled $3,668,000,000, being $30,000,000 above the carrier agreements covering wages and working con-
that same date the finest apples, carefully grown a
few miles west of the Hudson, just south of Poughkeepsie, with steamboats operating on the river, a
railroad along the west bank, and a trolley line over
the few miles from the river bank, Were kicked about
on the ground by children and finally went to the
hogs or possibly to the cider mill; to get them to the
eager market more than consumed them.
But instead of enacting any statute to enable the
farmers to get together, let them come together of
their own initiative and energy. To the wheat gathering in Chicago Mr. George C. Jewett, manager of
the American Wheat Growers' Association, sketched
the rise of co-operation from three small selling associations on the west coast with a membership of 800
to the present federation of 50,000 scattered through
12 States. The Porto Rican growers of grape fruit
suffered long under this middlemen evil, but have
greatly bettered themselves by co-operation. Apple
growers in one of the Dominion Provinces accomplished like improvement for themselves by the same
means a few years ago. Raisin growers in California are successfully doing the same.
.The core of Mr. Gompers's talk to the wheat men
is sound. Let them recall and consider the fable of
the single stick and the bundle. We could spare an
army of our politicians, but the farmers are indispensable. Let them get their industrial wagon out of
the mire by putting their own shoulders together at
its wheel. The distance between soil and table needs
shortening, but they need not and should not spend
time in calling upon an imaginary Hercules in the
clouds. The right co-operation will cure the evil
which loads itself upon us all.
2820
THE CHRONICLE
[VoL. 116.
ditions; this is what Congress said it meant, but the acted at all. These boards "may" be established by
shop crafts have so far been deprived of this plain, agreement, but are not required to be. Sec.313 (now
simple, indisputable right on the Pennsylvania sys- cited by the Labor Board) authorizes it to hold a
tem." So,solemnly concludes the rebuke,"the Rail- hearing about an order of its own or of an adjustroad Labor Board, under the authority of Section ment board, and to publish the fact of a violation if
313 of the Transportation Act, finds that the Penn- that is found. So much (and no more) did the Court
sylvania System has violated Decision No. 218, after decide, and the Board now misstates (perhaps inadthe Supreme Court of the United States had upheld vertently rather than willfully) when it says the
the Board's right to make such decision, and has final tribunal found the Pennsylvania guilty of havtherefore denied to its employees essential rights as ing denied to its men, by disregarding the Board's
laboring men to which Congress had declared them order, "esssential rights to which Congress had deentitled."
clared them entitled."
This is a piece of scolding without any punishment
The Annual Report of the New York
to follow; yet if the Board really "finds" only the
Central Railroad.
truth and the whole truth it is serious, because the
whole subjcet is one for public opinion and not the
The report of the New York Central Railroad Co.
Pennsylvania alone but all transportation stands at for the calendar year 1922 comes close on the heels
the bar of public opinion, needing as never before the of the action of the Board of Directors last week in
support of that opinion, and therefore bound in pru- increasing the dividend rate on the stock from 5%
dence to keep its own conduct free from any taint.
per annum to 7%,and derives additional interest by
Let us reduce the case to its essence and its sim- reason of that fact. The report is a favorable docuplest form. "While professing acceptance and ob- ment as the monthly returns have indicated it would
servance of the principle of employee representation, be. The income account shows a surplus of $7,643,the carrier has set up a system which throttles the 871 above the amount required for the 5% devidends
majority and edtablishes the representation of a co- declared out of the income of the year. As the capital
erced and subservient minority." So says the Board, stock at the end of the year stood at $267,981,915,
but it misuses the words "majority" and "minority." this surplus was the equivalent of nearly 3% addiThe Pennsylvania's employees in any line are a mi- tional, or to be precise, 2.85%. In other words, on
nority as compared with the whole number of such the basis of last year's revenues, while dividends of
workers in the whole country, but what the road has only 5% were paid, actually nearly 8% on the share
steadfastly affirmed is its right to deal directly with capital was earned. Inasmuch as thus far in 1923
its own men and their right to deal directly with it; earnings, both gross and net, have been making very
the issue is the clear-cut one of sitting down at the noteworthy gains—the additions to gross for the
home table, with the representatives of the two par- four months to April 30 as compared with the correties, chosen by apd only by the two parties, without sponding four months of last year having been $30,any of the outside intervention which for years has 236,422 and the addition to net $8,205,434—the direcbeen and still is so pestilent a factor in industrial tors have evidently been taking no very great risks in
disputes, irritating sore spots instead of healing placing the stock on a 7% dividend basis.
them. The road deems this the real and just form of
The New York Central System has in recent years
collective bargaining and representation, and its been put into compact foFm through the solidifying
whole offending consists in standing upon this posi- of control over the auxiliary and controlled roads, not
tion. The "majority" which the Board says is thus alone roads like the Lake Shore & Michigan Southern
"throttled" is on the outside of the meeting and ad- now operated directly and forming part of the
justment room; what the Board calls the "minority" New York Central Railroad itself, but also
are inside, dealing directly with the road's manage- others, like the Cleveland Cincinnati Chicago & St.
ment. Whether the road's plan agrees with democ- Louis, or Big Four, which continue to be operated
racy and justice we leave to the reader.
separately, but in which the Central's interest is beYet the tree is known by its fruits. The fruits of ing steadily extended—$8,235,000 additional prethe road's direct method are an especially clear and ferred stock and $12,686,700 additional common
stable understanding with its men and an excep- stock of the Big Four having been acquired in 1922
tional freedom from internal disturbances. The men in exchange for Central stock. The result has been
whom the Board now asperses as "a coerced and sub- to promote'economy of operations besides effecting
servient minority" (therein following Mr. Gompers's savings in other ways and all the different properties
characterization of "company" unions as mere slaves are now in a state of high efficiency both from an opof the company) have not discovered for themselves erating and a financial standpoint. What gives adtheir unhappy condition and are not likely to thank ditional significance to the extent of the surplus
the Board for its phraseology. In this time of ram- earned above dividends in 1922 is that last year was
pant unionism and frequent reassertion of the work- not by any means an unqualifiedly good year. Some
er's right to roll up his wage and pare down his labot very serious unfavorable factors had to be contended
by snowballing or any other means, it is not likely against and the good results noted were obtained in
that any set of workers need a benevolent outsider to face of these drawbacks and obstacles. The year was
tell them of it if they are under the employer's heel. one of trade revival and industrial activity and the
Nor is the Board now quite accurate in interpret- New York Central got its full share of the benefits
ing the spirit of the Act and the intent of Congress. arising out of that fact. But the year was also
As the "Chronicle" has often pointed out, Title III marked by the strike at the unionized coal mines
seeks to provide a practical machinery of hearing and throughout the country and by the strike of the shop
arbitration, in respect to disputes liable to interrupt craft employees. The coal,strike involved a complete
traffic (and those only) and it makes the Labor suspension of work in the Anthracite coal fields for
Board the judge when the adjustment boards pro- a period of five months, or from April 1 to early in
vided for have failed to act successfully or have not September, and a shut-down at the unionized bitu-
JUNE 23 1923.]
THE CHRONICLE
• 2821
minous mines for the greater part of the same period, factures, 23,062,030 tons, against 16,935,369;
and of
or from April 1 to the latter part of August, while merchandise (consisting of less than
carload
the strike of the shoperaft employees, which the New freight), 4,032,465 tons, against 3,150,9
12 tons. The
York Central suffered in common with other rail- grand aggregate freight moved
of
was 86,077,233 tons
roads in the United States, began July 1, and though in 1922, agains 74,475,
t
185 tons in 1921, an increase
settled Sept. 19, continued a seriously disturbing in- of 11,602,048
tons, or over 15%. The number of tons
fluence for a long time thereafter.
of'freight moved one mile was 19,361,613,726 in 1922,
The part played by the coal strike is in a measure as against 16,953,
493,082 in 1921, the addition here
obscured by the wonderful growth that occurred in being about
14%. It should be noted that the cornother classes of tonnage by reason of the revival in pany was
not only able to move this vast tonnage in
trade, but it is nevertheless a matter of interest to face of the
obstacles already referred to, but was able
observe that the loss in the anthracite tonnage, which at the same
time to attain increased efficiency of
accrued while the mines were shut down, was never operati
on, for we notice that the average train load,
subsequently made good and that the New.York Cen- after a
decline in 1921 was again increased in
tral as a consequence moved only 4,294,575 tons of 1922. For
1922 the average number of tons of reveanthracite in 1922 as against 7,620,195 tons in 1921, nue freight
per train mile was 802.26, as against
a falling off of 3,325,620 tons, or over 40%. The loss 727.13for 1921
and the average tons of all freight per
in the bituminous tonnage was made good and the train mile
880.84, against 831.16. The average numCentral actually moved 25,683,530 tons of bitumin- ber of tons
of revenue freight per loaded car mile inoils in 1922, against 24,819,033 tons in 1921, showing creased from
22.01 tons in 1921 to 22.29 tons in 1922
a small gain, but it is easy to imagine what the gain and the
average number of freight cars per train mile
would have been, with business active, if the mines from 54.59
to 55.19. The increase in the train load in
had remained continuously in operation from begin- a year marked
by such a serious disturbing influence
ning to end of the year.
as the shopmen's strike is certainly to be hailed as a
The coal strike besides diminishing the coal ton- notable
achievement.
nage had the effect of augmenting fuel costs and the
This point of growing efficiency of operations deshopmen's strike added greatly to operating costs in serves
to be borne in mind, because it happens that
numerous different ways. This latter labor disturb- with
a most striking addition to railway operating
ance arose, as is well known, out of the action of the revenue
s, railway operating expenses increased in
Railroad Labor Board in making moderate reduc- yet larger
amount, leaving the net revenue from the
tions in wages. These reductions applied not alone transpo
rtation business in 1922 actually less than in
to the shopmen, but to several classes of employees, the
year preceding. The point is an important one,
and President Alfred H. Smith in his remarks says because
it shows that the great augmentation in exit is estimated that the effect of these wage decisions penses
was due to no lack of efficiency in operations.
would have been to reduce the total wages payable by The
addition to the gross revenues for the twelve
the company in 1922 by approximately $3,500,000, months
was $24,489,102, and as showing the magnibut the shop strike prevented .the realization of any tude
of the company's income we may note, in passof the benefits which would otherwise have resulted ing,
that this brought the gross revenues from operafrom the Board's findings.
tions to above 316 million dollars—in exact figures,
While on the one hand the company was prevented $316,62
0,098. But with a gain of $24,489,102 in
from getting any benefits from the wage reductions, gross
revenues,in face of the cut in freight transporon the other hand the concurrent reduction in trans- tation
charges, the augmentation in expenses reached
portation charges made by the Inter-State Commerce no
less than $28,632,079, leaving a loss in net of
Commission went into full effect. Under a decision
$4,142,976.
of the Commerce Commission in May a horizontal
We need hardly say that higher fuel costs and the
cut in freight rates of 10% went into force on July 1
unsettlement and general disturbance occasioned by
1922. The report tells us that the effect of this order the
shopmen's strike were important influences in
on the basis of the freight traffic in the last half of swellin
g the expenses. But examination of the ex1922 was to reduce revenue by approximately $5,500,pense accounts shows that there was one other cir000. It will thus be seen that the Central, like other
cumstance that served to run up expenses beyond
the
railroad systems, during 1922 not only had the two
ordinary. It appears that the company spent $18,.
strikes, to which we have alluded, to contend with, 537,086
more upon maintenance of equipment in 1922
but had this important loss of revenue through rate than
in 1921. The report undertakes to explain
these
reductions also to overcome. We observe that the extra
outlays on the equipment and says the increase
New York Central in 1922 realized an average reve- of
$18,537,086 "is due to extraordinary freight
car
nue per ton per mile of only 1.122 eta., as against repairs
by which bad order cars were reduce
d ap1.208 cts. for 1921. However, notwithstanding the
proximately 50% during the year; to extensi
ve work
handicaps of the strikes and the interruptions to on
passenger equipment necessitated by reason
of retraffic occasioned thereby, the company was so man- pairs
having been deferred in previous years
for vaaged as to be able to obtain, as already noted, its full nous
causes; to increased locomotive
repairs due to
share of the increase in traffic accruing from trade work
deferred in 1921 on account of depress
ion, when
revival and so as to supply the transportation service shops
were closed for a protracted period
; and to inneeded for the purpose. There was a very substan- creased
costs incident to the shopmen's strike."
tial increase in tonnage in every leading group of
It appears safe to say that the mainte
nance outtraffic- Of products of agriculture the company lays will
not be continued on the same proportionate
moved 8,872,729 tons in 1922, as against only 7,509,- scale in
1923 and in that circumstance, along with
181 tons in 1921; of animals and their products 3,- growing
262,231 tons, against 2,619,619; of products of the a volume efficiency of operations, and assurance of
of traffic for the immediate future surpassmines,43,150,458 tons, against 41,342,022; of forest ing
anything previously recorded,lies the strength
of
products, 3,697,320 tons, against 2,918,082; of maim- this
great property's income and dividend position.
2822
THE CHRONICLE
[VOL. 116.
The Indications of Cotton Acreage in June 1923
TLe disposition everywhere throughout the South
the current season has been to increase the area devoted to cotton. All reports agree as to this, and
no one will be inclined to dispute the statement. But
the elements have come in seriously to interfere with
the carrying out of the intentions of cotton growers
in that respect, and accordingly, the additions will
be substantially smaller than at one time, early in
the sea:on, appeared not only likely, but positively
certain. The weather has been unfavorable almost
beyond precedent, and this is true of virtually the
entire cotton belt this side of Texas. Conditions
were execrably bad in 1922, so much so that we
then supposed the limit had been reached, and that
they could not ever-be worse. But in this the experience of planters the present year proves we were mistaken. It seems important to lay stress on this, for
obviously though there be a consuming desire on the
part of the grower to extend his area, if nature prevents him from making the necessary preliminary
preparations to that end or renders the task so difficult that more time is required for the work than he
can give to or command for the purpose, he must perforce forego his intentions. And that is what happened the present year.
It would be a mistake not to realize or appreciate
that weather conditions.. t 1923 were even worse than
they were in 1922, because otherwise it is impossible
to comprehend how really bad they were. In our
comment a year ago on the situation then prevailing
we said that the weather had been everywhere adverse and to a degree and extent to which we could
recall no exact royallel in all our experience. Not
only that, but it had everywhere been of the same
type. In ordinary circumstances there would be
drouth in one section, excessive rainfall in another,
and perhaps entirely normal conditions in still another. Not so at that time. From one end of the
belt to the other, and all over it, almost without exception, there had been too much rain, either early
in the season, or in May, or fo- the whole of the year
right up to June, with the u ual train of attendant
circumstances, namely floods and washouts, which
not only seriously interfered with farm work, but in
not a few instances rendered such work out of the
question. Seeding, germination, growth, plowing,
and the cutting out of grass and weeds, suffered. To
make matters worse, temperatures had been below
the normal, cool nights being particularly complained of. The remark applied, we stated, not
alone to one State or section, but to many.
The foregoing did not exaggerate in describing the
difficulties under which the grower had labored in
1922 and it typifies the trials and hardships that
have fallen to his lot in the current year of 1923 with
this difference, that the obstacles depicted have the
present season existed in greatly aggravated form,
incredible as that may seem in view of the severity
of the 1922 experience—barr'ng, however, the big
State of Texas, which has thus far in 1923 been
blessed with a crop situation that has left little to be
desired and that offers possibilities of a large crop
which the rest of the South may well envy. Outside
of Texas the planter has nearly everywhere been in
a state of despair because of the unkindly nature of
the elements—away beyond the experience of the previous season, as already indicated. To be sure, there
has been no overflow of the lower Mississippi River,
as was the case in 1922, but on the other hand, out in
Oklahoma and Arkansas floods have been doing prodigious damage in this very month of June. Nor
have floods and overflows been lacking elsewhere in
the South. Many of the minor streams in different
sections have been repeatedly out of their banks and
lowlands been time and again overflowed. Aggregate rainfall may not have been any greater in any
given locality than it was in 1922, but the persistency
of the rains and the absence of intervals long enough
to let the water drain off or the ground become sufficiently dry to permit working it have been circumstances entailing trials and difficulties beyond previous experience. Then, also, temperatures have
been exceptionally low. Last year there was complaint, as we have seen, of the nights having been too
cool. In 1923 the days as well as the nights have been
positively cold, retarding germination of the seed
and preventing proper growth and development. Up
to the first of June there was virtually no real cotton
growing weather anywhere save in the State of Texas.
Planters started early with a brave determination
to raise a big crop the present season, and with that
idea in mind proceeded to enlarge their acreage.
They may yet succeed in harvesting a big crop, for
the size of the crop is dependent upon many considerations apart from the extent of the acreage, but
their plans went awry as far as concerns bringing
additional land under cotton cultivation to the extent desired. We say "started early." In many cases
this meant prematurely, since cold prevented proper
germination or the rains washed out the seed, with
the result that the grower had only his labor for his
pains, or worse, had added to his labor by reason of
the necessity of plowing up a second time. The rains
were of such a nature that often, after the seed went
in, the ground was packed solid, and, with more rains
on top, the seed rotted. Where the seed did come up,
the rains would wash out the young plants, making
replanting necessary, and this would happen two and
three times. In the districts that suffered the most
replanting was incumbent to a larger extent than
ever before it would seem. In Arkansas, as may be
seen by turning to our account for that State, the
most of the returns speak of replanting having been
necessary to the extent of 50%,and in some cases the
ratio was as high as 80%. Of course that is an extreme, that State having suffered beyond others from
excessive rains and overflows, but it is nevertheless
part of the general picture.
To add to the difficulties of planters, there has
been a great scarcity of labor. The grower began
ahead of time so as to spread the work over a longer
period with the view of minimizing the number of
hands required, and if he had not been defeated in
his plans he might have succeeded in considerable
measure in overcoming the effects of the labor shortage. As his progress, however, was more and more
delayed by the rains, or because of the replantings
the rains made necessary, the need of additional help
became pressing. But there was a complete absence
of surplus labor, and the additional hands could not
be obtained, and the planter consequently had to do
without them. There has been an exodus of negroes
to the West and North, to take advantage of the high
wages paid for common labor in the manufacturing
JUNE 23 1923.]
THE CHRONICLE
2823
2000
40,
i00,
1 ,
00.4,
iNNNO4MMMMMNNM
districts in those parts of the country. As is well restored, a good part of the loss was recovered, the
known, owing to the restrictions on immigration, 1922 acreage rising to 34,016,000 acres. The present
ordinary labor has been in insufficient supply in the season the bulk of the remainder of the loss will be
great industrial revival which the country is enjoy- recovered. It would be stra ge if the acreage had
ing, and manufacturers have been bidding up wages not been increased last year under the stimulus of
on one another in the endeavor to secure what they an enhanced price, and stranger still if there should
required. The Southern farm laborer has been made not be further considerable additions in 1923, with
to perceive his opportunity and has been migrating price levels still higher. To indicate how striking the
North. The exodus has been particularly marked, of contrast is in the matter of price as between 1921
course,in the border territory between the South and and 1923, it will be useful to repeat some tables conthe North, but the manufacturing districts of the tained in our Acreage Report of last year, with the
South have also been absorbing considerable num- data brought down to the present time. Taking first
bers of these farm laborers, and, as bearing on this the price of middling upland spot cotton in New
feature, the fact should not be overlooked that the York, we find that this, two years ago, was only
South, in Tennessee, in Alabama and contiguous ter- 11.65c. Mar. 1, 12.00c. April 1, 12.90c. May 1 and
ritory, possesses great iron districts- which in the June 1 and 12.00c. July 1. A year ago the price had
present trade revival are as active as those in other risen to 18.70c. Mar 1, 18.10c. April 1, 18.95c. May 1,
parts of the country.
21.00c. June 1 and 22.05c. July 1, while now,for 1923,
But it must not be supposed from all this that the record is 30.40c. Mar. 1, 28.55c. April 1, 27.50c.
there have been no additions whatever to acreage. May 1 and 27.55c. June 1, showing a further enhanceFar from it. The farmer has done the best he could ment of price of several cents per pound from the imunder the circumstances, and the only effect of the proved level of a year ago. As a matter of fact, the
drawbacks and obstacles just enumerated has been range of quotations at this centre throughout the
to reduce the increase in acreage to quite modest pro- whole of the current year has been between 25c. and
portions. In the great State of Texas there has been 31c. The following shows the New York price for the
no excessive rainfall in any portion of the State's first of each month for the last 11 years:
vast domain, and conditions indeed have been highly micE OF MIDDLING UPLAND COTTON IN NEW YORK ON DATES
GIVEN AND AVERAGE FOR SEASON.
propitious. All the accounts agree in saying that the
1922- 1921- 1920 1919 1918- 1917- 1916- 1915- 1914- 1913- 1912additions to area in that State will be 14 to 15%,and,
1923. 1922 1921 1920 1919. 1918. 1917. 1916 1915. 1911. 1913.
- as the State last year, according to the revised fig- Aug. 1
22.55 12.90 40.00 35.70 29.70
13.25 9.30 12.50 12.10 13.00
1
22.25 17.50 30.25 32.05 36.50
18.30 9.75 ____ 12.50 11.25
ures of the U. S. Department of Agriculture made Sept.
Oct. 1
20.45 21.10 25.00 32.25 34.30
18.00 11.09 ____ 14.20 11.45
Nov. 1
24.45 18.7522.50 38.6' 29.05
18.75 11.95 ____ 14.10 11.75
public on June 1, had 12,241,000 acres (considerably Dec.
1
25.30 17.5.5 16.65 39.75 28.10
20.35 12.55 7.65 13.50 13.05
1
26.45 18.65 14.76 30.25 32.60
17.25 12.40 7.80 12.10 13.20
more than one-third of the entire cotton area of the Jan.
Feb. 1
27.40 17.20 14.15 39.00 26.75
14.75 11.95 8.50 12.75 13.00
Mar. 1
30.40 18.70 11.65 40.25 28.10
17.00 11.45 8.25 13.75 12.70
South) under cotton cultivation, this means an ad- Apr.
1
28.55 18.10 12.00 41.7 28.60
1920. 1200.
9.80 13.30 12.60
May 1
27.50 18.95 12.90 41.25 29.40
20.70 12.30 10.40 13.00 11.95
dition of roughly 1,750,000 acres to the area in cot- June
1
27.55 21.00 12.90 40.00 33.15
22.65 12.70 9.55 13.75 11.80
July 1
22.05 12.00 39.2 34.15
27.25 12.90 9.60 13.25 12.40
ton in that one State alone. Texas, of course, has
Average. season_ ____ 18.92 17.89 3}1 2. ni na 29 9R in 19 11 OR 507 in an 12.30
large undeveloped areas and in those sections the
The showing becomes still more conclusive when we
increase has run as high as 100%, but there have also
take,
as we did in our review for 1922, the farm price
been substantial additions to the cotton area in the
as
the
basis of our comparison-that is, the average
older parts of the State. In the other large cotton
price
received
by the farmer for his products on the
growing States the additions to cotton area have
plantations.
In
1921 the farm price was 9.4c. April
been much more moderate, though it may be that in
1
and
May
1;
9.8c.
June 1 and 9.6c. July 1. Note now
Alabama the increase will be in ratio up to that for
the record for 1922, namely 16.0c. April 1, 15.9c. May
Texas.
The great inducement, of course, to cotton culture 1, 18.7c. June 1 and 20.4c. July 1, and the further rise
everywhere has been the high price prevailing for the to 28.4c. April 1, 26.9c. May 1 and ____c. June 1 in
staple, with the probability that the price to be ob- 1923. In the following table we cover the same 11
tained for the crop, whatever its dimensions, will years embraced in the table already given. As
yield a satisfactory margin of profit by reason of the to the methods employed in arriving at these averlow level to which stocks and supplies of cotton have ages, the Agricultural Department explains that
been drawn down everywhere throughout the world. the prices are "averages of reports of county
We referred to this inducement of high price last sea- crop reporters weighted according to relative imson, but the incentive is even stronger the present portance of county and State."
year, inasmuch as the price has further advanced
AVERAGE PRICE OF COTTON ON THE FARM.
since then. The part played by rising prices in stim1922- 1921- 1920- 1919- 1918- 1917- 1916- 1915- 1914- 1913- 19121923 1922 1921 1920. 1919. 1918. 1917. 1916. 1915. 1914. 1913.
ulating production can hardly be exaggerated. Two
Aug. 1
20.7 9.8 36.8 32.5 27.8 24.3 12.6 8.1 12.4 11.5 12.0
years ago, in the period of deflation through which Sept.
1
21.1 12.6 31.1 30.3 32.2 23.4 14.6 8.5 8.7 11.8 11.3
Oct. 1
20.0 19.8 25.5 31.3 31.8 23.3 15.5 11.2 7.8 13.3 11.2
the country was then passing, the price of cotton suf- Nov.1
22.4 17.7 19.4 36.5 29.3 27.3 18.0 11.6 6.3 13.0 10.9
Dec. 1
23.8 16.2 14.0 35.7 27.6 27.7 19.6 11.3 6.8 12.2 11.9
fered a tremendous collapse, and as it happened, too, Jan. 1
24.5 16.3 11.6 35.9 28.7 28.9 17.1 11.4 6.6 11.7 12.2
Feb. 1
25.9 15.5 11.8 36.2 24.9 29.7 16.8 11.5 7.4 11.9 11.9
1
a large carry-over of cotton remained from previous Mar.
27.7 15.9 10.3 36.2 24.0 30.2 15.9 11.1 7.4 12.6 11.8
April 1
28.4 16.0 9.4 37.3 24.5 31.8 18.0 11.5 8.1 11.9 11.8
May 1
years. The result was that the are for the new crop June
26.9 15.9 9.4 37.7 26.0 28.5 18.9 11.5 9.1 12.2 11.8
1
18.7 9.8 37.2 29.5 27.4 20.2 12.2 8.6 12.4 11.1
then being planted was heavily reduced. The plant- July 1
20.4 9.6 37.4 31.1 28.6 241 12.5 8.6 12.4 11.8
ers combined in a movement to that end. The reducWe now present our estimate or approximation of
tion was not what the growers collectively resolved it the planting in the different States
and for the counshould be, for, as usually happens on such occasions, try as a whole. In giving the figures
we wish to renot all planters lived u_p to their promise, but the iterate what we
said last year, namely that we make
acreage as a whole was, nevertheless, reduced in very no pretense to
exactness-that there are always
substantial measure, the area planted falling from many
uncertainties involved in the collection and
37,043,000 acres in 1920 to 31,687,000 acres in 1921. compilation of
the returns and that precautions
On the other hand, in 1922, with price levels in part against imperfections and deficiencies based on long
THE CHRONICLE
2824
experience often prove futile; furthermore, that the
present year, no less than in 1922, many special
factors have existed, serving enormously to increase
the uncertainties and the difficulty of the work. In
the circumstances our figures and statements cannot
be considered anything more than estimates and approximations—approximations, to be sure, as close
as it is possible to make them by calling to our aid
every source of information at command, but subject,
nevertheless, to greater or smaller modification as
the uncertainties referred to are resolved into actual
facts, thereby removing the elements of conjecture
and doubt. It is proper to say again also that in
applying our percentages of increase in area for the
present year we use the revised figures of acreage for
last season issued the 1st of the current month by the
Department of Agriculture. There seems no reason
why these figures should not be regarded as absolutely correct after the pains that have been taken to
make them so, and it is our understanding that the
Agricultural Department always acts in collaboration with the Census authorities.
Acreage
Planted,
1922—
Dept. of
STATES
Agriculture
57,000
Virginia
North Carolina_ _ __ 1,654,000
1,951,000
South Carolina
3,636,000
Georgia
122,000
Florida
2,807,000
Alabama
3,076,000
Mississippi
1,175,000
Louisiana
12,241,000
Texas
.2,827,000
Arkansas
994,000
Tennessee
201,000
Missouri
3,052,000
Oklahoma
California
*210,000
Arizona
105,000
All other
48,000
Total
34,016,000
Estimate
for 1923—
Increase or
Decrease.
Probable
Acreage
1923.
Inc. 10@15%
65,000
Unchanged
1,654,000
Unchanged
1,951,000
3,636,000
Unchanged
215,000
Increase 75%
Increase 15%
3,228,000
Increase 5%
3,230,000
1,175,000
Unchanged
Increase 14% 14,000,000
2,968,000
Increase 5%
1,143,000
Increase 15%
241,000
Increase 20%
3,205,000
Increase 5%
*205,000
127,000
Increase 22%
50,000
Increase 8.57% 36,933,000
•This includes 140,000 acres in 1922 and 160,000 acres in 1923 for
the portion of the Imperial Valley lying in Lower California (Mexico)
and which we disregard in our footings.
It will be seen that for the South as a whole we
make the increase 8.57%. All the States share in the
increase with the exception of North Carolina, South
Carolina, Georgia and Louisiana, where the acreage
remains unchanged. If we are correct in putting the
increase for the whole South at 8.57% the total acreage in cotton the present season will be 36,933,000,
which still leaves the total smaller than in several
other years, as will be seen from the following table
showing the area planted and the area picked, with
the yield per acre and the crop produced for each
year back to 1910.
ACREAGE AND PRODUCTION OF COTTON IN
UNITED STATES, 1910-1922.
Acreage— Avg.Yield Production
per Acre
Picked.
Planted.
(Census)
Year—
(Acres)
(Pounds) 500-/b.bales
(Acres)
1910 ____33,418,000
32,403,000
170.7
11,608,616
1911 ____36,681,000
36,045,000
207.7
15,692,701
1912 ____34,766,000
34,283,000
190.9
13,703,421
1913 ____37,458,000
182.0
37,089,000
14,156,486
1914 ____37,406,000
36,832,000
209.2
16,134,930
1915 ____32,107,000
31,412,000
170.3
11,191,820
1916 __--36,052,000
156.6
34,985,000
11,449,930
1917 __-_34,925,000
159.7
33,841,000
11,302,375
1918 -___37,207,000
36,008,000
159.6
12,040,532
____35,133,000
1919
33,566,000
161.5
11,420,763
178.4
1920 ____3 , 43,000
35,878,000
13,439,603
____31,678,000
1921
30,509,000
124.5
7,953,641
1922___34,016,000
33,036,000
141.3
9,761,817
1923 ____36,933,000
(?)
(?)
(?)
Thus it appears that while the estimated area for
1923 is 36,933,000 acres, back in 1913, 10 years ago,
the total was 37,458,000 acres, and in 1914 37,406,000
acres, besides which there were two other seasons
when the acreage planted ran above 37,000,000 acres,
[Vox,. 116.
namely 1918 with 37,207,000 acres and 1920 with
37,043,000 acres.
Of course, acreage is only one element in the size
of the crop and, as is always the case, everything will
depend upon future weather conditions. The crop
is everywhere late, say from one to four weeks late,
making good growing weather all the more important. It is late- even in parts of Texas. Since the
early days of June weather conditions, after having
been almost continuously bad, have greatly improved
and hot, dry weather, with an abundance of sunshine
would make a large crop certain. In view of the experience of the last two years it is scarcely necessary
to remind the reader that there is another element
to be taken into consideration. We allude, of course,
to the activities and the depredations of the boll
weevil. This has in the more recent years been a
more important factor even than the state of the
weather in reducing yield. It is impossible, of
course, to speak with any degree of definiteness as to
the probabilities in that regard, but careful study of
the returns that have come to us inclines us strongly
to the opinion that the boll weevil is going to be a
far less destructive agency in 1923 than it has been in
any other recent year. Our reasons for this opinion
are (.1) that our correspondents themselves appear
to be less apprehensive on that score—except in
South Carolina where, in sharp contradistinction to
the rest of the South, cotton growers still live in an
atmosphere of gloom; (2) that the cold, wet weather
so widely experienced accompanied by frosts in some
latitudes has killed off large colonies of them; (3)
that'there is now a better understanding on the part
of planters of how to deal with them; and (4) that
preventive measures on a larger scale than ever before are being practiced the present year and that
collective efforts in many different communities will
be made to encompass their destruction. In substantiation of these last two points it is only necessary to
refer to the report of the Georgia State Agricultural
Department for June 1, which says that it is likely
that there will be more calcium arsenate used than
last season and then adds: "Probably one of the
most important points is that the farmers now understand the weevil and are adopting intelligent and
vigorous methods of combating him." What a
wide margin of possibility there is for a large crop
in the event that the boll weevil should be rendered
largely innocuous and weather conditions henceforth prove ideal will appear when we say that,
given the present acreage and a yield of 141 lbs. per
acre, the same as in 1922, the crop would be 10,415,106 500-lb. bales, while with a yield of 209 lbs. per
acre, as in 1914, the crop would be no less than 15,438,000 500-lb. bales. The possibilities lie between
these two extremes, with the chances inclining, we
believe, more to the larger figure than to the smaller.
As encouraging belief in a larger product per acre
than that obtained in other recent years, there are
some other elements of strength aside from the probability of lessened harm by the boll weevil. In the
first place, there is an abundance of moisture everywhere in the soil, and this affords assurance of a
large fruitage and shuts out the likelihood of damage
from drouth should a period of extremely dry
weather be encountered, which often in the past has
been such a severe adverse influence late in the summer. Hot, dry weather, and lots of it, is just what
the present crop needs for its proper development
and ultimate success. We believe that no cotton is
auNn 23 1923.]
THE CHRONICLE
going to burn up the present year unless it be in
Texas, where everything is especially assuring at
this time, but where there is no excess of moisture
and yet sufficient for all needs for the immediate
future. There is still another way in which benefits
to the crop will accrue the present season. Aids to
fertility in the shape of commercial fertilizers are
being used on a larger scale—a very much larger
scale—than for many years past. There is not a
single State, or any large cotton community, where
our correspondents do not mention this as a feature.
And it is obviously a consideration of large importance in its bearing on the productiveness of the soil.
Two years ago the planters were so poor (because
of the low price they were then receiving for the staple) that they were not in a position to buy and apply fertilizers. The crop was seriously reduced as a
consequence. The activities of the boll weevil acted
in the same direction and the result was that the
yield per acre dropped from an average of 178.4 lbs.
per acre in 1920 to only 124.5 lbs. in 1921. In 1922
the price of cotton had got back to better levels
again and the financial position of the grower once
more improved, so that he was able to purchase fertilizers more freely and he took and applied increased quantities of it. The boll weevil in that year
continued their depredations on a greater scale even
than in 1921, and yet, despite that fact (aided, no
doubt, also by the increased moisture in the soil as a
result of the heavy rains of the spring) the average
yield per acre rose from 124.5 lbs. to 141.3 lbs. The
present season the planter finds himself in spruce
financial condition and the price of cotton is so high
that he wants to raise all he can of it. He has the
means, too, to do it and a further increase in the
yield per acre—other things remaining the same—
should inevitably follow. It is to be hoped that this
will be the result, for the world stands in need of
every bale of cotton the United States can raise.
Our own returns show big increases in the purchase of fertilizers all around, but in addition, and
as foreclosing all doubt on that point, we again give
this year, as we did last year, certain figures derived
from official statements regarding fertilizer sales in
the different Southern States which establish absolutely the great increase that has occurred. The figures have been very kindly furnished to us by S.
D.
Crenshaw, the Vice-President and Secretary of
the
Virginia-Carolina Chemical Co., at Richmond. They
show the quantity of fertilizer consumed as indica
ted
by tax tag sales reported by the Commissioners
of
Agriculture of the different States for the ten
months
ending May 1 1923 in comparison with the figure
s
for the corresponding ten months of the two
previous
years. With the exception of Louisiana, Tennessee,
South Carolina and Virginia, cottonseed meal sales
are not included. In those States the records are
not
kept in such a way as to make it possible separa
to
te
fertilizer proper from cottonseed meal.
F'ERTILIZER TAX TAG SALES REPORTED
BY THE COMMISSIONERS
OF AGRICULTURE.
States.
Alabama
Arkansas
Florida
Georgia
Louisiana
Mississippi
South Carolina
North Carolina
Tennessee
Texas
Virginia
Total
• EstIma
July 1 1920 to July 1 1921 to July 1 1922 to
May 1 1921. May 1 1922. may 1 1923.
Tons.
178,171
24,205
197.183
554,809
38,303
47,575
607,982
808,107
81,900
19,417
380,971
Tons.
291,440
32,980
289,841
519,801
62,647
125.857
494,150
879,549
79,373
24.796
401.486
TO7111.
427,425
79.752
320,304
861.820
104,840
205.505
687,820
*900.000
91,359
78.074
412,228
2,718,573
3,201,900
3.948.725
2825
The foregoing statement is decidedly illumining.
It shows that the fertilizer sales in these States in
the ten months of 1922-1923 reached 3,946,725 tons,
as against 3,201,900 tons in the ten months of the
previous year and but 2,716,573 tons in the ten
months of the year preceding. Of course, these purchases represent the consumption of fertilizers, not
alone for the benefit of the cotton, but in part also
for the benefit of other crops; nevertheless, they indicate the general trend and there can be no question
that a very considerable portion of this fertilizing
material always goes as an aid to cotton. The importance of the matter in the present discussion lies,
of course, entirely in its bearing on the prospect of
an increased product of cotton per acre, and if such
an increase does not result it will be because of other.
circumstances and conditions.
We now present our summaries for the different
States.
VIRGINIA.—Very little land is devoted to cotton in this
,
State and the conditions for raising it the present season
have been unfavorable, just as they have been elsewhere in
the South outside the great State of Texas. The situation
at planting time and since then has been a duplicate of that
experienced in the South Atlantic States generally and many
other parts of the South, excepting Texas. To say this is
to say that it has been both too wet and too cold. The
Department of Agriculture at Washington in its final figures
for last year put the acreage under cultivation to cotton in
1922 at no more than 57,000 acres and the area on which
cotton was picked at 55,000 acres. The rise in the pricethe
of
the staple has, of course, been an inducement to extend the
area in 1923 by ploughing up contiguous land and by bringing new territory under cultivation, and apparently there has
been an increase of somewhat over 30%, or, say, 18,000
acres. Speaking generally, planting
May 10 and was
finished a month later, though one began
of our correspondents
reports planting in his section begun as
early as April 6 and
completed about May 25. The seed came
up fairly well and
less replanting was necessary than in most other
of the
South, probably not to exceed 10 to 15%, parts
this notwithstanding much hard min. The weather, howeve
throughout the whole period has been much too cold, r,
and consequently the plant has made slow growth. The result
is that
the crop is from ten days to two weeks
A fair stand"
has been secured and our returns are quitelate.
uniform stating
that fields are clear of weeds and grass. Nothinin
g is said'
about the boll worm. The land in cotton in Virginia, what
there is of it, is highly developed. The yield last season was.
230 pounds of lint per acre. The determination evidently.
exists to maintain the soil's fertility, for our reports show an
increase of approximately 15 pounds
per acre in the use of'
commercial fertilizers. This is in addition to the applicatiom
of home-made manures in about the usual quantities„
NORTH CAROLINA.—
nts from this Staid ate
much better than those Accou
most other States. The
weather has been much toofrom
of course, and the season
is late but apparently lesscold,
so than elsewhere. On the
average the crop is 10 to 12 days
late. There are, of course,
exceptions to the rule, as always
happens, and one of our
reports in the central part
of the State, where planting seems
to have begun unusually early,
says the season is only 6 days
late, while two other returns speak
of its being 20 days late.
Planting, generally speaking, extende
d over the period from
April 15 to May 25, though the corresp
ondent already
referred to., who reports the season as being only
6 days late,
says that in his section it began as early as
March 25, but
the same correspondent also says that plantin
completed until June 1, or a week later than the g was not
average forthe State. The situatio
n seems to be that the early planted-1
seed came up poorly, nothing
having been gained by these•
premature attempts, while the late planted
seed has donequite well. Very little replant
ing has been found necessary,
except in the few instances where
work was started too.
early. The first part of the seasonthe
was too wet, as well as,
too cold, but since the first
of June cotton growers in this.
State have been favored with
very fine weather. Almost
without exception our correspondents
report that a good'
stand has been obtained, in case of
late planted seed as well
as early planted, and add that fields
are clear of weeds and:
grass. Accounts regarding
acreage are decidedly con—
flicting. The generality ofthe
our correspondents seem to.
think that the acreage will remain
about the same as last year,
the prevailing tendency being
increase only. Some of the in the direction of a slight;
returns, however, report an,
increase of over 5%, while a few
an actual decrease—in,
one instance the decrease is put note
A. Graham, theCommissioner of Agriculture, at 10%. W.increas
looks for no
e and we
accept his view. North Carolin
a cotton lands are fertile•
and are kept in a state of high cultivat
the yield last
season having been 250 pounds of lint ion,
per acre—roughly.
2826
THE CHRONICLE
half n bale. Commercialfertilizers are very extensively used
in this State and apparently everywhere there has been an
increase in the application of them the present season.
Most correspondents put the increase at about 5 to 10%,
but one return speaks of an addition of fully one-third. The
application .of home-made composts has been in about the
usual quantities. It is too early to speak of possible depredations by the boll weevil, since their activities will not begin
until the appearance of blooms and forms and the most that
can be said now is that there are in some sections of, the
State indications of their presence, though nowhere in very
pronounced degree.
SOUTH CAROLINA.—Accounts from this State are decidedly gloomy and there is a very general disposition to take
a pessimistic view of things. This frame of mind is not difficult to understand, considering the unfortunate experiences of the State in recent years in cotton production. The
area in cotton on the basis of the returns of the U.S. Department of Agriculture was heavily reduced in 1921 and 1922,
having dropped from 2,964,000 acres in 1920 to 2,571,000
acres in 1921, and then to 1,951,000 acres in 1922; and the
boll weevil having done such great damage that the yield
on the reduced acreage of 1922 was only 123 lbs. of lint per
acre. Now to cap the climax there is an exodus of negroes
from the agricultural districts of the State to the North and
West, to take advantage of the high wages paid for common
labor in manufacturing industries in those parts of the country. Our South Carolina correspondents advise us that the
labor shortage is becoming more acute daily. One correspondent epitomizes the.situation in that respect by saying
that thousands of acres in.the county where he resides have
been abandoned and remain uninhabited; that some planters
are making the best of a bad situation, and are continuing
at it, but that others have quit. This correspondent reports from the east central portion of the State, and he says
that farmers "went.in determined to make a crop this year,
but have become discouraged in many sections and left the
farms." Weather conditions the present season have done
much to add to the discouragement of planters, it having
been everywhere too wet and too cold. The complaint as
to too much ram is a general one, found in all returns from
this State, but experiences have varied greatly, one extreme
being that reported by the correspondent from whom we
have already quoted, who says that in his vicinity there
have been two rains daily for 48 days, and that the crop
as a consequence in two months behind. The latter part
of this statement is doubtless exaggerated, produced by
a gloomy environment, and certainly it has no application to the rest of the State, for while the
crop is undoubtedly late and the season backward, ten to twenty days marks the extent of the
arrearage with the average about two weeks. Hot dry
weather would cause a w9nderful change in prospects within
a comparatively short tune and such weather is now reported. It seems that, as in the neighboring State of North
Carolina, there were some premature attempts in starting
work and one of our returns reports planting begun Feb.
15, but the same return also says that replanting was necessary to the extent of ctO% of the entire acreage. Another
return says that planting. began in March and had not yet
been completed at the time of the making of the return,
namely June 10. .This same correspondent says because of
too much rain no little cotton was ploughed up and replaced
with corn. In general, however,it may be said that planting
began about April 1 and was completed the middle of May.
Quite generally the statements say the seed came up poorly.
It follows from what has been said that stands are reported
poor with the fields full of weeds and grass. On account
of the heavy rains outdoor work was difficuit and one particularly gloomy correspondent says the grass is as tall as
the cotton. If weather conditions had.been favorable, there
would have been an extensive increase in acreage the present
season after the great decrease in the two previous years,
as already pointed out. The high price ruling for the staple
was obviously an inducement to reclaim as much as possible of the land given up under the stress of unfavorable
conditions in 1922 and 1921. As it is,. estimates on this
point, even by those on the spot, are difficult. The exodus
of negroes further complicates the situation. This has
reference not alone to the picking of the cotton later in the
season, but also to replanting, where.this may still be
necessary because of the extensive rains. Some of our
returns say that owing to the failure to replant after the
damage done by the rains, the total area given over to
cotton will actually be smaller than the small total of last
year. But that is not a statement of common application.
On account of the previous decrease, there might have been,
under favorable conditions, an increasa iii this State of 15 to
20%. As it is, we think it best to take the acreage the same
as in 1922. As to possible harm from the activities of the
boll worm, it is advisable to speak with extreme caution in
the case of this State. The boll weevil were so numerous in
South Carolina last year that it would be strange indeed if their
presence was not again rioted the current season and great
alarm be expressed as to the consequences. One correspondent reports them as having appeared twenty days
earlier than last year. Another correspondent states that
they are the worst ever known in the State and the earliest,
and another says that there is an infestation of 100%.
[vol.. 116.
These statements may have an underlying basis of truth,
but they must nevertheless be regarded as colored by the
gloomy atmosphere which inspires them and they leave
out of consideration altogether one qualifying circumstance
that may greatly reduce the harm to be wrought the present
season. We refer to the fact that the cold weather, with
extremely low temperatures on occasions, is supposed to
have been very detrimental to the weevil and to have killed
off many of them. So the latent possibilities of harm through
this insect pest may have been greatly reduced even if
preventive measures should not further lessen their depredations. There has unquestionably been an increase the
present season in the application of commercial fertilizers.
Last year the µse of such fertilizers was greatly reduced,
and this no doubt played its part in so greatly diminishing
the production per acre. The present year there has been
a very considerable increase as compared with 1922, though
application has by no means been on the extremely liberal
basis of some former years. Home-made manures have been
used in about the customary way and in customary quantities,
though even here a few returns indicate some ncrease.
GEORGIA.—This is a very important cotton-growing
State, inasmuch as next to Texas, though ranking far behind
it, more land is devoted to the raising of cotton in Georgia
than in any other State in the South. The tenor of the
Georgia reports is the same as those from other States, and
they speak of the weather as having been too cold and too
wet, with floods doing considerable damage in certain sections. Planting in the extreme southern part of the State
began about the middle of March and was completed about
the end of April. In the northerly sections it began about
April 15 and was not completed until about the first of June.
While April and May were both too cool for cotton throughout the whole State, the coolest in several years, the firstmentioned month was, on the whole, generally fair and an
excellent period for farm work. May, on the other hand,
was very wet, with heavy rains through the entire State.
This delayed field work, and consequently, there is more or
less complaint of grass and weeds, yet a good stand has been
generally secured, especially in the southern part, though
the plant is reported small. In other words, growth has been
slow, which is not strange, considering that, normally,
Georgia experiences high temperatures during the latter
portion of the spring season, while thus far in 1923 there
have been only a couple of real cotton-making days. Our
correspondents all say that what is needed, from now on, is
sunshine and plenty of it. During June thus far the weather
has been quite satisfactory and there is a consensus of opinion
that, with a continuance of favorable conditions henceforward,a wonderful improvement in the outlook would quickly
ensue. At present the crop.is ten:to twenty days late, notwithstanding very little replanting has had to be done. Reports as to acreage vary considerably. Many correspondents
report the acreage about thfisame as last year, not a few show
increases running from 5%.to 10%, but in occasional instances decreases are noted. In one case the decrease is
put at 30%, but that is an extreme and exceptional case. In
view of the fact that, according to the State Department of
Agriculture, 15 to 25% of the acreage in the upper third
of the State remained to be planted on May 25, and labor
shortage was expected to lead to some abandonment of this,
we leave the aggregate area for the State unchanged from last
year. The boll weevil is reported present in many localities,
but this is accompanied by the significant remark that farmers are likewise active in fighting it. Reports vary widely,
even in the same sections, as to the extent of their presence.
In the northern part of the State, for instance, one of our
returns says "we are not troubled as yet," and another
return says "boll weevil plentiful." On the whole, there
appear to be no very great apprehensions on that score,
possibly because of the knowledge of the preventive measures
taken. We observe that the State Agricultural Department
says it is likely that there will be more calcium arsenate used
than last season—also that "farmers now understand the
weevil and are adopting intelligent and vigorous methods of
combatting him." In this State, as in all others, there has
been a larger use of commercial fertilizers. The accounts are
very uniform in that respect, there being only one or two
instances which constitute exceptions to the rule and indicate
lessened quantities used. As to home-made composts, barn
manure goes as a rule under corn. Where applied to cotton
lands, the usual quantities are being used.
FLORIDA.—Not much cotton is grown in Florida, but
there will unquestionably be a very substantial addition to
the acreage the present season. Our returns show additions
ranging from 35% to 100%. For the State as a whole, the
Commissioner of Agriculture, W. A. McRae, estimates the
increase at 75%,and his judgment appears to accord with the
facts. The percentage, however, is so large merely because
the area devoted to the staple in the State has been so small.
Consequently the ratio of gain does not carry the significance
it otherwise would. The United States Department of
Agriculture in its final figures for that State makes the area
planted to cotton in 1922 122,000,acres, and 75% increase
on that would mean an addition of only about 92,000 acres,
bringing the 1923 acreage in that State up to,roughly,215,000
acres. Of course planting begins very early in this State, by
reason of its southern latitude, and it started the present
season about March 20 and was completed about April 15.
JUNE 231923.1
THE CHRONICLE
The seed came up well and very little replanting was necessary. A good stand was secured in most cases, though fields
are reported grassy, owing to too much rain. The weather
as a whole has been cool and rainy, the same as elsewhere in
the South Atlantic States, and particularly there was too
much rain during May. Since the early days of June, however, there has been a decided change for the better. The
crop was about seven days late until recently: but is now
about up to the average. There is much complaint regarding
the boll-weevil, which seem to have made their appearance in
quite large numbers. No less an authority than the Commissioner of Agriculture says the "boll weevil is as bad as ever
in the history of the pest." Commercial fertilizers are being
used the present season in greatly increased quantities, in
some cases in double the amounts of last year. Homemade composts have been applied to the usual normal
extent.
ALABAMA.—There has been an absence of good cottongrowing weather in Alabama and yet there has been no severe
colc:- The great drawback has been the heavy rains, attended in many neighborhoods by disastrous floods. Even
at the time of the forwarding of the returns to us, which was
about the 10th of June, some of our correspondents in the
central portion of the State reported that though there should
be a complete absence of rain for a week, the ground would
then still be barely dry enough to work. This correspondent
noted that there were isolated sections that had not had too
much rain, and as illustrating a certain freakishness of the
weather, repeated the conversation he had just had with a
large planter who in commenting on the heavy rains of the
previous day, noted as a curious incident that on part of his
place there had been a downpour and on the other part no
rain at all; with the usual perversity, the downpour was on
the crop, where it could well have been spared, while the
woodland, where it would have been welcome, got none at
all. The excessive rains, however, have in some instances
acted to add to the increase in the land under cotton by compelling abandonment of land under other crops. For example, the bottom lands along the rivers in the vicinity of
Mobile were under water or else too wet to cultivate in April
and a portion of May. The consequence was, that much
corn land was abandoned and has been or will be planted to
late cotton. We say "has been or will be" because when our
correspondents forwarded their returns it had not in some
instances been possible as yet to put in the seed for the late
plantings. Thus from Selma we are told that planters have
not been able to replant as yet: because it has been too wet
on most plantations—that it rained twenty-one days in May
and up to June 8 had rained five days in June. Unless rain
shall be further prolonged, there will be a big increase over
1922 in the acreage under cotton. In the northern part of
the State the reports generally speak of no increase at all,
or 5% as the maximum. In the central portions the increases
run from 10 to 25%, and in the southern part they run all
the way from 10 to 50%, with the proviso, however, that favorable weather for late planting shall be experienced. This
makes it important to note that more recently in June
weather conditions in Alabama have been very satisfactory,
permitting the prosecution of field work and the going ahead
with late plantings of cotton. In all parts of the State except the lowlands on the Gulf, first planting began about
the 1st of April, and a week earlier than that at a few points
in the extreme southern portion, and was completed somewhere between April 30 and May 15. In the lowlands practically nothing could be done until late in May, and up to
latest dates planting had not been entirely completed. The
second plantings, as already indicated, still remain unfinished, and some of them have not yet been undertaken.
In the circumstances the extent of the increase in acreage is
necessarily somewhat of a matter of conjecture. Our best
judgment at this time is that the increase will be about 15%.
The crop is all the way from one to three weeks late. Yet
there is pretty general agreement that a good stand has been
secured, and some correspondents•report it "fine," while
noting occasional puny plants and some instances of damage
done to stands by chopping out heavy grass. As a result of the
heavy rains, fields are reported grassy virtually everywhere.
Better weather experienced during most of June, however,
brings the remark that "a week of pleasant weather and the
grass will be disposed of." As to the boll weevil, it would
seem as if a considerable number had survived the winter,
but many of the returns note that they seem to be propagating much more slowly than usual. On the whole, apprehensions regarding their activities are far less acute than they
were during the opening of the season a year ago. There has
been a notable extension in the use of commercial fertilizers.
As compared with a year ago, the estimates of increase run
from 10 to 75%, with some increases reported also in the use
of home-made manures, though here as elsewhere some
• correspondents say that the quantity of home-made manures
applied to cotton is negligible, such manures being generally
applied to other crops.
MISSISSIPPI.—Most sections of this State, which is of
lame area, had more or less continucus rains from the first
of January to the early days of June. Temperatures, too,
have been too low. Because of the excessive rains planting
was carried on under difficulties. Some planting was done
the latter part of March, but generally it began about April
10 and was completed about May 10. This has reference
2827
to the first planting. Replanting, which was not very
extensive, treating the State as a whole, continued in some
eases up to June 1. The replanting was confined mostly to
the weaker sandy lands, which produce about 6% oft,the
crop. Up to the end of April the weather was both too,wet
and too cold, but since then it has been quite generally
favorable though still somewhat wet. A good stand has
been secured practically everywhere and some returns say
the best stand in years, especially "Buckshot" lands. As to
the condition of the fields, inasmuch as the State is of large
area, reports naturally vary considerably and owing to the
continuous rains there are complaints from not a few sections
of the presence of grass, some correspondents reporting that
many acres have never been cleaned and hence as a matter
of course are very grassy. For the State as a whole a close
approximation to the truth would be to say that about 12
to 15% of the crop has not been cleared of grass. However,
except in a few isolated instances, the fields are in fairly
good shape. The crop in nearly all parts of the State is
two weeks late and certainly at least 10 days late in the
most favored localities. All the returns stress the point
that good weather is absolutely essential for proper cultivation and growth of the crop. Such weather the State as
a whole has had during the greater part of June. The
acreage is somewhat larger 'than that of last year, but the
extent of the additions is still a matter of conjecture. At
the beginning of the season farmers' plans generally contemplated an increase of 10%, but owing to the adverse
weather and the scarcity of surplus labor farmers had to
eliminate part of their projected additions. Some of our
returns still make the increase 10%, but others report only
5% increase and a few say that the acreage is about the same
as last year. Probably about 5% increase for the State
as a whole will strike close to the mark. As to the boll
weevil, we should judge that the likelihood of damage from
that source is considerably smaller than at the corresponding
time last season, so far as it is possible to determine thus
early. One correspondent in reporting what is well known
even up North here, namely that the weevil never does any
damage until squares form, takes pains to add "he is here
already." Some other returns say `numerous as ever," but
on the other hand, many returns speak of the appearance of
only a few thus far and there are not lacking returns which
say that while the weevil was active in the vicinity last
season it has not made its appearance at all as yet the
present season. Altogether, therefore, there seems reason
to think that many colonies of the weevil, particularly in
the northern part of the State, were killed off during the
winter. There has been a very considerable increase in the
use of commercial fertilizers the present year. All the
returns, with a single exception, speak of larger or smaller
increases and one correspondent from the northwestern part
of the State, in which section only nitrate of soda is used,
asserts that there has been an increase from 200 tons last
season to 4,000 tons the present season in the territory under
his survey. The single correspondent who finds a decrease
in the quantity of fertilizer used gives as.an explanation that
the roads were too bad to haul it. There has been some
increase in the use of home-made manures, though only a
small quantity of these is applied in the case of cotton.
LOUISIANA.—Some decidedly encouraging accounts
come from this State, and particularly from the northwest
corner of it. Thus one correspondent at Shreveport says
he considers that the weather as a whole has been favorable—
that rainfall up to June 1 was nine inches less than for the
same five months last year, that replanting was so small
that planters had some surplus seed which they sold to the
oil mills, and that in his opinion the crop in his section is
fully up to the normal and ahead of last year. This correspondent, whose return is dated June 11, says there is nothing unusual for him to report—no severe storms or excess
rains to date. A little further south the returns speak of
there having been too much rain and that this necessitated
some replanting, but not to an unusual extent. The crop
here is reported two weeks late. Planting began about the
middle of April and was completed about May 20. Virtually all the returns say that the seed came up unusually
well and that an exceptionally good stand has been secured,
notwithstanding some "little disadvantages of cold and rain."
Some grassy fields are reported, but accompanied by the
statement that things are rapidly getting into good shape.
June weather has been generally satisfactory and a quite
common statement is that another week of good weather
will eliminate all weed and grass. The acreage at one time
it was supposed would be substantially larger than that of
last year, the estimates of the addition running from 10%
up to 20 or 25%. On communication, however, with Harry
D. Wilson, State Commissioner of Agriculture, we are advised that while the increase is about 10%, excessive rains
and abandonment will make this year's acreage about
the same as last year. The boll weevil has been very desstructive in the past, but there is a quite general absence
of complaints thus far the present season. There is a very
considerable increase the present year in the application
of commercial fertilizers. The correspondent at Shreveport, already referred to, advises as follows: "Increase
very great, we would say from 50 to 100% in the hill territory, where fertilizers are largely used." There has been
some increase also in the use of home-made manures.
2828
THE CHRONICLE
[VOL. 116.
TEXAS.—This State is of such vast extent that it consti- them, though the precautionary remark is injected "too
tutes an empire by itself. It also greatly outranks all other early to say." The reports as a whole convey
the impresStates as a cotton-growing region. According to the figures sion that altogether Texas has little to fear on that
score the
of the United States Department of Agriculture, out of present season. Commercial fertilizers are not much
used
34,016,000 acres planted in cotton last year in the whole in Texas, even in the older parts of the State, and
course
United States, 12,241,000 acres were in Texas, and out of in the newer sections none are needed and hence of
it is not
33,036,000 acres on which cotton was picked 11,874,000 surprising that the returns
with statements saying
acres were in that State. On account of the vast extent of its "none needed—none used."abound
One return from the northdomain, widely diversified results and conditions are en- eastern part of the State reports
a large per cent of increase,
countered in the different'extremes of the State, but, as it but adds, "that don't mean a large
quantity, as they don't
happens, reports are almost uniformly favorable from all use much." Little consideration is given
in Texas to homeparts. An excellent idea of the extent of territory embraced made manures.
s,
si,60A,k1..peak& hint%
within the State is given in a notation on one of our blanks,
made by the Texas State Department of Agriculture, wherein
ARKANSAS.The-st-ory for-this State is the same as for
we are told that in the extreme southern part of Texas cotton most of the other Southern States
of Texas. The
is now already being picked, while in the extreme northern spring was unusually cold with veryoutside
severe rains (the rainpart planting has only just been completed. George B. fall in April and May having been the
heaviest in years)
Terrell, the Commissioner of Agriculture, has also favored us and with creek and river bottom lands overflowed
a great
with a copy of his report issued under date of June 8, showing part of the time. In some districts,
too, the rain conthe acreage and condition of the principal crops of the State, tinued up to a recent date, particularly in
the northern half
as compiled by R. E. Yantis, statistician, from returns re- of the State, where some of the accounts speak of there
ceived from 214 counties, and the portion of the report relat- having been two or three rains every week for
the past six
ing to cotton is decidedly interesting and instructive. In this weeks. Planting began about April 10 to about April
15
investigation the State has been divided into six districts, and extended until June 1, on account of the prolonged
namely the Northern district covering 18 counties, the rains, and in a few cases is still in progress. One correEastern 46, the Central 35, the Western 51, the Southwestern spondent, indeed, after reporting 6,000 acres lost by
35, and the Northwestern 62 counties. In the acreage says,"Will plant if water is off by July 1-23, but don'twater,
think
Mr. Terrell finds large and general increases. He says that it will." The seed in the first planting came up well and
a
southwest Texas shows the largest increase in cotton acreage, very good stand was procured, but later cold rains killed
with west Texas and northwest Texas also showing consider- much of it and necessitated considerable replanting. The
able increases. In north, east and central Texas, where result is that on the whole the stand now appears to be only
nearly three-fourths of the cotton is grown in the State, the a fair one. The fields in the southern part of the State
additions are more moderate, being estimated at about 10%. seem, nevertheless, to be in good shape. In the northern
Some counties in southwest and northwest Texas record in- part of the State much work remains to be done in order
creases in cotton acreage of over 100%. The average in- to get rid of weeds and grass. Acreage has, in some cases,
crease for the whole.State is put at 15%. Cotton and corn been increased 10% to 15% over last year, but
bad weather
both are reported in good condition and generally clean. has caused part of this to be lost and some returns
report
Commissioner
ventures the opinion, in which the facts only 5% increase and a few say
The
about
the
acreage
be
will
bear him out, at least as far as Texas itself is concerned, the same as it was in 1922. As far as we are able to judge,
that "Texas has the best prospects for a cotton crop of any the increase for the State as a whole
will be about 5%.
State in the South, and prices should be good, as the States The Arkansas Department of Agriculture
in its report for
east of Texas cannot makea large crop" But he deprecates June 7, issued in co-operation
attempts to estimate the size of the crop so early in the sea- Department of Agriculture, with the report of the U. S.
and covering the condition
son, saying "it.is impossible to forecast the production at of the crop for Arkansas on May
25, says the best average
this time and it should not be attempted by any one." accounts are from Drew and Ashley
counties in southeast
R. M. Gordon dr Co., Inc., cotton factors at Houston, Arkansas, and Lafayette, Miller, Little
River and Howard
Texas, under date of May 28 also issued a report upon the in southwest Arkansas. From
practically all other counties
growing crop of Texas, and this, which was based on returns complaints have come
of too much rain and cool weather.
of May 21, undertakes a forecast of the probable yield. Of The State had one of the
course no one is safe in venturing upon definite predictions the excess of rain over wettest May months in its history,
the average for the month being
at this early stage, but the firm referred to is on the spot about 4M inches. The crop
is about 17 days late for the
and it has made forecasts in the past which subsequently State as a whole. The
public is cautioned, though, against
proved close to the actual figures, and this entitles their drawing hasty concludions
from the unfavorable state of the
present forecast to respectful consideration. We published plant at the present time.
at the record will
their report in our Cotton Department in the issue of the show, it is pointed out, that Atheglance
"Chronicle" of June.2, page 2538. They forecast a crop of May 1918 of 85% was followed high condition figure of
by only an average crop,
4,330,668 bales, against the actual production of 3:125,752 whereas the lowest condition figure
record, 61% in
bales in 1922 and 2,129,155 bales, the production in 1921. 1920, was followed by the record cropon
of 1,215,000 bales.
They estimate the 1923 acreage of the State at 13,961,800 Not much commercial fertilizer has heretofore
been applied
acres and the indicated production per acre at 148.39 pounds, in this State, but the present year the
additions have been
which would compare with 130_pounds of lint per acre in heavy. For example, in one county where
100 tons were
1922, as reported by the U. S. Department of Agriculture. applied last year, the
this year is 700 tons. The
They say the crop is an average of 20 days late—this agrees Arkansas Departmentquantity
of
Agriculture also emphasizes the
with our own returns, though it is less than that in certain same feature, saying,
has been used more genparts of the State—and say the major part of it is up. At erously than for years,"Fertilizer
and
averages about 175 lbs. to the
the time of their returns(May 21) some replanting was being acre where used. Reportsindicate
this year that close to onedone in the northern and western parts of the State on third of the cotton acreage in
State has received some
account of damage by cold weather, high winds, hail, and fertilizer. The increased use ofthis
nitrate of soda is noticeable,
washing rains; also considerable replanting was being done but this increased use has diminished
the average number
in South Texas on account of damage by cut-worms, which of pounds per acre applied for all classes
of fertilizer."
they found to be almost a general complaint in that section, Home-made. composts have been applied in
about the
and which is in accord with our own reports from the same usual quantities with an occasional increase. Our
returns
sections. No one can tell how .far future weather may contain few complaints about the boll weevil. Some
signs
affect prospects, but at least satisfaction may be derived of them are occasionally noted, but generally the report
is
from the circumstance that at the present time accounts, as that they are not active and that it is much too early to draw
already noted, are almost uniformly favorable from virtually conclusions, since the plant as yet is too small for them to
the whole of Texas. In truth, we can recall no recent year work on.
when the reports were in such general agreement in that
respect. In the northeastern part of the State there have • OKLAHOMA.—This State is no exception to the rule,
been some heavy rains thus far in June, but they seem to and reports an unusual rainfall, with late frosts in the central
have been needed, though, as one correspondent from that and northern sections which killed some early cotton: Many
section puts it, "we could have too -much," and yet the of the streams got out of their banks a number of times and
same correspondent declares in the most unqualified way overflowed the bottom lands. Nor does there appear to
that absolutely everything has been favorable to the crop have been any improvement in that respect during June
so far. As a sample of the character of some of the other until within the last few days, continued heavy rains being
returns, we may quote a correspondent in the southeastern reported nearly, every day. Planting began in April and
part of the State who says: "It we have one more good rain some replanting,:which has been unusually large, is even now
(and there are prospects now), this county will make a record being done. This replanting has, according to our returns,
crop under existing conditions." Every one of our returns run as high as 50 to 80%, the lower figure being very comsays a good stand has been secured and not a few say "splen- monly met with. In some cases replanting had to be done
did" or "fine." The major portion of the reports, too, two or three times, because either the seed or the young
advise that the fields are clean and free of weeds and grass. plants were washed out, and in some instances there had to
The dates of the beginning and the ending of planting vary be replanting because the seed had rotted in the ground.
widely in the different sections of the State, but the dis- Only in a very few instances has a good stand been secured,
position to put in additional area has been so strong that and the fields are reported full of weeds and grass, but it is
even in the southeastern part of the State some of our admitted that a little sunshine would quickly change the
correspondents reported farmers still engaged in planting situation. One correspondent says that two weeks of dry
at the time of the forwarding of their returns, which was weather might make big changes, "but nevertheless cotton
June 10 to June 12. Some returns speak of the presence of right now is late and in bad condition." He adds "The
boll weevil, but more say there is little or no evidence of weather has now cleared." This is in the southern part of
JUNE 23 1923.]
2829
THE CHRONICLE
the State, and he is writing under date of June 11. The
crop is everywhere from two to four weeks late. Notwithstanding all drawbacks, the acreage appears to be somewhat
larger than it was last year. About 25% increase seems to
have been attempted by many farmers, but unfavorable conditions have prevented any such additions, and in some few
cases it is possible there will be no increase at all over 1922.
For the State as a whole, the increase does not seem likely to
fall below 5%. The boll weevil is less noticeable than was the
case twelve months ago. There are a few exceptions to this,
but they simply prove the rule. Practically no commercial
fertilizers are used, but in the very few instances where they
are resorted to, there has been a trifling addition to the quantity applied. The same remark pertains to manures.
TENNESSEE.—In this State it has been too cold and too
wet, the same as elsewhere. Planting started between
April 20 and May 5, and up to June 10 had not been entirely
completed, excessive rainfall having retarded farm work.
The seed came up well, but a sudden cold snap, followed by
continuous rain, killed some of the young plants and necessitated replanting, though on the average not more than
about 5%. A fairly good stand has been secured, but the
fields are badly in need of cultivation and are grassy. The
crop is about two weeks late. Increases in acreage range
between 15 and 25%. We use the smaller figure to be on
-the safe side. The boll weevil is not altogether lacking, but
does .not appear to be causing any concern. Commercial
fertilizers are not very extensively applied in the cotton fields
of this State. In the few cases where they are used the quantity applied has been substantially increased.
MISSOURI.—In this State, which is not a large cotton
producer, there was heavy rain the latter half of April and
during May, with more or less overflows, the southeastern
counties particularly suffering in this way. A late frost and
cold have also retarded growth. Planting began about
April 25 and on account of the heavy rains, which made
working of the ground difficult, was not finished until about
June 5. The early plantings came up poorly, but late
plantings are doing well, and a good stand has quite generally
been obtained. About 75% of the fields are clear and free
from weeds and grass. The crop is about two weeks later
than last year and about the same as in 1920. Our returns
show increase in acreage varying between 15 and 25%, and
we take 20% as the average, though, as the total area is so
small—the Agricultural Department at Washington in its
revised statement gives the area planted last season as only
201,000 acres—comparatively small additions would serve
to raise the percentage quite considerably. This state is not
troubled with the boll weevil and fertilizers and manure are
not used to any great extent.
CALIFORNIA and ARIZONA.—In the Imperial Valley of California the season has been dry and hot, and conditions generally very favorable, so that the crop.is about
two weeks earlier than usual. Planting began early in March
and was completed before the close of May. It seems
to be generally thought that the U. S. Department of
Agriculture in reporting last year's Acreage at 210,000 acres,
of which about 140,000 acres in lower Californitt or Mexico,
made the total about 10,000 acres toollarge. Our:informa-
tion is to the effect that in 1922 the area planted in cotton
on the American side was 50,000 acres and on the Mexican
side 150,000, 50% of the latter being volunteer, and that
for 1923 the planting is 45,000 acres on the American side
and 160,000 on the Mexican side. A good stand has everywhere been secured and the fields are entirely clear of weeds
and grass in the cultivated area and comparatively free
in the area of volunteer cotton planting. There has been
a trifling increase in the use of manures and commercial
fertilizers. The dry, hot weather has been decidedly unfavorable to the development of the boll weevil and no damage
from that source is expected. For ARIZONA the Washington Agricultural Department reported 105,000 acres
planted, 101,000 acres picked last season. Our information
is to the effect that the present season the planting has
been 127,000 acres—an increase of about 22%.
Electric Railway Earnings in 1922—Additional Returns.
In the "Chronicle" of last week, page 2702, we dealt at
length with conditions affecting the country's electric railways during 1922 and printed a very comprehensive tabulation showing the gross and net earnings of some 328 separate
roads. In the article referred to we mentioned several companies from which we had been unable to secure figures,
obliging us to omit these lines from our compilations. Since
then several of these companies have forwarded us statements
giving comparative figures of gross and net earnings for the
calendar years 1922 and 1921. The additional returns received do not differ materially from the general run of results printed last week, but we have thought it best to add
these figures to the grant total previously reported, to furnish a better idea of what the totals would be were all the
electric lines of the country included. While only four roads
have furnished late returns, the total of gross in 1922 is
nevertheless increased from $921,453,839 to $942,849,138,
an addition to no less than $21,395,299, while the net earnings for the same year are brought up from $224,301,930 to
$230,967,022, an increase of $6,665,092. The revised totals,
therefore, show a gain of $10,486,307, or 1.12%, in gross
over last year, while the net earnings in 1922 as revised are
no less than $18,414,685, or 8.66% larger than the previous
year. In the following we give the new figures in tabular
form:
--Grost
1922.
1921.
1922.
1921.
$
Previously reported
(328 roads)
921,453,839 912,228.430 224,301,930207,907,584
Additional Returns—
612.426
Indiana Service Corp_a- 3,099,214 2,882.341
752,803
Los Angeles By.Corp.b- 11,249,737 10,241,011 4,603,532 2,924,114
San Francisco-Oakland
Term. Ry_ a
6,922,348 6,872,597 1,307,320 1,093.611
San Joaquin Lt.& Power
14,602
1,437
Corp.(Ry.only)-a--124,000
138.452
Grand total(332 roads).942,849,138 932,362,831 230,967.022 212,552,337
Increase
(8.66%) 18.414.685
(1.12%) 10,486,307
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL
EPITOME.
Friday Night, June 22 1923.
Such extraordinary heat as 92 to 104 degrees at this time
of the year has undoubtedly interfered with wholesale business to some extent, although this would naturally slow
down in any case at this time for mid-summer. But the
heat has served to stimulate business in summer goods to
some extent. Retail business has been rather better. Jobbers' business in such merchandise has also improved somewhat, especially as the outlook for the crops has been better, what with warm and clear weather in the West and
much of the South and beneficial rains in the Northwest.
The cotton crop is looking better, especially in Texas, although there can be no disguising the fact that in many
parts of the belt it is backward. And it does not at present
look as though the acreage increase would amount to more
than 8%%, although earlier in the year double or even
treble this it was hoped might be planted in an effort to restore the equilibrium in the world's cotton business, which
has been disturbed by two semi-failures of the crop in succession. It is also a fact that the wheat crop in the Southwest is backward after a period of wet weather. This, to be
sure, has brought about a better export demand for hard
winter wheat. And in the last two days wheat prices have
advanced, although they are still some 10 cents a bushel
lower than a year ago. Cotton prices have latterly advanced, following heavy liquidation in July. Coffee, which
seemed at one time quite depressed, has latterly risen, in
spite of the belief that the Brazilian Government will no
longer sustain the price. And the sugar trade is in a more
cheerful mood, with rising prices for both raw and refined
on a better summer trade after a lull. And it now looks as
though there would be a resumption in building after a deadlock of some weeks. To be sure, the price paid is granting
such a scale to bricklayers as $12 a day and incurring the
danger of more "snowballing." Pig iron prices have declined and steel has been very quiet, with occasional concessions in prices in some directions, although they are not at
all general.
A regrettable incident of the week was the suspension of
two old Wall Street houses, the effect of which was not confined to the Stock Exchange by any means, but for a time
passed a certain gloom over commodity markets like grain
and cotton. But Secretary of the Treasury Mellon is undoubtedly right in his opinion that these failures are due to
European rather than American conditions, or in other
words, to declines in foreign exchange and so forth. The
condition of general business in this country, he thinks, is
not in a situation that calls for alarm. He sees no danger,
in other words, to firms engaged in domestic trade. And he
calls attention to the fact that American business is fortified
2830
THE CHRONICLE
by the financial strength of the Federal Reserve System. In
such circumstances the failure of large foreign houses, regrettable as they were, are not really significant, from the
viewpoint of American trade. It is noteworthy that a conference has been held in Chicago in regard to the question of
grain prices. But needless to say, the course of prices is not
regulated by conferences, but by inflexible economic law,
law quite as inexorable as any other natural law. The
American farmer as a rule is being undersold in Europe.
Time must work out this problem. Meanwhile corn is at the
highest price of the year because of small supplies, while
world supplies of wheat and rye are large, and the latter 25
cents lower than a year ago.
The iron and steel industries feel the effects of summer
heat and a reduction in supply. The textile industries are
running on short time, with the sale of the product only
moderate. Crude oil prices have declined during the week,
partly as a result of very large production. The lumber
trade has quieted down, though old orders are large and will
keep the manufacturers busy for some time to come. Shoe
factories are quiet at the East. The leather trade is slow.
Furniture manufacturers are buying hardwood on quite a
liberal scale. Car loadings meanwhile have been running
up near the maximum, showing that however quiet new
business may be deliveries on old orders are active. Taking
American trade as a whole it shows a seasonal lull, but the
underlying or fundamental features are not of a disquieting
kind. There is something to be said for the theory that
apart from a midsummer decrease the recent dropping off
of business has been simply a fluctuation which may eventually turn into a rally of trade similar to that which occurs
in the movement of prices. The high cost of production,
however, will have to be kept in mind. And it is to be hoped
that at the first opportunity the immigration laws will be so
modified as to permit of a larger influx of desirable foreign
labor into this country. The labor question is where the
shoe pinches.
Contrasting the situation of the Western farmer with that
of the city artisan, it is pointed out that there are some 10
unions in the building trade in Chicago whose members work
eight hours per day and get $10 or more. In New York they
get $10, $12 and upward. The farmer cannot pay such
wages. They would be ruinous. One day's work on the city
building scale would call for more than 12 bushels of corn on
the farm at 80 cents per bushel or 10 bushels of wheat at $1
per bushel. A 200-lb. hog taking six months to raise and
worth $12 would be required to pay the daily scale in some
city trades for a single day. It would take 42 pounds of butter, or the output of 14 cows. At $10 per day and a six-day
week a building worker gets $60 for actually five and a half
days' work, as he works only one-half a day on Saturday.
Some farm laborers have been getting no more than that for
a month's work with board.
The smallness of the profits of the wheat grower are an
increasingly serious factor in the economic situation of these
strange times. The margin between crop cost and crop return is and has been small for a considerable period. It has
improved but slightly in the face of rising costs of production due largely to an artificial scarcity of labor and a high
cost of living. The farmer is told to increase his daily interests and raise less wheat, practice greater economy in his
farm equipment and also in his living expenses. Much of
this sounds like the lucubrations of Job's comforters. As a
matter of fact, the farmer has had economy forced upon him
and if he raises less wheat he fails society in a very important service, i. e. in supplying abundant food. All such advice would be well enough if it were not in a sense putting
the cart before the horse; if it were not ignoring the purely
artificial scarcity of labor brought about by the arbitrary
restriction of immigration at the dictation of labor and the
necessary result of high prices for everything the farmer
must buy while he suffers from Canadian, South American
and Asiatic competition in Europe's grain markets.
The farmer, even as things now stand, is not pessimistic.
He is hopeful of better times, even with farm products so
much cheaper than town products. Naturally, he believes
that such an abnormal state of things cannot last. Allowing
town labor all due importance, he knows it is not the whole
thing. The farmer's plight has been for some time talked of
in political life. Governor J. A. 0. Preus of Minnesota, addressing the National Wheat Conference at Chicago on June
19, declared the American farmer should live according to
the same standards of life as city workers and should receive
equal wages.
[VoL. 116.
Two thousand bricklayers here have won their demand for
$12 a day made on May 21, since which time they had been
on strike. Not all the employers have granted the increase.
It is yet to be ratified by the union. It is assumed that it
will mean the resumption of work on $200,000,000 of construction. It is supposed that some of the strikers will not
return, as they have been employed on other jobs paying $14,
$16 and $18 a day. It is thought that higher than $12 a day
will continue to be paid in some cases, but the majority will,
it is believed, accept $12 on account of the cleaner, steadier
and high grade of workmanship required on the large structures for which the members of the Mason Builders' Association have contracts. It is stated that employers in many instances are bitter against Mayor HyIan, whom they accuse
for the second time of giving the bricklayers everything they
demanded. In 1920 the bricklayers, who were getting $8 a
day, demanded $10, and Mayor Hylan, acting as arbitrator,
granted the men's demands. This, it is declared, led other
trades to demand an additional dollar, which was eventually
granted.. But the evil of snowballing wages will eventually
be cured somehow. It cannot continue indefinitely. It is intolerable. Builders will strike. They can strike as well as
their workers.
At New Bedford, Mass., on June 21, over 50% of the cotton
mills were compelled by the heat to close in the afternoon
after more than 50 heat prostrations among operatives.
Among those which closed down completely for the afternoon were the Pierce Mill, Grinnell Mill, Soule Mill, Holmes
Mill, Pierce Bros. and many others. Most of the mills were
to resume this morning. The Sharp Manufacturing Co.'s
plant at New Bedford, which has been running on four days
a week or less, with much equipment idle, will run full 48
hours per week during the last two weeks of June, but will
close down completely for the first week in July. At Lawrence, Mass., on June 21, the Pacific Mills, some departments
of the mills of the American Woolen Co. and several other
smaller manufacturing concerns were shut down at noon
because of the excessive heat. In some departments the
workers were allowed to go to their homes in the morning.
At Pawtucket, R. I., J. & P. Coats, thread manufacturers,
employing 4,500 persons, will close during the week of July 1
and again from July 29 to August 6, the latter being the annual vacation. The twisting and spinning departments will
operate on a 40-hour schedule until further notice. Poor
business conditions are given as the cause for the curtailment. At Northampton, Mass., an offer from the Corticelli
Silk Co. of a 10% wage increase in some departments was
rejected by strikers in the Leeds and Haydenville mills of
the concern, about 400 in number. The workers have been
out since June 4 to enforce demands for a general increase of
15% for all workers earning less than $18 a week and 10%
for all those earning $18 or more a week. The Connecticut
mills producing tire fabrics will be closed down between
June 30 and July 9. It is reported that there is little demand
for the finished product. Vice-Pres. Obadiah Butler of the
corporation states there is a prospect that business may improve about July 1, when the Government's report on the cotton crop is made public. Some Southern mills state that
there is no curtaihnent of consequence except in Gastonia,
S. C., district, where fine yarns are made. Some reports of
curtailment have been received, however, from Georgia as
well as Carolina mills. Several North Carolina and South
Carolina cotton mills will close down from July 8 to
July 16.
Fifty thousand negroes have left 41 counties in South
Carolina since November 1, with a consequent abandonment
of thousands of farms and crops, according to a survey conducted by the extension service of Clemson, S. C., College.
Among the statistics compiled by the survey, which was
brought about by the increasing exodus of negro labor to
Northern and Eastern industrial centres, were these: One
horse farms abandoned, 9,234 in 22 counties; cotton abandoned since March 1, 14,722 acres in 14 counties; corn abandoned, 4,600 acres in 9 counties. Eighty-three per cent of
the counties producing cotton in the South report a labor
shortage serious enough to affect cultivation.
Two new production records were established by the Ford
Motor Co. during the week ended Tuesday, June 12, it is
stated. The total domestic output for the week was 40,346
Ford cars and trucks, 783 more than the last high week,
that ended May 28, with its total of 39,563. Daily production
went to a new high figure when the Ford assembly plants
turned out 6,788 cars and trucks, beating the record of 0,781
established on May 28. Fordson tractor production for the
THE CHRONICLE
Decrease in Wholesale Prices in May.
The general level of wholesale prices was appreciably
lower in May than in the month before, according to information gathered in representative markets by the United
States Department of Labor, through the Bureau of Labor
Statistics. The Bureau's weighted index number, which
includes 404 commodities or price series, fell to 156 in May
as compared with 159 in April, a drop of nearly 2%. In
announcing this, the Bureau added:
Fuel and lighting materials, due to continued decline in bituminous
coal, coke, crude and refined petroleum and gasoline, were 5% lower than
in April. Cloths and clothing, with declines in cotton goods and raw silk,
were 2% lower. Prices of farm products and chemicals and drugs averaged
about 1% below April prices, while smaller declines were reported in
the groups of building materials, metals and metal porducts and raLscel•
laneous commodities. No change in the general price level was shown for
foodstuffs and housefurnishing goods.
Of the 404 commodities or series of quotations for which comparable
data for April and May were collected, increases were shown in 191 instances and decreases in 147 instances. In 166 instances no change in
price was reported.
Index Numbers of Wholesale Prices. by Groups of Commodities (1913=100)
May 1922. April 1923. May 1923.
Farm products
139
141
132
Foods
138
144
144
Cloths and clothing
175
201
205
Fuel and lighting
190
216
200
Metals and metal products
119
152
154
Building materials
202
160
204
Chemicals and drugs
122
134
136
llousefurnishing goods
176
187
187
Miscellaneous
116
125
126
All commodities
148
156
159
Comparing prices in May with these of a year ago, as measured by changes
in the index numbers, it Is seen that the general level has risen S%.
Metals and metal products again show the largest increase, 274%. Building materials follow next with an increase of 26'4%. Cloths and clothing
have increased 14 % chemicals and drugs 9 % miscellaneous commodities 7'4% and housefurnlshing goods 6'4% in price in the year. Farm
products and foods show smaller increases compared with prices of a year
ago. Fuel and lighting materials, on the contrary, were 12% cheaper than
In the corresponding month of last year.
INDEX NUMBERS OF RETAIL PRICES OF THE PRINCIPAL ARTICLES
OF FOOD IN THE UNITED STATES.
1922.
January_
February March
_
April
May
June
July
August_
September
October_ _
November
December_
CO ..1 •••1 OD co OD es:,e0 0001•4 0)
CON•10024.431—.000,C4.1.
I
Year and Strrir Fend Rib I Ck'ck Plate Pork BaButMonth. Steak.'Steak• Roast.Roast. Beef. Chops con. Ham. Lard.Yens. lisps. ter.
136
135
138
141
146
150
153
153
151
148
144
141
135
134
136
138
141
142
144
142
142
141
139
138
119
118
121
122
124
126
127
125
125
124
123
121
106
106
107
107
107
107
106
104
104
106
105
105
137
140
149
1.57
164
161
164
167
173
174
157
140
139
140
144
147
147
150
150
150
150
151
151
149
Av.for yr_ 147
145
139
123
106
157
147
181
1923.
January
February _
March
_
April
May
142 139
141 139
142 139
145 140
148 142
123
122
123
123
124
107
106
106
105
106
140
137
135
135
143
147
146
145
145
145
168
167
167
168
169
173
173
177
177
177
173
168
164
164
163
159
158
145
140
92
92
97
99
104
108
130
157
187
193
118
120
120
118
117
117
119
115
122
133
133
157
108
169
129
125
110
110
110
111
109
162
167
168
169
170
161 154
134 151
112 150
100 150
102 136
97
101
109
107
108
109
109
109
109
111
111
111
1
139
139
141
143
148
151
154
154
152
151
147
145
146
146
147
149
152
153
148
146
143
140
140
144
145
147
149
151
154
157
154
155
155
157
157
157
155
155
155
155
154
Av.for yr. 149
147
155
1923.
January
February_
March _ ..
April_.
May
I
154
154
153
153
152
155
155
155
155
155
169
170
168
164
161
120
119
119
120
120
121
121
121
121
122
122
123
125
125
124
124
125
125
125
125
125
125
126
126
142
142
139
139
139
141
142
139
140
143
145
147
165
133 121
125
142
124
124
129
147
159
151 124
158 126
185 127
193 128
204 128
126
127 I
127 i
127
127
144
142
142
143
143
130 107
130 107
130 107
130 108
127 109
130 110
130 110
130 110
130 110
130 110
130 110
133 109
194 113
194 116
182 118
171 122
176 120
206 129
212 138
153 147
135 144
129 144
124 147
124 151
130
109
148
148
145
148
145
133
133
133
133
133
109
108
108
108
105
CT Ca
Cm GO
149
149
149
145
139
141
143
144
145
154
161
166
01
1922.
January
February,
March
April
May
June
July
August __ _
September
October _ _
November
December
OP.
Year and
AR Articles
Pota
Corn
Month. Ch'se. Milk. Bread Flour Meat. Rice. toes. Sugar Coffee Tea. Combined.
GO
week was 2,698. The Lincoln division of the Ford Motor Co.
produced 174 cars for the week ended Tuesday.
While politicians attack the grain and sugar exchanges, it
is significant that a New Orleans dispatch to-day says: "The
establishment of a rice futures market in New Orleans was
decided upon yesterday by the executive committee of the
Rice Millers' Association, at a special meeting here. The
exchange is expected to begin operations August 1 on the
floor of the Louisiana Sugar and Rice Exchange.
It warmed up early in the week. It reached 88 degrees
here on Tuesday. And a hot wave reached the Central West
on Monday. The hot wave continued over the 20th and 21st
and in New York the official temperature on the 20th on the
Whitehall Building facing Battery Park was 96 degrees.
But this was at an elevation of 400 feet above the sidewalk.
On the street level, especially in the narrow downtown canyon-like streets, the real temperature was 100 degrees or
more, mitigated in some degree by moderate humidity. It
was hot elsewhere East and West. The hot wave covered
practically all districts east of the Rocky Mountains, and
during Wednesday exceeded 90 degrees in the Atlantic
States, the Ohio and Mississippi valleys, the lower Missouri
Valley, the southwest portion of the region of the Great
Lakes and nearly all Southern States east of the Rocky
Mountains. To-day (Friday) it has been cooler, the thermometer falling 20 degrees.
2831
Cy.
JUNE 23 1923.]
Automobile Production Continues Very Large.
The Department of Commerce announces May production
of automobiles, based on figures received by the Bureau of
the Census in co-operation with the National Automobile
Chamber of Commerce, and covering approximately 90
passenger car and 80 truck manufacturers each month. The
number of passenger cars turned out is the largest yet recorded, and 50% larger than in the month of May last year.
The output was 344,474 cars in April and 344,690 cars in
May, against 197,216 and 232,431 in the corresponding
months last year. The number of trucks produced in May
was 42,817 this year, against 23,788 in May last year. In
the five months the present year the make of passenger cars
has been 1,487,158, against only 773;470 cars in the same
five months of last year, and the make of trucks 156,240,
against only 88,502.
•
Number of Machines—
January
February
March
Aprll
May
Total five months
Automobile Production.
—Passenger Cars—
1923.
1922.
223,706
81.693
109,171
254,650
152,959
*319,638
197,216
*344,474
232,431
344.690
1.487,158
773,470
Trucks
1923.
19,398
*21,817
*34,681
*37,527
42,817
1922.
9,416
13.195
19,761
22,342
23,788
156,240
88,502
* Revised.
Employment in Selected Industries in May 1921.
An increase of 0.3% in the number of employees in 47
industries and an increase of 4.1% in the total amount of
wages in May 1923 as compared with the preceding month
is reported by the United States Department of Labor,
through the Bureau of Labor Statistics, which, in presenting
on June 21 reports concerning the volume of employment
in May 1923 from D,075 representative establishments in
47 manufacturing industries, covering 2,249,425 employees
whose total earnings during one week amounted to $60,April 1923, 143. We quote as follows the Department's 219,175, says:
Increase in Retail Prices of Food in the United States
In May.
The retail food index issued by the Department of Labor,
through the Bureau of Labor Statistics, shows that there was
an increase of two-tenths of 1% in the retail cost of food to
the average family in May 1923 as compared with April
1923. In May 1923 the index number was the same as in
statement of June 18, giving further details:
During the month from April 15 1923 to May 15 1923, 18 articles on
which monthly prices are secured increased in price as follows:
Onions.
20%; oranges, 10%: potatoes, 8%; pork chops and granulated sugar, 6%;
sirloin steak, round steak and strictly fresh eggs, 2%; rib roast, chuck
roast, plate beef, ham, leg of lamb, canned tomatoes and bananas. 1%.
Hens, nut margarine and tea increased less than five-tenths of
1 %•
Ten articles decreased in price, as follows: Butter. 9%; cabbage.
5%;
cheese, flour and macaroni. 2%; fresh milk, lard, prunes and
raisins. 1%•
Wheat cereal decreased less than five-tenths of 1%.
Fifteen articles showed no change in price during the month. They
are
as follows: Bacon, canned rod salmon, evaporated milk. oleomargarine,
vegetable lard substitute, broad, corn meal, rolled oats, cornflakes, rice,
navy beans, baked beans, canned corn, canned peas and coffee.
For the year period, May 15 1922 to May 15 1923, the increase in all
articles of food combined was 3%.
For the 10-year period, May 15 1913 to May 15 1923, the increase in all
art( des of food combined was 48%.
Identical establishments in April reported 2,242,500 employees and
total payrolls of $57,847,236. Therefore in May, as shown from these
unweighted figures for 47 industries combined, there was an increase over
April of 0.3% in the number of employees, an increase of 4.1% in total
amount paid in wages, and an increase of 3.8% in the average weekly earnings.
The general increase in rates of wages reported by 800 establishments in
April advanced 50% in May, when 1.279 establishments, or over 20% of
the total here considered, reported Increases in rates. The industries most
affected were foundry and machine shop products, iron and steel, woolen
goods, cotton goods, brick and tile, and lumber. The average increase was
10.4%, affecting 88% of the employees in the establishments concerned, and
25% of the entire number in all establishments covered.
Increases in the number of employees in May as compared with employees
In identical establishments in April Are shown in 20 of the 47 industries.
the greatest being 6% in chewing and smoking tobacco, 4.2% in brick and
tile, and 3.9% in petroleum refining. Iron and steel, sawmills, pottery.
rubber boots and shoes, cement, chemicals, glass and slaughtering and meat
packing show increases varying from 2 to 3.5% •
2832
THE CHRONICLE
The fertilizer industry, with its season practically ended, declined
26.5% In employment, while women's clothing followed with 7.1%, millinery and lace goods with 4.3%, and leather with a 3.9% decrease. Boots
and shoes, not including rubber, agricultural implements, sugar refining,
stamped and enameled ware, printing (book and job), flour, and steel
shipbuilding show decreases in employment ranging from 2.1% to 3.2%.
The iron and steel industry leads in increased payroll totals with 13.1%,
owing to a combination of an average of 10.3% wage increase to 63.7% of
all employees covered, an increase of 2.5% in full-time operation, and
doubtless some increased tonnage. Brick and tile increased 11.3%. woolen
goods 11.1%, slaughtering and meat packing 10.4%, carpets 8.2%, cotton
goods 6.9%. and sawmills 6.7%. Steel shipbuilding, hardware, and baking show increased payroll totals of 6.6, 5.7 and 5.6%. respectively.
Fertilizers and women's clothing show the largest percentage decreases in
payrolls, being 18.4 and 13.1%, respectively.
For convenient reference the latest figures available relating to all employees on Class I railroads, drawn from Inter-State Commerce reports,
are given at the foot of the first and second tables.
COMPARISON OF EMPLOYMENT IN IDENTICAL ESTABLISHMENTS
DURING ONE WEEK IN APRIL AND MAY,1923.
No. on Pay Roll % of
No.of in One Week.
Increase
Estabitsh- April
May Or Dements 1923. 1923. crease.
Industry-
Agricultural impl'ts_
Automobiles
Automobile tires
Baking
Boots and shoes
do
Rubber
Brick and tile
Car building and repairing, railroad
Carpets
Carriages & wagons_
Cement
Chemicals
Clothing, Men's
do Women's
Confectionery and lee
cream
Cotton goods
Dyeing and finishing
textiles
Electrical machin'y,
apparatus& suppl_
Fertilizers
Flour
Foundry and machine
shop products
Furniture
Glass
Hardware
Hosiery & knit goods
Iron and steel
Leather
Lumber, millwork
do Sawmills
Millinery & lace g'ds
Paper and pulp
Paper boxes
Petroleum refining
Pianos and organs
Pottery
Printing, book & lob
do
Newspapers_
Shipbuilding, steel
Shirts and collars...
Silk goods
Slaughtering and
meat packing
Stamped and enameled ware
Sugar refining
Stoves
Tobacco, chewing
and smoking
Tobacco, cigars and
cigarettes
Woolen goods
Railroads,
Class I
Amount of Pay-Roll
in One Week.
April
1923.
May
1923.
% of
Increase
or Decrease.
59 22,767 22,278
174 255,463 259,041
71 48,105 47,321
239 30,903 31,081
165 90,347 88,450
3
1,299 1.334
287 21,594 22,504
-2.1
597,494
602,046 +0.8
+1.4 8,620,040 8,772,544 +1.8
-1.6 1,528,402 1,482.636 -3.0
+0.6
779,42.5
822,902 +5.6
-2.1 2,058,387 2,007.727 -2.5
+2.7
27,633
28.860 +4.4
+4.2
520,738
579,487 +11.3
194 136,064 137,097
25 21,243 21,287
2,631 2,604
36
53 11,250 11.610
98 20,337 21,521
178 50.301 49.899
160 16,693 15,508
+0.8 3,903,805 4,042,724 +3.6
+0.1
551,301
596,269 +8.2
-1.0
60,487
61,661 +1.9
+3.2
301,244
314,076 +4.3
+3.3
534,666
556,292 +4.0
-0.8 1,309,880 1,347,867 +2.9
-7.1
434,680
377.737 -13.1
1,952 1,940
38
248 177,658 177,535
-0.6
31,957
32,862
-0.1 3,113,167 3,328,414
62
Ill
109
244
399
249
103
30
222
175
121
189
230
58
162
142
71
26
49
210
176
2.5
97
204
26,699 26,354
+4.0
+6.9
-1.3
619,227
643,072 +3.9
89,990 90,032 +(a) 2,425,277 2,534,365 +4.5
10,187 7,484 -23.5
182,739
149,139 -18.4
12,039 11,749 -2.4
299,027
297,247 -0.6
144,708 145,597 +0.6 4,199,287 4,348,351 +3.5
39,638 39,348 -0.7
910,659
907,554 -0.3
30,898 31,952 +3.4
775,113
791,084 +2.1
20,346 19,938 -2.0
485.121
512,986 +5.7
75,468 75,409 -0.1 1,236,097 1,260,450 +2.0
236,570241.351 +2.0 6,563,732 7,421,957 +13.1
27,500 26,426 --3.9
684,465
674,126 +1.5
26.114 26,268 +0.6
639,111
652,000 +2.2
66,485 67,909 +2.1 1,316,369 1,404,851 +6.7
10,166 9.725 -4.3
212,696
201,289 -5.4
50,750 50.251 -1.0 1,298,426 1,325,898 +2.1
14,856 14,790 -0.5
301,103
303,961 +0.9
52,843 54,899 +3.9 1,682,354 1,730,231 +2.8
7,160 7.124 -0.5
203.097
200,937 -1.1
10.463 10,695 +2.2
272.276
277,013 +1.7
25,512 24,900 -2.4
840,643
833,918 -0.8
39,301 39,880 +1.5 1,447,291 1,468,578 +1.5
16,488 15,954 -3.2
472,335
503,508 +6.6
26,580 26,082 -1.9
407,551
403.302 -1.0
55,929 65,689 -0.4 1,132,512 1,181,656 +4.3
75
70,417 72,908
+3.5 1,640,776 1.811.886 +10.4
36
14,788 14,434
5,967 5,823
17,134 16,995
-2.4
-2.4
-0.8
333,868
166,002
472,143
+6.0
53,217
12
86
29
180
165
3.530
3,741
31,368 31,108
73,499 73,620
IFeb. 15 '23. 1 767,373
I Mar. 15'23. 1800.263
Note.-a Increase of less than 1-10 of 1%
331,226 -0.8
169,155 +1.9
472,222 +(a)
56,041
+5.3
-0.8
553,675
542,494 -2.0
+0.2 1,668,121 1.853,675 +11.1
+1.9
(5)223,564,464
(b)248.582 a21
-4-112
b Compensation is for one month.
Comparing May 1923 with May 1922, the cigar and cigarette industry
alone, of the 13 industries for which data are available, shows decreased
employment and payroll totals. Iron and steel, silk goods, dyeing and finishing textiles, car building and repairing, automobiles, cotton and woolen
goods all show from 20 to 59% increases in employment and from 42 to 84%
increases in payroll totals. The full report is shown in the table following:
COMPARISON OF EMPLOYMENT IN IDENTICAL ESTABLISHMENTS
DURING ONE WEEK IN MAY 1922 AND MAY 1923.
Industry-
No. on Pay-Roll % of
No.of in One Week.
InEstabMade
fish may
may or Dements 1922. 1923. crease.
Amount of Pay-Roll
in One Week.
% of
In-
crease
May
1922.
May
1923.
or Decrease•
Automobiles
38 100,013 138.632 +38.6 $3,385,293 44,812,468 +42.2
Boots and shoes
74 53,050 58,706 +10.7 1,137,209 1.373,460 +20.8
Car building and rePairing, railroad
89 41,862 56,985 +36.1 1,117,874 1,646,136 +47.2
Clothing, men's
43 25,554 26,728 +4.6
613,171
815,923 +33.1
Cotton goods
64 42,972 61,670 +43.5
665,998 1,228,429 +84.4
Dyeing and finishing
textiles
25 12.610 15.606 +23.8
254.609
383,386 +50.6
Hosiery & knit goods 73 30,445 30,700 +0.8
501,936
549,693 +9.5
Iron and steel
117 142,309 170,672 +19.9 3,142,584 5,273,808 +67.8
Leather
35 11,136 12,430 +11.6
235,118
309,117 +31.5
Paper and pulp
79 25,065 29,251 +16.7
584,991
781,348 +33.6
Silk goods
37 14,122 17,130 +21.3
247,507
404,007 +63.2
Tobacco, cigars and
cigarettes
70 14,794 14,629 -1.1
265,575
263.580 0S
22 15,379 24,515 +59.4
Woolen goods
356,702
641,260 +79.8
J
Mar.
16'22, 1 555,030
Railroads,
(b)210,359,878
Olacm 1
i Mar. 15'22 1500 95.
1 -L. 1 c 5
(7)19551 c520 221
A ICI 0
S Compensation is for one month.
Thirty-six of the 47 industries show increased per capita earnings in May
as compared with 30 In April, 40 in March, 28 in February and only 10 in
January. The most pronounced increases in May were in fertilizers,
woolen goods, iron and steel. steel shipbuilding, carpets, hardware, cotton
goods, and brick and tile, these ranging from 11.1 to 6.8%. The fertilizer
industry, which shows the greatest decrease in employment and earnings,
leads in increased per capita earnings. Doubtless this is due to the dropping
of laborers, a numerous body, and the retaining of only the experienced
mployees.
[VoL. 116.
COMPARISON OF PER CAPITA EARNINGS,IN,MAY;1923 WITH THOSE
IN APRIL 1923.
Per Cent of Change
Per Cent of Change
in May as Comin May as Cornpared with April
pared with Apra
1923.
1923.
+2.0
Fertilizers
+11.1 Hosiery and knit goods
+1.0
+10.9 Flour
Woolen goods
+10.8 Boots and shoes. rubber
+1.7
Iron and steel
+1.6
+10.2 Lumber, millwork
Shipbuilding, steel
+1.6
Carpets
+8.1 Printing, book and Job
+7.9 Stamped and enameled ware
+1.6
Hardware
+1.4
+7.0 Paper boxes
Cotton goods
+1.0
+6.8 Cement
Brick and tile
Slaughtering and meat packing- +6.7 Shirts and collars
+0.8
+5.6 Stoves
+0.8
Leather
+5.2 Chemicals
+0.7
Dyeing and finishing textiles
+5.0 Automobiles
+0.4
Baking
+4.8 Furniture
+0.4
Silk goods
+4.6 Printing, newspapers
Confectionery and ice cream
Boots and shoes other than rubber -0.4
Electrical machinery, apparatus
-0.5
+4.5 Pottery
and supplies
+4.5 Pianos and organs
-0.6
Lumber, sawmills
+4.4 Tobacco, chewing and smoking__ _
Sugar refining
-1.0
+3.7 Petroleum refining
Men's clothing
-1.1
+3.2 Millinery and lace goods
Paper and pulp
Agricultural implements
+3.0 Tobacco, cigars and cigarettes____ -1.2
-1.3
Carriages and wagons
+3.0 Glass
-1.4
Foundry and machine shop prod's +2.9 Automobile tires
-6.5
Car building and repairing,railroad +2.8 Women's clothing
a Less than 1-10 of 1%.
Improved Retail Trade in Boston Federal Reserve
District.
The Industrial Statistics Division of the Federal Reserve
Bank of Boston makes public the following to-day (June 23):
Retail trade in New England improved during May. According to reports received by the Federal Reserve Bank of Boston from leading Boston
department stores, there was an increase of 6% in net sales over May 1922,
while department store sales in other New England cities wore 12% larger
than a year ago. The volume of trade In the women's apparel shops of
Bostoh continued to show effects of the late season and adverse weather
conditions. These shops have not received a proportionate share of this
spring's business, and as a result their total sales since the first of the year
have shown scarcely any increase over the same period last year.
Reports are also received by the Federal Reserve Bank from the most
Important departments of the Boston stores. The total sales of these
reporting departments represent approximately 50% of the total volume
of sales. The greatest improvement during May as compared with a year
ago was noticed in the apparel sections, both men's and women's clothing
showing a larger relative volume of business than has been the rule In prevlous months of 1923. Increased sales of women's, misses' and girls' footwear reflect an increased demand, a portion of which may be attributed
to style changes introducing many lines of novelty footwear.
Activity in the Cotton Spinning Industry for May 1923.
The Department of Commerce under date of June 20 1923
announces that, according to preliminary figures compiled
by the Bureau of the Census, there were 37,334,021 cottonspinning spindles in place in the United States on May 31
1923, of which 35,390,187 were operated at some time during the month, compared with 35,515,791 for April, 35,500,518 for March, 35,307,707 for February, 35,240,853 for
January 1923, 34,968,440 for December 1922, 32,499,324
for August, and 31,641,141 for May 1922.
The aggregate number of active spindle hours reported for
the month was 9,309,093,873. During May the normal time
of operation was 263.' days (allowance being made for the
observance of Memorial Day in some localities), compared
with 24 2-3 days for April, 27 for March, 23 2-3 for February, 263'2 for January and 25 for December. Based on
an activity of 8.74 hours per day, the average number of
spindles operated during May was 40,192,970, or at 107.7%
capacity on a single-shift basis. This number compares
with an average of 40,759,979 for April, 40,389,029 for
March, 40,847,845 for February, 40,008,203 for January,
37,658,116 for December,39,469,039 for November,34,041,028 for August, and 32,516,736 for May 1922. The average
number of active spindle hours per spindle in place for the
month was 249. The total number of cotton spinning spindles in place, the number of active, the number of active
spindle hours and the average spindle hours per spindle in
place by States are shown in the following statement:
-Spinning Spindles- Active Spindle Hoursfor May
In Place Active During
Aver, per SpinTotal,
May.
May 31.
dle in Place.
State-249
37,334.021 35,390,137 9,309,093,873
United States
313
Cot.-growing States_16,352,657 16,089,463 5,120,875,506
200
20.981,364 19,300,674 4,188,218,367
Ail other States
1.326,072 1,288,147
293
387.984,596
Alabama
288.215,667
1.369,010 1,287,344
Connecticut
2,694.444 2,639.536
858,241.998
319
Georgia
1,145.376
245.338,610
1.138,931
214
Maine
Massachusetts ---11,971.982 10,847,447 2,253,776,366
188
275,139,263
190
New Hampshire- 1,449,636 1,363.750
446.884
424,786
88,211,017
New Jersey
197
1,037,382
254.388,037
938.174
New York
245
5,470483 5,387,865 1,782,995,558
North Carolina
326
Pennsylvania
200,991
32,559,197
159,861
162
2.882.613 2,739,125
657,928,876
Rhode Island_
228
5,115,662 5,066,701 1,618,302,888
South Carolina
316
437,764
431,357
Tennessee
116.875,507
267
634,058
615,313
Virginia
157.186.194
248
All other States- _ - 1,151,534 1.061,800
291,950,099
254
Bricklayers Get $12 a Day, Ending Strike Against
Mason Builders.
The strike of bricklayers in the local building trades against
members of the Mason Builders Association, which tied up,
it was estimated, nearly $175,000,000 worth of construction,
JUNE 23 1923.]
T El 114 CHRONICLE
came to an end on June 20, when, following the granting of
$12 a day to men working on public school buildings at the
the urgent and insistent request of Mayor Hylan and city
officials, the members of the Mason Builders' Association
agreed.to increase the scale of pay to $12 a day,as the strikers
had demanded. Under the agreement reached on the 12th,
which brought to an end a strike lasting for one month, the
employers will pay the mechanics a basic wage of $1 50
an
hour, or $12 a day,for two years, an increase of $2 a day on
the basic rate of $10, which has been the scale since
1920.
The 2,000 bricklayers who walked off the jobs of the Mason
Builders' Association on May 21 were expected to return
to work in a day or two. The employees withheld the
formal
signing of an agreement because of the rule of
the Building
Trades Employers' Association, which preven
ts a constituent member from making an agreement with mechan
ics on
strike.
Commenting on the significance of the strike, the
New
York "Times" had the following to say:
Contractors made wry faces when they recalled
that the bricklayers
offered to make an agreement for three years
beginning Jan. 1 1922 for $10
a day. The employers refused to make an
agreement a year and a half
ago and continued the old $10 a day agreeme
nt from month to month until
the recent negotiations which ended in the strike
on May 21.
The bricklayers felt that the employers were "stringi
ng" them alongri
'the belief that a depression would occur and
that
their services for less than $10 a day. Just as then they could obtain
the
against,a rise in wages the union men said the workersemployers gambled
gambled against a
depression. The men have been the best guessers
,say the union spokesmen.
Contractors said that other cities were anxiously watchin
g New York,
and that future dealings with the building trade
unions in cities that appear
to be inclined toward the American plan of the
open shop would be affected
- by the action of the mason builders here.
Strike But Not Idle.
The strike of 2.000 men which has just ended
was unique in trade union
history. Not a man was idle. The strike
was called by the union against
the members of the Mason Builders Association,
the
only organization that
has made an agreement with the bricklayers.
The
by contractors not in the Building Trade Employe basic rate of wages paid
rs' Association has always
been determined by the price paid by the
organized employers. Directly
the strike was called the mechanics who
had been working for $12 a day
of independent and speculative builders from
whom they received $14 and
$16 a day. Only those were idle who cared more
for leisure than they did
for work.
The construction concerns hit by the strike
United States. They included the George were among the largest in the
A. Fuller Co., the ThompsonStarrett Co., Cauldwell & Wingate, Marc M.
Eidlitz & Son, William Crawford, Hegeman-Harris Co., John Lowry
Jr., G. Richard Davis, James
Stewart (Jo., Starrett & Co., Charles T. Willis,
Inc., and Cunningham &
Foley.
Among the large operations affected by
the strike were the Federal
Reserve Bank. Nassau and Liberty Sts.; the
new store of Saks Sr Co.,
Fifth Ave. and 50th St.; the Cotton
Exchange. the Home Insurance Co.,
Maiden Lane and William St.; the Standar
d
Oil Bldg., 29 Broadway;
the Pershing Square Bldg., Park Ave.
and 42d St., and the Edison Co.
plant in Brooklyn.
LL
2833
The surrender of the mason builders followed the victory for the bricklayers when Mayor Hylan forced the school contractors to agree to the
mechanics' demands on Monday. This and the pressure of owners on
the general contractors, it is said, compelled the mason builders to accept
the terms of the strikers.
Employers in many instances are bitter against Mayor Hylan, whom
they accuse for the second time of giving the bricklayers everything they
demanded. In 1920 the bricklayers, who were getting $8 a day, demanded
$10 and Mayor Hylan, acting as arbitrator, granted the men's demands.
The Mayor's action, it was said, unsettled the condition then
obtaining
in the building industry, and the other trades served demands
for an
additional dollar, which was eventually granted.
In the present controversy the bricklayers informed the Mayor and the
special committee of the Board of Estimate that they required $1 50 an
hour because of the intermittent character of their work.
Contractors on School Construction Sign Agreement
with Union at Mayor's Request Raising
Bricklayers' Wages to $12.
Acting in response to an appeal from the Mayor and other
city officials who had been working to remove what they
believed to be an obstacle in the path of the $66,000,000
school construction program, a group of twelve school contractors signed a new contract with the bricklayers' union
on June 18 binding themselves to pay $12 a day for two
years and provide continuous employment for the mechanics.
The union leaders have promised to see to it that the school
jobs are manned to the satisfaction of the special committee
of the Board of Estimate which is to act as arbiter in any disputes that may arise under the new agreement. The bricklayers, who now receive a basic wage of $10, and who have
been on strike since May 21 for a basic wage of $12, or 31 50
an hour, consented to make a special agreement with the
school contraotors when the city officials appealed for their
co-operation in the name of the children who would have tobe on part time in the fall if school construction were not
speeded.
After the meeting A. J. Fogarty, Chairman, and John F.
Gray, Secretary of the Bricklayers' Executive Committee,
issued the following statement to the newspa
pers, asking
that it be called to the attention of the brickla
yers as a formal
order of their organization:
The Bricklayers' Executive Committee,
in coming to an agreement with
the Mayor, the Special Committee of
the Board of Estimate and the
school contractors, was very glad to
arrive at a definite settlement. It is
the purpose of the Bricklayers' Executi
ve
agents of the unions in Greater New York Committee and the business
to do everything possible to see
that the contract is lived up to. We
the schools preference. We wish to hereby ask every bricklayer to give
call our men's attention to the fact
that the schools now in the course of
construction are of skeleton steel design
so that the work on them may go on
wheras the old type of construction, continuously without loss of time,
wall-he.ring, used to mean a loss of
one or two days a week.
We have the assurance of the
contractors that they will see to it that the
loss of time will be almost entirely
eliminated.
Current Events and Discussions
The Week with the Federal Reserv Banks
e
.
changes in the principal assets
and liabilities of the Reserve
Net liquidation of $26,200,000 of
earning assets, accom- banks, as compared with a week and
a year ago,follows:
panied by reductions of $35,000,000
in aggregate deposit
Increase (-I-) or Decrease(—)
liabilities and of $13,400,000 in Federa
l Reserve note cirSince
culation, is shown in the Federal Reserv
June 131923. June 21 1922.
e Board's weekly Total reserves
consolidated bank statement issued as
—$11,600,000 +$67,300,000
Gold reserves
at close of business
—10,200,000 +109.100.000
on June 20 1923, and which deals with
earning assets
—26,200,000 —40.200,000
the results for the Total
Discounted bills, total
twelve Federal Reserve banks
+23,200,000 +309,500,000
combined. Cash reserves
Secured by U.B.Government obligati
show a decline of $11,600,000, while the
ons —6,800,000 +212,000,000
Other bills discounted
reserve ratio shows
+30.000
,000
+97.500,000
a rise for the week from 77.0 to 77.6%
Purchased bills
—12,900,000
. After noting these
+84,200,000
United
States
facts the Federal Reserve Board procee
securities, total
—36,500,000 —434.000,000
ds
as
Bonds
follows
and
:
notes
Holdings of discounted bills
—16,700,000 —118,800,000
show an advance of $23,200,
U. S. certificates of indebtedness
000, all the
Reserve banks, except the New York bank,
—19.800,000 —315.200.000
on the preceding Wednesday. St. Louis reporting larger holdings than Total deposits
—35,000.000
+66,900,000
and Chicago report the largest
Members
'
reserve deposits
increases for the week, amounting to $11,500,
—39.600.000
+62,200.000
000
Governm
and
ent
$10,500,
000,
deposits
respectively, while New York shows a decrease
+6,400,
000
+10,400
,000
in its discount holdings of $40,Other
deposits
200,000. Acceptances purchased in open
—1,800,000
—5.700,000
market fell off $12,900,000 and Federal Reserve notes in circulat
United States securities $36,500.000.
ion
—13,400,000
+96.000,000
F. R.Bank notes in circulation—net liability
Gold reserves show a decline for the
+100,000
—66,200.000
week of $10,200,000. The interdistrict movement of gold, largely through
the settlement fund, was mainly
toward New York and San Francisco,
the Reserve banks at these two The Week With
cities reporting Increases in their gold
the Member Banks of the Federal
reserves of $39,100,000 and $6,200.000, respectively. Smaller increases in gold
Reserve System.
reserves
,
totaling $1,700,000.
are shown for the Richmond, Atlanta and
Dallas banks. Chicago reports a
Net liquidation of $10,000,000 of Gover
decrease in its gold reserves of
nment and cor$17,700,000, Philadelphia a decrease of porate
$15,900,000, St. Louis a decrease of
securities, also of $23,000,000 of loans supported by
Reserve banks a combined decrease of$9,300,000, and the four remaining such securities,
as against an increase of $38,000,000 in other,
$14,300,000.
Holdings of paper secured by Governm
ent
largely commercial, loans and discoun
the week from $359,500,000 to $352,700,000. obligations decreased during
shown in the
ts,
Of the total held on June 20, Federal
$225,000,000 or 63.8%, were secured by
Reserve Board's weekly statement of condition on
United States bonds, $110,200,000,
or 31.2%,by Treasury notes, and $17.500,000.
or5%,by Treasury certifi- June 13 of 774 member banks in leading cities. It should
cates, compared with $214,700,000, $129,500
,000, and $15,300,000 shown be noted that the figures
for these member banks are always
the week before.
a week behind those for the Reserve banks themselves.
The statement in full in comparison with preceding
weeks Corresponding changes in the accounts of member banks
in
and with the corresponding date last year, will be found
on New York comprise reductions of $3,000,000 in Gover
nment
subsequent pages, namely 2858 and 2859. A summa
ry of I and corporate securities and of $5,000,000 in loans suppor
ted
2834
THE CHRONICLE
[VoL. 116.
settlement, was made in Liberty bonds, which were accepted at par and
accrued interest, with a small cash adjustment. • The bonds were $68,face
502,950 face amount of Second Liberty Loan 4;is and $250,000
amount of Fourth Liberty Loan 4 Xs, the accrued interest being $247,$27 44. The bonds thus accepted have
Apparently in anticipation of tax payments, due on June 15, net demand 022 56, and the cash adjustment
and the public debt reduced accordingly.
deposits of the reporting banks show an increase for the week of $148,000,- been canceled and retired
$8,000 ($55,000,000 in New York City). Time deposits declined about
000,000 (59,000,000 in New York City), while Government deposits show
but nominal changes.
Payment by Finland of Interest on War Debt to
Borrowings of the reporting institutions from the Federal Reserve banks
United States.
show a decline for the week from $471,000,000 to $441,000,000, or from
Washington dispatch June 15 the New York "Com2.9 to 2.7% of their combined loans and investments. For member banks
a
In
in New York City a decline from $136,000,000 to $118,000,000 in the bor- mercial" said:
rowings from the local Reserve bank and from 2.6 to 2.3% in the ratio of
The Republic of Finland made to-day the first semi-annual payment of
these borrowings to total loans and investments is noted.
In keeping with the substantial increase in demand deposits reserve bal- interest, amounting to 5135.000. on its indebtedness to the United States,
ances of the reporting banks show an advance of $14,000,000, while their pursuant to the funding agreement recently made subject to the approval
cash in vault shows a decline of about $3,000,000. Member banks in New of Congress, under the provisions of the Act approved Feb. 28. The payYork City report an advance of $3,000,000 in reserve balances and a nom- ment by Finland was made in cash.
inal reduction in cash.
signing of the debt funding agreement between Fin-
by such securities, as against an increase of $11,000,000 in
all other loans and discounts. Further comment regarding
the changes shown by these member banks is as follows:
The
On a subsequent page—that is, on page 2859—we give the land and the United States was noted in our issue of May 12
figures in full contained in this latest weekly return of the 1923, page 2070.
member banks of the Reserve System. In the following is
Jurnished a summary of the chAnges in the principal items
German Government's Protest to United States Against
as compared with a week and a year ago:
Increase (+) or Decrease (—)
Alleged Acts of Violence of French and
Since
Belgian Troops in Ruhr.
June 6 1923.
June 14 1922.
+515.000,000 +$879,000,000
Loans and discounts, total
A protest to the United States by Germany against alleged
—2,000,000
—50,000,000 "disastrous acts of violence" of the French and Belgian
Secured by U.S.Govt.obligations_ __ _
—21,000,000
+260,000,000
Secured by stocks and bonds
the State Department at
+38.000.000
+669.000,000 troops in the Ruhr was lodged with
All other
—10.000,000
+380,000.000 Washington on June 18 by Dr. Otto Wiedfeldt, the German
Investments,total
+157,000,000
+7,000,000
U.S. bonds
at Washington. The communication cites spe+4.26,000,000 Ambassador
—9,000,000
U. S. Victory notes and Treasury notes
of alleged "terrorism" and states that "the
instances
—64,000,000 cific
—2,000,000
Treasury certificates
—6,000,000
—139,000,000 German Government has repeatedly proposed that unOther stocks and bonds
+36,000,000
+14,000,000
Reserve balances with F.R.banks
for incidents should be investigated by interna+6,000,000 accounted
—3,000,000
Cash in vault
however,"
—104.000,000 tional commissions." "The French Government,
Government deposits
+122,000,000 says the note, "has failed to reply to all such suggestions."
+148,000.000
Net demand deposits
+710,000,000
—8.000,000
Time deposits
bears date June 17, is as follows:
+325.000.000 The protest, which
Total accommodation at F.R. banks__ _ _ —30.000,000
under the
Mr.Secretary of State: The German Government is anew placed
participating in
Between United
States and Great Britain.
The signing of the agreement for the funding of Great
Britain's war debt to the United States was announced at
Washington on June 19. The terms arrived at during the
conferences in Washington of the World War Foreign Debt
Commission and the British Debt Funding Mission were
referred to in our issue of Feb. 3 last, page 461, and .on
Feb. 10 1923 (page 561) we gave the report in the matter
presented to President Harding by the World War Foreign
Debt Commission. Regarding the signing of the agreement,
the."Journal of Commerce" in Washington advices June 19
said:
Signing of Debt Funding Agreement
Formal consummation of the Anglo-American agreement for the funding
of the $4,600,000,000 British war debt to the United States was effected
to-day by the exchange of copies of the pact signed by Secretary Mellon
and Ambassador Geddes between the Treasury and the British Embassy.
Pursuant to the agreement the British Government is forwarding to
Washington 1,000 bonds each of the denomination of $4,600,000 to take
the place of the demand notes representing the British indebtedness now
held by the Treasury.
Consummation of the British debt funding agreement was regarded
with extreme satisfaction by high Government officials and the hope was
felt that other important foreign debtor nations would follow the lead
of England in negotiating with this country for a settlement of their wartime accounts.
Interest Payment of $69,000,000 By Great Britain to
United States Account of War Debt.
Last week, (page 2710) we referred to the payment on
June 15 by Great Britain of $69,000,000 representing the
semi-annual interest on the British War debt to the United
States. With regard thereto a cablegram to the New York
"Times" June 16 from London said:
necessity of calling the attention of the foreign Powers not
and
the Ruhr action to the disastrous acts of violence with which the French the
of
Belgian troops of occupation are proceeding against the population
first and the newly occupied territory.
sincere desire
The steps taken by the German Government in the spirit of
to come to negotiations by their offer of May 2 and the memorandum of
prevented
June 7,in order to bring to an end the present situation, have not
reign of terror against the
the French Government from continuing the
to
respect
this
in
suffice
population in the most stringent forms. It may
point out the following facts:
alleged acts of sabotage.
On May 2the merchant Schlageter, on account of
the French military court,
was shot in execution of a sentence rendered by
been requested to desist
although the French Government urgently had
out this sentence of
from rendering the situation more acute by carrying
the court.
two French soldiers was taken
On June 10 the unaccounted-for death of
severely maltreating, and finally
as a reason for capturing on the street,
procedure, six Germans by a
judicial
of
shooting to death without any kind
sworn statement of
French patrol. As shown by the annexed record of the
that those Germans
a witness, it was from the outset without question
two French soldiers.
had nothing whatever to do with the death of the
French soldiers at
On June 11 Carl Moeller, 19 years old, was shot by
Recklinghausen.
death one
On June 13 a French military court at Mayence sentenced to
Georges, teacher of agriculture, on account of alleged acts of sabotage.
is
All this is happening at the same time when the French Government
raising the demand that the population of the first and the newly occupied
GovFrench
the
when
and
resistance,
passive
up
territory should give
for
ernment is making the fulfilment of this demand the condition precedent
the
the conunencement of negotiations which alone can lead to a solution of
The
present conflict. The contradiction in this attitude is apparent.
German
acts of the French Government render Illusory all efforts of the
Government to tranquilize the population; they not only strengthen the
impression among the population that passive resistance must be continued
the
against the foreign militarism, but beyond that create more and more
imminent danger that the population thus wounded in their innermost feelwhich
of
effect
the
recklessness,
ings may be carried off to acts of desperate
may extend far beyond the occupied territory.
r
The German Government has repeatedly proposed that unaccounted-fo
The
incidents should be investigated by international commissions.
suggestions
such
all
to
to
reply
failed
French Government, however, has
terrorism,
Against such attitude and against the incessant French policy of that tho
world
the German Government raises protest and announces to the
Governresponsibility for any consequences rests alone with the French
"Black Friday for the Taxpayers"Is a heading which runs across the front ment.
The paper says that It is Black Friday to-day because the British taxpayer Pays his first installment of the
tho fact that this is only the
emphasizes
debt to the United States, and it
T. W. Lamont Notes Risks of Loan to Germany—
first of 124 similar pay days, since payments will be made every half-year
Results of Austrian Loan Offering.
for sixty-two years.
Pik "The nominal sum to be paid to the United States for six months,"
York "Herald" had the following to say in
New
The
says the "Daily Express," "Is £15,000,000. Actually we are paying
issue:
20
the
British
June
to
its
fact
the
due
that
is
This
something nearer £16,000,000.
yesterday
delegation to Washington agreed to pay in dollars and not in sterling.
Thomas W. Lamont of J. P. Morgan & Co., who returnedCherbourg,
Since the dollar is at a premium we have to send more than E1,000,000 by the White Star liner Majestic from Southampton and
loan,
oversubscribed
Austrian
after negotiating the American share of the
across the Atlantic to fulfill our obligations.
countries where it had
"Thus the Birtish half yearly liability is not a fixed but an unlimited here, said the loan had gone over splendidly in all
doubtless would
might
went
against
we
exchange
London
if
year
or
year
any
been offered. France and Italy had not made bids, but
amount. Next
submitted.
have to pay not £16.000.000. but £20.000,000 or £25,000.000. This was do so, he said, when the proposition is formally
to Germany
loan
international
way
to America in what
As to the probability of the success of an
one of the points on which Great Britain gave
similar to that made to Austria, Mr. Lamont said:
was hailed in many quarters as a great diplomatic achievement."
small country
"That is too large a question to answer. Austria is a
As to the payment we quote the following from Washing- with six to seven millions of people and her needs are within a limited
from those
differing
area. Germany is a large country, and many factors
ton June 15 to the New York "Commercial:"
situation have to be taken into consideration."
Austrian
In
the
interest
of
first
semi-annual
payment
the
-day
The Treasury received to
a vacation
He said that he had gone abroad with Mrs. Lamont chiefly for
on the funded indebtedness of Great Britain to the United States under
the Austrian loan incidentally. He declined to talk on
the terms of the debt settlement approved by the Act of Feb. 28 1923. The and handled
conditions.
payment amounted to 569,000.000 and, as authorized by the terms of the European financial or economic
pages of to-day's "Daily Express."
JUNE 23 1923.]
THE CHRONICLE
2835
German Coal Miners Fined Ten Billion Marks for
Refusing to Make Reparations Coal Deliveries.
Under date of June 16 the Associated Press announced
fr
the following from Werden:
A portion of the bonds—$1,500,000 is dated June 1 1923,
will mature June 1 1953 and are optional June 1 1933; the
other portion---$500,000—is dated June 1 1923, due June 1
1943, and optional June 1 1928. The bonds maturing in
Further heavy fines and prison terms were imposed here to-day in court- 1953 are offered at 103 and interest, to yield about 4%%
martial proceedings against German coal mine proprietors and directors to optional
date and 5% thereafter; while the bonds maturcharged with refusing to make reparation coal deliveries and failure to pay
ing 1943 are offered at 101.50 and interest, to yield about
the 20% coal tax.
A court-martial sentenced Herr Falke, Director of the Rommacher 4.65% to optional date and 5% thereafter. The bonds,
Huttenwerke, to five years in prison and fined him 4,300,000,000 marks.
coupon, fully registerable and interchangeable are in denomIt also fined Herr Friedman, head of the Adler Co., 5,800,000,000 marks,
inations of $1,000 and $10,000. Interest is payable semibut imposed no prison term.
These sentences follow the imposition yesterday of a sentence of five annually June 1 and December 1. Principal and interest
Fears' imprisonment and a fine of 168.300,000,000 marks, the equivalent
of 24,000,000 French francs, upon Paul Kellerman, Director-General of the are payable at the American Trust Company, St. Louis,
Good Hope Mines at Oberhausen, on the same charge. The fines are five- or coupons may be presented for collection through any office
fold the amount of the coal tax in arrears.
of the offering houses. The bonds are acceptable as security
for postal savings and other deposits of Government funds,
Chandler P. Anderson Named as United States Repre- and are exempt from Federal, State, municipal and local
sentative on Mixed Claims Commission.
t-xation. The following from official sources is taken
The appointment by President Harding was announced from the offering circular:
The St. Louis Joint Stock Land Bank was chartered by the Federal
on June 14 of Chandler P. Anderson, of New York, as the
Farm Loan Board on March 27 1922 and has a capital of $500,000, a
United States representative on the Mixed Claims Commis- surplus of 850,000 and.
as of May 31 1923. earned reserves and undivided
sion named to adjust the American war claims against profits amounting to 837,510.
Its op:rations nrc coLfined to the States of Missouri and Arkansas,
Germany. Mr. Anderson succeeds on the Commission and the policy
of the bank is to rest ict its loans to the richest ag•ictetural
Edwin B. Parker, who, as reported in these columns May 26, sections of those two States.
Of the loans closed to date the aNcra3e amount loaned per acre is $31 62,
page 2338, was made umpire of the Commission, a post
is only 42.3% of the appraised valuation of the security.
which became vacant with the resignation therefrom of which
As of April 23 1923 the bank had 56.000,000 of farm loan bonds outWilliam R. Day, formerly Justice of the United States standing. Osorre-ly esi..idends cf 2
,
, are being pjd on the $599,000
Supreme Court. The "Journal of Commerce" in its issue stock now outstanding.
Statement of the St. Louis Joint Stock Land Bank as Officially Reported
of June 15 said:
The appointment of Mr. Anderson clears the way for the Commission to
make a sta:t in the adjudication of the $1.234,000.000 of claims against
Germany now pending before it. Since Judge Parker was made umpire,
the Commission has been unable to consider any of the cases filed, but a
number are ready for action as soon as toe new American member qualifies.
More than forty claims have been studied by the Commission with a
view to handing down decisions in test cases which would supply a series
of precedents to be followed in adjudicating the 12,000 odd claims on file
and expedite the work. Informal consideration of some of these test cases
by the German Commissioner, Wilhelm Kisselbach, and the umpire is
understood to have cleared the way for action as soon as Mr.Anderson
takes office.
June 2 1923.
Acres of real estate security
Total amount loaned
Appraised value of real estate security
Average appraised value per acre
Average amount loaned per acre
Percentage of loans to appraised value of security
Co..Columbus, Ohio.
The First Joint Steck Land Bank of New Orleans, was chartered by the
Federal Farm Loan Board on April 10
1922, and has a paid in capital of
$250.000 and a surplus of $25.000. Its operations are confined to the States
of Louisiana and Mississippi and the policy of the Bank is to restrict its
loans to selected sections of these two States.
The officers are especially well qualified to handle the affairs of the
Bank through their experience as officials in the Mortgage & Securities Co.
of New Orleans, which has been specializing for eighteen years in farm
loans
In the sections of Louisiana and Mississippi In which the Bank operates.
192.466
$6,086,600 00
14,360.297 00
74 61
31 62
42.3%
William R. Compton, Chairman of the Board of the St.
Louis Joint Stock Land Bank, is President of the American
Trust Company of St. Louis; L. L. Beavers is President of
the Joint Stock Land Bank and David M Harding is Secretary. In our January 13 1923 issue, page 132, we referred
Offering of Bonds of First Joint Stock Land Bank of to an offering
of $1,500,000 bonds of the St. Louis Joint
Cleveland.
Stock Land Bank.
A $1,000,000 issue of 5% farm loan bonds of the First
Joint Stock Land Bank of Cleveland was offered on June 19
Offering of Ohio Joint Stock Land Bank Bonds.
by A. B. Leach & Co., Inc., of New York, the Guardian
Lowenthal & Co. of Cincinnati, and Rosenbloom & LowSavings & Trust Co. (bond department) of Cleveland, and enthal of Pittsburgh, offered
this week $1,000,000 5% farm
the Detroit Trust Company of Detroit, at 103 and accrued loan bonds of the Ohio
Joint Stock Land Bank of Cincinnati.
interest to yield 4%% to 1933 and 5% thereafter. The The latter was chartered in
January, 1923, to operate in the
First Joint Stock Land Bank of Cleveland, was chartered States of Ohio and
Indiana. The loans of the bank, it is
Feb. 23 1922 by the Federal Farm Loan Board to make loans stated, have been made on
a basis of 36.9% of the total
on farm lands in the States of Ohio and Michigan. The value of the farms mortgaged, determined by Government
as
bonds are dated May 1 1923, are due May 11953, and are appraisers, and average about
$35 per acre. The bonds
redeemable at par and accrued interest on May 1 1933, or offered this week are dated
May 1 1923, are due May 11953,
any interest date thereafter. The bonds, coupon and fully and are not
redeemable before May 1 1933. They are
registered and interchangeable, are in denominations of coupon bonds of
$1,000 and $500 denominations, fully regis$5,000, $1,000 and $500. Principal and semi-annual inter- terable and
interchangeable. Interest is payable May 1
est (May 1 and November 1) are payable at the First Joint and November
1, and principal and interest are payable
Stock Land Bank of Cleveland, Cleveland, Ohio. The usual at the
National Bank of Commerce in New York and the
exemption features which apply in the case of bonds of this Lincoln
National Bank of Cincinnati. The bonds were
character are carried by the bonds,which are legal investment offered at 1023
4 and accrued interest to yield about 4.65%
for all fiduciary and trust funds under the jurisdiction of the to 1933 and
5% thereafter.
Federal Government and may be accepted as security for
postal savings and certaih deposits of Government funds Offering of Bonds of First Joint Stock Land Bank
of
John H. Krafft, Vice-President and Managing Director of the
New Orleans.
First Joint Stock Land Bank of Cleveland, says:
At 1023/i and interest to yield about 4.68% to the redeemThe average size of the loan placed as collateral against the
bonds able date and 5%
thereafter to redemption or maturity,
Issued by this bank is $5,600. The average value per'farm is
$15,493.
Harris, Forbes & Co., William R. Compton Co. and Halsey,
The directors of the bank include:
James T. Begg, President. Member of Congress 13th Ohio Congressional Stuart & Co., Inc., offered this week $1,000,000 5% bonds of
District.
the First Joint Stock Land Bank of New Orleans. Dated
John H. Krafft, Vice President and Managing Director (twenty years
of June 1 1923, and due June 1 1943, the bonds are redeemable
successful experience in farm mortgage banking).
at par and interest on any interest date on or after June 1
Orvilee Smith, Secretary and Treasury, Attorney, Cleveland. Ohio.
R. II. Schryver, President Citizens' Trust & Savings Bank,Columbus,
0. 1933. Interest is payable semi-annually, June 1 and DeFrank P Konnison, Vice-President and Trust Officer, Ohio Trust &
Say- cember 1, and principal and interest are payable at
the First
ngs Bank, Toledo, Ohio.
Joint Stock Land Bank of New Orleans, or through the bank's
H.P. Dean, Vice-President Lima Trust Co.. Lima,
Ohio.
H. E. Hebrank, Presid nt Mad River National Bank, Springfield,
Ohio. fiscal agency in New York. The bonds are exempt fromFedC. H. Bishop, President Centerburg Savings Bank
Co., Centerburg, Ohio. eral, State, municipal and local
taxation and are acceptable
Wm, B. Stewart, Attorney, Dustin, McKeehan, Merrick,
Arter & Stewas security for Postal savings and other deposits of Governart, Cleveland, Ohio.
C. V. Trott, General Manager. The Cities Mortgage
ment funds. The following credited to official sources is
Co.. Columbus.0.
R. H. Patterson, President, The R. II. Patteron Co.. Columbus.
Ohio.
taken from the circular:
A. E. Querinienn, Secretary-Treasurer, Midwestern Bond &
Mortgage
Offering of St. Louis Joint Stock Land
Bank Bonds.
An offering of $2,000,000 5% bonds of the St. Louis Joint
Stock Land Bank was announced on June 18 by William
R.Compton Co.and Halsey,Stuart & Co.,Inc.,of New York.
2836
THE CHRONICLE
[Vol,. 116.
$50,000,000 in Reserve.
14 The Mortgage & Securities Co. of New Orleans, which owns the control'ling interest in the First Joint Stock Land Bank of New Orleans, was organOf the $5,000,000 capital authorized for each of the intermediate credit
ized in 1905 by a group of bankers throughout Louisiana and Mississipppi banks only about $1,000,000 has been actually withdrawn from the Treasury
for the purpose of furnishing long time credits to the agricultural interests by each bank, leaving those banks with a reserve of approximately $50,in that section. The total amount of mortgage business handled annually 000,000.. With conditions in the money market at present easy. Farm Loan
exceeds $10,000,000 and the business is enjoying a steady growth from year officers have adopted the theory that it would be the sounder financial
to year. These loans have been sold to a number oflarge insurance compan- practice for the intermediate credit banks to do their borrowing in the open
ies, including the Penn Mutual Life Insurance Co., the New York Life market under such conditions as now obtain rather than to use up their
Insurance Co., the Life Insurance Co. of Virginia, and the National Life reserves on deposit in the Treasury and in the event of an emergency demand
Insurance Company.
for credit being forced to go into the open market to float their debentures
.Statement of the First Joint Stock Land Bank of New Orleans (As Officially in competition with other financing enterprises.
Under the terms of the Rural Credits Act the discount rate of the interReported June, 1923.)
50,190 mediate credit banks cannot be more than 1% greater than the interest
• Acres of real estate security loaned upon
The discount rate of the system is now 5%%,
$1,017,100 00 rate on its debentures.
Total amountloaned
2,946,245 00 limiting the interest rate on the forthcoming debentures virtually to 435%•
Appraised value of real estate security
While the Treasury has recently floated very successfully an issue of six
58.70
Average appraised value per acre
months' certificates at 4%, it is recognized that the Farm Loan system
20.26
Average amount loaned per acre
will probably have to pay a little bit more for its money than the Treasury,
34.52%
Percentage ofloans to appraised value of security
although the Government does not intend to enter the money market again
Sidney W. Souers, President of the First Joint Stock until next September.
Funds obtained from the sale of the debentures are intended to put the
Land Bank of New Orleans, is President, Mortgage & Se- Intermediate
credit banks in a strong position to finance the wheat moveL.
James
ViceLa.;
Hiers,
Orleans,
curities Company, New
ment after harvest and care for any unexpected demands for credit which
President & Secy., of the Mortgage & Securities Co., New may arise locally in different sections of the country. Discussions between
Land Bank presidents and the board are understood to have revealed a
Orleans, La., is Vice-President and Secretary of the Joint the
very optimistic view of the general economic situation in the rural districts,
is
Ohlsen,
P.
Treasurer,
Stock Land Bank, and James
but with conditions varying in different localities so that the nation viewed
Asst. Treasurer of the Mortgage & Securities Co., New as a whole was described as "spotty."
Prepare Source of Credit.
Orleans, La. The directors of the First Joint Stock Land
In view of the varying conditions throughout the country, the Federal
Bank of New Orleans are: Felix Gunter, Vice-Pres., Canal
Farm Loan system is understood to be preparing a source of farm credit for
Commerical Trust & Savings Bank, New Orleans, La.; such sections
as may need it in the immediate future, while at the same time
Trust
&
Co., New Orleans, shaping the whole system on the theory of a permanently established maL. M. Pool, Pres., Marine Bank
La.; C. G. Rives, Vice-Pres., Whitney-Central Trust & chine which would operate under full power only upon the impetus of a
financial emergency in the agricultural sections.
Savings Bank, New Orleans, La.; Ben Johnson, Pres., ComGovernment fiscal officials express considerable interest in the reception
mercial National Bank, Shreveport, La.; Frank Roberts, which the investment markets will accord the first issue of securities under
the Rural Credits Act. During the drafting of that Act the possibility of
Pres., Calcasieu National Bank, Lake Charles, La.; J. T. the
intermediate credit banks being able to market their debentures with
Thomas, Pres., Grenada Bank & Trust Co., Grenada, Miss.; any facility was repeatedly challenged, and officials are anxious for an actual
J. C. Barry, Cashier, Bank of Lafayette & Trust Co., La- test of the public's attitude toward the investment qualities of the system.
fayette, La.; A. Albert, director, Guaranty Bank & Trust Co.,
Alexandria, La.; and A. W. Berdon, director, Whitney-Cen- R. A. Cooper Slated to Succeed Charles E. Lobdell as
Federal Farm Loan Commissioner.
tral National Bank, New Orleans, La.
It was reported in press advices from Washington June 19
Rural Credit Banks to Float Issue in July.
that announcement was made that day at the White House
that the floating of debentures totaling aTtcrin July 3 President Harding would designate Robert
announcing
In
from $5,000,000 to $10,000,000 on account of the newly roper,former Governor of South Carolina, now Vicecreated Intermediate Credit banks is contemplated by the Commissioner of the Federal Farm Loan Board, as CommisFederal Farm Loan Board in July, the "Journal of Com- sioner and executive officer of the Board, succeeding Charles
merce" in special Washington advices June 16 said:
E. Lobdell, resigned. Mr. Cooper is a Democrat. His
Deci ion to offer for subscription about the middle of July the first
post as Vice-Commissioner will be filled by Elmer S. Landes
iissue of Intermediate Credit Bank debentures as authorized by the Agricultural Credits Act was understood to-night to have been reached by of Ohio, a Republican member of the Board. The resigna'the Federal Farm Loan System.
tion of Mr Lobdell was referred to in our issue of June 9,
The issue as contemplated would be for an aggregate of from $5,000,000
2590.
to $10,000,000 of six months or nine months 4).i% debentures and would page
provide the newly established Intermediate Credit Loan agencies with
working capital to meet the crop moving demands for loans of the farmers
of the country without disturbing the $50,000,000 still held in the Treasury
to the credit of these institutions.
Advances by War Finance Corporation Account of
Agricultural and Live Stock Purposes.
.The War Finance Corporation announced on June 19
that from June 1 to June 15 1923 inclusive, the Corporation
approved 27 advances, aggregating $959,000, to financial
institutions for agricultural and live stock purposes.
Board to Underwrite Issue.
Debentures would be issued by each of the twelve Intermediate Credit
banks in the amonnt of about $400,000 or $800.000, depending upon
the final determination of the size of the issue. Actual marketing of the
first debenture issue, however, would be handled by the Farm Loan
Board, which would underwrite the securities. Successful flotation of
these debentures would provide each of the twelve banks with $400,000 Repayments Received by War Finance Corporation.
or $800,000 in addition to the capital of nearly $1,000,000 already obAnnouncement was made by the War Finance Corporation
tained from the Treasury, which, it is believed, would meet all the requireJune 19 that from June 1 to June 15 inclusive, the repayon
ments of the Intermediate Credit System during the coming summer.
The elasticity of the system permits the marshalling of capital from a ments received by it on account of its advances for agrior
one
any
more
of
of
use
these institutions
number of the banks for the
live stock purposes totaled $3,767,029, as
upon whom there is a strong demand so that it is not thought necessary cultural and
farming
the
of
needs
communities.
average
beyond
to finance
follows:
Determination of the Farm Loan System to put on the market the From banking and financing institutions
$1,613,527
Intermediate Credit debentures before the appropriation of $60.000,000 From live stock loan companies
1,129,112
authorized by Congress to provide an initial capital of $5,000,000 for From co-operative marketing associations
1,024,390
each of the twelve new banks has been used up marks the formulation
$3,767,029
Total
of a policy of administering the strictly agricultural loan activities of the
rural credits law as more or an emergency reserve system than as an agency
Jan. 1
from
repayments
the
by
received
Corporation
The
operating continuously on a large scale.
This policy was understood to have been adopted by the Farm Loan 1922 to June 15 1923 inclusive, on account of all loans, totaled
System as a result of a conference last week of the twelve Presidents of $239,094,817.
'the Federal Land banks with the Federal Farm Loan Board. The approval
of Secretary Mellon is understood to be all that is needed to make effective
the new policy and the intended issue of debentures.
Resignation of G. A. Marr as General Counsel of War
Emergency Reserves.
Finance Corporation.
The decision of the administrative officers of the Farm Loan System
of G. A. Marr as general counsel of the
resignation
The
to organize the Intermediate Credit banks to function more as emergency
credit reserves rather than to compete with commercial financial agencies War Finance Corporation was announced June 15, effective
in normal times is understood to have been reached after careful tudy July 1. Mr. Marr will return to his home in Salt Lake City
of the pote tialities of the new Farm Loan System created by the last
will be succeeded in the
Congress. Despite the clamor which forced the Rural Credits Act through to resume the practice of law. He
the last session of Congress, there has been no marked demand for loans Corporation by Gerard C. Henderson, former general
from the new system since the law became operative.
counsel of the Corporation. Mr. Marr has agreed to act
Some advances have been made by the Intermediate Credit banks.
the Corporation's committee at Salt Lake
section
Lenroot-Anderson
so-called
the
under
of
the
Act, to as a member of
created
tobacco growers in the South, farmers in the Middle West, and fruit City.
raisers on the Pacific Coast, but la the aggregate the financing done has
been small.
of Telegraphers National Bank of St. Louis.
However, Farm Loan officials recognize that Congress intended the Rural Opening
recently organized Telegraphers' National Bank of
Credits Act to provide a permanent farm financing machine to replace the
The
War Finance Corporation and with this theory in mind it is understood
Louis began business on June 9 at Broadway and Pine
that the sytem plans to put itself in a position where it can meet demands St.
the inupon it when they are made. The proposed debenture issue would be the Street, St. Louis. As was stated in our reference to
first of a series of similar issues following each other in more or less reg- stitution April 14, page 1600, it is a co-operative bank with
ular succession as the means of providing the intermediate credit banks
a capital of $500,000 and surplus of $100,000, owned by the
With funds for loans in normal times.
JUNE 231923.]
THE CHRONICLE
Order of Railroad Telegraphers, and E. J. Manion, President of the latter, is President of the bank. Leonard J.
Ross, Vice-President and Cashier of the bank, is Grand Secretary and Treasurer of the order. The other officers of the
bank are: Otto J. Gossrau, W. S. Campbell, B. E. Nason,
G.E.Soyster, J. F. Miller, H.G.Alexander, Dr.S. A.Peake
and A. von Hoffmann, Vice-Presidents. The directors, in
addition to the officers, include the following: J. G. Campbell, N. S. Morgan and G. E. Joslin. W.P. Hutchinson is
the Canadian representative of the bank. The opening of
the institution on June 9 marked the thirty-seventh anniversary of the founding of the Order of Railroad Telegraphers.
President Manion in formally opening the bank said:
2837
A number of trust companies, however, since the Pennsylvania law became
effective, have been making a service charge running from 50 cents to $1 a
month on accounts with balances of less than $200 or $100, thus in effect
keeping the account alive, or the service charge calling the attention of the
depositors to the inactive account.
Guaranty Fund Bankers of Texas Meet to Perfect
Organization—Protection of Guaranty System
Against Defaulters the Purpose.
At a meeting in Fort Worth, Tex., on June 12, called by
J. L. Chapman, State Commissioner of Insurance and
Banking, steps toward the permanent organization of the
Guaranty Fund Bankers of Texas were taken. According
to
the Dallas "News" of the 13th inst. the organization was
This is a bank for everybody. It is dedicated to organized labor, marking its entrance into the financial field as well as the industrial in St. Louis. left in the hands of an executive committee after the work
It is a bank for labor,for the merchant,the business man and anybody who had been provided
in a resolution unanimously adopted.
wants to make it his bank.
The following regarding the meeting is also taken from the
Both Gov. Hyde of Missouri and Mayor Kiel of St. Louis Dallas "News":
participated in the opening ceremonies. The Governor in
In outlining the purpose of the meeting in the opening address, Comoffering his congratulations to labor in its extended activity, missioner Chapman gave three important points for consideration: First,
improvement
of State banking systems; second, carrying out plans laid
is reported by the St. Louis "Post-Dispatch" as having said:
out at the
This is a constructive departure of organized labor. But organized labor
Is not departing from its policy. It Is merely following the inexorable logic
of the situation. Management, capital and labor used to live in the same
suit and under the same hat.
In uniting capital, management and labor, organized labor is taking a
great step forward toward that ultimate goal again. There is no real war
between capital, labor and management. Each is necessary to the success
of all.
The following is also taken from the same paper:
Mayor Kiel referred to his own experience as a union bricklayer, and said
that a "man who is not in some organization to-day is traveling by himself."
He extended greetings for St. Louis to the new enterprise.
Warren S. Stone, President of the Brotherhood of Locomotive Engineers'
Bank at Cleveland, with more than $23,000.000 in deposits, a growth from
$1.000,000 in three years, extended a welcome to the telegraphers in entering into what seems to be a nation-wide movement for labor to make use of
its own capital in its own banking institutions.
meeting last year at Waco, and third, the inauguration of some
plan whereby guaranty fund bankers may protect themselves against
defaulters, looters and dissipaters.
Cull Out Weak Bankers.
"It has been the work of the Department of Insurance and Banking
to seek to purge the State banking system of weak,and inefficient bankers,"
Mr. Chapman said, "but competent bankers have had to pay the bill.
During the last 40 months about 310.000.000 has been paid out. Not
all of this has been due to poor bankers, but some has been due to conditions, but the inefficient bankers have contributed their part.
"Conditions generally to-day are 200% better than they were 40 months
ago and 100% better than they were a year ago," the speaker said, and
added that only three or four banks in Texas to-day arc facing any danger
of insolvency and that it is the hope of the Department that those banks
will strengthen up without delay.
Reason for Failures.
Mr. Chapman said that in his opinion 15% of the failures of banks
are due to economical conditions, 15% are due to inefficient bankers and
The bank, it is stated, will pay 3% on savings and 4% on the
remainder are
to oil speculations and fraudulent practices.. Elimtime deposits of more than one year. Excess profits will be inate the dishonestdue
and inefficient banker, he said, and a groat percentage
of the losses will be eliminated.
divided among the depositors each year.
At this point in his address Mr. Chapman recommended a resolution
asking that every bank audit its books thoroughly at least once every
United States Supreme Court Decision Denying States year. He warned
against permitting bankers to speculate in cotton,
oil or cattle.
the Right to Claim Deposits in National Banks
Mr. Chapman outlined a plan evolved before the meeting for seeking
"Considered Dead."
$5 annually from banks of the State with a capitalization of $25,000 and
Under a decision of the United States Supreme Court 1-50 of 1% up to a total of $100 from banks having a capitalization of
more than $25,000 for creating a fund to help prosecute defaulters. Of
rendered June 4, States cannot compel national banks to ten
banks which recently have failed, he pointed out, six or seven of them
surrender to them deposits made in the name of persons who have failed because
they were defaulted and in most cases the defaulters
under State laws are "considered dead." The opinion of have been indicted. He asked that this plan for raising funds for such
work be embodied in a resolution.
the Court was given in an action brought by the First
T. P. Peddle, Deputy State Banking Commissioner, discussed work of
National Bank of San Jose against the State of California. the State with the guaranty
fund banks and urged a close co-operation
From special advices from Washington to the "Journal of between officials of the Department and officials of banks through the
State. He pleaded that the bankers make confidants of the examiners.
Commerce," we quote the following:
"The law didn't come to you overnight, but it is the sacrifice of the
It reversed the lower court, which held that the State could institute ages," Mr. Rogers asserted, —and Just
because we may not agree with some
action to recover money on deposit which remained unclaimed for more small particle of it, it is on reason
why we shouldn't live up to all of the law."
than twenty years after the date of deposit.
Charles 0. Austin of Dallas, ex-Banking Commissioner of Texas and
The Court recited that Section 5138. United States Revised Statutes, Vice-President of the
Mercantile National Bank, also made a talk that
confers upon national banks power to accept deposits, which necessarily won the approval of the
visiting bankers. He spoke especially about the
Implies the right to accept loans of money, promising to repay upon demand trend of law
violation, and urging the people to base their characters upon
to lender or to his order. These banks are instrumentalities of the Federal spiritual truths and ideals.
Government. Their contracts and dealings are subject to the operation of
The resolution providing for the organization of the State guaranty
general and undiscriminating State laws which do not conflict with the fund bankers
pointed out that they have been called into session two
letter or the general object and purpose of Congressional legislation. But years in succession
and the need for the organization is keenly felt.
any attempt by a State to define their duties or control the conduct of their
Another resolution pointed out that the proposed organization will in
affairs is void whenever It conflicts with the laws of the United States or no way interfere
with the State Bankers' Association and reaffirmed the
frustrates the purposes of the national legislation or impairs the efficiency loyalty of Guaranty
Fund Bankers to the Association.
of the bank to discharge the duties for which it was created.
In the general report of the Resolutions Committee, which was adopted
"Plainly, no State may prohibit national banks from accepting deposits In full authorization
for the collection of $5 a year from State banks with a
or directly impair their efficiency in that regard and, we think, under cir- capitalization of
$25,000 or less and one-fiftieth of 1% from banks of a
cumstances like these here revealed, a State may not dissolve contracts cf larger capitalization
up to a maximum of $100 was provided. It is hoped
deposits even after twenty years and require national banks to pay to it the this fund will
total $10.000, with which prosecutions for violations of the
amounts then due, the settled principle stated above oppose such power.
State banking laws can be prosecuted, according to Mr. Chapman, who
"If California may thus interfere, other States may do likewise, and in- introduced the
resolution.
stead of twenty years, varying limitations may be prescribed, three years
Authorization for the publication of a monthly bulletin at the expense
perhaps, or five, ten or fifteen.
of the tentative organization was given in another resolution, and in still
"This Court has often pointed out the necessity of protecting Federal another the
Attorney-General's Department was praised for its enforcement
agencies against interference by State legislation," it concluded. "This of State banking laws.
Mr. Chapman was thanked for his elimination of
approved principle of obsta principlis should be adhered to."
weak and incompetent bankers from business during his stay in office.
Legislation passed and signed by Governor Neff creating a separate departThe San Francisco "Chroncile" of the 5th inst. said:
ment of banking was praised.
California claims that under two laws passed in 1915 the money esThe Executive Committee appointed to perfect the permanent organizacheated to the State and that the courts of the State also took that view. tion of the
body is composed of Eldred McKinnon of Austin, Walter B.
The bank contended, however, that the National Banking Act and not Hood
of San Antonio, Charles Fish of Amarillo, John Q. McAdams of
the State laws controlled in such cases.
Winters and It. L..Thernten, Chairman of the General Committee, as
Referring to the interest taken in Pennsylvania in the Chairman.
Supreme Court's conclusions, the Philadelphia "Ledger'
of the 6th inst. said:
In Pennsylvania the State Supreme Court upheld the contention
three
years ago that accounts in national banks that had not had a deposit or
a withdrawal credited to them for seven years must be ceded to the State.
Since the decisions the Commonwealth has been considerably enriched.
National banks will have their legal representatives make a close
study
of the United States Court decision, and this may have some effect on
national institutions making further payments of so-called dead
accounts
to the State.
The law provides that mutual saving funds without capital represented
by stock must turn over to the State all funds in accounts in which there
have been no withdrawals or deposits for 30 years, while for trust companies
the period is 14 years. Neither of the latter two classes of banks comes
under the United States Supreme Court's decision.
New York Stock Exchange Firm of Knauth, Nachod &
Kuhne in Hands of Receiver.
On Saturday last, June 16, an involuntary petition in
bankruptcy was filed in the Federal District Court against
Knauth, Nachod & Kuhne, of 120 Broadway, bankers and
brokers and one of the largest dealers, it is said, in German
and other foreign securities. The petition, it is said, stated
that the step had been taken with the consent of the firm,
and estimated the liabilities at about $12,000,000, with assets of $16,000,000. Judge Charles C. Nott appointed
Middleton S. Borland, an attorney at 7 Dey Street, receiver
2838
THE CHRONICLE
[VoL. 116.
for the firm under a bond of $50,000, and later in the day are not immediately liquid for current use, among which are claims against
James N. Rosenberg of Rosenberg & Ball, 74 Broadway, was. German and Austrian banks whose funds are now with the Alien Property
Custodian, exceeding $1,200,000 in amount. These claims are valid
appointed attorney for Mr. Borland. The failure of the and
we hope will soon be collected and that we can pay our obligations
house, it is said, is attributed to the depreciation of the In full. The insistence of the rumors, however, has led to serious withdrawals
of balances and the calling of loans by banks.
German mark and to market conditions which the decline
The
has always specialized in foreign currencies and there was
provoked. It is also said that unfortunate underwritings of due to firm
it at the outbreak of the war, large sums of money from German
certain oil stocks, which registered substantial decreases, and Austrian banks. These sums have not been collected, although proplayed a part in the collapse of the firm. The failed firm, ceedings for their recovery are pending before the Alien Property Custodian
and the
Claims Commission, and it is hoped that collection of this
which had been in business for the last 70 years and a mem- sum, forMixed
the benefit of the creditors, can be promptly made. However.
ber of the New York Stock Exchange since 1895, was com- until such collections are made, it has been impossible for the firm to
posed of Rollin C. Newton (the floor member on the Ex- borrow upon them, and in order to stop further withdrawals and to prevent
one creditor from obtaining the
over another, and for the prochange), Oscar L. Gubelman, James F. Shaw, Herbert B. tection of all our creditors withoutpreference
favor, we have consented to the appointSmithers, John R. Hall, Theodore W. Knauth and Mrs. ment of a receiver.
Persons who have dealt with us and have left securities with us for
Mary I. W. Knauth. In addition to the main offices at 120 safekeeping
have no occasion for alarm, because all these securities are
Broadway, the firm maintained branch offices in Philadel- in our vault. The firm has outstanding no travellers' checks, and letters
phia, Pittsburgh, Chicago and Detroit. Following the ap- of credit outstanding will not exceed $5,000.
Shortly after the action of the New York Stock Exchange,
pointment of the receiver, one of the partners of the failed
the New York Curb Market suspended the firm from associate
firm authorized the issuance of the following statement:
For the protection of all our creditors, we have consented to appoint- membership in that exchange.
ment of a receiver for our firm, which has had an honorable career for more
Following the petition in bankruptcy Judge John C.
than 70 years. We are advised that in this manner can best be preserved
all the equities of the creditors so that no one will be favored or preferred Knox appointed Gordon C. Auchincloss, of the law firm
over another. It will be found that all securities entrusted to our care are of Parker, Marshall, Miller & Auchincloss, receiver for the
intact and we hope to effect a satisfactory settlement with our creditors
failed firm under a bond of $50,000 After taking charge
and depositors at the earliest possible date.
We own a considerable number of securities which have value but which of the firm's offices and conferring with the partners and their
on account of the market and other conditions are not readily salable, counsel, Hamilton Vreeland, of Stockton & Stockton, 2
and which we hope, if conserved and wisely liquidated, will together with
Rector Street, Mr. Auchincloss issued the following statement
our other assets be found to be sufficient to pay everything
owe
that we
We will of course co-operate with the receiver in every way.
As soon as the news of the bankruptcy petition reached
District Attorney Banton, it is said, he immediately sent
Assistant District Attorneys Geraghty and Unger to the
offices of Knauth, Nachod & Kuhne, where they were informed that the books of the firm could be examined at any
time and at any place. They then left, it is said. Mr.
Banton explained the visit of his aids a.r; merely a matter
of routine and made it clear that no complaint of any nature
had ever reached his office concerning the insolvent firm.
Announcement of the suspension of the firm was made from
the rostrum of the New York Stock Exchange last Saturday
morning following the failure, and the New York Curb
Market Association, of which the firm was also a member,
made a similar announcement on that day. That the
banking house of Knauth, Nachod & Kuhne, of Leipsic,
Germany, is not connected with the failed firm was set
forth in the following telegram from that city under date
of June 18, which appeared in the New York daily papers
this week. It read:
The.banking firm of Knauth, Nachod & Kuhne of Leipsic announces in
connection with the failure of Knauth, Nachod & Kuhne of New York,
that these two firms have been entirely separated since Feb. 1 1917, and
that therefore the latter firm's present difficulties in nowise involve the
former or its shareholders.
The announcement states that the Leipsic house cannot assume payments on account of the New York firm in view of telegraphic instructions
from that establishment's receivers.
This morning, Judge John C. Knox In the United States District Court,
appointed me receiver of Zimmermann & Forshay. I have just taken
possession of the office and, subject to the approval of the Court, have
retained Messrs. White & Case as my attorneys and Messrs. Doloitte.
Piender & Griffiths as my accountants.
As soon as I have had an opportunity to make an examination of the
affairs of Zimmermann & Forshay I will make a further announcement to
the creditors. At the present time I have no information respecting the
state of the affairs of this firm except what has been told me by the partners,
who state that they were borrowing about $5,900,000 from banks amply
seciired by collateral.
From the standpoint of a brokers'failure such loans should not be treated
as liabilities but the surplus proceeds thereof as assets. On such a basis,
the partners inform me,their liabilities will be slightly more than $2,000,000
and their assets in excess of $3,000.000, which includes the slow assets stated
in the announcement made upon the Stock Exchange floor at the time
of the suspension.
The firm of Zimmermann & Forshay had been in business
in this city for 51 years and a member of the New York Stock
Exchange for more than 46 years. It was composed of
Leopold Zimmermann, Louis J. Rees, M. H. Hauser, John S.
Scully, Simon B. Blumenthal, Isaac Gutenstein and David
Forshay. Prior to the outbreak of the World War and up
to the time when this country entered the conflict, the failed
firm, it is said, was a fiscal agent of the German Government.
In 1917 the firm, together with Knauth, Nachod & Kuhne,
was pl ced on the "blacklist" by the British Government.
When, however, the United States entered the war, Zimmermann & Forshay invested heavily in Liberty bonds and
Victory notes.
Bank Buying Halts Decline in Stocks—J. P. Morgan &
Co. Group Said to Have Been Purchasers of Market
New York Stock Exchange Firm of Zimmermann &
Leaders.
Forshay Fails.
The following is from the New York "Times" of June 22:
Banking support came into the stock market yesterday and heavy buying
On Wednesday of this week, June 20, the long-established
stocks and bonds was done for a powerful banking group said to be headed
banking and brokerage firm of Zimmermann & Forshay, with of
by J. P. Morgan & Co. About 50,000 shares of pivotal stocks were bought
offices at 170 Broadway, this city, was placed in the hands for the one bank, and other purchases ranging from 10,000 to 25,000 shares
of a receiver. The firm, which like Knauth, Nachod & were reported for the accounts of allied institutions.
While inquiry at banks revealed no reason for this buying other than that
Kuhne (whose failure last Saturday is also referred to in some
stocks appeared at existing levels to be bargains, the financial district
our columns to-day) did a large business in German and interpreted the action as a move to halt the threatening situation caused by
other foreign securities, attributed its difficulties, it said, the failure of Knauth, Nachod & Kuhne and Zimmermann & Forshay.
The new buying was in such volume that the liquidation which has been
to "persistent rumors affecting the credit of the firm" forcing
securities to low levels was completely overcome. Transactions
emanating from an unknown source, which led to wholesale exceeded 1,000,000 shares.
According to reports a conference was held Wednesday night by a few of
withdrawals and transfers of accounts on Monday last.
more important bankers to determine on some action to take in the
These sudden demands the house was unable to meet, the
present situation. While this report was denied by some of those who were
it is said, and consequently was forced to cease operations. said to have taken part, it was stated that financial help would be given if
Up to 11 o'clock Wednesday morning, it is said, it looked needed to houses in danger of runs from their customers.
Had the affairs of Zimmermann & Forshay become known soon enough
as though funds would be available to save the firm from it was
said that action might have been taken to tide them over. The firm
failure. An appeal, it iA said, had been made to J.P. Morgan made an eleventh-hour effort to obtain help from J. P. Morgan & Co.,
but
it
was too late to accomplish anything. According to an unconfirmed
& Co., but there was not time enough to mobilize aid to
report yesterday J. P. Morgan & Co. stood ready to aid two houses in case
save the situation. Liabilities are estimated, it is said, at runs
on them might develop to serious proportions.
$7,500,000 and assets at $9,000,000. Formal announcement
Liquidation of weak accounts is reported by brokerage offices to have
The peak of this liquidation, it was said, was reached on
of the suspension of the house from the New York Stock run its course.
Wednesday after the Zimmermann & Forshay failure, when stocks were
Exchange was made from the rostrum of the Exchange at dumped wholesale.
Owing to the sentimental effect that stock market price movements have
12:45 Wednesday, half an hour, it is said, before an inon investors, speculators and business men, the banks stopped in with
voluntary petition in bankruptcy was filed in the Unitd strong
support in market leaders such as American Can, Baldwin LocomoStates District Court. The action of the Exchange, it is tive, California Petroleum, New York Central, Pan-American Petroleum,
said, followed the receipt of a letter by that body from B. Studebaker and United States Steel. Advances in prices were almost
uniform, the average of twenty-five industrial stocks moving up 1% points
the partners of Zimmermann & Forshay, which read asfollows: net
and the average of twenty-five railroad stocks advancing more thanji
We regret that we are forced to announce our inability to meet our point net. The average of fifty representative stocks, as compiled by "The
current obligations this morning. The unfortunate situation is not due New York Times," was 4
7 ths of a point.
to any insolvent condition, but, on the contrary, we are absolutely solvent.
As a result the cloud of pessimism which has been hanging over the finanOur present condition is only a temporary one and is brought about cial district was largely dissipated, and while rumors still porsistedthat more
by the unexpected withdrawal of deposits caused by the recent failure of difficulties may yet lie in front of the Wall Street district, bankers generally
a banking house in a similar line to our own, and that some of our assets agreed that the worst of the storm was over.
JUNE)23 1923.]
THE CHRONICLE
2839
He stated that he would have adopted the latter course, for the reason
that the charge being that of operating a bucket shop, which is a continuous offense, in his opinion the defendants having been convicted on
that charge, could not have been tried on any of the other indictments.
as the same charge would have been embraced thereunder—in which
view I concur.
Recent failures of brokerage houses in New York were regarded to-day
Had the defendants gone to trial and been convicted by a jury, under
by Secretary Mellon as entirely due to the foreign situation and without all the circumstances of this case I snould have felt constrained to impose
any connection with conditions In this country.
the maximum term of imprisonment allowed by law, that is, imprisonment
Mr. Mellon, it was stated at the Treasury, had received no information of five years in State prison.
on the subject of the series of failures of brokerage houses in New York,
Should I now impose that term the defendants would receive no considbut judging from the class of business handled by these houses was of the eration whatever for having at length acknowledged their guilt and thrown
opinion that heavy dealings in foreign exchange was responsible for the themselves upon the mercy of the Court. One of the defendants, Fuller,
trouble. As he sees conditions in this country, there is no general weakness has been tried three times without having been convicted, each trial havwhich could bring about disaster in brokerage operations confined to do- ing been a long and arduous one. How many future trials might have remestic enterprises.
sulted indecisively cannot be known.
In his opinion, houses dealing in foreign exchange and having foreign conIn case the other defendant. McGee, had gone to trial, the same result
nections are in a different class from the general run of similar concerns in might well have occurred. Under thees circumstances, for defendants to
this country. Viewed from the angle of the general situation in this coun- throw themselves upon the mercy of the ,Court and receive absolutely no
try. Mr. Mellon's view is that the difficulties of a few brokerage houses in mercy is not only opposed to public policy, which favors the encouragement
New York are entirely insignificant as compared to the national financial of pleas of guilty, but is repugnant to the sense of justice of all fair-minded
strength, backed by the resources of the Federal Reserve system.
men.
I have therefore endeavored to fix a sentence which, while according due
On the same subject the "New York News Bureau" had
mercy to the defendants for their appeal to mercy, yet, on the other hand,
the following to say on June 21:
guards the public interest by imposing substantial punishment—substantial.
Secretary Mellon declared that the failures of the New York brokerage that is, in proportion to the five-year maximum penalty which the Legishouses would be localized and that he had no fears of a general panic spread- lature has seen fit to fix for the crime of operating a bucket shop.
ing over the country as a result of these failures. He said the situation was
Neither defendant having been convicted before, they must be sentenced
entirely different from that of 1893, because at that time this country was to an indeterminate
sentence, the duration of which will be fixed by the
without a Federal Reserve system.
Parole Board of the State. The sentence of the Court is that each defendIn the event that the present situation should spread into other business, ant be imprisoned in
the State prison for a term, the maximum of which
the Secretary believed that the Federal Reserve system had ample funds shall not be more than
four years, and the minimum of which shall not be
and facilities to meet it.
ess than one year and three months.
The Secretary then recalled the panic in 1893 in which he explained how
Before the imposition of the sentences William J. Fallon
he made several trips to New York to purchase currency. He said, on
one purchase of several hundred thousand dollars, he paid 3% as a premium. of counsel for the prisoners made the following plea for
He also recalled that at one time he purchased from Zimmerinann & clemency to the Court. He said:
Forshay $25,000 in coin.
There isn't very much we can say in addition to what your Honor knows
"At that time money was at a premium," Secretary Mellon said, "and about this case.
The defendants have been under indictment for nearly
Zimmermann urged me to make immediate purchases. The firm had one a year and the
District Attorney has made every endeavor to obtain a
corner set aside in its bank with thousands of dollars piled on it. People conviction in this
case.
were coming to him at periodic times to sell their coins.
The nervous strain, the hours and long days of suspense, represent just
"The situation in New York to-day is different. We have our Federal as keen
punishment as.your Honor can Inflict. The defendants were it
Reserve system, but in 1893 we had no means of overcoming our panic."
business for eight years, and ills conceded that no order was bucketed until
In 1893, he added, he was interested in many industries in Pittsburgh a few months
before the failure. The reason they pleaded guilty was
and had to pay off in cash which necessitated his scurrying about for the because of
circumsGances over which ..hey had no control.
money.
The attorneys felt that they could not obtain a fair trialfrom the jurymen.
We knew, of course, that a fair trial could be had before your Honor, but
the atmosphere created
these defendants was such as to lead us to
President Cromwell of New York Stock Exchange With believe that they could against
not be tried fairly.
They stand here penniless, shorn and naked of every earthly possession.
Reference to Probability of Further Failures.
Every dollar they had,every dollar they could getfrom friends and relatives,
Rumors of further impending financial difficulties of mem- went into the business to
keep it going. Counsel believes now that no legal
ber houses following last Saturday's suspension of Knauth, victory could have been secured against them that would hold. We ask
your
Honor
to
be
as
charitable
and as merciful as you can be.
Nachod & Kuhne caused President Cromwell to issue the
Failures Not Serious, View of Secretary of Treasury
Mellon.
The "Journal of Commerce" reported the following from
its Washington bureau June 21:
following statement on the 19th inst.:
The Committee on Business Conduct has checked up the various names
touched by rumors, and in each case has found no justification for any
suspicion of weakness.
On the 20th inst., which witnessed the suspension of
Zimmermann & Forshay, President Cromwell, according to
the New York Bureau, speaking to newspaper men relative
to Tuesday's statement regarding the solvency of Stock Exchange houses, said:
If I were asked at this time and were forced to make a statement on the
subject I would say again as I said yesterday that I know of no house that
is in trouble.
Mr. Cromwell stated that his statement was made after consultation
with the Business Conduct Committee.
Mr.Cromwell said within the last few days he had heard rumors of seven
or eight houses being in trouble and that these had all been referred to the
Business Conduct Committee and checked up and the houses were found
to be all right. He explained that the name of Zimmermann & Forshay
was not among the list of those rumored to be in an insolvent condition.
Edward M. Fuller and William F. McGee Sentenced
by Judge Nott.
On Tuesday of this week, June 19, Judge Charles C. Nott
in the Court of General Sessions sentenced Edward M.
Fuller and William F. McGee, the former partners in the
bankrupt brokerage firm of E. M. Fuller & Co., who on
June 13 pleaded "guilty" to bucketing the order of a customer, each to serve not less than one year and three months
and not more than four years in Sing Sing Prison. Judge
Nott told the prisoners, however, that their prison sentences
would not begin until they had been released by the Federal
authorities on the contempt of court charge on which they
are now being held in the Ludlow Street Jail. In imposing
sentence Judge Nott said:
Sylvan L. Waitzfelder of Harris & Co., This City,
Expelled from New York Curb Market Association.
Shortly after the opening of business on June 14 the Board
of Governors of the New York Curb Market Association
announced the expulsion from the Exchange of Sylvan L.
Waitzfelder, floor member of the firm of Harris & Co.,
25 Broad Street, this city. According to the New York
"Times" of June 15, the reasons for the expulsion of Mr.
Waitzfelder were not made public, but "it was understood
that Waitzfelder was one of the members recently investigated by the association." The firm of Harris & Co.,
which consists of Sylvan L. Waitzfelder and Chas. S. Herzig,
gave out the following statement:
The action of the Board of Governors comes as a complete surprise to us
and is due merely to a technical violation ofthe rules. We believe that when
the facts become fully known and the present agitation subsides we will
be reinstated.
We intend to continue in business and wish it to be known that we are
ready now and at any time to deliver on demand every share of stock which
is due our customers.
We have always done our business in an honorable way and our best
testimonial is the numerous customers to whom we have given satisfactory
service.
P. G. Stamm of P. G. Stamm & Co. Expelled from
Consolidated Stock Exchange.
The expulsion of P. G. Stamm of the brokerage firm of
P. G. Stamm & Co., 37 South William Street, this city, was
announced from the rostrum of the New York Consolidated
Stock Exchange on Thursday morning, June 21. A statement issued by the Board of Governors of the Exchange
with reference to the expulsion of Mr. Stamm (as printed
in the "Wall Street Journal" last night, June 22) was as
follows:
These two defendants were indicted upon 12 counts, charging violation
of Sections 390 and 394 of the Penal Law, which prohibits the operation
P. G. Stamm was expelled from membership on the Consolidated Stock
and carrying on of bucket shops, so called. The defendants are now Exchange at a meeting of the Board of Governors yesterday afternoon
produced before me from the custody of the Federal court, under an order (Thursday) for violation of Section 1 of Article 3 of the by-laws. This
of which they are imprisoned in the county jail.
section provides that "Any member who shall fail or refuse to appear
Upon the pronouncement of sentence, they must be returned to that before the Board of Governors, or who shall
fail or refuse to answer any
will
not
and
their
sentences
begin
custody
until they are actually delivered and all questions relating to his business and his financial standing may,
under the sentence about to be imposed to the Warden of the State prison. In the discretion of the said Board . . . be expelled by a two-thirds
When that event may take place, however, is a matter between them and vote of the whole Board of Governors, &c."
the Federal courts and one with which this court has nothing to do.
The expulsion followed an investigation by the Bureau of Auditing
When the District Attorney of the county informed me that a plea of and Accounting of the
Exchange which disclosed that a large part of the
guilty in this case was to be offered, I inquired of him whether, in case firm's transactions were
being executed elsewhere than on the floor of
the defendants had been tried and convicted by a jury on any one of the the Exchange. Stamm was summoned before the Committee on Ways
indictments pending, he wOuld have put them to trial on any other of and Means to
explain these transactions, but failed to appear. He wrote
the indictments or would have recommended that the sentences imposed a letter offering to withdraw from membership. The offer was declined
all.
should Cover
and Stamm was summoned before the Board of Governors on Thursday.
2840
[Vol,. 116.
THE CHRONICLE
June 21. He failed to appear, and the Board accordingly voted to expel
him.
Following their expulsion the firm of P. G. Stamm & Co.
issued a statement as follows:
On June 22 1920 we offered resignation to the Board of Governors of
the Consolidated Stock Exchange and again on June 12 and June 21 of
this year. Our reason for desiring to resign was because of unfavorable
publicity the Exchange has been receiving recently. We plan to continue
doing business in bonds and investment securities.
Curb Market announced the suspension of A. W. Coote from
associate membership in the Exchange as follows:
Information having been received that the affairs of A. W. Coote have
been placed in the hands of a receiver, said member is suspended from
associate membership, and members having contracts subject to the rules
of the Exchange with said member shall without unnecessary delay proceed
to close the same in accordance with Article XXVII, Section 1 of the
constitution.
State Institutions Admitted to Federal Reserve System.
J. M. Glassman & Co., Boston, Expelled from New York
The following institution was admitted to the Federal
Consolidated Stock Exchange.
Reserve System during the week ending June 15 1923:
At a meeting of the Board of Governors of the New York
Total
District No. 3—
Capital. Surplus. Resources.
Consolidated Stock Exchange on Monday, June 18, James
Pa
$300,000 5225,000 52,381,272
M. Glassman, head of the brokerage firm of J. M. Glassman Guardian Trust Co. of York,
& Co., 89 State Street, Boston, was expelled from membership in the Exchange for violation of Section IV of Article HI Institutions Authorized by Federal Reserve Board to
Exercise Trust Powers.
of the Constitution. Mr. Glassman, according to the Board,
The Federal Reserve Board has granted permission to the
it is said, was found guilty of "obvious fraud and false pretenses." Mr. Glassman, it is said, appeared before the following institutions to exercise trust powers:
Board and conducted his own defense. He had been a
The Peoples National Bank of Laconia, Laconia, N. H.
The First National Bank of Houtzdale, Houtzdale, Pa.
member of the Exchange, it is said, since March 14 1918.
William S. Silkworth Will Resign Presidency of New
York Consolidated Stock Exchange on June 28.
On Thursday afternoon, June 21, William S. Silkworth
announced that he would tender his resignation as President
of the New York Consolidated Stock Exchange on June 28.
That date was chosen by Mr. Silkworth, it is understood,
because the last of the bankruptcy hearings in which Mr.
Silkworth's testimony is desired is expected to be concluded
on that date. Mr. Silkworth will be succeeded in the Presidency of the Exchange by Vice-President Laurance Tweedy.
In announcing his decision to resign Mr. Silkworth issued
the following statement:
I am resigning for the interests of the Exchange. I feel that I have been
a target for personal abuse and that this fact has reacted to too great an
extent upon the Exchange itself. In view of the fact that my paramount interest is for the welfare of the Exchange, I feel that the time has come
for me to step out and let a new man take hold. I have had this intention
for some time, but I have hestitated on account of the wishes of Sullivan &
Cromwell, who have been counsel for the Exchange for more than forty
years. They have advised me not to resign. I am going to say to them tonight that I have concluded to resign in spite of their advice.
In spite of the extraordinary abuse which I have received during recent
months.I feel that the past year, since the close of the bucketshop epidemic
in 1922, has been a year of extraordinary progress. We have put through
here on the Consolidated Exchange some of the best protective measures ever
undertaken. One of these progressive measures was the resolution adopted
by the Board of Governors dontrolling the participation of Exchange members in promotion schemes.
Fraudulent promotions have cost the public more money than all the bucketshops that have ever existed. Three hundred million dollars in frauduent oil stocks alone are said to have been distributed in the State of Texas
last year. The Consolidated is the only Exchange in the world that has
attempted to control these matters. We have also during the year made
laws requiring the revelation of the stock position of all houses once every
ninety days, and we have created an auditing and accounting department of
our own which is fully competent to protect the Exchange in the future from
any such difficulties as we have gone through in the last couple of years.
All of the criticism that has been leveled at me, and indirectly at the
Exchange, was for acts committed or omitted a year or more ago. The administration of the Exchange's affairs during the past year.I think, has been
one of the bright spots in its history. We passed a resolution governing tho
participation of any of our members in all stock promotions. The board of
Governors adopted a questionnaire which is now obtained quarterly from
all commission house members. This is a great public safeguard. Another
big step as a further protection of the public was the creation by the Exchange of its own Bureau of Auditing and Accounting.
As I said before, all of the things which have brought notoriety to the
Exchange happened a year or more ago, and since that time the Exchange
has, under my administration, put its house in order and brought its commission houses to a very high standard. The record stands, and I feel that
It is a record that the Exchange may well feel proud of.
In the evening of the same day (June 21) Mr. Silkworth
issued a statement covering his testimony taken the day
before at the hearing before the referee in bankruptcy in
the E. M. Fuller & Co. case concerning his bank deposits.
In this statement he said in part:
Much stress has been laid upon the fact that at yesterday's hearing before
the referee in the E. M. Fuller & Co. bankruptcy case it was brought out
that my bank deposits during the period from June 1 1920 to June 30 1922
amounted to $132,000, whereas my salary as President of the Consolidated
Stock Exchange was never more than 510,000 a year.
My withdrawals during the same period approximated $120,000, and on
June 1 1922 my bank balance was only about $12,000. Included in the deposits of $132,000, I might explain were bank loans which were to be repaid,
but which served to make the total deposits larger.
Brokerage House of A. W. Coote, Los Angeles, Fails.
The New York Curb Market Association on June 20
announced the failure on the preceding day (June 19) of
A. W. Coote of Los Angeles, the Pacific Coast representative
of Knauth, Nachod & Kuhne of this city, whose failure
on Saturday last is reported in our pages to-day. Besides
the head office in Los Angeles, A. W. Coote had branches
in San Francisco, Fresno, Hollywood, Long Beach and Taft,
Cal.; Phoenix and Oatman, Ariz., and Denver, Colo. The
The Drovers and Merchants National Bank of Philadelphia, Pa.
The Fairfield National Bank of Lancaster, Lancaster, Ohio.
The First National Bank of Fayetteville, Fayetteville, Tenn.
The American National Bank of Pontiac, Pontiac, Mich.
The First National Bank of Lawrenceville, Lawrenceville.
The Farmers National Bank of Wadesville, Wadesville, Ind.
The Citizens Union National Bank of Louisville, Louisville, Ky.
Subscriptions to United States Treasury Certificates
of Indebtedness.
Total subscriptions of $342,462,800 wore received by the
Treasury Department to the United States Treasury Certificates of Indebtedness offered on June 11; the amount
allotted was $189,833,500. As we indicated in our issue of
a week ago (page 2721), the certificates were offered to the
amount of $150,000,000 or thereabouts. • In announcing the
subscriptions and allotments on June 17, Secretary Mellon
said:
The total amount of subscriptions received for the issue of 4% Treasury
certificates of indebtedness of Series TD2-1923,dated Juno 15 1923, maturing Dec. 15 1923, was $342.462,800, and the total of subscriptions allotted
was $189,833,500, of which $38,344,000 represent allotments on subscriptions for which certificates maturing June 15 1923 were tendered in payment. All exchange subscriptions were allotted in full, while allotments
on other subscriptions were made on a graduated scale on the basis already
announced, preference being given to small subscriptions.
The subscriptions and allotments were divided among the several Federal
Reserve districts as follows:
Total
Total
Subscriptions
Subscriptions
Allotted.
Received.
$ 28,630,000
$22,480,000
Boston
157,330,500
74,855,500
New York
34,848,600
16,189,500
Philadelphia
18,973,500
8,895,500
Cleveland
8,449,500
6,095,500
Richmond
9,459,500
7,579,500
Atlanta
29,991,800
21,839,500
Chicago
7.329,500
5.699,500
St. Louis
5,323,500
Minneapolis
5,323,500
6,926,000
Kansas city
3,381,000
Dallas
8,886,500
4,576,500
San Francisco
12,918,000
26,314,500
Total
$342,462,800
3189,833,500
Tseasury Department Orders Daily Deposit of Customs
Cash.
On June 18 the "Journal of Commerce" announced the
following from Washington:
Customs collectors were instructed to-day by the Treasury to deposit
daily all cash received from the collection of customs duties with a Federal
Reserve bank or national bank located in the same city.
Officers located In towns where there are no such depositories are to
forward their collections to the headquarters port daily when the receipts
aggregate $100. At the end of the month deposits must be made regardless
of the amount.
President Harding on Reductions In Government
Operations Incident to Budget System.
The economies effected through the budget system designed to hold down the Government expenditures were
dealt with by President Harding at a meeting of departheads of the Federal Government in Washington on June
18, at which also Brig-General Herbert M. Lord, Director
of the Budget, presented a detailed statement of the Government receipts and expenditures. President Harding in
his remarks referred to the fact that "on Jan. 29 1923, the
date of our last meeting, we faced an apparent deficit of
$92,000,000 in expenditures over receipts for the current
fiscal year 1923," adding that "the forecast to-day is that
we will end the fiscal year with a balance of ordinary receipts
over expenditures of approximately $200,000,000." "You
can all point with pride to the showing made this fiscal year,"
JUNE 231923.]
THE CHRONICLE
said the President "as it is due in part to your untiring and
unselfish devotion to the campaign for economy in the administration of the routine business of the Government." "The
appropriations for the coming fiscal year amount," he said,
"in round figures to $3,706,000,000, which is $234,000,000
less than the appropriations for the current fiscal year. As
compared with the estimate presented to Congress the appropriations for 1924 are but $7,825,000 less than the amount
asked for in the budget and the estimates supplemented
thereto." He likewise said:
A revised estimate just completed, indicates that the ordinary receipts for
1924 will amount in round figures to $3,638,000,000 and that the expenditures, including $507,000,000 for public debt reduction will total $3,668,000,000. This indicates a deficit of $30,000,000. This deficit must not
only wipe out, but we must close the coming year with a substantial balance to our credit. It is my earnest desire that the expenditures for the
coming year, excluding the $500,000,000 for debt reduction, be kept within
$3,000,000,000.
President Harding also referred to the "task which will
shortly confront us is the preparation of the budget for the
fiscal year ending June 30 1925, saying:
"I contemplate a substantial reduction in the estimates of appropriations
for 1925, as compared with the appropriations for 1924. In fact. I have
expressed to the Director of the Bureau of the Budget my desire that the
1925 estimates, exclusive of the amount required to meet the reduction in
and the interest on the public debt and the amount required for the Postoffice Department, will not be in excess of $1,700,000,000. To reach this
amount the estimates for 1925 must be $126,000,000 less than the appropriation for 1924. This will tax your best efforts, but I have confidence in
you ability to find ways and meansfor lessening the amounts of your requests
for funds."
The President's remarks follow.
2841
substantial balance to our credit. It is my earnest desire that the expenditures for the coming year, excluding the five hundred million dollars
for debt reduction, be kept within three billion dollars. Your assistance
is needed to accomplish this, and I know that I can count on your loyal
and unwavering support.
Right here I want to leave this furtherword with you. The appropriations made by Congress are the measure of the maximum amount of
business which may be planned for the fiscal year to which the appropriations relate. They are not the measure of the minimum amount of
business which may be performed. Therefore,in planning your expenditure
program for the coming fiscal year and apportioning your funds under
such program, you should not only carefully guard against any of your
activities being carried on at a rate which would require additional appropriations for the fiscal year, but should arrange to conduct your business
with a minimum of expense consistent with efficient administration.
I expect you all to effect some savings from your appropriations for the
coming fiscal year. To accomplish this and also to enable you to have
funds on hand with which to meet unanticipated requirements, you should
not fail to set aside a reasonable reserve from your appropriations.
• The coming fiscal year will afford us a real opportunity to demonstrate
our ability to carry on the policy of economy in the conduct of business
and retrenchment in expenditures. Congress has granted for that year
funds approximately in the amounts requested by the Chief Executive
as being necessary to carry on the Government's business. To accomplish what is necessary to be done with a limited amount of funds, as
will be the case this coming fiscal year, and at the same time effect savings.
affords an opportunity for really distinguished service. I am sure that
you all welcome this opportunity and that you will enter upon the coming
year with the fkm resolve to make a new record in efficiency and economy
in the transaction ef the business of Government. I realize that this
will call for further and greater demands upon your ability, a closer scrutiny
of your activities, and the installation generally of more efficient methods.
Let us here resolve that we will establish in Federal operation, not only
for the coming but for succeeding years, an cornea, friendly competition
between the nation's multitudinous operating agencies—competition
for the honor of achieving the maximum result with the minimum of
expenditure.
I have noticed from the hearings before the Appropriations Committees
of Congress that some of the officials of the Government have not yet realized that under the Budget and Accounting Act the estimates which are
before Congress are those submitted by the Chief Executive. The officials
to whom I refer were apparently of the impression that the estimates which
their respective departments or establishments submitted to the Bureau
of the Budget were the official estimates which they were authorized to
advocate before the Congressional committees. I trust that this erroneous
impression will not prevail hereafter. If Congress desires estimates other
than those submitted by the Chief Executive it has reserved unto itself in the
Budget and Accounting Act the authority to request such estimates and
defined the methods of obtaining them. But the administration officials,
who are operating under the Executive, are expected to subscribe cordially
and loyally to the Budget estimate.
Another task which will shortly confront us is the preparation of the
Budget for the fiscal year ending June 30 1925. I contemplate a substantial
reduction in the estimates of appropriations for 1925 as compared with the
appropriations for 1924. In fact, I have expressed to the Director of the
Bureau of the Budget my desire that the 1925 estimates, exclusive of the
amount required to meet the reduction in, and the interest on, the public
debt and the amount required for the Post Office Department, will not be
in excess of $1,700.000,000. To reach this amount the estimates for 1925
must be $126,000,000 less than the appropriations for 1924. This will tax
your best efforts, but I have confidence in your ability to find ways and
means for lessening the amounts of your requests for funds.
I realize that in your efforts to comply with this constant and insistent
call for economy and retrenchment in expenditures you may sometimes
become discouraged. And so as a heartening thought I ask you to keep in
mind that as the trustees of the taxpayers of this nation, the people are
looking to you for the utmost care and supervision over the things which
you administer. It is a sacred trust involving not only dollars and cents
but the care and proper utilization of public supplies and materials. It
extends also to your application to your respective tasks, so that Government time as well as its funds and property may be considered the measure
of your responsibilities to the people. Certainly it is an honor to be intrusted with theseresponsibilities.
I can understand how the constant call for reductions somewhat tries your
patience. But a day will come when we must deal with increases, because
there must be expanding activities and attending growth of cost in the
government of a growing nation. Our big problem is to find the irreducible
minimum upon which we may consistently enlarge.
I know, too, the unpopularity of insistent reductions and enforced economies. The spender is freely though often thoughtlessly applauded. But in
the sober reflections of the people whom we serve, the honest and zealous
endeavor to reduce the cost of government, which has an intimate relationship with the cost of living, is sure to win abiding favor. We are doing more
than serve ourselves, more than helping our own people, we are proving to
the world that the way to recover from war excesses is to halt the outflow
and build anew, with exacting watchfulness in all public outlay.
General Lord, the Director of the Bureau of the Budget, will tell you itt
more detail of the work of this year and what confronts us for the coming
year. Before yielding to him I wish to thank all of those present here today and all of my other Federal co-laborers for the services which have
been rendered. And I say that the record of the past two years makes me
confident as to your future accomplishments in our onward march for
greater efficiency and greater economy in the conduct of the business of
Government.
Members of the Government's Business Organization:
Two years ago this month there was held the first meeting of the business
organization of the Government. You were called together at that time
to afford me opportunity to lay before you the problem of diminishing the
cost of Government and to enlist your help and co-operation in its reduction.
We came out of the World War with a vastly increased public debt and a
greatly expanded public service. It was imperative that we should curb
rising cost of Government in its peace time activities, and so we met together in that first meeting to discuss and formulate definite policies of
retrenchments and methods for carrying them into effect. As I look back
over the past two years I feel that that first meeting of the Business Organization was an epoch in the administration of Government business. Since
then we have held three similar meetings, all of which had as their keynote
greater economy and greater efficiency of the conduct of the routine business
of the Government. We are now at the close of the current fiscal year,
and this is an opportune time to take stock of what has been accomplished
this year.
On Jan. 29 1923, the date of our last meeting, we faced an apparent
deficit of $92,000,000 in expenditures over receipts for the current fiscal
year 1923. The forecast to-day is that we will end the fiscal year with a
balance of ordinary receipts over expenditures of approximately $200,000.000. This is a signal achievement, and while we have been greatly aided
by unforeseen increases in ordinary receipts and reduced operations in
capital funds, we could not have reached this successful balancing of the
budget with a substantial balance on the right side of the ledger—without
the material assistance which you have rendered. You can all point with
pride to the showing made this fiscal year as it is due in part to your untiring
and unselfish devotion to the campaign for economy in the administration
of the routine business of the Government. You can take further pride
in the fact that while we will close this fiscal year with a surplus of receipts
over expenditures of $200,000,000 there has been an actual reduction of
approximately $256,000,000 in the expenditures of the departments and
establishments engaged with the ordinary business of the Government from
the corresponding expenditures for the last fiscal year. We have thus to
our credit two signal achievements in our financial transactions for the
current fiscal year.
The co-ordination of the routine business of the Government and the
development of team work both between and within the departments and
establishments have been most important factors in reducing the operating
expenses of the Government. I cannot over-emphasize the importance
of promoting this rapidly developing and highly beneficial team work. It
is of prime necessity if we are to reap the full benefit of the intelligent effort
we have already made in the co-ordination of the Government's business.
And it should not be confined alone to the departments and establishments
in Washington, but should be extended to the field activities. An admirable
start in this direction has already been made by the establishment of
Federal Business Associations. Sixty-nine of these associations have
already been formed in the larger cities embracing the officials and employees of all the Government activities located in these cities. Certainly
no business concern should have several activities located in one place
without bringing them together in contact, one with the other, so as to
develop community of interest and action. These Federal associations
meet regularly, just as we are meeting here to-day, and through their
discussion of their respective problems and requirements find ways and
means for more efficiently and economically carrying on the business of
the Government. They should be encouraged and aided.
In a few days we commence another fiscal year and I feel confident
Budget Director. Lord referred to the meeting as "an
that at its close we will be able to point to event greater achievements in
our campaign for retrenchment, economy and efficiency than have been occasion for
jubilation and congratulation over a record of
accomplished this current year. The appropriations for the coming fiscal
year amount in round figures to $3,760,000.000, which is $234.000.000 achievement," according to the New York "Times," which
loss than the appropriations for the current fiscal year. As compared credits him with saying:
with the estimate presented to Congress the appropriations for 1924 are
"We began the year with an expenditure of $3,896,000,000. Balanced
but $7.825,000 less than the amount asked for in the budget, and the against this
formidable and startling program of expenditure was an estiestimates supplemental thereto. Action by Congress on the estimates mate of receipts from
all sources for the same period of only $3,073,000,000.
for 1924 therefore amounted to practical ratification of the budget and I did not require
an expert accountant to ascertain that the agencies of the
the supplemental estimates. This in itself shows how carefully, how Government
proposed to spend $823,000.000 more than any anticipated
painstakingly, were the estimates prepared, and is a source of much grati- rne
actelo
ivin
nalg—
Go
in
vd
eicatin
rnm
:
e t aindeficit
n
early equal to the total expenditure of the
fication to the Chief Executive. It is the first time in many years that
Executive requests for appropriations and legislative grant have been in
practical accord.
The "Times" also said:
A revised estimate just completed indicates that the ordinary receipts
"General Lord referred to the constant support of the President and told
for 1924 will amount in round figures to $3,638.000,000 and that the how he recommended
to the President that a certain official be dismissed
expenditures, Including $507,000,000 for public debt reduction, will total because he
instructed a subordinate to see to it that all the appropria$3,668,000.009. This indicates a deficit of 830.000,000. This deficit tions for hishad
particular department were exhausted before the end of th•
must not only be wiped out but we must close the coming year with a fiscal year.
2842
THE CHRONICLE
[Vol,. 116.
'
4 "This official telegraphed his subordinate: 'Do not let any money lapse toons or drapings of blue, white and red are
desired, bunting should be used
iriany fund.'
but never the falg.
"General Lord said that there had been other officials who had 'deliberate9. When displayed over the middle of the street, as between buildings, the
ly planned to use every penny they controlled."
flag of the United States should be suspended vertically with the union
to the north in an east and west street or to the east in a north and south
street.
Newly Adopted Code for Civilian Usage of American
On Speaker's Platform.
10. When used on a speaker's platform the flag should be displayed
Flag.
above and behind the speaker. It should never be
to cover the
A. code of civilian usage for the American flag was adopted speaker's desk nor drape over the front of the platform.used
If flown from a
national
staff
it
patriotic orshould be on the speaker's right.
at a conference of representatives of
11. When used in unveiling a statue or monument the flag should not be
ganizations in Washington on June 15. The conference, allowed
to fall to the ground, but should be carried aloft to wave out,
• which was opened with an address by President Harding on forming a distinctive feature during the remainder of the ceremony.
12. When flown at half-staff the flag is first hoisted briskly to the peak
the 14th inst., was held under the auspices of the National
and then lowered to the half-staff position, but before lowering the flag
Americanism Commission of the American Legion, its pur- for the day it is raised again
to the peak. On Memorial Day, May 30, the
pose being to "agree upon the manner in which the flag flag is displayed at half-staff from sunrise until noon and at full staff from
should and should not be used for ceremonies and decora- noon until sunset,for the nation lives and the flag is the symbol of the living
nation.
tions." Fifteen rules for the display of the flag are em13. When used to cover a casket the flag should be placed so that the
bodied in the code, and fifteen things to avoid are likewise union is at the head and over the left shoulder. The flag should not be lowenumerated respecting the flag, its use as drapery, among ered into the grave nor allowed to touch the ground. The casket should
be carried feet first.
other things, being disapproved, as well as its use in any
Displayed in Church.
form of advertising. Bunting of the national colors is pro14. When the flag is displayed in church it should be from a staff placed
posed in the code for the covering of speakers' desks, the on the congregation's right as they face the clergyman, with the service
flag, State flag or other flag on the left wall. If in the chancel theflag of the
draping of platforms and for decoration in general. "The United States should
be placed on the clergyman's right as he faces the
recommended
is
Banner"
for
Star-Spangled
universal rec- congregation.
15. When the flag is in such a condition that it is no longer a fitting emognition as the national anthem and in a resolution adopted,
blem for display it should not be cast aside or used in any way that might be
the conference commended the suggestion made by Presi- viewed as disrespectful to the national colors, but should be destroyed as a
dent Harding in his address of the preceding day that citi- whole,privately,preferably by burning or by some other method in harmony
zens be urged to learn the words and music of "The Star- with the[reverence and respect we owe to the emblem representing our
country.
Spangled Banner," the organizations participating in the
Women stand at attention and salute.
conference pledging themselves to further the campaign.
Another resolution adopted demanding that "all persons
employed in a public capacity, national, State and municipal, whose compensation is paid from public funds, be required to pledge allegiance and support to the Constitution
and respect for the flag of the United States." Opposition
was recorded to proposals to change the official dimensions
of the flag. From the New York "Tribune" of the 16th inst.
we take as follows the full text of the flag code adopted:
The flag of the United States symbolizes that freedom, equality, Justice
and humanity for which our forefathers sacrificed their lives and personal
fortunes. To-day this flag represents a nation of over 100,000.000 free
people.its Constitution and institutions,its achievements and aspirations.
There are certain fundamental rules of heraldry which, if understood generally, would indicate the proper method of displaying the flag. The
matter becomes a very simple one if it is kept in mind that the national
flag represents the living country and is itself considered as a living thing.
The union of the flag is the honor point; the right arm is the sword arm
and, therefore, the point of danger and, hence, the place of honor.
Description of Flag.
The flag of the United States has thirteen horizontal stripes-seven red
and six white-the red and white stripes alternating, and a union which
consists of white stars of five points on a blue field placed in the upper
quarter next the staff and extending to the lower edge of the fourth red stripe
from the top. The number of stars is the same as the number of States in
the Union. The canton or union now contains forty-eight stars, arranged in
six horizontal and eight vertical rows,each star with one point upward. On
the admission of a State Into the Union a star will be added to the union of
theflag,and such addition.will take effect on the fourth day of July next succeeding such admission./The proportions of the flag, as prescribed by Executive order of President Taft, October 29 1912, are as follows:
Hoist (width) of flag-I.
Fly (length) of flag-1.9.
Hoist (width) of union-7.13.
Fly (length) of union-0.76.
Width of each stripe-1.13.
Diameter of star-.06167
Pledge to the Flag.
‘'I pledge allegiance to theflag of the United States and the Republic for
which it stands, one nation indivisible, with liberty and justice for all."
The Shield of the United States.
The shield of the United States has thirteen vertical stripes, seven white
and six red with a blue chief without stars.
National Affirm.
"The Star-Spangled Banner" is recommended for universal recognition as
the national athem.
Federal Flag Laws.
There is but one Federal statute which protects the flag throughout the
country from desecration. This law provides that a trademark cannot be
registered which consists of or comprises, among other things, the flag,
coat of arms or other insignia of the United States or any simulation thereof. (33 Stat. L. p. 725. Feb. 20 1905.)
Congress has also enacted legislation providing certain penalties for the
desecration, mutilation or improper use of the flag within the District of
Columbia. (Feb. 8 1917, 39 Stat. L. page 900.)
Suggestions for State Legislation.
Based upon opinion of the Supreme Court of the United States, rendered
by Justice John Marshall Harlan, every State should enact adequate laws
for the protection of the national flag. State flag laws should include the
following:
Things to Avoid.
1. Do not dip the flag of the United States to any person or anything.
State
flag,
organization or institutional flag will render
The regimental color.
this honor. At sea the flag may be dipped in acknowledgment of the salute
of the flag of another nation.
2. Do not display the flag of the United States with the union down,
except as a signal of distress.
3. Do not place any other flag or pennant above or to the right of the
flag of the United States.
4. Do not let the flag of the United States touch the ground or trail in
the water.
5. Do not place any object or emblem of any kind on or above the flag
of the United States.
6. Do not use the flag as drapery: use bunting.
7. Do not fasten the flag in such manner as will permit it to be easily
torn.
8. Do not drape the flag over the hood,top or sides of a vehicle, or of a
railroad train or boat. If it is desired to display the flag on a motor car
affix the staff firmly to the chassis or clamp it to the radiator cap.
9. Do not use the flag to cover a speaker's desk or to drape over front
of a platform or over chairs or benches.
10. Do not display the flag on a float in a parade except on a staff.
11. Do not use the flag as a ceiling covering.
12. Do not use the flag of the United States as a portion of a costume
or of an athletic uniform. Do not embroider it upon cushions or handkerchiefs or print it on paper napkins or boxes.
13. Do not put lettering upon the flag.
14. Do not use the flag or the United States in any form of advertising
nor fasten an advertising sign to a flag-pole.
15. Do not display, use or store the flag in such a manner as will permit
It to be easily soiled or damaged.
Manner of Displaying Flag.
1. The flag should be displayed from sunrise to sunset only or between
such source as designated by proper authority on national and State holidays, and on historic and special occasion. The flag should always be
hoisted briskly and lowered slowly and ceremoniously.
2. When carried in a procession with another flag or flags the place
of the flag of the United States is on the right, I. e., the flag's own right, or
when there is a line of other flags the flag of the United States may be in
front of the center of that line.
3. When displayed with another flag, against a wall from crossed staffs,
the flag of the United States should be on the right, the flag's own right,
and its staff should be in front of the staff of the other flag.
4. When a number of flags are grouped and displayed from staffs the
flags of the United States should be in the centre or at the highest point
of the group.
5. When flags of States or cities or pennants of societies are flown on the
Proper Use of Bunting.
Same halyard with the flag of the United States the flag of the United
Bunting of the national colors should be used for covering speakers'
States must always be at the peak. When flown from adjacent staffs the
flag of the United States should be hoisted first. No flag or pennant should desks, draping over front of platforms and for decoration in general.
Bunting should be arranged with the blue above, the white in the middle
be placed above or to the right of the flag of the United States.
and the red below.
Salute to the Flag.
From Separate Staffs.
During the ceremony of hoisting or lowering the flag or when the flag in
6. When the flags of ten or more nations are to be displayed they should
or
from
separate
parade
review
staffs of the same height and the flags should be of passing in
all persons present should stand at attention
be flown
equal size. (International usage forbids the display of the flag of one facing the flag. Men's head dress should be removed with the right hand
and held at the left shoulder. Those present in uniform should salute with
cation above that of any other nation in time of peace.)
7. When the flag Is displayed from a staff projecting horizontally or at an the right hand. Women should stand at attention facing the flag or as
angle from the windowsill, balcony or front of building the union of the flag the flag is passing in parade should salute by placing the right hand over
the heart. If the national anthem is played and no flag is present all stand
should go clear to the head of the staff unless the flag is at half staff.
8. When the flag of the United States is displayed other than flown at attention when uncovered and salute at the first note of the anthem,
from a staff if should be displayed flat, whether indoors or out. When dis- retaining the position until the last note of the air Is played. If in civilian
played either horizontally or vertically against a wall the union should be dress and covered men should uncover and stand at attention facing the
Uppermost and at the flag's right; that is, to thg observer's left. When dis- music.
played in a window it should be displayed the same way; that is, with the
1. That June 14, Flag Day,be set apart by proclamation of the Governor,
union or blue field to the left of the observer in the street. When fes- recommending that Flag Day be observed by people generally by the display
JUNE 23 1923.]
TH 141
CHRONICLE
2843
of the flag of the United States and in such other ways as will be in harmony
with the general character of the day.
Ps 2. That the flag of the United States be displayed on the main administration buildings of each public institution.
3. That the flag of the United States with staff or flag-pole be provided
each school-house and be displayed during school-days either from a flagstaff, or in inclement weather within the school building.
t4. That the flag of the United States be displayed in every polling place.
if 5. That the use of the flag et the United States as a receptacle for receiving. holding, carrying or deliverying anything be prohibited.
a 6. That the use of the flag for advertising purposes in any manner be
prohibited.
Or 7. That penalty (fine and imprisonment) be provided for public mutilation, abuse or desecration of the flag.
I suspect when their ranks are completely gone,then we will come to think
of those who made the great sacrifices in the World War, as those who
present the flag at its best when we introduce it to the world as the emblem
of the representative of democracy and liberty and justice for which this
Republic stands.
But our point and your purpose is to bring to the flag becoming use by
civilians of America. I hope you will succeed in formulating a code that will
be welcomed by all Americans and that every patriotic and educational
society in the Republic will commit itself to that use as you adopt it. That
ought.to be the result of such a convention.
I wish you would go a little further while you are doing it and I hope I am
not asking too much of you. Don't you think we ought to insist upon
America being able to sing "The Star-Spangled Banner"? It is a rather
interesting experience to use. I have noted audiences singing our national
The "Tribune," in its account in a Washington dispatch air—that is not the way to put it—I have noted them trying to sing our
national air and outside of about 2% nearly all were mumbling their words.
June 15 of the adoption of the code, said:
pretending to sing. Somehow I would like to see the spirit of American
Adoption of a code governing use of the American flag by civilians patriotism and devotion enabled to express itself in song. Mr. Chairthereby insuring proper respect for the symbol of the repuolic, brought the man, if that is not unseemly, I hope you will include it in your code as one
National Flag Conference, participated in by sixty-eight of the largest of the manifestations of reverence to the flag.
organizations of the country, to a successful close late to-day. The code's
One word more and I will return to the tasks of the Executive. We have
observance at all times is the task now turned over to the delegates of these an obligation quite apart from the consideration of the colors; we have a
fraternal, patriotic, educational and civic organizations, whose memberships great obligation to maintain in America unimpaired the things for which
total more than 5.000,000. They are to be directed in their campaign, the the American flag stands. That is the obligation—while we are doing that
first national organized effort since the flag was created in 1776, by a It shows reverence to the colors. Let us also always be mindful of doing the
permanent committee of six members, to be known as the committee of the things that make us all we are represented to be. That is an American
National Flag Conference on Education in the Correct Use of the Flag.
task, that is a patriotic task, that is the task of good citizenship and in its
Gridley Adams. of the Sons of Veterans, who with Clare Briggs, The performance there will becoming a reward to all of us and we shall be assured
Tribune" cartoonist, worked up the cartoon on Flag Day a year ago, which of our contribution to a greater and better Republic. I wish you success
resulted in a nationwide controversy over the proper use of the flag and in this convention.
contributed largely to the calling of the conference here, was Chairman of
the committee which drew up the code. The other members were:
Mrs. Anthony Wayne Cook,President-General D. A. It., Vice-Chairman; National Wheat Conference Adopts Resolution Urging
Major 0. C. Luxferd, S. A. It., Secretary; B. S. Martin, Boy Scouts of
Stabilization of Wheat Values—Other Action.
America; Mrs. Henry Osgood Holland, National Congress of Mothers;
John L. Riley. American Legion; Lieutenant-Colonel H. S. Herrick, Ameri- AThe National Wheat Conference held in Chicago on Tuescan Legion; Mrs. Livingston Rowe Schuyler, President-General U. D. C.; day and Wednesday of this week,June 19 and 20,and particiCaptain Chester Wells, U. S. N.,and Captain George M.Chandler, U.S.A., pated in by
representatives of bankers, meat packers, farm
advisers.
President Harding Would Have Spirit of American
Patriotism Expressed in Singing of National Anthem.
In addressing on June 14 the National Flag Conference,
gathered in Washington to draft a universal civilian code for
the usage of the American flag, President Harding commented on the mumbling of the national anthem by audiences in which the national airs were a feature, and stating
that he would like "the spirit of American patriotism and
devotion enabled to express itself in song," he said he hoped
that that might be included in the code "as one of the manifestations of reverence to the flag." President Harding also
took occasion to remind the gathering that "we have a great
obligation to maintain in America unimpaired the things for
which the American flag stands." The following is the President's address as given in a Washington dispatch to the New
York "Times":
This is really a most pleasing experience for the President. It is a joy to
come before a body rather more limited in numbers than the President is
generally called upon to address, with a consciousness of a working body here
for a definite purpose. I am delighted to come and In an official way express
commendation of the work you are undertaking to do.
Compliments Naval Officer.
"I can understand how the flag owes considerably more to the service men
of the Republic than it does to the ordinary citizen, but I cannot understand
why the soldier or the sailor or the service man in national defense owes any
more to the flag than anybody else in the United States of America, and so
everything we do to bring the flag into proper consideration by the citizenship of the Republic is entirely commendable and deserves to be cordially
endorsed.
I saw this last week a very pleasant manifestation of the impression
created by proper respect for the flag. It was during the first parade of the
visiting Shriners. Opposite the reviewing stand in which I sat I saw a
young naval officer quite apart from any others in the armed service of the
Government. As you will recall, those of you who witnessed the parade,
every Shrine temple carried the colors of the Republic and you had a call for
pretty frequent salutations. Every time the flag came by in the reviewing
stand on the north side of the avenue appeared this young officer in white
promptly rising to salute the colors as they passed—the only one performing
that service we noticed in the large company assembled in that reviewing
stand. It made a very definite impression and it recalled to my mind the
satisfaction that comes to the American people in every manifestation of our
reverence for the colors. I do not suppose there is any law to punish the
President should he not stand at salute when the colors pass, but I would
not be happy in my official capacity if I did not do it. I know I am not
going to feel the same when I salute the colors in an unofficial capacity, and
I would like to say to you,ladies and gentlemen,that every salutation makes
my consecration to my country and the flag a little more secure. I have
seen the flag raised abroad as you have on so many different occasions and I
have often wondered where I like it best.
It is a beautiful picture in patriotic processions and in pageants. It is an
inspiration when it is unfurled over the American schoolhouse as a guarantee
of the 11Arties and opportunities of the youth of America. It is a wonderful
picture over American official quarters abroad to the American who is
hungering to see something of home and to feel his attachment somewhat
emphasized. It has been a beautiful picture as the emblem of brotherhood
and sympathy when it has been unfurled from the flagstaff of relief ships
which have carried American bounty as an expression of our generosity to
the suffering peoples of the world.
bureaus, cotton growers, railroads, the American Federation
of Labor, &c., resulted in the formation at the closing of the
National Wheat Council, with the following constituting the
first board of directors:
Daniel A. Wallace of Minnesota, publisher and brother of the Secretary of
Agriculture; Julius Pleischmann of Cincinnati. President of the Fleischmann Yeast Co.; Alexander Legge, President of the International Harvester
Co.; F. Edson White. President of Armour & Co.; H. E.Byrom, President
of the Chicago, Milwaukee & St. Paul Railroad; George C. Jewett of Portland, Ore., General Manager of the American Wheat Growers' Association,
Inc.; Robert W. Bingham of Louisville, Ky., publisher of the Louisville
"Courier-Journal"; Alexander Taggart, President of the Taggart Baking
Co., Indianapolis; Sydney Anderson, Representative from Minnesota, and
0. E. Bradfute. President of the American Farm Bureau Federation.
Resolutions adopted approved the investigation of freight
rates on grain products now being conducted by the InterState Commerce Commission, urged development of waterways and suggested the stabilization of wheat values. Other
resolutions approved a campaign to increase domestic consumption and suggested feeding of lower grades of wheat to
live stock. A resolution introduced by Charles S. Barrett
of Union City, Ga., President of the National Farmers'
Union, urging a world economic conference to, be called by
the United States, was lost by a rising vote of 25 to 56. A
substitute resolution to set a Government price of $1 50 on
wheat was lost by a vote of two to one. Regarding the rejection of this latter resolution special advices to the "Journal
of Commerce" June 20 said:
Splitting into two factions, the National Wheat Conference wound up in
a heated debate which lasted for several hours this afternoon over the
necessity of asking Congress to provide for the fixing of wheat prices at
$1 50 a bushel.
Immediately following the report of the Resolution Committee, which
secretly debated the price fixing question in closeted sessions almost day
and night since the conference opened two days ago, the minority group
asked that a resolution be adopted providing for the establishment of a
grain corporation to buy all the American farmers' wheat when the price
got as low as Si 50 a bushel.
In other words, this group asks that the United States Treasury furnish
the money to insure a definite price for wheat at 51 50 a bushel. The
resolution asked that the President call a special session of Congress to create
the grain corporation.
Resolution Is Defeated.
The resolution Was defeated by a two to one vote. The delegates voted
that it was the sense of the convention that the price of wheat be stabilized,
but the domestic consumption of wheat be increased.
From the Chicago "Journal of Commerce" of June 21 we
take the following:
Contents of Resolution.
In the preamble of the resolution adopted, it was pointed out that agriculture is the basic industry of the United States and that wheat is the
basic commodity of agriculture, with the price of wheat bearing definite
relation to the price level of farm products in general.
"Therefore," the resolution read, "the maintenance of a proper, price
for wheat is the key to national prosperity. There can be no solution of
the economic situation with regard to the production of American wheat
until the price control rests within the United States.
"The solution of this problem is not wholly within the power of the
wheat farmers, but must be solved by the united and sympathetic co-operaWants National Air "Sung."
tion of labor, transportation, banking and the consumer. While the
• But somehow I have concluded recently that about the dearest picture of foreign countries now afford a market for our surplus, this is not a profitable
the flag—we shall not see it long—is when it is presented or carried by the market, nor will it be profitable until supply and demand meet more closely
old veterans of the Civil War. You know, had it not been for them, there in the United States."
would be no forty-eight stars glittering in the field of blue. I like to say,
Greater wheat consumption in this country was urged in the resolution,
therefore, that somehow the flag appeals to me more strongly when it is as was the payment of duty on any foreign wheat ground in American mills'
presented by those who made this now invincible Union a possibility, who and retained in the United States. The investigation of the Inter-State
made their sacrifice for the great Republic.
Commerce Commission as to the reasonableness of existing freight rates on
2844
THE CHRONICLE
grain and grain products was commended, and the movement foe the
extension of water-way transportation was favored.
Barnes Scores Price-Fixing.
Julius Barnes, President of the Chamber of Commerce of the United
States, was among the extemporaneous speakers of the afternoon, and he
soundly scored any attempt to fix wheat prices by Congressional action.
He said that this would be an uneconomic movement and that it would
not be a possibility even if it had any soundness to it. Mr.Barnes suggested
that the conference create a fund which would provide for a carefully chosen
commission to make an investigation of present conditions in the wheat
industry and permit this commission to find a solution to the problem. The
commission, he suggested, could work in co-operation with the Chamber of
Commerce of the United States.
Another violent opponent of the Congressional price-fixing plan was
0. E. Bradfute, President of the American Farm Bureau Federation.
Delegates who attended the conference were free in expressing the belief
that little or nothing had been accomplished by the meeting, and that the
resolutions adopted were meaningless and harmless. There was general
satisfaction that the more radical element had been defeated, even though
nothing constructive in the way of a remedy for the problem with which
the wheat growers are confronted had been found.
Senator-elect Royal S. Copeland of New York addressed
the conference, suggested that if every one ate an extra slice
of bread at every meal for a year, the present American
surplus of 170,000,000 bushels could be consumed without
difficulty. Samuel Gompers, President of the American
Federation of Labor, in addressing the conference on the
20th inst. declared that the farmers of the nation should
organize as labor has done. If wage earners had not organized, nobody would have listened to their demands, and if
the farmers expect to be listened to, they must do likewise,
Mr. Gompers said. The Chicago "Post" of the 20th inst.
also reports Mr. Gompers as saying:
Individual farmers have fought many manifest evils. They continue to
fight. They have developed some organized strength with which they fight
more effectively. In some cases farmers have found a way to decrease
abuses, but in every case where progress has been made, organization has
been the bed-rock of their strength and progress.
[VOL. 116.
Commenting upon reports from New York regarding a plan suggested by
Bernard M. Baruch, whereby the grain growers might gain control of extensive marketing machinery for the 1923 grain crop, Mr. Marcy said emphatically that no specific proposal along these lines had been put before
Armour representatives.
"There is nothing for us to be considering," he said in answer to the
suggestion that he had taken kindly to the idea.
While making it plain that Mr. Baruch had a definite plan in his own
mind, as outlined in a letter to the grain growers, and "a prominent agricultural Senator," Mr. Marcy insisted that this particular plan in no way
involved his company in other than an abstract way. Those interested in
grain marketing by co-operative organizations wore believed to have
struck upon the plan incidentally in their search for means to their end
and to have put the proposition to Armour officials merely in an effort
to sound the possibilities of the scheme.
Conversations between Mr. Baruch and J. Ogden Armour and Mr.
Marcy in Now York were said to have failed to produce a practical basis for
the execution of the plan, at least so far as the Armour interests are concerned.
Supplementing the above, the "Post" said:
Bernard M.Baruch has worked out a plan for the co-operative marketing
of American wheat by the farmers who grow it, which he made public last
night. He suggested that the farmers enter into an agreement with some
such established wheat marketing firm as the Armour Grain Co., buy an
interest in it, and eventually take over the entire management and control.
Under tho present situation, he explained, there was grave danger of
wheat prices falling even lower and less in proportion to the cost of the materials they must buy. He believed that Russia would soon be competing
again in the world market on a large scale.
To be successful, he said, growers controlling 35% of the wheat acreage
of the country would have to co-operate.
"Agriculture," said Mr. Baruch, "particularly that part of it which produces food, is to-day facing a more serious outlook than last year. The
things that farmers buy are higher and the products that they sell are
lower. This can result only in dissatisfaction, a feeling well founded.
This country was founded by the agricultural classes. It has, however,
drifted into the control of other industries or interests, due not to sinister
or improper influence, but to neglect on the part of the agricultural interests themselves. The correction of tho unfair relationships which have
been established and which are growing broader between agriculture and
other industries is entirely in the hands of the farmers. It can be accomplished partly by political, but chiefly by economic effort."
Organization Is Centre.
Wherever there is organization there is a centre, a clearing house, for
gathering and disseminating information, of economic experience, of the
manifestations within your occupation. The records so accumulated will
serve to disclose the wisdom or unwisdom of contemplated policies and undertakings. Something like scientific procedure then becomes possible.
There is no force in our social organization that will not come to the
council table with the farmers when the farmers find the way to bring
their strength together at that table. And, let me point out, the council
table Is the goal. The battlefield is not the goal, much as some may
like to make it appear so.
The council table means conference, negotiations and agreement.
Agreement at the council table is native to our soil. It is fundamentally
our way. It is the foundation and the touchstone of democracy. Every
agreement between organized groups registers progress and achievement.
Reason finds its place at the council table where equals come together.
Must An as Unit.
The farmers of our country will, if they know their history, proceed to
find remedy and improvement through organization within their industry.
You know what is wrong and you know what ought to be done, but when
it comes to doing it you are not in a position to act as a unit, to pool your
thought and your power for a single purpose. You are disorganized.
Europe talks about its proletariat, and it has a proletariat. Europe
talks about its peasantry, and it has a peasantry. The United States has
neither of these, for two reasons. It has neither the economic conditions
nor the state of mind that produces them, and these classifications are
understood in Europe. Even if we ever had a proletariat and a peasantry,
which we did not, mass production would have put an end to both.
Government Ownership of Railroads Seen as "Colossal
Blunder" By President Harding—Regional
Consolidation Favored.
Declaring his belief that Government ownenhip of railroads "would be a colossal blunder which would destroy
initiative, infest us with political corruption, create regional
jealousies, and impose incalculable 'cost on the public
Treasury," President Harding in an address last night at
Kansas City, Mo., dealing with transportation problems
indicated his opposition to Federal ownership of the carriers. "When the Government undertook operation during the war, and standardized wages, and was caught in the
sweeping current of mounting cost," said the President, "it
cr.eated a situation to ignore which would quickly develop
a nati nal menace. At an awful cost we learned the extravagance and mounting burden of Government operation.
Yet there are to-day very insistent advocates of Government ownership. Frankly, I do not share their views.
Our political system has not reached a state of development
when we can insure proper administration." "But we must"
averred, "find a solution of the rate problems
Gov. J. 0. Preus of Minnesota, Chairman of the Com- the President
necessary expansion of facilities and find that soluthe
and
mittee on Call, was reported in Chicago Associated Press
spite of the prejudices of the present-day sponsors
dispatches June 17 as saying that wheat growers are in the tion in
operations and the present-day destroyers who would
for
midst of the greatest slump in prices in fifty years. He was
bankrupt or confiscate, else Government ownership and
also quoted as follows in the dispatches:
•
operation will become an accepted necessity." Continuing
Two million farmers will be faced with the impossible task of finding
Immediate profitable employment for their land and equipment in pro- the President said in part:
clueing something else unless the wheat industry is stabilized. The ruin
Nor do I share the views of those who would lower rates without regard
of the wheat farmers will not down one of the central props of our to railroad good fortune. The prosperity of the railways is the prosperity
prosperity, bring widespread unemployment and affect every branch of of the American people, and the property rights in railway investment are
production by cutting off the purchasing power of the farmers.
entitled to every consideration under our Constitution which is due to propWe cannot expect help from Europe. The international trade balance erty rights anywhere. Any tendency toward confiscation will load to conhas swung against us and Europe is dumping in products here as fast as fusion and chaos, and destroy the very foundation on which the Republic
we will allow her, to pay her debts, and will buy henceforth, for many is builded.
years, as little as possible from us.
It is easy to understand how many people contemplate the abolition of
We cannot allow our wheat growing industries to be reduced to the competitive carrying charges and the elaborate machinery of Government
level of the peon labor of the Argentine, for that would strike at the whole regulation, and argue that the logical step is to put them all in one common
level of the American standard of living. If agriculture is fatally injured pool under Government ownership. That would effect an adjustment
it will affect the cost of life in every American home.
between the fat and the lean, if it didn't make them all lean. It would
It is announced that permanent headquarters at Chicago equalize profits and losses between favored lines and the less fortunate
it would abolish profits and saddle all the losses on the public Treasury.
will be opened June 28 by the newly formed Wheat Council ones.
More,it would completely disarrange the economic relationship between our
of the United States. It is understood that application for different communities, upon which our present-day commerce is builded.
It is preferable to preserve initiative and enterprise, to maintain the inspira charter will be made to the Illinois Secretary of State.
competition of service, and it is vital that the cost of transportation be
The Wheat Conference was referred to in these columns ing
borne by the commerce which is served.
last week (June 16), page 2728.
No, my countrymen, I am not proposing nationalization, nor a renewed
experiment in Government operation, the cost of which we have not yet
settled. The Federal Treasury cannot well bear any added burdens until
many of those already imposed. I had rather solve a diffiB. M. Baruch's Plan for Co-operative Marketing of we have lifted
culty than embrace a danger.
Wheat.
I do not believe there is a rational, justifiable step, full of promise toward
effect a diminution in rates without making a net return
Last night the New York "Evening Post" had the follow- solution. It willwill
make sound finance possible for expansion. I refer
Impossible. It
ing to say in advices from Chicago:
to the program of consolidating all the railroads into a small number of sysDenial that a plan under which the United States Grain Growers, Inc., tems, the whole to be under rigorous Government supervision, and the
might obtain control of the Armour Grain Co. had been suggested to officers larger systems to be so constituted that the weaker and unprofitable llnes
of the grain firm, and that such a proposal made elsewhere was receiving the would be able to lean upon the financial strength of the stronger and profitsserious attention of Armour officials, was made to-day by George E. Marcy. able ones until the growth of the country makes them all earn a just return
President of the Armour Grain Co.
upon capital invested. The transportation act 1920, known as the Cum-
JUNE 23 1923.]
THE CHRONICLE
mins-Each law, contemplated this kind of a consolidation, but made it
permissive rather than mandatory. In effect,it left to the railroad managements,subject to the master plan set up by the Inter-State Commerce Commission. to arrange the system groupings of the roads.
That provision was adopted only after long and detailed consideration
by men of wisdom and experience, and seemed to represent the best judgment of leaders in both political parties. Its weakness was that it was
doubtful whether the railroads would be able of their own volition, to reconcile all the conflicting interests involved in so enormous a reorganization.
It was frankly recognized when the legislation passed that it was necessarily
somewhat experimental. Likewise, it was extremely uncertain whether
the wisdom of a dozen Solemons, sitting as railroad presidents and chairmen of boards, and as financial backers of these great properties, would be
equal to the task of organizing a group of systems which would represent
fair treatment of all the interests involved, including those of the public.
There now appears to be no difficulty about any Constitutional inhibition
to the voluntary consolidation as authorized by Congress. But the problem
of reconciling the interests of the hundreds of different ownerships and managements of lines to be merged into systems has proven a task for which no
solution has been found.
It is, therefore, being seriously proposed that the next step be to further
amplify the provisions for consolidation so as to stimulate the consummation.
It is my expectation that legislation to this end will be brought before Congress at the next session. Through its adoption we should take the longest
step which is now feasible on the way to a solution of our difficult problems
of railroad transportation.
There has been undue alarm in many communities, Kansas City included,
concerning the effect of such consolidations upon commercial centres like
yours. Let me allay the alarm by reminding you that the whole question
is one of adjustment, and the whole program is to be constructive,looking to
enhanced service, and destruction is as much to be avoided as failure is to be
prevented.
Though no other nation in the world offers a parallel in railway development, those of us who believe that this program of regional consolidation
would produce highly beneficial effects find our belief sustained by recent
experience in Great Britain. The railroads of that country have'in the last
few years passed through an experience which, considering the vast differences between the two countries as to area, geographic configuration, industrial and social organization, has more or less paralleled that of American
railroads. The United States and Great Britain were, when the World War
flamed, the only two great countries which had clung unalterably to private
ownership of railroads.
In every other important country a considerable portion or all of the railroad mileage was owned or operated by the Government. In Britain, as
here, the necessities of war persuaded the Government to take over the
roads, place their operation under more rigorous control than before, and
extend financial guaranties. In both countries the results were expensive
from the viewpoint of the Treasury, and highly unsatisfactory from that of
the public's convenience and the accommodation of business. In both
countries, again, the experience went far to dispel whatever illusions had
been entertained about the desirability of government railroad management.
The parallel does not end here. When the war ended opinion in both
countries urged return of the railroads to corporate management as soon as
possible. In both this was effected, and here comes the most striking
coincidence of all—in both the return was accompanied by a legislative
provision looking to consolidation of the many systems into a small group
of great ones. The difference was that in Great Britain the legislation was
mandatory, requiring that by Jan. 1 1923 the roads should be consolidated
into four great systems; here it was permissive, and, of course,a much
larger number of systems is proposed. The British program has been
carried into effect; there are now four systems in the country, all organized
around the same general idea of increasing efficiency and providing their
financial stability.
While this reorganization has been in effect only a few months, its early
results are reported to justify fully the expectation of better conditions
under it. It is regarded as a long step toward permanent settlement, on
a basis fair to the owners of the properties, and to the public interest in
good service at the lowest possible rates.
The necessity for early adoption of this or some other program to place
the railroads on a sound basis is so pressing as to make it a matter of deep
national concern. There is no other issue of greater importance, for
herein lies in large part the solution of the agricultural problem, and with it
the assurance of our industrial position. Nothing else can possibly prosper
with agriculture depressed; and agriculture is calling loudly for relief from
present transportation burdens.
Quite recently Senator Cummins, the veteran Chairman of the Senate
Inter-State Commerce Committee, made the startling statement that
probably 75,000 miles of our railroads are earning so little and costing so
much to operate that with scant incomes they cannot be adequately maintained and expanded in facility to meet traffic requirements. If we realize
that this means near one-third of the country's railroad .mileage, we will
appreciate the gravity of the situation. Yet there it is, grimly staring us
in the face, challenging our statesmanship and business capacity.
Not long ago the Inter-State Commerce Commission actually granted
the necessary authorization to tear up and abandon one piece of over 230
miles of railroad. It was no frontier line, in an undeveloped, uninhabited
section; it was in the rich and populous State of Illinois. If the spectacle
of a railroad literally starved to death in such a community is alarming, it is
yet less a calamity in some ways that it would be in a region possessing
fewer lines capable of taking over the public service. A majority of the
people tributary to it will, by going a few miles farther, get transportation
from other roads. But there is no such solution of the problem for many
extensive communities now served by roads in financial distress.
There are some roads—many of the smaller ones. in fact—whose continued operation is absolutely vital to many thousands of people, to considerable towns, to large areas of country, whose revenues simply cannot
provide financial facilities through earning, pending a considerable growth
in community population, say nothing of earning any return whatever on
capital invested. No legerdemain of court processes, receivers' certificates,
or financial juggling, can gave them. They must get more revenue or
stronger support or quit operating until the country is more largely developed. We shall contribute nothing to solving their problem by agreeing
that they ought not to have been built so soon. Nor shall we help by
talldng about the wickedness of men who, years ago, exploited the public,
watered stocks, and did other reprehensible things. No panacea will be
found in statistics proving that some other roads are earning more than
they need, unless we find an equitable way to co-ordinate the activities
of the strong roads to develop the weak ones.
The railways have become publicly sponsored institutions, and Government must find a way to avoid confiscation, avoid starvation, and maintain
service and a proper return upon capital, which will assure them a growth
commensurate with the country's development.
We are all agreed that to abandon any important share of railroad mileage is inconceivable. We cannot do it because people already dependent
2845
on the railroads would be ruined; and because,further, in a not very distant
future we should be compelled by the country's development to put them
back, or their equivalent in capacity for service. They must be saved.
There are just three possible ways to do it.
1. For the Government to take and operate the weak roads, and thus
bear all the loss without any of the profits of railroad management.
2. For the Government to take all the railroads, convert them into one
gigantic pool, and plunge into the enormous responsibility thus incurred.
In the present state of the public treasury and of tax burdens, and in the
light of recent sad experience with Government management, this is not to
be considered. I believe it would be politically, socially and economically
dissetrous,
3. The plan of consolidations already outlined, bringing economies in
operation, financial stability, ability to secure needed capital, adjusting
rates and regulations to the necessities of the position, and preserving the
real advantages of competition in service, while avoiding the evils of Government ownership.
As among these possibilities there can be little doubt of the public preference for the third program. It is not unjust to the strong roads, for the
prosperity of these, like the prosperity of all industry, depends on keeping
the country as a whole prosperous. Every mile of railroad trackage in the
land helps to make business for every other mile. The transportation system
must be considered as a unity, precisely as the nation itself must be considered. In this manner we will best help to insure the credit of the railroads,
assist them to new capital for future expansion, and insure, for the future,
against the sort of wildcat and competitive railroad construction which in
the past has been responsible for giving us a great share of the trackage which
now proves economically unjustified.
There is another particular reason which urges the early adoption of the
larger-system plan. It would be a long step toward solving the problem
of keeping the railroad equipment adequate. Many financially weak roads
are unable to provide all the rolling stock they need. Inadequacy of car
service hindered the relief of the coal situation last winter, it denied the
farmer a market when prices were most advantageous and has impeded
manufacturing industry time and again. It is fair to say the railways were
helpless because they were financially and otherwise unable to keep 'up
with the demands for service. Prevailing practices further embarrassed
the situation. Roads inadequately equipped make up their deficiency by
borrowing the cars of other roads. When a foreign car comes to one of these
parasite lines it is not returned promptly, but often is deliberately retained.
The free movement of cars is prevented; no company can be certain of
commanding even its own equipment when it is needed; seasonal congestion
or shortage of cars follow; and an unfair burden is imposed on those roads
which sincerely try to meet the demands of this demoralized situation.
To meet this condition, the proposal of a nation-wide car pool has lately
attracted much attention. The Pullman Co. fairly illustrates what is
meant. This great corporation provides most of the railroads with certain
kinds of cars, on a rental basis. Applying the same idea to the provision
of freight cars, you have a rough notion of the proposed car pool. It is
urged by advocates that it would unify the rolling stock organization;
make possible the enlistment of adequate capital to provide for the weak
and strong roads alike; place the entire organization under a single centralized control which would insure equity to all roads and sections. There
are others who insist it would not correct the present evils, and would divide
responsibility and make regulation and supervision more difficult. In
any event the system of consolidation would in effect clear up many difficulties in car distribution.
We come now to an entirely different phase of this transportation question.
Quite regardless of its cost, the continuity, the assurance of service at all
times, is absolutely necessary in transportation. Business that is done
to-day depends on the certainty that the goods can be delivered to-morrow.
If there is doubt about the trains running and the deliveries being made
to-morrow, there will be unwillingness to buy and sell to-day. All of
which brings us to consideration of the relations between the transportation
organization and its employees.
There is no other business, so far as I know, in which suspension of operations can produce such disastrous results as in transportation. The vital
Importance of this service has brought many people to the conclusion that
it ought to be possible absolutely to forbid and prevent railroad employees
from striking. I do not believe it possible under our form of Government
to compel men to work against their will, and do not think it desirable under
any form ofgovernment. I say this,fully recollecting my vote in the Senate
in favor of the anti-strike provision of the Railroad Act of 1920. That was
not a provision denying men the right to strike. It was merely a requirement that before the men should strike or the employer should lock them
out, both sides should submit their differences to a properly constituted and
impartial tribunal, empowered to consider the facts, determine the merits
and make an award.
It was believed that in the vast majority of cases this procedure would
prevent lockouts and strikes; and in view of the enormous loss to the carriers, to their employees and to the public resulting from strikes, I profoundly regret that it should not have been possible to give the plan a fair
trial. When I say a fair trial. I mean a trial under conditions fully and
frankly acceptable to all interests. I do not believe that in such a situation
a fair trial is possible unless both sides have absolute confidence in the fairness of the tribunal and are sincerely willing to accept its verdict. If human
wisdom shall ever be capable of setting up such a tribunal as that, and of
inspiring both sides of the controversy with complete confidence in it, we
will have traveled a long way toward industrial peace.
Personally. I have confidence that the thing is possible. I believe so
firmly in the underlying common sense of both organized industry and organized labor, and in the fairness toward both on the part of the great
public on which both of them finally depend, that I believe at last it will be
possible to arrive at settlement of industrial disputes in public service by
such a method.'Let me say so plainly that there will be no misunderstanding, that in most disputes which end in strikes or lockouts, I do not believe
the difference which at last divides the two sides very often represents any
underlying questions of human rights and human justice.
There was an interesting illustration in the strike last year of the railway
shopmen. The Government sought to effect a settlement that had for its
firm foundation the pledged acceptance by both managers and employees
of the decisions of the Railway Labor Board. To such settlement the
spokesmen of managers and employers gave their pledge, but the managers
rejected the agreement on the ground that it did not do justice to the new
employees who were taken on after the strike began. Much was made of
the issue, but in the end all settlements were effected on precisely the terms
the Government proposed. Yet the agreement to abide by the Labor
Board decision was lost in the days of anxiety and the separate settlements
which were effected.
It is inescapable that the Government feels the importance of public interest and right in connection with the settlement of such questions. The
vital existence of the nation now depends upon continuity of transportation. In recent years it has come to be accepted that there are three parties.
rather than two, to every controversy between the employer and employee
2846
THE CHRONICLE
a a public service corporation.
The employer is one, the employee is another, and the great public, which must have the right to consume and
to be served. is the third. If we are quite frank among ourselves, we will
have to admit that in dealing with such controversies the third party in
interest has, down to this time, decidedly received the least consideration.
Yet the public is the party on which finally must be placed the burden of
what ever adjustment is effected. . . .
I believe we should encourage our water service, we should encourage
and enforce co-ordinated service, we should see to an equitable division of
rates, and exact rate reductions whenever practicable to operate successfully under rate reductions.
It is a very discouraging picture to contemplate the expenditure of U0,000,000 of public funds on an inland waterway when the tonnage on that
waterway has diminished more than half, while the waterway itself is made
better and better year by year. We have either wasted many hundreds of
millions in blind folly or have been inexcusably remiss in turning our
expenditures to practical account.
I wish the railway leadership of the country could see the need of this
employment of our water routes as an essential factor in perfected transportation, and join in aiding the feasible plan of co-ordinating service and
cheapening charges, not alone as a means of popularized and efficient
public service, but as a means of ending the peril of their own fortunes.
No thoughtful sentiment in America will tolerate the financial ruin of
the railroads. But the people do not wish, now that exploitation has been
ended,to have their transportation inadequate to the country's needs, and
desire all our facilities brought into efficient service. They wish to make
sure of the ample agencies, and they demand the least carrying charge which
will make an adequate return to capital and at the same time permit
extensions and additions and enhanced equipment essential to the best
transportation in the world.
We have not fully appraised the evolution from the ox-cart to motor age.
The automobile and motor-truck have made greater inroads on railway
revenues than the electric lines with their intimate appeal to the local
community. There will never be a backward step in motor transportation.
But we shall do better if we find a plan to co-ordinate this service with the
railways, rather than encourage destructive competition. Indeed, the
motor transport already promises relief to our congested terminals through
better co-ordination. We have come to the point where we need all the
statecraft in business, to find the way of making transportation in its
varied forms adequate to the requirements of American commerce, to
afford that transportation its due reward for service, without taking from
production and trade a hindering exaction.
I can not too greatly stress the importance of this great problem. It can
not be solved by those who commend the policy of confiscation or destruction, nor can it besolved by those who make a prejudiced appeal for political
favor. We must frankly recognize the exactions imposed upon the American farmer during the war expansion of rates, take note of the wage development which will yield no reduction in the principal item of operating
cost, and seek conditions under which we may have the requisite reductions
in fixed charges which will afford encouraging relief. If the system consolidations, with diminished overhead costs, with terminal advantages largely
improved and terminal charges greatly reduced, will not afford the solution,
then our failure will enforce a costlier experiment and the one great commitment which I hope the United States will forever escape.
[VOL. 116.
Public is Interested.
The problem of efficient and uninterrupted railway transportation is
of paramount importance to the people of this country. The Peaceful
adjustment of labor controversies greatly contributes to this end.*.The
method provided by Congress for the settlement of labor disputes haslbeen
honored and observed both by carriers and employees in an overwhelming
number of instances. The railroad which refuses to conform to the labor
provisions of the Federal law assumes toward the public the same attitude
held by employees who strike against said provisions. No other railroad
In the United States has taken a position similar to that adopted by the
Pennsylvania in this case.
The Board's decision follows:
The Railroad Labor Board under the authority of Section"-313Tof the
Transportation Act, 1920,finds that the Pennsylvania System has-violated
Decision No. 218 of the Board, after the Supreme Court of the United
States had upheld the Board's right to render said decision, and has thereby
denied to its shop employees essential rights as laboring men_to which
Congress had declared them entitled.
Negotiations under Way for Wage Increases to Railway
and Steamship Clerks, Freight Handlers,
and Station Employees.
Negotiations for wage increases that will involve an additional annual expenditure of almost $400,000,000 by the
nation's Class 1 carriers and will affect approximately
265,000 men, have been started by the Brotherhood of Railway and Steamship Clerks, Freight Handlers, Express and
Station Employees, J. H. Sylvester, Vice Grand President
of the union, announced on June 16.
While settlements have been made on about ten roads, the
union is expecting to ask the Labor Board to arbitrate its
requests in a number of instances. Already ten disputes
involving as many railroads have been filed before the
Board, and Mr. Sylvester expects to file twenty or twentyfive additional cases within a short time, when he will ask
the Board to set a date for a hearing.
Shopmen Get Wage Increase on Louisville & Nashville
Railroad.
An increase in wages of two cents an hour has been granted
to nearly all classes of labor in the mechanical department of
the Louisville & Nashville RR., involving twenty shop
crafts, it was announced on June 19. E. G. Evans, Assistant Superintendent, said the increase would be effective
July 1. The increase was agreed on at a conference of offiUnited States Railroad Labor Board Takes to Task cials of the road and representatives of the Association of
Maintenance of Equipment Employees, Mr. Evans said.
Pennsylvania Railroad for Refusing to Deal With
Shopmen's Union.
Wage Increase on Rock Island Railroad.
What was characterized as a "formal rebuke" from the
S. Railroad Labor Board was issued on June 17, when
Vice-President Fritch of the Chicago Rook Island & Pacific
the Board made public a statement with respect to tha announces that a wage increase of 2 cents an hour, aggreattitude of the Pennsylvania Railroad toward the shop- gating $344,000 annually, has been granted 7,500 mechanics,
crafts union and the road's refusal to deal with labor organ- helpers and apprentices and power plant employees of the
izations outside of the ranks of its employees. The "rebuke," maintenance of equipment department.
which is the only penalty the Board can impose, deals with
violation of an order it had issued directing the carrier to
Wage Increase on Boston & Albany Railroad.
recognize the shopmen.'s union in an employee representation
The Brotherhood of Railway and Steamship Clerks,
election, declared that the railroad thereby "denied to its
shop employees essential rights as laboring men to which Freight Handlers, Express and Station Employees has neCongress had declared them entitled." The Pennsylvania gotiated a wage increase for its members with the Boston &
System, it charges, has placed itself in a position analagous Albany Railroad, ranging from one to three cents an hour.
to that of employees who strike against provisions of Federal Approximately 2,200 employees are affected and the inlaw. The opinion of the Railroad Labor Board with respect crease, which will be effective July 1, will involve a yearly
to the policy of the Pennsylvania on election of employee wage advance of $118,000, it is understood.
representatives in. full follows:
The course adopted by the Pennsylvania System in this matter is inAmerican Express Co. Workers Ask Wage Increase
defensible from every viewpoint. It cannot be justified on the ground that
of 15 Cents an Hour.
the contention of the employees or the decision of the Board deprived the
carrier of the right to deal with its own employees. System Federation
increase
of 15 cents an hour for employees of the
A
wage
No.90 was compoSed exclusively of employees of the Pennsylvania System
and their officers and representatives were employees of the carrier. If, American Railway Express Co. and the Southeastern
in rare instances, these local representatives of the employees availed Express Co. was asked on June 18 of the United States
themselves of the advice and asistance of the officers of their national
Railroad Labor Board by the Brotherhood of Railway and
organization or of other counsel, this would have been the exercise of a
fundamental right. The Board's decision did not require the carrier to Steamship Clerks, Freight Handlers, Express and Station
negotiate with System Federation No. 90 or any other organization, but Employees. In addition to wage increases for the American
merely accorded to the employees the right to choose between System
Express employees, the Board is asked to establish the same
Federation No. 90 and the organization set up by the carrier.
rules governing rate of pay for overtime work, Sundays and
System Throttles Majority.
The plan called "employee representation," which the Pennsylvania holidays, as those recently established for railroad employees
System assumes to have originated, is guaranteed in the Transportation of the same class. The Southeastern Express Co. men
Act, 1920, and prevails on the railroads throughout the United States. are not involved in the rule request.
If employee representation means anything at all, it signifies the right
of a class of employees, through majority action, to select their own representatives to negotiate with.the carrier aggrements covering wages and
working conditions. This is what Congress said It meant, but the shop
crafts have so far been deprived of this plain, simple, indisputable right
on the Pennsylvania System. The carrier has not questioned the right
of these employees to choose their own representatives, but it has prevented the exercise of this right. While professing its acceptance and
observance of the principle of employee representation, it has set up' a
system which throttles the majority and establishes the representation
of a coerced and subservient minority proven originally to amount to
about 103 % of this class of employees.
While the carrier was refusing to deal with the organization of the
shopmen and that of the clerks, as such, it negotiated agreements with
the train and engine brotherhoods, which they signed officially as the
representatives of those organizations. If the same right had been accorded
to the shopmen, this controversy would never have existed.
J. H. Puelicher on the Activities of the American
Bankers' Association.
In a resume of the work of the American Bankers Association, 3. H. Puelicher, President of that body, asserted
this week that "the manifold activities of the association
truly make it 'an institution of service to the banks and to
the nation.' It is truly," said Mr. Puelicher, "the American
association in all the high senses that name implies." In
part Mr. Puelicher, whose remarks on the subject were made
before the Wisconsin Bankers Association In convention at
Milwaukee, June 19, said:
JUNE 23 1923.]
THE CHRONICLE
2847
I am going to talk to you definitely and exclusively on the present work
of the American Bankers' Association.
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
For the moment I would like to leave that word "Bankers" out of the title
AINew York Stock Exchange membership was posted for
of tho organization and call it just the American Association.
The work the Association is doing, It is doing for America. It is not transfer this week, the consideration being stated as $90,000.
aimed to advance the cause of bankers as opposed to,or even as distinguished The
last preceding sale was at $91,000.
from, other units of American life. It is working solely to advance the
welfare of America—to benefit all Americans. In a benefited America
will be found the highest benefit for bankers.
At the regular meeting of the Board of Trustees of the
The American Bankers' Association, therefore, in purpose and in action.
Is Equitable Trust Co. of New York, held June 19, Alvin W.
the American Association. The make-up of its membership, the structure
of its organization, particularly fit it to live up to this high title, to meet Krech, President, was elected Chairman of the Board and
effectively the great ooligations that are therein implied and that conditions ArthunW. Loasby was elected President, to take effect
as of
to-day forcibly emphasize.
At the opening of the present administration of the Association it was felt July 1 1923. When Mr. Krech was called to the Presidency
that vigorous continuance of the campaign of public education to broaden of the Equitable in 1903,its whole staff did not exceed twentygeneral understanding of banking, its economic significance and of its public five persons;
to-day this organization numbers in excess of
obligations would necessarily be the leading phase of our activities during
1922-23. The subsequent months have verified this. The need for public 1,600 officers and employees. During the year 1903, the
education in banking and other economic subjects has steadily been made capital of the company was increased from $1,000,000 to
more imperative by developments during this period.
$3,000,000. The company's announcement of the 29th
Therefore, an unflagging effort is being made to bring about closer economic acquaintanceship between the banker and the public, to develop a inst. also says:
Its surplus in that year was $8,500,000, its undivided profits $540,000
better general understanding of the fundamental principles on which the
work of the banker is based in serving the personal and business interests audits dividend rate 9% per annum.
of every man, woman and child in the nation, directly and indirectly.
In 1909 the Equitable, in accordance with the spirit of the progressive
The Association at its last convention in New York in October, 1922, banking institutions of the period, conducted a series of important mergers,
definitely formulated this as its policy in the following paragraph in its resulting in a tremendous growth and the centring in the Equitable Trust
resolution: "We pledge our support to the incoming President of Ube Ameri- Co. of wide and diversified connections.
can Bankers' Association in the campaign to teach thinking along economic
During 1917 the capitalization was made $6,000,000, in 1919 the capitallines. We regard such education as necessary for the safety of our great ization was again increased, to $12,000,000, and in December 1922 the
democracy. We believe that the university, colleges and other educational capitalization was made $20,000,000.
The merger of the Importers & Traders National Bank into the Equitable
institutions of this country should co-operate to further this work. We
recognize the splendid educational accomplishments of the American Insti- Trust Co. of New York, Which will be completed on June 29, will give
tute of Banking, and we recommend its future possibilities to the active the Equitable a capitalization of $23,000,000 and surplus and undivided
profits of $9,500,000.
and intelligent interest of the members of this Association."
Mr. Krech on July 1 will have completed his twentieth year of service as
Pursuant to this policy a series of ten lectures on banking and allied subjects in simple terms is being presented by bankers in schools throughout the President of the Equitable, and after these long years of active leadership,
country. Let me briefly review what this program is. A big point here is his organization can look back with pride upon achievements which have
occupied a prominent place in the financial history of the country.
that bankers are doing this—we are not hiring others to do it.
Arthur W.Loasby,the new President of the Equitable, who came to that
The privileges of membership are no longer the only reason for joining the
Association. The chief emphasis is now upon the responsir ilities of mem- institution in 1920, entered upon his banking career as a clerk in the First
bership. Unless we can convince our members that the future of our pro- National Bank of Syracuse. It was in 1900 that he received his first adfession depends to a large extent upon the public service of this Association. vancement, when he was appointed loan teller. Several years later he bewe shall make little progress. We need the services of the ablest and best of came manager of the First National's bond department. In 1910, after
our profession, and we must convince them that in giving freely of their having also served in the capacity of Assistant Cashier, Mr. Loasby was
time and energy to the Associalon they are furthering in every way the in- elected Vice-President of the bank where as boy he had begun his banking
a
career. As Vice-President of the First National Bank of Syracuse, Mr.
terests of their own institutions, of their profession and of their country.
There can be no economic stability to our society unless the economic Loasby soon demonstrated the executive
ability and qualities of leadership
education of our people increases commensurately with the economic com- which were responsible for his election later
as President of the Trust &
plexities of modern life. Unless there is a greater economic understanding, Deposit Company of Syracuse. Mr. Loasby
served as President of this
misinformation, the attacks of the political demagogue and the agitator institution for six years.
may undermine the -trength of the financial system which we believe to
It was under his direction that a consolidation
be
was effected between
the First National and the Trust and
necessary for the stability and safety of our country.
Deposit Co.
Mr.Loasby, having been the leading
Our school lectures in a measurs meet this situation. They present in as
figure in the creation and consimple language as possible, the purpose for which banks exist, the meaning summation of the merger, was the natural choice
for the presidency of the
of credit, the large volume of business possible only because there is such a new institution.
Mr. Loasby was President of the new First
thing as credit, the need of saving and thrift, and incidentally give a correct
Trust & Deposit Co. until
picture to our young people of the Economic basis upon which our whole 1920, when he was elected a Vice-President of the Equitable Trust
Co.
Shortly after his appointment Mr. Loasby was elected
social structure rests.
a trustee of the
In our endeavor to bring information to the adult population of our Equitable. He has been senior Vice-President of the bank since Feb.
country, we have also gone to the libraries. We have asked the librarians to 8 1922.
As acting head of the institution in the
compile lists of books which they think will help to educate and give to our
absence of M. Krech, Mr. Loasby
population a better understanding of modern conditions. Banks in turn conducted the negotiations which resulted in the recent merger of the
have agreed to undertake the distribution of such bibliographical lists to Importers & Traders National Bank of New York into the Equitable Trust
their customers, in tinc hope that here and there the seed thus sown will fall Co. of New York.
upon fruitful ground. The banks take no part in the compilation of the
The merger of the Importers & Traders National Bank into the Equitable
lists of books. This is the work of the librarian who knows best what books Trust Co.of New York,brings to the Equitable board the following trustees,
who were also appointed at yesterday's
It is desirable to bring to the attention of the public.
meeting: James A. Goldsmith, of
The Association does not limit its public services to these educational Hess, Goldsmith & Co.; Charides A. Wimpfheimer, President A. Wimpfcampaigns.
Questions of general public moment are constantly being heimer & Bros., Inc.: Harry H. Powell and Edward P. Townsend, who in
handled by the various commissions and committees of the Association.
addition to their appointment as trustees were also elected Vice-Presidents
The Agricultural Commission is giving unceasing attention to the financial of the comparty.
needs of the farmer and is working to bring about a growth of mutual
The Equitable's foreign offices are keeping pace with the growth of the
understanding between agriculture and finance. In furtherance of this
parent organization.
purpose
enlarged funds have been provided for expanding the activities of
In
London, the offices at 3 King William St., which have served the
the Commission,and Professor D.H.Otis,a Well-known agriculturist, with
extensive financial and business sections of London for years, have been removed to
practical experience in farm manngement and finance, has been
much
larger quarters at 10 Moorgate, E. C. 2, and in order to adequately
appointed
director of the Commission.
serve the hotel and shopping centre of the city, offices have been opened
He also has the co-operation of an Advisory Council of three of the
in the New Bush House, Strand, W. C.
nation's
outstanding agricultural experts and educators, made up of President
In Paris also, the Equitable has made substantial progress, recently
William M. Jardine of the Kansas State Agricultural College, at
Manhattan, enlarging its banking quarters at 23 Rue de la Pair.
Kansas: Doan William R. Dodson of the College of Agriculture,
Louisiana
Previous mention of the proposed merger of the Importers'
State University at Baton Rouge, Louisiana, and Doan Harry L.
Russell &
Traders' National Bank into the Equitable Trust Co.
of the College of Agriculture, University of Wisconsin at Madison,
Wisconsin,
appeared in these columns Feb. 24, page 777; March 10, 40'
Burton M. Smith of North Lake, Wisconsin, Chairman of the
Cam- page 1014, and April 21, page 1725.
mission, has expressed his determination to make it render an
increasingly
valuable service in the economic life of the country, saying: "The underJoseph S. House, Cashier of the Mechanics & Metals
lying endeavor of the Commission will continue to be a better understandin
g
and a greater co-operation between the banker and the farmer," and he is National
Bank of New York City, retired from active busimore than making good his promise.
ness life on June 20, when his resignation was tendered
Still other broad, public problems engage the attention of the Association.
to
The foreign situation and America's world economic position are the
sub- the board of directors of that institution. In announcing
jects of study of the Commerce and Marine Commission, while the internal his
retirement Mr. House declared that he hoped now to
economic policies of the nation, such as sound currency, Federal Reserve
banking, labor and many other topics are in the hands of the Economic fulfil an ambition which he has entertained for a long time,
Policy Commission.
namely, to travel extensively. The pressure of official
In the banking field itself the National Bank Division, the Savings
Bank duties had heretofore made the fulfilment
of this ambition
Division, the State Bank Division and the Trust Company Division are
car- impossible.
rying on the more specialized activities of the Association, involving
In accepting Mr. House's resignation the board.
the
various classes of banking institutions indicated in the names of these
major of directors of the Mechanics & Metals National Bank exsubdivisions of the Association. The Clearing House Section is serving
the pressed regret at his decision to
retire to private life. Mr.
Interests of banking as a whole in perfecting the machinery for the
trans- House
is widely known in banking and business circles
ference of funds and other inter-banking operations. The American
Institution of Banking Section is also serving the interests of all banking in
devel- throughout the country, his duties having for many years
oping among the younger bank employees better qualified personnel
for brought him intimately
conducting bank operations more efficiently and rendering better
in touch with financial and industrial
economic leaders
banking service to the nation. The State Secretaries Section is
from every section of the United States. It was in
active in
promoting the common interests of the many State bankers'
associations 1907 that Mr. House joined with Charles H. Sabin and his
and the State and Federal Legislative Committees and Council, and
the associates in
organizing the National Copper Bank, Mr.
Committee on Taxation are rendering splendid service in developments
in
those fields affecting banking. The Protective Department is giving effect- Sabin assuming the Presidency and Mr. House becoming
ive protection to banks against the operations of criminals.
Assistant Cashier of the new institution. In
1910 the
2848
[VoL. 116.
TILE CHRONICLE
merger of the National Copper Bank with the Mechanics &
THE CURB MARKET.
Metals occurred. Mr. House became Cashier of the merged
Trading in the Curb Market this week was dull and
institution in that year, and continued in the position until prices weakened considerably. The failure of another long
his resignation June 20.
established brokerage firm added to the general unsettlement
of the market. The oil group, as usual, continues the
city,
this
of
Co.
Trust
The directors of the Manufacturers
centre
of interest. Eureka Pipe Line lost 8 points, to 100.
at a meeting held on June 14, declared a quarterly dividend Ohio Oil sold up at first from 60 to 63 then down to 59, with
of 4%, payable July 2 to stockholders of record at close of to-day's transaction showing a recovery to 62. The close
business June 20, 1923. This is in place of the 3% quarterly was at 61. Prairie Oil & Gas after early loss of about 10
dividend heretofore paid, thus placing the stock upon a 16% points, to 183, moved up to 200. Prairie Pipe Line weakannual basis. On Oct. 1 1922 an extra dividend of 2% was ened from 105 to 103, recovered to 10434 and closed to-day
declared, making 14% paid during 1922.
at 104. Solar Refining fell from 180 to 174 and sold finally
at 175. Standard Oil (Indiana) after an early advance
its
has
increased
The Midwood Trust Co. of Brooklyn
5634 to 56% fell to 54 and to-day rose to 5732, the
from
capital stock from $500,000 to $700,000. Plans to enlarge close being at 573/2. Standard Oil of New York after loss
31,
March
columns
these
in
the capital were referred to
of about 13/2 points, to 36%, advanced to 39 and finished
page 1373. The new stock was authorized by the stockhold- to-day at 383/2. Vacuum Oil gained over 3 points to 483i
ers on April g and the increased capital became effective and sold finally at 48. Gulf Oil of Pa. dropped from 53%,
July 2 1923. The new stock was disposed of at par, viz., to 503's, the close to-day being at 52. Imperial Oil of
$100 per share.
Canada broke from 103 to 963/2 but recovered finally to
MOM. Magnolia Petroleum was off from 132 to 1253/2,
Boston
of
Bank
John N. Eaton of the Merchants National
though
transactions were recorded to-day at 134. Marahas been elected President of the Robert Morris Associates,
Exploration advanced from 2134 to 2334 and
caibo
Oil
research,
and
economic
credit
for
a national organization
at 223/2. Southern States Oil was heavily
week
the
ends
composed of loaning officers and credit executives of the
traded in down from 1734 to 1734 and back to 1534 finally.
States.
United
the
banks throughout
Changes in the industrial list for the most part were narrow.
from 23% to 203. Bridgeport
Edward F. Leland, for many years prominent in the American Stores weakened
to 1434. Checker Cab Mfg.,
1534
was
from
off
Machine
&
Leland
of
F.
firm
E.
the
of
member
senior
grain trade as
recovered to 43. Durant
51
to'
from
but
fell
34
A,
class
Leland
Co. of Chicago, died on May 25. The firm of E. F.
Motors declined from 49 to 45 and recovered to 48. National
& Co. retired from business last August.
Supply Co. sank from 57 to 543. In bonds, United Oil
3 to
8s suffered a severe break, dropping from 95%
Producers
Claude G. Rives Jr. became Vice-President of theWhitney8934, the close to-day being at 9134.
Central Trust & Savings Bank, New Orleans, on June 15.
A complete record of Curb Market transactions for the
Mr. Rives is one of the best known bankers in the South.
week will be found on page 2872.
Co.
&
Banking
Trust
Interstate
the
with
formerly
He was
of New Orleans, with whom he had been connected since
COURSE OF BANK CLEARINGS.
1915. His first connection was with the Commercial
show an increase over a year ago, but
clearings
Bank
to
went
from
he
in
which
National Bank in Shreveport 1905,
the First National in Shreveport the following year. In the ratio of gain is small. Preliminary figures compiled
1911 Mr. Rives was appointed Assistant Bank Examiner by us, based upon telegraphic advices from the chief cities
for Louisiana under W. L. Young. In 1915 Mr. Rives of the country, indicate that for the week ending to-day
became Auditor of the Interstate Trust & Banking Co. in (Saturday, June 23) aggregate bank clearings for all the
New Orleans,of which institution he was made Vice-President cities in the United States from which it is possible to
in 1920. He was elected a director in 1921. Another honor obtain weekly returns will show an increase of 4.7% as
came to him at the last convention of the Louisiana Bankers' compared with the corresponding week last year. The
Association, when he was elected President of that body total stands at $7,975,907,142, against $7,619,397,583 for
is a falling
In 1923, having previously served as Vice-President. Before the same week in 1922. At this centre there
week is
the
for
summary
comparative
Our
3.2%.
at
of
off
guest
a
was
his departure from the Interstate, Mr. Rives
'a dinner given in his honor, at which a handsome gold as follows:
watch was given him as a token of the esteem in which he
Per
Clearinge-Returns by Telegraph.
Cent.
1922.
1923.
Week ending June 23.
Is held.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
The stock market the present week has been under the
influence of the Stock Exchange failures. Early in the week
it was extremely depressed as a result and a long line of
shares established new low records for the year. Announcement on Saturday of the suspension of Knauth, Nachod &
Kuhne had little effect on the stock market on that day, but
on Monday, when the importance of the failure began to be
realized and rumors were circulated suggesting other failures, prices broke all around. The tone was much better on
Tuesday, although the trend of prices was again downward
during a part of the session. The announcement of the Zimmerman & Forshay failure on Wednesday precipitated a further great break. Declines were numerous, and losses from
2 to 5 points were conspicuous in the day's trading. Baldwin
Locomotive dropped from 126 to 120%. American Can from
92 to 88, American Locmotive from 138 to 132, Stewart-Warner, 82 to 78%, Studebaker 106% to 103%. U. S. Steel common dropped to 90%, and again made a new low record for
the year. Overnight advances from Wednesday's closing
prices did much to stimulate the stock market on Thursday.
Some of the more active securities registered advances of
from 2 to 4 points during the day's trading. Substantial
gains were recorded in the railroad list in Friday's market,
and in the closing hour values reached their highest level.
Included in the upward swing were A. T. & S. F., which went
up to 103%, Atlantic Coast Line, 115 to 118%; Pere Marquette, 42% to 43%. Other notable advances were American Can, 92 to 94; Stewart-Warner, 83 to 84; American Locomotive, 1354 to 136%; Continental Can, 45% to 46½;
2.
1
Dupont 119 to 120/
63.575,000,000
New York
497,043.392
Chicago
448,000,000
Philadelphia
304,000.000
Boston
114,668,378
Kansas City
St.
sa
130,900,000
SanLoui
Francisco
150,775,414
Pittsburgh
140,877,341
Detroit
89,096,176
Baltimore
47,090,664
New Orleans
$3,694,571,467
452,991,807
359,000,000
322,000,000
113,391,132
a
110,200,000
*109,000.000
140,848,704
64,258,262
44,997,531
-8.2
+9.7
+24.8
-5.6
+1.1
a
+18.8
+38.3
+0.02
+38.7
+4.7
Ten cities, 5 days
Other cities, 5 days
$5,497,451,365
1,149,137,920
$5,411,258,903
938,155,750
+1.6
+22.5
Total all cities. 5 days
All cities, 1 day
$6,646,589,285
1,829,817,857
$6,349,414.653
1,269,882,930
+4.7
+4.7
57.975.907.142
Total all cities for week
a No longer report clearings. •Estimated.
57.619.397.583
+4.7
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday), and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has in all cases had to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous-the week ending June 16. For
that week there is a decrease, but it is small, being only
1.0%, the 1923 aggregate of the clearings being $7,939,015,499 and the 1922 aggregate $8,021,193,098. Outside of this
city, however, there is an increase of 13.9%, the bank
exchanges at this centre having fallen off 11.1%. We group
the cities now according to the Federal Reserve districts in
which they are located and from this it appears that in the
Boston Reserve District there is an increase of 30.2%;
in the Philadelphia District of 11.3%, while in the New York
Reserve District (because of the falling off at this centre)
there is a loss of 10.8%. In the Cleveland Reserve District
JUNE 23 1923.]
TILE CHRONICLE
the totals are larger by 17.6%, in the Richmond Reserve
District by 20.3%, and in the Atlanta Reserve District by
11.1%. The Chicago Reserve District has a gain of 9.0%,
the St. Louis Reserve District of 21.0%, and the Minneapolis Reserve District of 16.7%. The Kansas City Reserve District has a decrease of 4.8%, while the Dallas
Reserve District and the San Francisco Reserve District
both enjoy gains, the increase being 5.8% for the former
and 18.5% for the latter.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week ending June 16 1923.
1923.
Federal Reserve Districts.
$
(1st) Boston
11 cities 479,875,738
(2nd) New York
.10 " 4,326,994,188
(3rd) Philadelphia_ _ _.10 ''
545,108,957
(4th) Cleveland
9 ''"
399,771,873
(6th) Richmond
6 "
187,710,503
(6th) Atlanta
12 "
169,333,955
(7th) Chicago
19 "
880,354,695
(8th) Bt. Louts
7 72,293,123
(9th) Minneapolis__ -- 7 "
131,112,084
(10th) Kansas City
11 "
229,171,518
(11th) Dallas
5 "
49,340,755
(12th) San Francisco_ 16 "
467,948,110
Inc.or
Dec.
1922.
$
368,439,937
,851,852,144
489,794,184
340,065,678
156,040,305
152,484,644
807,917,659
69,767,148
112,369,004
240,784,676
46,656,152
395,041,567
1921.
1920.
$
$
%
+30.2 332,494,801 474,710,663
--10.8 4,767,248,598 5,216,192,451
+11.3 485,570,899 599,449,324
+17.6 356,219,109 494,134,731
+20.3 141,822,318 196,216,844
+11.1 138,453,813 213,249,847
+9.0 684,094,405 927,239,564
+21.0 56,945,479 73,311,200
+16.7 123,725,178 154,704,956
-4.8 244,964,714 367.178,891
+5.8 45,228,935 72,594,389
+18.5 348.075,711 423,698,176
Grand total
123 cities 7,939,015,499 8,021,193.098 -1.0 7,224,343,960 9,212,676,836
Outaide New York City
3,668,577,082 3,237,640,265 +13.9 3,017,449,617 4,074,419,984
nn
..1.1
090 A101.7•14
g
orgn n,gg ntvg
-Lggt A
orgs ion ion
g
ogne
ne.'to
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ending bine 16.
Clearings al1923.
First Federal
Me.-Bangor___
Portland
Mass.-Boston _ _
Fall River - -Holyoke
Lowell
Lynn
New Bedford_ Springfield- _ Worcester
Conn.-Hartford.
New Haven_ _
R.I.-Providence.
Total(11 cities)
Inc. or
Dec.
1922.
$
Reserve Dist rict-Boston
770,058
787.546
3,359.932
3,170,509
429.000,000 322,000,000
2,323,486
2.089,963
a
a
1,578,304
1,199,413
.5
a
1,883,746
1,686,360
5.288,402
5.305,587
3,785,000
4,189,000
11,706,579
9,806,110
7,124,231
6,782,849
13,056,000
12,422,600
479,875,738
1921.
1920.
-2.2
+6.0
+33.2
+11.2
a
+31.6
a
+11.7
-0.3
-9.6
+19.4
+23.2
+5.1
922.711
2,500,000
293.006,313
1,516,765
a
1,302,716
a
1,734,377
4,107,897
3,516,000
8.153,713
5,298,609
10,435,700
895,597
2,800,000
423.923,217
2,503,365
a
1,630,750
a
2,440,319
5,540,438
4,966,034
9,729.973
5.750.870
14,530,100
368,439,937 +30.2
332,494,801
474.'710,663
Second Feder al Reserve D IstrIct-New
N. Y.-Albany-6,16J,640
5,173,197
Binghamton_ _
1,268,700
1,028,242
Buffalo
d46,427.468
41,670,723
Elmira
918,717
662.136
Jamestown__ _ _
.1,549,458
1,172,138
New York.... 4,250,438,417 4,783,562,833
Rochester
12,021,053
10.337,783
Syracuse
4.747,426
4,241,820
Conn.-Stamf'd
.2,761,994
3,158,222
N. J.-Montclair
694,317
855,050
Total(10 cities) 4,326,994,188 4,851,852,144
York+19.2
3,253.906
4,744.034
+23.4
927,420
1,406.400
+11.4
38,337,004
53,163,592
+38.8
+32.2
990.760
-11.1 4,206.894,343 5,138.256.852
9,381,283
+16.3
13,158,103
3,881,905
+11.9
4,600.000
2,781,822
-12.5
800,155
18.8
863.470
-10.8 4.267,248,598 5.216.192.451
Third Federal Reserve Dist rict-Philad elphla.
Pa.-Altoona
1.668,594
1,174,989 +42.0
970,474
1,235,550
Bethlehem
6,238,159
3,178.276 +96.3
2,510,808
3,726,388
Chester
1,502,842
1,302,557 +15.4
1,143,457
1,822,744
Lancaster
3,383,178
2,833,270 +19.4
2.236.534
3.000,000
Philadelphia_ 613,000,000 466,000,000 +10.1 462.948,646
570,644,360
Reading
3,824,235
3.001,276 +27.4
2,481.203
3,351,301
Scranton
5,710,196
4,567,121 +25.0
5,376,347
5,927,504
Wilkes-Barre_ _
d3,333,626
2,738,409 +21.7
2,763.095
3.109,898
York
1,818,989
1,226,462 +48.3
1,374,721
1,770,174
N.J.-Trenton
4,629,138
3,771,824 +22.7
3,767,614
4,861,405
Del.-WIlm'gton.
a
a
a
a
Total(10 cities)
545,108,957
489.794,184 +11.8
Fourth Feder al Reserve D 'strict-Cie
Ohio-Akron
d7,569,000
5,625,000
Canton
6,204,076
4,519.233
Cincinnati
71,624,405
62,329,605
Cleveland
.122,649,071
98,407,080
Columbus
17,612,400
14,447,400
Dayton
•
a
Lima
a
a
Mansfield
d2,076,789
1,398,186
Springfield
a
a
Toledo
a
a
Youngstown
d5,002,946
4,117,793
Pa -Erie
a
a
Pittsburgh
182,580,056 143,272,725
W. Va. Wheel'g
4,453,130
5,948,650
Total(9 cities).
399,771,873
485,570,899
599,449,324
veland
5,779,000
+34.6
13,335,000
+37.3
4,503,798
6,700,345
+14.9
61,623,858
81,270,642
+24.6 102,276.170 173,218,686
+21.9
14,200,700
15,401,400
a
a
a
a
a
•
+48.5
1,299,294
1,908,161
a
a
a
a
a
a
+21.5
3,528,601
4,594,461
a
a
a
+13.5 158,312,403 191,729.662
-25.1
4,695,276
5,976.374
340,065,678 +17.6
356,219,109
494,134,731
Fifth Federal Reserve Dist rict-Richm ondW. Va.-Hung'tn
2,132.209
2,149,876 -0.8
Va.-Norfolk.._
d7,432,772
7,507.139 -0.1
Richmond _ _ _
49,785,000
45,310.581 +9.9
S. C.-Charlest'n
d2,753,264
2,963,774 -7.1
Md.-Baltimore _ 100.556,267
78,104,817 +28.7
D. C.-Wash'ton
25,050,991
20,004,118 +25.2
1,990,422
6,922,485
38,352.069
2,528,783
73,489,980
18,538,579
1,872,832
10,374,341
59.035,080
5,000,000
100,529,383
19.405,008
141,822,318
196,216,044
4.876,998
2,813,431
17.099.221
40,143,713
1,510,678
•1,000,000
a
10.091.2U
19,799.615
1,471,793
698,961
237.511
38,710,659
10,061,428
3,568,375
24.107,536
66.592,136
3,700.131
•1,800,000
a
13,243,613
19420.451
2.779,374
598,128
320,0.54
67,160,621
138,453,813
213,249,847
Total(6 cities) _ 187,710.503 156,040,305 +20.3
Sixth Federal Reserve Dist rIct-Atlant aTenn.-Chatt'ga. d6,303,001
5,888,654 +10.8
Knoxville
3,293,978
2,473.379 +33.2
Nashville
.20.537462
17,456,032 +17.7
Ga.-Atlanta._
50,299,166
40,833,485 +23.2
Augusta
1,742.000
2,197,417- -20.7
Macon
1,755,707
1,152,740 +52.3
Savannah
a
a
a
Fla.-Jacks'nville
14,088,272
10,803,106 +30.4
Ala.- Illrm'gham d21,130.000
21,605,290 -2.2
Mobile
1,804,934
1475,987 -3.8
Miss.-Jackson..
914.480
1,117,637 -18.2
Vicksburg _ _ _ _
285,279
340,556 -16.2
47,179,476
La.-New Orleans
46,940,381 +0.5
Total(12 cities)
169,333,955
152.484,644 +11.1
2849
Week Ending June 16.
Clearings at1923.
1922.
Inc. or
Dec.
1921.
1920.
Seventh Fede cal Reserve District-Ch icagoMich.-Adrifus
226,646
212,735 +6.5
180,000
262,414
Ann Arbor____ • 902,120
697,516 +29.3
561,852
632,117
Detroit
143,929.957 117.464,924 +22.5 100,000,000 168,022,174
Grand Rapids_
8,424,180
6,859,097 +22.8
6,523.154
7,788,093
Lansing
2.031.000
2,225,000 -8.7
1,769,000
2,069.535
Ind.-Ft. Wayne
2,622,704
2,073,980 +26.5
1,777,976
2,103,223
Indianapolis_
23,436,000
19,100,000 +22.7
15,687,000
19,522.000
South Bend_
2,677.000
2.238.300 +19.6
2,400,000
2,100,000
Terre Haute_ _ _
5,568,315 Not included In total
Wis.-Milwaukee
39,089,515
32,575,844 +20.0
30,044,228
36.250,957
la.-Ced. Rapids
2,701.493
2,198,934 +22.9
2,030,801
2,639,866
Des Moines
13,195,756
9,703,579 +36.0
7.515,341
12,472,824
Sioux City_ _ _
6,101,715
6,051,198 +0.8
5,582,241
10,104,785
Waterloo
1,571,482
1,300,000 +20.9
1,245,749
2,077,301
111.-Blooming'n_
1,584,420
1,209,654 +31.0
1,320,081
2,182,290
Chicago
820,543,602 594,210,994 +4.4 498,434,900 646,757.755
Danville
a
a
a
a
a
Decatur
1,434,361
1,270,164 +12.9
1,067,294
1,459,745
Peoria
4,662,982
4,156,680 +12.2
3,517,478
5,500,000
Rockford
2,743.189
2,026.430
1.996.873 +37.4
2,599.958
Springfield_
2,372,207 +4.4
2,476,593
2,430,880
2,694,527
Total(19 cities) 880,354,695 807,917,659 +9.0 684,094,405 927,239,564
Eighth Federa Reserve DI,trict-St.Le ulsInd.-Evansville,
4,456,320 +19.2
5,310,050
4,167,884
4,840,869
Mo.-St. Louis_ _
a
a
a
a
a
Ky.-Louisville_
34,052,209
27,874,697 +22.2
26,569,323
31.169,438
Owensboro
_
391,437
864,44
354,189 +10.5
429.137
Tenn.-Memphis
16,523,391 +21.6
15,172,754
20,093.189
22,646,752
Ark.-Little Rock
8,822,364 +21.2
10,696,547
9,069,014
12,129,828
111.-Jacksonville
324,792
349,058 -7.0
303,373
522,081
Quincy
1,424,899
1.298.683
1,387,129 +2.7
1,573,096
Total(7 cities)72,293,123
58,945.479
59,767.148 +21.0
73,311,200
Ninth Federal Reserve DU trict-Minn °spoils
Minn.-Duluth _. d9.572,389
6,100,052 +56.9
Minnespolia
66,260,388 +14.2
75,639,151
St. Paul
38,854,589
32,677,481 +18.9
N. D.-Fargo....
2,188,096
2,261,658 -3.3
S. D.-Aberdeen.
1,454,521
1,417,620 +2.6
_
477,603
-16.5
•
Helena
2,925,735
3,079.829 -5.0
Total(7 cities). 131,112,084 112,369,004 +16.7
Tenth Federal Reserve DI,trI
ct-Kens as City
Neb.-Fremont
d609,401
413,211 +47.5
Hastings
510,970
572,105 -10.7
Lincoln
4,624,830
4,408,486 +4.9
Omaha
44,354,414
41,439,527 +7.0
Kan.-Topeka
d3,037,990
2,697,875 +12.6
Wichita
d9,019,000
11,110,762
Mo.-Kan. City_ 126,622,217 137,759,543 -18.8
-8.1
St. Joseph_ _ _
a
•
a
Okla.-Muskogee
a
a
Oklahoma City d19,031,189
21,368,933 -10.9
Tulsa
a
a
Colo.-Col. Spgs.
1,287,699
1,184,045 +8.8
Denver
19,165,683
18,958.866 +1.1
Pueblo
.908,125
851,323 +6.7
Total(11 cities) 229,171,518 240,764,676 -4.8
Eleventh Fede cal Reserve District-Da BasTexas-Austin..
1,735.508
1,680,564 +8.3
Dallas
27,375,984
24,454,106 +11.9
Forth Worth.. d9,519,535
10,047,000 -5.3
Galveston
5,643,919
0,388,300 -11.7
Houston
a
a
a
La.-Shreveport _
5,065,809
4,086,182 +24.0
Total(5 cities)_
49,340.755
46,656,152
Twelfth Feder al Reserve D lstrict-San
Wash.-Seattle.
40,668.189
39,251,011
Spokane
11,282,000
10,414,000
Tacoma
a
Yakima
1.211,324
1,384,618
Ore.-Portland _
37,017,809
33,988,829
Utah-S. L. City
14,699,522
12,496,111
Nev.-Reno
a
a
Aria.-Phoenix _
a
Calif.-Fresno_ _ _
4,016,733
3,752,174
Long Beach....
8,509,700
4,826,701
Los Angeles__
145,125.000 110,114.000
Oakland
16,348,080
14,148,306
Pasadena
5,445,352
4,225,647
Sacramento _
d6,740,475
5,842,010
San Diego
4,543,384
3.090.995
San Francisco_ 166,200,000 146,100,000
San Jose
2,223,738
2,016,420
Santa Barabara
1.374,824
998.845
Stockton
2,552,000
2,391,900
Total(16 cities) 467,948,110 395.041,567
Grand total (123
cities)
7,939,015,499 8,021,193,098
OutsideNew York 3,688,577,082 3,237,640,265
9,480,222
89,281.050
48.767,306
2.600,000
1432,089
1,136,035
1.808.254
123,225,178
154,704456
697.408
757,732
511,573
675,716
3,201.994
5,537.664
39,515,968
59.070.064
2,889,425
3,037,186
11.210.079
14.028.722
144,758.293 247.374.376
a
a
a
•
13,402,421
23,194,058
a
1.092,298
990,292
21,062,166
17,360.039
1.138,596
635,585
244,964,714
367.176,891
1,305.827
22.746,533
10,782.836
6.682,688
a
3,711,051
1,300,000
37,374,169
22.110,640
6,483,054
a
5.326,526
45,228,935
72.594489
47,840,518
13,521,417
a
1,829,152
1,1156,838
34,291,997
47,019,632
12.097.652
16,942,616
a
a
a
a
3,257,180
4,143,459
+7.1
3,536,883
2,645,215
+76.3
89,166,000
84.805.000
+31.8
10,270,547
11,346.264
+15.5
3,566.040
3,040,789
+28.9
4.694,417
5,912.762
+15.4
3.021.327
2,939.432
+47.0
+13.8 134.000,000 172.700,000
1,442,229
2.206,442
+10.3
760.520
856,978
+37.6
4,371,100
5,946,500
+6.7
+18.5
32.380.032
10.162,949
348,075.711
423.696,176
-1.0 7,224.343.960 9.212,676,836
+13.9 3,017,449.617 4.074.419.984
Week ending June 14.
Clearings at-1923.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William__ -..
New Westminster
Medicine Hat
Peterborough..- _ ..
Sherbrooke
Kitchener
Windsor
Prince Albert.._
Moncton
Kingston
+5.8
Franc'
+3.6
+8.3
a
-12.5
+8.9
+17.6
a
7,324,435
69.090,87
39,702,681
1,918.132
1,250,803
715.532
3,222,717
9
107,686,184
97,192,664
42,719,102
14,327,420
7,239,394
*5,700.000
3,146.831
5,986.872
4,194,126
2,673.257
1,984,252
3,304,411
4,369.216
3,185,763
530.282
627,667
1,567,618
962,464
1,075,817
837,975
585,570
255,986
804,812
909,848
1,108,968
4,288.545
340,530
1,111,018
' 696.132
1922.
$
93,959,362
96,943,561
38,475,413
13,695,508
7,584,447
6,121,719
3,629,814
5,719,237
.5,177,846
2,823,751
2.072,854
3,093,062
4,385,851
3,057,859
557,891
614,743
1,633,627
980,16
1.083.754
603,804
712,71
374,444
733,780
812,09
1,177,428
4,093.649
307,637
1.104,139
708.254
if14. CT
INC.
%
+14.6
+0.3
+17.1
+4.6
-4.6
-6.9
-13.3
+4.7
-19.0
-5.3
-4.3
+6.8
-0.4
+4.2
-4.9
+2.1
-4.0
-1.8
-0.7
+38.:
-17.8
-31.6
+9.7
+12.0
-5.8
+4.8
+10.7
+0.7
-1.7
1921.
$
122,950.617
107,351,208
46,674,001
12,413,120
9.352,865
5,756.408
3,532,996
5.701.903
6,512,505
2,723,286
2,561,024
3,168,204
4,640,484
3404,659
685,484
626,38
1,804,079
1.213,671
1,176.231
823.516
611,259
438,744
844,423
1,064,967
1,065.580
3,282,3
1920.
$
151,400.930
113,715,077
42,219,027
16,705453
11,193,054
6,886.790
5.669,496
8,045,486
6,862,274
3,682.971
2,300.000
4,920,673
4,850,713
4,266.844
750.000
788.531
2.215.530
1,758,935
1,430.122
868.616
794450
538.938
905,780
1,473,420
1,301.087
3,518,921
1,010,389
789,845
Total Canada_ sio Al') 100 2nn nag rifi9 .1.19.4 3.52,190,126 399.061.218
•No longer report clearings.
Do not respond to requests for figures. c Week
ending June 13. d Week ending bJune
14. e Week ending June 15. •Estimated.
2850
Evora. 116.
THE CHRONICLE
ENGLISH FINANCIAL MARKETS-PER CABLE.
- THE ENGLISH GOLD AND SILVER MARKETS.
of
The daily closing quotations for securities, &c., at London,
We reprint the following from the weekly circular
reported by cable, have been as follows the past two weeks:
as
of
date
Thurs. Frt.
Wed.
Mon. Tues.
Samuel Montagu & Co. of London, written under
Sat.
June 9. June 11. June 12. June 13. June 14. June 15.
London.
32"is
May 23 1923:
3131
3131
3134
3113ra
3131
d
Silver, per oz
GOLD.
issue on the 16th inst.
The Bank of England gold reserve against its note
on the previous Wedneswas £125,697,705, as compared with £125,696,050
that a good proportion
day. As inquiry from India is not large, it is possible
will be sent to America.
of the supplies coming on to the market this week
several European coun' Excessive emission of paper money on the part of
expressed in such currency,
tries has rendered their present trade movements,
preceding years-whether post
useless for effective comparison with those of
Austria and
or pre-war. In order to remedy this defect, Germany, Russia,
at is to say, in the
Poland now value their imports and exports in gold-th
the war. It is anrespective gold units of currency which obtained before
conceded freely
nounced from Vladivostock that gold mining claims are now
24, and
to Russians and foreigners, and that placer claims can be rented for
Gold, per fine ounce
Consols, 254 per cents
British, 5 per cents
British, 434 per cents
French Rentes(in Paris)_ fr
French War Loan(in Paris)fr-
89s. 2d. 89s.5d. 89s.5d. 895. 4d. 89s. 5d. 895. 4d.
5874
59
5834
5831
59
____
10134
10134
10134
10134
1013.
9834
9834
9834
9834
9834
57.75
57.90
57.85
57.90
58
____
74.75
74.95
74.80
75
75.10
____
The price of silverin New York on the same days has been:
Silver in N.Y., per oz.(cts.):
9931
Domestic
65
Foreign
9931
6534
9031
6534
0931
6534
9931
6534
*9934
6555
will be disPurchases of silver by the U. S. Treasury under the Pittman Act
been reached.
continued after this date, the limit of purchases under the Act having
Fri.
Wed. Thiel's.
Mon. Tues.
Sat.
London,
June 16. June 18. June 19. June 20. June 21. June 22.
Week ending June 22.
31sre
3135
32
3134
32iiii
32114
d.
pocket gold claims for 36 years.
02
Silver, per
SILVER.
895.36. 895.2d. 89s. 3d. 89s.36. 89s.4d.
Gold, per fine ounce
ssm
5834
5831
5834
5831
The market has been steady in tone, though business has not been continu- Consols, 234 per cents
101
lug lux 101
10134
to British 5 per cents
9834
ously active. The last mail steamer carried a fairly large consignment
9834
9831
0834
9834
cents
per
434
British,
forward
for
56.50
56.55
56.65
56.60
56.80
India, most of which was obtained by buying for cash and selling
French Rentes (In Paris)._fr. ____
74.90
75.10
75.20
75.15
months PrenchWarLoan
74.95
(inParis) _fr. ____
delivery. A certain amount of inquiry from China for silver two
infrebeen
have
been:
sales
here
has
the
day
same
on
American
'ahead has helped to maintain prices.
The price of silver in New York
quent. but the Continent has been selling.
Silver in N.Y., per oz. (eta.):
6431
6431
6531
6531
6574
6531
Foreign
INDIAN CURRENCY RETURNS.
Apr. 30. May 7. May 15
(In Lars of Rupees)17289
17300
17337
Notes in circulation
8315
8326
8365
Silver coin and bullion in India
Silver coin and bullion out of India
2432
2432
2432
Gold coin and bullion in India
Gold coin and bullion out of India
National Banks.-The following information regarding
---75',
5
---5757
5757
Securities (Indian Government)
banks is from the office of the Comptroller of the
national
585
585
585
Securities (British Government)
200 Currency, Treasury Depaetment:
200
200
Bills of Exchange
to 6
APPLICATIONS TO ORGANIZE RECEIVED.
Capitol.
The silver coinage during the week ending the 15th inst. amounted
lacs of rupees.
National Bank of East Long Beach, Cal- $25,000
Seaboard
-The
13
June
25,700,000
about
of
inst.
consisted
Beach.
19th
the
Long
St.,
on
Vermont
The stock in Shanghai
Correspondent, J. A. Halley, 3721
$100,000
with
June 13-Valley National Bank of San Fernando, Cal
ounces in sycee. 40,000,000 dollars and 1,060 silver bars, as compared
on
Correspondent, S. J. Walling, San Fernando, Cal.
About 26,400,000 ounces in sycee, 43,500,000 dollars, and 730 silver bars
$25,000
June 13-First National Bank of Luling, Texas
the 12th inst. The Shanghai exchange is quoted at Be. 2d. the tael.
Correspondent, H. H. Trice, 217 Gunter Bldg., San Antonio, Tex, $25,000
liar Gold
Bar Silver per oz. SW.
16-The First National Bank of Hazen, No. flak
p. or fine June
2 Mos.
Cash.
Correspondent, Roy Seibert, Hazen, No. flak.
• Quotations89s. Id.
3231d.
329-164.
May 17
APPLICATION TO CONVERT RECEIVED.
89s. ld.
32 1-164.
3234d.
$50,000
May 18
-The First National Bank of Graford, Texas
16
June
32314.
3230.
May 19
Conversion of The First State Bank of Graford, Texas,
88s. 11d.
3-16d.
32
327-18(1.
May 22
CHARTERS ISSUED.
88s. lid.
32 7-164.
3231d.
$30,000
May 2
Minn
June 15-12395-The First National Bank of Cokato,
895. Od
32.237d.
32.5254.
Average
State Bank of Cokato, Minn.
Citizens
Conversion of The
respectively
President, Gustaf Moody. Cashier, J. E. Howe.
The silver quotations to-day for cash and forward delivery are
Mass_32,000,000
June 15-12398-The International Nat'l Bank of Boston,
7-16d. and 5-16d. above those fixed a week nu
Conversion of International Trust Co., Boston, Mass., with main
Mass,
Boston,
in
located
branches
seven
office and
President, Charles G. Bancroft. Cashier, C. B. Whitney.
We have also received this week the circular written under June
N. J.._ 5200.000
16-12397-The Franklin Nat'l Bank of Jersey City,
President, James H. Freile. Cashier, Irwin G. Ross.
date of May 30 1923:
of
City
the
of
Bank
National
Queensboro
-The
June 16-12398
GOLD.
$200,000
New York
Tuthill,
Stuart
Cashier,
The Bank of England gold reserve against its note issue on the 23rd inst.
Kelly.
F.
William
President,
Wedprevious
was £125,697,975, as compared with £125,897,705 on the
nesday. The Indian demand for gold continues on only a moderate scale.
and
Auction Sales.-Among other securities, the following,
Gold valued at $16,316,000 has arrived in New York from London
the
of
correspondent
York
New
The
usually dealt in at the Stock Exchange, were recently sold
Germany.
from
not
30,000,000 gold marks
without
reported
"It
is
follows:
as
29
May
in New York, Boston and Philadelphia:
of
date
auction
under
at
"Times" states
here in
Messrs. Adrian H. Muller & Sons, New York:
confirmation that the 60,000,000 gold marks which recently arrived
By
of
property
Price.
Bonds.
Price.
settlement of notes given by Belgium to Germany are really the
Shares. Stocks.
$35 per sh. $11,000 Akron Canton & Youngstown
the British Government, which bought the notes in Switzerland, where they 10 L. F. & Co
Ry 6s, 1930
8534%
pref_372 per sh.
Collieries,
down
River
New
melted
84
said,
will
is
be
it
marks,
bad been discounted by Belgium. The
eh. $10.000 Southwestern Power & Light
11 Ohio & West. UM, pref_32734 per
8531%
Co. 65, 2022
$2731 per sh
and the gold will be applied to the payment due on June 18 on Great Brit- 10 Ohio Utilities pref
$10 lot
ain's debt to the United States. An additional £1,053,200 in gold is arriving 4,000 Volunteer 011 ,Par $I
common,
Truck,
Motor
to-day on the Majestic, and another £718,025 is on the way. Both are be. 101 Republic
40c. per eh.
no par
lieved for account of Great Britain." We append Indian trade figures (PriBy Messrs. R. L. Day & Co., Boston:
vate Account) for April 1923:
Price.
Price. Shares, Stocks.
Net Exports.
Imports.
Exports.
Shares. Stocks,
(In lam of rupees)215
10 rights United Light dc Rm.__ 50c.
2110
958
3068
5 National Shawmut Bank
Merchandise
5 Lamson & Hubbard Corp., pref. 1734
Trust, ea-div.- -31631
International
697
-696
1
12
Gold
Price.
Bonds.
12534
-92
100
8
5 York Manufacturing
Silver
$29,000 Hortonia Pow,5s. 1945_60% int.
5 Geo. E. Keith Co., 1st pref__.100
Bristol Real Est.Tr_10 lot $45.000 Eastern Vermont Public
Brighton&
170
50
Net total----------------------------------------20% flat
731
Utilities 55, 1946
126 rights Tampa Electric Co
The Southern Rhodesian gold output for April 1923 amounted to 53,200
10 Union Twist Drill Co., pref.-KS& div.
ounces
1923
March
and
54,318
for
ounces
48,171
with
ounces, as compared
--
tkrurnterciai antiMiscellantratsgem
for April 1922.
SILVER.
The market has been rather inert. Though supplies have not been pressing, the price has been disposed to fall owing to a paucity of buyers. The
appetite of the Indian bazaars has not been robust, possibly because of the
rapidity with which Pittman Act purchases have neared their end. The Continent has been again a seller, and China seems prepared to let out silver at
any marked advance in the level of prices.
INDIAN CURRENCY RETURNS.
Mail 7. May 15. May 22.
(/n Lacs of Rupees)17095
17300
17289
Notes in circulation
8325
8315
8326
Silver coin and bullion in India
Silver coin and bullion out of India
2432
N35
Gold coin and bullion in India
Gold coin and bullion out of India
W/M
- /57
5
5757
Securities (Indian Government)
585
585
585
Securities (British Government)
Bills of exchange
• The silver coinage during the week ending 22d inst. amounted to 3 lace of
rupees.
The stock in Shanghai on the 28th inst. consisted of about 24,900,000
ounces in sycee, 34,000,000 dollars and 870 silver bars, as compared with
about 25,700,000 ounces in sycee, 40,000,000 dollars and 1,060 silver bars on
the 19th inst. The Shanghai exchange is quoted at 35. 2d. the tael.
Bar Gold
-Bar Silver per or. Std.2 Mos.
p.oz.fine
Cash.
Quotations-.
323id.
89s. Id.
329-18(1.
May 24
325-16(1.895. 04.
32nd.
,..May 25
32 11-164. 32,id,
'"aY126
89s. Od.
32O-164,
3231d.
May 28
323-16(1.895. 2d.
3231d.
May 29
323-164.895. Id.
329-16(1.
May 30
89s.0.8d.
32.2704.
32.593d.
Average
The silver quotations to-day for cash and forward delivery are respectively
8-16d. and %d. below those fixed a week ago.
By Messrs. Wise, Hobbs & Arnold, Boston:
Price.
Shares. Stocks.
212
29 National Shawmut Bank
103
10 Dwight Mfg. Co
10431
6 Sanford Mills, prof
93
2 Wm. Whitman, Inc., pref
50
3 Great Falls Mfg. Co
14
Co_
Chemical
Agric.
25 American
23 Tampa Electric Co. rights-. 731
25
2 Reed-Prentice Co., prof
30 Boston Chamber of Corn.7% pf. 8934
lot 104
35 Realm Fastener Co
104
25 Hood Rubber Co., pref
17
116 Cape & Vinyard El. Co
Price.
Shares. Stocks.
20 Portland-Duluth Co., com____ 5
114 Portland-Duluth Co., pref._ _ 20
20 Savannah River Lumber Co.
434
pref. v. t e
16 Savannah River Lumber Co.
26e
common V. t e
17 Cambridge El. L. Co. rights_ 11
45
30 American Glue Co
5 Montpelier & Barre Lt. as Pow_ 434
121 Montpelier Sr Barre Lt. & Pow.
5531-5414
preferred
12734
7 Walter Baker Co., Ltd
Price.
Shares. Stocks.
no par_ 434
725 American Briquet corn.,
lot
30 Baltimore Blended Fuel, pref.-733
20 Phila. Suburban Gas dr El., p1. 99
80 Cyclone Starter & Truck, com$4 lot
mon. Par $10
100 1
10 Autocar Co., preferred
2 Seawright Magneslan Lithia
Spring
183 lot
20 Commercial Mfg., pre!
10 Commercial Mfg., common_
Min'g
&Mill'i
Solomon
King
3.000
$1 lot
500 Danville Bessemer
$I lot
8 Silver Link Mining
$1 lot
50 National Steel Refining
10 rights to subscribe to Lans1
Trust
downe
$2 lot
2 Gauley Coal Lands, pref
4534
2 New York Transfer
2434
4 Union Transfer. par 350
6 Edison Portland Cement, pref $1 lot
631
2 American Theatre Realty
$1 lot
3 Wilmington Transfer
500
1 Central National Bank
10 North Phila. Trust, par $50-230
Price.
Shares. Stocks.
2 First National Bank of Clifton
224
Heights, Pa
180
10 Frankford Trust, par $50
7 Real Estate Title Ins. & Trust_4653j
5 rights to subscribe to Phila. Co.
for Guaranteeing Mortgages_ 30
1 Pennsylvania Academy of the
22
Pine Arts
20 Abbott's Alderney Dairies, first
95
preferred
1 Hare & Chase, Inc., corn."A"- 15
7 Smith, Kline & French. pref_1$1,190
7 Smith, Kline & French, com4 lot
115 Amer. Pipe Sr Construction.- 2834
100
4 Downington Motor Co
70
6 Broad Street Trust
32834
1 Fire Association
Bonds.
$1,000 Coca-Cola Bottling & Disoo
tributing 8s, 1931
$1,000 Taylor-Wharton Iron dc Steel 91
1946
730,
$2,000 Hotel Traymore 6s, 1927-.100
$10,000 Hydraulic Steel 8s, 1930... 48
By Messrs. Barnes & Lofland, Philadelphia:
THE CHRONICLE
JUNE 23 1923..]
Breadstuffs figcnres brought from page 2903.-The
statements below are prepared by us from figures,eollected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Receipts at-
Flour.
Wheat.
Rye.
Barley.
Oats.
Corn.
bbls.1501bs.bush.60 lbs. bush.56 lbs. bush. 3218s. bush.48Ib5.busli.561bs.
163,000
237,000
78,000
998,000 1,328,000
8,000
1,317,000
199,000 146,000
263,000
170,000
858,000
86,000 234,000
6,000
1,000
34,000
451,000 149,000
21,000
199,000
21.000
23,000
31,000
4.000
52,000
17,001
9.000
44,000
259,000
37,000
166,000
488,000
110,000
365,000
2,000 105,000
656,000
25,000
346,000
23,000
325,000
2,000
546,000
112,000
250,000
144,000
305,000
278.000
107,000
135,000
22,000
Chicago
Minneapolis_
Duluth
Milwaukee
Toledo
Detroit
Indianapolis_
St. Louis__
Peoria
Kansas CityOmaha
St. Joseph
Total wk. '23
Same wk. '22
Same wk. '21
332,000 '8,810,000
318,000 4,390,000
334,000 6,617,000
3,076,000
6,587,000
6,776,000
518.000
373,000
165,000
3,703.000 516,000
4,388.000 1,092,001
4,059,000 608,000
United StatesMinneapolis
St. Louis
Kansas
Peoria
Indianapolis
Omaha
On Lakes
On Canal and River
2851
Wheat,
bush,
12,049,000
216,000
2,992,000
56.000
1,422,000
175,000
119,000
Corn,
Rye,
Oats,
bush.
bush,
bush,
185,000 4,391,000 4,116.000
5,000
77,000
56,000
145,000
188,000
111,000
54,000
12,000
323.000
46,000
492,000
223,000
67,000
100,000
889,000
152,000
Barley,
bush.
272.000
1,000
2,000
Total June 16 1923_ _ _ _29,719,000 4,332,000 11,018,000 16,197,000 1,131.000
Total June 9 1923____31,315,000 5,278,000 12,214,000 16,366,000 1,152.000
Total June 17 1922-.24,614,000 32,432,000 45,836,000 3,491,000 1.758,000
Note.-Bonded grain not included above: Oats, New York, 147,000 bushels/
Baltimore, 65,000; Duluth, 89,000: total. 301,000 bushels, against 850,000 bushels In
1922. Barley, New York,350.000: Buffalo, 113,000; Buffalo, afloat. 58,000; Duluth,
105,000: total, 626,000 bushels, against 263,000 bushels in 1922. Wheat, New York,
551,000 bushels; Boston, 189,000; Pldiadelpbia,257,000: Baltimore,282.000: Buffalo,
738.000; Duluth, 53,000; Toledo, 120.000: Chicago, 156,000; On Lakes, 554,000/
total, 2.900.000 bushels, against 3,709,000 bushels in 1922.
Canadian•
703,000
754,000
568.000
512.000
Montreal
3,877.000
2,251,000
Ft. William & Pt. Arthur_12,653,000
3,330,000
1,099,000
255,000
Other Canadian
1,425,000
Since Aug.I1922-23_ _._ 21,204,000386.629,000271,356,000205,306,00085,829,00047,920,000
1921-22_ __ _ 19,053,000126,581.000358,327,000194,871,000 28.671,11123,062.000
1920-21
24,331,000 325.659,000129,558,000209,856,00026,677,00018.232,000
568,000 4,339,000
512,000 4.053,000
Total June 16 1923_ _ _17,955,000
561.000 4,831.000
661,000 5,494,000
Total June 9 1923....22.337,000
Total June 17 1922_ _-_22,846,000 1,795,000 5,211,000 1,005,000 1,457.000
SummaryAmerican
29,719,000 4,332,000 11,018,000 16,197,000 1.131,000
568,000 4.339,000
512,000 4,053,000
Canadian
17,955.000
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday June 16 1923 follow:
Total June 16 1923_47,674.000 4,844,000 15,071,000 16,765.000 5,470,000
Total June 9 1923
53,652,000 5,939,000 17,708,000 16,927,000 5,983.000
Total June 17 1922_ _47,460.000 34,137,000 51,047,000 4,496.000 3,215,000
Receipts atNew York __ _
PhiLsdeiorda__
Ba1tImore_-__
Norfolk
New Orleans•
Galveston__
Montreal
Boston
Barley.
Oats.
Corn.
Wheat.
Flour.
Rye.
Bushels.
Bushels.
Bushels.
Barrels.
Bushels. Bushels.
94,111
381,000
190,000 2,068,000
589,000
22,000
84,1200
378,000
54, I
116,900
398,000
21,000
18,000
58,000
4,000
4,000
105,000
91,000
60,000
3,000
53,000
80,000 4,962,000
114,000
64,000 1,309,011
136.000
144,000
17,000
12.000
28,000
Total wk. '23 426,000 7,994,000
763,000 1,478,1'1
114,000 783,000
Since Jan.1'2311,668,000112,596,000 31,773,000 18,383,000 4,761,00017,602,000
Same wk. '22 414,000 4,044,000 2,042,000 2,543,000 413,000 1,340400
Since Jan.1'22 11,656,000108,646,000 33,052,000 31,198,000 7.232,00014.376,000
•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 16 1923, are shown in the annexed
statement:
Export* from-
Wheat.
Corn.
Flour.
Oats.
1 Rye. 1 Barley. Peat.
Bushels. Bushels. Barrele. Bushels. 'Bushels.'Bushels. Bushels.
1,284,851 252,157 103,211
50,000 548,927 45,192
154,000
9,000 1,000
26,000
290,000
18,000
10,000
483,000
90,000 16,000
112,000
1,000 4,000
4,000
272,000
10,000 23,000
31,000
232,000
4927,000 445,000 125,000 500,000 215,000 68,000
New York
Boston
Philadelphia
Baltimore
Mobile
New Orleans
Galveston
Montreal
Total week 1923_ 7,642,851 825,157 272,211 595,000 901,927 113,192
Same week 1922_ 2,760.214 2,369.290 288,818 1,819,778 749,969596.415
The destination of these exports for the week and since
July 1 1922 is as below:
Flour.
Exports for Week
and Since
Week
Since
July 1 toJune 16 July 1
1923.
1922.
Barrels.
United Kingdom_ 101.214
Continent
136,139
So.& Cent. Amer_
West Indies
29,000
Brit.No.Am.Cols.
Other Countries-- 5.858
Total 1923
Total 1922
Corn.
Ineal.
Week
June 16
1923.
Since
July 1
1922.
Week
June 16
1923.
Since
July 1
1922.
Barrels.
Bushels. Bushels.
Bushels.
Bushels.
5,307,838 2,470.814 95,060,910 489,135 29,537,134
7.076,411 5,172,037 213,087,491 325,00052,486,534
507,332
457,000
41,000
1,453,800
11,000 1,786,700
33.000
4,000
48,700
945.933
2,929.830
24,000
272,211 15,295,314 7,642,81 311,568,231 825.157 83,924,068
288,818 13.983,152 2,760,214 261,774,972 2.369.290 142312529
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange for the week
ending Friday, June 15, and since July 1 1922 and 1921,
are shown in the following:
Wheat.
Exports.
1922-23.
Week
June 15.
Corn.
I 1921-22.
Since
1
July 1.
Since
July 1.
1922-23.
Week
June 15.
Since
July 1.
1921-22.
Since
July 1.
Bushels.
Bushels.
Bushels.
Bushels,
Bushels.
Bushels.
North Amer_ 8,620,000432,039,000390,258,000
723,000 87,812,000 152,490,000
Russ.& Dan.
6,875,000 4,576,000
6,726,000 15,000,000
Argentina_ _ _ 3,182,000 136,447,000104,174,000 3,448,000115,612,000112,013,000
Austra1ia560,000 45,668,000 110,492,000
2,024,000 16,132,000
India
712,000
0th. countr's
4,751,
13,144,000
Total
14,386,00 637,161,000610,212,000 4.171.000 14.901,009292,647,000
The visible supply of grain, comprising the stocks in granary at principal points of accumulation at lake and seaboard
ports Saturday, June 16, was as follows:
United StatesNew York
Boston
Philadelphia
Baltimore
New Orleans
Galveston
Buffalo
afloat
Toledo
Detroit
Chicago
Sioux City
Milwaukee
Duluth
Et. Joseph. MO
GRAIN STOCKS.
Wheat,
Corn,
Rye,
Oats,
bush,
bush,
bush.
bush,
394,000
147,000
249,000
538,000
2,000
6,000
44,000
2,000
185,000
167,000
25,000
902.000
215,000
390,000
173.000
126,000
672,000
186.000
82,000
129,000
677,000
89,000
968,000
282.000
276,000 1,105.000
205,000
376.000
72,000
12,000
263,000
17,000
28,000
11,000
47,000
1,628.000 1,561,000 2,338,000
867,000
350,000
133.000
33,000
272,000
67,000
149,000
92.000
223,000
8,228,000
2,000
583,000 8,133,000
706,000
150,000
29,000
Barley.
bush,
63,000
2,000
39,000
5,000
348,000
4,000
118,000
14,000
57,000
203,000
3,000
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the current week. Then we follow with a second table, in which
we show the dividends previously announced, but which
have not yet been paid.
The dividends announced this week are:
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inelusile
Railroads (Steam).
Allegheny & Western
July 2 *Holders of rec. June 20a
El Paso & Southwestern Co.(quar.)- _ - *14 July 2 *Holders of rec. June 25
Great Northern, preferred
Aug. 1 Holders of rec. June 290'
Kansas City Southern, pref.(quar.)_ _
1
July 16 Holders of rec. June 300•
Northern Pacific (quay.)
*14 Aug. 1 *Holders of rec. July 2
Philadelphia & Trenton (guar.)
234 July 10 July 1 to July 11
Reading Company, coin.(quar.)
4,81 Aug. 9 *Holders of rec. Ally 170'
First preferred (quar.)
*50c. Sept.13 *Holders of rec. Aug. 27a
Public Utilities.
Adirondack Power & Lt.,8% pref.(qu.).. *2
*IN
Seven per cent preferred (quar.)
American Gas (quar.)
*134
Amer. Public Utilities, 6% pref. (qu.)
134
Prior preferred ((mar.)
Participating preferred (quay.)
Amer. Water Works & Elec., 1st pl.(qu)
Six per cent participating pref
1
Cedar Rapids Mfg. & Power (quar.)
31
Columbia Gas & Electric (quar.)
*65c
Consumers E.L.&P., New Orl., pf.(qui 131
Cuban Telephone (guar.)
134
Elmira Water, Lt. de RR., 1st pf.(qu.)_
131
Second preferred (quar.)
134
Honolulu Rapid Tran. St Land (quay.)_
Houston Gas & Fuel, pref. (quar.)
114
Internat. Telep. & Teleg. (quar.)
134
Jersey Cent. Power ee L. partic. pf.(qu.) 14
Kaminbtiqua Power (quar.)
2
Kansas Gas & Elec., pref.(quay.)
131
Long Island Lighting, pref. (quar.)
131
Louisville Home Telephone (quar.)_ _ _ 14
Montreal Lt., Ht.& Pr., Cons'd (quar.)_
134
Montreal Lt., Ht. & Power (quar.)---Montreal Telegraph (quay.)
2
Nat. Power & Light, pref.(quar.)
14
Newburyport Gas & Elec.(guar.)
$1
Extra
$1
Ottawa Light, Heat & Power (quar.)134
Pacific Telep.& Teleg.(quay.)
*14,i
Pennsylvania Power St Light, pref.(qu.) 1,4
Peoples Gas Light & Coke (quar.)
134
Philadelphia Rapid Transit (guar.)
750.
Philadelphia & Western RY.. pref.(qu.)- *14i
Portland RY., Lt.& Pr., let pI.(quar.)- 144
Prior preference (quay.)
134
Porto Rico Rye., Ltd., pref. (quar.)_
134
Porto Rico Telephone (guar.)
Providence Gas (guar.)
$1
Ridge Avenue Pass. RY.. Phli.(Qum.). $3
Southwestern Bell Telep., pref. (guar.)- 134
Springfield & Xenia Ry., pref.(quar.)-- 134
.86
Thirteenth & 15th Sta. Passenger
Turners Falls Pr. & El. Co., com.(qu
$1.50
*1
United Electric Rys. (guar.)
West Penn Co., pref. (quar.)
134
West Penn Power Co., pref. (quar.)
131
WestPenn Rys., pref. (quay.)
134
Youngstown & Ohio River RR.,if.(qu.) 131
July 2 *Holders of rec. June 19
July 2 *Holders of rec. June 19
July 14 *Holders of rec. July 2
July 1 Holders of rec. June 20a
July 1 Holders of rec. June 20a
July 1 Holders of rec. June 20a
Aug. 15 Holders of rec. Aug. 1
Aug. 15 Holders of rec. Aug. 1
Aug. 15 Holders of rec. July 31
Aug. 15 *Holders of rec. July 31
June 30 June 10 to July 1
June 30 June.16 to June 29
June 30 Holders of rec. June 14
June 30 Holders of rec. June 14
June 30 June 24 to July 1
June 30 Holders of rec. June 3
July 15 Holders of rec. June 27a
July 2 Holders of rec. June 15
Aug. 15 Holders of yea. July 31
July 2 Holders of rec. June 21
July 2 Holders of rec. June 21
July 2 Holders of rec. June 25.
Aug. 15 Holders of rec. July 31
Aug. 15 Holders of rec. July 31
July 16 Holders of rec. June 30.
July 2 Holders of rec. June 21
July 14 Holders of rec. July 2'
July 14 Holders of rec. July 2
June 30 Holders of rec. June 22
July 16 *Holders of rec. June 30
July 2 Holders of rec. June 15
July 17 Holders of rec. July 30
July 31 Holders of rec. July 18
July 14 *Holders of rec. June 30
June 30 Holders of rec. June 18
June 30 Holders of rec. June 16
July 2 Holders of rec. June IS
June 30 Holders of rec. June 21}
Jab' 2 Holders of rec. June 15
July 2 June 16 to July 1
July 1 Holders of rec. June 20
June 30 Holders of rec. June lea
July 1 *June 21 to June 30
June 30 Holders of rec. June 19
July 2 *Holders of rec. June 20
Aug. 15 Holders of rec. Aug. 1
Aug. 1 Holders of rec. July 16
Sept. 15 Holders of rec. Sept. 1
June 30 Holders of rec. June 18
Banks.
American Exchange National (quay.)
BryantPark
Central Mercantile
Chemical National (bl-monthlY)
Coney Island, Bank of
Europe. Bank of (quay.)
Fifth National (quay.)
Garfield National (quay.)
Greenpoint National
Extra
Hanover National (guar.)
Mechanics (Brooklyn) (guar.)
Mechanics & Metals National (guar.)
Extra
Nassau National (Brooklyn)(quer.)---New Netherland (quar.)
Park, National(guar.)
Standard (guar.)
Washington Heights, Bank of
(guar.)
(quar.),Yokvile
34
3
4
4
4
3
234
3
3
2
6
3
5
2
3
2
6
14
114
74
July 2
July 2
June 30
July 2
July 1
July 2
July 2
June 30
July 2
July 2
July 2
July 2
July 2
July 2
July 2
July 2
July 2
July 2
July 1
June 30
Holders of rec. June 22a
June 20 to July 1
June 26 to July 1
Holders of rec. June 22a
Holders of rec. June 300
Holders of rec. June zoo
June 26 to July 1
Holders of rec. June 264
June 23 to July 1
June 23 to July 1
June 21 to July 1
Holders of rec. June 200
Holders of rec. June 230
Holders of rec. June 230
Holders of ree. June 200
Holders of rec. Jane 230
Holders of rec. June 220
Holders of rec. June 220
Holders of rec. June 304
Holders of rec. Jane 204
Trust Corn panies.
Brooklyn (quar.)
(quay,)6
Central-Union
(33
Empire (quay.)
Extra
1
3
E
Mgcluell
ita
ty
b-lI
enterna
(quartional (guar.)
24
Fulton
:
Irving Dank-Columbia Trust ((Mari..
July 2
2'4
June
June 29
June 30
June 30
ply
y 2
Holders of rec. June 26a
f rea:jell 2ci
m
s of
II:ger
230
recree: June 22
234
Holders
June
Holders of
June 23 to July 1
Valera
rec.. June
e iga
ers of
Name of Company.
[Vol,. 116.
THE CHRONICLE
2852
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
25c. July 1 *Holders of rec. June 25
'
Michigan Drop Forge, corn. (monthly).
•1g July 1 *Holders of rec. June 25
Preferred (quar.)
Michigan Limestone&Chem..pre! (qu.). 1% July 16 Holders of rec. June 30a
2% June 30 Holders of rec. June 138
Midland Securities (guar.)
50e. July 14 Holders of rec. June 30
Midway Gas, common (qua:.)
$1.40 July 14 Holders of rec. June 30
Preferred (qua:.)
Midwest Oil, 510 par stock (quar.)
'6234c July 16 *Holders of rec. June 30
"anic July 16 *Holders of rec. June 30
Stock $I par (quar.)
July 2 Holders of rec. June 19
52
Monomm Spinning Co.(quar.)
•75e. Aug. 1 *Holders of rec. July 16
Moon Motor Car (quar.)
Fire Insurance.
Aug. 1 *Holders of rec. July 16
25e.
•
30
June
rec.
of
Holders
Extra
11
July
$3 •
Continental
July 2 Holders of rec. June 20
2
Murray-Ohio Co., preferred (qua:.)
July 11 Holders of rec. June 30
$3
Fidelity-Phenix Fire
July 1 *Holders of rec. June 20
•2
Murray (J. W.) Mfg. Co.(In cosh)
July 1 *Holders of rec. June 20
"e2
Payable in stock
Miscellaneous.
$1.25 July • 16 Holders of rec. June 30
National Fuel Gas(guar.)
50c. June 15 Holders of rec. June 8
Acme Wire
16 Holders of rec. June 300
July
2
(qu.)
pf.
&
corn.
Type,
&
20
Paper
Holders
June
30
rec.
National
of
June
1%
Aeolian Co., pref. (qua:.)
July 1 Holders of rec. June 20
$2
81
National Tea, common
July 14 Holders of rec. June 30
Air Reduction (qua:.)
Aug.
1%
1 Holders of rec. July 16
1
to
(quar.)
1
21
June
July
July
Preferred
2
American Chain, class A (guar.)
July 2 Holders of rec. June 150
5
Naumkeag Steam Cotton
*25c. July 2'Holders of rec. June 21
Amer. Chain Stores, corn.(qua:.)
July 2 Holders of rec. June 15a
5
Special
Aug. 1 'Holders of rec. July 11
*$1
American Coal(quar.)
July 31 Holders of rec. July 20
$2
July 2 Holders of roe. June 25a New Niquero Sugar
1
Amer. Cyanamid, corn.(No. 1)
•600. July 2 *Holders of rec. June 20
1% July 2 Holders of rec. June 25a Newton Steel, common (guar.)
Preferred (quar.)
July 2'Holders of rec. June 20
.1%
2
rec.
of
(quar.)
20
June
*Holders
Preferred
July
•15c.
American-Hawaiian Steamship (quar.)
Oct. 1 *Holders of rec. Sept. 7
*El
New York Air Brake, pref.(quar.)
•25e. July 2 *Holders of rec. June 21
American Stores (guar.)
New York Title & Mortgage (qua:).... 2% July 2 Holders of rec. June 22a
July 1 Holders of rec. June 6
2
American Locker
I% July 2 June 16 to July 2
first
(qua:.)
230
Company,
preferred
June
30
rec.
Norton
June
25
Holders
$1
of
American Surety (quar.)
July 3 Holders of rec. June 25a
3
25c. June 30 Holders of rec. June 23a Ogilvie Flour Mills (quar.)
Extra
"2% July 14 *Holders of rec. June 30
July 2 *Holders of rec. June 22
*2
Ohio Fuel Supply (qua:.)
Arlington Mills, corn.(guar.)
July 2 Holders of rec. June 22a
1%
15
July
of
30
Mills
Holders
June
rec.
Osborn
(qua:.)
Asbestos Corp. of Canada, corn.(quar.)July 16 Holders of roe. June 30
2
1% July 15 Holders of rec. June 30
Otis Elevator. common (qua:.)
Preferred (qua:.)
1%
July
16 Holders of rec. June 30
1
July
23
*Holders
June
rec.
of
Preferred
(quar.)
Auburn Automobile,corn.(qua:.)
10 July 1 to July 3
1
July
July
"1%
*Holders of rec. June 23
Overman Cushion Tire, preferred
52434
Preferred (qua:.)
200. July 31 'Bolder, of rec. July 16
Aug. 1 Holders of rec. July 16
Packard Motor Car, common (quar.) .
Austin, Nichols & Co., pref.(qua:.).-.. 4.13 July
1 Holders of rec. June 29
"200. July 31 *Holders of rec. July 16
Common (extra)
Barnet Leather, pref.(qua:.)
3
July10 Holders of rec. June 300 Parker-Young Co., preferred (guar.)._ 1% July 2 Holders of rec. June 20
Beech-Nut Packing, corn. (qua:.)
July
14
June 30 Holders of rec. June 2541
300
of
15
Holders
June
reo.
Penn-Harris
Hotel
Preferred, class B (qua:.)
250. July 2 Holders of rec. June 150 Pennsylvania Rubber, common (guar.). 1% June30 Holders of me. June 150
Brier Hill Steel. corn.(qua:.)
50e. July 3 Holders of coup. No. 6to
1% June30 Holders of rec. June 150
Preferred (quar.)
British-American 011, Ltd. (quar.)
Aug. 1 Holders of rec. July 13
$1.25 July 14 Holders of rem June 30a
Pennsylvania Salt Mfg. (quay.)
British Empire Steel Corp., pf. B (qu.) 1%
July 1 June 21 to July 1
2
Aug. 1 Holders of rec. July 16
Philadelphia Insulated Wire
*$2
Campbell Baking, pref. (quar.)
July
25e.
2
150
Holders
June
rec.
Pick
of
1% July 1 June 24 to June 30
pref.
Co.,
&
(qua:.)
(Albert)
Cadet Knitting, corn. (guar.)
2
2
July
1 June 22 to July 1
_
rec.
July
of
4
Holders
June 154 Piedmont Manufacturing
First pref. and pref. stocks (guar.)._
1% July 16 Holders of rec. June 300 Pittsburgh Steel, common (quar.)
July 1 Holders of rec. June 270
1
Canada Cement, Ltd.(qua:.)
4
July
2
1 Holders of rec. June 300
July
of
(guar.)...
Lime
pref.
Holders
June
Stone,
rec.
Pittsfield
&
26
2
Canadian Cottons, corn. (guar.)
1
July 4 Holders of rem June 26
Procter & Gamble, common
Aug. 15 July 15 to Aug. 15
5
Preferred (quar.)
1%
July
31
stock)._
com.
new
15
In
Aug.
(pay.
160
f4
July 15 to Aug'15
Holders
July
Common
rec.
of
'(quar.)
Cartier. Inc., pref.
1% July 2 Holders of rec. June 14a
July 14 IIolders of reo. June 250
2
Eight per cent pref.(quar.)
Chace Cotton Mills Corp.(quar.)
1 June 22 to July 4
1% July 1 Holders of rec. June 25
Rice-Stix Dry Goods,corn.(quar.)
Chicago Railway Equip., corn.(qua:.).. 50c. July
July 1 June 22 to July 4
First and second preferred (quar.)__ _ _
134 July 1 Holders of rem June 25
Preferred (guar.)
•33 1-3 cAug. 1 *Holders of rec. July 20
Richardson Company, preferred (quer.). 1% July 1 June 16 to June 30
Chicago Yellow Cab (monthlY)
lst
Co.,
&
P.)
pt.
(Dwight
Robinson
134 July 1 Holders of rec. June 22
(qu.)
Cities Service1 Holders of rec. July 15
July 1 Holders of roe. June 22
St. Louis Screw
2
Common (monthly pay.in cash scrip). 0% Aug.
Aug. 1 Holders of rec. July 15
Scott & Williams, Inc., pref.(quar.)
134 July 2 Holders of rec. June 20
Common (payable In corn. stk. scrip). 1%
1
July
(monthly)
2 Holders of rec. June 20
Aug.
15
2
3•5
July
Second
rec.
preferred
Holders
(quar.)
of
B
Preferred and pref.
1
July 1 June 24 to July 1
June 30 Holders of rec. June 150 Scovill Manufacturing (quar.)
4
Cleveland Worsted Mills (quar.)
50c.
Gas
July
(qua:.)..
140
"3
2
Aug.
&
1-3c
011
Mfg.
Holders
1 Holders of rec. July 14
June
rec.
Seaboard
of
(monthly)
Arms
Fire
Colt's Patent
*3 I-30 Sept. 1 Holders of rec. Aug. 15
1% July 2 Holders of rec. June 25
Monthly
Cohn-Hall-Marx Co., pref. (guar.)._ 4
July 2 June 17 to July 1
*3 1-3c Oct. 1 Holders of rec. Sept. 15
Monthly
Columbia Manufacturing
4.3
July 20 *Holders of rec. July 15
Securities Company
234 July 16 July 1 to July 15
Consolidated Royalty Oil (quar.)
*1% July 20 *Holders of rem July 3
Shawmut Mills, common (qar.)
134 June30 fielders of rem June 200
Corn Products Refg., corn. (guar.)
1% June30 Holders of rec. June 200
*1% July 20 *Holders of rec. July 3
Preferred (qua:.)
Common (extra)
July 2 June 26 to June 30
(quar.)
pref.
Co.,
M.)
1%
(John
"13
14
July
*Holders
rec.
Smyth
of
3
July
Preferred (qua:.)
3% July 2 Holders of rec. June 22
Southeastern Express
Creamery Package Mfg., corn. (qua:.)... "50c. July 10 *Holders of rec. July 1
July
20 'Holders of rec. June 30
*50e.
(quar.)
1
(F.
July
rec.
Stearns
Co.
of
B.)
*Holders
10
July
*134
Preferred (quar.)
Sept. 1 *Holders of rec. Aug. 16
*2
1
Stern Bros., pref. (qua:.)
July 31 Holders of rec. July 16
Crucible Steel, common
*52.50 July 15 Holders of rec. July 1
2
Stetson (J. B.) Co., common
June 29 June 21 to June 29
Damascus Brake Beam
July 15 Holders of rem July 1
*4
*50e. July 1 *Holders of roe. June 30
Preferred
Derby 011 & Refining, common
June 30 Holders of rec. June 25a
2
July 1 *Holders of rec. June 30
41
Textile Banking (qua:.)
Preferred
uay 1 Holders of rem June 200
(qua:.)
pref.
Co.,
134
2
22
June
Thayer-Foss
June
Holders
30
roe.
of
Crucible
(quar.)
(Joseph)
Dixon
July 16 Holders of rec. June 304
(guar.).
75e.
Fors.
Stem
Williams
•2
July
&
2
Transue
'Holders of rec. June 20
Dodge Manufacturing, preferred (quar.)
July 1 Holders of rec. June 25a
2
*1
Traylor Engineering & Mfg., pref.(qu.)
Aug. 1 *Holders of rec. July 12
Dominion Coal, pref. (quar.)
35c. July 1 June 21 to July 1
Trumbull Steel, common (qua:.)
to Aug. 1
Dominion Steel Corp., pref. (quar.)-- - - *1% Aug. 1 *July 16
134 July 1 June 21 to July 1
July 2 June 27 to July 1
3
Preferred (quar.)
Eagle Warehouse & Storage
50c. Ju.y 14 Holders of rec. June 30a
1
July 2 June 27 to July 1
Union Natural Gas Corp. (quar.)
Extra
June 30
(quar.)
2
Omaha)
(So.
2
Yards
July
Stock
rec.
Union
of
20
4
(guar.)
Holders
June
1/
Edwards (Wm.) Co., pref.
194 June 30 Holders of rem June 200
1% Aug. 15 Holders of rec. Aug. 1
Union Twist Drill, pref.(quar.)
Eisenlohr (Otto) & Bros., corn,(quar.)
July 1 June 21 to July 1
2
(qua:.)
2
2
pref.
July
21
Bakeries.
June
rec.
Holders
United
of
(quar.)
Elder Mfg., 1st pref.
Aug. 1 Holders of rec. July 16
2
United Cigar Stores oi Amer., common
•1% July 2 *Holders of roe. June 25
Elyria Iron & Steel, pref.(quar.)
June 30 Holders of rec. June 130
U.S. Bobbin & Shuttle, common (qua:.) 1
Equity Petroleum Corp.,pf.(in co m.stk.) (u) July 31 Holders of rec. June 30
30 Holders of rec. June 130
June
134
41
30
(qua:.)
June
20
June
rec.
(qua:.)
*Holders
Preferred
of
Fairbanks, Morse & Co., corn.
1
July 2 June 21 to July 1
U. S. Industrial Alcohol. pref. (guar.)._ 1% July 16 Holders of rec. June 30a
Falcon Steel, COM. (guar.)
July 2 Holders of rec. June 20
134
2
--July
(quay.)
pref.
June
Co.,
U.S.
Goods
21
35
Paper
to
July
1
(extra)
Common
Jull 2 June 19 to July 1
2
1% July 2 June 21 to July 1
Valvoline 011, preferred (qua:.)
Preferred (quar.)
2
July 15 Holders of rec. Juno 300 Victor-Monaghan Co.. pref. (quar.)_
13.1 July 1
Federal Acceptance Corp., pref. (qu.)._ 10e.
2 Holders of rec. June 20
July
(quar.)
pref.
July
1%
1
Wagner
rec.
Co.,
of
20
Electric
Holders
June
Federal Oil, pref.(quar.)
July 1 Holders of rec. June 300 Wahl Co.(monthly)
*50e. Aug. 1 *Holders of rec. July 24
Fidelity Capital Corp., prof.(guar.).- 2
3%
1
July
•60e.
1 *Holders of rec. Aug. 24
Sept.
28
June
Monthly
to
30
June
pref
Rubber,
Firestone-Apaley
*2
July 2 *Holders of rec. June 20
"50c. Oct. 1 *Holders of rec. Sept.22
Monthly
Flint Mills
•15i Oct. 1 "Holders of rec. Sept.22
1 Holders of rec. June 21
Preferred (qua:.)
Foster(W.C.) Co.,common (quar.).... 75e. July
July 2 Holders of rec. June 220
32.50 July 1 Holders of rec. June 21
2
WArd Baking, common (quar.)
Preferred (qua:.)
2
1% Juiy 2 Holders of rec. June 22a
July 10 Holders of rec. July 210
Preferred (qua:.)
Foulds Milling, preferred (guar)
2
July
2
(quar.)
June30 Holders of rec. June 20
1%
200
Weber
Mfg.,p1.(qu)
Piano,
June
rec.
.1.
pr
of
Holders
Brass
&
Aluminum
General
1% July 2 June 21 to July 1
July 1 'Holders of rec. June 21
Will & Hamer Candle Co., pref.(quar.) *2
Goodwin's, Limited. pref. (qua:.)
1%
30 Holders of rec. June 20
June 30 Holders of rec. June 230
2
Weisbach Company, common
Goulds Manufacturing, common (guar.) 1% June
30
June
June 30 Holders of rem June 230
334
20
Holders
June
Preferred
rec.
of
Preferred (qua:.)
2
July 2 June 21 to July 2
July 31 Holders of rec. June 30
Westinghouse Elec. & Mfg.. corn. (qu.) $1
Great Lakes Steamship (qua:.)
July
*2
1
July 16 Holders of rec. June 30
$1
(qua:.)
21
Holders
June
Preferred
rec.
of
(quar.)
Steamship
Great Lakes
July
1
2
July 2 June 29 to July 2
$1
23
Holders
June
(guar.)
Coal
Westmoreland
of rec.
Hamilton-Brown Shoe (monthly)
*1% July 2 *Holders of rec. June 20
'194 July I 'June 21 to June 30
Wilson (C.I1.) Body Co.. pref.(qtur.)
Hammermill Paper, pref.(qua:.)
1
Aug.
*1%
*
July 20 Holders of rec. Jitne 29
50c.
(quar.)
Ref.
&
011
White
Eagle
Holders
rec.
of
10
(qua:.)
July.
preferred
Harris Bros. Co.,
July 2 Holders of rec. June 28
Whitman (William) Co., Inc., pf.(qu.). 1% July 2 Holders of rec. June 19
Heath (D. C.) & Co., preferred (qua:.). 1%
pf. (qU.)- 1% July 25 Holders of rec. July 250
Hilicrest Collieries, common (quar.).... 1% July 14 Ifolders of rec. June 300 Winchester-Hayden Co.. Inc.,
1% July 14 Holders of rec. June 300 Winnsboro Mills, common (quar.)
July 2 Holders of rec. June 220
2
Preferred (quar.)
1% July 2 Holders of rec. June 220
1% July 28 July 15 to July 25
Preferred (qua!'.)
Hillman Coal & Coke, 5% pref. (quar.) 1% July 25 July
common
2 Ilolders of rec. June 220
July
(quar.)
2%
Co.,
25
(J.
July
Young
to
15
S.)
Seven per cent pref. (qua:.)
July 16 *Holders of rec. June 28
1% July 2 Holders of rem June 220
*1
Preferred (quan)
Hollinger Consolidated Mines
prof.
2
July
2
3%
1 Holders of rec. June 300
of
(quar.)_
July
Phila..
Co.
25
Holders
June
rec.
Yellow
of
Cab
(quar.)
Ltd.
Co.,
H.)
Holmes(D.
June 30 June 24 to July 1
3
Yellow Cab Mfg., Class B (monthly)...•50c. Aug. 1 'Holders of rec. July 20
Home Title Insurance (quar.)
134 June 30 June 21 to July 1
Hooven,Owens. Rentschler Co..PL(P.) 1%
July 2 June 17 to July 2
Howe Scale, preferred (quar.)
Below we give the dividends announced in previous weeks
"134 June 30
Imperial Tobacco of Canada, common MOO
July 2 Holders of rec. June 23
div.)
(stock
Tool
Independent Pneumatic
not yet paid. This list does not include dividends
and
2
July
$1.25
Holders
rec.
of
20
June
Interlake Steamship (qua:.)
July 2
of rec. June 30
this week,these being given in the preceding table.
announced
Johnston (R. F.) Paint,7% pref.((Mari 1% July 2 Holders
Holders of rec. June 30
2
Eight per cent preferred ((Mara
July 16 Holders of rec. July 20
1
Jones Bros. Tea, corn. (guar.)
Books Closed.
When
Per
134 July 2 Holders of roe .June 250
Preferred (quar.)
Days Inclusive.
Cent. Payable.
Aug. 1 Holders of rec. July 20
Name
' of Company,
Kaufmann Dept. Stores, common (all.)- 81
2 Holders of rec. June 20
Kaynee Company, preferred (qua:.)... 1% July
Railroads (Steam).
July 2 Holders of rec. June 290
Kayser (Julius) & Co., preferred (glum). $2
834 June 28 Holders of ree. May 25
July 2 Holders of rec. June 200 Alabama Great Southern. ordinary
Kelley Island Lime & Transp. (qua:.).. 2
2
334 Aug. 16 Hosiers of rec. July 13
Prof
July
erred
Holders
of
20
June
25e.
rec.
(quar.)
Keystone Finance Corp., corn.
Susquehanna
434 July 1 Holders of rec. June 150
2
&
Holders
Albany
of
June
rec.
20
1%July
preferred (quar.)
234 Aug. 1 Holders of rec. June 290
Holders of rec. June 230 Atchison Topeka & Santa Fe, preferred
3
1%
July
(guar.)
Company
Laurentide
June 30 June 21 to July 1
8
234 June 30 Holders of roe. June 2I0 Atlanta & West Point
Lawyers mortgage Co.(gum.)
common
RR..
July 10 Holders of rec. June 182
3%
Line
June
21 to June 30
Atlantic Coast
134 July 1
Liberty Steel, pref. (quar.)
Aroostook. pref. (qua:.)
194 July I Holders of rec. June 15
2
&
Holders
Bangor
June
of
July
250
•
ree.
Long Island Safe Deposit
July 2 Ilolders of rec. June 150
50e.
(qua:.)
Creek
Beech
of
Holders
14
July
1
rec.
Aug.
Lord & Taylor, 2d pref. (acct. acc. diva.) h18
2% June 30 Holders of rec. May 310
*50c. July 2 Holders of rec. June 26
Boston & Albany(guar.)
Lupton (F. M.) Publisher, cl. A ((Pl.).Susquehanna,common (quar.) 2
0 June 16 to July 1
30
June 3
1m% Jun
14
&
Holders
Buffalo
of
30a
June
rec.
July
234
MacAndrews & Forbes, corn. (qua:.)... 1
June 16 to July 1
June
Common (extra)
July14 Holders of rec. Juno 300
Common (extra)
June 30 June 16 to July 1
2
July 14 Holders of rec. June 30a
Preferred (qua:.)
13.4
Preferred (quar.)
30 Holders of rem June 29a
11 Aug.1
2
Canada Southern
1%July 1 June 21 to July 1
ManIschewitz Co., Pref. (gnarl
Holders of rem June 1
June
June 30 Holders of rm.
300 (anticlinal Pacific. common (guar.)
1
Manning, Maxwell & Moore, Inc. (qu.) 194 July 2 Holders of rec. June
July 1 Holders of rec. June 80
2
June 20a Chesapeake & Ohio, common
Mathieson Alkali Works, pref. (guar.).- *50e. July 2 Holders of rec. June 25
Holders of rec. June 80
1
July
Preferred
334
McQuay Norris Manufacturing (guar.)- 2
June 25 Holders of rem June 190
6
Chicago Burlington & Quincy
June 30 Holders of rec. June 20
Merchants & Miners Transp. (quer.)
_
corn.
&
Louisville,
10
July
Indianapolis
Holders of rem June 30
194
Holders
15
Chicago
of
June
rec.
June
15
2
Merrimac Mills, Inc., Corn.
2
July 10 Holders of rec. June 80
Preferred
1% June 15 Holders of rec. June 15
Preferred (quar.)
North Western, corn
234 July 16 Holders of rec. June 150
&
Chicago
24
June
2
to
2
July
July
2
Mexican Crude Rubber (qua:.)
334 July 16 Holders of rec. June 150
Preferred
July 2 June 24 to July 2
10
Extra
Trust Companies (Concluded).,,
Metropolitan (quar.)
Mutual of Westchester Co.(quar.)
New York (guar.)
Peoples (Brooklyn)(qar.)
Title Guaranty & Trust (guar.)
IllExtra
U.S. Mortgage & Trust (qua:.)
Westchester Title dr Trust
4
3
5
5
3
4
mi
5
June 30 Holders of rec. June 220
July 2 Holders of rec. June 30a
June 30 Holders of rec. June 23a
June 30 Holders of rec. June 29
June 30 Holders of rec. June 22
June 30 Holders of rec. June 22
July 2 "Holders of rec. June 27
July 6 Holders of rec. June 30a
Jurna 23 1923.]
Name of Company.
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
2853
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam)-Coneluded.
Public Utilities (Concluded). Chicago Rock Island & Pac., 6% pref__
3
June 30 Holders of rec. June 8a
New York Telephone. prof.(guar.)
144 July 16 Holders of rec. June 204
7% preferred
3% June 30 Holders of rec. June 8a Niagara Falls Power, pref. (guar.)
14 July 16 Holders of rec. June 30a
Chic. St. Paul Minn.& Omaha.com _
2% Aug. 20 Holders of rec. Aug. la
North Shore Gas, preferred (quar.)
14 July 1 Holders of rec. June 20
Preferred
334 Aug. 20 Holders of rec. Aug. la
1b2 Oct. 1 Holders of rec. Sept.20
Preferred(guar.)
Cin. N.0.& Texas Pacific, corn
3
June 26 Holders of rec. June 86 Northern Ohio Tr. & Lt.6% pf.(qu.).. 134 July 2 Holders of rec. June 15
Common (extra)
3)4 June 26 Holders of rec. June 8a
14 July 2 Holders of rec. June 15
Sevenper cent pref. (guar.)
Cincinnati Northern
Aug. 1 Holders of rec. June 290 Northwestern Telegraph
$1.50 July 1 June 16 to JulYj 1
Cleve.. Cin., Chic. & St. Louis, com
1
July 20 Holders of rec. June 29a Ohio Bell Telephone, pref. (guar.)
14 July 1 Holders of rec. June 20a
Preferred (guar.)
14 July 20 Holders of rec. June 29a Ottawa Traction (guar)
1
July 3 Holders of rec. June 19a
Colorado & Southern, let preferred.-- 2
June 30 June 20 to July 1
134 July 16 Holders of rec. June 30a
Pacific Gas & Elec., cont. (guar)
Detroit River Tunnel
3
July 16 Holders of rec. July 76 Panama Power & Light, pref.(guar.)1% July 2 Holders of rec. June 18
Hocking Valley
2
June 30 Holders of rec. June 86 Penn. Central Light & Pow., corn.(qu.) •37M0 July 1 *Holders of rec. June 15
Illinois Central. leased lines
2
July 1 June 12 to
July 4
•10c. July 1 *Holders of rec. June 15
Common (extra)
Lackawanna RR.of N.J.(guar.)
1
July 2 *Holders of rec. June 90
Preferred (guar.)
July 2 Holders of rec. June 15a
$I
Lehigh Valley, common (guar.)
87340 July 2 Holders of rec. June 160
Preferred (extra)
100. July 2 Holders of rec. June 160
Preferred (guar.)
$1.25 July 2 Holders of rec. June 16a Pennsylvania Edison, preferred (qUar.)
July 1 Holders of rec. June 250
2
Little Schuylkill Nay., RR.& Coal
$1.25 July 14 June 19 to July 15
Pennsylvania Water & Power (guar.)- 144 July 2 Holders of rec. June 150
Louisville dc Nashville
2M Aug. 10 Holders ot rec. July 17a Philadelphia Company, corn.
July 31 Holders of rec. July 20
$1.
(quar.)Louisiana & Northwest (guar.)
1% July 2 Holders of rec. June 15
Public Service Corp., common (qua?.)... $I
June 30 Holders of rec. June 15a
Niaboning Coal RR., common
$10 Aug. 1 Holders of rec. July 166
Eight per cent preferred (guar.)
2
June 30 Holders of rec. June 15a
Preferred
$1.25 July 2 Holders of rec. June 236
Seven per cent preferred (guar.)
1% June 30 Holders of rec. June 15a
Manhattan By. (guar.)
•
60c. July 2 Holders of rec. June 186 Reading Traction
750. July 2 June 13 to July 1
Michigan Central
10
July 28 Hoders of rec. June 296
Savannah Elec. & Pow.,deb. ear. A (an.) 2
July 2 Holders of rec. June 156
Mobile & Birmingham, preferred
2
July 2 June 2 to July I
Second & 3d Sts.Pass.By.,Phila.(qu.). $3
July 1 June 2 to July 1
Mobile & Ohio
3% July 12 Holders of rec. June 284 Shawinigan Water & Power (quar.)_. 1% July 10 Holders of rec. June 22
Morris & Essex
$1.75 auly 2 June 8 to June 27
Southern Canada Power, pref.(qua?.).. 134 July 15 Holders of rec. June 300
New York Central RR.(guar.)
13 Aug. 1 Holders of rec. June 29
Springfield By.& Light, prof.
1% July 2 Holders of rec. June 156
New York & Harlem, corn. & pref
$2.50 July 2 Holders of rec. June I50 standard Gas & Electric. corn.(guar.).
(No. 1).. 6234e July 25 Hotders of rec. June 80
N.Y.Lackawanna & Western (quar.)
13( July 2 Holders of rec. June 140 TennesseeElectric Power,6% pre/.(qu.) 134 July 2 Holders of rec. June 9
Northern Central
July 16 Holders of rec. June 306
$2
Seven per cent preferred (guar.)
14 July 2 Holders of rec. June 9
Northern Securities Co
July 10 June 28 to July 10
4
Toledo Edison Co., preferred (qua?.)... 2
July 1 Holders of rec. June 150
Pere Marquette, corn. (guar.) (No- 1).... 1
July 2 Holders of rec. June 15a 'Fri-City fly.& Light,
13( July 2 Holders of rec. JUIM 200
pref.(guar.)
Prior preference (guar.)
13( Aug. 1 Holders of rec. July 140 'twin City Rap.'Fran.,
July 2 Holders of rec. June 160
3
Minneap„
corn
Preferred (guar.)
1M Aug. 1 Holders of rec. July 14a
Preferred (guar.)
1% July 2 Holders of rec. June 160
Pittsb. Ft. Wayne & Chic., corn.(quan) 1% July 2 Holders of rec. June Ila Union Passenger
_
By., Pblla
t $4.75 July 2 Holders of rec. June 15
Preferred (guar.)
14 July 3 Holders of rec. June Ila Union Traction,
July 1 Holders of rec. June 90
$1.50
Philadelphia
Pittsburgh & Lake Erie
$2.50 Aug. 1 Holders of rec. July 14a United Gas Impt., corn.
75c July 14 Holders of rec. June 306
(guar.)
Pittsb. McKeesp.& Youghiogheny
$1.50 July 2 Holders of rec. June 186
Preferred (guar.)
8734c Sept. 15 Holders of rec. Aug. 310
Reading Company, 2d pref. (quar.)-50c. July 12 Holders of rec. June 256 United Light & Rya.. common
Holders of rec. July 160
1)4 Aug
(guar.).Rensselaer & Saratoga
4
July 2 June 16 to July 1
Common (extra)
Holders of rec. July 166
3.4 Aug
St. Louis Southwestern. pref.(guar.)
1)4 July 2 Holders of rec. June 160
144 11.1Y
6% first pref.(quar.)
Holders of rec. June 15a
Sharon Railway (semi-annual)
1.37% Sept. 1 Aug. 22 to Aug. 31
Panic. pref.(guar.)
Holders of rec. June 156
1% July
Southern Pacific (guar.)
134 July 2 Holders of roe. May 316
Participating preferred (extra)
Holders of rec. June 15a
54 July
Union Pacific. corn. (guar.)
234 July 2 Holders of rec. June la
Participating preferred (extra)
Holders of rec. Sept 15a
4
Oct.
United N.J. RR.& Canal Cos.(quar.). 234 July 10 June 21 to June 30
Participating preferred (extra)
4 Jan2'24 Holders of rec. Dec. 15a
23.4 July 2 Holders of rec. June 210 Utah Power & Light,
Valley RR.(New York)
pref.(guar.)
154 July 2 Holders of rec. June 16
Western Pacific, preferred (guar.)
134 July 2 Holders of rec. June 200 Utilities Securities, pref.
1% June 27 Holders of rec. June 166
(guar.)
Western By.of Alabama
3
June 30 June 21 to July 1
virginla Ry. & Power, preferred
July 20 Holden; of rec. Dec. 31
3
Washington Water Power, Spokane(gu.) 2
July 14 Holders of rec. June 25
Public Utilities.
Western Union Telegraph (guar.)
13.4 July 16 Holders of rec. June 25a
Alabama Power, pref.(guar.)
14 July 1 Holders of rec. June 21
West Kootenay Power & Lt.. pref.(qu.). 134 July 3 Holders of rec. June 25
All-America Cables (guar.)
1)4 July 14 Holders of rec. June 306 West Penn Co., common
3s June 30 Holders of rec. June 15a
(guar.)
American Gas & Elec.. corn. (quar.)_...._ 250. July 2 Holders of rec. June 18
West Philadelphia Passenger RY
185 July 2 Holders of rec. June 15
Common (payable in common stock)- (10 July 2 Holders of rec. June 18
Winnipeg Elec. By., pref. (guar.)
14
July 1 Holders of rec. June 16
Preferred (guar.)
13g Aug. 1 Holders of rec. July 12
Worcester Electric Light
$3
June 30 June 21 to July 1
Amer.Power & Light, Prof.(guar.)
1% July 2 Holders of rec. June 16
Extra
June
$R
30 June 21 to July 1
American Public service, pref. (guar.)._
1% July 2 Holders of rec. June 15
Yadkin River Power. pref. (guar.)
1% July 2 Holders of rec. June 15
Amer. Telephone & Telegraph (quAr.).. 2% July 16 Holders of rec. June 200 York Railways,
common (guar.)
50c. July 16 Holders of rec. July 5a
Appalachian Power. 7% pref.( uar.).- _ 14 July 16 Holders of rec. June 30a
Preferred (guar.)
6234c July 31 Holders of rec. July 21a
Asheville Power & Light, pref. (quar.)
1)4 July 2 Holders of rec. June 15
Associated Gas & Elec.. Pref.(quar.). 88e. June 30 Holders of rec. June 15
Banks.
Bangor By. & Elec., pref.(quar.)
July 2 Holders of rec. June 9
America, Bank of (guar.)
3
July 2 Holders Of rec. Jane 21a
Bell Telephone of Canada (guar.)
2
July 14 Holders of rec. June 230 Amer. Exch. Secur. Corp., cl. A (qu.).. 2
July 1 Holders of rec. June 16
Binghamton L., FL & P.,6% pref.(qu.) •1M July 1 *Holders of rec. June 25
Chase National (guar.)
4
July
2 Holders of rec. June 180
•
1%
Sevbn per cent preferred (guar.)
July 1 *Holders of rec. June 25
Chase Securities Corp.(guar.)
$I
July 2 Holders of rec. June 18a
Boston Elevated By., corn.(guar.)
134 July 2 Holders of rec. June 20
Chatham & Phenix National (qua?.)..... 4
July
2 June 17 to July 1
Preferred
3% July 2 Holders of rec. June 20
Coal & Iron National (guar.)
3
July 2 Holders of rec. June 130
First preferred
4
July 2 Holders of rec. June 20
Colonial Bank (guar.)
3
July 2 Holders of rec. June 206
Brazilian Trac., L. & Pow., pref.(guar.) 134 July 2 Holders of roe. June 15
Columbia
5
June 30 Holders of rec. June 20
Brooklyn Union Gas(guar.)
2
July 2 Holders of rec. June 146 Commerce, National Bank of (guar.)._
3
July 3 Holders of rec. June 150
Capital Traction,Washington,D.C.(au.) 1)4 July 2 Holders of roe. June 14
6
June
30 June 27 to July 1
Carolina Power & Light, corn. (guar.)._
fat RIver
34 Aug. 1 Holders of rec. July 14
rth
Avenue
N (quar.)
6
July 2 Holders of rec. June 300
Preferred (guar.)
14 July 2 Holders of rec. June 15
Extra
20
July 2 Holders of rec. June 306
Central III. Pub. Serv., pref. (quar.)134 July 14 Holders of rec. June 300 Fifth National (guar.)
234 July 2 June 26 to July 1
Central States Electric Corp., pref.(qu.) 1% June 30 Holders of rec. June 9
First National (guar.)
10
Holders of rec. June 306
July
Cincinnati & Sub. Bell Telep. (guar.).- $1
July 2 June 21 to June 29
Greenwich Bank (quar.)
3
Holders of rec. Juned206
July
Citizens Passenger By., Phila.(guar.)
$3.5 July 1 Holders of rec. June 200 Importers & Traders
6
June 2 Holders of rec. June 190
Cleveland Railway (guar.)
134 June 30 Holders of rec. June 130 Manhattan CO., Bank of the (qua?.)
Holders of rec. June 220
3
July
Colorado Power, corn. (guar.)
Extra
34 July 16 Holders of rec. June 30
Holders of rec. June 226
1
July
Columbus Elec. dr Power,corn.(quar.)
2
July 2 Holders of rec. June 11
Mutual (guar.)
Holders of rec. June 216
3
July
First preferred, Series A (guar.)
1% July 2 Holders of rec. June 11
National City (guar.)
Holders of rec. June 160
4
July
2
Second preferred (guar.)
1% July 2 Holders of rec. June 11
National City Company (guar.)
2
July 2 Holders of rec. June 16
Columbus By., Pow. dc Lt.. corn.(qu.). 134 Sept.
Holders of rec. Aug. 166
Extra
Holders of rec. June 16
2
July
Common (quar.)
1
Dec. • Holders of rec. Nov. 15a Public National (guar.)
4
June
3 Holders of rec. June 23
Preferred, Series A (guar.)
1% July 2 Holders of rec. June 150 Seaboard National
Holders of rec. June 250
(guar.)
3
July
Preferred, Series A (guar.)
1 Holders of rec. Sept. 15a
134 Oct
Holders or rec. June 25a
2
July
Preferred, Series A (guar.)
Holders of rec. Dec. 15a State (Qua?.)
134 Jas
Holders
of rec. June 18a
4
July
Preferred, Series 13
14 Aug! 1 Holders of rec. July 166 United States, Bank of
Holders of rec. June 204
234 July
(guar.)
Preferred, Series 13
234 Nov. 1 Holders of rec. Oct. 16a
Consol.Gas El. L.& P.. Balt.,com.(qu.)
July 2 Holders of rec. June 15a
Trust Companies,
Preferred Series A (qmar.)
2
July 2 Holders of rec. June 156 American(guar.)
1% June 30 Holders of rec. June 234
Preferred Series B (guar.)
134 July 2 Holders of rec. June 150 Bankers
(guar.)
5
July ' Holders of rec. June 15a
Consolidated Gas of N. Y., pref.(quar,) 8734c Aug. 1 Holders of reo. June 15a Bank of
New York & Trust Co.(guar.).- 5
Holders of rec. June 15
July
Consumers Power(Mich.),7% prof.(qu.) 134 July 2 Holders of rec. June 16e
30 Holders of rec. June 15
June
3
Six per cent preferred (guar.)
I M July 2 Holders of roe. June 150 li
Gu
tia
d
ra
son
nty
(quar
(quar
.)
June
21 to July 1
30
June
214
Dayton Power & Light, corn
2
July Cl Holders of rec. June 206 Lawyers Title & Trust
• Holders of rec. June 22a
July
2
(guar.)
Preferred (guar.)
134 July .2 Holders of rec. June 200
Extra
Holders
of rec. June 226
July
1
Detroit Edison (guar.)
2
July 16 Holders of rec. June 20a
Manufacturers (guar.)
Holders of rec. June 200
July
4
Dominion Power & Transmission, pref._
334 July 16 June 18 to June 30
United States (guar.)
1234 July 2 Holders of rec. June 216
Duluth-Superior Traction, pref. (quar.)_ 12
JulyHolders of rec. June 15
Fire
Eastern Texas Elec. Co., corn.(guar.)._
23( July 2 Holders of rec. June 206 Rossia InsuranceInsurance.
of America
81.60 July 2 dolders of rec. June 150
Preferred
3
July 2 Holders of rec. June 206
Electric Light & Power of Abington &
Miscellaneous.
Rockland (guar.)
2
July 2 Holders of rec. June 220 Abitibi Power
& Paper. Ltd., prof.
14 July 3 Holders of rec. June 20
El Paso Electric Co.. preferred
(qua
3
July 9 Holders of rec. June 20a
Adams Eamon ((War.)
30
12
0
62 Holders of rec. June 156
70
$11.105‘
.2
.5 ulyy 3
Erie Lighting, pref.(guar.)
50c. July 2 Holders of rec. June 156 Advance-RumelY.
Holders of rec. June 15a
Pref. (guar.)
Federal Light & Traction,common
750. July 2 Holders of rec. June 150 Air Reduction
(guar.)
2 Holders of rec. June 300
uly 14
$1,4 Ju
Common (payable in preferred stock). m7.5c. July 2 Holders of rec. June 15a
Ailled Chemical & Dye Corp., pref.(qu.)
Holders of rec. June 156
Frankf. & Southwark Pass. By.(guar.). $4.50 July 1 June 2 to July 1
Allis-Chalmers Mfg., pref. (guar.)
Holders of rec. June 23a
July
General Gas & Elec. Corp., pref. A (go.) 82
July 2 Holders of rec. June 15
Amalgamated 011 (guar.)
•75c. July 16 *Holders of rec. June 30
Germantown Pass. fly.,
(guar.) _ 81.31 July 3 Holders of rec. June 12a
American Art Works,corn.& pref (gu.I. 13.4 Jui y Jul
1 Holders of rec. June 30a
Haverhill Gas Light (quar.)
1.1234 July 2 Holders of tee. June 130 American Bank
Note, preferred (Quar.)- 75
4
.. July 2 Holders ol rec. June 15a
1c
Huntington Devel.& Gas, pref.(guar.). 1% July
Holders of rec. June 11
Amer. Beet Sugar,
Floiders of rec. June 90
Illinois Bell Telephone (guar.)
2
June 3 Holders of rec. June 29a, Amer. Brake Shoe &pref. (guar.)
m5 June 30 Holders of rec. June 220
Fay., corn.(qu.)-. $1 2
Illinois Traction. pref. (guar.)
134 July
Holders of rec. June 15
Holders of rec. June 226
Indianapolis Water, pref. (guar.)
1% July
Holders of rec. June 4
Amer. Car dc Foundry,common (quar.)- 3
1% July 2 Holders of rec. June 150
Kansas City Pow. & Lt., 1st pf. A (qu.) 1% July 2 Holders of roe. June 16a
Pr
Pre
eferr
rre
ed (qua?.).)
2
Holders
of rec. June 15a
Kansas City Pow. Securities. pref.(qu.) 81.25 July
Holders of rec. June 30
1)4 July
Holders of rec. June 184
Kentucky Securities Corp., common... 1
July
Holders of rec. June 20a A(qua
igr,
mercAmericanio C
Can
a
,
134
preferred
July
2
Holders
referred
?.)
of rec. June 150
(c1uar.)
Preferred (guar.)
134 July 1
Holders of roe. June 200 American Express (guar.)
July
Holders of rec. June 14a
Laclede Gas Light, common
33,4 July
Holders of rec. June 256 American Lace Manufacturing
$2
1.60 June 30
2
Holders
of
rec. June 15
Mackay Companies, common (guar.)._
(guar-)
1% July
Holders of rec. June 6a
Am. La France Fire Eng., Inc., com.(q11) 250. Aug. 15 Holders of rec.
Aug. 16
Preferred (guar.)
1
July 2 Holders of rec. June 6a
Preferred (guar.)
14 July • Holders of roe. June 254
Manila Electric Corp., corn.(guar.) - - 2
July 2 Holders of rec. June 18a American
Locomotive,
23s
June
311
corn.
80
Holders
June
01
rec.
(guar.).Manufacturers L.& Heat,Pittsb.(guar.) 2
July 14 Holders of rec. June 30a
Preferred (qua?.)
14 June 30 Holders of rec. June 8a
Market St. Ity., SanFran„ prior pi.(qu.) 134 July 2 Holders of rec. June 96
American Machine & Foundry (Qua/-)
134 July
Holders of rec. June la
Massachusetts Ltg. Cos.. 6% pf. (qu.). 134 July 16 Holders of rec. June 25
134 Oct.
Holders of rec. Sept. 14
Eight per cent pref. (quar.)
2
July 16 Holders of rec. June 25
134 Jan 1'24 Holders of rec. Dec. 10
Metropolitan Edison Co., pref.(guar.)._
154 July 1 Holders of rec. June 250
QeuuraralcarterIllineumatic Service. 20 Prof
50c. June 30 Holders of roe. June 9
Mississippi River Power, pref. (guar.)._
134 July 2 Holders of rec. June 15
Am
7e
%
rica
prneflt
eis
rd
ed
iat
(o
gru
.ar
oo
)
mmon (quar.)... $I
June 30 Holders of rec. June 15s
Mohawk Valley Co. (guar.)
2
July 2 Holders of rec. June 226
50c. July 15 Holders of rec. June 300
Monongahela-West Penn.Pub.Serv., pf. 3734c July 7 Holders of roe. June 25a Amer. Rolling Mill. corn. (guar.)
Montana Power, common (guar.)
134
July
I Holders of rec. June 150
1
July 2 Holders of rec. June ha
denture
rs earbe t0(urea
Preferred (guar.)
1% July I Holders of rec. June 15
1% July 2 Holders of rec. June 130
(
Holders of rec. June I54
k,
q ucar
om
4mon
$
Montreal Water & Power. common
*Mb June 30 *Holders of rec. June 15
Amer.7Pre
3
1 Holden of rec. July 150
ug
l
1
1 44
x Aug.
Narraganact Elec. Ltg. (guar.)
81
July 2 Holders of rec. June 156 Amer. Smelt. & Refg.,
Holders of rec. July Oa
.20111. (guar.)-New England Telep. & Teleg. (quar.)
2
June 30 Holders of rec. June 110
Preferred (quar.)
14 Sept. 1 Holders of rec. Aug. 100
Newport News & Hampton
American Snuff, common
. July 2 Holders of rec. June 150
10H
75
3
(guar.)
1% July 2 Holders of rec. June 15a
By.. Gas & Electric. pref.(quar.)._
Preferred (guar.)
July 2 Holders of rec. June 15a
New York State BM,corn.(guar.)
M July 2 June 23 to July
1
American Steel Foundries, corn.(quar.).
July 14 Holders of rec. July 20
(guar.)
Preferred
14 July 2 Juno 23 to July
1
Preferred (guar.)
1% June 30 Holders of rec. June 156
f
gotc:
[VoL. 116.
THE CHRONICLE
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
Per
When
Cent. Payable.
Miscellaneous (Continued).
Miscellaneous (Continued).
2
Aug. 1
Amer. Sugar Refining. Pref. (guar.)--- 131 July 2 Holders of rec. June I a Elgin National Watch (guar.)
July 2
$1
American Tobacco, preferred (guar.).- 1% July 2 Holders of rec. June 9a Elliott-Fisher Co.,corn.(guar.)
July 2
$1
Common,series B (guar.)
131 July 16 Holders of rec. July 100
Amer. Type Founders, common (quar.)_
1% July 2
Preferred (guar.)
1% July 16 Holders of rec. July 10a
Preferred (atlar.)
1)1 July 1 Holders of rec. June 200 El:net-13On Electric Co., Preferred (guar.). 1% July 1
Amer. Wnolesale Corp.. pref.(quar.)1% June 29
Empire Safe Deposit (guar.)
131 July 2 Holders of rec. June 15
Amer. Window Glass Mach.,corn.(qu.)
Endlcott-Johnson Corp., corn. (guar.).- $1.25 July 2
1,1 July 2 Holders of rec. June 15
Preferred (guar.)
1,1 July 2
Preferred (guar-)
American Woolen,corn, and pref.(guar.) 1% July 16 May 15 to May 18
July 10
Equity Petroleum Corp., pref. (guar.)._ 3
760. July 23 Holders of rec. June 16
Anaconda Copper Mining (guar.)
July
2
to
(qu.)
16
corn.
June
Corp.,
1
July 2
Players-Lasky
Famous
July
1%
2
Armour & Co. of Del., pref. (guar.).--2
Aug. 1
Preferred (qua:.)
131 July 2 June 18 to July 1
Armour & Co. of III.. pref. (attar.)
2
June 30
1% July 25 Holders of rec. June 30a Farr Alpaca, common (guar.)
Associated 011 (guar.)
July 2
Fidelity Capital Corp., pref.(guar )---- 2
1% July 2 Holders of rec. June 18
Ault & Wiborg Co., pref. (guar.)
July 1
Baldwin Locomotive Works, corn. & pf. 3% July 2 Holders of rec. June 20 Fisher Body, Ohio Corp., peel. (guar.). 2
50c. July 1
Fleishmann Co., corn. (guar.)
Barnhart Bros. & Spindler50c. July 1
Common (extra)
First and second preferred (guar.)- - - 1% Aug. 1 Holders of rec. July 26a
50c. Oct. 1
Common (guar.)
Bassick-Alemite Corp., corn. (guar.).- 50c. July 1 Hotders of rec. June 20a
50c. Oct. 1
Common (extra)
131 July 15 Holders of rec. June 30a
Bayuk Bros., Inc., first Pref. (guar-)July 15 Holders of rec. June 300
500. Jan 1'24
Common (guar.)
2
Second preferred (guar.)
d2
to
21
June
1
July
July
June 30
corn.
011
51
Galena-Signal
(guar.)
41.25
common
(quar.)
Beatrice Creamery,
2
June 30
Old and new pref.(quar.)
131 July 42 June 21 to July 1
Preterred (guar.)
4
June 27
131 July 2 Holders of rec. June la Garfield Safe Deposit
Bethlehem Steel, common (guar.)
_
common_
2
1
Car,
July
July
June
Tank
$1.50
rec.
of
Holders
16a
Amer.
General
1%
Seven per cent cum. pref. (guar.).1% July 1
Preferred (guar.)
Seven per cent cum. pref. (guar.).- 1% Oct. 1 Holders of rec. Sept. 15a
30
June
$1
Holders
15a
Jan2'24
corn.
Dec.
rec.
of
Baking,
General
(guar.)
131
(quar.)-pref.
Seven per cent cum.
2
June 30
Preferred (guar.)
Seven per cent non-cum. pref. (guar.) 131 July 2 Holders of rec. June 15a
Seven per cent non-cum. pref. (guar.) 1% Oct. 1 Holders of rec. Sept. 15a General Cigar, debenture pref.(qua:.).. IM July 2
July 14
2
Jan2'24
of
Holders
15a
Dec.
rec.
Electric
General
(guar.)
131
Seven per cent non-cum. pref. (guar.)
15c. July 14
July 2 Holders of rec. June 150
2
Special stock (guar.)
Eight per cent preferred (guar-)
Oct. 1 Holders of rec. Sept. 15a General Motors Corp., 6% pref. (guar.) 131 Aug. 1
2
Eight per cent preferred (guar.)
Jan 2'24 Holders of rec. Dec. 150
2
Six Per cent debenture stock (guar.)-- 1% Aug. 1
Eight per cent preferred (guar.)
Aug. 15 Holders of rec. Aug. la
4
Seven per cent debenture stock (guar.) 1% Aug. 1
Borden Company,common
15
Sept.
1% July 2
la
Sept.
131
rec.
of
Holders
General
Railway Signal, pref.(quar.)-Preferred (guar.)
Si Julyd14
1% Dec. 15 Holders of rec. Dec. la General Refractories (guar.)
Preferred (guar.)
75c. July 1 Holders of rec. June 230 General Tire di Rubber, preferred (guar.) 1,1 July 2
Borg & Beck Co.(guar.)
$3
June
30
15a
July 2
Holders
June
1%
rec.
of
(guar.)
Telegraph
&
Gold
Stock
Boston Wharf
1% July 2
25o. July 1 Holders of rec. June 200 Goodrich (B. F.) Co., pref.(guar.)
Bridgeport Machine Co. (guar.)
1
1
Oct.
200
July
2
25e.
(qu.).
p1.
prior
Rubber,
Sept.
Holders
&
rec.
Tire
of
Goodyear
Quarterly
250. Jan 1'24 Holders of rec. Dec. 200 Goodyear T.& R. of Canada, pf.(qu.). 1% July 3
Quarterly
250. Aprl'24 Holders of rec. Mar. 200
Preferred (acct. accum. dividends).- fitu July 3
Quarterly
June 30 Holders of coup.No.913n Gossard (H. W.) Co., corn.(monthly).4
250. July 1
BrItish-American Tobacco, ordinarY1,1 July 1 Holders of rec. June 200
25c. Aug. 1
Common (monthly)
Brunswick-Balke-Collender, pf. (qu.)
2
July
1%
Sept. 1
250.
Holders
20
June
(monthly)
rec.
of
Common
(quar.)preferred
Bucyrus Company,
It% July 2 Holders of rec. June 20
2
Grasselll Chemical, corn. (guar.)
June 30
Pref.(extra) (account accum. diva.)
131 July 2 Holders of rec. June 28a
1% June 30
Preferred (guar.)
Burns Bros., pref. (guar.)
June 30 Holders of rec. June 20
Great Lakes Towing, common (guar.).- 1% June 30
Burroughs Adding Machine (quar.)--- 2
131 July 2 Holders of rec. June 180
1% July 2
Preferred (guar.)
Bush Terminal Bidgs., pref. (guar.)- - 50c.
June 30 Holders of rec. June 15a Great Western Sugar, corn.(guar.)
July 2
51
Butte & Superior Mining (guar.)
131 July 2
Preferred (guar.)
California Petroleum, pref. (quar.)- - 1,1 July 2 Holders of rec. June 200
June 25 Holders cf rec. June 8a Greenfield Tap & Die,6% Pref.(guar.). 1% July 2
31
Calumet dr Arizona Mining (guar.)
July 2 Holders of rec. June 15
July 2
2
Eight per cent pref. (guar.)
Canadian Connec't Cot. Mills, pf. (gu.) 2
1% July 2 Holders of rec. June 15
July 2
2
Guantanamo Sugar, Prof. (guar.)
Canadian General Electric (guar-)
June 30 Holders of rec. June 20
3731c July 1
Gulf Oil (guar.)
Canadian Locomotive, corn. (guar.)---- 1
131 J11110 30 Holders of rec. June 20
1
July 2
Gulf States Steel, corn. (guar.)
Preferred (guar.)
2
July I Holders of rec. June 22
1% July 2
Firat and second preferred (guar.)
Canadian Oil, preferred (attar.)
July 2 Holders of rec. June 200
2
First and second preferred (qua:.)..._ 1)1 Oct. 1
Canadian Westinghouse (guar-)
131 June 30 June 21 to July 4
First and second preferred (qua:.)
131 Jan2'24
Canfield Oil, common (guar.)
1% June 30 June 21 to July 4
Hanes(E. H.) Knitting Co., pref.(guar.) 191 July 2
Preferred (guar.)
(qu.)
1% July 1 Holders of rec. June 110 Harbison-Walker Refract.. pref.(guar.). 1% July 20
Case (J. I.) Thresh. Mach. pref.
131 June 30 Holders of rec. June 15a Hart, Schaffner & Marx,Inc., pr.(qu.)_ 1% June 30
Celluloid Company, common (guar.)._ _
2
July 2
Aug. 15 Holders of rec. July 31a Helme (George W.) Co., corn. (qua:.). _ 3
Preferred (guar.)
$1.50 July 2 Holders of rec. June 200
Preferred (guar.)
191 July 2
Central Aguirre Sugar (guar-)
July 2 Holders of rec. June 200 Hendee Mfg., pref. (guar-)
151 July a2
$5
Extra
1% June 25
1% July 15 Holders of rec. June 300 Hercules Powder, corn. (guar.)
Central Coal & Coke, corn. (quar.)
131 July 2
131 July 15 Holders of rec. June 300 Hibernia Securities, pref.(guar.)
Preferred (guar.)
50c. June 25
Homestake Mining (monthly)
Certain-teed Products, 1st & 2d pf.((NJ 1% July 1 Holders of rec. June 19
June 30
El
$1.50 July 2 Holders of rec. June 200 Hood Rubber, common (guar.)
Chandler Motor Car (guar.)
Sc. July 113
$1.25 Aug. I Holders of rec. July 180 Howe Sound Co
Checker Cab Mfg.. Class A (guar.)
July 2
50c.
1
15a
Nov.
Oct.
$1.25
rec.
Holders
of
Motor
Hudson
Car
(guar)
Class A (guar.)
25c. July 2
31.25 Febl'24 Holders of rec. Jan15'24a
Extra
Class A (guar.)
300. July 1
3% June 30 Holders of roe. June 9
Humble Oil dr Refining (guar.)
chesebrough Mfg. Cora. (guar.)
1% June 30 Holders of rec. June 9
Hupp Motor Car Corp., pref. (guar.)._ 1% July 1
Preferred (guar.)
July 1
1
Hydraulic Press Brick, pref. (guar.)._ _ _
Chicago Mill & Lumber. prof. (guar.)._ *1% July 2 *Holders of rec. June 23
June 30
8
1
July
20c.
Holders
A
10
Class
June
rec.
of
Illinois Pipe Line
Mfg.,
Nipple
Chicago
250. July 1
33 1-3c July 1 Holders of rec. June 200 Imperial Oil, common (guar.)
Chicago Yellow Cab (monthly)
20c. July 1
62310. June 30 Holders of reo. June 2
Preferred (guar.)
Chili Conner (guar.)
July 2
Independent Pneumatic Tool (quar.)- - - .2
Cities ServiceJuly 2
.2
Extra
Common (monthly, pay. in cash scrip) 0% July 1 Holders of rec. June 150
July 2
3
scrip)_
preferred
1m
150
Co.,
Holders
stock
July
one
I
rec.
of
Ingersoll-Rand
1
com,
Common (Pay.In
1,1 July 1
% July 1 Holders of rec. June 150 Inland Steel, pref.(guar.)(No. 1)
Preferred and pref. B (monthly)
July 2
50c.
(guar.)
2
July
Copper
2%
Cons.
Holders
Inspiration
27
June
rec.
of
(guar-)
common
Investing,
City
July 3
1,1 July 2 Holders of rec. June 27
Intercoloniat Coal Mining. common..._ 4
Preferred (guar.)
331 July 3
1% Sept. 1 Holders o I rec. Aug. 15
ereferred
Cleveland Stone(guar.)
% Sept. 1 Holders of rec. Aug. 15
Internat. Button-Hole Sew. Mach.(qu.) 10c. July 2
Extra
July 2 Holders of rec. June 180 Internat. Cement Corp.,common (guar.) 750. June 30
Cleveland Union Stock Yards (guar.)-_ 2
131 June 30
1,1
(qu.)
2
July
pref.
20
June
rec.
of
Holders
Inc.,
Preferred (guar.)
Co.,
dc
Peabody
Cluett,
1% July 18
$1.75 July 1 Holders of rec. June 150 Internat. Harvester, corn.(guar.)
Coca-Cola Company, common (qUar.)
3% July 1 Holders of rec. June 150 International Petroleum Co., Ltd
25e. June 30
Preferred
1% July 1
250. July 2 Holders of reo. June 1
International Salt (guar.)
Colonial Finance Corp.. coin. 00=4
2
July 2 Holders of rec. June 1
International Shoe, common (qua:).... 750. July 1
Preferred (guar.)
July 1
Si
Preferred (guar.)
Computing-Tabulating-Record. (quar.)- 1% July 10 Holders of rec. June 22a
July 16 Holders of rec. July 70 Internat. Sliver, prof.(guar.)
1% July 1
$4
Congoleum Company, common
)4 July 1
July 2 Holders of rec. June 19
Preferred (acct. accum. dive.)
Connor (John T.) Co., corn.(guar.)---- 500.
3% July 2 Holders of rec. June 19
Interstate Royalties Corp.(monthly)... lc July 25
Preferred
lo July 25
1% July 1 Holders of rec. June 20
Extra
Consolidated Coal(St. Louis)(quar.)-Nov.15
- 131 Julyi 1 Holders of rec. June 200 Intertype Corp., corn.(in com,stock) 110
.
Continental Can, one., pref.(guar.)
2
July
500.
18
June
July 2
2
to
lest
2
July
(guar.)
(qua:.)
prof.
Corona Typewriter, common
July 2 June 18 to July 2
2
July 2
3
Second preferred
First preferred (q1.1.1r-)
1% July 2 June 18 to July 2
July 2
$2
Island Creek Coal, corn.(guar.)
Second preferred (guar.)
July 2
Aug. 1 Holders of rec. July 30
$3
$1
Common (extra)
Cosden & Co., corn. (guar.)
June 30 June 16 to July 1
51.50 July 2
Preferred (guar.)
Cramp(William) S.& E.Bldg.(guar.)-- 1
2
30
(guar.)
150
July
June
June
750.
131
Holders
Inc.
rec.
of
Johns-Manville.
Crucible Steel, preferred (guar.)
1M July 2
131 July 2 Holders of rec. June 16a Jones dr Laughlin. Pref.(guar.)
Cuban American Sugar. pref.(guar.)
preferred
(guar.)._
2
July
Holders
28
150
June
June
Car,
of
131
$1
rec.
Motor
Jordan
Cuyamel Fruit(No.1)
Kanawha St Hock. Coal & Coke, pref._ _ 3% July 1
Dalton Adding Machine. pref. (guar.).- 131 July 2 June 21 to July 1
75c. July 2 June 27 to July 1
Kaufmann Department Stores, pf.(qu.). 1,1 July 2
Daniel Boone Woolen Mills (guar.)
Holders
of
28
9a
June
June
1%
rec.
Kelly-Springfield Tire, prof. (guar.)._ 1% July 2
Davis Mills (guar.)
I% July 2
1% July 2 Holders of rec. June 25a Kelsey Wheel, corn. (guar.)
Davol Mills (guar.)
750. July 2
$1 July 2 Holders of rec. June 15a Kennecott Copper (guar.)
Detroit & Cleveland Navigation(guar.)
1231c. July 18
Kerr Lake Mines, Ltd- (guar.)
Devoe dr Reynolds, Inc.
1% July 2
1,1 July 2 Holders of rec. June 25a King Philip Mills(guar.)
First and second pref.(guar.)
July 2
2
Kresge (S. S.) Co., corn.(guar.)
Sc, July 10 July 1 to July 9
Dolores Esperanga Corp.(guar.)
141 July 2
July 20 Holders of rec. Juno 300
Preferred (guar.)
$1
Dome Mines, Ltd. (guar.)
1,1 July 2
Kress(S. 11.) Co., prof.(guar.)
Dominion Canners, Ltd., pref.(quar.)-- 1,1 July 3 Holders of rec. June 20
2% June 30
Lhwyers Mortgage Co. (qua:.)
Dominion Glass, cost. & pref.(guar.).- 1% July 3 Holders of rec. June lb
July 2
$2
Lehigh Valley Coal Bales (guar.)
Dominion Iron & Steel, pref.(guar.).- 1,1 July 2 Holders of rec. June 15
1% July 1
20c. July 1 Holders of rec. June 100 Library Bureau, corn.(guar.)
Dominion Oil (guar.)
July 1
2
50e. Oct. 1 Holders of rec. Sept. 1
Preferred (guar.)
Dominion Stores, Ltd., common
July 3 Holders of rec. June 15
Dominion Textile. common (guar.)
Liggetts International,cont. A.& B.(qu) 131 Sept. 1
$1
151 July 18 Holders of rec. June 30
Liggett & Myers Tobacco, pref.(guar.). 1,1 July 2
Preferred (guar.)
131 Aug. 10
Douglas-Pectin Corp.(qua:.)(NO.1)--. 25c. July 1 Holders of rec. June 150 Lindsay Light, preferred (guar.)
Holders
of
(guar.)
2
2
July
June
1% Nov. 8
red.
Corporation
Preferred Olusx4
3
Draper
151 Feb11'24
June 30 Holders of rec. Juno 28
Preferred (guar.)
Dubiller Condenser & Radio, pref.(qu.). 2
duPont(E.I.)deNem.&Co.,deb.stk.(qu.) 1% July 25 Holders of rec. July 100 Lockwood, Green & Co., Pref. (guar.)._ 1% July 2
1% June 30
du Pont(E.1.) de Nem..Powd.com.(gu.) I% Aug. 1 Holders of rec. July 200 Lone Star Gas (guar.)
Extra
34 June 30
131 Aug. 1 Holders of rec. Juty 200
Preferred (guar.)
Dunham (James H.) Co.,corn.(quar.)._ 1% July 2 Holders of rec. June 180 Loose-Wiles Biscuit, lot pref. (guar.)._ 1% July 1
Aug. 1
1% July 2 Holders of rec. June 180
Second preferred (acct. accum. diva.). 57
First preferred (guar.)
July 2
131 July 2 Holders of rec. June 180 Lorillard (P.) Co., common (guar.). _ 3
Second preferred (guar.)
191 July 2
54
Preferred (guar.)
July 2 June 27 to July 1
Eastern Rolling Mills, preferred
July 2
$1
51.25 July 2 Holders of rec. May 310 Mack Trucks, common (guar.)
Eastman Kodak. corn. (guar-)
75e. July 2 Holders of rec. May 310
First and second preferred (guar.)._ 1% July 2
Common (extra)
1,1 Aug. 1
1% July 2 Holders of rec. May 31
Macy (R.H.) & Co., preferred (guar.)._
Preferred (guar-) _
850. July 1 Holders of rec. June 15
131 July 5
Magnolia Petroleum (guar.)
Eaton Axle & Spring 040. ti
50c. July 1 une 21 to June 30
Magor Car Corporation, corn. (qua:.).. 25c. June 30
Edmunds & Jones Corp., corn.(guar.)
50c. July 1 one 21 to June 30
134 June30
Preferred (guar.)
Common (extra)
1% July 1 une 21 to June 30
July 2
McCall Corp., 1st pref.(qu.)
Preferred (guar.)
Holders of rec. June 2ua
.5151 July 2
First pref. (acct. accum. diva.)
Elsemohr (Otto)& Eros- prof.(quar3- 191 June 30
2
July
Holders
July 1
75e.
0110
A
cl.
21
Mfg..
dr
June
$1
Radiator
of
rec.
McCord
Eectric Controller & Mfg., corn- (qu.)
250July 1
1% July 2 Holders of rec. June 21
Extra (for month of March)
Preferred (guar.)
1,1 July 1
July 2 Holders of rec. June 160 McCrory Stores Corp., pref. (quar.)
$1
Elec. Storage Battery, corn. & pf.
Books Closed.
Days Inclusive.
Holders of rec. July 20
Holders of rec. June I5a
Holders of rec. June 15a
Holders of rec. June 150
Holders of rec. June 20
Holders of rec. June 230
Holders of rec. June 160
Holders of rec. June 160
Holders of rec. June 30
Holders of rec. June 15a
Holders of rec. July 160
Holders of rec. June 160
Holders of rec. June 30
Holders of rec. June 15a
Holders of rec. June 150
Holders of rec. June 15a
Holders of rec. Sept. 15a
Holders of rec. Sept. 150
Holders of rec. Dec. 150
Holders of rec. May 310
Holders of rec. May 310
June 14 to June 27
Holders of rec. June 15a
Holders of rec. June 150
Holders of rec. June 200
Holders of rec. June 20a
Holders of rec. June 250
Holders of rec. June 60
Holders of rec. June ea
Holders of rec. July 9a
Holders of rec. July 90
Holders of rec. July 9a
Holders of roc. June 20
June 24 to July 8
Holders of rec. June 20
Holders of rec. June 300
Holders of rec. June 210
Holders of rec. June 15a
Holders of rec. June 20
Holders Of rec. June 20
Holders of rec. June 20
Holders of rec. July 20
Holders of rec. Aug. 20
Holders of rec. June 150
Holders of roc. June 15a
June 18 to July 1
June 16 to July 2
Holders of roc. June 15a
Holders of rec. June 150
Holders of rec. June 150
Holders of rec. June 15a
Holders of roe. June 16a
June 21 to June 30
Holders of rec. June 15a
Holders of rec. June 150
Holders of rec. Sept. 14a
Holders of rec. Dec. 14a
Holders of rec. June 20
Holders of rec. July 100
Holders of rec. June 180
Holders of rec. June 180
Holders of rec. June 180
Holders of rec. June 200
June 18 to June,24
Holders of rec. Jund 26
Holders of rec. June 200
June 21 to July 1
Holders of rec. July 2a
Holders of rec. June 220
Holders of rec. June 220
Holders of rec. June 20
Holders of rec. June 200
Holders of rec. June 20
June 1 to June 28
Holders of rec. June 100
Holders of rec. June 100
Holders of rec. June 23
Holders of rec. June 23
Holders of rec. June 1130
Holders of roe. June 150
Holders of rec. June 140
Holders of rec. June 23
Holders of rec. June 23
Holders of rec. June 15
Holders of rec. June I50
Holders of rec. June 150
Holders of rec. June 250
Holders of coup. No. 4u
Holders of rec. June 150
Holders of rec. June 150
Holders of rec. June 15a
June 16 to July 1
June 18 to July 1
Holders of rec. June 10
Holders of rec. June 10
Holders of rec. Nov. la
Holders of rec. June 15
Holders of rec. June 150
Holders of rec. June 220
Holders of rec. June 220
Holders of rec. June 22
Holders of rec. June 200
Holders of rec. June 153
Holders of reo. June 150
Holders of rec. June 15a
Holders of rec. June 20
Holders of rec. June 150
Holders of rec. June 20a
Holders of rec. June 8
Holders of rem July 20
Holders of rec. June 200
Holders of rec. June 15a
Holders of rec. June 150
Holders of rec. June 200
Holders of rec. June 21
Holders of rec. June 14
Holders of roe. June 20
Holders of rec. June 20
Holders of rec. Aug. 15a
Holders of Me. June 15a
Holders of rem Aug. 70
Holders of rec. Nov. 50
Hold'rs of rec. Feb.7'240
Holders of rec. June 22
Holders of rec. June 200
Holders of roc. June 200
Holders of rec. June 160
Holders of rec. July 18a
Holders of rec. June 180
Holders of rec. June 180
Holders of rec. June 200
Holders of roe. June 200
Holders of rec. July 140
Holders of rec. June 234
Holders of rec. June 20
Holders of rec. June 20
Holders of rec. June 15
Holders of rec. June 15
June 21 to July 2
June 21 to July 2
Holders of roe. June 300
JUNE 23 1923.]
Name of Company.
THE CHRONICLE
Per
When
Cent. Payable.
Book Closed.
Days Inclusive.
Miscellaneous (Continued).
Mallinson(H.R)& Co.,inc., P1 (au). 14 July 2 Holders of rec. June 200
1( July 2 Holders of rec. June 15a
Manati Sugar, pref. (guar.)
Manhattan Electric Supply (qu.)
$1
July 2 Holders of rec. June 20a
Manhattan Shirt, preferred (guar.).- 1% July 2 Holders of rec. June 18a
81
Marland 011 (quar.)
July 1 Holders Of rec. June 200
Mathieson Alkali Works, pref.(gu.)- -- 1% July 2 Holders of rec. June 20a
May Department Stores. corn.(quar.).
24 Sept. 1 Holders of rec. Aug. 15a
Proferrc1 (guar.)
1% July 2 Holders of rec. June 150
Preferred (guar.)
1% Oct. 1 Holders of rec. Sept. 15a
Merchants Despatch Transp. (quar.)_ _ _ 2% June 30 Holders of rec. June 27a
Merck & Co.. preferred (guar.)
2
July 2 Holders of rec. June 16
Mergenthaler Linotype (guar.)
24 June 30 Holders of rec. June tin
Merrimac Chemical (guar.)
$1.25 June 30 Holders of rec. June 16a
Extra
$1
June 30 Holders of rec. June 16a
Metropolitan Brick, preferred (guar.).- 181 July 2 Holders of rec. June 15
Metropolitan Filling Stations, eons.(qu.) 1% July 2 Holders of rec. June 25
Preferred (guar.)
2
July 2 Holders of rte. June 25
Mexican Petroleum, common (guar.) _ 4
July 20 Holders of rec. June 300
Preferred (guar.)
2
July 20 Holders of rec. June 300
Middle States 011 (guar.) (in stock)
e30c. July 1 Holders of rec. June 10
Extra (payable in stock)
e10e. July 1 Holders of rec. June 10
Midwest Oil, pref. (guar.)
151 June 30 Holders of rec. June 9a
Montgomery Ward & Co. pref. (guar.) _
131 July 1 Holders of rec. June 200
Mortgage-Bond Co. (guar.)
2
June 30 Holders of rec. June 18a
Mother Lode Coalition Mining
500. June 30 Holders of rec. June 8a
Motor Car Corporation. pref.(guar.).
1% July I Holders of rec. June 20a
Motor Car Securities Corp., corn
3% July 10 Holders of rec. June 10
Preferred
34 July 10 Holders of rec. June 10
Mountain Producers Corp.(guar.)
20e. July 2 Holders of rec. June 15a
Extra
10e. July 2 Holders of rec. June 150
1% July 2 Holders of rec. June 160
Nashua Manufacturing, pref. (quar.)National Biscuit, common (guar.)
760. July 14 Holders of rec. June 30a
National Breweries, common (guar.)._ _ $1
July 2 Holders of rec. June 15
Preferred (guar.)
131 July 2 Holders of rec. June 15
Nat. Enamel. & Stamp.. pref. (quar.)
1% June 30 Holders of rec. June 9a
Preferred (guar.)
131 Sept.29 Holders of rec. Sept. 10a
15.1 Dec. 31 Holders of rec. Dec. lla
Preferred (guar.)
July 1 Holders of rec. June 20
3
National Grocer, preferred
2
June 30 Holders of rec. June 150
National Lead, common (guar.)
July 10 Holders of rec. July 2a
National Licorice, COMMOD
14 June 30 Holders of rec. June 22a
Preferred (guar.)
14 July 2 Holders of rec. June 15
National Refining, pref.(guar.)
1% July 2 Holders,of rec. June 11
National Sugar Refining (guar.)
1% June 30 Holderd of rec. June 20
National Supply Co. of Del., PI.(qu.)
2% July 2 Holders of rec. June 200
National Surety (guar.)
*50c. July 1 *Holders of rec. June 15
Newblock Oil (guar.)
14 June 26 Holders of rec. June 16
New River Co., preferred
July 1 Holders of rec. June 80
New York Air Brake, Prof., class A (qu.) Si
24 July 16 Holders of rec. July 60
New York Dock, pref
1% July 2 Holders of rec. June 15
New York Steam Corp., pref. (quar.)_
New York Transit(quar.)
2
July 14 Holders of rec. June 20
New York Transportation (guar.)
50c. July 16 Holders of rec. July 20
Nipissing Mines Co., Ltd.(guar.)
3
July 20 July 1 to July 17
North American Co., common (guar.)
50c. July 2 Holders of rec. June 50
Preferred (guar.)
75o. July 2 Holders of rec. June 50
Northern Pipe Line
5
July 1 Holders of rec. June 8
Nova Scotia Steel & Coal, pref.(guar.)._ 2
July 16 July 8 to July 15
Nunnally Company
50c. June 30 Holders of rec. June 21a
Ohio Fuel Oil
*50e. June 30 *Holders of rec. June 23
Ohio Leather, first preferred (quar.)_
*2 July 1 *Holders of rec. June 20
75e. June 30 June 2 to June 24
Ohio 011 (guar.)
011 Lease Development Co.(No. 1)__ _ _ 10c. July 16 Holders of reo. June 300
-Oklahoma Natural Gas (guar.)
25e, July 20 Holders of rec. June 280
Orpheum Circuit, preferred (guar)
2
July 1 Holders of rec. June 154
Ottawa Car Manufacturing (guar.)_ _
1
July 3 Holders of rec. June 190
Owens Bottle, common (guar.)
75e. July 1 Holders of rec. June 150
Preferred (guar.)
1% July I Holders of rec. June 15a
Pacific-Burt Co.,common (guar.)
1% July 3 Holders of rec. June 15
Preferred (guar.)
131 July 3 Holders of rec. June 15
Pacific Oil
July 20 Holders of rec. June 150
$1
Package Machinery, preferred (quar.)Aug. 1 Holders of rec. July 20
Pacolet Manufacturing, common
4
June 30 June 21 to June 30
Common (payable in common stock)_ _ *50
July I
Preferred
3% June 30 June 21 June 30
Paige-Detroit Motor Car, corn. (guar.). *35e. July I *Holders of rec. June 15
*1% July I *Holders of rec. June 15
Preferred (guar.)
Tan-Am. Petrol.& Transp., COM.(qu.) $2
July 20 Holders of rec. June 300
Common class B (guar.)
82
July 20 Holders of rec. June 300
Panhandle Prod. & Ref., pref. (quar.)
2
July 2 Holders of rec. June 220
Parke, Davis & Co. (guar.)
50e. June 30 Holders of rec. June 20
Extra
75c June 30 Holders of rec. June 20
Peerless Truck & Motor (guar.)
81 June 30 Holders of rec. June 20
Penney (J. C.) Co., preferred (guar.).June 30 Holders of rec. June 200
Pennok Oil (guar.)
10o. June 25 Holders of rec. June 150
Extra
100 June 25 Holdes of rec. June 150
Pettibone-Mulliken Co., 1st ds 2d pf.(qu) 1% July 2 Holders of rec. June 21a
Phelps, Dodge Corporation (guar.)
$1
July 2 Holders of rec. June 200
Phillips Petroleum (guar.)
500. June 30 Holders of rec. June 150
Extra
31
June 30 Holders of rec. June 15a
Stock dividend
e50
June 30 Holders of rec. June 15a
Pierce-Arrow Motor Car, prior pref.(qu.) $2 July 2 Holders of rec. June 150
Pittsburgh Plate Glass, corn. (guar.)._
2
July 2 Holders of rec. June 150
Pittsburgh Rolls Corp., prof. (quar.)
1% July 1 Holders of rec. June25a
Postum Cereal, common (quar.)
75c. Aug. I Holders of rec. July 20a
Common (Payable in common stock)-- 1100 June 19 Holders of rec. Junerl8a
Preferred ((Mar.)
2
Aug. 1 Holders of rec. July 200
Prattle Oil& Gas (guar.)
2
July 31 Holders of rec. June 30a
Prairie Pipe Line (guar.)
2
July 31 Holders of rec. June 300
A July 3 Holders of rec. June 200
Price Bros. dv Co., Ltd. (quar.)
Provincial Paper Mills,corn.(quar.)-- - 1% July 2 Holders of rec. June 15
Preferred (guar.)
131 July 2 Holders of rec. June 15
14 July 1 Holders of rec. June 150
Pure Oil Co.5%% pref.(guar.)
8% preferred (guar.)
2
July 1 Holders of rec. June 15a
6% preferred (guar.)
14 July 1 Holders of rec. June 15
3
Quaker Oats, corn. (guar.)
July 16 Holders of rec. July 2a
1% Aug. 31 Holders of rec. Aug. la
Preferred (guar.)
Railway Steel-Spring, common (guar.).
2
June 30 Holders of rec. June 16a
20. July 1 Holders of rec. June 10a
Ranger Texas 011 (guar.)
30e. July 2 Holders of rec. June 15
Reece Button Hole Mach.(guar.)
100. July 2 Holders of rec. June 15
Reece Folding Machine (tuar.)
20e. July 15 Holders of rec. June 30
Rickenbacker Motor (guar.)
150. July 2 June 1 to July 1
Reo Motor Car, common (guar.)
60e. July 2 June 1 to July 1
Common (extra)
July 2 June 1 to July 1
Common (payable in common stock).. 10
July 2 Holders of rec. June 150
Republic Iron & Steel. prof.(guar.)
July 2 Holders of rec. June 15a
Pref. (acct. accumulated dividends)._ h2
Reynolds Spring, A & B stocks (quar.).. 1% July 1 Holders of rec. JUDO 11
Reynolds(R.J.) Tob.,coin. A.& B(qu.) 750. July 2 Holders of rec. June 180
1% July 2 Holders of rec. June 180
Preferred (guar.)
1% July 3 Holders of rec. June 15
Rogers(Wm.),Ltd., pref.(guar.)
Royal Baking Powder, common (quar.). 2
June 30 Holders ot rec. June 150
1% June 30 Holders of rec. June 15a
Preferred ((Mar.)
*16%
Royal Dutch Co
Safety Car Heating & Lighting (guar.).- 154 July 2 Holders of rec. June 16a
250. Sept.20 Sept. 9 to Sent. 20
St. Joseph Lead (guar.)
Extra
25e. Sept.20 Sept. 9 to SeDt.20
Quarterly
25e. Dec. 20 Dec. 0 to Dee. 20
Extra
250. Dec. 20 Dec. 9 to Dec. 20
St. Louis Rocky Mt.& Pac., COM.(qD.)- 1
June 30 Holders of rec. June 160
1% June 27 Holders of me. June 20a
St. Maurice Paper (guar.)
20e. July 1 Holders of rec. June 15a
Salt Creek Consol. Oil (guar.)
1% July 2 Holders of rec. June 200
Sayers & Scoville Co., corn. (guar.)._
Common (extra)
54 July 2 Holders of rec. June 200
1% July 2 Holders of rec. June 200
Preferred (guar.)
&Make Retail Stores, cons.(in pref. stk.) m$2 Sept. 1 Holders of roe. Aug. 150
Common (payable in preferred stock)_ m$2 Dec. I Holders of rec. Nov. 150
Common (payable in preferred stock)- m$2
Mr.I'24 Hold,of rec. Feb. 15'240
2
Preferred (quar.)
July 1 Holders of rec. June 15a
3 1-3e July 2 Holders of rec. June 150
Seaboard Oil dv Gas (monthly)
134 July I Holders of rec. June 150
Sears. Roebuck & Co., pref. ((Mar.)
25c June 30 Holders of rec. June 140
Shell Union OIL common (guar.)
131
131
131
Name of Company.
2855 .
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Sherwin-Williams Co., Can., corn. (au.) 1% June 30 Holdsrs of rec. June 15a
1% lime 30 Holders of rec. June 150
Preferred (guar.)
Simmons Company, common (guar.). _ _ 25c. July 2 Holders of rec. June I50
July 5 Holders of rec. June 30
Sinaloa Exploration & Devel
85
Sloss-Sheffield Steel dv Iron, pref.(guar.) 1% July 2 Holders of rec. June 220
July 2 Holders of rec. June 15a
South Porto Rico Sugar. pref. (quar.)--- 2
July 2 Holders of rec. June 150
2
South West Pa. Pipe Lines (Qum.)
July 20 Holders of rec. July 1
Southern States Oil (stock dividend).-e10
July 2 Holders of rec. June 22a
2
Spicer Mfg., pref. (quar.)
July 2 June 16 to July 2
$1
Standard Oil(Kentucky)(guar.)
Standard Oil (Ohio). COMMOD (quar.)--. 24 July 2 Holders of rec. May 25
3
June 30 Holders of rec. June 280
Standard Safe Deposit (guar.)
July 1 Holders of rec. June 30
Standard Steel Works
5
Standard Textile Prod., pt. A de B
- 151 July 1 Holders of rec. June 15a
3
July 2 Holders of rec. June 13
Standard Screw, cont. (guar.)
3
July 2 Holders of rec. June 13
Preferred (guar.)
Steel Co. of Canada, corn. Av pref. (au.) 1% Aug. 1 Holders of rec. July 4
Steel & Tube Co. of Amer., prof.(qum..) 1% July 1 Holders of rec. June 200
Stromberg Carburetor (quar.)
1% July 2 Holders of rec. June 80
Si July 16 July 1 to July 13
Sullivan Machinery (guar.)
Swift & Co. (guar.)
July 1 Holders of rec. June 9
2
Swift International
90o. Aug. 15 Holders of rec. July 160
Tecumseh Mills (Qunn)
1% July 2 Holders of rec. June 200
Tennessee Copper a; Chemical (guar.).- 250. July 16 Holders of rec. June 300
Texas Chief Oil
20c. July I Holders of rec. June 100
Texas Company (guar.)
750. June 30 Holders of rec .June 86
Texas Pacific Coal & 011 (guar.)
25e. June 30 Holders of rec. June 645
Thompson (John R.) Co., corn.(m'thlY) 25c. July 2 Holders of rec. June 230
Common (monthly)
250. Aug. 1 Holders of rec. July 230
Common (monthly)
25c. Sept. 1 Holders of rec. Aug. 230
1% July 2 Holders of rec. June 230
Preferred (guar.)
Thompson-Starrett Co., common
July 2 Holders of rec. June 20
4
Tobacco Products Corp., pref. (quar.)- 131 July 2 Holders of rec. June 130
Tonopah Extension Mining (guar.).- 5c. July 2 Holders of rec. June 90
Torrington Company, coin. (guar.)
62%c July 2 Holders of rec. June 21a
Tuckett Tobacco, Ltd., common (qu.)
July 14 Holders of rec. June 300
1
Preferred (guar.)
181 July 14 Holders of rec. June 300
Underwood Typewriter, corn.(quar.).... 281 JII1Y 1 Holders of rec. June 2a
Preferred (quar.)
131 July 1 Holders of rec. June 20
Common (guar.)
75e. Oct. 1 Holders of rec. Sept. 1
Preferred (guar.)
154 Oct. 1 Holders of rec. Sept. la
Union Bag St Paper (guar.)
14 July 16 Holders of rec. July 6a
Union Carbide & Carbon (guar.)
$1. July 2 Holders of rec. June 7a
United Alloy Steel, common(q)
me. July lo Holders of rec. June 25a
United Drug,common
Sept. 1 Holders cf rec. Aug. 15a
14
United Dyewood, common (guar.)
14 July 2 Holders of rec. June 154
Preferred (quar.)
1% July 2 Holders of rec. June 15a
Preferred (quar.)
1 Holders of rec. Sept. 15a
Oct.13
Preferred (quar.)
14 Jan2'24 Holders of rec. Dec. 150
United Fruit (guar.)
2
July 14 Holders of rec. June 20a
United Paperboard, pref
Holders of rec. June 7
6
July
United Protit-Sharing Corp
Holders of rec. June 120
15c. July
United Shoe Machinery, common (qu.). 50c. July 1 Holders of rec. June 27
Preferred (guar.)
374c July 1 Holders of rec. June 27
United Verde Extension Mining (quar.) Si
Holders of rec. July 50
Aug.
U.S. Cast Iron Pipe & Fdy., pref.(qu.)_
134 Sept. 15 Holders of roe. Sept. la
Preferred (quar.)
134 Dec. 15 Holders of rec. Dec. la
U.S. Gypsum,common (guar.)
1
June 30 June 16 to July 1
Preferred (guar.)
1% June 30 June 16 to July 1
U.S.Playing Card (guar.)($20 par)__ _ _ $1
July 1 Holders of rec. June 20
Stock ($100 Par)
5
July 1 Holders of roe. June 200
Extra ($20 Par)
50c. July 1 Holders of roe. June 20
Stock ($100 Dar) (extra)
24 July 1 Holders of rec. June 200
U. S. Printing & Lithograph., com.(qu.) 1% July 1 Holders of rec. June 200
First preferred (quar.)
1M July 1 Holders of rec. June 200
Second pref. (guar.)
1
July 1 Holders of rec. June 20
U.S. Realty & Improvement, pref.(OIL) 1% Aug. 1 Holders of rec. July 200
United States Steel Corn corn.(guar.). 1% June 29 May 30 to May 31
United States Tobacco,common(quar.). 75e. July 2 Holders of rec. June 18a
Preferred (guar.)
151 July 2 Holders of rec. June 18a
U. S. Worsted, 1st pref
41.50 July 1 Holders of rec. June 150
Universal Leaf Tobacco, cons. (guar.)._ 3
July 2 Holders of rec. June 20.5
Preferred (quar.)
2
July 2 Holders of rec. June 200
Utah Copper (guar.)
$1
June 30 Holders of rec. June 80
Utah-Idaho Sugar, pref.(guar.)
131 June 30 Holders of rec. June 230
Van Dorn Iron Works, preferred (quar.). 1% July 2 Holders of rec. June 220
Victor Talking Machine, corn. (quar.).. 112
July 14 July 1 to July 5
Preferred(guar.)
1% July 14 July 1 to July 5
Virginia Iron, Coal & Coke. corn
2
July 2 Holders of rec. June 160
Preferred
24 July 2 Holders of roe. June 160
Vulcan Detinning, preferred (guar.)_ --. 1% July 20 Holders of rec. July 9a
New 7% cum. preferred A (ellar.)
1% July 20 Holders of rec. July 9a
Wabasso Cotton (quar.)
July. 3 Holders of rec. June 15
$1
Wahl Co., corn. (monthlY)50c. July I Holders of rec. June 23
Preferred (quar.)
1% July 1 Holders of rec. June 23
Waldorf System, corn. (guar.)
3151e July 2 Holdeis of rec. June 200
First and second preferred (guar.). - 20e.
July. 2 Holders of rec. June 20
Walworth Mfg., pref. (quar.)
75e. June 30 Holders of rec. June 200
Wanner Malleable Casting, Cl. A,corn. 5624e July 1 *Holders of rec. June 15
Ward's(Edgar T.) Sons Co., pref.(qu.). 154 June 30 Holders of rec. June 206
Waring Hat Mfg. Prof. (guar.)
June 30 Holders of rec. Junei200
2
Warren Brothers Co., coin. (guar.).-- 750. July 2 Holders of rec. June 230
First preferred (guar.)
14 July 2 Holders of rec. June 230
Second preferred (guar.)
134 July 2 Holders of rec. June 230
Weber & Hellbroner. common (quar.)-- 50c. June 29 Holders of rec. June 15a
West Coast Oil (quar.)
*El.50 July 5 *Holders of rec. June 25
West Point Manufacturing
July 2 Holders of rec. June 150
4
Western Electric. common (guar.)
$2.50 June 29 Holders of rec. June 270
Preferred (quar.)
1% June 30 Holders of rec. June 15a
Western Grocer, preferred
34 July 1 Holders of rec. June 20
Westinghouse Air Brake (guar.)
$1.40 July 31 Holders of rec. June 30a
White Motor Co. (guar.)
June 30 Holders of rec. June 20a
81
Williams Tool Corp.(quar.)
July 2 Holders of rec. June 20
2
Extra (account accumulated divs.)
ItA July 2 Holders of rec. June 20
Wilson & Co.. Inc., preferred (quar.)... 131 July 2 Holders of rec. June 25
Worthington Pump & Mach., ph. A (qu.) 131 July 2 Holders of rec. June 1.00
Preferred B (guar.)
lm July 2 Holders of rec. June 200
Wrigley (Wm.) Jr. Co., COM.(mthlY.)- 500. July 2 June 26 to July 1
wurlitzer (Rudolph) Co., com.(mthlY.)- 750. June 25
Common (monthly)
750. July 25
Preferred (guar.)
1).1 July I June 21 to June 30
Yale & Towne Mfg. (quar.)
July 2 Holders of roe. June 9a
Si
Yellow Cab Mfg. class B (monthly).... sec. July 1 Holders of rec. June 20a
Youngstown Sheet & Tube,corn.
$1.25 June 30 Holders of rec. JIM 15a
(tIlL)Preferred (qman)
134 June 30 Holders of rec. June 15a
• From unofficial sources. t The New York S ock Exchange has ruled that stock
will not be quoted ex-dividend on this date and not until further notice. I The
New York Curb Market Association has ruled that stock will not be quoted exdividend OD this date and not until further notice.
a Transfer books not closed for this dividend. 4 Correction. e Payable In stock.
Payable In common stock. g Payable In scrip. h On account of accumulated
dividends. k Subiect to approval of stockholders. m Payable in preferred stock,
n All transfers received in order in London on or before June 11 will be in time
or payment of dividend to„transferee.
p One-fiftieth of a share of common stock for each share of common now held.
r For quarters ending Mar. 31 and .Tune 30, 1923
s Roston Stock Exchange has ruled that United Shoe Machinery corn, shall not
be quoted ex the stock dividend on May 25 and not until June 15.
t To cover first and second Installments of 1922 income tax a deduction of 600. is
to be made from the Union Passenger Ry. dividend and 63e. from the West Phila.
Pass. fly.
u Payable to holders of record June 23. Books closed from June 24 to June 30,
both inclusive.
O New York Stock Exchange
has ruled that Postum Cereal shall not be quoted exthe 100% stock dividend on June 18 and not until June 21.
to Payable to holders of record June 22. N. Y. Curb Exchange announces stock
will not be quoted ex-dividend until July 2.
11 One-half share common stock to each share preferred stock.
2856
Stock of Money in the Country.-Further below we
give the customary monthly statement issued by the United
States Treasury Department, designed to show the general
stock of money in the country, as well as the holdings by the
Treasury and the amount in circulation on the dates given.
The method of computing the figures has been changed with the
idea of eliminating duplications, especially in arriving at the
amounts of money in circulation. Under the new form the
per capita circulation Jane 1 1923 is found to be $42.34,
whereas by the old method the amount would have been
$52.93. The change dates from July 1 1922 and the notice
issued in connection with it by the Treasury Department
was given by us in publishing the statement for that date
in our issue of July 29 1922, page 515.
0
0
S
0
0
..1
.
000000
000000
.S 0
SSS C
0 tv 1..4
.
N 0
C000.NCI
S S .2:. 20. cl.
.
0 X
.
•0 000
01.
21
.
C. 0
.
)0 Cl
04000010
,-.
ct
0;0 0 0
V.
,,,o DO
01 0
'''., cl.
.
;c't. 'o.
c, c,- cu
0
00 CO
.
CV
Cl
1(1,463,583)
268,554,102
346,681,016
2,612,962.950
23,868,000
770,007,992
1(406,119,172 )
Total.
12,302,962
1,378,626
1,739,415
330,683
13,305,456
Anti. Held in Res've Agatnst
Trust Against United States
Ooldand Silver
Notes
Certificates (.54 (and Treasury
Treas'y Notes
Notes
of 1890).
of 1890).
Held for
Federal
Reserve
Banks
and
Agents.
All
Other
Money.
.0 C) 0 0 0
.0
00..
vl
0
•-I
.
S P. g.q g
cc, O co ct: N ed;
.
0 04 Cl 0 0
.
00 CO
40 CV 0
44. Lo 4 <4
0000
e3 ct ct ci
,0 01 0 N
.C0
0.. 22 0
;
. C. c0
00
"
,X .0 X .0
,...
.
152,979,026 2,259,702,906
152.979.026 2,082,738,419
152,979,026 1,206.341,990
152,979.026
150,000.000
100,000,000
0 0 CO 0..
to co ci; at 01
.
.
406,119,172
Held by
Federal
Reserve
Banks
and
Agents.
1N 0 04 .
CD C)0 C)
.
0) Cl Cl .0. C6
C
.
0 r- 6 ,..; to
.
5' 0 Cl Cc
CD
.
C! 00 .1.. 0 0 01
8,470,504,689 43,752,963,976 1,091,260,895
8,126.500,982 c3,495,160.978 994,959,698
8,326,338,267 c2,406,801.772 696,854,226
5,312,109,272 c2,942,998,527i2,684,800.085
3,738,288,871 c1,843.452,323 1,507,178,879
1,007,084,483 c212,420,402
21,602,640
2 S .-..
49 Cl ...
NON'S
CD C0 00 0
'0 CC
C0
,,,, cc 00 00 01 .4' 0
C.)
00 00 00 00 0
0
.
3
.
41 .0 C... 41 C.1 .0
. 0..;‘
. CI N V
N V)
. Cl
0 CA 0 Cl 0
. 0
21 0
.21 ...0
.•-• ‘
.4, a 05 5. .4
.
0
00 0 Cl Cl CI
C.
C.4
N 00 Cl.
Cl
.
4
,
t
0
:
t
',X
N
c.,
I.
CD
CD CO 00 01 C. C0 .
‘
4
152,979,026 2,284,664,946 6229,169.071 5,889,810,6161
c.., ..,, ..,7, ..
tc 00 X• Cl
01
. cr; ci a; 4 co
,nectcrcm.-,
• • .,, •
8,536,623,659 c3,799,546,257 1,132,733,2141
Cl 0 00 C.
C... 4/ C. DO
1,463,583
12,302,962 256,251,140
1,378,626 345.302,390
1,739,415 2,611,223,635
330,683
23,537,317
13,305,456 756,702.536,
4 0000
q
....oczool ,,a,
249,021,149 5.708,801,608
264,483,835 5,626,299,702
350,626,53016,616,390,721
105,210,4165,053,910,830
186,273,44413,402.015,427
90,817,762 816,266,721
.
00 0 0
n ..* 01 0 .
00 "1 21
S Cl 27 S 21 S
0
CV 01 0
00
V) 00 CV
Total.
[VOL. 116.
THE CHRONICLE
Weekly Return of New York City Clearing House
Banks and Trust Companies.
The following shows the condition of the New York City
Clearing House members for the week ending June 16. The
figures for the separate banks are the averages of the daily
results. In the case of the grand totals, we also show the
actual figures of condition at the end of the week.
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
(Stated In thousands of dollars-that is, three ciphers [000) omitted.)
New
apttal., Profits. Loans,
Reserve
Week ending
Discount, Cash
with
Net
June 16 1923 Nat'l, April 3 Investin
Legal Demand
State, Mar.27 merits, Vault. DC p051 Deposits.
AC,
(000 omitted.) Tr.Cos,Mar.27
tortes
Members of Fe d. Res. Bank.
Bank of N Y &
Trust Co___ _ 4,000 11,813
Bk of Manhat'n 10,000 13,288
Mech & Met Nat 10,000 16,894
Bank of America 5,500 4,676
Nat City Bank. 40,000 50,362
Chem Nat Bank 4,500 16.438
500
171
Nat Butch & Dr
Amer Exch Nat 5,000 7,662
Nat Bk of Con. 25,000 37,511
Pacific Bank.. 1,000 1,729
Chat&Phen Nat 10,500 9,092
Hanover Nat Bk 5,000
Corn Exchange_ 9,075 12,006
Imp & Trad Na
1.500 8,511
National Park__ 10,000 23,291
East River Nat_ 1,000
843
First National__ 10,000 55,430
Irving Bk-ColTr 17.500 10,550
Continental Bk. 1.000
915
Chase National_ 20,000 22,508
500 2,618
Fifth Avenue...
400
930
Commonwealth_
Garfield Nat._ _ 1.000 1,585
982
Fifth National__ 1,200
Seaboard Nat.. 4.000 7.109
Coal & Iron Nat 1,500 1,300
Bankers Trust__ 20,000 22,781
U S Mtge & Tr_ 3,000 4,332
Guaranty Trust 25,000 18,289
Fidel-Inter Trust 2,000 1,910
N Y Trust Co__ 10,000 18,062
Metropolitan Tr 2,000 3.900
Farm Loan Sc Tr 5,000 15,607
2,000 2,068
Columbia Bank
Equitable Trust 20,000 9,190
Average Average Average
62.558
128,624
154.169
69,143
496,302
111,826
5,150
91,701
323,516
24,080
151.731
117,260
177.852
34,041
158,582
15,466
291,344
262.701
7,931
323,232
22,306
9,567
15,264
19,966
78.412
15,676
272.671
50,963
382.132
22,576
147,039
37,886
124,992
31,703
196.193
Average
Time Bank
De- Circas. laAverage Av.ge.
3
796 6,284
44,738 6,364
2,360 14,207
102,796 18,150
4.772 19,138
145,248 3,870
1,360 9,179
68,598 2,591
4,773 55,537 *544,870 63,079
1,106 12,859
95,100 5,649
61
573
3,820
19
973 11,249
77.976 6.601
961 32,827
249.036 11,849
895 3,605
23.621 1,290
5,200 17,695
121,106 23.536
330 13,578
103,026
5,064 22,035
157.619 24,456
527, 3,503
26,730
50
753 16,256
124.064 5,153
3511 1,671
12,062 2.829
536 23,995
179,090 23,834
259,236 16,563
4,586; 34,822
5,489
144'
811
389
4,489 39.759
291,291 31,628
20,956
6541 2.841
8,670
504' 1,175
-65
456 2.158
14.822
14
204 2,204
16.680
805
859, 9.785
73,491 1,986
644' 2.199
13.673
926
1,083 29,940 *234,645 33,596
813 6,142
45,765 3,389
1,399 40.473 .372.294 55,943
366 2.601
18.768 1,428
4871 15,930
115,383 24,071
583 4,382
32,827 3,309
544 12,315
•88,884 25,456
792 3,778
24,520 2,508
1.290 21,949 *196,512 28,332
-666
2.163
348
299
4,972
djoa
100
7,-962
50
7,519
1:65i
398
249
68
412
----
Total of averages 288,675435,4504,434,555 60,715 497,455c3,648,636 430.27232,682
Totals, actual co ndition June 16 4,424,203 46,802 512,013 c3.656,413426,952 32,633
Totals, actual co ndition June 94,427,731 49,779476,200 c3,612.846 435.45831,675
Totals, actual co ndition June 24,459,735 48,814 515,514 c3,653,266 436,59332.713
State Banks Not Members of Fed'I Res've Bank.
19,052 1,643 1.866
Greenwich Bank 1,000 2,214
19,382
30
250
883
5,761
Bowery Bank__
354,
384
2,790 2.097
2,500 4.750
87,572 3,647i 1.952
State Bank
29.951 54,161
3,750
7,847
112,385
5,644, 4,202
62,123 56.288
Totals, actual co ndition June 16 112,54: 5.637, 4,189
Totals, actual co ndition June 0 112,513 5,653 4,433
Totals, actual co ndition June 2 112,474 5.746 4,036
Trust Compan lea Not Members of Fed 'I Res'y 13 Bank
56,568 1,521 3,071
Title Guar Sc Tr 10.000 13,208
26,270
914, 1,609
Lawyers Tit & T 6,000 4.954
52,104 56,341
52.645 56,152
62,573 55,974
Total of averages 16,0001 18.163
82,838
2,435
5,580
62,918
2,601
Totals, actual co ndition June 16
Totals, actual co ndition June 9
Totals, actual co ndition June 2
83,765
82,088
82,429
2.450 5,612
2,386 5.619
2.467, 5.855
53,410
52,694
53.805
2,612
2,599
2,471
Total of averages
36,498
16.420
1,854
747
Gr'd aggr., aver 308,426461,462 4,629,778 58,794 507,237 f3.753.677489,181 32,682
Comparison wit It prey week _ -9,673 -591 +5,729 +14,446-5,258 -9
Gr'd aggr., act' ond'n June 164,620.516' 54.889521.814 g3,761,027485,90532,633
Comparison wit ii prey week__ -1.816-2,929+35562 +43,742-8,304 +958
Gr'd
Gr'd
Gr'd
Gr'd
Gr'd
Gr'd
aggr., act')condo
aggr., act' ond'n
aggr., oateond'n
aggr., act ond'n
ond n
aggr..
aggr., act' cond'n
June 94.822,332
June 24,654,638
May 26 4,631,862
May 104.691.772
May 124,654,618
May 54,696,470
57,818 486.252
57.027 525,405
58,435 501.872
57,638 503.965
59,476 500.606
60,157 503.055
3,718,185494.20931,675
3,759,644 495,038 32,713
3,716.869 502,021 32,577
3,727,885 496,102 32,573
3,722,425 508,593 32,207
3,714,683 505,357 31,982
Note.-U. S. deposits deducted from net demand deposits in the general total
above were as follows: Average total June 16, 546,382.000: actual totals June 16
$64,476,000: June 9, 543.021.000: June 2, $43,289,000: May 26, 567,627,000
May 19, 5148,802,000. Bills payable, rediscounts, acceptances and other liabilities
average for week June 16, 5445,633,000: June 9, $464,698,000: June 2, $474,919,000
May 26, $453,369,000: May 19, $457.910,000. Actual totals June 16, 5417,049,000
June 9, 5451,560,000; June 2, $473,867,000; May 26, 5456,461,000: May 10, $441,269,000.
• Includes deposits in foreign branches not included In total footings as follows:
National City Bank, $137.305,000; Bankers Trust Co., 514,026,000: Guaranty
Trust Co., $76,442,000; Farmers' Loan & Trust Co., 569,000; Equitable Trust Co.,
$36.928,000. Balances carried In banks in foreign countries as reserve for such
deposits were: National City Bank, $21,445,000: Bankers Trust Co., $1,713,000;
Guaranty Trust Co.. $5,352.000; Farmers' Loan & Trust Co., $69,000: Equitable
Trust Co., 53,133,000. c Deposits in foreign branches not Included.
• The form of circulation statement was revised as of July 1 1922 so as to exclude
from money In circulation all forms of money held by the Federal Reserve banks and
Federal Reserve agents, whether as reserve against Federal Reserve notes or otherwise. This change results In showing a per capita circulation on June 1 1923 of
842 34, whereas under the form of statement heretofore used it would have been
552 93. For the sake of comparability the figures for June 1 1922, Nov. 1 1920,
when money In circulation reached the high point, and April 1 1917, have been comThe reserve position of the different groups of institutions
puted on this statement in the same manner as those for July 1 1922.
a Does not include gold bullion or foreign coin outside of vaults of the Treasury. on the basis of both the averages for the week and the actual
Federal Reserve banks and Federal Reserve agents.
condition at the end of the week is shown in the following two
b These amounts are not included In the total since the money held In trust against
gold and silver certificates and Treasury notes of 1890 is included under gold coin tables:
and bullion and standard silver dollars. respectively.
c The amount of money held in trust against gold and silver certificates and Treas- STATEMENT OF RESERVE POSITION ells CLEARING HOUSE BANKS
AND TRUST COMPANIES.
ury notes of 1890 should be deducted from this total before combining It with total
money outside of the Treasury to arrive at the stock of money in the United States.
d This total Includes 514,508.094 of notes in process of redemption, $169,867,801 of
Averages.
gold deposited for redemption of Federal Reserve notes, 820,352.540 deposited for
redemption of national bank notes, 319.380 deposited for retirement of additional
Cash
a
Reserve
circulation (Act of May 30 1908), and 56,579,023 deposited as a reserve against
Reserve
in
Total
Reserve
Sutpltu
In Vault. Depositaries Reserve.
postal savings deposits.
Required.
Reserve.
Note.-Gold certificates are secured dollar for dollar by gold held in the Treasury
for their redemption: silver certificates are secured dollar for dollar by standard silver Members Federal
$
$
dollars held in the Treasury for their redemption; United States notes are secured by
Reserve banks-407,455,000 497,455,000 487,230,840 10,224,160
5,644.000 4.202,000 9,816.000 9,382.140
a gold reserve of 5152,979,025 63 held in the Treasury. This reserve fund may also State banks.
463.860
be used for the redemption of Treasury notes of 1890, which are also secured dollar Trust companies.... 2,435.000 5,580,000 8,015.000 7,937,700
77,300
for dollar by standard silver dollars, held in the Treasury. Federal Reserve notes
are obligations of the United States and a first lien on all the assets of the Issuing
Total June 16 _ - -- 8.079,000 507,237.000 515,316.000 504,550.680 10.765,320
Federal
Reserve
notes
are
bank.
secured
by
the
ReserVe
8,145,000
deposit
with
FedFederal
Total Juno 9,...
501,508,000 509,653,000 502,847,040 6.805.060
eral Reserve agents of a like amount of gold or or gold and such discounted or pur8,217,000 503,262,000 511,479,000 502,101,110 9,377,890
Total June "
as is eligible under the terms of the Federal Reserve Act. Federal
8,232,000 501,022,000 509,254,000 502,629,300 6,624,700
chased paper
Total May 26-Reserve
banks must maintain a gold reserve of at least 40%, including the gold re•Not members of Federal Reserve Bank.
demption fund, which must be deposited with the United States Treasurer, against
a This is the reserve required on net demand deposits in the case of State banks
Federal Reserve notes in actual circulation. Federal Reserve bank notes and national bank notes are secured by United States Government obligations, and a 5% and trust companies, but in the case of members of the Federal Reserve Bank
fund for their redemption is required to be maintained with the Treasurer of the includes also amount In reserve required on net time deposits, which was as follows:
June 16,$12,908,160; June 9,513,074,000; June 2,513.210,500; May 26,513,138,260.
United States In gold or lawful money.
THE CHRONICLE
JUNE 23 1923.]
Actual Figures.
Reserve
Cash
Reserve
in
I
in Vault. iDepositariesi
Members Federal
Reserve banks_
State banks*
Trust companies_
Total June
Total June
Total June
Total May
16
9__
2__
26
_
Total
Reserve.
Reserve
Resuired.
Surplus
Reserve.
Boston Clearing House Weekly Returns.-In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
$
$
512.013,000512,013,000 488,142,250 23,870,750
447.280
5,637,000 4,189,000 9,826,000 9,378,720
50,500
2,450,000 5,612,000, 8,062.000 8.011,500
8,087,000 521,814,000 529,901,000 505,532,470 24,368,530
8,039,000 486,252,000 494,291,000 500,113,920 5,822,920
8,213,000 525,405,000 533.618,000 505,556,260 28,061,740
8,406,000 501,871,000 510,277,000 500,211,230 10,065,770
•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 16,
$12,808,560; June 9. $13,063.740; June 2, 513,097,790; May 26, $13,307,820.
2857
June 20
1923.
•
Changes from
previous week.
June 13
1923.
June 8
1923.
$
$
$
$
60,000,000 60,000,000
Capital
60,000,000 Unchanged
82,985,000 82,985,000
Surplus and profits
82,985,000 Unchanged
Loans, disels dc investments. 878,896,000 Inc. 18,764,000 .60,132,000 851,256,000
Individual deposits, incl. U.S 629,501,000 Inc. 5,783,000 623,718.000 615,861,000
972,000 115,065,000 117,253,000
Due to banks
116,037,000 Inc.
Time deposits
119,323,000 Inc. 1.703,000 117,620,000 116,702,000
United States deposits
27,520,000 Inc. 15,758,000 11,762,00012,082,000
930.000 24,068,000 28.820,000
Exchanges for Clearing House 24,998,000 Inc.
Due from other banks
71,935,000 Inc. 2,502,000 69,433,000 71,240,000
11.es. In Fed. Res. Bank
74,078,000 Inc. 3,244,000 70,834,000 70,354,000
Cash in bank and F. R. Bank 8,975,000 Dec. 198,000 9,173,000 9,317,000
Reserve excess in bank and
Federal Reserve Bank
4.475.000 Inc. 2,552,000 1,923,000 2,669,000
State Banks and Trust Companies Not in Clearing
House.-The State Banking Department reports weekly
Philadelphia Banks.-The Philadelphia Clearing House
figures showing the condition of State banks and trust com- return for the week
ending June 16, with comparative figures
follows:
as
panies in New York City not in the Clearing House
for the two weeks preceding, is given below. Reserve
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER requirements for members of the Federal Reserve System
are 10% on demand deposits and 3% on time deposits, all
NEW YORK. NOT INCLUDED IN CLEARING HOUSE STATEMENT.
to be kept with the Federal Reserve Bank. "Cash in
(Figures Furnished by State Banking Department.)
Differencefrom vaults" is not a part of legal reserve. For trust companies
June 16.
previous week.
5787.998,500 Dec. 51,537,700 not members of the Federal Reserve System the reserve
Loans and investments
3,009,900 Inc.
34,000 required is 10% on demand deposits and includes "Reserve
Gold
19,946,000 Dec.
152.200 with legal
Currency and bank notes
depositaries" and "Cash in vaults."
Deposits with Federal Reserve Bank of New York.._ 68,424,000 Inc. 3,630.300
822,545,700 Inc. 4,078,200
Total deposits
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust com'panies in N.Y. City, exchanges and U.S.deposits 773,323,900 Inc. 6,410,200
123,561,800 Inc. 4,523,400
Reserve on deposits
Percentage of reserve, 20.7%.
RESERVE.
-State Banks
- -Trust Companies*529,056.700 16.53%
362.323.200 14.87%
Cash in vault
23,633,100 5.64%
Deposits in banks and trust cos.___ 8,548,800 4.86%
Total
$37,605,500 21.39%
585,956,300 20.51%
• Includes deposits with the Federal Reserve Bank of New York, which for the
State banks and trust companies combined on June 9 was $68,424,000.
Banks and Trust Companies in New York City.-The
averages of the New York City Clearing House banks and
trust companies combined with those for the State banks
and trust companies in Greater New York City outside of
the Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Week endedFeb. 24
Mar. 3
Mar. 10
Mar. 17
Mar. 24
Mar. 31
April 7
April 14
Awn 21
April 28
May 5
May 12
May 19
May 26
June 2
June 9
June 16
Loans and
Investments.
Demand
Deposits.
$
5,483,962,900
5,513,445,100
5,475,408,000
5,479.843,100
5,512,494,700
5.537,333,300
5,570,520,000
5,493.107,700
5,468,632,300
5,460,114,300
5,510,009,400
5,463,426,500
5,467,595,100
5,462,020,400
5,439,510,100
5,428,987,200
5.417.776.500
$
4,715,552,100
4,733,493,300
4,644,941,800
4,623.173,900
4,545,082,400
4,507,057,500
4,567,506,400
4,512,461,300
4,512,747,600
4,509,913,200
4,519,156,700
4,490,698.500
4,502,613,100
4,507,081,100
4,508,916,300
4,506,144,700
4.527 ono gen
*Total Cash
in Vaults.
Reserve Lys
Depositaries.
$
81,328,900
81,535,300
81,540,500
80.732,900
80,172,800
81,393,300
81,957,300
83,888,200
80,217.400
81,096.800
81,002.800
84,636,600
80,913,000
81,209,800
81,562,100
82,459,100
51 740 WO
$
627,981,800
631,333,800
014,759,800
620,097,100
601,462,000
596,099.900
609,873,700
599,800,800
608,409,400
597,771,500
605,754,400
601,740,600
604.685.100
598,958,900
601,438,200
597,472.300
6073142 one
New York City Non-Member Banks and Trust Cornpanies.-The following are the returns to the Clearing House
by clearing non-member institutions and which are not included in the "Clearing House Returns" in the foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
(Stated In thousands of dollars-that is, three ciphers (0001 omitted.)
I
Net
Loans
Capital.Profits. DirCLEARING
Net
Reserve Net
Nail
NON-MEMBERS
counts, Cash
with Demand Time Bank
Nat.bks.Apr, 3 Invest- in
Legal
DeDe- Ctrcuvyeek ending State bksMar27 menu, Vault. Depost- posits. Posits. (futon.
June 16 1923. Tr. cos. Apr. 3 d)c.
tortes.
Members of
Fed. Res. Bank.
Battery Park Nat_
W.R.Grace &Co.
TegaL
$
1,500
501
Average Average Ave7ain3 Average Average Average
$
$I
$
$
$
$
$
1,167 10,845
175 1,133
7,345
515
199
1,447 9.991
26
537
2,038 6,650
2.000
2,014 20,836
201
1,670
State Banke Not Members of Federal Reserve Bank
Bank of Wash.Ins 200 352 6,099 629 314
Colonial Bank_ _ _ _
800 2,017 20,800 2,460 1,374
Total
1,00
2,370 26,899
3,089
9,383
5,200
20,666
7,165
1,341
----
25,866
4,475
5,602
4,475
5.602
500
348 10,141
468
224
----
1,341
1,688
Fruit Company Not Members of Fed. Reserve Bank
meeb.Tr.,Bayonn
348 10,141
408
8001
224
Total
199
3.758 3.582 239,724 14,108
-22 -215
+163 -399
199
-1
Gr'd aggr., June 9 3,500 5,333 58,821
Gr'd aggr., June 2 3.5001 5,333 58,171
we)aggr., May 26 3,500i 5,333 58,095
Gr'd aggr., May 19 3.5001 5,333 58,165
3,780
3.724
3,870t
3,8861
200
198
199
los
839,561
a39,634
a40,537
.41.617
14,507
14,491
14,265
14.007
a United States deposits deducted. $339 000.
Buie payable, rediscounts, acceptances and other Ilabilitlee; 51.286.000.
Excess reserve, $262,950 decrease.
Jar 9
1923.
June 2
1923.
ToWl.
Capital
$39,125,0 55,000.0 544.125,0 $44,125,0
Surplus and profits
104.517,0 14,713.0 119,230,0 119,230.0
Loans, disets & investm'ts 728,375,0 47,179,0 775,554,0 764,359,0
Exchanges for Clear.House 29,989,0
740.0 30,729,0 28,613,0
Due from banks
102,851,0
32,0 102.883.0 92.851,0
Bank deposits
124,114,0
749,0 124,863,0 123,768,0
Individual deposits
545,575.0 33,763,0 579.338.0 564.993,0
Time deposits
53.469,0
893.0 54,362,0 53,778,0
Total deposits
723,158,0 35,405,0 758,563,0 742.539,0
U.S. deposits (not incl.)
9,204,0
14,856,0
Res've with legal deposit's
3,961.0
5,546,0
5,546,0
Reserve with F.R.Bank__ 56,830,0
56,830.0 56,953,0
Cash in vault*
9,638,0
1,497,0 11,135.0 10,957.0
Total reserve and cash held 66,468,0
7,043,0 73,511,0 71,871,0
Reserve required
57,527,0
5,105,0 62.632,0 61,732,0
Excess res. & cash in vault
8,941,0
1,938,0 10,879,0 10,139,0
•Cash in vault not counted as reserve for Federal Reserve members.
$44,125,0
119,251.0
761,754,0
32,258,0
101.541,0
122,859,0
571,460,0
52,071.0
746,396.0
9,981,0
4,348.0
56,963,0
11,251,0
72,582,0
61,494,0
11,068,0
Condition of the Federal Reserve Bank of New York.
-The following shows the condition of the Federal Reserve
Bank of New York at the close of business June 20 1923.in
comparison with the previous week and the corresponding
date last year:
June 20 1923. June 13 1923. Julia 21 1922
Resources$
00
00
53
38
i:0
Gold and gold certificates
11
330:5
85
1:3
22
44
7 2
2
16
77:0
759:3
26
Board_
78
415:28
898
9 2
12
-F. R.
Gold settlement fund
Total gold held by bank
Gold with Federal Reserve Agent
Gold redemption fund
Total gold reserves
Reserves other than gold
444,837.165
637,387,470
10,434,152
404,646.571
637,549,970
11,393,021
344,069,000
804,347,000
6,213,000
1,092,658,788 1,053,589,563 1.154,629,000
29,908,000
23,136,246
24,225,861
Total reserves
1 116,884,649 1,076.725,809 1,184,537,000
•Non-reserve cash
10,364,595
8,067,638
Bills discounted:
18,327,000
Secured by U.S. Govt. obligations__ 105,381.384 130,194,184
15,265,000
All other
48,885.313
33,464,432
23,518,000
Bills bought in open market
52,314,055
38,963,749
Total bills on hand
177,809,566
U. S. bonds and notes
10,422,350
U. S. certificates of indebtednessOne-year certificates (Pittman Act)-.
AM other
10,087,500
231,393,552
10,809,750
57,110,000
45,449,000
5,800,000
19,500,000
106,324,000
Total earning assets
198,319,416
Bank premises______
12.397.926
6% redemp.fundagst.F.R.bank notes_
Uncollected items
145,019,142
All other resources
1,304,743
248,003,302
12,066,099
Total resources
1,481,993,517 1,506,680,118 1,549,866,000
LiaSItltiesCapital paid in
29,206,000
Surplus
59,799,523
DepositsGovernment
Member banks-Reserve account.- 700;
60,451
115364'698
Ali other
15,121,952
Total
727,047.102
F. R. notes In actual circulation
547,526,930
F. R. bank notes in circu'n-net liability
Deferred availability items
114,596,849
All other liabilities
3,817,112
Total liabilities
157,935,442
1,584,868
228,382,000
8,655,000
899,000
124,608,001
2,785,000
29.186,100
59,799,523
27,570,0011
60,197,000
8,233,898
714.054.138
15,385,077
515,000
718,106,000
10,992,000
737,673.114
555,157,919
729,613,000
617,810,000
15,593,000
94,494,000
4,589,000
120.964,577
3,898.883
1,481,993,517 1,506,680,118 1,549,866,000
Ratio of total reserves to deposit and
F. R. note liabilities combined
87.6%
Contingent liability on bills purchased
for foreign correspondents
14,088,266
• Not shown separately prior to January 1923
83.3%
12,140,635
87.9%
12.774,735
CURRENT NOTICES.
Grand aggregate
3.500 5,333 57,876
Comparison with Previous week- - -945
3,797
3,540
3.572
3.697
Week ending June 16 1923.
Two Ciphers (00) omitted. Membersof
Trust
F.R.System Companies
Rutter & Co. are distributing among investors a special circular describing municipal, railroad, public utility and foreign Government bonds,
together with Canadian Provincial and municipal bonds.
-Mr. M. Wolff of Wolff & Stanley left last Wednesday on the Seydlitz
to spend a vacation in Germany, Switzerland and France.
-I. W. Muller. formerly Cashier of the Waldorf Astoria Hotel, s
now associated with the brokerage firm of Fenner & Beane.
-Murray Cohen, Manager of Frank T. Stanton & Co.'s London office,
is here on a vist, after an absence of one year.
2858
THE CHRONICLE
[VoL. 116.
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, June 21, and showing the condition
of the twelve Reserve Banks at the close of business on Wednesday. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the return for the latest
week appears on page 2833, 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 20 1923
June 20 1923. June 13 1923.1 June 6 1923. May 29 1923.1May 23 1923. May 16 1923. May 9 1923. May 2 1923. June 21 1922
$
350.252,000
688,063,000
RESOURCES.
Gold and gold certificates
OoId settlement fund. F.It. Board
$
346,522,000
678,665,000
$
346,800,000
677,179,000
s
s
341,175,000
702,308,000
347,320,000
698,872,000
$
344,043,000
686,707,000
$
$
323,062,000
706,281,000
317,740,000
693,564,000
$
318,614,000
531,290,000
Total gold held by banks
Gold with Federal Reserve agents
Gold redemption fund
1,038,315,000 1,025,187,000 1,023,979,000 1,043,483,000 1,046,192.000 1,030,750,000 1,029,323,000 1,011,304,000 849,904,000
2,033,359,000 2,057,611.000 2,031,421,000 2.011,734,000 1,993,724,000 1,999,818,000 2.005,066,000 2,005,998,000 2,121,680,000
57,341,000
56,459,000
57,317,000
58,266,000
53,545,000
53,379,000
54,474,000
63,277,000
48,376,000
Total gold reserves
Reserves other than gold
3,129,015,000 3,130,257,000 3,113,666,000 3,108,762,000 3,093,295,000 3,087,885,000 3,088,863,000 3,080,579,000 3,019,960,000
85,966,000
87,357.000
93,166,000
92,557,000
84,552,000
94,488,000
86,735,000
93,809,000 127,715,000
Total reserves
'Non-reserve cash
Bills discounted:
Secured by U. S. Govt. obligations
Other bills discounted
Bills bought In open market
3,2i4,981,000 3,226,614,000 3,198,218,000 3,195,497.000 3,187,783.000 3,181.051,000 3,181,420,000 3,174,388,000 3,147,675,000
68,914.000
73,860,000
66,642,000
67,726,000
71,908,000
61,245,000
68,731,000
61,642.000
Total bills on hand
U. S. bonds and notes
T. S. certificates of indebtedness
Municipal warrants
352.733,000
378,366.000
205,716,000
359,488,000
348,377,000
218,618,000
384,131.000
350,790,000
248,234,000
371,533,000
359,462,000
257,818.000
366,803,000
333,510,000
270 850,000
360,200,000
337,131,000
281,609,000
358,637,000
336,380,000
266,992,000
362,633,000
367,707,000
275,429.000
140,713,000
280,855,000
121,467,000
936,817,000
108,563,000
12,966,000
55,000
926,483,000
125,287,000
32,813,000
55,000
983,155,000
141,877,000
40,874,000
55,000
988,813,000
152,011,000
37,277,000
55,000
971,163,000
150,890,000
56,069.100
55,000
978,940,000
151,663,000
37,226,000
40,000
962,009,000 1,005,769,000
148,960,000 147,993,000
36,779,000
36,854,000
40,000
40,000
543,035,000
227,374,000
328,160,000
1,058,401,000 1,084,638,000 1,165,961,000 1,178,156,000 1,178,177,000 1,187,889,000 1,147,863,000 1,190,581,000 1,098,569,000
Total earning assets
41,368,000
52,215,000
50.059,000
51,719,000
50,155,000
51,251,000
50,484,000
51,164,000
50,932,000
Bank premises
7,565,000
191,000
191,000
191,000
191,000
191.000
191,000
191,000
191,000
5% redemp.fund eget. F. R.bank notes
685,812,000 689,539,000 609,959,000 572,394,000 615,373,000 734,416,000 600,831,000 640,543,000 580,959,000
Uncollected Items
15,672,000
12,299,000
14,199,000
13,811,000
14,170,000
14,216,000
14,734,000
14,366,000
14,057,000
All other resources
5,092,813,000 5,140,731,000 5,111,704,000 5,073,381,000 5,115,553,000 5,214,710,000 5.061,997.000 5,131,603,000 4,891,808,000
Total resources
LIABILITIES.
Capital paid in
Surplus
Deposits-Government
Member bank-reserve account
Other deposits
109,422,000 109,381,000 109,363,000 109,348,000 109,278,000 109,273.000 109,029.000 108,822,000 105,079,000
218,369,000 218,369,000 218,369,000 218,369,000 218,369,000 218,369,000 218,369,000 218,369,000 215,398,000
10,383,000
20,764,000
22,616,000
49,083,000
14.323,000
50,870,000
6.332,000
58,057,000
41,439,000
1,874,220,000 1,913,874,000 1,895,629,000 1,874,106,000 1,930,519,100 1,907.893,000 1,886,455,000 1,894,651,000 1,812,010,000
26,330,000
32,006,000
28,599,000
40,114,000
28,121,000
49,429,C00
29,741,000
29,530,000
36,041,000
1,921,314,000 1,956,318,000 1.976,029,000 1,951,586,000 1,986,280,000 1,993,691,000 1,937.670,000 1,983,848,000 1,854,399,000
Total deposits
2,222,352,000 2,235,755.000 2,250,213,000 2,250,217,000 2,227,700,000 2,232,999,000 2,241,819,000 2,237,505.000 2,126,304,000
F. R. notes in actual circulation
67,689,000
1,489,000
1,878,000
2,299.000
1,653,000
2,065,000
1,628,000
1,752,000
1,410,000
F.R.bank notes In circulation-net Ilab
601,028,000 601,040,000 537,938,000 524,323,000 554,650,000 641,510,000 536,219,000 564.78.000 500,049,000
Deferred availability items
22,890,000
15,972,000
18,839,000
16,826,000
17,623,000
16,990,000
18,458,000
18.184,000
17,786,000
All other liabilities
5,092,813,000 5,140,731,000 5,111,704,000 5.073,381.0005,115,553.000 5,214,710,000 5.061,997,000 5,131,603,000 4,891,808,000
Total liabilities
Ratio of gold reserves to deposit and
73.91%
75.9%
73.4%
72.98%
75.5%
74.0%
73.06%
73.7%
74.0%
F. It. note liabilities combined
Ratio of total reserves to deposit and
79.1%
76.1%
75.2%
75.6%
75.3%
77.0%
76.1%
77.6%
75.7%
F. It. note liabilities combined
Contingent liability on bills purchased
33,615,000
33,235,000
34,578,000
28,766,000
28,677.000
29,245,000
33,500,000
33,485,000
29.243,000
for foreign correspondents_
S
Distribution Si' Maturities1-15 days bills bought in open market_
1-15 days bills discounted
1-15 days U. S. certif. of indebtedness_
1-15 days municipal warrants
16-30 days bills bought in open market_
16-30 days bills discounted
16-30 days U. S. certif. of indebtedness
16-30 days municipal warrants
81-60 days bills bought in open market.
81-80 days bills discounted
51-60 days U. S. certif. of indebtedness_
61-60 days municipal warrants
51-90 days bills bought in open market.
61-90 days bills discounted
51-90 days U. S. certif. of indebtedness_
51-90 days municipal warrants
Over 90 days bills bought in open market
Over 90 days bills discounted
Over 90 days certif. of indebtedness_ __ _
Over 90 days municipal warrants
S
70,163,000
489,821,000
10,088,000
40,000
53,611,000
55,058,000
83,411,000
484,315,000
2,695,000
$
98,320,000
508,613,000
11,103,000
$
89,430,000
508,360,000
4,846,000
$
86,329,000
472,296,000
22,129,000
$
80,532,000
468,104,000
53,387,000
51,647,000
57,945,000
51,960,000
61,748,000
54,923,000
1,643,000
65,035,000
58,737,000
2,151,000
63,199,000
61.418,000
1,987,000
15,000
41,260,000
85,413,000
40,000
44,419,000
80.784,000
40,000
57,045,000
83,421,000
74,037.000
82,487,000
83,348,000
83,542,000
95.755,000
81,841,000
92,420,000
86,544,000
427,000
98,994,000
86,441,000
213,000
7,788,000
267,860,000
16,172,000
15,000
32,082,000
45.924,000
15,000
28,686,000
47,569,000
55,000
23,972,000
44,549,000
40,000
27,444,000
46,941,000
40,000
32,359,000
52,277,000
45,541.000
51,337,000
54,889,000
50,365.000
3,013,000
210,194,000
52,340,000
5,319,000
45,195,000
30,118.000
6,238,000
43,358,000
29,771,000
8,631,000
40,676,000
30,788,000
15,000
8,694,000
38,797,000
31,789.000
9,674,000
35,891,000
35,230,000
9,277,000
31,235,000
36,024,000
9,610,000
29,179,000
36,051,000
25,240,000
53,297,000
188,000
6,442,000
47,512,000
2,692,000
$
62,389.000
471,516,000
403,000
40,000
57,365,000
54,385,000
$
$
86,288.000
21,019,000
507.132,000 1,006,319,000
515,000
25,337,000
40,000
45,848,000
7,668,000
51,223,000 184,746,000
4,304,000
84,844,000
157,070,000
Federal Reserve NotesOutstanding
Held by banks
2,651,502,000 2,640,356,000 2,635,228,000 2515,208,000 2,607,238,000 2,595,925,000 2,599,266.000 2,599.440,000 3,002,066,000
429,150,000 404,601,000 385,015,000 364,989,000 379,538,000 362,926,000 357,447,000 381.935,000 362,747,000
In actual circulation
2,222,352,000 2,235,755,000 2,250,213,000 2,250,217,000 2,227,700,000 2,232,999,000 2,241,819,000 2,237,505,000 2,639,319,000
3,448,275,000
Amount chargeable to Fed. Re5. Agent 3,493,556,000 3,40,810,000 3,472,137,000 3,467,464,000 841.037,000 3,451,253,000 3.447,299.000 3,427,903,000 3,807,463,000
855,328,000 848,033,000 828,463,000 805,397,000
842,054.000 855,454,000 836,909.000 852,258,000
In hands of Federal Reserve Agent
2,607,238,000 2,595,925,000 2,599,266,000 2,599,440,000 3,002,066,000
2,615,206,000
2,651,502,000
2,635,228,000
2.640,358,000
banks
Reserve
Issued to Federal
How SecuredBy gold and gold certificates
By eligible paper
Gold redemption fund
With Federal Reserve Board
319,429,000 318,899,000 314.899,000 314,899,000 314,899,000 314,899,000 314,899,000 314,899,000 345,093,000
618,143,000 582,745,000 803,807,000 603,472,000 613.514,000 596,107,000 594,200,000 593,442,000 1,403,938,000
124,088,000 129,635,000 128,937,000 118,977,000 123,318,000 126,812,000 125,819,000 135,068,000 128,760,000
1,589,842,000 1,609,077,000 1,587.585,00011,577,858,000 1,555,507,000 1,558,107,000 1,564,348,000 1,558,031,000 1,124,275,000
Total
Eligible paper delivered to F. R. Agent_
2,651,502,000 2,640,356,000 2,635,228,0001,2,615,206,000 2,607,238,000 2,595,925.000 2.599.268,000 2,599,440,00013,002,066,000
1
927.711,000 962,877,100 1,732,677,000
889,453.000 893,248,000 946,785,0001 949,832.000 929,895,000 939,942,000
•Not shown separately prior to Jan. 1923.
WEEKLYSTATEmENTOF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JUNE 20 1923
Two ciphers (00) omitted.
Federal Reserve Bank of
-
Boston
New York
Phila.
Cleveland Richmond Atlanta
Chicago St. Louis Minneay. Han. City
Dallas
San Fran.
Total
RESOURCES.
3
Gold and gold certificates
18,092,0
Gold settlement fund-F.R.B'rd 53,442,0
$
$
$
3
$
$
5
3
$
$
$
177,746,0 25,734.0 17,126.0 9,326,0 6,106,0 48,819,0 3,905,0 8,142,0 3.230,0 11,088,0 20,938,0
267,091,0 18,020,0 72,501.0 28,754,0 24,909,0 104.723,0 11,739,0 19,174,0 34,127,0 8,168,0 45,415.0
'Total gold held by banks
Gold with F. R. Agents
Hold redemption fund
71,534,0
178.773.0
14,233,0
444,837.0 43.754,0 89,627,0 38,080,0 31,015,0 153,542,0 15,644,0 27,316,0 37,357,0 19,256.0 88,353,0 1,038,315,0
637,387,0 136,011,0 207,662,0 30,020,0 102,873,0 383,005,0 53,846,0 36,968,0 29,960,0 12,406,0 194,448,0 2,033,359,0
915,0 3,852,0
57,341,0
10,434,0 6,365,0 2,486,0 5,320,0 2,997,0 1,777.0 3.130,0 2,128,0 3,704,0
Total gold reserves
Reserves other than gold
264,540,0 1,092,858,0 216,130,0 299,775,0 73,420.0 136,885,0 538,324,0 72.620,0 66,412,0 71,021,0 32,577,0 264,653,0 3.129,015,0
558,0 2.872,0 4,592,0 3,072,0
85,968,0
7,352,0
24,228,0 3.781,0 4,474,0 4,039,0 0.758,0 9,770,0 15,472,0
Total reserves
Ron-reserve cash
Bills discounted:
Secured by U.S.Covt.obllga'
Other bills discounted
Bills bought in open market
271,892,0 1,116,884,0 219,911,0 304.249,0 77,459,0 142,643,0 548,094,0 88,092,0 66,970,0 73,893,0 37,169,0 267,725.0 3.214,981,0
12,490,0
68,914,0
8,088,0 4,988,0 4,087,0 1,826,0 6,439,0 8,569,0 5,476,0 2,159,0 3,883.0 4,032,0 6,917,0
Total bills on hand
U.S. bonds and notes
S.certificates of indebtedness_
Municipal warrants
Total earning assets
$
350,252,0
688,063,0
20,232,0
34,142,0
18,028,0
105,381,0 44,342,0 35,007,0 27,659.0 6,607,0 38,112,0 17,851,0 8,986,0 19,534.0 3,264,0 25,958,0
33,484,0 27,130,0 24,271,0 37,469,0 29,389,0 48,255,0 29,918,0 19,430,0 30,188,0 28,562,0 38,160,0
129,0 13,227.0 21,496,0
38,964,0 19,860,0 30,592.0 1,750,0 12,840,0 41.471,0 7,359,0
352,733,0
378,368,0
205,716,0
72.402,0
3,981,0
128,0
177,809,0 91,332,0 89,870,0 66,878,0 48,836,0 125,838,0 54,928,0 28,416,0 49,851,0 45,053,0 85.604,0
10,423,0 17,387.0 9,758,0 1,341,0
183,0 9,122,0 8,101,0 12,479,0 24,846,0 1,779,0 9,185,0
308,0
2.0
10,088,0
65.0
19.0
1,0 2,033,0
322.0
55,0
936,817.0
108,563,0
12,966,0
55.0
78.511.0
198.320.0 108.773.0 AO OAR•n RA 2191) 49.020 n 130.093.0 63.337.0 40.897.0 74.762.0 40.832.0 94.789.0 1.058.401.0
JUNE 23 1923.]
RESOURCES (Concluded)-I
Boston INew
Two ciphers (00) omitted.
Sank premises
1% redemption fund
F. It. bank notes
7ncollected items
1,11 other resources
2859
THE CHRONICLE
$
1
4,434,0
against
Cleveland Richmond
Phila.
York
it
719,0
$
12,398,0
$
8,830,0
Atlanta
$
2,617,0
$
2,584,0
I
Chicago St. LonisMinneap. Ran. City
I
s
$
3
$
993,0 1,471,0 4,955,0
8.715,0
Dallas
San Fran.
$
$
Total
$
2,553,0
52,215.0
23,0
100,0
65,0
I
63,201,0, 145,019,0 64,085,0 77,011,0 58,262,0 26,745,0 97,448,0 34,744,0 15,911,0 40,620,0 21.863,0 40,903,0
120,0 1,755,0 1,002,0 2.101.0 3,949,0
479,0
558,0
100,0
200,0
291,0
440,0
1,304,0
191,0
685,812,0
12,299,0
1,946,0
428,628,0 1,481,993,0 398.656,0 494,416,0 208,823,0 227,910,0 800,442,0 192.762,0 129,163,0 199,215,0 113,969.0 416,836,0 5,092,813,0
Total resources
LIABILITIES.
:lapltal paid In
29,206,0 9,780,0 12,079,0 5,725,0 4,419,0 15,033,0 4,951,0 3,566,0 4,585,0 4,198,0 7,814,0 109,422,0
8,066,0
lurplus
16,312,0
59,800.0 18,749,0 23,495,0 11,288,0 8,942,0 30,398,0 9,685,0 7,473,0 9,488,0 7,496,0 15,263,0 218,369.0
20.764,0
531,0 1,925,0
496,0 1,099,0
817,0 2,409,0
417,0
Government
600,0
468,0
296,0
Deposits:
341,0
11,365,0
Member bank-reserve i+co't.- 129,099.0 700,560,0 111,368,0 161,628,0 58,323.0 58,292,0 271,169,0 69,403,0 46,139,0 79,754,0 46,384,0 142,101,0 1,874,220.0
261,0 4.147,0
26,330,0
634,0 1,065,0
707,0
Other deposits
679,0 1,429,0
335,0
184,0 1,390,0
377,0
15,122,0
727,047,0 112,647,0 163,874,0 61.067,0 58,944,0 272,855,0 70,527,0 47,269,0 81,918,0 47,176.0 148.173,0 1.921,314,0
547,527,0 201,381,0 225,330,0 77,128,0 134,004,0 400,752,0 73,702,0 54,776.0 60,371,0 27,831,0 205,356,0 2,222,352.0
Total deposits
129,817,0
I'. It. notes in actual circulation_ 214,194,0
r. R. bank notes in circulationnet liability
Deferred availability items
59,379,0
1111 other liabilities
860,0
514,0
219,0
756,0
114,597,0 54.696,0 67,977,0 52,669,0 20,619,0 78,645,0 32,785,0, 14,892,0 41,637,0 24.705,0 38,427.0
997,0 2,049.0 1,803,0
946,0
982,0 2,003,0 1,132,0i 1,187,0
3,816,0 1.403,0 1,661,0
1,489,0
601,028.0
18,839,0
Total liabilities
428,628,0 1,481,993,0 398,656,0 494,416,0 208.823,0 227,910,0 800,442,0 192,762,0 129,163,0 199,215,0 113,969,0 416,836,0 5,092,813,0
Memoranda.
Ratio of total reserves to deposit
and F. R. note liabilities com77.6
75.7
49.6
51.9
65.6
56.1
73.9
bined. per cent
78.2
81.4
70.0
61.1
79.0
87.6
Llontingent liability on bills pur33,500,0
995.0 1,259,0 1,054,0 2,079,0
ohnsed Mr ferelvn enrrasoned•ts
14 033 n 2.518.0 3.162.0 1.785.0 1.200.0 4.072.0 1.288.0
STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS AT CLOSE OF BUSINESS JUNE 20 1923.
I
Boston. New Yorkl Phila. CleveP a RicAm'd Atlanta Chicago St.Lonis Minn. K. City Dallas Ban Fr.
Federal Reserve Agent as-
$
ifiNOWMA-(In Thousands of Dollars)
85,250
Federal Reserve notes on hand
232,810
Federal Reserve notes outstanding
Collateral security for Federal Reserve notes outstanding
34,300
Gold and gold certificates
16,473
Gold redemption fund
128,000
Gold Fund-Federal Reserve Board
54,037
Eligible paper!Amount required
18.365
lExcess amount held
Total
3
$
$
$
8
318,340, 43,600 31,220 27,810, 80,480
745,544,241,419 253,249 84,869 139,413
s
s
s
$
$
s
$
112,700 25,440 11,157 32,763 19,694 53,600 842,054
451,785 92,452 58,981 68,954 30.875 251,151 2,651,502
235,5311I 7.000 8,805
2,400
14,122 13,857 4,225 6,473
30,8561
371,000,144,889 185,000 25,795 94,000
108,1571 75,408 45,587 54.849 36,540
43,702 2,902 38,940 10,871 12,197
319,429
6,461
11,880 13,052
11,360 2,966 1,916 1,600 1,945 18,295 124,088
371,645 39,000 22,000 28,360 4,000 176,153 1,589,842
68,780 38,606 22,013 38,994 18,469 56,703 618,143
57,045 16,282 5,942 10,845 26,470 27,749 271,310
569,235 1,853,130529,340576,658 208,419371,503
,
1 073„315 226,626 135,061 181,516 107,914 583,651 6,416,368
Total
Liabilities:jet amount of Federal Reserve notes received from
I
I
318,060 1,063,834,285,019 284,469 112.679219,893 564,485 117,892 70,138 101,717 50,569 304,751 3,493.556
Comptroller of the Currency
178,773 637,3871166,011 207,662 30,020,102,873 383,005 53,846 36,968 29,960 12,406 194,448 2,033,359
Collateral received fromf Gold
72,402 151,8591 78,310, 84,527 65,720, 48,737 125,825 54,888 27,955 49,839 44,939 84,452 889,453
Federal Reserve BanklEligible paper
569,235 1,853,1301529,340,576,658 208,419,371,503 1,073,315 226,626 135,061 181,516 107,914 583,651 6,416,368
Total
Federal Reserve notes outstanding
Yederal Reserve notes held by banks
-2-32,810
18,616
745.544241,419 253,249 84,869 139,413
198,0171 40,038, 27,919 7,7411 5,409
'
451,785 92,452 58,981 68,954 30,875 51,151 2,651,502
51,033 18,750 4,205 8,583 3,044 45,795 429,150
01A 'AA
017 SO,
'0A1 001 000 77A
Ann ,mn
77171117A AAA
,,,, ,nn
rA nmn
o-, .1”,
07 471
one
RAA 9 992 RA2
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources and
liabilities of the 774 member banks,from which weekly returns are obtained. These figures are always a week behind those
for the Reserve Banks themselves. Definitions of the different items in the statement were given in the statement of Oct. 18
11917, published in the "Chronicle" Dec. 29 1917, page 2523. The comment cif the Reserve Board upon the figures for the latest
seek appear in our Department of "Current Events and Discussions" on page 2833.
1. Data for all reporting member banks in each Federal Reserve District at close of business June 13 1923.
Federal Reserve District.
Boston
46
New York
Phila.
55
82
77
39
106
36
29
Dailas
52
San Fran.
66
Total
774
Number of reporting banks
Loans and discounts. gross.
Secured by U.8.Govt. obligations
Secured by stocks and bonds
All other loans and discounts
s
3
88,839
13,134
242,514 1,640,080
622,107 2,448,829
18,530
250,396
356,090
32,237
400.758
689,458
10.715
120.278
324,628
7,905
40,607
63,865 574,288
335,855 1,147,213
11,727
140,983
299,806
7,997
53,899
179,731
7,614
77,938
359,958
5,378
49.176
194,345
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_
877,755 4,177,748
12,569
48,405
79,156 441,819
5,161
30.791
28,950 549,654
35,287
3.804
174,197 711,403
625,016 1,122,453
48,130
11,003
45,675 116,121
6,784
3.993
61,962
60,281
8,110
6,222
184,503 282,896
455,621
30,335
32,428
4,596
9,824
2,821
51,099
407,625 1.762.108
12,981
24,686
13,859
92,129
2.174
14,030
8,224 132,180
8,653
26.266
37,174 351,398
452,516
15,336
23,450
9,024
23,994
10,490
87,635
241,627
8,761
11,783
1,285
29,611
2.103
28,902
445,510
11,921
46,768
5,188
22,716
7,584
57,708
248,899 1,006,308 11,823.186
279.928
35,745
20,056
14,667 100.437 1,018,292
98,473
13.208
2,239
988,734
44,219
17,119
130,251
12.521
6,390
9,307 156,786. 2,133,008
Total loans & dlacqs & investnets 1.181,592 5,995,107
Reserve balance with F.R.Bank
87.582 642,602
Cash In vault
19,930
81,654
Net demand deposits
832,196 4,751,967
Time deposits
255,863 900,193
Government demposIts
13,263
53,710
Bills payable and rediscounts with
Federal Reserve Bank:
7,511 111.064
Secured by U.S.Govt.obligations
936,693 1,646.456
70,211 114,944
31,129
16,783
705,176 938,103
100.996 562,332
10,572
10,787
586,724
33,779
13,910
324,386
154,878
5,406
490,690 2,402,797
34,027 208,233
10,530
58,795
282,053 1,525,465
178,181 782,466
5,278
21.404
622,445
40,535
8,225
359,942
181,536
8,819
324,072
19,289
6,185
203,899
83,123
2,795
597,395
47.038
12,761
436,635
132,290
2,814
318,677 1,369,224 16.471,872
96,438 1,419,551
24,873
21,130
290,235
9,203
224,007 736.331 11,320,130
74.069 585,081 3,991,008
9,405
146,715
2,462
3,515
14,527
1,053
1015*
0052
91 OOA
All Mho,.
109
Three ciphers (000) omitted.
,
Cleveland Richmond Atlanta 1 Chicago St. Louis lifinneap. Ran. City
All A7R
s
$
$
$
$
19,461
24,953
17,905
1,698
21.742
10500
140/5
10000
7100
110,A
8
8,860
IA oeo
$
o not
$
77
$
a
$
259,429
14,746
171,686 3,785,861
819,876 7,777.896
20,303
15.270
252,592
188553
2. Data of reporting member banks in Federal Reserve Bank and branch cities and all other reporting banks.
New York City
City of Chicago
Three ciphers (000) omitted.
June 13
June 6
June 131 June 6
All F. R. Bank Cities F.R. Branch Cities Other Selected Cities
June 13 1 June 6
June 131 June 6
Total
June 131 June 6 June 1323June 6 '23June 1422
65
48
774
774
48
259
259
309
799
65
Number of reporting banks
206
309'
$
$
$
Loans and discounts, gross:
$
3
$
$
S 2°6 3 I 40.093
80,150
259,429
82,048
31,612, 32.459
171,922
173,943
261,162
309,197
Secured by U.S. Govt.obligation
39,999,
47,508
47,128
1.461,276 1,463,825 437,401: 452,561 2,731,745'2,756,521 573,821 569,261 480,295 481,705 3,785,861 *3,807,487 3,525,859
Secured by stocks and bonds
2,131,804 2,120,858 677,4761 673,647 4,806,562°4,767,857 1,586,872 1,586,235 1,384,462,1.385,531 7,777.896 *7,739,623 7,108,941
All other loans and discounts
3 673,2303,666,731 1.146,489 1,158,667 7,710,229, 7,698.321 2,208.2012,202,622 1,904,756A ,907,329 11,823,186 11,808,27210,943,997
Total loans and discounts
37,754
37.834
98,803
98,829
U. B. pre-war bonds
4,008,
3.$85
279,928
278,514)
76,205
74,811 104,920' 104,874
378,915 374,55
U. S. Liberty bonds
603,490
599.717 246,401 246,098 168.401 167,365 1,018,292 1,013,1801,239,688
35,022: 35,700
20,787
51,0411
5,506
U. S. Treasury bonds
21,742
6,902
50,269
21,519
22,225
98,473
97,260
25,207
25,472
511,101 515,248
86,803
742,293
82,031
U.B. Treasury notes
754,062 161,589 156,543
87.252
84,852
988,734
997,858 a563,121
31.439
8,008
8,366
193.898
69,180
69,392
U. S. Certificates of Indebtedness_
31,850
131,898
24,337
24.003
130,251
36,734
38,503
512,829 514,565 174,969 176,653 1,140,848, 1,144,347 570,941 *569,949 421,219 425.30 2,133,008 *2,139,604 2,272,287
Other bonds, stocks and recnrities
Total loans & disc'ts & loVest'ts 5,166,055 5,162,529 1,457,787 1,475.322 10,415,884 10,414.938 3,325.278 *3313998 2,730,710 2.737,650 16,471,872 *1646658615.212.991
Reserve balance with F, R. Bank_ _ 588,997 585,844 146,356 139,454 1.010,985 1,001.406 232,001 232,921 176.565 171,562 1,419,551 1,405,889, 1,393,433
66,684
31.289
Cash in vault
68,141
147,989
293,0971 283,829
31,693
149,012
290.235
82,076
82,410
60,170
61,675
4 239,776 4,184,396 1,020,258 1.010,866 7,667,770 7.555,572 1,956,3651,929,496 .695,995 1,686,750 11,320.130 11,171.818 11.198,444
Net demand deposits..
634,128 642,828 372,308 370,401 2,002,1141 2,013,478 1.143,848 1,142,247 845.046 843.338 3,931,008 3,999,063' 3,281.607
Time deposits
48,906
Government deposits_
146,785
250,484
48,906
12,0301
12,064
105,091
105,126
146,715
15,989
16,024
25,635
25,635
Bills payable and redIttounts with
F. R. Bank:
I
88,374 113,965
9,693
10,550
50,259
Seed by U.S. Govt.otligations_.
154,478
186,233
252,592
278.6341
58.926
40,141
52,310
39,188
All other
29,682
192,733
65,321
10,315
13,722
21,902
121,9951
120,822
188,553
32,373
32,815
39,538
33,743
Ratio of bills payable & rediscounts
with F. R. Bank to total loans
2.3
2.9
and investments tier cent. .
1.4
1.6
2.7
0.8
2.6
2.7,
2.9
2.6
2.8
2.8
2.7
• Revised figures. 0 Includes Victory Notes.
2860
TUE
CHRONICLE
Vaulters' 6azette
Wall Street, Friday Night, June 15 1923
Railroad and Miscellaneous Stocks.-The review of the
Stock Market is given this week on page 2848.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Week ending
June 22 1923.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Shares.
Par Value.
Railroad,
die.,
Bonds.
239.250
973,610
1,122,900
1,202,435
1,243,320
706,300
323,000,000
97,358,500
108,000,000
112,000,000
113,000,000
70,000,000
22 723,000 $1,197,000 $2,158,650
6 600,000 2,229,000 3,091,000
6 471,000 2,116,500 4.010,700
6 074,500 2.081,000 3,547,200
4 888.500 2,101,500 2,407,900
5 566,000 3,533,000 1.363,950
Stocks.
State. Arun.
and Foreign
Bonds.
U. S.
Bonds.
A 457 515 8525.355.500 331.323.000 313.258.000 316.579.400
Sales as
New York &act
Exchange.
Week ending June 22.•
1923.
1922.
Jan. 1t0 June 22.
1923.
1922.
4,801,501
Stocks-No. shares_ _ _
5,487,815
121,784,193
132,556,343
Par value
$523,358,500 $393,551,000 $11,297,000,000 $11,865,885,646
Bonds.
Government bonds._ _ $16,579,400 $28,749,550
$402,129,885
2960,790,905
9,986,500
State,mun.,& c., bonds 13.258,000
244,166,700
311,302,500
RR.and misc. bonds
31,323,000 35,656,000
816,650,400
998,218,000
[VoL. 116.
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.
Week ending June 22.
Sales
for
Week.
Range for Wed.
Lowest.
Par. Shares $ Per share.
Range since Jan, 1.
Highest.
Lowest.
per share.
per share.3 per share.
Railroad
Bklyn Rap Tr warrants_ 18.600 11 June"2 16 June 16 11
Buff & Susq pref v t 1
100 50 June 19 50 June 19 50
Canada Southern_ _ _ _100
22 51%June 21 5134June 21 50
Central RR of N J___10
300 185 June 22 187 Junr 19 185
C St PM &Opref___100
100 9734June 20 0734June 20 95
C C C & St Louis_ _ _ _100
100 90 June 16 90 June 16 7534
Preferred
100 9930une 21 9934June 21 95
Detroit United Ry_ _ 1
100 434June 21 434June 21 334
Int & Gt No Ry(w 100
800 21 June 18 23 June 16 18
Manh Elev Mod gtd_100 3,300 33 June 21 37 June 18 33
1,200 434June 16 434June 16 454
Scrip
Morris & Essex
50 225 76 June 21 77 June 20 76
Pitts Ft W & Chic_ _ _100
101138 June 2 138 June 20 137
Rapid Transit Corp__ _ _•14,1
12%June 2 15%June 16 lag
Preferred
100 1,300 3931June 21 41 %June 16 3934
Virginia Ry & Power _10
100 34 June 18 34 June 18 34
West Penn
900 45 June 21 4834June 19 3831
100
Preferred
1
100 86%June 19 86%June 19 7531
Highest.
June 1834 Apr
Jun 62 June
Ap 5231 Mar
Feb
June 231
May 100 June
Feb 02
Mar
May 99q June
Apr 5
Feb
May 25
Feb
Jun 4534 Apr
Feb 434 Feb
Mar 78
Jan
Jun 138 June
Jun 1834 Apr
Jun 49
Apr
Jun 34 June
Ap 5254 May
Ap 87% June
Industrial 8c Miseell's.
All America Cables_ _100
100 101%June 18 101 %June 18 100% Ap 106
Jan
Amer Chain Class A..2512,800 2134June 21 2234June 18 2134 Jun 25% Mar
American Chicle pref l00j 200 42 June 2 42 June 20 22
Feb SI
June
Amer Locomotive new_•10,100 6534June 2 6934June 16 6534 Jun 7034 June
100 4934June 21 49%June 21 4934 Jun 5834 Feb
261,160,400 $74,292,050 21,462,946,985 $2,270,311,405 Amer Teleg & Cable_ 10
Total bonds
AmerWooienpreffullpdl 700 99%June 21 101 34 June 16 99% June 10254 May
Arnold Constable
*1 2,400 1334June 20 155jJune 22 12
May 1834 Apr
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
Art Metal Con,truc...101 200 1534June 21 16 June 22 1551 May 18
Mar
BALTIMORE EXCHANGES.
Atlas Powder
2
1
June 20 170
June 18 150 A pr 177
10965
Apr
Am Metal ten,eh
109% Jun 117
te
E109%June 16
pf.100 134June
16
Feb
Boston
rnuaaapnut
BailtMOTO
Arner Rolling Mill pf_10
Apr 10034 Jan
99 June 16 99 June 16 97
8
Week ending
1%June 19 131June 18 131 Jun
AtiFruttColTctfofdepl 1,10
234 Feb
June 22 1923.
Shares. Bond Sales Shares. Bond Sales Shares. Bond Sales Auto
Knit
* 4,4
2054June 21 22 June I 2054 Jun 2831 Feb
Auto Sales
SOj 511 3 June 2
Jan 454 Feb
3 June 20 2
2,288
2300
5,876
Saturday
$23,500
738
327,000 13ayuk Bros 1st pref.100( 7
97 June 22 100 June 16 97 Jun 12434 Apr
9.458
BunkerH ill Day.
Monday
26,500
1,024
44,100 Atlas Powder new
* 6
5434June 2 5634June 18 54% Jun 5754 June
57,200
16,631
17,992
Tuesday
48,700
1,107
16,300 Brown Shoe, Inc, pf..1
1 11 9434June 21 9431June 21 94
May 99
Jan
27.700
13,701
19,890
Wednesday
64,000
1,403
20,400 Burns Bros pref
1 107%June 22 108%June 18 10534 May 10954 June
30
1
33,300
14,619
28.200
Thursday
31,700
1,193
19,000 Calif Petroleum new....
_ 181911 2034June 2 2434June 16 2034 June 2954 May
18,000
15,965
16,901
Friday
50,000
1,250
15,000 Century Rib Mills
• 2,300 28 June 21 34 June 19 28 June 3634 May
100 2
Coca-Cola pre:
9234June 22 9434June 21 9234 June 99
June
88,859 2136,500
72,652 $244,400
Total
6,715 $141,800 Columbian Carbon_ ___• 1,40 4634June 2
47%June 18 4634 Jun 4934 May
Columbia
G
11,
&
E
w
1_
_*
3134June
Apr
June
21
3154
16
3751
3331June
$177,950
Frey, week revised
49,593 3190.950
95.420
6.679 3146.900
• 1,
12 June 19 13 June 18 12
Jun 2234 Jan
Commercial Solvents A.*
100 29 June
Feb
Apr 46
29 June 2 25
Daily Record of U. S. Bond Prices. June 13 June ii June 12 June 13 June 14 June 15
1
18 June 18 18 June 18 15
Apr 2734 Feb
Cont Can Inc pref._ _100 2 104 June 22 10914June 1: 10231 Jun 11031 Feb
First Liberty LoanHigh 100"s 101 ln 101 In 101 322 100313s 100312, Coaden & Co prof
10 9931June 18 9931June 18 8934 Jun 1093-4 Feb
334% bonds of 1932-47_11.0w_ 100"n 1001031 1003132 101.00 10031ss 100213s Crex Carpet
100; 10 26 June 19 26 June 19 2434 Feb 3034 May
Close 100"n 101.00 101 332 101 132 1003122 100"32 Cuban Dominion 5ug__•1 1,300 6 June 20 7 June 22 6
(First 3%0
June 1234 Mar
98
1:5
Total sales in $1,000 units_ _.
40 June 21 43 June 22 40 Jun 5834 Mar
100
.3
251
referred
689
P,
164 2,032
590
I
Converted 4% bonds ofHigh
11 5634June 21 6034June 16 6634 Jun 7034 June
Cuyamel Fruit
1932-47 (Stoat 4s)__LOw
Deere & Co pref
100
101 68 June 22 68 June 22 68 Jun 7334 Jan
Detroit Edison rights__ 12,48
34June 18
%June 18
34 May
35 May
Total sales in $1,000 units
ouglas Pectin
14 June 16 1434June 19 1331 June 1431 June
D
Converted 431% bondsilligh
1: 1033-4June 19 103%June 19 10334 June 10334 June
981122 981312 981122 981332 98113, 981332 Dunu Lt let pref chs_100 1,5
3'' 20 June 16 20 June 16 20 Jun 3034 Feb
of 1932-47 (First 431s) Low. 98 33s 98 '1, 98 '11 08",,981332 98103s Emerson-Brant pref _100
Close 98"st 981032 981022 981321 981122 981322 Fairbanks Co (The)...25
100 6 June 19 6 June 19 6
June 13
Feb
• Total sales in 21,200 units__ _
• 6,100 41 June 19 4354June 16 3754 Jan 4734 May
6
45
17
297
48
49 Fleischmann Co
• 1,400 67 June 20 68%June 16 66
Second Converted 434 %rig!)
-___
May 7131 Apr
____
___
981422
____
98"n Foundation Co
bondr of 1932-47(First Low.
• 200 931June 19 934June 19 ou Jun 1454 Apr
--_------- 02"32
981332 Gardner Motor
---_
• 111 78 June 19 78 June 1 73
Second 4315)
Close
Jan 9654 May
---- 981422
____
981332 Gen Baking Co
1 t i 10834June 19 108%June 1 108
Total sales in $1,000 units---------------17
Preferred
Jan 11234 May
3
Second Liberty Loan
{High
May 10234 Feb
98 332 98 332 98,132
--------- Gimbel Bros pref_..100 III 9834June 21 99 June 20 98
Low. 98 132 98 'If 98"s2
4% bonds of 1927-42
Goldwyn Pictures new_• 50, 15 June 21 17 June 16 15 June 2234 Juno
2,901 46 June 21 4834June 16 46
(Second 45)
June 6134 Apr
Close 98 332 98 1131 98"12
--- Goodyear Tire pret
June 99
Total sales in $1,000 units...
Prior preferred_ _ _.100 1.811 95 June 16 96%June 1 95
Feb
2
1
981032 981022 981312 98"32 981122 98143s Gt Western Sug pref _1001 300 103%June 21104%June 19 10334 June 10831 Mar
Converted 431% bonderigh
Low. 98 4,, 98 831 98 332 98',, 98 '31 98',, Hartman Corp
100 1,111 8234•June 18 8431June 16 8034 May 9531 Jan
of 1927-42 (Second
3134June 20 3334June 16 313( May 3954 Mar
Close 982012 98 1132 981332 98 322 981132 981182 Househ Prod temp Ws_ 5,9
43(s)
786
Total sales in $1.000 units_ _.
267
844 1,279
905 Independent Oil & Gas__ 3,600 6 June 21 7 June 18 6 June 1131 May
739
1,900 35 June 20 3634June 1 35 June 4654 Apr
{High
Third Liberty L01111
98"32 98"12 983012 981031 9813n 9811n Inland Steel w I
6
9931June 21 100 June 2 9931 Jun 105
Preferred w I
Apr
Low_
981332 981332 98"32 98"n 981322 981332
434% bonds of 1928
Close
981112 981332 981032 981732 981032 98,,o International Shoe... 2,511 6431June 20 67 June 16 6434 Jun 7334 Jan
(Third 4%13)
2 115 June 19 115 June 1 115
M 12034 Mar
Preferred
1
395
Total sales in s1,000 units_ _ _
931 1,018
676
728
257
1,311 66 June 20 67 June 18 66 June 7134 Apr
1
High
981432 981122 981532 98"32 981332 981332 Int Tel & Tel
Fourth Liberty Loan
• 3,400 10 Juno 19 1134June 18 10 June 1434'MaY
Low. 98 en 9813, 98",,9812,, 9810., 9812,. Invincible 011 Ws
431% bonds of 1933-38
1,8
35%June 21 41%June 22 3534 June 4434 May
Close 9813n 981332 981432 98"3
(Fourth 4311)
981122 981'33 Iron Products etre
1
91 June 20 91 June 20 91
May 96
Apr
Total sales in 51,000 units...
724 1,186 1,064 10,334
____
1,035 K C Pr & Lt 1st pref__-•
401 58 June 22 60 Juno 181 3534 Ap 64
Freasury
(High 993332 991722 991132 991332 993132 991032 Kinney Co
May
101 83 June 18 83 June 1 82 May 9034 Feb
434e, 1947-52
993332 991132 992322 99"3
991332 991132 Mallifuson(H It) pref 100
1 112%June 16 112%June 1611134 Ap 116
Feb
992322 99"32 992722 993$32 993032 991122 Macy (R H) pro!.__ _100
(Close
Cleat
• 3,4
•••,..2 -2.. e.. el nnn .1.41•
29%June 21 3054June 16 22
1
255
171
Magma Copper
01
Cal
102
May 3634 Apr
43,60
1June 18
Marland Oil rights
% June
%June 16
31 June
100 11431June 21 11431June 2111434 June 119
May Dept St pref.-1
Jan
Note.-The above table includes only sales of coupon Met
100 93%June 21 93%June 21 90
Edison pref
May 9934 Mar
bonds. Transactions in registered bonds were:
211 107%June 2110731June 21 10751 Jun 112
Montana Power pref.l
Apr
4,200
3434June 21 38 Jun e18 3434 June 4234 Apr
_•
2 Sat 334s
1002122 to 10021 53 3d 4%s
98133, to 9830,2 National Dept stores.
100 1,111 9134June 21 9334June 16 9134 June eag May
Preferred
4 lst,43(e
98 132 to 98 211 154 4th 43112
98 331 to 981332
New York Canners --• 600 30 June 19 3134June 18 30 June 3234 June
1 2d 4s
55 Treasury 434s
973322
99 In to 991122 N
100 86 June 18 86 June 18 85
N & H Ry,G&E,pf 100
89 24 43(8
May 90
Mar
98 332 to 98 132
N Y Shipbuilding
• 300 10 June 19 11%June 18 10 Juno 1534 Feb
1 24,600 103(June 21 2034June 16 1834 May 2434 Apr
Foreign Exchange.-Sterling exchange was dull and North American
60 32 June 19 3234June 18 31% May 67
Ohio Fuel SuPPIY
Mar
2
slightly easier. In the Continental exchanges irregularity Onyx
• 2
40 Juno 20 4031June 19 40 Jun 50
Hosiery
Apr
3
100
and weakness predominated, with the features a sharp slump
9334June 21 94 June 19 9331 Jun 98
Preferred
Mar
100 91 June 22 01 June 22 8434 Jan! 953.5 Mar
Orpheum cire,Inc.Pt- 100
in francs and a new low point for marks.
100
Otis Elevator, pref
100 9934June 19 9934June 10 9931 June 10031 June
To-day's (Friday's) actual rates for sterling exchange were 4 5934@ Otis Steel, prof
200 6234June 20 5334June 19 47
100
Jan 7234 Mar
4 59% for sixty days, 4 61 31 ©4 61% for checks and 4 61 34 ©34 6134 for Packard Motor, prof..100 1,1
9151June 20 94 June 22 9034 June' 99
Feb
cables. Commercial on banks, sight, 4 61 ©4 61%; sixty days, 4 583i@ Panhandle P & It. pt_ 100
100 5734June 19 67%June 19 5734 June 68
Jan
45854' ninety days. 4 57% @)4 5734. and documents for payment (sixty Penney (J C)Co. pref100
100 10531June 19 105%June 16 101
Jan 10531 June
days) 4 5834 ©4 5934. Cotton for payment, 4 61@4 6154, and grain for Penn Coal & Coke..._50 ,30 3734June 20 3834June 161 37
Jun 4334 Apr
payment. 4 61@4 61%.
100 90 June 20 90 June 20' 89
Feb 96
Phillips Jones CorP,Pf100
Jan
To-day's (Friday's) actual rates for Paris bankers' francs were 6.10340 Philip Morrie
10 1,300 13 June 21 13%June 19 13 Jun 1934 Mar
1.1534 for long and 6.1331 @6.18% for short. Germany's bankers' marks Phoenix Hosiery
200 34 June 20 34%June 20 32
May 66% Mar
are not yet quoted for long and short bills. Amsterdam
100 93%June 21 9334June 21 93 June 100
100
Preferred
Mar
bankers'guilders
were 38.81 %@38.83% for long and 39.0834 ©39.0834 for short.
200 42 June 16 4234June 22 4134 May 4531 Feb
Phila. Co,6% pref._ _50
Exchanges at Paris on London, 74.70; week's range, 74.15 high and 74.70 Pierce-Arrow prior pref..
ill 6234June 19 6234June 19 6234 Jun 7234 Mar
law.
200 95 June 21 96 June 21 92
Pittsburgh Steel, pref 100
Jan 98
Apr
The range for foreign exchange for the week follows:
.11 43 June 20 4334June 20 4
Prod d3 Ref Con), pref_50
4934 Mar
J
St rung. Actual800 101%June 19 10234June 22 10134 Jun 10834 Feb
PS Corp of N J, pref 8%
Cables.
Sixty Days.
Checks.
High for the week
• 8,700 4334June 21 4734June 16 4354 Jun 5134 Apr
New common
462%
46034
4 62 N
Low for the week
200 100 June 18 100 June 18 100
100
May 10234 Apr
7% preferred
45834
46034
4 61%
Parts Bankers' FrancsSchulte Retail Stores_ __• 11,900 8931June 21 94 June 22 88
May 95% Jan
High for the week
Simms Petroleum ...10 8,70 I 8%June 19 9%June 22 8% Jun 16
6.24 34
Jan
6.3034
6.2934
Low for the week
• 7,311 2634June 21 29%June 18 2434 Jan 34% Mar
Simmons Co
6.1254
6.1054
6.1334
Germany Bankers' Marks
611 91 June 20 9154June 20 91
Shell Union 011 Co.Ih100
Mar 9834 Apr
week
High for the
90 93 June 20 94 June 16 93 June 9934 Feb
0.0009%
0.0009% Sinclair Oil, pref._..100
Low for the week
100 94 June 19 94 Juno 19 9234 Jan 100
So Porto Rico SUR, pf 100
0.0006
Mar
0.0006
Amsterdam Bankers' Guilders300109 June 22 10931June 2210451 Feb 114
Tobacco Products,Pf 100
Feb
High for the week
38.90
39.20
Underwood Typew'r_100 600 167%June 20 170 June 18 136
May
Jan 183
39.29
Low for the week
4,000
38.79
39.09
Rights
%June 21 131.1une 16
39.18
31 Jun& 2 June
Exchange.
-Chicago, par. St. Louis, 15©25c. per $1,000 U S Tobacco
Domestic
• 200 50 June 22 5034June 21 50 Jun 69
Feb
discount. Boston, par. San Franicsco, par.
7 101%June 21 102%June 1910151 June 108% Feb
S Realty&Imp full Pd.
Montreal, $27.815 per
100 534June 18 534June 18 534 May 17
11.000 discount. Cincinnati, par.
Va-Caro Chemical B._
Feb
100
Van Raalte
500 34 June 21 38 June 19 34 Jun 64
Jan
Quotations for U. S. Treasury Notes and Certificates West Elee 7% cum pf 100 4 11134june 21
11234June 20 11134 Mar 115 June
Waldorf System, new..• 6,
1454June 20 1731June 18 1454 Jun 20
May
of Indebtedness.-See page 2873.
2
Mar
West'se E m.1st Pf-50
72%June 20 74 June 22 72
Jan 78
The Curb Market.-The review of the Curb Market is Younge'n Sheet& Tube.* 2 6734June 19 68 June 18 6734 May 80 June
given this week on page 2848.
• No par value.
New York Stock Exchange-Stock Record, Daily Weekly and Yearly
2861
OCCUPYING FOUR PAGES
For wiles during the week of stocks usually inactive, see preceding page.
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Saturday,
June 16.
Monday,
June 18.
Tuesday,
June 19.
Wednesday I Thursday,
June 21.
June 20.
Friday,
June 22.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range since Jan. 1 1923.
On basis of 100-share lots
Lowest
Highest
PER SHARE
Range for Precious
Year 1922.
Lowest
Highest
Par $ Per share $ per share 8 per share per share
Railroads
per share Shares
Per share
per share $ per share $ per share
$ per share
2778 Jan 52 Aug
100 3213 Jan 10 45 Feb 23
1
4 1,000 Ann Arbor preferred
34 '3414 36/
34
36
3714 3714 34
37
37
39
*37
1
4 Sept
91/
1
4 Jan 108/
10114 10314 10112 10234 10214 1031 34,900 Atch Topeka & Santa Fe 100 9738May 22 10518 Mar 3
104 104/
1
4 101% 10334 10134 103
84/
1
4 Jan 9512 Aug
100 8712 Apr 30 9038 Mar 6
Do pref
1,600
90 90
90
90
90
90
90
90 "8934 90
90 90
511
Apt
/
1
4
Jan
314
Feb
21
3
113
Jan
Atlanta
BIrm
&
Atlantle_100
204)
2
*173
2
2
2
2
*1/
1
4 218
*178 2
*1/
1
4 2/
1
4
88 Jan 12478 Sept
1
4 Jan 17 127 Feb 26
4,000 Atlantic Coast Line itRIoo 110/
/
4 113's 115 1181
11112 11212 1121
1121 115
•119 120 z115 115
1
4 Aug
3312 Jan 60/
100 4018 Jan 17 561s Mar 21
1
4 501 40,800 Baltimore & Ohio
4912 49/
1
4 48
5012 4712 50/
4914 51% 49
511
/
4 52
52/
1
4 Jan 0614 Aug
Do pref
100 5534May 7 6078 Mar 21
800
57/
1
4 5714 5712 571
1
4 573
5718 571
5734 57/
*57/
1
4 58
1
4 57/
6 Jan 29 June
1 June 21 1614 Jan 2
2,200 Brooklyn Rapid Tranfdt 100
11
/
4 11
112
1
112 11
/
4
2
2
11
/
4 13
1/
1
4 2
13
Jan
20
12
June
it
5
/
1
4 Jan 2478 RUM
1
118
Certificates
1,900
of
deposit
1
118
1
•134 258
1
134 1/
1
4 *112 2
1
4 Aug
100 14014 Jan 17 160 Apr 18 11913 Jan 151/
149/
1
4 15012 15034 15134 12,500 Canadian Pacific
1
4 1511 14814 152
155 15314 151h 15238 150/
54 Jan 79 Aug
/
4 Jan 30
100 6114June 21 761
1
4 6278 6314 7,300 Chesapeake & Ohio
6314 6414 6238 83'2 6134 62/
6412 641
65
65
23
100
53
Feb
4June
19
105
/
1
4 Oct
Dec
1041
/
4
9012
983
9912
0012
00t2
600
Preferred1
100
9912 991
*9938 993
98h 9914 9912 9912
11
/
4 Jan 1214 May
314 Feb 13
2 May 21
1
4 1,800 Chicago & Alton
100
258 2/
2/
1
4 212
1
4 258
212 21
2/
412 3
2/
1
4 23
207
/
1
4
Jan
8 May
3
6
/
1
4
Feb
8
12
Jan
833
Preferred
1,800
100
02
*02
47
8
4
3
3
43
412
4
/
1
4
4
4
412
'414 43
12/
1
4 Jan 4314 Aug
1,100 Chic & East Ill RR (sew)
26/
1
4 Jan 16 3814 Feb 13
*3112 34
3012 31
35 *33
31
311
311
/
4 32
35
*33
311s Jan 6412 Aug
51 Jan 17 6214Mar 26
Do pre!
1,000
54
54
541
53/
1
4 54
5414 541
5712 571 *53
*58
59
1
4 May
1
4 Dec 10/
3/
7 Feb 7
4 Jan 18
*512 558
47
51
438 458 *483 478 2,100 Chicago Great Weetern-100
1
4
412 4/
458 47
7 Dec 3412 May
812 Jan 18 17 Feb 6
Do pref
100
121
1118 12
11/
1
4 1158 3,800
1112 121
12
*12/
1
4 14
121
/
4 12
1
4 Aug
1714 Jan 36/
26/
1
4 Mar 5
1
4 2012 2014 211s 12,300 Chicago Milw & St Paul 100 1938May 2
1
4 2012 19/
1
4 2114 20
2112 21/
1
4 20/
207s 19/
29 Jan 5514 Sept
Do pref
17,200
355 363
100 3212 Jan 13 4512 Mar 5
3612 3414 3534 3534 37
3712 38h 36
35
38
1
4 Sept
59 Jan 95/
1
4 7514 7458 7534 7,300 Chicago de North Weetern_100 7412Ju11e 20 88 Mar 5
75/
77 77
1
4 7614 74/
75
7614 74/
1
4 77
Do pre!
100
100 10812June 2 11818 Mar 21 100 Jan 125 Aug
*10812 11212 "10812 11212 10812 10812 *108 11212 *108 113
*109 11
30/
1
4 Dee 50 Sept
1
4 Mar 21
15,500 Chic Rock Isl & Pao
100 26 May 22 37/
29/
1
4 30
2958 2758 29
29
3038 3.
28
30/
1
4 2834 30
8314 Jan 105 Seel
7% preferred
1,100
100 8.314June 21 95 Feb 9
87
1
4 8334 8418 *86
*85 86
85
8514 84
8412 *8412 85/
70
/
1
4 Jan 95 Sept
Mar
5
85
June
21
6%
preierred
74
1,800
100
77
76
77
74
77
*78
7912 78 80
77
7714 74
51 Jan 90 Sept
Chic St P Minn & Om
100 65 May 21 78 Mar 5
70
70 *65 69 •65
•6834 70 *67
70 '65
70 *65
38 Jan 5318 Apl
1
4 Feb 13
1,100 Colorado & Southern
*3112 32
100 30 June 21 45/
31
32 32
33
33
32
3214 3012 3012 30
1
4 Jan 14112 Sent
1,800 Delaware & Hudson
100 103 Jan 11 12412 Feb 13 106/
11012 11012 111 111
*11114 11112 11114 112 111 11178 109 112
11512 1151/ 2,800 Delaware Lack & Western.. 50 l101zJune2O 13012 Feb 8 1011 Feb 143 Oct
11012 11558 11212 115
"116 120 *116 118
115/
1
4 117
1
4 May
7
Jan 18/
13
Feb
1312
22
Erie
20,100
101sMay
1178
1214
100
Ills
12
1212
1114
1218
123
4
1213
12
/
1
4
1278 13
1
4 Aug
1118 Jan 28/
Do let pref
1933 2016 18,100
100 15 Jan 17 2158June 11
2033 2114 1913 2014 19
1934 1712 1978 1818 19
7/
1
4 Jan 2014 MaY
Do 28 pref
1412 14/
100 1034May 21 1612June 11
1
4 *1414 1513 1,800
16
1614 15
1514 1412 1412 1312 14
95
73 Oct
/
1
4
Jan
70
Mar
5
80
6958June
21
Great
Northern
pref
13,920
7034
100
70
/
1
4
71
/
1
4
695
8
7118
7034 71
1
4 7134 70
7014 711s 70/
2818 Nov 6513 API
Iron Ore propertlee-Ne Dar 2712May 22 86 Mar 19
28
5,000
1
4 27/
1
4 28
2853 2858 2812 2853 28
2812 2712 2812 27/
5 Jan 19 May
Gulf Mob & Nor tr MI6_100 12/
*13
17
1
4 Jan 12 20 Mar 5
*13
17
16
1634 '13
17 '14
'14
18 *14
10 Jan 47 Oct
Do prat
200
52 "4312 52
100 4478 Jan 2 6234 Feb 21
52 "49
50 50 *4812 52 "48
'50 53
97/
1
4 Jan 11514 Sept
1,400 Illinois Central
10714 108 *10812 112
100 105 May 22 11712 Feb 21
10712 109
108 108
110 110 *108 111
/
1
4 Dec
5 Apr
Intarboro Cons Corp_No par
as Jan 4
/
1
4 Jan 17
Is Dec 1234 Acs/
Do pref
/
1
4 Jan 5
_
100
14Mar 2
1714 Dec 3214 Aug
14
Mar
22
/
1
4
21
Intruboro
Rap
4,500
1212June
Tran
w
13
-L.-100
II
12
W.,
14
iFili
-1518
-1112
-1314
1
4 Air
17 Nov 30/
19
100 1814June 20 2478 Mar 21
19% 6 000 Kansas City Southern
1
4 19
1912 1814 1934 18/
208* 2038 1912 2034 19
1
4 Apr
52/
1
4 Nov 59/
Do pref
00
55
100 51 May 7 5738 Mar 5
5114 5114 '52
54
51
51
52 *52
52
*5213 54
1
4Joni
10 Feb 39/
1
4 30
100 2878May 22 34 Jan 2
700 Lake Erie & Western
*2812 3012 4813 3012 "28/
31
2912 30
29
•29/
1
4 30
Sept
26
/
1
4
Feb
77
Mar
26
pref
74
65
Do
621
June
7
50
*60
100
6612
'65
65
65
68
68 *65
*65
68 '65
56/
1
4 Jan 72 Sept
5,300 Lehigh Valley
/
4 Feb 7
50 60 May 21 711
1
4 62
60/
1
4 6034 60/
61
6134 61
611s 601s 61
"62 63
5,200 Louisville & Nashville
93
100 8512MnY 7 155 Feb 26 108 Jan 1447a Oct
9014 91
90
90/
1
4 90
9118 9018 91
41
9113 91
35 Jan 53 Aug
Manhattan By gllar
1
4May 24 60 Apr 17
49
100 42/
49 "44
52 '43
*4414 53 '44
*4414 54 4414 55
1
4 Aug
4412 Ang 55/
Eq Tr Coot NY ott dep.100 3518 Jan 25 44 Feb 13
3/
1
4 Jan 11 Mar
814 Jan 23 22 Mar 12
100
' 11- ;iiii" 11'4 "io" 10 --e- iii" 97g --5- ---600 Market Street RP
;ii" if- ;H.
17 Jan 6014 Aps
Do pref
600
100 33 June 21 6812 Mar 12
33
33 *3212 40
34
34
38
3834 3834 36
*36
40
671
Do prior pref
35 Jan 76 Nov
100 62 June 21 87 Mar 12
3,600
66
62 65
67 69 '67 6853 6212 67
•67
69
5/
1
4 Jan 32 ARV
Do 24 pre!
100 2118June 21 5614 Mar 12
900
22
23
2418 2114 2312 2118 2114 *21
25
25
025
34
1
4 Apt
558Junc 21
5 Jan 14/
9/
1
4 Feb 13
6
2,200 Minneap & St L (new)....100
6
558 6
6
6/
1
4
5/
1
4 614
614 614
*6/
1
4 873
Minn St P & S El Maxie...... 100 6014 Jan 4 7312 Mar 5
1
4 65
55 June 7511 Oct
67 44 67 *64 67 "6313 6413 *63/
68 *64
•66
18 Jan 1514 Dee
1
4 ..*pr 26 12 Feb 6
Missouri Kansas & Texas....100 • 8/
1114May 22 17 Feb 15
Kan & Texas(new)
712 Jan 1914 Aug
"1212 Yili "lira III; "ilia -fit;
. 1112 12 "Hi* 12 -1172 1284 10,200 MoDo
3112June 21 4512 Feb 14
pref (new)
24/
1
4 Jan 4844 Aug
3413 3334 3412 3212 3334 3112 3232 3214 3378 3.200
3514 351
/
4 *34
15/
1
4 Nov2514 AP,
6,700 Missouri Pacific trust istfe.100 1258June 21 1938 Feb 14
1
4 14
1
4 13/
13
13/
1
4 1258 13/
1312 137
/
4 1358 14
1414 141
Do pun trust etre
100 3518May 21 49 Feb 10
9,600
40 Nov6334 Sept
3714 3513 3634 3618 38
/
4 3678 36
3712 361
3758 39/
1
4 36
714 May
238 Jan 17
434 Feb 15
7,900 Nat Rys of Mex 24 pref__ -100
2141 Nov
3
3
278 278
2/
1
4 2/
1
4
28
27
'2/
1
4 314
3
234
5478 Jan 8718 Dell
9034 9114 917s 5,200 New Orl Tex & Mex v t 0_100 84 Jan 16 105 Mar 26
9412 95
9034 9178 9012 9312 89
92
93
1011
8 Oct
90126,lay
New
York
Central
4
100
94,600
Jan
10418June
13
7234
10114
1021s
10114
100
/
1
4
10014
1023
3
101 10212
102/
1
4 103/
1
4 10073 103
1
4 Oen
100 N Y Chicago & St Louie-100 68 May 22 84 Jan 29
79
5118 Jan 91/
70
70 '70
79
79 '70
79 '70
*70
79 *70
Do 28 pref
100
82
1
4 Jan 2 9012 Feb 17
100 76/
61/
1
4 Jan 93 ENV
84 *78
84 "78
82
82 *78
87
•82
87 *82
100 16 June 21 2212 Jan 30
1212 Jan 38 Aug
1612 1633 163* 15,800 NYNH& Hartferd
/
4 1678 16
1 16g 1634 161
1714 17/
1
4 1638 17121
1
4 AP1
100 1618June 21 21/
1,400 N Y Ontario & Western
181
/
4 Dee 30/
1
4 Feb 13
18
1614 16's 1618 1612 *17
1613 17
*17
1714 1713 171
200 Norfolk Southern
100 13 June 5 18/
*1213 14
1
4 Jan.
834 Jan 22/
1
4 Feb 9
14
14 *12
13
13 "12
15
•1312 15 *13
1
4 Feb 9
100 105 June 20 117/
Mg Jan 1251
10514 10514 10614 10612 2,300 Norfolk & Western
/
4 Bel
10514 1061 105 105
107 10812 "10512 107
Do prat
1
4Mar 10 78 Jan 29
100 75/
300
7712
72 Jan 82 Oat
77 *77
77
771
771 *77
7712 •77
7712 '77
*77
73 Dee 901* Aug
100 6918May 22 8112 Mar 5
70/
1
4 7012 7158 11,400 Northern radii°
70
71
70
7014 71
72
72
7214 70
Oct
1914
Jan
Pennsylvania
3314
1
4 Apr 4
ao 43 June 21 47/
1
4 4358 14,900
43 4312 43/
1
4 44
4418 43/
431s 44
44
4418 44
Peoria & Eastern
1014 Jan 25118 Aug
100 10 May 7 17 Mar 21
*10
13
412 13
*012 13
*913 13
*10
13
"10
13
1
s
Aug
403
Marquette
Jan
Pere
19
4718June
9
44,200
36
Jan
11
100
423
4
43
427s
42
4114 431
4234 4412 4238 437
4414 44
Do prior pref
100
73
100 7012May 29 7614 Mar 5 83 Jan 82 Aug
7212 7212 "72
73
*71
723 '71
73
*71
73 *71
Do pref
300
6334
1
4 Jan 9 5018 Jan 7414 Aug
100 6212May 22 70/
83
65
4412 65 4418 6412 '58 65 '58 65 '58
11,100 Pittsburgh & West Va.....100 837a Jan 17 5058May 10
23 Jan 11133 Aug
47
4112 42
1
4 43
3814 4212 3838 41/
*4414 4513 42
44
9012
76 Jan 95 Nov
Do pref
100
100 87 Apr 23 93 Jan 9
88 •89
88
89
89 *87
*87 89 *87
•87
89
1
4 Oct
Jan 87/
7113
71
Reading
2,400
7
723
4
7414
Feb
June
20
ao
7314
8118
71/
1
4
71
74
7334 7534 7234 75
7534 76
43 Mar 57 May
Do let pref
700
so 49 May 4 56/
1
4 Feb 7
4912 4934 4914 4938
4913 51
5112 511
52
52
'51
52
45 Jan 5911 May
Do 24 pref
1,300
1
4 53
311
1
4 Jan 30
so 4912May 22 56/
51
1
4 50 '50/
50
5113 52
*5112 53
5012 49/
17/
1
4 Feb 5314 JUDO
Rutland RR pref
100 25 May 2 3714 Jan 10
*2712 33 4713 32
32
32 *25
34 '28
'31
34 825
2014 Dee 321* Aug
22
22
20
2012 21
21
22
2078 2018 2034 2078 221s 4,900 St Louis-San Fran tr ctfa_100 195sMay22 27 Mar 21
34
34 Nov 56 Aug
Do
pref
A
Mar
5
trust
2,300
4312
43
50
Jan
43
8212
8
ctls.....100
/
1
4
4114
42
42
4434 4134 423
*44
46
42'8
1
4 Nov
20/
1
4 Jan 36/
100 2612May 22 3618 Feb 10
3214 7.600 St Louis 8outhweetern
29
32
30/
1
4 3234 3038 31
3234 33
2914 3114 31
1
4 Nov
32/
1
4 Jan 59/
Do pre:
100 55'zMay2l 6378 Mar 21
5812 5834 4,700
58
5758 58
583
5834 5912 58
*5813 60
56
Jan
1
10
ADP
2
/
1
4
012 61
6/
1
4 834
8611 7
10
Seaboard
Air
Line
2,300
Feb
613
618
712
100
612 61
5 4 Jan 2
1
4 Apr
els Jan 14/
Do Drat
/
4 1112 1,300
1112 111
1113 1184 11
12
1212 12
1253 12/
1
4 "11
853 Jan 18 1314 Mar 23
100
1
4 Oat
7818 Jan 96/
86141 8858 8836 8834 2,900 Southern Pacific Co
87/
1
4 881
100 8614June 21 9514 Feb 21
8973 90
/
4 8978 88 883
881
1
4 Aug
1714 Jan 28/
33/
1
4 357
1
4 361
1
4 34/
100 2434 Jan 8 3734June 13
3414 355s 3512 3638 138,400 Southern Railway
3678 37/
1
4 3513 36/
OM
46 Jan 71
6612 6612 6714 4,200
Do pre
66
6634 671
100 64 May 22 7072 Mar 22
*6814 6834 6712 68
68's 66
1
4Mar 21
18/
1
4 Nov 38 Apr
2116 2158 2118 221
2012 2112 2134 2214 7,400 Texas & Pacifie
2138 23
*23
24
100 195* Jan16 29/
131s Nov 2533 May
1,100 Third Avenue
13
12/
1
4 1284 12
*1213 123
12/
1
4 13
12 •12
13
13
100 12 June 21 1914 Feb 10
1
4 Sept
34 Jan 62/
1
4June 11
74
721 871
70/
1
4 7053 '71
7118 72
7114 711
7112 72
/
4 1,200 Twin City Rapid Trazudt_100 5814 Jan 19 77/
13114 13336 131 13214 13212 13414 17,900 Union Pacific
1
4 13534 133 134
13533 13614 132/
100 181 June 21 14478 Feb 26 125 Jan 15414 Sept
711
/
4 Jan 80 Aug
Do pref
1
4 Jan 6
900
73
73 *7212 7273 7214 72/
73
1
4 727s 72/
73
87213 73
1
4
100 7114 Apr 21 76/
7/
1
4 Jan 1974 Apr
11
1117 11
12
1114 11
10/
1
4 111
1214 1214 11
1114 5.000 United Railways Invest....100 107/June 19 2178 Mar 6
1
4 Apr
2014 Jan 38/
3413 33
1
4 35
3312 34/
Do Prof
5,200
341
33
3413 3633 32
'3614 38
100 2612 Jan 17 62 Mar IS
6 Jan 1414May
1)14 91
4:00
200
0 Wabash
858 91
8/
1
4 8/
912 958
7 Mar 10 1113 Mar 22
834 9 34
1
4
100
9/
1
4 934
3513
Aug
19
Jan
34
/
1
4
Mar
22
2314
Jan
Do pref A
2934 281s 3014 28/
17
1
4 2918 29
2914 30% 29
3012 31
3014
100
1
4 Aug
1214 Jan 24/
Do prat B
200
81812 21
18/
1
4 181 3418/
*1812 21
21
21
•19114 22
1
4 Jan 18 2213 Mar 22
1
4 21
100 16/
814 Jan 1714 Aug
1
4 11
5,300 Western Maryland (nee)_100 1013May 21 15 Feb 9
1012 11
1034 1114 1013 107
*1112 12
1058 1034 10/
13 Jan 28/
1
4 Dec
Do 28 pre
2312 24
22
2414 4233 23
*24
25
2314 2314 2312 2313 1,300
100 20'7May2i 2634 Mar 22
1
4 Apr
1314 Jan 24/
3,200 Western Pacific
1
4 16/
1634 1736 16/
•1714 1812 1653 18 *1712 177
1
4 1634 167
100 15 May 1 2014 Mar 6
53
/
1
4
Mar
may
7
04
/
1
4
51
6338
Mar
5
Beet
pref
Do
800
757
57
55
•59
60 "581s 60 4814 59
5514 55
100
55
6 Feb 16/
1
4 JUDI
4712may 7 1013 Feb 13
8/
1
4 8/
1
4
7/
1
4 8
712 7/
7/
1
4 8
*814 813
1
4
7/
1
4 853 5.200 Wheeling & Lake Erie Re-100
9/
1
4 Jan 39141 June
Do pref
15
800
14
1312 1312 1312 1312 14
1312 1314 14
16
•14
100 1214May 4 19 Feb 13
25
Jan 3314 Mar
100 Wisconsin Central
28 *27 80
*2814 2934 4814 2934 "2814 298g 28
31
*28
100 26 Jan 10 351s Feb 23
1,100
7113 7112 7113 7118 7112 *7112 74
7014 7012 71
71
/
4
12
1214 12
70
1158 111
/
4 1116 111
13 •12
1234 *12
36
40 820 40 *30 38 '32 38 *33 6214
40
6214
6058 6218 60
1,900
611
/
4 62
61
4364 6572 62/
1
4 84
8
8/
1
4
7% 814 9,300
8
83s
1
4
814 8/
gig 9
7/
1
4 774
814
al
*14
al
•14
200
/
1
4
/
1
4
as
"4
14
14
33
118 ita 48118 11
/
4
l's 118
11
/
4 118
300
11
/
4 112
11
/
4 118
66/
1
4 68
1
4 6914 12,000
6534 68
6858 6734 67/
6614 68
6712 68
108 108
500
*107 10934 *108 10912 109 109 '107 10812 108 108
4012 3914 4012 3812 40
4014 4012 3,800
1
4 4114 40
4012 40
40/
93 41
92 92
93 891
891
100
93 891
93 891
92
16
16
18/
1
4 16
•16l2 1712 1568 1618 16
17
161
/
4 1614 2,600
*42
43
4114 42
40/
1
4 42
4214 4234 4212 43
1,100
42
42
8011 *77
100
8012 '70 80 "75
80 *75 80
8012 8012 *77
52
*50
52 '50
52 40 52 '50
*50
52 *50 52
36
3514 34
3512 34
3534 33/
33
36
4,000
*35
1
4 3518 35
8,800
3212 33
35
1
4 361
36/
1
4 3734 3512 3612 34/
31
33
/
4 30
7212
872
75 *72
72
100
72
75
75
*72
*7113 74 '72
*10712 115 '10712 115 *108 115 "108 115 *108 115 *10614 110
9534 90 9214 8778 93
8834 9214 9184 9433 261,900
9612 3714 90
10714 10714 •10712 109
1
4 109
109 109
300
*109 111
10834 10834 •I08/
163 163 165/
1
4 166/
163 165
166 166
1.600
1
4 16334 184
185 165
*120 124 *12014 124 *12014 125 3412014 125 *12014 125 *12014 125
878 918
8gt, 012
9/
1
4 9/
1
4
9
814 9
9
9/
1
4 9474 2.000
•Bid and asked prices z Ex-divldend.
71
*12
Industrial & Miscellaneous
Adams Express
100
Advance Rumely
100
DO prof
100
Air Reduction. Inc_No par
Max Rubber. Inc
50
Alaska Gold Mines
10
Alaska Juneau Gold Min._ 10
Allied Chem dc Dye ____No par
Do pre/
100
Allis-Chalmers Mfg
100
Do pr .1
100
Amer Agricultural Chem_100
Do pref
100
American Bank Note
50
Am Bank Note pref
ao
American Beet Sugar
100
Amer Bosch Mturneto__No par
Am Brake Shoe & F_ __No par
Do pref
100
American Can
100
Do pref
100
American Car & FOund7Y-100
Do pref
100
American Chicle
No par
68
Jan 83 Oct
68 Jan 2 82 Mar 3
1078 Jan 23 Aug
115814,lay 22 1912Mar 6
8138 Jan 3013 AIM
4114June 8 5438 Jan 14
Oct
4512 Jan 66
1
4 Jan 10 7233 Mar 19
57/
0/
1
4 July 1814 Apr
1
4Mar 14
712June 21 14/
/
1
4 May
11
/
4 Mar 9
14 Jan 4
13 Dee
2 34a7
134 Mar 9
h Jan
1 Feb 15
/
4 Sept
62443J04,18 80 Jan 2
55/
1
4 Jan 911
1
4 Sept
Jan 115/
108 June 21 112 Mar 2 101
/
4 Feb 16
3714 Jan 593.4 Sept
3812181ay 22 511
glismay 16 9713 Jan 27
8612 Jan 104 Sent
1 JUIN
1514May 22 361
2714 Nov42,
/
4 Feb 21
56 Jan 7214 Sent
1
4 Feb 21
37 May 22 68/
Dec
A
Jan
77 Jan 6 9112 Mar 7 53
1 July551s Dec
5
45
3 3114Jan
5
33
1114
3JA
ub
pe 24
2
912 Feb
Feb 175
Apr
49 June
3114 Jan 49 Apr
31 June 21 8314 Feb 16
51 Jan 8812 Sept
70 Jan 3 83 Mar 21
001
9814
10612 Jan 25 110 Jan 14
16
312 Nov
Jan 17
3214 jan
73', Jan 2 106 Mar 6
Jan
,
4
:
7
1
miaN
De
oe
11
n6
1
8
J
1
N
o
v
0
1
93
1
20
Feb
10534Ain 28 115
Jan 201
Oct
163 June 18 189 Mar 7 141
Jan
11914 Mar 22 12578 Jan 18
534 Jan 30 11 Apr 25 15
New
2862
YOlkit
Stock Record-Continued-Page 2
os U.11 during the week of stocks usually inactive, see second page preceding
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Saturday,
June 16.
Monday, I 2'uesday,
June 18.
June 19.
Wednesday., Thursday,
June 20.
June 21.
"Play,
June 22.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Hue Jan. 1 1923.
On basis of 100-ehare tots
PER SHARE
Range for Praloa
Fear 1922.
Lowest
Highest
Lowest
Highest
per share $ per share $ per share
per share
Per share $ per share Shares Indus. & Miscall. (Con.) Par
per
share
$
per
share
share $ per share
6% 6%
Per
6
3
612
512 612
512 6
514 555
54
614
American
5.900
Cotton
518June
011
100
22
2034 Jan
1812 1534 1634 *15
*16
1514 Nov 304 May
1612 14
15
1414 1514 15
1614 2,200
Do pre/
100 14 May 18 3834 Jan 4
4
334 Nov 61 May
55
514 *5
5%
5
518
5
5
4% 5
5
5
3,200 Amer Druggists Syndicate__10
478June 21
758 Feb 23
*96
98
96
964 9614 9612 97 101
411 Jan
71* Aug
98 102 *100 105
2,900
American
Express
100
96
June
18 14312Mar 2 126 June 162 Oct
*814 834 *814 914
818 8%
734 814 *8
8
8
9
1,700 American Hide & Leather_100
734Juns
21
1334
Mar
41
7
4114 40 41
101s
Dec
40% 4018 *4012 42
Apr
17%
3912 40% 4034 4034 2,100
Do pref
100 3912June 21 7434 Mar 7
9212 9513 94
*9634 99
58 Jan 7434 Sept
95
9014 96
92 94
9513 95% 3,600 American Ice
100 90 May 21 11112 Apr 2
*80
84
79
79
*7812 83 *79 83
Jan
78
122
Seilt
79% 79% *7512 83
400
Do prof
100 7978June 21 89 Feb 21
2038 2034 1934 2012 20
72 Jan 9514 Aug
20
188 2014 18% 1934 19% 2058 10,600 Amer International Corp__100
1834June 20 3312 Mar 28
114 1112 114 1114 1114 1114 *1114 1112 1114 1114
2438 Dec 5033 June
11
111s 1,200 American La France F E10 11 June 22 13 Mar 1
2213 2212 21
2118 18
9 Jan 14
20
1814 1912 17
1914 21
2214 4,900 American Linseed
100 17 June 21 38 Mar 5 2818 Nov 42% July
• *4113 44
40
41
*38
42
004
40 40
40
40
4412 4413
Do pref
500
100 40 June 18 59 Feb 15
138% 138% 13512 13814 13512 13712 13112 138
48 Nov 64% Oct
132% 135% 13412 136% 41,300 American Locomotive
100 120% Jan 17 14638June 7 102 Jan 13834 Oct
*11734 11814 711734 11814 *11734 11814 11814 11814 *117 119 *117 119
100
Do
115
prat
100
May
4
.46
4614 4478 4558 44
4312 45
453
4314 4414 4434 4434 4,900 Amer Metal temp otts__No par 4314June 21 122 Feb 9 112 Jan 12214 Dee
5578 Mar 5
*79 83
44 Sept 5314 Dec
7912 7912 *78% 80
*79
80
824 8234 *80
8212
700 American Radiator
25 76 Jan 2 884 Apr 19
57
*614 612
82 Jan 129 Oct
6
62
6
614
6
5% 6
534 5% 7,900 American Safety Razor
53sJune 21
25
918 Feb 19
1212 1234 1218 1212 12
354 Jan
Oct
1214 11% 1214 1134 12
111
4
12
10,100 Am Ship & Comm
No par 1138June 12 214 Jan 6
62 62
51g Jan 2414 May
6014 61
58
61
5714 5918 5714 5814 5833 5912 19.600 Amer Smelting & Retining_100
53 Jan 17 1394 Mar 2
11818 Jan 674 May
*9613 97% 9614 9612 968 967
97
97
*97
9734 *97
98
Do pre/
400
100 7838 Jan 18 10238Mar 6
*132 138 *135 138 *135 138
8618 Jan 10412 Oct
135 135 *13212 137 *133 137
100 American Snuff
100 135 May 22 16214 Feb 14 1094 Jan 169 Sept
3512 3512 34
3518 324 337
33
3412 32
33% 34
35
Am
10.400
Fdry
otts_83
Steel
tern
1-3 32 June 21 4078 Mar 21
*9814 101
8054 Jan 461e Sent
*9814 100 *9814 9912 *9834 994 *9814 101
*9814 101
pref
otfs
Do
tern
100
100
8
May
10514 Feb 9
70
91 Feb 10814 Oet
7014 6712 697
673 6913 6718 6914 68
71
6978 70% 9,500 American Sugar Refining__100 6718June 20 86 Feb 13
541g Jan 857s Aug
*100 102 *100 102 *100 102
10112 10112 •10012 102
10112 10112
200
Do prof
100 10112June 20 10834 Jan 8
2034 21
84 Jan 113 AUg
2018 2012 18% 2012 1612 1212 1658 19
18%
19
Sumatra
Toba000_100
7,000 Amer
164June 20 3638 Feb 14
2814
Feb 47 May
*50 574 *____ 5512 *____ 5514
- 5213 *34
5212 *- - 5212
Do pre/
100 55% Jan 16 6534 Feb 13
5214 Feb 71 Jan
12312 12438 1231 124
12318 1237 311934 12112 119% 12012 120% 122
13,300 Amer Telephone & Teleg._100 11933Ju1Th 21 1251:Mar 5 1144 Jan 12814 Aug
144 145
14213 14434 142 143% 141 14314 1414 144
14512
14512 3.800 American Tobacco
100 141 May 21 16134 Feb 13 1294 Jan 1694 Sept
*10112 102 102 102
1021 10218 *10134 1024 102 102 10114 10134
Do prof (new)
800
100 101 Mar 16 10578 Mar 3
9611 Jan 1084 Oct
14312 14312 14114 14412 142 143
14012 1428 14112 143
143 14513 4,500
Do common Class B
100 140 May 20 15934 Feb 9 126 Jan 16584 Sept
MO
4012 *3912 40
39
39
3734 3834 36
3612 374 3712 2,000 Am Wat Wks & El v t o_100 2712 Jan 29 4434 Apr 26
6 Jan 8314 Nov
*90 90% 89 89
9014
90
88
8812 *88
90
Do let prof(7%) v t o_100 8538 Jan 3 93 Jan 16
300
67 Jan 937, saps
6018 604 5912 601
59 60
575s 59
5514 57% 58
5814 11,800
Do partio pi(6%) v t o 100 484 Jan 3 6318 Apr 26
Jan 5514 Otit
1714
*93 98 *95
98
*95
98
*93
95 *93
95 *93
95
Amer Wholesale, DM
86 Oct 95 Jan
100 9314 Jan 2 9814 Jan 31
89 89
87
8812 8634 88
8534 8812 8418 87
86
8712 27,900 Amer Woolen
100 8418June 21 10938 Mar 21
7814 Jan 105 Oct
10014 10012 997 10014 9914 100
9914 9934 984 9914 9818 9818 3,400
Do pre/
100 984June 21 1114 Jan 8 102 Jan 11114 Dee
*17
20
1634 17
16
1634 168 17
16781 1672 *1734 20
1,100 Amer Writing Paper prof-100 16 May 18 34 Mar 7
2211 Jan 5614 Sept
*1012 11
10
912 10
10
912 10
912
9
9 9 1,700 Amer Zino,Lead & Smelt___25
9 June 15 1914 Feb 16
124 Jan 21 Sept
41
41
39
41
*35
41
*3734 40
35
40 *38
40
600
Do
prof
35
25
June
21
Feb
5814
27
Jan 57 Sept
86
44 4434 43
4333 3912 4212 3918 41
4412 42
40% 42 50,100 Anaoonda Copper Mining__50 8918June 21 5312Mar 6
45 Nov 57 May
•
7714 7714 75
744 7518 74
75
7612 7312 76
7538 78
4,200 Associated Dry Goods
100 6214 Jan 5 89 Mar 19
42 Jan 707s Dee
*8212 84
*8212 84
*821z 84
*8212 84 *8213 84
*8212 8412
Do 1st pref.- ..,
100 8212 Jan 18 89 Feb 13
75 Jan 80 Oct
*80 90 *84
90 *84
90 *85
90 *85
90 *85
90
Do 2d prof
100 8818 Jan 9 9312 Feb 26
78 Jan 914 Oct
*110 115
10912 10912 108 108
10718 1074 10412 106 *108 112
1,000 Associated 011
100 104 May 7 133 Jan 12
Jan 1854 May
17
99
158 1% *134 2
18 *153 2
112 134 *134 2
1,400 Atlantic Fruit
No par
112June 21
VI Dec
34 Feb 14
512 Apr
1534 1634 16
1634 15% 1634 16
16% 154 1614 1614 1612 7,800 AU Gulf & WI ft 10 Line._ _100 1458May
28 34 Mar 19
194 Dec 6814 Mal
1312 13
*13
13
13
131s 13
134 1278 13
*12
14
2,800
Do prof
100 1234May 26 27 Mar 19
Dec
16
115 115 112 112 110 11212 108 108
8114
Mal
107 107 109 111
1,600 Atlantic Refining
100 107 June 21 1534 Jan 10 117 Dec 1575 Oct
115 115 *115 117 *115 117 *115 117 *115 117 *115
117
100
Do prof
100 115 May 2 120 2612 18 118 Jan 11915 Dec
14
1334 1384 1313 1312 13
14
13 *1212 14
400 Atlas Tack
*1212 14
No par 13 May 17 2012 Feb 14
2112 1912 2012 1913 20
21
184 Feb 221s May
1812 19% 18
1834 19
8,600 Austin Nichols & Co__.No par 18 Juno 21 354 Jan 12
20
82 82
914 Jan 4058 Sept
85
*82
82 82 *7934 8514 7834 793 *80
Do prof
85
500
100 7834June 21 894 Jan 23
12734 12834 12312 12712 12234 12512 12018 126
68
Jan 91 Sept
12114
11212 11212 *112 11212 *112 11212 112 112 *111 12434 12412 126 149,200 Baldwin Locomotive Wks.100 1204June 20 14414Mar 19
9312 Jan 142% Oct
11212
*111
11212
300
Do
prof
100 111 Apr 2 11634 Jan 4 104 Jan 118 Oct
42 *30
42 *30
*32
42 *30
42 .30
42 *30
Barnet Leather
42
No par 46 Apr 27 55 Feb 16
*12
14
13
18
40 Jan 6734 Sept
12
13
10
13
104 114 1312 1412 5,200 Barnsdall Corp,Class A._ __25 10 June 20 35
Mar 23
12
11
11
12
193s Jan 5814 Apr
11
11
10
11
975 10
11
12
3,000
!Panne 21 22 Jan 2
4.12
14
*15
14
14
17 Nov 89 Apr
*18
14
*4
"8
Batopilas Mining
14
*18
20
14
4 Feb 26
*52,8 54
5218 *50
51
4.Jan 2
14 Dec
Ds Mar
5434 *50
5434 50
50
*45
Bayuk
543
800
4
Bros
No
par
60 June 21 62% Apr 4
*63 6312 6112 6313 6012 6112 59
33 Apr 65 Sept
6034 59
6113 61
6112 4,100 Beech Nut Packing
20 51 Jan
8414 Mar 26
5112 504 5112 4978 5114 4814 51%
51
80
July 5338 Dot
4833 51
5018 51
61,000 Bethlehem Steel Corp
100 4814June 20 70 Mar 3
51
Jan 79 May
Do Class B oommon-100 6014 Jan 16 7178 Mar 3
5512 Jan 8214 May
Do prat
100 934 Feb 1 91312 Jan 2
44612 foil; siOif2 105 *141- 104 90% Mar 106 Nov
10014 1-66;
1 101 161-Do cum cony 8% Prei-100 10014June 21 11114 Mar 12 104 Jan 1164 June
200
48848 90 *88% 90 *8814 90
8814 8814 8814 8814 8814 89
Preferred new
100 8814June 20 9712 Mar 9 94 Nov 101
500
.612 612
612 634
514 538
Oct
414 518
414 414 *414 512 1,700 Booth Fisheries
No par
414June 21
74 Jan 18
4 Nov 1013 Aug
*74 834 *7% 838 •714 838 *711 813
714
714
818
*718
British
100
100
Empire
714June 21
978 Mar 2
Steel
81, ,an 15 Sept
67 *6414 67
6413 6412 *64
*6412 67
*6012
67
*62
Do
67
pref
100 6412June 18 694 Mar 13
600
1st
58 Mar 7654 Apr
*20
2512 *224 24
22
2214 22
2112 2118 *2118 2434
22
100 2018May 8 264 Feb 20
Do 2d pref
700
1018 Mar 89 Sept
10734 10734 107 10712 106 10634 10512 1063 10534 10718
1064 106% 2,500 Brooklyn Edison, Inc
100 10414May 22 1214 Jan 9 100 Jan 12418 Aug
*10812 110 *10812 112 *10813 11014 *108 110
10812
*10812 110
100 10312May 11 128 Feb 7
300 Brooklyn Union Gas
6412 6413 55
70 Jan 1244 Noy
55
534 5434 5134 534 5112 10833
5112 5212 5212 1,700 Brown Shoe Inc
100 5112June 21 6578 Apr 2
42 Jan 6478 Sept
*114 2
*114 2
*14 2
4 114
114
200 Brunswick Term & RY Sec 100
4
84
114June 20
1
28* Jan 25
113 June
5% June
*134 137
13334 134
12914 13313 123 132
12512 127 127 128
Bros
Burns
123
11,300
100
June
20
Mar
14434
23
11313
Jan 147 Dec
34
3312 3378 2914 3334 2312 31
35
25
27
27
2312June 20 43 Jan 2
13,600
Do new Class B oom
28
284 Jan 63 Oct
634 634
612 634
638 613 '614 612
534 618
578 618 11,600 Butte Copper & Zino v t o_....5
534June 21 1134 Feb 14
514 Mar 1018 Dec
*1514 1612 *1514 17
15
1514 14
14% 1314 154 1512 1634 3,500 Butterick
100 1314June 21 2134 Jan 4
15 Nov 34 Feb
2234 223
22
2233 208 214 1713 21
18
20
2034 22
7,600 Butte & Superior Mining. 10 1712June 20 374 Mar 1
20% Jan 354 Oct
234 334
214 234
214 3
24 238
212 3
214June 18
3,800 Caddo Central 011&Ref No par
2% 3
94 Feb 16
684 Dec 1518 Apr
8012 8033 7912 8012 7914 80
7813 7913 7834 7834 *7912 81
3,400 California Packing
No Par 7838June 21 87 Feb 9
68 Jan 864 Sept
California Petroleum
100 6614 Jan 3 1174May 31
484
Jan 717s Jan
eioi1-6214
;
1
. 10299*4 99'2 '100 103
99
100
100 94% Jan 2 11012May 23
Do pref
88 Jan 9815 Apr
2 634
618 6,2
6
614
534 634
534 6
678 614 7,800 Callahan Zinc-Lead
10
534June 20 1234 Feb 20
54 Feb 114 May
*5212 60
5112 5113 *4912 51
*49 50 *4912 50
200 Calumet Arizona Mining-10 5012June 14 66 Mar 1
51
51
1501s Nov 664 June
*6
914 *514 612 *512 612 *512 612 *512
Carson Hill Gold
1
612 *514 612
53sMay 22
938 Feb 19
614 Deo 164 Mar
"4 1
s1
1
1
*14 1
1
1
118
No par
600 Case (J I) Pion,
1% 14
1 June 14
454
Feb
21
8 Mar
*70
94 June
71
*70
78 *70
72
*70
72
73
73 *73
100 Case(13) Thresh M,pf cif 100 5934 Jan 4 85 Apr 9
75
58 Feb 9314 Aug
2418 244 2318 2418 2214 2334 2234 2414 234 24
100 2214June 19 4012 Mar 7
2514 14,200 Central Leather
'8 25
4,63 64
294 Jan 444 BHA
6214 6234 6014 6212 61
61
6114 6212 6234 63
2,800
100 6014June 6 7934 Mar 7
Do pref
535 Jan 8234 Sect
4214 421
41% 4214 39
4112 3834 41
3812 3912 40
14,400 Corrode Pasco Copper-No Par 3838June 20 aolamar
41
28
824 Jan 468g Dec
*31
3312 31
2978 297
31
33
Certain-Teed Prod..___No par 2971/J00e 19 45 Mar 14
3312
*30
3312
84 Feb 58% June
58,2 59
5558 5812 5612 5712 5314 56
5214 55
5418 5558 1 9,600 Chandler Motor Car.. No par 5214June 21 76 Mar 14
478 Jan 7914 Apr
*7812 79
7758 7884 77
7734 7512 77
7512 7758 78
4,700 Chicago Pneumatic Tool 100 7512June 20 9034 Mar 21
79
2612 2634 2534 2613 2512 25% 2418 257
80 Jan 8931 Sent
2434 2534 252 2578 44,900 Chile Copper
25
241
8June 20 3038 Mar 1
161s Jan 3914 Now
'22
2258 2112 22
21
2158 17
2033 18
1913 1914 21
5 17 Juno 20 3178 Mar 2
17,000 Chino Copper
2214 Nov 884 June
*6612 69 *6612 67
6514 6612 65
6534 654 654 *6513 67
800 Mat. Peabody et Co-.._l00 64 May 21 7614 Mar 28
43 Jan 7014 Dee
7818 7834 77
757 7734 76
7814 7614 77
7712 7714 79
17,750 Coca Cola
No par 73 May 4 8338June 8
41 Jan 8234 Oct
•3118 32
30
3034 281s 30
2758 30
277 29
100 254 Jan 17 353811lay 31
2834 2955 11.000 Colorado Fuel & Iron
24 Jan 37 May
*10012 101
9712 100
9534 97
9634 98
9514 97
7,100 Columbia Gas .t.
9713 98
9514June 21 114 Feb 14
Jan 1144 Sept
6834
1
118
78 Ds
34 1
72 1
72
72
72 1
14,500 Columbia Graphopl
EbegeinritIM
par
%June 19
24 Feb 6
312 412
114 Jan
534 June
212 312
2
314
234 234
5,300
234 3
Do prof
278 3
100
2 June 19 124 Jan 15
5 Feb 21 June
7134 7134 6712 7012 6938 6938 6912 6934 6913 7034 370
Computing-Tab-R
e00rdNo
par °Vaunt 18 834 Apr 9
7018 3,300
5614
Jan
795
4 API
20
21
2038 22
18
2134 20
2234 20
2255 *23
6,200 Consolidated Cigar---No par 18 Juno 19 Ms Jan 3
25
183s Feb £234 Oct
*68
76
*65
70 *65
70
66 66 *70
79
100 66 June 20 88 Feb 17
Do pre/
75 75200
•12
14
47
Feb
874
Nov
e%
14
*15
14
3,18
14
*12
14
*15
14
Consol Distributor/Jac No par
l/aune 8
88 Jan 30
14 Feb
214 Mar
Consolidated Gas (li 10..100 120 Jan 2 187 Jan 26
854 Jan 1455 Sept
-61. ------6112 6014 6014 5912 61
No par 5853June 21 6938 Feb 7
5858 6034 5912 6014 38.500
When issued
5778 Doe 624 Dee
858 8711
Ix
712
: 718 814
81
7
753 818 32,100 Consolidated Textile-No par
718 734
7 June 20 144 Feb 9
9 July 153/ Apr
--------------------------------Continental Can, Inc
100 115 Jan 2 1314 Jan 31
IA Jan 11514 Dee
"ii- WI; -iii.4 -45
44
45
4314 4438 4314 447
447 465 26,700
..No par 4278May 7 5018 Feb 19
When issued
*95 98 *95
gg
*92
98
*93
98
*94
Continental Insurance
964 *93
25 92 Jan 6 104 Jan 31
98
66 Jan 9334 Aug
9
918
834 9
812 9
8
85
Motors-NO
Continental
8
8,500
par
81
812
812
8
May
22 1214 Jan 19
114 Dec 1838 Dee
13114 132
12934 13113 12918 13138 130 1333 128 13134 1297 13133 53.600 Corn Products Refining-100
a11614 11912 *117
12234 Apr 3 1394 Feb 0
9114 Jan 13434 Oat
11813 11812 11813 *11713 119
11713 11712 119 119
100 11614May 8 12238 Feb 24 111
Do prig
400
Jan 12234 Noy
4314 44
4212 4334 4214 4355 4134 437
4118
Condom
No
43
p
&
79.700
par
Co
4258 4418
4118June 21 6314 Fob 17
314 Jan 64 Dec
7134 7234 6918 7212 6634 6811 6538 6813 651
8 6838 .8
50,800 Crucible Steel of America-100 6312May 21 8412 mar 21
66
8 6
99
1
524
Fob
9112 92
984 Sept
9034 9214 *89
9034 *88
91
91
100 87 May 24 9412 Mar 2
Do prof
700
80 Jan 100 Bent
1158 114 10% 1155 108 1114 1034 1133 *88
1034 11% 1178 1238 10,700 Cuba Cane Sugar
NO par 92
133
0;
:
832 .7,1
6a:
6:186
8 20 Feb 13
84 Jan 1934 Mar
4814 464 4418 46
4314 4514 4312 453s 4314 46
100 374 Jan 17 6414 Mar 16
46
28,
:
1 4
Do prat
28
878 26,700
154 Jan 41% July
2734 2812 25
2712 2514 2634 25
2714 26
2818
43,7
182 Cuban-American Sugar..-10
1412 Jan 28 Aug
37% Feb 13
9378 9378 *90 99 .89
99
*94
99 *95
99 *95
Do
100
prof
99
78%
106
Jan 10212 Dec
Apr
3413
3114 3334 2914 308 3014 3418 3078 3312 314
3278
3334 28,000 Davison Chemical v to-No par 20533,24;
21 3812Mar 6
231s Nov 65% Apr
2534 2533 2534 2534 2514 2514 *2514 26
2434 2434 2434 24% 1,700 De Beers Cons Mines-No pox
4 28 Mar 1
1511 Jan 2538 Sept
Jan 20
10234 1024 10234 10234 10212 10258 z10012 10012 *99 101
100
100%
700 Detroit Edison
1181s Aug
111 mar 2 10038 "
3813 37% 3512 3712 3534 364 37 10078
1
36% 37
36% 373
10 8
9,000 Dome Minos, Ltd
37
40 22
2 44% Jan 4
3034613y
18% Jan 4414 Nov
10014 103 10234 10412 1023
106 10618 10014 106
4 10414 10378 10412 8,100 Eastman Kodak Co____No par
70 July 9018 Deo
Apr 3
122
116
11912 11614 120
122 12518 11838
11614 1197* 11814 122 28,000 El du Pont de NeM & CO 100 10614 Jan 17 11534 Apr
28 105 Dec 1694 Nov
14812
4 857
5558
8 *843
5513
58,4
*8478 8634 *8434 8534 *843
5712 8
4 85%
56
3 5
86
47
% *84
300 5% °num, preferred- - - -100 5
84%
2 8914 Apr 10
japnr 17
84
1% A
80 June 904 Sept
6914 6912 *58
59
,
5714 68
10.200 Electric Storage Battery No par
404 June aasa Dee
674 Mar 21
*141 16
*1434 16
144 1414 *1414 1412
*1414 16
•
60
Corp
Elk
Horn
Coal
100
Zl 2034 Jan 2
3 '4'4 112
1414 Jan 2411 Dag
.2
2
*2
314 *2
*2
3
EMerson-Brantingham --100 12
100
19
3
34JA
u
ge
r
20
Feb
1
4 Jan 1118 Juno
2/
713
6758 6734 6634 6712 66% 6634 654 6714 6514 66
66
ao 6.114June 21 944
6618 7,300 Endlcott-Johnson
947 Dee
Jan 2
764
*11312 116 *11313 116 *11312 11512 11512 11512 *11312 116 *11312 116
100 111 May 2 118 Jan 3 104 Jan
Do pref
100
Jan 119 Dee
•Bid and asked prices; no sales on this day. z Ex-dividend.
New York Stock Record-Continued-Page 3
2863
For sales during the week of stocks usually inactive, see third page preceding.
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Saturday,
June 16.
Monday.
June 18.
Tuesday,
June 19.
Wednesday. Thursday,
June 20.
June 21.
Friday,
June 22.
Sales
for
the
IVeek.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range singe Jan. 1 1923.
On basis of 100-share lots
Lowest
$ per share $ per share $ per share $ per share $ per share
Per share Shares Indus.& Miscall.(Con.) Par 8 per share
*2412 2512 *2412 26
*2412 2512 23
2312 2411 24
2412 22
No par 22 June 21
1,200 Exchange Buffet
7612 7612 7518 7612 7414 7534 74
74
75
7412 17,500 Famous Players-Leaky-No Par 71 June 21
7512 71
*9112 93
91
9114 9012 9012 90
Do preferred (8%)....100 90 May 21
1,200
9078 9018 9012 9018 91
71
: 718
7
7
*7
7
10
7
7
5 June 5
600 Federal Mining 4Smelting 100
7
712 712
3711 3814 3734 3814 3834 3834 1,100
*39
3834 3834 38
40
38
Do pref
100 3414June 4
814 812
838 838
8% 834
814 8% *838 812 2,400 Fifth Avenue Bus
818 8%
738 Jan 17
No Pa
*150 16378 *148 160 •148 155 *148 160 *148 160
150 153
200 Fisher Body Corp
No par 145 May 23
*98 100 *98 99
98
98
97
9712 9834 9634 97
600 Fisher Body Ohio, pref._._100 98% Jan 24
9718
9% 10
9% 934
814 9
8 June 21
934 9%
8
812 912 9,200 Fisk Rubber
833
No par
*1212 13
11% 12
11
1134 11
9,500 Freeport Texas Co
1134 11
1118 1178 12
No Par 11 June 19
5012 5238 49% 5014 4812 4934 4512 4812 4812 4512 45
3,600 Gen Am Tank Car
4512June 20
47
No pa
28/
1
4 3012 2812 3012 28
2914 2678 2918 25% 2812 2712 2934 14,800 General Asphalt
100 253/June 21
65 65
65
654 6473 6473 *63
6212 6214 63
Do pref
61
2,100
66
100 61 June 21
*85 86
85
85
8238 84
8212 82
82
8212 *84
85
2,200 General Cigar. Inc
100 8112May 23
*10514 109 *105 109 *105 109 *105 109 •l0512 109 •105 109
Debenture pref
100 10412 Jan 2
179 179
175 17812 175 17534 173% 177% 17334 175
17512 178
4,700 General Electric
100 17012May 21
*1012 11
11
11
1073 1073 1078 1078 *1034 11
Special
•1012 11
300
1012June 6
1
1412 1434 1414 1438 1418 1438 14
1414 1418 14% 44,800 General Motors corp_No pas 134 Jan 17
1414 14
*83
8312 83 83 *81
8312 480
83 83
200
83 *81
Do prat
83
100 83 May 23
483
83
8234 8234 8234 8234 8134 82% 8212 8212
8412 83
Do Deb nook (6%) 100 8134June 21
800
9712 9712 *97
*9712 98
*9712 98
9712 98
Do Deb stock (7%)_....100 964 Jan 10
300
9812 4,97% 9811
4278 42% *42
42
43
42
43
1,400 Gimbel Bros
41
41
43
4014 43
No par 4014June 21
7% 711,
712 712
712 712
7
712
7% 1,400 Glidden Co
7
714 *7
7 June 21
No par
414 412
414 414
4
414 414
2,700 Goldwyn Pictures
4
412 4%
44 434
4 Juno 22
No par
2812 2812 28
2812 26% 2712 2612 28
2634 2712 2673 2714 3,200 Goodrich Co(B F)
No par 2612June 20
87 87
87
8618 87
87
8612 58312 84 •8418 8612 2,300
Do prat
86
100 8312June 21
2312 2312 23
23
224 2212 •15
18
20
22
20
2112 3,300 Granby Cons M.Sm & Pow100 18 June 21
912 913
9
9
9
9
9
2,000 Gray & Davis Ins
9/
1
4
9
9
834 9
No par
1
4June 15
8/
*22
2234 22
2112 2112 15
1512 1712 18
22
1912 1.500 Greene Cananea Copper- _100 15 June 20
15
*714 734
71s
712 7,2
7
7
7
7,4
714 *714 712 1,300 Guantanamo Sugar__.No par
7 Juno 19
7873 79% 7634 79
7234 7538 74
76% 26,600 Gulf States Steel Ls otfs...100 7234June 21
7412 7712 7312 77
47, 114
72
72
72
72 1,500 Harbtshaw Elea Cab.-No par
*78 114
1,4
34 Mar 5
*35
354 3414 3514 3312 34,4 3212 3412 3112 3418 3414 3434 6,600 Hayes Wheel
100 3112June 21
•15
16
1412 15
1314 14
1312 135s 1314 1312 *14
1412 1,800 Hendee Manufacturing..,.100 1314June 19
*64
66
364 66
*6412 6512 56314 6334 *82 63 *60
6312
200 Homestake Mining
100 60 May 23
5912 5912 56
5912 53
5534 5278 56
524 5438 5414 56
16,300 Houston 011 of Texas
100 50 May 7
2438 24% 23
24% 2214 2318 2212 2314 223k 23 52214 228 29,100 Hudson Motor Car----No pas 2214June 19
19
20
1814 1914 1878 1912 5,000 Hupp Motor Car Corp
2014 1934 201s 19% 1912 18
10 1814June 21
214 24
2
218 218
173 2
218
*218 214
2
2
2,600 Hydraulic Steel
No par
178 Apr 14
434 5
418 434
4
5
412 *413 434 2,000 Indlahoma Refining
*314 5
5
4 June 21
5
5
5
5/
1
4 5% 4,552 7
612
55s 5% *6
*55
7
400 Indian Refining
*5
7
10
5
38June 15
2714 2934 2818 30
2918 31
32
31/
1
4 3134 31
31
3112 13,300 Inspiration Cons Corner
20 2714June 20
355 3/
*4
4
412
4
312 3%
334 3%
700 Internal Agrioul Carp--100
1
4 *312 37
3 May 10
*1213 13
1034 1214 1012 1012 1078 104 12
1212 1212
12
Do pre!
800
100 1012June 19
*3514 3614 347s 353s 3414 34% 33% 35
3334 3412 *3414 36
3,000 International Cement. No pm
3358June 20
2114 2112 2014 21
20
2012 20
2114 1973 2014 2034 21
4,600 Inter Combos Hag
No pas 19%June 21
*7714 7734 7634 7712 7718 78
78
79
79
79
3,200 Internal Harvester (new)-100 7512June 7
77'2 79
*109 110
109 109 *10834
10834 10834 *10812 11112 *10812 10918
200
Do prat (new)
100 10834June 20
*634 7
634 634
612 653
612 638
638 65* 2,000 lot Mercantile Marine_ _100
612 638
638June 22
2712 2712 2634 2712 2614 27
26
2634 2512 2612 26
26
Do prof
9.700
100 2512June 21
14
1418 14
1414 1312 14
1314 1334 13
131s 133 14,400 International Nickel (The) 25 13 June 21
14
*82
8214 83
8314 *82
83
82
82
843
Preferred
*82
82 82
700
100 6934 Jan 4
3918 3912 38
39
3712 3812 37% 394 3714 39
394 3978 10,100 International Paper
100 3714June 21
6614 68 *66
67
66
6614 *66
68
66
6714 674 1,200
66
Do stamped pref
100 6512May 21
12
1138 12
12
97
934 11% 10
10%
1034 101s 111 34,400 Invincible 011 Corp
80
934June 19
401s 4014 3912' 3912 3812 3912 37
*4014 43
2,700 Iron Products Corp....No par 37 June 21
38
423
37
14
14
14
32
/
1
4
38
% 3,200 Island Oil& Transit v t o..... 10
14
3s
38
38
38
4 Jan 2
1912 1938 194 1913 19
18% 1812 1838 185* 3,400 Jewel Tea,Inc
194 1814 19
100 1738 Jan 24
•70
73 *66
73 /
1
435
62 62
6512 651
70
66
66
400
Do prof
100 62 June 20
57
57
5612 5672 56/
1
4 57
56
5638 5614 57
57
5714 4,900 Jones Bros Tea, Ino
100 50 Jan 17
*10614 107 107 107 108 108
107 107
107 107 *107 108
700 Jones & Laughlin $t. pre 100 10412June
*13
13
55
%
1
*38
58
34,
58
34
700 Kansas & Gulf
34
lb
'gime 6
*3212 3312 3214 3212 3218 3214 30
3,900 Kayser (J) Co. (sew)._No par 2918May 22
3214 30
311
31
31
*96 100 *96 100 *95
9912 4,90
99 *90 99 *97 100
1st preferred (aele)_No par 98 Apr 20
3734 3838 3512 3812 354 3612 3412 3714 35
38 29,500 Kelly-Springfield Tire
37
37
25 3412June 20
*97 100 *974 100 *9714 100
*97
97
100 Temporary 8% pref._ _100 9614May 17
97
9712 40312 98
*94 100
90
90 *87
95
96
*87
400 Kelsey Wheel. Inc
98 •_-_- 93 *85
100 90 June 18
35/
1
4 361
3434 36
34
3434 32
3412 32% 3334 3334 3438 40,300 Kennecott Copper
No par 32 June 20
434 5
458 5
433 514 22,800 Keystone Tire & Rubber__ 10
4% 518
4% 5
4
4/
1
4
4 June 21
*218 225 218 218 213 21314 213 213 212 213 *212 230
1,100 Kresge (S 31) Co
100 177 Mar 2
*86
88 *86
88 *8512 87
87
200 Laclede Gas (St Louts)._._100 80 May 7
*8512 87 .84
87 *84
*2212 231
2112 2212 20
1918 204 1814 2012 2112 2178 4,300 Lee Rubber & Tire__.No par 1814June 21
21
•19514 209 *19514 209 *19514 209 •19514 209 *19514 209 *196 200
Liggett & Myers Toba000_100 19034May 21
•112 114 *112 114
112 112 *112 114 *112 114 •11234 114
100 Do pref
100 11134 Apr 4
6412 643
62% 6414 62
6014 63% 611
63
/
4 634 6314 6414 21,800 Lima Loco WkstempettsNo Par 5838 Jan 17
*1614 161
1618 1512 16
16
15
1512 14
1518 1434 1512 15,900 Loaves Insorporated___No pat 14 June 21
714 71
812 812
612 7
74 714
7% 714
63s 6% 2,600 Loft Incorporated
612June 20
No par
43
43
4214 43
43
414 414 1,100 Loose-Wiles Biscuit
43
42
42
4014 41
100 4014June 21
151 153 *151 155
1504 15034 14714 151
14912 150
146 148
2,950 Lorillard(F)
146
June 21
100
105 115 *106 115 *106 115. *106 115 •106 115 *105 108
Mackay Companies.
100 103 May 23
*65 67 *6512 67 .65
67 *65
67
67 *65
Do pref
67 *66
6512June
100
8
7534 7633 7214 4514 72
7414 2704 74
704 7314 734 74% 13,400 Mack Trucks. Inc
No par 5818 Jan 2
9212 92
*92
92
9112 9112 588/
1
4 90
8812 8812 90/
1
4 91
800 Do lst Prat
100 8812June 21
*84 87 .84
87
84
84
581
83
81
80
300 Do 24 pref
80 •79
100 80 June 21
*60,4 6112 *6012 6112 60 6012 5918 6015 59/
3,300 Macy
1
4 59/
1
4 *5934 61
No par 5918June 20
*30
3112 2738 30
28
2812 27
2812 24
26% 2512 2638 11,300 Mallineon(BR)& CO_No par 24 June 21
*50
57
*55
55
51
51
51
55
5214 50
1,800 &twat!Sugar
53 *52
100 4312 Jan 17
•75 82 *75
82 •73 82
75
75 •72
82
82 *72
100 Preferred_
100 75 June 20
50
49 50
4812 •46
50
45
46
51
49
2,200
Manhattan
45
45
Elea Supply No par 45 Juno 19
4434 45
44% 451,3 43% 4412 43
4312 4212 4334 44
44
2,200 Manhattan Shirt
25 4218May 22
41% 42
4012 4134 3634 4058 *3818 38% 36
38% 373 398 131,400 Marland OR
No par 2714 Jan 6
.7% 10
*712 10
*8
10
.712
10
*712 10
*712 10
Marlin-Rockwall
No
par
714May 22
29
3014 3014 2873 30
291s 29
30
291: 30
27
28
3,500 Martin-Parry CorP
No Par 27 June 21
45
*4614 47
4618 43
4434 4234 43
44
421: 434 44
3,800 Mathleson Alkali Works__ 50 41 May 14
43% 4312 4014 42
42
40%
3712 41% 3818 4114 41
4112 14,900 Maxwell Mot Class A
1378 14
13
1358 1212 1334 1212 1312 1218 1314 1234 1312 18,000 Maxwell Mot Class B__No 100 3712June 20
par 1218June 21
8312 85
8112 8312 814 82
8112 83
8312 784 82
80
8,310 May Department Stores..100 6738 Jan 5
1818 1778 184 1778 18
18
1734 1778 1712 1734 1734 18
2.600 mcintyro Por Mines
1634May 22
*____ 280 *200 270 *__- 230 •____ 240 •150 200 •200 250
Mexican Petroleum
100 265 Mar 2
*100 105 *98 105
*93 105
*90 105
390 105
*90 105
Preferred
Feb 23
100
10014
15
1513 16
15% 14% 154 1473 1538 14
1534 27,500 Mexican Seaboard 011_.No par 14 June 21
154 15
1334 15
1334 14% 1338 14
1318 14
12% 13% 1414 1414 13,500
Voting trust etre
21
1212June
2512 2534 2412 2512 24
24% 23
2412 2212 23
24
23
6,000 Miami Copper
5 2212June 21
712 778
733 818
7
7%
7
7%
673 714
718 712 98,700 Middle States Oil Corp..., 10
8June
21
67
26
2633 26
2618 26
24
2614
26
24
7,100 Midvale Steel & Ordnance, 50 24 June 20
2512 2512 26
*6312 66 *63 65
63 6314 *6234 63
62
6214 6312 61
900 Montana Power
100 6214June 21
2118 2112 2038 2134 2033 2114 214 2112 11.700 MontWard & CoIlki
2214 2214 2118 22
Corp
10 1814 MaY 22
27
2738 2512 2612 26
2733 25
2712 2538 2618 2614 2612 14,500 Moon Motors
No par 1734 Jan 17
878 933
914 938
74 834
812 834
818 9 27,700 Mother Lode CoalltIon_No par
72 833
710une 20
•19
24 *19
24
19
19
1613 17
16
800 Mullins Body
1712 •1734 20
No pas 16 June 21
*93 9612 93 93 *9212 94
9212 9212 91
98
*94
500 Nash Motors Co
92
No par 754 Jan 2
9812 9812 99
99 *99
9918 9918 9918 99
99
99,2 9313 1,100
Preferred A
100 8812 Apr 23
1038 11
1073 11
1078 11
1034 11
11
1034 1034 11
2,900 National acme
do 1038June 16
*41
4114 4034 4114 401g 4012 39
4033 3934 4112 4134 424 12,500 National Biscuit
100 38 Jan 5
*11734 120 *11734 120 *11734 120 •11734 120 •11734 120 *11734 120
Do pref
11934M0Y 16
100
50
53
40
43 50
43
50
50
4934 50
4,500 National Cloak at Suit_ _100 4213June
424 48
21
312
:
7
12
12
12
I,2
sq
: 84
*12
11
/
4
900 Nat Conduit 4 Cable-No vas
12
12
/
1
4 May 31
*60
62
5918 61
5938 6014 5934 6012 5912 60
6012 6012 3,900 Nat EaR112.6 4 Stan:44'4_100 5918June 18
•11478 118
113 11514 114 114
114 115
114 11412 115 115,2 3,000 National Lead
100 11114May 22
90812 110 *10812 110 *10834 110 •108% 110 *10834 110 *10812 110
Do pref
10838June 4
1314 1312 1314 1312 1318 1314 11% 1318 1112 1215 11
12% 10,100 Nevada Consol Copper....100
5 1112June 21
36
36
3434 353s 3434 35
35
3514 3412 351
: 36% 3712 3,900 N Y Air Brake (new)..No
2658 Jan 2
Par
48
*4678 48
*4678 48
*4712 48
4712 47% 4678 47
4812
800
No pas 46 Jae 9
•18
1912 •1838 1912 *18
19
1812 1812 15% 18
1812 1812 1,000 New York Dock
21
1558Juno
100
4912 *47
*47
4912 *47
4912 *47
4912 47
47 *464 47
Do pref
100
100 424May 24
North American Co
50 10012 Jan 16
2 433 1338 4312 4312 *4314 4312 434 134 4318 431s 1,200
-4572 131Do pref
50 4314June 21
25
*2214 25
*22
*2212 25
2312 2312 *2114 24
*212a 2212
100 Nova Scotia Steel & Coal_ _100 2012May 2
*812 9
812 812 *8
9
912
*8
9
812 812 *8
500 Nunnally Co (The)...,No par
812June 18
*538 5% *538 534 *55s 5% *5/
1
4 534
5
,
8
513
300 Ohio Body & Blow __No par
514 5%
514June 21
*134 2
*134 2
*134 2
*134 2
134 178 1,100 Oklahoma Prod & Ref of Am 5
134 134
134June 15
*5
512 *5
512 *5
514 *5
434 4%
54 *4% 518
100 Ontario Silver MinIng
100
5 Jan 6
18
18
1714 174 1712 1712 1614 1712 1712 174 3,600 Orpheum Circuit,
18
IS
Ina..... 1 1614Jtme 21
11834 11834 119 119
12212 12212 119 121
:120
120 120 •1161
1,300 Otis Elevator
100 115 May 21
•Bid and asked prices; no sales this day.
Ex-dividend.
Highest
$ per share
31 Jan 10
93 Jan 2
9834 Feb 14
12% Feb 16
6012 Feb 13
1038 Jan 2
21214 Jan 11
10238June 14
1612 Feb 13
22 Jan 13
7178 Feb 20
54 Mar 7
83 Mar 7
9438 Mar 14
110 Apr 2
1904 Feb 2
12 Jan 2
1712 Apr 18
89 Apr 17
90 Apr 7
105 Apr 10
51% Apr 24
12% Feb 9
778Mar 9
4118 Mar 22
9212 Mar 6
33 Ma523
15% Mar 7
344 Mar 6
1412 Feb 14
10458 Mar 21
24 Jan 12
44 Apr 19
23% Feb 16
7978 Jan 2
78 Feb 16
3234Mar 8
304 Apr 2
64 Jan 8
19 Mar 19
812 Apr 6
4334Mar 1
11 Feb 20
39/
1
4 Feb 23
44 Mar 19
2718 Apr 6
9812 Feb 7
11614 Jan 4
11% Feb 14
47 Jan 5
164 Feb 16
82 June 12
58% Mar 6
751a Jan 5
194 Mar 7
584Mar
as Feb 24
24 Mar 15
82 Feb 26
6334Mar 16
10914 Mar 22
312 Jan 12
4578 Feb 23
104 Mar 23
624&tar 22
108 Jan 18
11714 Mar 6
45 Mar 1
1118 Mar 24
248% Apr 28
87 Feb 21
31% Mar 22
22234 Feb 9
11818 Jan 8
7478 Mar 20
2114 Feb 14
1134 Jan .5
6312Mar 2
178% Feb 9
121 Feb 6
7012 Feb 16
9311 Apr 6
9914 Mar 12
92 Mar 5
7112 Jan 20
40 Jan 2
7514 Mar 14
90 Feb 26
66 Mar 21
47% Jan 5
5958 Apr 2
16 Feb 26
37/
1
4 Apr 17
6412 Mar 14
6314 Mar 8
21 Apr 5
86 June 7
2012May 4
293 Jan 2
10514 Mar 16
2334May 28
2314May 28
304 Feb 23
1214 Jan 12
3333 Apr 18
75 Mar 8
26 Feb 13
29% Mar 22
14 Feb 20
297,31Mar 15
11412 Jan 12
10134 Jan 17
184 Feb 19
43/
1
4 Mar 19
125 Feb 2
6714 Feb 21
112 Feb 24
73 Mar 14
13634 Mar 20
114 Jan 4
1838Mas 5
41 Apr 25
5112 Feb 13
27 Apr 2
614 Mar 15
1194 Feb 24
4812 Feb 14
29% Mar 3
1018 Feb 9
1018 Jan 29
318 Feb 8
778May 7
21% Apr 26
153 Feb 16
PER SHARE
Range for Previous
Year 1922.
Lowest
Highest
per share $ per chars
2612 Dec 31Is Oct
7518 Jan 107 Sept
914 Jan 107% Sept
9 Jan 1612 May
3711 Mar 62/
1
4 Sept
8% Dec 1032 Dec
75 Jan 218 Dec
7612 Jan 10314 June
10% Nov 194 Apr
1214 Jan 2714 Oat
4534 Jan 80 Oct
3714 Nov 73% July
69 Nov 111 *Ray
65 Mar 83% Dec
94 Jan 109 Oct
136 Jan 190 Dec
1012 Oct 12 Sept
8/
1
4 Jan 1514 July
69 Jan 86 Sent
67% Mar 981
/
4 Oct
7914 Mar 100 Sept
8818 Oct 451s Oct
934 Nov 184 June
4% Dec
81s Oct
284 Nos 4478 May
794 Nos 91 Apr
22 Nov 3.5 May
8 Nov 19/
1
4 May
22 Nov 3452 May
7 Feb 14/
1
4 Mar
44/
1
4 Jan 11474 Oct
34 Jan
371 Mar
15 Jan -ill; Sept
55 Jan 82 Nov
6114 Nov 9134 Oct
1912 Aug 26118 Dec
10/
1
4 Jan 2618 Dee
312 Feb 1414 Jane
314 Jan 1534 Dee
5 Jan 1158 June
31 Nov 45 June
5% Dec 11% May
2812 Nov 4318 Mar
26 Jan 3884May
2018 Jun
2012 Sent
79% Jan 11578 Aug
1054 Feb 119 Sept
8% Dee 274 May
6138 Dec 87118 May
1114 Jan 19% Apr
80 Jan 85 Jan
4312 Ma
63/
1
4 Oct
59 Mar 8012 Sept
2014 Apr
1218 Jul
24 Jan 5318 Oot
3 Jan
14 No
10 Jan 224 May
3812 Jan 7638 Doi
344 Feb 5778 Sent
ill7311 Dec 00265 DII
114 lies
74 Jan
84 May 48% Aug
94 May 10613 June
3414 Jan 53% May
9013 Jan 107% May
61 Feb 11512 Dee
2511 Jan 39% May
4% Nov 2438 may
110 Jan t 8912 Nov
43 Jan 9411 Aug
2414 Nov 3518 Mar
15314 Feb 235 Oot
108 Jan 12311 Nov
52 Nov 11778 May
10% Jan 2334 Sept
9 Jan 1414 may
36 Jan 6772 Bops
14714 Jan 180 Sept
72 Jan 117 Dee
57 Jan 70 NO,
254 Jan 8172 Beat
68 Feb 9412 Des
64 Jan 8734 Sept
59 Nov 62 Dee
1512 Jan 40 Aug
3014 Jan 52 Mar
734 Apr 841a Sept
61 Ma
89/
1
4 Apr
32 Mar 5832 Oct
2255 Jan 4638 June
54 Mar 2632 Mar
/
4 June
2014 Jan 361
22 Jan 64 Nov
4114 Nov 74% May
11 Feb 25/
1
4 June
85% Dec 17414 Dec
10% Jan 21% Mar
106% Jan 322 Des
794 Jan 108 Dee
15 Oct 344 July
12 Oct 324 July
25 Nov 31% May
11 Nov 16 Apr
2818 Dec 4514 May
63 Jan 76% Sept
12 Feb 2534 Aug
13 Aug 19% D80
9% Nov 1214 Des
1714 Dec 34 Mar
70 Dec 525 July
10112 Aug 108 Dee
91s Nov 2114 Apr
364 Dec 270 Dee
1134 Jan 120
Oct
26 Jan 687s Sent
1 Dec
414 Apr
30% Jan 6812 001
85 Jan 12914 Dec
108 Jan 117 Oet
1318 Nov 1918 June
2412 Nov 41% Sept
45% Nov 5114 Oct
20 Nov 48 June
46 Nov BIN JIM
4412 Yall 1064 Dec
1
4 Aug
88 Jan 47/
20% Feb 40 Sept
8 July Iva Mar
5 Nov 1414 Apr
4/
las Dec
1
4 June
44 Jan
938 Mar
12% Jan 28 Oct
116 Jan 16834 Oes
New York Stock Record-Concluded-Page 4
2864
For sales during the week of stocks usually Inactive, see fourth page preceding.
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Saturday,
June 16.
Monday,
June 18.
Tuesday,
June 19.
Wednesday 1Thursday.
June 21.
June 20.
Friday,
June 22.
Sales
for
the
Week.
STOCKS
NEW YORK STOOK
EXCHANGE
Lowest
Indus.& Miscell.(Con.) Par
No par
Otis Steel
25
Owens Bottle
Pacific Development
100
Pacific Gas & Electric
5
Pacific Mall SS
Pacific 011
10
Packard Motor Car
60
Pan-Am Pet & Trans
50
Do Class B
Panhandle Prod & Ref_No par
Parish & Bingham
No :r.rr
Penn-Seaboard St'l y t 8 No par
People's G. L & C (Chic)..l00
Philadelphia Co (PIttsb)... 50
No par
Phillip-Jonerl Corp
No par
Phillips Petroleum
Pierce-Arrow M Car_No par
100
Do pref
25
Pierce 011 Corporation
100
Do prat
Pigg Wigs Stor Inc"A"No par
100
62
62
300 Pittsburgh Coal of Pa
*5912 13- -a- 62
63
*63 15
627s 6278 *61
100
Do pref
9912 *99
100
99121
*99
9912 9912 9912 *99
9912 *99
9912 *99
10
Pond Creek Coal
No par
99
9912 3481-4 1978 5012 50121 4,400 Postum Cereal
*10112 103
9812 10178 9814 99
100
8% preferred
111 111 *111 114
400
11114 11114 111 111
1'111 114 *11134 114
100
58
800 Pressed Steel Car
5912 60
5812 5812 57
*5812 59
59
*594 61
59
*8712 91
100
Do pref
*8712 91
*8712 90
*8712 91
*8712 90
*88
91
3714 3678 391s 41,700 Producers & Refiners Corp_ 50
37
3534 3634 3534 3758 36
3734 3612 38
Public Service Corp of N J.100
11554 1-16
100
11734 117-7115 cif
8 - 7,000 Pullman Company
*1152 fg- 11714 119 11750
5478 56
5138 5334 62
5634 27,000 Punta Alegre Sugar
5034 53
5438 55
50/
1
4 54
25
1734 1938 46,550 Pure 00(The)
1
4 183s 175s 18
1
4 1718 177s 17/
1814 1878 1678 18/
*91
93
8% preferred
93
*91
100
100
9278 9278
95
*91
*91
93
*91
93
105 107
105 106
1,300 Railway Steel Spring
107 107
100
*108 109
105 109 *106 107
31
31
*3112 33
No par
100 Rand Mines Ltd
*31
32
*313s 33
*3114 32
*3112 32
1012 1112 11
1178 6,100 Ray Consolidated CoPper- 10
1
4 121s 1214 1034 12
1258 1258 1212 12/
35
3514 36
3712 3712 2512 3612 3314 36
38
3678 2,400 Remington Typewriter v 60100
38
100 •--- - 100 •
lat pr3re,red v t a
100
_ 100
100 •____ 100 *____ 100
*86
*86
93
2d preferred
100
iia 93
93
93
*86
*86
93
90
*86
13
1534 1212 1478 15
No par
17,900 Replogle Steel
16
1658 1758 161s 1734 1412 16
1
4 48/
1
4 45
100
4712 461
22,900 Republic Iron & Steel
/
4 48
1
4 4878 45/
4912 46/
4834 4912 48
100
8734 8734 86
Do prof
600
86
8712 8812
*8814 91
*8814 91
*8814 92
17/
1
4 19
No par
17/
1
4 19
19
18
1834 1914 8,500 Reynolds Spring
20
2014 1818 20
6234 64
9,300 Reynolds(R J) Yob CID__ 25
6324 64
1
4 6314 6418 6338 64
z64/
1
4 64/
*6478 65
100
7% preferred
.11634 118 *11512 118 *11512 118 *11534 118 *11578 117 *11534 11612
1
4 46
4678 4534 4678 4635 46/
1
4 12,700, Royal Dutch Co(NY aharee)4512 4634 464 48/
4678 47
10
185
8
185
8
18
/
1
4
&Joseph
Lead
500,
18
/
1
4
18
/
1
4
•1814
183
8
181
/
4
1912
19
1912 *19
24 218
238 238
2
800 San Cecilia Sugar y t o-No par
218 214
2
1
4
23s 2/
*2
212
100
22
800 Savage Arms Corp
*21
2212 22
2214 22
1
4 22
22
2212 22/
*2314 24
100
7312 7334 7212 74
•741s 75
721* 74
7612 7612 7312 76
7,200 Sears. Roebuck & Co
100
Preferred
200
1
4
*10612 10812 *10612 10812 *10612 10812 10812 10812 10812 10812 *10812 108/
6
7
7
5
8
No
par
6
/
1
4
7
7
8
Seneca
Copper
3,100
614
614
6
5
8
6
5
4
8
77
734 778
7
612 61
634 7
1,300 Shattuck Arizona Copper__ 10
7
7
*7
734 *7 . 712
3538 3478 3478 *35
1,700 Shell Transp & Trading_ £2
36
3558 3558 *3535 3614 3518 3518 35
No par
15/
1
4 164 1614 1678 29,600 Shell Union 011
16
1614 1514 1614 1514 1534 1538 16
24
2458 2234 2334 23
234 2412 2414 25 107,000, Sinclair Cons Oil Corp_No par
2414 2514 23
10
1758 1812 17
1834 17
1814
1
4 1758 19
1912 19/
1818 1834 18,600' Skelly 011 Co
45
4612 46
47
464 46
45
47
4712 4712 1,600 Sloss-Sheffield Steel & Iron 100
48
*47
100
79
80
79
80
*78
80
80
80
300, Do pref
*7614 80
83
1278
404 4312 40
100
452,500'So Porto Rico Sugar
40/
1
4 43
42
45
4514 4512 4314 45
15
No par
141s 1512 1478 1514 6,600 Spicer Mfg Co
15/
1
4 1478 15
1512 16
16
16
100
*93
*93
94
93
93
*92
94
94
94
Preferred
200
*9()
94
*93
100
*71
77
*71 Ill 77
*6212 77
100 Standard MIIIIng
71
*70
80
71
•6212 77
25
49/
1
4 5178 50
5118 52
5074 491
5158 52
/
4 5078 50/
1
4 5118 37,800 Standard 011 of Cal
25
3258 3134 32% 3212 3434 42,675 Standard 011 of N J
3218 3234 32
325a 3314 3214 33
100
116
/
1
4
voting_
_
11614
117
pref
non
115%
116
116
/
1
4
*1163
4
Do
115%
/
1
4
700
115%
4
1163
4
115%
1163
9734 9914 39534 95
98
102 10378 10,200 Steel & Tube of Am Prel 100
,
4 10014 105
9714 9712 96
No Par
55
5518 5414 55
2,100 Sterling Products
58
5514 *55
554 5512 55
56
56
100
Stern Bros pref(8%)
*108 116 *108 116 *108 116 *108 116 *108 118 *108 116
80
8234 7834 8334 7735 8214 8112 84
40,600 Stewart-Warn Sp Corp-No Par
8034 87
8712 88
6112
6312
Carburetor-No
17a7
62
643
8
66
6414
Stromberg
10,100
647
8
67
68
/
1
4
63
68
68
10758 10812 10378 10734 104 106313 1027a 1073s 104 10634 10412 10678 290,500 Studebaker Corp (The)-- 100
100
Do
*115 116 *115 116 •115 115 •115 116 *115 116 *115 116
938
914 934
No par
818 91
9
818 912
15,500 Submarine Boat
9/
1
4 10
/
4
934 9/
1
4
314
314
234 312
No Par
34 3/
1
4
238 312
34 314 3.800 Superior 011
318
100
*27
2734 *27
2734 2612 2634 2634 2634
28
700 Superior Steel
2812 28
*28
10
118
118
l's
1/
1
4 128 *114
700 Sweets Cool Amerloa
11
/
4
*118 112 *118 114
834
8
878 9/
628 16,100 Tenn Copp & C tr etis_No Par
9
1
4
9/
1
4 934
978 97s
9% 978
42
42
43
43
42
/
1
4
427
423
Texas
52,600
8
4
43/
1
4
Company(TIM-- 25
4378
4312 43/
1
4 43
10
1
4 5818 59
5858 5614 57/
Texas Gulf Sulphur
*5813 58214 5738 5812 573/3 5812 57
10
1112 8.200 Texas Pacific Coal & Oil
1014 114 104 1034 1014 107s 1014 1034 11
1058 11
100
*10412
104
10512
106
10578 *105 107
106
15,500 Tidewater 011
1061
/
4 107
*107 110
38/
1
4 3958 3734 3878 3658 38s 3612 3712 375s 3812 1,000 Timken Roller Bearing-No Par
3938 40
51
511
/
4 5112 4952 5112 4934 51
511
/
4 29,800 Tobacco Products Corp-100
52/
1
4 5334 5114 53
79
805a 7934 8038 12,100
Do CIA (since July 15) 100
8112 821s 8034 813s 7915 81
813a 82
57
6/
1
4
614 61
5
578
618 ass
5/
1
4 618 8,90(3 Transcontinental Oil__ _No Par
612 658
/
4 66
66
*6512 664 *6512 661
45,900 Union Bag & Paper Corp._100
66
66
663a 68
72
*68
4
18
*14
14
14
*14
4
4
No par
14
*4
300 Union OIl
*13
14
100
8614 86/
300 Union Tank Car
1
4 8918
8934 89/
1
4 8614 8614 8614 8614 86
*8814 90
109
100
1108
109
*108
1,100
*108
110
Preferred
109
*108 10912 *108 110 *108
No par
3218 3112 32
32
United Alloy Steel
3412 3412 3412 3218 34
3434 3434 34
100
7914 8014 7812 79
80
80
2,600 United Drug
80
80
80
*80
8058 80
50
1st preferred
1,800
48
*4612 4714 *4612 4812 4612 4612 148
*4714 48
*4714 48
100
167 167 *168 171
100 United Fruit
165 170 *166 168 2167 167
•16714 171
7412
par
-No
7312
73
/
1
4
Stores
7312
7512
United
Retail
700
76
77
744
78 '7512 7814
*76
/
4 23/
2412 231
1
4 24
1,000 II S Cast Iron Pipe & FdY-100
2312 2412 23
25
25
25
25
25
100
64
64
Do pref
4,000
*66
69
6914 6914 *8512 70
169
70
*6914 70
212 258
234 3
500 U S Food Products Corp..100
234 234
278 34
3
3
3
31a
16
1634 1634 1714 2,400 USHoffmanMachCorp No Dar
/
4 1634 1714 1514 17
11712 1814 1712 171
4734 50/
1
4 51
4758 51
5134 4,800 U S Industrial Alcohol_ _.100
49/
1
4 50
49/
1
4 51
514 52
*97 104
100
*97 100
Do pref
*97 104
15.700
*97 100
*97 102
*94% 105
1
4 9414 9478 95
4,300 US Realty & Improvement 100
98
1
4 954 9414 95/
*96
97
945a 9512 94/
100
1
4 4512 465s 23,800 United States Rubber
4614 4714 4533 4634 4514 4614 4412 4614 4412 45/
100
Do let pref
6512 9812 *9712 99'2 974 9734 9734 9812 2,100
99
99,4 99,4 99
23
50
2312 2312 24
2,500 17 S Smelting. Ref & M.
27
2712 2612 2612 2234 25
*---- 27
4418 *43
so
Do pref
4434 *43
44/
1
4
*4334 4434 *4312 4434 *4312 4434 *43
1
4 92% 9358 165,100 United States Steel Corp 100
1
4 9354 9114 92/
1
4 90/
1
4 93/
9412 95
92/
1
4 9434 92/
100
/
4 1181s 1184 *11814 119
1184 1191
Do prof
2,300
11914 11933 118/
1
4 119/
1
4 *11812 119
10
63
6134 62
6414 61
3.900 Utah Copper
6534 6534 6412 6412 6312 6412 60
100
17
17
171s 17
2,000 Utah Securities v t o
17
1712 17
17
*1834 1914 1714 18
2814
No
par
30
29
/
1
4
3134
Vanadium
Corp
24,200
31
1
4 3012 2958 31
30
311
/
4 29/
3134
100
Van Raalte Int pref
94
94
*28914 94
*8912 9414 *8914 9112 *8912 9412 *90
•89
81s 812
814 812 4,800 VIrglnia-Carolina Chem_ _-100
814 8,2
8/
1
4 858
858 878
*834 912
243
8
100
2512
2612 2512 2512 *2512 27
2312 2412 1,500
Do pref
2512 2538
26
100
*55
58
*55
59
*55
59
Virginia Iron,0&0
155
59
59
*55
57
*55
-- *7712 _ _
100
*7712 80
*78 _ _ *78 ____ *78
- *78
Preferred
No par
174 17/
1
4 1634 17
1758 1634 17/
1712 1734 173s 1712 17
1
4 6,800 Vivaudou (V)
•1314 1414 *131s 1312 1312 1312 *1312 14
*1334 15
100 Weber & Hellbroner__ _No par
15
•13
100
*35
40
39
39
38
38
*3812 3978 *3812 39
300 Wells Fargo Engels
*3812 40
10612 10612 1,700 Western Union Telegraph-100
10634 10834 10512 1067s 10634 10634 1061s 10638 106 107
Brake...
50
.805
s
823
4
82%
Air
8212
8222
834
823
4
Westlnghouse
834
82
7
8
500
8212
•827s 83
1
4 55/
5512 5334 54/
58/
1
4 5458 5518 54
1
4 5614 19,900 Westinghouse Elea dr Mfg_ 50
5614 5612 55
2614
par
No
2512
26
2518
253
8
2512
253
8
White
Eagle
011
4,600
2512
2512
27
/
1
4
2512 257s
49
ao
5014 507s 3481a 4934 48
4814 4878 6,200 White Motor
5118 8012 51,
51
134 2
2
2
2
21s
5,300 White 011 Corporatien-NO Par
5114 2
2
218
212 212
8
818
734 8
8
81s
8
818
*712 77s 4,100 Wickwire Spencer Steel- 6
*818 814
524 618
618 614
25
5
534
5/
1
4 578 18,100 Willys-Overland (The)
61s , 614
614 614
611a 627s 6134 6230 6218 6412 18,200
63
Do Preferred (new).-- _100
6014 61% 61
6112 62
2312 2314 25
2314
2314
*24
23
2,800 Wilson & Co.Inc. v t e_No pox
25
23
2412 2234 23
100
68
68
68
68
68
300
*65
Preferred
71
____ 68
*____ 70
22585 226 1227 22812 23014 231
2,800 Woolworth Co(F W).. -100
227 230
22934 22934 22714 228
28
2814 2814 28
29/
30
1
4 2978 1,600 Worthington P & M v t 0_ _100
30
31
30
.31
32
934 972
97s 97s
973 978
934 934 1,200 Wright Aeronautical,__No pat
9/
1
4 978
978 9/
1
4
•Bid and asked prices: no sales on this day. z Ex-dividend.
$ per share $ per share
834
*9
914
42
*43
44
4314
12
12
12
12
7914 7914 79
7914
*8
10
*8
10
34
1
4
3438 3312 34/
1234 13
13
13/
1
4
69
7014 71
7034
6638 67
6412 6578
*212 312 *212 312
all
1112 11
11
334 37s
3/
1
4 3/
1
4
91
91
91
91
4618 4634 4514 4678
*63
66
*63
66
4458 45
434 4414
938 9/
1
4
834 9/
1
4
*20
21
20
2014
312 312
312 35a
*34
37
34
32
$ Per share $ per share $ per share $ per share Shares
84 838 4,600
814 812
912 958
84 854
5,800
4118 411
/
4
42
41
4158 42
12
12
12
12
55 1,900
*12
34
34
1,800
78
78
77
77
78
7814 7814 78
*8
10
*8
10
*8
10
*8
10
41,200
1
4 33/
1
4 3212 34
337s 32/
3314 3418 33
1334 1414 37,600
12/
1
4 1312 131s 135s 1314 14
1
4 6978 71,200
6714 6834 6414 6918 6434 6734 67/
6214 6254 65 110,900
5812 6412 59
64
62
2
212 1,900
212
2
*212 312 *212 4
1012 2,500
1014 10
*1012 1078 1012 1012 10
34 312
312 334 17,500
314 312
33s 334
90
90
1,800
90
9034 90
90
9014 90
4533 6,300
4212 4478 45
4412 4514 4414 45
64
*60
63
*60
65
64
*61
*60
4414 4234 4434 4312 4434 33.000
43
42/
1
4 44
838 858 8,700
6/
1
4 814
7
812
8
9
19
1934 *1958 2014 2,800
1814 20
1934 20
3
34
3
3
318 314
3
314 7,400
34
400
*3012 3512
'13012 3334 *3012 3334 *30
PER SHARE
Range since Jan. 1 1923.
On basis of 100-share IOU
nreC
$ Per share
77 Jan 4
3658 Jan 2
12 Jan 2
7414May 4
8 May 21
3212June 32
101s Jan 8
6414June 20
5S12June 20
2 June 21
9 May 23
24 Jan 2
88 Apr 27
4114 Jan 2
60 Apr 30
4258June 19
658June 21
1814June 20
3 May 18
30 May231
55/
1
4 Jan 17
58 Jan 16
98 Feb 7
914 Mar 1
4818June 21
110 May 14
5112may 22
86 Jan 22
3534June 19,
91 May 221
115 June 20'
4378 Jan 181
161
/
4June 18
92751une22
105 June 18
301s Mar 27
1012June 21
3314June 20
100 Mar 6
Jan
1
1.
48102512JuneJu ne 23
86 June 21
163* Jan 23
47 Jan 10
11478 Jan 19
4212 Jan 31
18 Jan 2
2 Jan 17
1812 Jan 3
72 May 18
10612June 4
6 Juno 20
612June 21
343 Jan 31
1233 Jan 8
2234June 19,
9/
1
4 Jan 2
42 Jan 3
68 Jan 13
40 Jan 13
1418June 21
90 Jan 3
71 June 21
4958 Apr 23
3134June 21
115 June 2
85 Jan 2
541
/
4June 20
10912 Jan 2
7758June 21
6112June 20
1021
/
4June 20
112 Jan 4
7 Jan 3
2/
1
4June 18
2612June 21
1 June 4
8 June 21
42 June 20
5614June 21
10 June 15
103 June 13
3318 Jan 2
4912May 21
79 May 21
5 June 21
64 Feb 5
% Jan 4
81 Feb 1
107 May 16
3112June 22
7714 Apr 12
4614 Feb 14
152% Jan 17
643s Feb I
22/
1
4May 22
64 June 21
212June 21
1514June 20
4758June 20
98 Jan 2
8812 Jan 24
4412.1une 20
9714June 21
221
/
4June 20
4318June 1
9012June 20
11634June 20
60 June 20
1514 Jan 26
2814June 21
8912May 31
8 May 18
2312June 22
5312 Jan 31
80 Jan 29
15/
1
4 Jan 17
1214 Jan 27
38 June 20
104 May 21
8212June 22
5278May 22
24% Jan 16
48 June 21
114June 21
734June 21
5 June 21
4212 Jan 2
22%June 15
88 June 20
19918 Jan 24
2758May 22
8% Jan 17
Highest
per share
1434 Mar 21
5234 Apr 2
214 Mar 5
85 Jan 5
1234 Mar 14
48/
1
4 Jan 4
154 Mar 22
934 Feb 7
86 Feb 7
6/
1
4 Apr 5
1512 Mar 13
6 Apr 4
9413 Jan 30
5014 Mar 19
80 Apr 4
69/
1
4 Apr 5
1514 Jan 14
35% Jan 9
6 Feb 13
45 Jan 4
124 Mar 20
8778 Mar 7
100 Apr 5
47/
1
4 Feb 15
134 Feb 6
11414 Jan 25
8112 Jan 2
99/
1
4 Jan 5
5818 Mar 20
104 Mar 21
134 Mar 8
6914 Apr 19
32 Feb 13
100 Mar 9
123 Mar 17
34/
1
4 Feb 19
1714 Mar 1
4818 Mar 6
104 Feb 13
F
Aepb
r2
14
6
9
3
66
11
3
14
Mar 21
9678 Mar 21
29/
1
4 Apr 17
6734May 28
118 Feb 9
55% Feb 19
2258 Mar 9
5 Feb 14
30 Apr 5
9238 Feb 13
11312June 12
1212 Mar 3
10/
1
4 Mar 2
41% Mar 7
1914M3y 23
39/
1
4 Mar 19
35 Mar 31
60 Apr 28
*90 Mar 16
6414 Apr 19
271
/
4 Feb 16
975* Feb 2
9012 Jan 23
12312 Jan 2
44% Mar 3
118 Feb 21
1077s Jan 12
6758 Mar 2
115 Jan
12412 Apr 17
9414 Mar 6
12814 Mar 21
115 June 15
15 Apr 8
634 Feb 15
34 Mar 22
27a Jan 12
1234 Feb 21
5278 Mar 20
85 Jan 15
2414 Feb 2
144 Mar 2
45 Mar 8
6112 Apr 27
85 Mar 2
144 Jan 5
774 Mar 28
14 Jan 3
9914 Mar 19
112 Jan 19
394 Mar 21
1
4 Feb 26
86/
48 Mar 1
183 Mar 2
844 Apr 17
341s Mar 2
72% Jan 3
612Mar 19
25 Jan 27
7314 Mar 16
101 Mar 28
106 Mar 5
6474 Mar 22
105 Jan 13
4318Mar 2
4818 Jan 3
10958 Mar 21
12312 Jan 15
7612 Mar 5
24% Feb 16
44% Mar 20
98 Jan 25
27 Feb 20
69 Mar 15
68 Mar 5
85 Apr 23
23 Mar 22
1518 Mar 8
105 Mar 2
11918 Feb 20
120 Feb 17
6718 Feb 16
30/
1
4 Mar 20
607s Mar 19
5/
1
4 Feb 19
14 Feb 13
814 Jan 5
6978 Apr 6
42% Mar 7
89 Feb 8
23912May 11
4018 Feb 15
11 May 17
PER SHARE
Range for Previous
Year 1922.
Lowest
Highest
11 per share
6 Nov
24% Jan
1i Dec
60
Jan
11
Jan
4212 Nov
10 Dec
48/
1
4 Jan
404 Feb
3 Dec
7/
1
4 Nov
218 Dec
59% Jan
3112 Jan
73% Oct
2814 Jan
8 July
18% July
3% Dec
32 Sept
39 Nov
55 Nov
9018 Feb
14% Feb
8558 Apr
10512 Apr
63 Jan
91 Feb
24% Jan
66
Jan
10512 Jan
Jan
31
2612 Nov
94 July
Jan
94
194 Jan
124 Nov
Jan
24
Jan
55
5012 Feb
21 Nov
4311 Nov
per share
1612 Apr
42% Sept
1418 Apr
9112 Sept
19 June
69% May
21 Nor
10078 Dee
9524 Dee
1211 Jan
17 Apr
13% May
99 Bent
45% Sept
10518 Jan
5914 June
24% Apr
49 Apr
12
Jan
71
Jag
5918 Dee
72% Sept
100% Sept
41 Dec
120
Oct
112% Oat
9514 Sept
106 Sept
51 Sept
100 Nov
13914 Sept
5314 June
38% Jan
102% Apr
126% Sept
3612 Sept
19 May
42 Mar
105 Dee
80% Dee
38% May
7814 Mar
74 Feb
1
4 Nov
12/
43 Mar
1114 Apr
47% Jan
1258 Jan
112 Jan
10 Aug
59% Feb
Jan
91
Oct
6
612 Nov
34% Dec
1214 Dee
18% Jan
8/
1
4 Nov
34% Mar
66 Mar
33 Nov
15 Nov
84 Apr
8414 Dec
91% Jan
3812 Dec
11318 Jan
88 Mar
45% May
Jan
81
24% Jan
1
4 Jan
35/
7918 Jan
100 Feb
34 Jan
4 Nov
Jan
26
1% Nov
818 Nov
42 Mar
3813 Jan
1812 Nov
109/
1
4 May
2812 Sept
4914 Nov
76/
1
4 Aug
74 Mar
65 Mar
Dec
Dec
102 Feb
28
Jan
6072 Mar
4118 Feb
119% Jan
4312 Feb
1618 Jan
60 Jan
1
4 Fob
2/
1812 Nov
Jan
37
7211 Dec
Jan
56
40 Nov
91 Sept
83 Feb
4214 Fob
82 Jan
11318 Feb
69 Nov
9% Jan
30% Jan
92 Jan
2314 Nov
58 July
43 Mar
66 Mar
64 Jan
10% Oct
6614 Jan
89 Feb
80 Mar
494 Jan
25 May
354 Jan
218 Dec
8% Nov
4% Feb
24 Feb
2714 Jan
Jan
66
Jan
137
2672 Nor
6
Jan
9534 May
8014 June
63% Nov
118% Oct
67 June
2014 Sept
6% Mar
24% Apr
94% Aug
112 Aug
2314 Jan
12 June
4812 May
1314 Dec
38% June
1172 Oct
54% May
80 Aug
6714 Mar
24 June
96 Herd
141 Sept
Oct
135
25018 Oct
116% Nor
90 May
63% Des
109 Dec
79 Dee
71 Dec
141% Dec
11814 NOV
8% Nov
1014 June
39% Apr
6 Mar
1284 May
5214 Ow
67% Ns,
3224 June
Oct
154
Oct
35
8414 June
89% Sept
2018 May
78 Belt
25 June
13414 Deg
113 Sept
4114 May
85
Oct
5178 Oct
182 Oet
87% Oct
39 Aug
78 Aug
1018 Jan
2578 May
7274 Oct
Oct
102
9272 Oct
67% Apt
107 July
48% Oot
49 Aug
11112 Oct
123 Sept
7112 Sept
23% Sept
53% Aug
100 Oct
3678 Mar
Oct
83
9412 Jan
Oct
86
16 Dec
17 Apr
98/4 Oct
12114 Aug
114 Dee
6518 AUg
3354 Nov
54 Sept
12 May
2178 May
10 May
4912 July
5012 Sent
91 Sept
223 Nor
5572 June
11 Atm
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
2865
Jas. I 1909 the Exchange method of quoting bonds was changed and prices are now-"and interest"-except for tacoma and defaulted tursAs
Price
Friday
J:.ne 22
BONDS.
N. Y.STOCK EXCHANGE
Week ending June 22
Week's
Range or
Last 3ale
6
-
Range
Since
Jan. 1
BONDS
N. Y. STOCK EXCHANGE
Week ending June 22
18
Price
Friday
June 22
Week's
Range or
Last Sale
4110
Ron
"
Since
Jan. 1
-No.
Bid
Low High
High
Ask Low
U.S. Government.
First Liberty LoanJ D 160.. Sale t0rs 1013.1 3124 100 10190
3/
1
4% of1932-1047
J D 981,., 981s., 9870 June'23 -:,,7„ 974.1 98 90
Cony 47 of 1932-1947_
J TI 9813.2 Sale
Wu 9877.. "°‘ 96".. 99.10
Cony 43.1% of 1932-1947
1 D 9313s Sale 9913
. 981381 20 97.00 99 00
2d cony 441% of 19324947_
Second Liberty Loan6 61198.70
M N 983., 991,0 ggts, 990,,
4% of 1927-1942
Cony 41
M N 9811n Sale 98s. 9814.1 4850 9171
/
4% of 1927-1062
/
41 98.88
Third Liberty LoanM 5 9823.. Sale :98".. 9871n 4076 1714,99.18
43.1% of 1928
Fourth Liberty Loan.2 99 04
A 0 981044 Sale 98.,, 9317,, 14943 973
41.1% 01 1533.1938
99.,, 1342 681,
,, 100.04
A 0 99.r,, sale 99..,,
Treasury 4141! 1947-1052
/
4
39 consol registered
_ 10212 May'23 ---- 10212 1021
41930 Q i
102
38 soneol coupoa
- _ 102
/1130 Q J
1 102 102
41 registered
1925 Q F--------102 June'23 --- 1031. 103%
48 aoupon
__ 10312 May 23 ---- 10318 10312
1925 Q F
Panama Canal 10-30-Yr 25....01936 Q F --------100 July'21 ---- ____ ---Panama Canal la gold
9412 Apr'23 ---- 9412 95
1991 Q M 9312
Registered
79491 (334 - -__ 940 9412 Apr'23 ---- 9312 9634
Bid
Ask Low
Low High
High
1
Atl & Birm 30-yr let g 48_0_1933 M S 6712 6812 63
5 65
68
6812
At Knoxv & Ch. DIY 45
84 June'23
1955 Ril N 8312 85
8034 8612
At!Knox & Nor lot g be
9834 9912
- 9834 May'23
19464 D 98%
MI & Charl AL let A 444s-19441 J j 9058 91% 9014 June'23
91%
88
5 96 100
1st 30-year 5e Ser B
9834
194412 J 0814 9834 9812
lal Coast Line let gold 46...01952 M S 86 Sale 86
8638 22 8258 89
9 106 108
10-year secured 7s
108
1930 M N 10678 10734 107
6 82
General unified 444s
87
8958
1984 J D 8312 8634 8614
/
4
& N coil gold 48
8 761
/
4 83
81%
a1952 M 5 8178 Sale 811
77 June'23 --.- 73% 78
Atl & Dans" 1st g 461
7318 77
1948 2 J
6878 May'23
2d lie
68
8118 887e
19492 J 65
All & Tad let g guar 4s
7718
1
4 Feb'23
1949 A 0 7558 7934 77/
A & N W let go g 5s
.j7
5,
1
19412 J 92% ---- 9418 June'23 -------9514 98
ash & Ohio prfor 344e
9512 113 93,8 9714
19252 J 95
• Reglstered
9558 9418 Apr'23
9312 9418
01925 Q J 94
let 50-year gold 48
77% "155 7458 80
01948 A 0 77% Sale 77%
73/
1
4 75% 7478 May'23
Registered
7418 7872
01948 Q J
10-year cony 44is
1
4
/
4 82/
7934 91 771
1
4
1933 17.1 S 79 Sale 78/
Refund & gen bs Series A 1995 J D 8238 Sale 8134
33 79% 85
83
100% Sale 10018
10-year Os
10034 131 99 101%
P June & M Div 1st g 3/
Foreign Government.
9434 June'23
91
9434
SIN
j 9412 95
925
9i
1
49_ 192
10214 9
,9 190% 10318
Argentine (Govt) 74..... _ _ 1927 F A 10114 Sale 10118
FL E & W Va Sys ref 48..._1941 NI hi 731
/
4 Sale 73
7418 199 73
79/
1
4
Argentine Treaeury as of 1909_
Southw Div let gold 314e_ _1925 2 .1 93/
Ai a 8034 Sale 8012
1
4 Sale 9312
1
4 82
'a 77/
209 911
81
/
4 9412
94
928, 2791 91:94 9334
Austrian (Govt) 7s w I
4 6112 6738
Tol & Cin Div 1st ree 4a A 1959 J J 64
65
6414 64
1943 J D 9112 Sale 903
10278 79 9114 10314
Belgium 25-yr ext s I Vie g.. _194e J D 10112 Sale 101
Battle Cr & Slur let gu 3a
5714 Apr'23
1998 J D 5434 59
5-year 6% notes
98% Beech Creek 1st gu g 4s
/
4 Apr'23
862
9634 46 93
9114 891
Jan 192r .8 .1 97 Sale 95%
1936.2 .1 88
20-year a f 88
Registered
86
Feb'23
66
1941 F A 10212 Sale 10112
10314 170
1936 2 .1 811s -- 88
10912 1 . .
121.
_ 134 May'113
Bergen (Norway) s f Ss
2d guar gold be
1945 M N 109 Sale 109
---1936 J J 9534
Berne (City of) a f 8a
10858
/
4 Sale 10838
60 July'22 --__
a 10858 11312 Beech Cr Ext let g 3/
1945 5,1 N 1091
1
4e____51951
.
A 0 69%
911.,
192
Bolivia (Republic of) 8s
oelley & Car Sat 05
87
94
1001g Oet'22
1947 M N 88 Sale 87
1923 J D
79
Bordeaux (City of) 15-yr fit.. 1934 MN
79/
1
4 SO
8118 82 6914 8312 Big Sandy let 48
9 8012 S134
84%
1944 J D 8419 Sale 84%
98
258 9134 99
Brazil. 1J 8 external 89
0 & N Y Air Line let 48
75/
1
4 Mar'23
77
1941 J D 9634 Bale 9614
75/
1
4 7512
1955 F A 65
106
8212
84
75
Brune & W lst go gold 4e_
80
89
8614
1952 I D 58212 Sale
89
I938 J .7 8712 8912 89 Feb'23
7456
10118
Buffalo R & P gen gold 56
1952 A 0 10034 10114 Sal
100 1013,
5 9634 104
1937 MN 10114 __-- 10114 June'23
10024 35
Canada (Dominion of) it 51i_ _1926 A 0 10018 100% 1001/4
9214
Consol 4148
9014 10 87
00 89%
1957W N 89
96% 9913
10014 94 99 102
9712 May'23
Burl C R & Nor Sat 5e
do
do
fcr 1931 A 0 10018 Sale 100
do
98
1934 A 0 96
/
4 Sale 10114
10-year 534k
110232
9
10112
"18132
1029 F A 1011
9778 102
99 Sale 9812
Canada Sou eons go A 5e
N
1952
10 94 10012
ba
991
/
4
97
19132 A 0 963 9738 9658
76 10112 10412 Canadian North deb
103
Chile (Republic) ext a I 84_1941 F A 102 Sale 10112
25 11212 115
11314
at 7.1
194
940
6 ..1
3 IS 11314 Sale 1127
102
31 is1318
afedn
25-year;
15 1118
External 5-year e 1 81
eby 634e
4 113;3314
05
4 14
2
17
4
,
125
8 180
% 17
17
1926 A 0 10134 102 1015
2718
17
182114
2 We
133
4
1946
39
9412 Sale 94
1
Ca2n5a1
78.
95% .
1042 M N
etock _ ... 2 .1
0:
7
18 27 101 105
Csrb & Shaw 1st gold 46
1.0
25-year a f Se. _.._ .
1040 MN 101 Sale 101
8012 90 9212 Sept'22 ---- --------1
194
939
2,
NI j
S
35
46
.Chinese (Hukuang Ry) be of 1911 .1 D 5 47 Sale
471/4
5234 Caro Cent let con g 4e
45
71
1 i 68
70 1
7234 70
68
25 1078, 11212 Car Clinch & Ohio
Christiania (City) a f Ss
21, 8814 94
1945 A 0 10912 Sale 10914
141 3-yr be 1938 .1 D 93 93% 9212
93
Colombia (Republic) 64514-1927 A 0, 19212 Sale 93
414 1 11
14
5 8
68
9
57
59
4
98%
58
1932 J D 965, Sale 9614
Copenhagen 25-year a f634e 1944 2 .1 91 Sale 9012
512 Cart & Ad 1st fru g 4a
91%
1771 :£1
j°
4 92
1981 J D 7934 83 8112 Dec'22 ---- .--- -6 9014 98
Cuba 58
Cent Br II P let g 88
/
4 98
975
1944 IN El 971
98
66% May'23 ____ , 1 6678 6678
70
67
Exter debt of 5n 1914 Ser A_1049 F A 90% 9178 91 June'23
8•7
93/
1
4 Cent New Nog let gu 46
54
53
54
1
9
94
68
1i
J D
J
2
External loan 434e
Central Ohio 434s 1930
84
1949 F A 8312 8414 8334
89
811
/
4
9334 Dee'22 ---9058
1930
M $
125 99
51
/
4a
1953 J J 99% Sale 99%
9934 Central of Gs 1st gold be___p1945 F A 100100
iOr
May'23 _2.100 102
129
77
9612
Cze,cholovak (Repot, of) 8a 1051 A 0 94 Sale 93
Consol gold 5s
95
8 i 9258 9812
9534 95
95/
1
4
1945 51 N 95
Danish Con 41unletpal 88"A"1946 F A 1073 Sale 10734
10
99
10-year temp occur 6s_June 1929 .1 D 10018 Sale 10018
733
: 6 107 10912
10918 30 i 99% 101
48
Sald
F
A
10778
Series B
10714
Chatt Div our money g 45_1951 J D 89
109
073
%
4
1946
107 10912
7
,
3
73
i48 .._:
"
7934 7
986
4
7 May'23
Denmark external lit Fle
73 I0734 11058
Mac & Nor Div 1st g 55_....1946 J J
69112
1945 A 0 108% Sale 10838
7412 647
-:.-_ _-_ .-_ 194
2 -----------t; 3
S
,
sie y
94%:: 1m
65
20-year Os
1
4 Sale 9612
Mid Ga & All Div Se
98
1942 J J 97/
931 -___
5 9514 09
1547 J J
Dominican Rep Cone Adm if 58'58 F A
Mobile Division ,5s
96
96 4 7
9534
9514
1946
100
J
J
83
ass
88 Sale
Cent RR & B of Ga call g de
544s
90
1942 j
8814 9312 925, June'23 __-_ I 92% 972
j 06
Bale 88
0512
5
09
717 231 84
9214 9314 Central of N 2 gen gold ba _1937 191 N 1051
Dutch Et Indict, ext 68
1947
1
4 108
2 Sale 105
1987 1 J
10512 10 103/
40.year (Ss
Regtstered
96% 153 9214 971,
1962 N s 95% Sale 95
1031
/
4 194 105 June'23 -__ ,103 105
01987
Q
.7
51
/
46 trust nets
9318 283 87% 9414 Cent Pac let ref en g 49
1953 21 s 9178 Sale 913
1949 F A 8434 Sale I 8334
8518 134 79% 8734
French Republic 25-yr ext 85_1945 M 5 99 Sale 9818
Mort guar gold 884o
1001/4
11920 J D 901
/
4 91
9114 June'23 ---- 90
911
/
4
417 84 197
20-year external loan 7458_1941 .1 D 9.51
/
4 Sale 95
Through St L let gu 49____1954 A 0 76
9578 23999
81141 792
91
7958,
1 793 84
Great Brit & Ireland (UK of)Charleston & Savannah 76_1936 .1 .1 1
,
15
5 s
_a_l_e_i1.9
14
512 June'23 -___ 1141
/
4 1 1412
285
20-year gold bond 5/
1
4 104
1
46,
1937 F A 1031.Sale 103/
10219 10434 Ches& Ohio fund & Inapt 5.1_1929 J J
95 1
1 9419 967a
10-year cony 5 tie
let consol gold 5s
1929 1' A 11312 Salo 11312 11418 458
127 113 116
100121 14 978 10314
MN 9913 ____ 9912
Greater Prague 71
77% Sale 7612
80
8212
/
4s
65
1942 FA N
9618
9812
1939
99
N
L___
97% 9812
May'23
Real (Republic)(is___.._.._.1952 A 0 93 Sale 9218
Ge:neg
9312 93
eg
ra
il:Ite
15 921
/
4 98
t'egroeld
dd 445 11
84
7 80% 8634
1992 M S 8314 834 83
Italy (Kingdom of) Ser A 04561925 F A 9614 9612 9614
78
83
80%
1992
80,4 80,2
Apr'23
101
--8
N1
4
53
gz
P7
44
1
9278
29-year convertible 440_1930 F A 87 Sale 8612
Japaneee 6(.9E-4 loan 4446_1925 F A 5 9234 93
8712 48 85
8912
92% 54 92
Second scrim 4348
30-year cony secured 5e_1946 A 0 881
935
891 136 8612 9018
1925 j 10 9214 Sale 9218
/
4 Sale 87/
1
4
64
Sterling loan 44
Craig Valley tat g 5s
8158 278 80
82%
___1931 I J 1 8158 Sale 8034
9014 96
1940.2 J 9134 9312 92 June'23 -Oriental Development 6s._1953 m s 92% Sale 92
Potts Creek Branch tat 43_1946 J .1 74% 797 7814 May'23 ____ 78% 78/
9258 ee 92
9312
1
4
Lyons (City of) 15-year Oa. _.1934 M N 8014 Sale 79
It & A Div let con g 4a
6914 8311s
8114
1989 j J 7512 80 1 801
/
4 May'23 ____ Ms 80,2
Marseilles (City of) 15-yr 96_1934 MN 8014 Sale 79
8114 114 6912 8312
213 0012501 gold 4e1989 .1 J
5 321
Mexican Irrigation 444s
Warm Springs V 1st g Za.._ _1941 1111 S
37
/
4 42
1943 MN 3312 - -- - 37
Mexico-Extern loan I be of 1899 Q J j 5412 Sale 53
5512 317 49
581
/
4 Chic & Alton RR ref g 3s
87°
2%
85 -:
5
8-31iI 5
1949 A, 0 5
872
°5%
4 51313"Y
5
:
32213
1
2:
:
--.5: -507-4:14-4 -ES1.
76 2
3612 142
Gold debt 40 of 1904
1
4 6912
,e 33
New York Tr Co etfs
412
_ _ _ 48/
1954 J D 5 36 Sale 34
11414814 June2 .
5
52
___
Montevideo 7e
90
,',,,' 85
91%
-1952 I D 8712 Sale 8712
4
4858
618
Stamped Oct '22 int
-----------------Netherlands 69 (fiat pricce)_1972 M B 10012 Sale 10012
10113 " 97 1015s
-ij
stamped Apr '23 int
5; ,58
46% Apr'23
-,
53
Norway external a I Ss
/
4 11034 ':` 109 11234
Railway let lien 3149
65 2518 31
1940 A 011018 Sale 1101
31
1950 3 J 31 Sale 29
69
9819 „
Chic Burl & Q-Ill DV 3/
1
4
42 97 100
1952 A 0 0712 Bale 97/
80
67% June'23 ____ , 7878 83
1
48_1049 2 .1
9712 e-, 9718 9712
Panama (Rep) 5455 Tr rects_1953
9714 Sale 971s
Illinois Division 4s
2' 8512 9034
87%
2:
9
7
5 8 Sale
89
814
1949 J J 8
Porto Alegre (City of) 8s
9712 ' 93
Nebraska Extension411
9912
1961 i a 961, 9712 9612
ed
96% Sale 961
9658 13 9512 9
/
4
1927 M N
53 106 10912
Queensland (State) ext xi 76_1041 A 0 10714 Selo 10614
1074 „
961
/
4 ____ 9578 Apr'23 _ 1
_7
_ 9
83 4 9
85
34
7
1927
NI
N
25-year (Se
8612
1947 F A 10012 Sale 10014
General 48
.:1 100 10234
101
.1958 M 0
Rio Grande Do Sul 88
59142
lat & ref 5e.... _ _ .. _. 1971 F A 9
, 190
961/4 " 93
99%
1946 A 64 961s Sale 9618
5814 5
97
51. 9648 101Ie
812
9912
Rio de Janeiro 25-year a f 8s 1946 A 0 94 Sale 937
9412 29 90
Chic City &Conn R98 55_._1927 A 0
97
5914 15, 47
66
9414 39 9014 97/
88
1
4 Chicago & East Illinois let 6(3_1934 A 0 10
.._ /947 A 0 93 Sale 93
118 June'23 _-__I 104 1061
04
13
,8
8 10
66
13
142 1:4
/
4
25 950 9934 CA E Ill
San Paulo (City) a f 86
98
1952 IS 8 97
RR (new co) gen 5e_1951 MN 79% Sale 79
80 I 86 77% 8112
San Paulo (State) at e f 811_1936 11 .1 99 Sale 98
1
9712
9934
25 9512 100
Clair & Erie let gold ba
9978 164
2. 872 9712
91
1982 I91 N
2
Seine (France) ext 76
J
863
4
Sale
8614
1942
8834
76
90
Chicago Great Weer let 4,.. 1959 Isf $ 4912 Sale 4812
5012, 100; 4818 56
Serbs, Croats & Slovenes 8a_ 1982 41 N
7014 Sale 70
.
7312 '
M
4512' 32• 4214 46
ee 5312 7812
With Sept '24 coupons on
45 sale 441
Soltwous (City) On
8212 " 6612 85
8134
1936 Si N 813 82
Chic Ind & Loulsv-Ref 00_14447 .7 J 105 19734 107
107 1 12, 10478 107
30
Sweden 20-year On
1930 J D 10514 Sale 10514
10534
Refunding gold be
/
1
4 106
11 94
1
4
96/
9612
9712
1047.3 .1 9434 97
30 103
115 Sale 11434
Swiss Conterern 20-yr m183_1940
114 11914
115
1
Refunding 48 Series C_1947 J 1 80
85684 8
80
0 May'231.- 7912 8658
IA 77
1
15 714s 7734
Tokyo City 5s loan of 1912
Salo 70
77
1 8014 84
General 5n A
8012,
1966
M
N
21
Uruguay Republic ext 8a____1940 F A 10378 Sale 10312
104
e 9914 107
1
4 98
6 94/
General Os
0558'
1966 .1 4 95 Sale 95
Zurich (City Of) 5 1 Sc
1945 A 0 111 112 11114
11134 .-"' 110 11374
Ind & Louisville
78
Jan'231---- 78
78
70% 77
1st gu 46._10. be J J
Bc
0$5C
Chic Ind & Sou 60-year 4a
8238 8458 82% June'23'-__ 81
8472
1956
J
J
genre and City Securities.
Chic L S & East let 41
,
3
2 _ _ 8034 90
855
,01,4
2;
s et, 8
e'
0
2
88
8
13
14
2 Jun6
/
4e__.._1969 J D 8
N 1 City-41
/
48 Corp stock_ _1900 sn s 100 Sale 100
10014
218
6234! 11 61% 68%
9 9934 101
C M & Puget Scl tat go 4e__ _ _1949 J J 62
3% Sale12 63
/
4 Sale 10012
41
/
48 Corporate stock
1964 69 S 1001
1 10018 102% Ch MA SIP gang 4s Ser A _e1989 J .1 7278 74
10012
7312 71 7014 7434
7218
41
/
4s Corporate took
1960 A 0 10018 100% 10134 Mar'23 ---- 10134 10212
General gold 31
03 I
6514
5 62
/
4e Ser B__e1989 J J
1057
105
8 108
41
/
48 Corporate stock
1971 J D
Jan'23 ---- 10714 108
General 434n Series C
8112
6 7812 8371
e1989
J
J
444a Corporate stock_..July 1967 J J 10478 105% 10518 June'23 ---- 105 10712
Gen & ref Series A 4 tie___a2014 A 0
16
79
7 6
53
6
62
834
4 44s Corporate clock
1065 J D 10778 105% 105 June'23 ---- 105 10714
Gen ref cony Ser B An...... a2014 F A 66 Sale 6558
70
6758 37 64
4/
1
48 Corporate stock
1963 M S 1043 105% 1047
3 1047 10719
1047e
Convertible
6434 Sale
4% Corporate etock
1959
N 961
/
4 97
9714 June'23 ---- 96% 10014
43
Sale 64's
6
86
2
116 76
84
1.19
)N J
1
4 97
4 X, Corporate stock
1958 M N 96/
9634 May'23 ---- 9634 99%
25-year debenture 4s
8
503
5012
2 54
6312
1934 .7 J 55011/4
N 96/
1
4 07
9634 June'23 ---- 9634 10014
1957
4% Corporate atock
96
41/e.
9712 961
Chic & Alo Ely
/
4 June'23'-__ 96
Div be_ _ _ _1926 J 1
97/
1
4
6
4% Corporate Mock reg..._1956 MN 96
9618
9618 991
97
961s
/
4 Chic & N'west Ext 43_1886-1926 F A 95% ____ 95/
1
4
95/
1
41
1 9454 96
1957 M N 10112 10478 104% June'23 ---- 10412 105
4128 Cornorato stock
RegLetered
.__1886-1926 F A 95% ____ 9512 June'23'-__ 9319 9512
4 ti% Corporate etock___ _1957 aif N 10412 10478 104%
5 10412 1071
/
4
104%
General gold 31
/
4s
/
4
7312' 11 704 77
N
F 7318 Sale 731
987 MN
0
19
33.4% Corporate stock__ _1954 N N 8718 --..- 871
/
4 June'23 ---- 8714 91
Registered
691
/
4 72
73/
1
4 Dee'22,____ .___ _ _ __
1961 M S ---- - -- - 10214 June'23 ---- 1011
/
4 1031
/
4
New York State-41)
General 45
8558
3 801s 87
1987 MN 8234 8412 847
1961 J .1 --------10212 June'23 -- -- 102% /0312
Canal Improvement 419
Stamped 49_
7914 84% 85 June'23 -_ -_ 8058 8714
Highway Improv't 444e_ _1963 M 5 --------10912 Apr'22 ---- ---- ---General 51. etamned
102 Sale 102
102 1
5 101 10512
gighway Improy't 4/
1
46....1965 NV el ---_ ____ 10412 Apr'22 ---- ____ _._ _
SInkIng fond 62...__1879-1
101121
1 '10112 10614
NN 10112 10412 10112
9 2
889
77 5NA1 O
19
5 - --- 71% Oct'20 ---- -- -.- - - Firginta 2-35
1991 J J 71,
Registered.
.._ _ .1879-1929 A 0 100 4 __JIM% Apr 221____
Sinking fund Ss-- ---- 1879-1929 A 0 9714 9934 98 June'23 ____ -if - 115612
Railroad.
Registered
961. ..__..l 9712 Mar'23i--__ 9712 9772
Ala Gt Sou let cone A 58___ 1943 2 0 9212 9534 9334 June'23
92/
1
4 96
Sinking fund deb be 1829-1BN
00,
14
10034.
12
2 18
21 10014 10034 10034
5 9
78,
1928 34 N 100 102
Ala Mid 1st guar gold 58
9934 May'23 -.75 795
100 1 99', May'23 ____ 991, 9914
98 110
1933 NI N 9
Ryegeale
19413 A 0 7978 Sale 79%
8
Alb & Sttsq cone 31
/
4e
19_
1 3'
79% I°
12
secured 717 g
gteeeered
10912
110
,107
/
1
4
110634
Sale
24
10912
Alice & West let 3148 gU
8312 83 Mar'23
1998 A 0 82
83
83
15-year secured 6/
08
7
:
7 8
10
a8
1,
14 10
77
81
1
4a g____1
3 Jun7
e'9
i D
2i3
8,__1_51,106 4 111
S 17
36
9M
10
93
2 87
Alice Val Ron gear g as
/
4 89
1942 M11 8 851
88%
1
6
95038 Chic R I & P-Railway can 4e 1988
8814
82
1 J
Ann Arbor Sat g 41___. _ ___01995 Q 3 6112
6214
Registered
783
4
May'23
____
_--7812
J
J
8614
Mel Tot,AS Fe-Gen g 4(3_1095 A 0 8612 Sale 61
/
4
Refunding gold 49
8734 121 8414 901
1
4
106 7658 83/
77% Sale 77%
7814
1095 A CI 8614 -- - - 86%
Registered
8614
1 81
8838 Chic St L & N 0 gold 56
77
8,343 10
79
1,
112
10012 10212 100 May'23 __ __ 9
.11
1 7c1
pg
8034 Salo 7918
Adjustment gold 48
X1995 Nov
Registered
8034 .,„
/
1
4
•--2 997:8
:
9
1
99 Aug'21,--1 9
I D
/
4 Sale 791
Stamped
ed
01995 Nov 791
/
4
8038 aa 7614 8278
Gold 31
/
4e
1
T)
82
Cony gold 4.1 1909
1955 1
Sale 82
76
82
8211
Joint 1st ref bs Series A__ 19
96
53
1 j
J D
O 9
755% -65-i 9785'4 MaY9623I-164 76
1955 J D 82 8212 82
Cony 411 1905
82
8212
Memph Div Sat
June'23
1951 J D 80.2 _8219 I
1060 J D 7614 ---- 99 May'23 ---- 97 10414 C St L & P lst consg 49
Cony 4a Issue of 1910
-- -i. I 278 liV)738
g
gg%
4
bs
1932
A
0
03
'
East Okla Div late 4...___1928 NI S 9412 95/
1
4 9478 June'23 ____ 9324 96/
1
4 chic St PM .80
ark
1930 J D 1053s 10578 105% June'23 ____, 10414 10772
Rocky Mtn Div tat 4a____1965 J J 75% 8012 7834
77/
1
4 83
78%
1
4 9212
, 9212 Mar'23 ____, 92/
to
3
92
/
1
46
89
1
84
1
D
8
0
9
3
0
Short
82
L
-Con
1st
J
40..1958
Trans
J
8312 83
3378 15 82
88%
Debenture
8
9412 10 9219 9634
4 8712 100
Cal-Arir. let & ref 4 Vis"A" 1962 M 13 9112 Bale 9112
Me T H & So East let lks_ . _ 1963 J D 9
9214
118 57 765, 81
78
4's
411 Sale 9
80
*No price Friday; latest bid and asked, a Due Jan. 13 Due Ausli, e Due May. g Due June. h Due July.
Dec. 8 Option sale.
Due
Nov.
a
0 Due Aug. 0 Due Oct. p Due
213i,
ig,,,
N
gi 100
------
N
2
4,'
121 2
New York Bond Record-Continued-Page 2
2866
BONDS
N. T.STOCK EXCHANGE
Week ending June 22
Ohio Un Stall 1st gn 4lis A__1963 J J
51B
1963J J
let Sew C 6348
1963 2 J
Ohio & West Ind gin g 65___51932 Q M
Consio150-year 45
1952 J J
15-year el 7As
1935 M S
Oboe Okla & Gulf eons 55
1952 M N
0Find & Ft W let gu 48 g
1923 MN
Oln H a D 2d gold 4;le
19372 J
k1936 @ F
CIBtL&Cletade
k1936 Q F
Registered
Oln Leb & Nor ICU 48 ff
1942 MN
Cln El & Ci cotes let g be
19282 J
Clearf & Mah lst gu g 58- _1943 J J
Cleve Co Chl & St L gin 68_1993 J D
39-year deb 430
1931 J J
General 55 Series B
1993 J D
Ref & inapt 6s Series A__ 1929 J J
19413 J
IN 0
Cairo Div lot gold 45
1939 J J
Chi W & M Div 1st fr 48_1991 J .1
St L Div let coil tr g 45
1990 M N
Elpr & Col Div let g 48
1940 MS
19402 J
W W Val Div 1st g 45
19343 J
OCC&Igenconsg68
1933 A 0
• Clev Lor & W con let g 58
1936 MN
CI & Mar letgug 450
1938 J J
Olive & Mahon Veils 5
CI & P gen gu {lie (ler A__ _1942 11 J
1942 A 0
Berle!B
1942 A 0
Int reduced to 330
1948 MN
Series C 3345
1950 F A
Series D 3%8
81 A 0
Cleve Ether Line 1st gu 434s_19.
1972 A 0
Cleve Union Term 530
1945 J D
Coat River Ry let gu 4e
Colorado & South let g 48_1929 F A
Refunding & erten 048_1035 M N
1948 A 0
001& H V 1st ext g 48
1955 F A
Col& Tol lst eat 4s
Cabs RR let 50-year 59 8_1952 J J
1936 „I D
let ref 734o
Day & Mich let cone 43Is- _1981 .1 J
°samara a Hudson1943 M N
lit & re2 45
1935 A 0
69-year cony be
1937 al N
4341
1930 .1 D
10-year secured 75
0R RR a Bdgelet gu 456-1936 F A
Dan & It Gr-let cone g 418 1936 J J
1936J J
Consols] gold 430
1928 J D
Improvement gold 55
1955 F A
lit & refunding 55
do Registered
Int_ ____
'22
Feb
ctfs
stmp
Bits Tr
Farmers L&Tr recto Aug '55_____
Bankers Tr ctfs of del)
do Stamped
Am Ex Nat Bk Feb '22 ctfs_ ---do Aug '22 ctfs
19353 .1
Dee M & Ft D let gu 48
Dee Plaines Val let gu 416s 1947 M S
4L
1995
J D
lien
g
Mack-let
Del&
19953 D
Gold is
1961 MN
Del Ely Tun 4340
Dal Minabe & Nor gen 58.._ _1941 J J
1987 A 0
Dal & Iron Range let Se
1937 A 0
Registered
1937 J J
Dal Sou Shore & All g 55
1948 A 0
Z Minn Nor Div let g 45
1938 M S
Z Tenn reorg lien g 58
1930 1 J
ETVa&GaDivgbe
1956 M N
Cone let gold be
Men Jellet & East let g .1..1941 M N
EON let consold gold 78 ext_ _1930 M S
1996 J J
151 cone g 45.pr10r
1996.0 J
Registered
48.1996
1 .1
lien
g
gen
lit consol
1998 11 I
Registered
Penn coil trust gold 40.J961 F A
00-year cony As Ser A-1953 A 0
1953 A 0
do Series B
Gen cony 45 Series D_1953 A 0
1955 2 J
MU & Jersey let 5 I (le
19401 J
Erie & Pitts gu II 3311513
1940 .1 J
Series C
&Yana & T H let gen g 51_1942 A 0
0A 0
193
be
Sul Co Branch 18t g
19242 2
Vargo & Sou 66
J
..
1923.0
ext
68_
Pen
let
Cent
dc
eta
1930 1 J
lot land grant ext g 58
1943 J J
Como]gold 5e
rorida E Coast let 4348_ _1959 1 D
1952 MN
Fonda J & Cloy Miii
1941 J J
Fort St LI D Co Ist g 4345
1961 J D
VS W dc Den C lst g 5%8_
Ft Worth & Rio Or 1st g 4,8_1928 J J
frem Elk & Mo V let 6e__ _ _1933 A 0
1931 MN
OH &SAM&Plst 5o
211 eaten 58 guar
A 0
Daly Eons& /lend 18t 5a__181 21
19572 1
Genessee River late 160
J
19452
Ga & Ala Ry lot con 5&__o
Oa Car & No let gu g 6s
1929 2 J
0
A
1946
Oa Midland let 38
Gila V 0 & N let gu g be_ _1924 M N
1942.0 D
Gouv & Osewgatch 55
Or R & I ex bit gu g 4%11-1941 3 .1
Grand Trunk of Can deb 75-1940 A 0
1936 M S
15-year a 1 Si
1947 J D
Grays Point Ter be
1936 J J
Great Nor Gen 78 see A
1961 .1 J
let & ref 434e Series A
1961 .1 J
Registered
1952 J J
1518s
Green Bay & W Deb Mfg "A"____ Feb
Feb
Debenture ctfe "B"
Greenbrier Ry let gu g M____1940 M N
Gulf & 8 I lat ref a t g 55_51952 J .1
dariem.B.-Pr Clam lot 45____1954 M N
Hocking Val let cone g 4348_1999 .1 1
Registered
1999.0 .1
11,37 J J
li&TClete Se int gu
Houston Belt & Term let 158_1937 J J
1933 M N
Hous E & W T 1st g be
1933 M N
let guar 58 red
1937 M N
Housatonic By cone g be
1957 F A
Had a Manhat be ear A
1957 A 0
Adjust income 5s
Illinois Central let geld Es__.1951 J J
1951 J J
Registered
1351 .1 J
tat gold 3lie
1951 .1 J
Registered
1951 A 0
extended let gold 334e
1951 A 0
Registered
1951 M S
let gold 38 sterling
Collateral trust gold 48_ _._1952 M S
1952 A 0
Registered
1955 M N
let refunding 45
Price
Friday
June 22
Week's
Range Of
Lasi Sale
Range
Since
Jan. 1
BONDS.
N.Y.STOCK EXCHANGE
Week ending June 22
PtIce
Friday
June 22
Week's
Range or
Lout Sale
High No. Low High
Illinois Central (Coseiv4e41)
Ask Low
Bid
Ad Low
BO
High No. Low High
9 8758 9258
8912
Pu-chased lines 334a
8912S ale 8818
1952 J J 7718 7838 7612
7812 10 7612 79
98/
1
4 44 9712 10012
Collateral trust gold 48_ _1953 M N 80 Sale 79/
9712 Sale 9712
18 77/
1
4
81
1
4 83
11412
19 11278 11514Reglotered
1953 al N 7614 7934 7814 June'23
113 114 11358
7814 78,4
Apr'23
10412 105
105
Ref 58 interim ctfs
1955 Al N 9914 Salo 994
10458 _
9934 88 984 10033
18
723
8
71
70
75/
1
4
ab-year secured 5345
1934 J 3 10112 Sale 101
71 Sale
101/
1
4 26 100 1027s
5 101% 10314
10214
15-year secured 63.4s g
14 107,s Ill
1021s Sale 10218
1936 J J 10934 Sale 10958
110
2 9518 97
9518
Cairo Bridge gold 45
19503 13
9214 9678 9518
8312 June'23
8238 87
Mar'17
_ 88
LItchfield Div 1st gold 3e...1951 .1 J 6619 7212 71 June'23
6938 78
-111.8 -8634
Lenin,Div & Terms 340_1953 J J 7212 75
_ 7312 797s
8614 8934 8658 June'23
74 June'23
88
8618
88
88
Omaha Div let gold 3s
875s -1951 F A
2 6734 6959
6734
6734
9012 Oct'22
8412 _
St Louis Div &'Term g 38_1951 J J 6718 -- -- 71
Feb'23
71
71
8414
-ii4
8418 -- 8414
Gold 334e
1951 3 .1 724 8112 75 May'23
75
80
June'23
97
97
99
9714 98
Springf Div 1st g 33.58
1951 J J 7334 75
7812 July'22
9714 _ _
9012 Jan 22
Western Lines lit g 4&..,_.1951 F A 83
85
83 May'22
80
83
30 -fer -82179
5
79 Sale 78
Registered
1951 F A -- -- -- 92 Nov'10
92
2 9014 9312 Ind B & W 1st pref 45
92
9314 92
1940 A 0 8334 --- 83
871,
83
1 9612 100
lnd Ill & Iowa let g 45
9812 10012 9858
9888
1950 J J 82 86
2 834 8578
8312
84
101 Sale 10012 10112 26 100 102
98
Ind Union By 55 A
1965 J J 96
1 95 100
98
98
10012 102
10012 ____ 102 June'23
at & Great Nor Adlust(12
1952 J 3 414 Sale 4014
4338 182 40/
1
4 4914
8614 June'23
8018 88
8414 92
9014 8912
lot Mtge 65 ctfs
1952 J J 90
9114 69 8912 9758
7614
2 7514 7838 Iowa Central let gold 58
7614 Sale 7614
1938 J D 67
6912 68 June'23
68
731e
1
4 7914 June'23
7478 8138
761
/
4 80/
Refunding gold 48
31
1951 wir s 31
33
3378 13 31
40
Apr'23
_ 84
8212 84
7813
8214
2 805s 8214
811
/
4
_ _ 8158
lames Frank at Clear let 45_ _1859 .1 D 8234 ---- 83 May'23
83
87
104 10534 10112 June'23
10318 10638
98
98
97
98
98
Ka A & OR 1st gu g 58
1938 J J 8558 -9218 ____ 9212
9212
2 9212 95
678 8
78
714 -/
8 731,
8 J11,13i:2
.1 9
70
8 1
Kan dr M let gu g 4e
19
92
90
7j
A 0
75
797
.
93 Mar'23
87
---- - -- 2d 20-year 58
9688 97
9414 9612 91 Nov'21
------- K C Ft S & M cons g 65
1928 M N 10134 10212 102 June'23
10012 10234
9414 9612 104 Dec'15
17 7332 7912
76
---- -- K C Ft S & M Ry ref g 45_.- _1936 A 0 75 Sale 7458
9612 Feb.12
1 9232 95
9312
---- ---KC&MR&Bletgu55._ 1929 A o 9312 Sale 9312
9018 Dec'12 ....• ---- ---6534 65
66
17 64
Kansas City Sou lot gold 3o.,1950 A 0 65
68711
_ 87
Jan'21
7914
8524 45 83 893s
Ref & impt Si
Apr 1950 .1 .1 8312 Sale 83
9118 93 9212 June'23
81
49 7658 8334
-id - -68 Kansas City Term let 4s____1960 J J 80 Sale 7934
/
4 10312 48 101 106
10278 Sale 1021
82
9 81
82
Kentucky Central gold Is____1987 J J
837s
7718 8018 8018
8018 10 804 85
70
Keok & Des Moines let 58_1923 A 0 7012 80
7012 15 65
92
92
9214 92
9234
8 9034 9312 Knoxv & Ohio lot g 65
1920 .7 2 18
020178
2 10
03
1,
78
2 0178 June'23 ---- 10034 10178
8238 Sale 8214
83/
1
4 45 8138 874
8014 __-- 8312 Nov'22
7
8
94
3 • 94
Lake Erie & West 1st g 5s
1937 J J
7934
1 8
8012 May'23
-gli -ili3;
83
96
7
99
18
4 8
2d gold 55
1941 J 1 8158 85
86 Sale 8512
8612 35 80
87
1997 y D 7212 7612 76
Lake Shore gold 334s
6 7238 7812
761
/
4
103 104 10312 10378
6 103 lows
75
75 May'23 ---- 734 75
Registered
1997 J D 72
911
/
4 June'23
_ 91
9418 90 92
1928 M S 9358 9438 9358
96
9234
Debenture gold 45
4593
93
33 9022
12
25-year gold
1931 al N 93 Bale 92
8558 Sale 8512
87381 22 8358 90
1931 PA N 90,4 9314 8512 July'21
9112 Sale 91
9212 12 9014 98
Leh Val N Y let gu g 4;58_1940 J J 9012 94
12 9134
__- -97
__9134
93 ----9812 Sale 93
99
29 98 10212
Registered
97
:
24
2
8
97
2:
3
6 90
1940 3 J 8912 9234 8
9234
10712 10814 10712 108
8 105 11134
Lehigh Val (Pa) cone g 48_2003 IVI N 77 Sale 77
77/
1
4 32 764 8112
89 ____ 57 May'22
Sale
2 85 9214
General cons 4%5
74 Sale 72/
1
4
744 65 fi 70i2 Leh V Term By 1st gu g 58
1
4 May'22
4711122
e- 02/
MI
77
79
791
/
4 June'23
_ 7678 80
00 11
0221
Registered
1941 A 0 9614 --- 12 Apr'23 --- 1127a
1
86
8634 86
8612 76 82
88
Len Val aft 10-yr coil 85_81928 M 1 10234 Sale 10211
1
4 105
10234
6 100/
5034 Sale 50
52
298 4814 58
811
/
4 19 8014 8512
Lela & N Y 1st guar gold 48 1945 M 5 8158 Sale 8014
4912 Aus'20
---- ---Lex & East 1st 50-yr 5s gu- _1965 A 0 9812 100
9812
9834
8 9718 993s
45
5412
Little /Allyn' 45
81
1962 MN 8018 ---- 81 May'23 ---- 81
4858 4934 49
4'23
9
7'8 jun4
48
5314
Long Dock mongol g 68
1935 A 0 1054 ---- 0812 Nov'22 --50
50
1 50
Long mid let eons gold 55__51931 Q j 9414 9812 974 May'23 ---- 50
:215:
:1102
:
111
:
522: -8
iii
68
51
46 June'23
46
50
9214 May'23 --- 9 58
let consol gold 48
81931 Q J
4
47
51
48 June 23 __ _ 46
9
43,1
3
1g j
I.,isli D
Diil 892
870;82 ,
8
9,8
20
46
8
78928
110 j
Jmu
un
Mar'23a
ar
c
e,32
3
2.
General gold 48
.
.:- . .- i:i 83
278
81
:88
-4i- 4.8
..
Gold 4s
_42
Sale 42
_ ---5
Unified gold 4s
8758 ____ 9314 Sept'22
-Debenture gold 58
8578 ____ 751a Feb'23
_ 7518 7518
20-year p m deb 55
60 6312 6018 May'23
6018 65
-3-1; 8
73
7371 8
74
712
Guar refunding gold 4s__ 193
Ml N
S -7
7712
2 78
83
947
9a
88 Sale 8758
88
11 85
9034
Nor 81,8 lat eon 6 gu 58_0932 Q J 0118 -;,- 93 June'23 --- 92
93
98/
1
4 ____ 9814 Apr'23
1
981,s 9938
Louisiana & Ark let g 55
1927 M S 94
93
94
9834 10034 9834 June'23
98/
1
4 10034
-29
- 93
Lou & Jeff Bdge Co gu g 4s_ _1945 M S 7812 7912 8014 June'23 -3
941°
9812 Jan'23
13
144
2 ..4_
..lie__ 0112 June'23 ---- 9758 103
9812 9812
Louisville .4 Nashville 5s
al N
j 102
19
83
40
7j
74
74
4 74
77
89
80
Unified gold 45
89 Mar'23
2 ---88
90
0
90
014
2 May'23
Registered_
8612 9312 9113 Mar'23
9
9877
0/
:1
4
1144 10
9112 9134
1 9912
898293
114
2
12
M N2 9818
Collateral trust gold 5e_ _ 219
93
49
99 100 100 May'23
8
98
712 10
04
80
812
10412 sale 0712
10
04834 2
13
18
0t
-yreeafr
2 106 109
1930 IN N 108
,
zcsured 78-9712 98
9712
9712
1
9758 1001
/
4
N 0& 34 1st gold do
......1
2 20
3 J
A °
99
9934 991s June'23
I 10414 10558 01N
Jan'23 ---- 181
14
4 10
91
3N
103 10312 10312 10378
8 103 10434
2d gold 6s
1930 J .1 9814 ---- lUlls Feb'23 ---- 9712 1014
5712 Sale 5612
8119 88,. 8418 June'23 ---- 84
5734 87 6412 a87s
A
F
8418
48_1946
Paducah & Mem Div
57 Mar'22
60
12
6012
6
6134 6012
5812 63
St Louis Div 2d gold 3s
1980 M S
4712 Sale 45
4812 272 -iiii -4912
L & N & m & M 1st g 4%8_1945 M 5 9
76
2114 9
73
742 9
73
712 May 23 ---- 93
96
4714 June'23
1 75 8084
43
4714
77
L & N South joint M 4s
1952 J J
85'8 85s 85/
1
4 June'23
82
8534
A1952 Q J 7314 --_ 7312 Apr'23 ---- 7312 7312
Registered
50 Sale 4812
50/
1
4 179 4112 52
9734
8 95 973
Loulsv CM & Lea gold 4%s__1931 M N 96 Sale 96
50 Sale 4712
50/
1
4 281 4214 52
5212 Sale 5114
53
205 4334 5412
9858 _--- 9934 000'22 ---- __
Mahon C'l RR lot 58
-86
87
85
88
6 84
89/
j 6318 6614 63 June'23 ---- -63 --71 1
4
Manila RR (Southern Lines).1
MN
39
4 .4
193
83N Mar'23
8334 8334
Manitoba Colonization 5m_1934 J D 9612 9734 9634 June'23 ---- 95/
1
4 9714
82 Apr'23
82 8314
Man GB & NW let 3tie____1941 J J 8112 ---- 82 May'23 ---- 82
82
88
Apr'21
- 77 Mar'10 -------Mess Internal let eons g 4o___1977 M 5
- 8912 Apr'21
8
9938 June'23 ------- ---Michigan Central be
9912 Deo'22
Isigi
'
4
1.
951s ---- 10012 May'23 ----974 10012
Registered
9958 ____ 9838 May'23
-615
;itici 8812 8634
19402 .1 86
45
8634
1 86
88
9412 9834 9312 Aug'22
1 J 85 88
86 May'22 ---- 86
-1940
86
Registered
9312 96
9334 June'23
-if -ii34
1 L & Slat gold 834e
1951 M S 7714 7912 80 Feb'23 ---- 80
80
8114 87
86
86
5 854 89
7914
79/
let gold 3yie
1
4
7 7714 84
69 Sale 69
69
5 65
79
71
9172 39
a2
1414 9214
O 9
2M
A N
20-year debenture 45
192
19
9214
1 893s 93
81 June'23
79
8034
Hid of NJ let ext be
1940 A 0 ---- 8814 87
Apr'23 ---- 8718
9714 10118 100 June'23
9924 103
Milw LB dc West imp g 58._ _1989 F A 9934 10012 994 May'23 ---- 98 1OO
86
88
8758 Feb'23 - _ 85 8738
Ashland Div let g 68
1925 111 El 1003s ---- IOUs Nov'22 ---- _ _ --,
10734 10834 10778 June'23
107 109
Mich Div lot gold 65
1924 .1 J 10034 ---- 10078 Mar'23 ---- 1007
;1007
;
97
9812 9714 June'23
9512 9958
Milw & Nor let ext 4348
1934.0 D
8912 June'23 ----. 8814 924
9812 96
9714
4 9312 98
-89
,
1 89
Cons extended 4%5
1934 J D 89 Sale 89
9034
8 8514 89
8978
89 Sale 8814
Mil Spar & NW let go 48- _1947 M S 8234 8714 85%
89
,, 84
8538
83
8312 834
8312 11 82
88/
1
4 Milw & S List gu 3%0
6618 Aug'21 ----'
1941 .1 J 747s 86
80 May'23
8012 82
794 814
1 ---- 10218 June'23
co1i
i6
4i
Minn & St Louis 1st 78
1927 J D
9012 9112 9038 May'23
76
90
7, 8
9112
7312
let consol gold 55
1934 M N ---- 75 6818
3724 46 3
61
6212 61 May'23
8034 64/
1
4
1st & refunding gold 48_ __ _1949 M El 35
3612 35
9914
_ 9914 June'23
4
3712
9914 9912
Ref & ext so-yr 5813er A __ _1962 Q F 35
36'1 37
93
8714 Sale 8612
----Mc°31 if 48 int gu1938 2 •
3
1 09 _--_ 10018 June'23 ------ 8
8978
4 89
89/
1
4 8912 8978
92
98
5 13
141881tPcoane8585
09034
4
1938
8738 ..11 10014 106
11318 39 11212 116
11278 Sale 11278
1931 151 S 103
1
10-year coil trust 630
I 98944:
10458 70 10224 105
104 Sale 10358
Sa1
101478 10
91
3N Jun
19
e
'
3213
2
66 A
1946 J J
1090511:
831
/
4 ___ 10112 Apr'07 1st Chicago Term it f 4e__1941 MN 8834 ---- 9212 Dee'22 --109
8
_ -11(111-1 -5i10814 Sale 108
170 i&fin
- 1-.1f1;
mssm&A ingsetnteu-1920 3 Y 97 ---- 97 June'23_0
- 8
90
4 87
8814 9014 8814
,fee_ 8
73
8,
;
7
3 at;
9
42
787
3,3
142 8
9212 Miasiss1991 Central lot 5s
2 MaY732732 --7
90
04
5
1949 .1 J _8;
82
Oct'22
9134 94
May'23
--.,
i m K & Okla lot guar be__ _1942 M N -,-.8 ii.••-. 9134
-66,
,- jo
1001
/
4 85
4 itife- 99
iv
-661Mo Kan & Tex-let gold 4s..1990 .1 D
60 May'23
8214 Mar'23 -71
6038 65
60
75
v
: 8234 83/
1
4
5% cents for notes "eat". ___ ____
761
/
4
7712 •zu 7618 gale
812 11
1
4
918 8/
814 134
8
Mo K & T fly-Pr 155 Ser A 11)62 J J
69
Apr'21
8312
Sale
6212
633
4
79
J
6212
es
C
B
6712
r
l
i
19623
Se
e
r
6
4
:
e
,
ar
1
0-4
0.
4
-iii;
81
80 June'23
87 9234 9634
80
-78- 95
1932 J J 9458 Sale 937s
7438 18 72Is 7812
7358 Sale 735s
53,4 850 9
55
014
4 6
9%
3
Cum adjust 58 Series A _ _..1967 J J 504 Sale 50,4
84
4 80 86
84 Sale 83
Pacific
(reorg
Col
Missouri
8112 June 23
82
7 80
867s
81
8112
1st & refunding 55 Sot A __ _1985 F A 813s Sale 80
i 9558 9734
5
8
1
4 ____ 9712 May'23
/
4 Sale 9534
96
97/
let ,g, refunding 58 Set C.
._1926 re A 951
84
212 asid
8
98
434 26
30
31 9
8934 93
911
9l'
/
4 93
93
unding 65 Ser D._1949 F A 93 Sale 93
ltu
_ 9514 98
98 May'23
98
1975 m 8 55 Sale 54
93
General
93
9818 98 May'23
98
98
Missouri Pael119-87 Mar'23
8218 95
80
2 7912 8134
87 873d 78 extended at 4%
82
80
1938 M N 80
8078 148 7912 8478
80 Sale 7934
1945 J J 9134 ---- 954 Oct'22 ----1____ _
Mob & lilt prior lien g 5s
5912 147 55
55/
1
4
fis;
Sale
/
1
4
70 May'23 -- -- 70
56
6458
19452 .1 70 Mortgage gold 48
8812
8812
I 8812 921a
Moblie & Ohio new gold 60_1927 J D 103 10312 10314 June'23 ---- 102 1041s
8214 89
8318 Sept'21
/
4 June'22 ----' 10034 10371
131927 Q J 1001 1 _ __ _ 1011
--- - - - -1st eat gold 60
7914 8058 78 May'23
75
7258 June'22 ---7714 83
1938 M S 73
General gold 48
I 7251 7811
Oct'22
8012 80
78
9484
Montgomery Div let g 58_1947 F A 90,4 93 93 May'23 ---: 90
79
81
83 Feb'23
ii- -83- 94%
a
ll 9
713
,
1.
9
754
82
73
41a 9
75
6
7
97
438
192
37
8J
mD
s 9
8012
77
78
---- ---Mob & Ohio coil trg 4s
8 Mar'22
72 -£13-151
1991 M 5 8114 __
_
82 May 23 ----' 8`238 834
atoll & Mallet gu g as
8214
5 -fifi -8
_ _ _ _ 8234 821s
29312 .1 10912 111 109/
1
4 June'23 ----' 10912 111
.
5.7s
utent C let ffU g 60
9538 Sept'19
.
7814 85
19372 J --------13858 May'06 ----1 -4-- ... _
Registered
8512 8534 8514
8612 51
19372 J 9914 10112 100 May'23 ----; 993s 101-3s
let guar gold 65
"iili
"gS
9314
'21g
1
., 155- ::::
763; -611;
iiiiC4
"ii" "ii3-4
1
•No price Friday; latest hid and asked this week. a Due Jan. b Due Feb. c Due June, 13 Due July. a Due Sept. a Due Oct. a Option sole.
Range
Silted
Jas. 1
New York Bond Record—Continued—Page 3
BONDS
N. Y.STOCK EXCHANGE
Week ending June 22
Price
Frtdag
.11.ne 22
Week's
Range or
Last Sate
Range
Since
Jan, 1
BONDS
N. Y.STOCK EXCHANGE
Week ending June 22
2867
r.
.41
Week's
Range or
Last Said
43%.
Range
t-A.,
Since
sot,
1
Jan. 1
—
50
7
,
2184 Low
,70
614 jun
h3
g No, Low High
H
et2
Bid
Ad Low
High NO, Low MO
M&Eletgu3)40
2000 J o
7434 78
Peoria & East 1st cons 4s__1940 A 0 71
7212 7112 June'23 ---- 7012 78
Nulty Chatt & St L 1st 5s
1928 J 0 9914 100 10012 June'23
Income 4s
- 9858 101
1990 Apr. 23
25
24 June'23 ___7
_ 9
22
1% 9
30
7%
N Fla & let gu g bs
1937 FA 98 ____ 98
3 98
9814
98
Pere Marquette let Ser A 5s 1968 J i 9512 Sale 9518
96
Nat Ry of Mex pr lien 04s 1957 J J
31 Sept'22
1st Series B 4s
7834 7212 7912
79,2
July coupon on
3014 Sale 3014
32
10
"H
3234
Phil/4 Bait & W lot g 4s
g6
41 fq 4 8618 90% 8912 May'23 ---1
- 8
78
70 982
do off
'
2:4
30
28 May'23 ---- 28
35
Philippine Ry let 30-yr s f01937 J J 44
45
4438
2 44
4978
General 4e (Oct on)
1977 AO
261s Jan'23 ---- 2616 2618
FCC& St L au 4)4e A
1940 A 0
Z's June'23 ---- 94
April coupon on
97,4
28
Series B 4 Ois guar
95
13
1,
18
4 June'23 -_-_-_: t: 1351.
1942 A 0 94
do
off
8
5
2912 May'23 -_-_-_-_ 2712 -261-2
- - 30
Series C 4 ki s guar
1942 M N 93
Nat RR Men prior lien 4)48 _1026 .1 3
3814 June 22
Series D 48 guar
893
4 Feb'23 ---- 8934 8934
July coupon on
-423-4 Sale 42
43
16 28
44
Series
E
3I4s
903
guar
8
840
---N
F
1
14
A
Apr'23
4
9
6
gold
1
9
----I
1
8412 89 2
do
off
--- 45
4438 May'23 -- 4488 4438
Series F guar 45 gold
1953 J D 91 14 --- ,
39
1% June'23 -_-_-_-_ g9 24
9
3
let consol 45 (Oct on)__1951 AO
28
Apr'23 ---- 27
28
Series 0 4s guar
April coupon on
_ 25
2 2412 2614
26
Series
I
cons
9212
93
923
8
guar
F
N
1
1
N
A
9212 9458
33
7
4148_
196
9234
do
off
28
27
24
250
2 24
2812
Series J 41.4s
,3
2128 calss
2,122 _6.i. 9212
, May'23 __jol 9
1984 MN 95
Naugatuck RR let is
1954 MN 6858 _
6818 May'23 ---- 6818 6818
General 5s Series A
New England cone 55
1945 J J
-- 90
9012 Mar'23 --- 89
90,2 Pitts & L Erie 2d g 5s____a 1M A 0
99 Nov'22
1
Conso148
1946 J J
7514 June'23 ---- 743 7514
Pitts NIcK & Y 1st gu 6s
1932 J .1 10234 — 105 Dec'22
NJ June RR guar lot 45
1986 FA 777 _
82
Jan'23 ---- 82
82
2d guaranteed 66
1934 J - 10018 . 9514 June'20
N
NE let ref dr imp 4346A '52 J J 7858 801 7812
7812 16 77
8112 Pitts Sh & L E let g 55
1940 A 0 ssi, 1001, 9918 June'23
iiii i66"
New Orleans Term let 45
1953 3.5 7512 Sale 75%
7512
7 7318 7934
let
consol
gold
55
100 Feb'23
loo 100
N 0 Texas & Mexico let (38._1925
D 10034 Sale 10058
100% 11 100 101% Pitts Y & Ash 1st cons 52_ _19
98 June'22
3 5.
111 N
94
27
Non-cum income 68 A
1935 AO 75
76
18
7512
7512
84
778
Providence Secur deb 46
40
35
19S7 MN
N 35
35
N & C Bdge gen gu 4SO
1945 3, 893s ---- 9012 May'23 ---- 8914 9532
Providence Term let 45
880 Feb'18
N Y13 &MB 1st con g bs1935 A 0 92 ____ 94
Apr'22
94
94
Reading Co gen gold 45
8278 88
N Y Cent RR cony deb Os
1935 MN 10412 Sale 104
105,4.
106
1
101 10614
Registered
19497 7 5 g4
55
1e br Jun8
01,2:
9
e'
923 _
8012 86
Consol 48 Series A
1998 FA 8012 Sale 79
80% 16 7638 820
Certificates of deposit
.44 79
8584
Ref & impt 454e -A2013 AG 85 Sale 85
8512
6 8414 8878
Jersey Central coil g 0.._ _ _ 1 957
84
86
82
118
234 8
4 8
1j
9 80 86
A 0
j
". r1:8
Ref & inapt 55
2013 AO 9512 Sale 9412
96,2 390 920 9834
Reese
Sr
Saratoga
20-yr
66
N Y Central & Hudson River—
1941 M N
Rich & Dan 5s
__I; June'23
4 "igi,
""jsr
1927 A 0 103'2
-i131; -g121
Mortgage 334e
7412 75'2 7458
40 72
1997 ▪ J
75
7734
Rich A
eck
72 Mar'23
74
1948 M N 68
Registered
7314 81
7112 May'23 ---- 711. 7112 Rich Ter bs let 6s
1997 J
4
9612
1952 J J 9513 9838 0612
Debenture gold 4s
8914 Sale 8812
1934 M
8912 46 8612 9158
Rio Or June 1st gu 55
88
84 May'23
1939 J D 84
Registered
1934 M
&or Nov'22
Rio Or Sou 1st gold 4s
9
11
1012 Dec'22 ---2
1940 J .1
18007
1 32
1-30-year debenture 43
85% 8734 8638 June'23 ---- 8412 9014
1942 J J
Gluaranteed____
1.2 _ 11
11
1940 3 J
Lake Shore roll gold 3I4e_1993
717 7212 72
7212 17 6818 76
1410 Or West 1st gold 4s
753
Sale
8
7612 33 72
76
1939
78
J
J
Registered
6718 ____ 6934 June'23 ---- 6934 73
1998 F A
Mtge
&
coil
trust
4s
A.
1949 A 0 3
Mich Cent coll gold 330_1998 F A
1 Z381
7212 74
612 92
727 June'23 ---- 7114 77
,
28
?2
,
7
18
2 It 75
:
13
4 27
R I Ark & Louis let 4;is
1934 M S
Registered
1998 F A
70
Apr'23 ---- 7012 75
Rut-Canada 1st gu g 45
70
74
Jan'23 ---• 70
19491J J 65
70
N 2' Chic & St L let g ts
1937 A 0 87 Sale 87
8714 13 83% 9014
Rutland
let
con
g 43.4s
Apr'23 --7612 7712 80
80
1941I3 J
80,2
Registered
1937 A 0
8512 Jan'23 ---- 8612 8612 St Jos dr Grand
Isl let g 45
7214
19 71% 7534
1947 J .1 68 __-- 72
Debenture 45
1931 MN 87 Sale 863s
87
.2 83% 88%
It
Lawr
&
Adir
1st
Apr'23
g
be
---- 91
88
.
7%
2 91
18 _9_2_1
1996 J .1 9
2c16sA B C
92%
1931 M N 10018 Sale 9934
10014
98 10078
20 gold 65
971 June'23 ---- 9538 9814
I996[A 0
N Y Connect let gu 41,48 A 1953 F A 86% 87
86 June'23 ---- 8418 887s St L & Cairo guar
g 4/5
90
1 87
1931 J J
90
N TA Erie let ext g48
1947 MN 80 ____ 87 July'22
_
hr
12
St
NI
L
&
945
8
8
9912
gen con g 5s
94
9%
4,
1_2 9
4 89
19311 A (3 _975_1_
95%
ilra ext gold 4 .1 48
9812 95 May'23 ---- 95
1923M 8 93
9912
Gen con stamp gu g 55
---- ____ ___ 1931IA 0
4th ext gold he
1930 A 0
94 May'23 ---- 94
94
Unified & ref gold 45
1929 J .1 850 Sale 85%
8512 18 8234 8978
5th ext gold 48
1928 J D
043
,Noy.16
RN & G Div let g 4s
7712 31 76
N Y & Green L gu g bs
7712 7612
77
1933 M N
86
1946 M N 71
8612 Nov'22
8 L hf Bridge Ter gu g oe
9714 9614 June'23 ---- 96
1930 A 0 96
N Tit Harlem g 3;46
99
2000 MN 7434 75
73% Mar'23
St LA San Fran (reorg Co)45 1950 J .1 6758 Sale I 6612
N Y Lack & Western be
674 189 65
7078
1923 17 A 9934 100
9934 June'23'- - - - 9934 100
Prior lien Ser B 5s
N Y L E dr W 1st 7ii est
82
1950 J J 80% Sale 8034
32 SO
8573
1930 M 5
_
103 June'23
103 1031
.
53.4e
8912 9158 90
1942 J
91%
Dock & Imp be
1943 J J 09
9812 June'23 -- 94
98%
Prior lien Set C 6s
511M J
A,
66
8
,ii ....ie
e 3
1i2
(831,58148
13 A pall,: N3 g7
ee 12
N Y & Jersey let 5a
734 1%3
0,
1
1932 F A 9534 -9534 June'23 - - -- 9434 98,2
Cum adjust Scr A 65
N Y & Long Br gen g 48
301 7113 80
1941 M S 86,2 9614 91 july'22
Income Series A 64
432 58
8878
5_1
121? ,;Dct
N TN II & Hartford—
St Louis & San Fran gen 69_
,j 104
Non-cony deben 45
10212 103%
l9471M S -- 4614 48
4734 49
General gold 59
964 ____ 97% June'23
1931 J
Non-cony deben 314s
9535 9934
44
47
1947 M SI
44
Ap4
r623 -2
-0
- 4312 48
Bt L & 8 F RR cons g 4s_ 19,6 r
.2
1'2
Non-cony deben 3346
8212 8212
1954 A 0 4312 Sale 3634
43,2 19 3634 47
Southw Div 1st g 55
1947 A 0 82'1 ---- 9
Non-cony deben 46
91
June'23
91
46
45 June'23
1965 J J 44
5113 St L Peo& NW let gu 56
42
101 ____ 101 June'23
1948 .1
Non-cony deben 45
7312
0
9
69
914 10
45
4438
45
1 42
1956 M N 44
51
St Louis Sou let gu g 45
1931 m s 8614 __ _ 88,2 Oct'22 ---Cony debenture 3146
4.
4113
Sale
30 39
42
4612 St L S W let g 4/3 bond Ws__ _1989 NI Pi 7478 75% 75
10501.1 J
5 •i,7 .ii
Cony debenture 88
,4
7512
232 6158 7314
1948J J 6312 Sale 6214
65
g
45
20
income bond ctfa_p19811 J J --- - 7034 70
7018 11 -.J-4 -.-544% debentures
397 35
35
1957 M N
37
13 35
4234
Gomel gold 4s
Sale
Ya European Loan
55
767i8 ,
1 7312 7834
106 64
69
1925 A 0 65 Sale 6412
8134
let terminal dr unifying 55 193
75
78 2 A
J PO12
.1 D
52 3
7314
Ye France
1925A 0 631 64
6312
6512 308 60
71 12 St Paul dr K C Sh L 1st 4)0_ 1941 F A
2 WI: MI
7514 76
76
Cons fly non-cony 41
76
44
1930IF A
Apr'23 ---- 4014 4612
It
Paul
NI
&
Man
Le
913
4
11
1
9114 93
Sale
9134
Non-cony 413
920
1954 J .1 ---- 477 5012 Dec'22 ---lot consol g 68
10734 Sale 10734
1933 J
Non-cony deben 46
10734
_10_g
73
4
47
1011_
4
2
45 Mar'23
1955 .1 J ____
44
44
Registered
193
33 .1
3 1
3
10612
110
Sept'20
99
---Non-cony deben 4s
1956 J 3
49
48
Dec'22
Reduced to gold 04.8
9558 9614 0612 June'23 ---- 9
N Y dt Northern let g to
1927 A 0 993 ____ 993g
907
993
9902
Registered
1M 3 1 ---------97 Aug'22
N Y 0 & W ref lets 43____121092 M S 630 64
2 64
6312
64,8
7078
Mont ext let gold 4
:5_ -iiij -ii.
1937 J D 8718 9134 90,8
Registered $5,000 only___01992 M S
90% -:i
59 Nov'20
Regtstered
1937 .1 D 8614 ____ 80 Mar'21
General4
Bo
1955 .1 D
53
56
5712
2
Pacific
ext
guar
46
i
-___
i
,z
1
9
1
-i:
N
f
t
97
4
44:
I
t
21_30.
1
81a
8
-_7
794
3
y
1
2
'
2 -gi
,;
.
1
38
97
32
2
1
3
99
83,N Y Prov & Boston 46
s
1942 A 0 65
83 Aug'13
9 A & A Pass let gu g 4s
7114 7534
N Y & Pu let cons gu g de_1998 A 0 8034 8212 82 May'23
8012 8234 Santa Fe Free & Pb 5s
N Y & R B let gold 55
937
99
1927M S
Apr'23
95
San Fran Term! let 4s
010
:
8:
13_4_ .
44:
I950 A 0 1E8
N Y SIM & W let ref Ls
1937J J 5414 55
55
55
5
96
1
6
90
6
Say Fla & W fis
10_7_ 10_7 ...
fa gold 445
4214 45
1937 F A
45 June'23
42
4958
5s
22 ..---ar
0
3
y;
6
2
l
:
et1
0
General gold be
41
4
44
1940 F A
4314
44
42
49
dela V & N E 1st gu g ss
2 85% 8714
11
1 4f
i%
yt1:
3
4 84% 86
Terminal let gold 55
1943 MN 8212 88
84 June'23
84
930
Seaboard Air Line g 4s
58
NYW'cloes& BLit 8er 14t4e__'46 .1 J 3912 Sale 39
-. 5512 May'23 ---- 53
19'0 A 0 53
4114 35 3812 5014
Gold 4s stamped
5514 Sale 55,4
5618 18 52
58
Norfolk Sou let & ref A 58_1961 F A 64 Sale 64
640 19
Adjustment 55
N9
234 Ig„
Norfolk & Sou let gold 55
19
10
7
2
e :13%
A F
3 2 tle
oP
96
3 4
511
1,
1t
1 6
1941 M N 87,2 9034 9034
8'
8
178
2 9
73
112
00%
Refunding 4s
Nonf & West gen gold 6e
1931 M N 106 10812 10812 June'23 ---- 106 10812
let & Cons Os Series A
6634 251 5834 68
6512 Bale 6'
Improvement & extg
10712 109 110 Mar'23 ---- 110 110
1934
Seaboard & Roan lot be
975 June'23 .--- 9334 97%
New River let gold
19
94
23
6 JM
1932 A 0 1063 11112 107 May'23 io 106 103
7
,,
Sher
801st
Sh
&
gu
g
5s
____
3612
3612
....—
N & W Ry let cons g 46
5 3612 3712
3
1943
D
1996 A 0 8604 Sale 8514
894
8514
8 & N Ala cons go g 58
990 May'23 ----I 98 10114
9912 101
Registered
1990 A 0
87 June'23
85
90
Gen cone guar 50-Yr As.
987
987
8
8
1 9612 9978
Div'l let lien & gene 46_1944 J J 85'2 90
6
6
3
E
A
1
9
9
O
A
3
850
850
3238 87
So Pac Co-4s (Cent Par col) X1949 J D 8
91
83
12
g S9
a9
le 50,2
10-25 year cony 046_1938 AI S
8112
110 107 May'23
20-year cony 45
9158 24 IX: Pk
91 18 Sale 90,2
10-year cony 66
p
1029 M S 109 Bale 10812 11158
10
97
714 198
117%
20-year cony 55
10134 221100 10212
ant D 100 1000 10012
Pocah C & C Joint 48_1941 3 D 8514 Sale 8514
6 8458 8912 So Pac of Cal—Go g 55
8514
l011 10114
__ 10114 Apr'23
North Ohio let guar g 5s__1945 A 0 79
12,r N 10112
85
79 May'23
83
83
So Pac Coast let gu 4s g
12%
8614 8814 8814
Nor Pacific prior lien 4e
,
88,4 -.-i,
121,
1997 (I J 8312 Sale 820
8412
8134 87
So Pac RR let ref 48
1)
1441 .1 8514 Sale 8412
20, 1g
Registered
) 2g0 Sg112
,,
1997 Q J 8118 85
83
83
_
11
81
8312
Southern—let cone g 5s
°tonere'lien gold 36
a2047 Q F 6012 Sale 5912
6012 4,1 59
621
1994 2 ; 9514 Sale 2 May'23 nonl 9014 9334
Registered
Registered
02047 Q F 59
590 60
60
60
5813
1!
Develop
69
1 ,,o 6614 6912
& gen 46 Ber A
Ref & impt 66 ser Is
-8
-1-2 ba
-II- 68
1956 A 0 -6
2047 J .1 10734 Sale 10712 10814 103 106 10934
Temporary 6)4s4.,s-,51,_ _ _ 199
97
90 102
I 156
9
_ _ _ 100
18
0,
348 j
223.
,
90
43
Ref & imp 046 SerA
3 10114 Sale 10
56 J
A 0
20 47 .1 .1 8514 8634 8514
8514
s.len3 Div 1st g
14 975912
Sec
2047J J 9534 Sale 9514
8
92
23
14
96
3
19
0
9
0
76
St Louts dly let g 4s
7714
77
,
4
1
58 1)
751
,
81
"047J J 0512 Sale 95
70
9212
990
9534
So Car & Oa let ext 50-6s..,._1929
9814
It Paul-Duluth Div g te 1996 3 0 85 ---- 89
1 97
j 980 Sale 98 4
M N
1961 j
990
Feb'23
89
89
Spokane Internal let
83 NIay'23 ---- _8_2_ _ _8_3_1_2
It Paul & Duluth let 5e
1931 Q F 99 -_-- 9812 Apr'23
9812 9812 Staten Island By 4%8g 58___. 1955 J J
___........
0(1'20
---80
let consol gold 46
1968 J D 7914 _
8414 Jan'23
8414 840 Sunbury & Lew 46
Nor Pao Term Co 180 5 68_1333 J
10938 19
5-78 109 May'23
:
s re,
rin
h0
erlo
o1rt L
S
Tuep
tL
lelt 5t,
14
2 -------- _9
Ma
nZ:2
s g_4_,;;Lei
18
o
s
ji --------9295
_272 _9_0__
)il
Ai
t D
119
193
4,
30
63 j
No of Cal gusr g 5s
1938 A 0 100
100 June'23 ---- 100 102
g4
v14
2 2 .
June'23
june3 -_-_-_-_ 90
99
North Wisconsin let 60
10318 _
1930 J
_ 118 Nov'16
let cons gold 55
05* L Chem let gu 4s g
1944 F A
64
1948 J
70
70 June'23 ---- 86
71
Gen refund s f g 49
80
79
80
8012
7 77
Ohio Conn By 4s
8834 ____ 8614 Apr'23 ---- 860
82
1943 NI
86% Tex & N 0 con gold 5e
Ohio River RR lot g be
1936 J D 91 ___. 9658 Mar'23 ---- 9512 98,8 Texas
& Okla lot gu g 58.-19
General gold Ss
lOI S
i -8
5343
3 jil
-92994
4 ------ -- 13)4354 N11:1aecYli :::: 90 "4
1937 A 0 947 ____ 9512 Feb'23 --2, 951k 9512
Texas & Pa St gold 58
Ore & Cal let guar g be
20003 D 9
5,
3
1
980 Sale 9834
1927 3
6
91% mg}9t3 ___ -i6li
9912 24 98% 100
20 gold income 55
Ore RR dr Nav con g 48
5
- 4012 54
g2000 Me! 89,4 __u_ _
19463 I) 8614 90
88 June'23
8434 88
La Div B L let g 58
8934 June'23 ---- 8858 92
Ore Short Line— let cons g 58_1946 J J 10134 10312 10134
1
99 104%
102,2
Ohio
Tol
&
Cent
0714
0812
07i2
May'23 ---- 9634 9834
let gu 5e_ _19
Guar con bs
935
1i
1946 3 J 10312 10334 10318
J ij
3 99% 105
10334
WeQtern Div hit it 55
9312 Apr'23 ---- 9214 96
Guar ',fnod 4s
1935 A 0 92,8
1929 3 D 911 92
9134
92,8 30 9058 9278
General gold Is
8914 Sale 8914
Oregon-Wash 1st & ref 4s
8914
3 8758 9134
1961 J J 7912 Sale 7812
74 7512 82
7912
Tol
Peo
&
West
30
4s
32
Pa Otte Coast Co lets Le1946 J 13 77
30 June'23 ___ 30
32
8 77
7712 7712
7812
7958 Tol St L dr W pr lien g
9112
940
943
Tac RR of Mo let ext g 48-1938 F A 8112 --- 8612
8
D
I
95
.1
.13
I
i
15
9
2
3
1
3546_19
9
9318 95
3 84
8612
863s
50 year gold 45
93'2 ____ 9512 Mar'23
2d extended gold be
1950 A 0 6818 68% 68,8
69,8 29 6818 75
---- 9513 97
TolW V& Ogu 4Sie A
Paducah & Ills lets!454e-19
1931 J J 910 - -- 9514
9514
95
5 950 9514
38
5 j Ij 8814 91
904 May'23
9012 91
Series B 04e
Pate-Lyons-Med RR (Se
1958 F A 7534 Sale 7434
416 6814 7812
77
Series C 4s
9
84
13
142 _9_8
Paulista Ity 7s
2 9
86
8715
4 3s.u,
n
.e.
1942 51 S 95
'23
221-- -- -- 9514 96Ig
9634 9612 June'23 ---- 9612 9778
Tor Ham dr Buff lot g 4s. _319
Fenneylvanial RR—c3neg 48_1943 MN 9012 ____ 9012 June'23
S' 7812 82
.1 D
4323 '11°
82 Mar'23 ---- -fgii'W990
88% 93,4
e
olinla
s,
t c4
Gondol gold 4e
o8
94 9512
n5 g 58_ 1928 J D 9418 96
9418 May'23
1948 MN 89
90
901z
8714 9112 '.1,n
901
.
icooe
eni fle 188 0
tntre
dprfa
uD
de stamped
5612
8
70
67
70
May 1 1908 MN
Mar'23 --850
8
85
85%
90
1:
898
33
4,4,128 9
2
8
8093
;
,1
4
2
Conso104e
93
89
91
Sale
91
1960 F A 9534 Sale 95
9614 16 9234 9855
.
.r0end
Rye
s 8_
,gl
arte
General 43.e
_1119
9
994
2
47
5
2j
1965 1 D 90 Sale 89
JA 0
127 88
90%
927
8
General 55
9538 Sale 95,4
1968 J D 0914 Sale 9914 100,8 110 98 10134
2
19
5t & refunding 41
10-year secured 7s
-l-e 8
1930 A 0 107 Bale 107
-8
-31-2 Sa
90
2,4 jtine.23 --- - 9812 92
1087s 95 10618 11034
10-year perm secured 65_0
15-year secured 8 Ks
10412 29 100 10534
1938 F A 108 Sale 10714
104 10438 104
199
928 J
M
_2
108% 88 10638 1111s
El N 3 RR & Can gen 46
Panneylvania Co—
912 9
9,7
3184
4M
,
13
3 .5 0
:
990,2 _9_2__ 9
1 335,unne'2233 ____-___ I 90
192
940
.tab
&
Nor
gold
5e
Guar 33.4e coil trust tee A_I937 M 3 84
8412 Nov'22
ilnei
tsll
extendedg
34
Guar 33.4e coil trust Her B_1941 F A 8278
83 June'23
8134 -§3.18
cone 4413 Ber A____Nr5 ?f f
.,417:2q -_-_---- 1 _9_1__ _9_1_
Guar 334s trust ctfs C
1942 J D 81
2 -_::.- %it A
8358 83% May'23
j
o SZ314
80
8318
Consol 4s Series B
87
85 May'23 __-- 85
Guar 3545 trust cue D
1944 J D 76,4 821 8134
1957 Si N
6 8104 8134
8134
'era Crus & P let go] 4tie___1934 J J -------- 36 June'23 ____ I 34
3712
Goat 15-25-year gold 45_1931 A 0 8918 901 9018
2 9018 93
9018
July coupon on
Apr'23 ____ , 34
____ 38
45
40-year guar 4ectfe Ser E 1952 M N 81
851 8412 June'21
8412 87
July coupon off
3812 .
-iE• No price FridaY1lat est bid and asked this week. °Due Jan, 5 Due Feb. g Due
June. 15 Due July. k Due Aug. o Due Oct. p Due Nov. g Due Dec. *Option sale.
FPr
rttla
i"v
June 22
2971_612:
_41
1?),
g3,
--.._
2868
BONDS
H.Y.STOCK EXCHANGE
Week ending June 22
New York Bond Record-Continued-Page 4
Price
Friday
June 22
Range
Since
Jan. 1
Wean,
Range or
Last Sale
Aek'Low
High No, Low High
Bid
9814 9814
98 Mar'23
1926 MB 96
Verdi V I & W let g 5s
983 987 9812 May'23
9812 9834
1926M
Virginia Mid Sex E 53
93 9722
June'23
974
_-_9412
MN
1936
General 58
93 9314
92 92% 93 Mar'23
2003 J
Va & So'w'n lat gu be__
11 75/
80
4 81
1
775
1958 A 0 7712 79
1st cons 50-year 55
9512 42 9012 98
Virginian 1st 55 Series A. _1962 M N 95 Sale 9414
1 9414 99
9612
96
1939 M N 95 96
Wabash let gold .5e
4 83 924
4
/
861
1939F A 847 8532 8472
24 gold 52
67 71
J 6734 72 71 June'23
1964
let lien 50-yr g term 48
94 9612
J 9012 ____ 94 Mar'23
1941
Det & CI) Ext let g 5a
733
Jan'28
79
67
7314 7345
.7
Dee Moines 14v let g 4&.1939.1
63 6614
1941 A 0 6112 6714 63 May'23
4s
1
Om Div 1st g 3/
Apr'23
4
4
72
4 72%
1
72/
75
714
S
M
4e
1941
g
Div
CO
Tol &
4s
1
2000 F A 707 -_- 7412 Nov'22
Warren let ref gu g 8/
75"fisi
1948 Q M 7412 79 79 June'23
Waal) Cent lit gold 48
2 97/4 9514
98%
- 985
1924 F A 98%
W 0 de W let ay gu 45
- 79 June'23
7682 7912
1946 F A 7714
40
1
Wash Term 1st gu 3/
8512 8512
A 7412 798 8512 June'23
'
1945
let ID-year guar 45
8314 89
W Min WAN W let gu 15,5_ _1930 FA 7642 83 8712 Mar'23
61115 68 60 8634
1952 * 0 6032 Sale 6012
West .;aryla d let g 4s
June'23
4
952
4
1
/
98
9612
9512 100
3
'
1937
Weet N Y & Pa 1st g La
6 75 8312
7512
77 7512
__1943 A0 75
Gen gold 42
30 7812 86
80
Western Pao 1st Sec A 58......_ 1048 MS 794 Sale 794
9134 95
1946 MS 8512 9214 94 May'23 _
B 6s
2 77 83%
1s 80
80
2361 J J 7714 807
West Shore let 48 guar
8
4
773
772
4
772
77
4
76 82
2361
Registered
4 99 9712 May'23
1
97 99
1926 A0 98/
Wheeling & L E let g 52
9832 99
Wheeling Div let gold 58....1928 3' 9112 ____ 99 Feb'23
95% 95%
1930 FA 9044 9735 95 Jan'22
Erten & Inapt gold 58
4812 5012 48
4 29 48 62'
1
50/
41 Series A_1988 M
/
Refunding 41
4
61
61
61
Sale
67 6612
M
1949
. RR let coneol 48
5285
1 60 60
525
55
1942 J D 53
Wilk & Eaat let gu g 58
101
Jan'28
101 101
1938 J D 983
Will & S F let gold Si
76 8112
Winston-Salem S B let 48__ _1980 J J 7914 83 80 June'23
757
8 74 82
4
1
75/
Wie Cent 50-yr let gen 48___ _1949 I' 7614 76
7612 10 73 8045
4 7714 76,2
1
Sup & Dul div de term let 45'36 MN 76/
1943 .1 .1 5434 --__ 65 May'22
411
1
W & Con Eaat 1st 4/
INDUSTRIALS
8012 13 80 80/
4
1
Adams Express eoll tr g 45_._1948 Al 13 80 8014 80
95Is 1' 9412 9912
1936 J 0 9412 Sale 941z
Max Rubber Se
_
5
7
June'23
5
8
5
8
M
A...-11125
Os
deb
M
Gold
Alaska
1 5
5
612 5
614
5
1928 al 13
Cony deb 62 series B
94% 73 94 97%
1933 A 0 9412 Sale 94
Amer Chain 6s
96 10012
14
9614
4
963
9612
9612
0
A
1928
Am Agrio Chem 181 68
100 9624 104/
100
4
1
1941 F A 99% Sale 99
42 g
1
lirt rent f 7/
12 59 8012
63 6444 6212
64
Am Cot 011 debenture 58-__ _1931 M N 1
05%
,
Dec'22
2
14
1
6
06
8
8
9
-4
I
1936J
Am Dock & Impt gu 6a
4
89
89
89 90s
1937 A 0
Amer Republics 65
160 84ls 9234
91
Am.Stu & R let 30-yr 5e eer A 1947 A 0 904 Sale 89
10112 142 99% 102
4 Sale 100
1
1947A 0 100/
63 B
10014 10178 10232 97 0012 104
American Sugar Refining 60._1937 J .7 100
92
87 9075 92/
4
1
tni Telep & Teleg coil tr 42_1929 J J 9112 Sale 9112
9 86 90
8712
1936 RI 13 8712 Sale 87
Convertible 4.
100
27
10212
10212
---10072
103
13
al
1933
4e
/
41
cony
20-year
9612 Sale 96%
9712 167 95 101
50-year temp coil tr 5s..1046.7 D 11412
Bale 11312 11552 59 11312 11712
1925 F A
7-year convertible 68
12 82 8812
84%
8512
Sale
4
843
0
A
1934
52
Am Wat Wke & Elec
57 6712 8612
71
1939.3 .1 68 Sale 6712
Am Writ Papers 17-65
9714 852 96 98%
1953 F A 9634 Sale 96
Anaconda Copper 68
1938 F A 1004 Sale 9914 10114 399 9914 10434
72
4 83
1
844 66 83 90
Armour & Co 1st real est 434a 1939 I) 83 83/
3 29 4012
341
3412 40 3412
deb
A1934.7D
cony
75
Atlantic Fruit
3 29 3912
3514
Trait certificates of deposit__ __ 35 3572 35
5 31
44
---- 3112 3234
331s
stamped
do
957
98
Nov'22
1947 1 D
Atlanta Gas Light 58
9812 24 WI;993
9712 Sale 9612
1937.7 J
Atlantic Refg deb 55
14 100 103
Sale 10012 101
Baldw Loco Works 1st 5e__ _1940 11.1 N 101
9712 117 9512 103
warns:Ian Corp 27conv 8% A.1931 I .7 967 Sale 9512
9838 171 9514 99%
1948.1 J 9632 Sale 9534
Bell Telephone of Pa 5s
984 47 9724 9912
5926.3 J 984 Sale 977
Beth Steel let ext a 1 58
9612 13 91
4
1
97/
1942 M N 9534 Sale 95 s
1st & ref 58 guar A
28 87 9312
887s
8818
Sale
88%
5ii
f
a
1936
imp
J
&
.1
20-yr pm
68 96 100
99
98
Bale
9812
1948 F A
Os A
9112 104 8912 934
1953 F A 90% Sale 9014
4s
1
6/
70% 70%
Booth Fisheries deb 8 f 68._ 1926 A 0 72 80 7032 Mar'23
9978
9775 10014
Braden Cop M coil tr if 68_1931 F A 99 9938 99
52
9314
94
Sale
9314
4
1
98/
91%
0
A
.....1942
5
4
1
Brier 11111 Steel 1st 5/
6232 18 82 69
Hway & 7th Av 1st c g U-1943 J D 62 Sale 62
84% 88
1941 ./ 1 83 8412 847 June'23
Brooklyn City RR 55
23 94% 99
98
Bklyn Edison Inc gen 58 A 1949 1 J 964 Sale 958 102
3 10012 104/
4
1
1930) .1 10212 Sale 102
General 6s series B
1054
7 105 10814
10512
106
10614
J
I
1930
C
General 78series
19403 D 10738 Sale 10738 1087s 17 106 109
General 7e aeries D
Mar'23
as 66
akin Qu Co & Sub con gtd 52.1941 MN 8012 ____ 68
7912 Nov'22
1941J J
let 5/1
74 7512 May'23
65 79
Brooklyn Rapid Tran g 55_1945 A 0 71
7 54 79
71 Sale 71
71
Trust certificates
1 54 68
6212
let refund cony gold 43.-.2002 J J 8912 6214 6212
9214 26 87 96
9012 92 8912
I-yr 7% secured notee____51921 J J 9014
4
1
4 95/
1
95/
10
92
893
4
9212
Certificates of deposit
---- 8812 8812 June'23
82 9512
Cents of deposit stamped
8
81
83
85
8014
8112
8014
FA
1950
Sklyn Un El 1st g 4-68
4 81
8414
4 81
/
821
8212
1950 FA 81
Stamped guar 4-65
14 9312 100
95
95
Bklyn Lin Gas let cons g 62.._1945 MN 95 Sale
28
1097
10712
0712
8
2
N
1097
10712
2
1167
1932
72
1 102 10512
let lien & ref 6 Seriee A_1947 MN 103 Sale 0212 103
7
10614
10838
10912
10935
4
3
107
MN
117
1929
75
79 Aug'21
1932 J D 91
Buff & Sum Iron a f 60
8234 May'23
go 87
1952 *0
Bush Terrain/4 let 48
4
1
85/
8 82% 3915
84
Bale
84
J
▪
1965
Consol5e
9012 27 85 93/
4
1
Building 5e guar tax ex_. 1960 * 0 99 8914 8812
8 94/
9534
4 9814
1
1937 MN 9534 Bale 9534
Cal0& E Corp 68
50 94 99
9712
9712
99
Camaguey Bug lat a f g 7s__-_1942 * 0 9312 Sale
9412 10 9212 9712
9414 9312
Canada 513 Lines len eon a f 75 1942 MN
10112 23 100 10312
1942 P A 9934 10112 101
Canada Gen Elec Co 62
5 97 100
9918
Cent Diet Tel let 30-year Si,. _1943 Jo ____ 99 9913
10 87 99%
90
Cent Foundry let s f(is
1931 A0 90 Sale 8812
71
98
987k
Sale
4
1
/
9838
9812 10012
Cent Leather 20-year g 521925 * 0
129 231 118 160
12814 Sale 518
Cerro de Pasco Cop 8s
1931
1 94 9834
94 9612 94
9534
Ch G L & Coke let gu g 54-1937
71
2 1805s
7614 83%
Chicago Rye let 52
1927 FA 80 Sale 793
997 June'23
4 10012
/
991
Mileage Tel 52
1923 JD 99%
4
1
10032 -237 98 103/
Chile Copper 88 ser A
1932 A0 9932 gife- 99
22 964 9934
99
untein Gas et Else let& ref 651956 * 0 98 99 9734
42
4
1
/
95
9812
9738
Sale
9712
4
1
/
98
45 /kr B due Jan 1
/
51
1961 * 0
8512 8912
Celo F & I Co gen 2 f 52
1943 FA 8712 8812 8712 June 23
7738
7612 7912
Col Indus let & coll 53
1934 P A 76 Sale 7512
9714 20 96 9712
Columbia CI & E 181 55
1927 JJ 9612 987 9612
28 9512 97
97
9612 Sale 9612
Stamped
1927
14 20
Col & 910 Av 1st gu g 58_1993 MS ____ 1712 15 June'23
9245 June'23
92 93
9212
Columbus Gas let gold 5e
1932
9 70
7512
70
7012
72
Conlmercdal Cable ist g 43_ _2397 Q J 70
ao 84 80/
4
1
4 Sale 8572
/
87
Commonwealth Power 82
1947 MN 861
42
/
.1 100 10014 100
10012 16 9312 10112
1937
Comp A20 Barr; 71
7
8
10
9912
9714
96
98
95
97
f
a
65
.1
ab-Bee
1941
Computing-T
1 7612 8742
7618
Conn Ey & L let & ref g 43451951 JJ 7612 ____ 7612
2 7612 8314
7612 7712 7612
7712
48
1
1951
Stamped guar 4/
38
Sale
87
8614
JO
87
8412 90
Cons Coal of Md let & ref 68-1950
go% 9524
4 9512 9534 June'23 _
/
911
Con0Co of Ch lst pi g 68-1938
884 87 84% 9212
1952 MN 877e Sale 874
Consumers Power
1931 MN 9914 100 9812 May'23 - _ 0812 99%
Corn Prod Refg a f g Bs
2 98 101
9812
1924 MN 98 9934 98
1st 25-yeer 2 f 58
17 90 95
90
1943 P A 90 Sale 90
Crown Cork & Beal 6.
8814 Bale 8738
8838 39 8632 94
Cuba Cane Sugar cony 75-1930
9214 Sale 9214
9338 41 9014 9814
Cony deben stamped 8% 1930 MS 10512 106 106
4 106 1084
107
Cuban Am Sugar 1st coll 88._1931
92 92
2 91
9112
9414
92
_1937
_
58.._
gen
Cumb T & T 1st &
34
BONDS.
N. Y.STOCK EXCHANGE
Week ending June 22
Pried
Priebe
June 22
Week'.
Rang. or
Las1 Bali
Range
&sloe
Jan. 1
High N • Low High
AA Low
BIB
_ _ 9712 June'20
1933 A 0
Denver Cons Tramy 52
2 84%
85%
_
-8134 90
,
MN
51 isI
'42
19
Dent Gaa & E L 1st & ref al g 58
Sale
99
75
Dery Corp D
4 10038
8
545
9
8
39
9
99
9
71
8
79
9
Sale
77'2
99
1
.
0
It
AI
J
ooll
1
19
1st
52.194
Detroit Edleon
1st & ref 58 ser A
8 10
29
3
0414
312 19
94"
92
e 117
88
[We
1023e
1 104
88
11940i M
lAL ref 62 series B
18 82 85
85
4a__1932 J .1 84% 848* 84
1
Del United let cone g 4/
10625 46 10535 10812
40_1936 MN 106 Sale 106
1
Diamond Match 5 f deb 7/
Distill Sec Cor cony let g 58-1927 A 0
83
y 12112
804 mai
8
890
6: 4
9
50478 5
9
8383
_4_87_
9
880
784 6
4
90
Trust certificates of deposit____
851,
942
11943
.1
3
Dominion Iron & Steel 5a
93
84
8
8714
Sale
8612
8612
Donner Steel 7e
1936 J D
42
/
El du Pont Powder 41
du Pont de Nemoure & Co 7348'31 MN 10712 Sale 10712 10744 128 10838 1094
103 sale 10234 103/
4 53 101 10412
1
1949
J
0J
Duquesne Lt lit & eon 68.....1
10738 10734 1067s 107
2 10814 108,2
93
Debenture 754a
2.
13
2
1
,
0
7
1
ms
%
0
8
9
,
100
Sale
.8
2_8_7
96
4 18
114
13
hi
$
73421937
g
f
East Cuba Bug 16-yr s
J
Ed Ni III Bkn let con g 42._ 193._
19953 J 97 102 100 Apr'23 ---- 100 103
Ed Elea III let cone g 58
4 May'23 -2,, 97
1
Ms
1925 J D 97 98 97/
Sik Horn Coal cony 65
4
1
4 244
1
92/
5Cmpire Gas & Fuel 7541--- -1937 N N 9024 Bale 90/
93 94% 9312 June'23
1932 II
Eq G Light 55
Sale
4
4
0
5
7
10538
10
6
.
0
1
mm
4
13
2
3
0
7
74
10
s 18
a
8:
6
7
70
0
9
a
1941 54 5
Flak Rubber lit if 88
et Smith Lt & Tr let g 58_ _1938 M S
9138 19
8934 Bale 8934
4 '42.3
1
Framed° Ind & Dev 20-yr 7/
100
13
1
1
Sale
991
31'4 10
99
98
384
1942 MN
41;
1
Francisco Sugar 7/
91
Gas& El of Berg Co cons g 58 .1949 J D 10
3:: ,794unar1800.223132
9
70
9
8 10
11:2
70
738 il1
9797989693:4114:211100,00831311142
General Baking let 25-yr 80_1936 J D 70
42
1
1942 F A 1
Gen Electric deb g 3/
4 100/
4 10044
1
1962 M S 0038 1003
Debenture fa
9822
3
9612 9722 9714
GenRefr let s f g 13a flier A_1952 F A 10012
Sale 10014 1001
52 998410154
4e
/
Goodrich Co 61
116
Bale
116
117
104
11414 11722
184 M N
j 09
Goodyear Tire & Rub 131 e 85'413
2114 1032
0,2
,
,04 139
244 Sale 1
1 99
4 106
9434
924
21931 F A 10
10-year f deb g 8.
Cone
'28
A
88
MBAP con
Granby
M N 8812 if_ 92
92
11 92 92
1928 MN
Stamped
96
9612 18 96 Igo
1925 M N _9512 95 90
Cony deben 85
90
10 90 101
A
r N
m
32 I
940
Gray & Davie 78
19
9884
:Neat Falls Power let e f
Broe IT4 May'23 -2
- 8
80
1111
)12
4a
Hackensack Water
92/
4
1
1 87 94
924 Sale 9218
F A
23
52
98
I 84%
consol g 5e__ 18
Havana
85
sale 8414
4 811
4 85%
/
Havana E By LAP gen 58 A"54 M
1942 M N
Hershey Choc 1st et g 68
2
4
72
9
8
8
7
8
6
8
e
St
5
6
3
1
8
8
8
77k 19
2
66
9
8
8
44
92
8
Holland-Amer Line 68 (fiat)_1947 MN
4
94
1949 M N 9314 95 9312
/Judson Co Gaa 1st g 5s
48 ,.1932J .1 95
1
Humble Oil& Relining 5/
7% Sa
71
8:
85
95
8
Ballee 9
32 90467 95
77s
11 9
7:
5%
39
Illinois Bell Telephone Sew 1_1956 D
38
45
1
1940 A 0 71914 fillnoloSteei deb 4/
8111-8- 80
112 June'23-5
-'2
- 4
99
8
2
0
96
80
10
i
1936 M N 8
Ind Nat CI & 0 58
e_ 99
10012 26
ife
lial
11.4 g
7
10
1952 M N .
Indiana Steel let 52
96 Nov'22
Ingersoll Rand 1st gold 52_1935 J
10
10
4
3
9
"Ws 76Interboro Metrop coil 4348_1956 A 0
5 Apr'23-919
Certificates of deposit
114
114 208
Ii lie
Guar Tr Co Ws 16% Stamped..... 63'8Je 63
4 111 63 221e
1
65/
11)1:arbor° Rap Tran let 52-1906
4 94 6212 121s
1
65/
631s Bale 6212
Stamped
4
1
(10 78/
1932 A 0
10-year 65
88 9414
78
65 8112
66,2
S 61
N
IVI'
932 M
19
lot Agra) Corp 1st 20-yr 58_1
88
8aSallee
8
1
6863°
2
8114
83
669°63'8111.242 1657169
4
1
: 8114 90/
Inter Mercan Marines f 61.._1941 A 0 71 Sale
IS 8314 8812
1947.3 J
International Paper Si
28 83 8814
1947 J J 19
1st & ref 55 B
3:82 "8
"83
_ alee 9
5:22 Jun4
9381
844117
9
4s 1926 J D
Jeff Clear C & I 55
110 *Vi"
Bile8235
Jurgens Wks 65 (flat price).1947 J J 84
90% Sale 90
9014 3 87 91
Kansas City Pow dr Lt 5a_1952 M
56 93/
4
/
41
9442
9
954
Sale
4 0614
1
1952 al S
Kan 0& El 8e
0312 107
1942P A 18118 rate14 1
Kayser dt Co 79
74 LP 3: 07 10984
1 18
N
M
1931
8a
Tire
Kelly-Springfield
9413 July'2I
Keystone Telep Co 1st Ss__ _1935 J
9614 99
-63-14 98 June'23
1937 A 0
Hinge CoEIL&Pg 5.
109% June'23 ---- 08/
111
109
41134
1
0
A
1997
Purchase money 65
2 048* 10438
4 10438
1
/
104
_
-103
1925 M S
Convertible deb 65
4 June'23
1
7014 70/
70 74
1949 F A 65
Kings County E let g 42
5 70 76
70
64 7012 70
1949 F A ____
guaer 48
e Ind 7
etaim
.s
7514 June'23 76
7514 80/
4
1
J J
Kings County Lighting
9712
3 98 101
95 97 9(1
102
7 9914 10212
102
j 102 Sale 89
J El
936 3
1884
Kinney Co
90
29
Sale
8812 9212
1950 14 S 89
Lackawamia Steelas A
9244 16 92 96
4
1
92% 9314 92/
Lac Gas L of St L ref & ext 62 1934 A 0 90
_ 8838 May'23
8812 9112
4e A __ _1954 J
/
41
Lehigh C Nav
9915
BABY 23 ---- 99 10014
12
1933 .1 J 98 0
Lehigh Valley Coal 5.
83/
4 Oct'21
1
1933 J J 89
42
44
45
Feb`23
4444
1993 al 5 38 11712 11714 118
Lex Av & P F 1st gu g 5e
28 112 118
117
0714 42
Liggett & Myers Tobao 75-....1944 A 0 95 Sale 9412
93 9814
1951 F A 115 Sale 115
Se
7 111/
11512
4 11644
1
1944 A 0
96
Lorillard Co (P) 711
17 93% 9712
95 Bale 9434
56
14 11212 120
113 Sale 11212 113
o
D
l
A
1942
72_1932
g
conv
o
yr
734
91009,17
C0
99
i0
anata
Magm
u
60 9612 102
9812 Sale 11811
5914 Sale 59
4 21 59 6472
1
60/
024
52%
sianhat Ry(NY)eons g 4s1990 A 0 50 61
1 52/
4 88
1
D
2013.3
2d 45
4 10 964 984
1
98/
Sale 97,2
1942 M N 9812
Manila Elm Is
8212-- 8212 June'238134 847.
Manila Eiee Ry & Lt 5 5e1953 M S 92% Bale 92,3
93% 1.
171 91 96%
1924 M
Ilarket St Ry let cons 5s
9772 15 9424 99
9634 9712 97
1924 A 0 12514
5-year 6% notes
Sale 12012 125
30 109 161/
4
1
0
A
'31
warnts
with
185
Marland 011 s
10572 24 102% 1074
10512 Sale 105
without warrant attached__ A 0 114 136 112
112
1 102 169
1931 F A 9912 Sale 9812 100
4s Seri;
/
71
26 9134 10172
do without warrants
99
90 08
7 95 9025
953 D 98
1942
Merchants & Mfrs Est% 78_1
97 Sale 961
9714 17 96 9972
4
/
A
F
-1952
B_
Ser
69
IstAret g
Metr
90% 102 96 9612
9612 96
hletr Power 63
10105 54 10684109',,
108 Sale 108
Mexican Petroleum 5 f 209_ __ _1936 M N 9934 99% 9914
997
10 9938100
Mich State Teleph 1st 58..„1924 F A 87 Sale 8612
871* 50 864 9112
Midvale Steel &0cony f 52 1936 M S 8614 86% 8614
87%
00% 90
1938
deposit
Certificates of
9812 9914 99 June'23
98 0914
1LilwEIecRyALtcOflBg5Il926 F A 88% 90% 8912 May'23
885.2 9112
Refunding& ester) 4348..._1931 J
92
4 81172 921.5
92 Bale 914
D
J
1951
SeA
4 3 82 894
1
84/
4 Sale 84
1
84/
let 5s B
13
94
9412
144
92% 9412
1 7 M N 94
1911jD
Milwaukee Gas L 1st 45
4 32 93 9824
1
97/
4 Bale 9414
1
95/
J
hiontana Power let 52
8914 12 8812 91
89 Sale 8834
Montreal Tram 1st & ref 52._1941 J J 79 Sale 79
60 77 87114
80
1939.7 J 9058
48
/
MorrL5& Co let if 41
93
8
5 jAper.'2143 ...:
ortgage Bond 48
Mm
1 9115 93l
0„
2 ,sepOs.217
-.
933,
E12 19
1. 0 7i
86 *
832
19
9438
--- 59/4 95
1947 MN
Mu Fuel Gas let cu g 58
1941 M N
Mut Un gtd bds est 5%
884 ii
(
4 5
95
914
954
5
4 18
914
gold La.__ _195I J
4 -iti" "es;
Nassau Nice
e7
95 9584
1931 .1 D -6
D
Nat Aucm
9if
:
:
E..: ,
97
912 Jsev
uney'2
3 -.-_-_-. 97 9712
22
D
J
52_1929
let
Stampg
Nat Roam &
Nat Starch 20-year deb 68_1930 J J 9714 gale 97
28 if"1011
100
.
1952 MN
National Tube let as
otos no
New Englana Tel & Tel 88 1952
14
6
6
9
e
_i_
_a
S
7
.
--.8.
50
66
1
1
1
2
7
9
Feb
!law Orl Ry & Lt gen 434s 1935 J J 102 1022I fa'fol
11
102
4 102
.
N Y Air Brake let cony 68-1928 N N
7412 79
1951 F A
N Y Dock 50-yr lat g 48
4
1
10612 112/
4e A_1941 A 0 1F711
/
NY Edison lit & ref 61
:4
S e 1E2
48 a
8
2 S
l
l
2 964 100
10
4
5
1948J D
NYGEL&Pg 54
794 8314
82
4
/
1949 F A 82 Bale 811
Purchase money g 45
J 79% _82 June'23 ---. 76 82
1968
p A
930 i
Y Mtinic Ry let a f 52 A-1
99
951s ifil
96% June'23 _-__ 96
NYQEIL&Platg4e
12 June 23 --f. 3012 384
3,
2 36
214
1:2 34
Y Rya 1st R E ref 42_1942 J J 33
3712
30
u
of deposit
Curytearffica
Certificates
32 Bale 1 31
3
314 8
34
7
30
8
01942 A 0
sell be
334 85 312 7%
312
_
_
Sale
312
......
deposit_
of
Certificates
6235
4 61 69
45-1962 M N 6212 6334 625
/
N Y State Rye let cons 411
4
1
9438 9412 May'23 ---,. 91 97/
1962 M N 90
6125
I 98 es
I
93
93
1
94
93
MN
NY Steam let 25-yr 82 Ser A_1947
gD0e
pril-e-Dtte Mar, I Hie May. g Due June. lt Due July.1 Due Aug. 0 Due Oct.
'No price Friday: latest bid and asked. a Dvie Jan 4 Diti-A-
I
132
09tion-sla:
JUNE 23 1923.]
THE CHRONICLE
New York Bond Record-Concluded-Page 5
BONDS
N.Y.STOCK EXCHANGE
Week ending June 22
t ..;',
Z$
...a.
Pries
Friday
/sue 22
Week's
Ramis or
Last Sail
'o
I
-A
Since
; Jan. 1
I
Bitt
Ask Low
High No. Low High
WY Telep lot & gen of £3.4o_1939 MN
93 Sale 93
9338 92 9058 94
30-year deben a f 60___Feb 1949 F A 10618 Sale 10534
10614 60 10314 10818
20-year refunding gold 68_1941 A 0 1041s Sale 104
105
.56 10214 10712
Niagara Falls Power 101 58...1932 J J
9912 Sale 99
9912 45 9514 101
Ref & gen Be
01932 A 0 10334 Sale 10318
10334
9 10112 105
Niag Lock & 0 Pow let 58..1954 M N
99
9912 99
99
2 , 96
9912
No Amer Edison Os
1952 M B 9218 Sale 92
9234 61 1 92
96
Nor Oblo Tree & Light 6(4_1947 M S 9212 Sale 9214
9312
6! 90
95
Nor States Power 26-yr be A.1941 A 0 8834 Sale 8858
9118 271 8758 93
let & ref 25-year 65 Ser B_ _1941 A 0 100 Sale 100
101
16 , 9838 102
Northwest'n Bell T let 78 A_1941 F A 10712 Sale 10712
61 10714 108
108
NorthW T let fd g 434s gtel-1934 J 3 9038 -- __ 911! May'23 ____,1 9138 9138
Ohio Public) Service 7440
1946 A 0 103 10314 10314
10314
9 101 108
7s
1947 F A 10012 10112 10012
10158
1 100 10514
Ontario Power N F let 513_ ...1943 F A 94 Sale 9414
9434
11 9232 9628
Ontario Transmission 5s_1945 MN
94 Sale 9358
7 93
9358
96
Otte Steel 80
1941 F A 9912 Sale 9833
9912 33. 9712 10112
let 25-yr 8 I g 714s Ser B
1947 F A 9212 Sale 9212
9314 37' 9114 9478
Pacific G & El gen & ref 56_1942 J 2 9012 Sale 8935
91
45' 89
934
Pao Pow & Lt let & ref 20-yr be '30 F A
9134 9212 9134
1' 8978 94
9134
Pacific Tel & Tel lot 58
1937 J 3 96 Sale 951.
90
281 9514 9912
58
9024 Sale 8912
1952 MN
91
83 88
9212
Pan-Amer P & T lot 10-yr 78_1930 F A 103 Sale 103
104
47 102 10553
Pat & Passaic0& Elcons g be 1949 M 5 93 -_-_ 94
Jan'23 ____ 94
94
Peep Gas & C lot cons g 68..1943 A 0 10518 10772 105 June'23 ___- 105 108
Refunding gold 58
8911
1947 M S 8912 92
94
8934 12 87
Philadelphia Coils A
1944 F A 10012 Sale 100
10024 781 985e 10112
Pierce-Arrow 8s
1943 M 5 7312 Sale 71
7618 671 71
8234
Pierce 011 s i 8s
1931 J D 8712 Sale 8712
9314 21 , 8712 98
Pleasant Val Coal let g of 58_1928 J J 90 ---- 90 June'23 __ .... i 89
90
Pocab Con Colliers let s I 5/2_1967 .1 j 91 Sale 91
91
2 90
9455
Portland Gen Else let 5s.„.1935 J
9218 --- - 9334 Apr'23 -__- , 9312 9512
Portland Ry let & ref 5e... 1930 MN
8658 88
865s
8655
71 8414 88
Portland Ry Lt & P lot ref be 1942 F A
8212 8334 8212
8258 23 82
8678
88 B
94 Sale 94
1947 M N
0518 20 94
9613
let & refund TA's Ser A__ _1946 M N 104 106 105
105
1 10378 10714
102
Porto Rican Am Tob 80
Sale 10178
1931 M N
102
11 10178 10512
Prod & Ref of 88(with warnte)'31 J D 122 13212 126 June'23 ---_ 123 13313
without warrants attached__ 1 D 10512 106 106
10612
5 106 10813
Pub Serv Corp of NJ gen 58.1969 A 0 8438 Sale 8312
8412 31 8118 86
Punta Alegre Sugar 7e
1937 J J 111 Sale 108
111
278 104 124
Rapid Tran Sec 62
7034 Sale 6934
1968 _
72
812 6934 7438
Remington Arms Os
1937 M N 9212 9312 9278
94
27 9078 96
Repub I & 8 10-30-yr 58 s 1_1940 A 0 93 Sale 93
3 89
9312
9614
1983
j
j
514e
89 Sale 89
9455
00
89
55
Robbins & Myers s f 78
1952 J D 9612 97
9612 June'23 - - ! 9612 99
Roth & Pitts Coal & Iron so..1946 M N
91 -__- 91
Jan'23 --__ ' 91
91
Rogers-Brown Iron Co 7s.......1942 M N
8712 Sale 8712
8724
6 8712 93
St Joe Ry. L,H & P be
1937 M N
78 ---- 78
78
1 ' 77
7814
St Joseph Stk Yds let g 4%8_1930 J J 8514 ---- 8578 Deo'29 ____ i____ __ __
St L Rock Mt & P be stmpd_1955 J J 8018 83
8112
8112
2 8058 8413
Hi Louis Transit 15s
1924 A 0 --------60 June 23 --__ 60
62
Saks Co 70
1942 M 8 10058 Sale 100
10034
8 100 10224
St Paul City Cable be
9318 92 June'23 _ -- 92
1937 J J 02
9334
Ban Antonio Pub Set 68
1952 J J 90 Sale 90
6 90
93
9434
Sharon Steel Hoop lot Esser A1941 M Li 9812 9914 9812
36 97 104
99
Sheffield Farms 63
-is
1942'A 0 10014 10138 100
10138 11 9978 103
Sierra & San Fran Power 55 11149 F A 8612 Sale 8512
17 8212 8712
00
Sinclair Cons 01115-year 7s1937 M S 9634 Sale 9612
9812. 386 9612 10112
Mnclair Crude 011 540
1925 A 0 9714 Sale 0712
98
118 9712 10024
Be
9922
Feb 1926 13 A 9712 Sale 97
126 97
98
Sinclair Pipe Line be
1942 A 0 85 Sale 84
8524 107 83 8912
Mouth Porto Rico Sugar 7e
1941 ..1 D 9814 100 100
1001! 12 9812 10212
South Yuba Water 65
1923 J 1 93 --- _ 112 July'04 _ -- _
-- - _
South Bell Tel & T let 8 f 50_1941 J J 94 Sale 93,2
9438 28 90a4 97
Southern Colo Power es
1947 J J 9312 94
8912
92
7 89
89
Stand Cue & El cony a I 68....1926 J D 9858 Sale 9812
9878
4 9678 997a
Standard Milling lot be
9914
9618 13 98
9612 96
00
1930 MN
Standard 011 of Cal 78
61931 F A 10413 Sale 10418
10414 188 104 107
Steel & Tube gen s f 7e ear C.1951 J J 10112 Sale 101
10158 22 100 10712
Sugar Estates (Orlenti) 75-1942 M 5 9712 Sale 9712
99
42 96 9924
Syracuse Lighting let g 5s.„1951 J D 90
9212 9112 Jan'23 __-. 9112 9113
Light & Power Co col tr of 59'54 J .; 8352 --__ 85
85
1 8412 86
Tenn Coal I & RR gen 50._ _1951 J J 9818 9934 9914 June'23 __-- 9812 101
Tennessee Cop let cony M...1926 M N 10014 Sale 10014
10014
1 100 10112
Tennessee Elea Power 6s___1047 J D 9418 Sale 9418
9434 51 92
95
Third Ave let ref 40
1960 J .1 5414 58
56
6512
17 521, 62
Atli income5s
01900 A 0 5118 Sale 49
5358 158 49
623
2
Third Ave Ry 1s1 g bs
9514
2 92
92
92
94
1937 J J 92
Tide Water 011 644s
10234 13 102 105
1931 F A 10212 Sale 10212
Tobacco Products s f 7s
1931 J V 10412 Sale 10412 105
20 10235 103
Toledo Edison 721
1941 m $ 10012 Sale 10614
10612 37 10518 10758
Tol Tree, LA P Ss
9812 14 9712 9912
1925 F A 9815 9858 0818
Trenton 0& Ni let g 55
1949 M g 92 --__ 05
Jan'23 ...-- 95
95
Unaergr of London 4348
1933 J J 85 -___ 9258 May'23 __-- 9075 9314
Income fis
1948 J ./ 8514
8658 May'23 _ -- 8658 8814
Union ling & Paper Os
1942 ell N 9614 9711 9634
97
10
99
Union Eleo Lt & P 1St g 58.. 1932 M 5 9512 -- __ 9534 June'23 __-. 96
95
9724
5s
1933 M N
9132 93
9138
9184
1 8814 92
Union Elev (Chic) Eis
7312 70 June'23 _- 713
1945 A 0 70
70
Union 011 M
1931 .1 J 94
9512 9512 June'23 -- 90
96
60
1942 F A 10012 Sale 10012
101
11 9978 10252
Union Tank Car eoulp 7s
11)30 F A 104 Sale 10354
104
18 10214 104
United Drug cony 8e
1941 J D 11112 Sale 11112 11314
19 110 11334
United Fuel Gan let e f 00_1936 1 J 947s Sale 9412
95
13 9414 98
United fly.Inv be Pitt hem, 1926 M N
9214 Sale 9134
9212 M 8714 9712
United Rye St L iota tie_ _ 1934 J J 6112 Sale 6112
611.2
3 Ms 6313
United EIS Co Int rcts (38
1937 I'd N 6024 9012 90
01
4 8612 93
United Stores Os
1942 A 0 9912 Sale 9914
9958 15 9818 10114
1:1 S Hoffman Mach 8e
1932 J J 10258 103 10234
10234
8 10018 10312
US Realty & I cony deb g 58_1924 J J 9978 10014 9978
1 99 10012
9978
US Rubber lst & ref 5sser A.1947 .1 J
8634 Sale 8614
109 85 8911
87
10-year 744s
1930 F A 10612 Sale 10612 107
18 10512 10912
17 S Smelt Ref AM eon,1114._1926 F A 1001! Sale 10038
10012 40 100 102
U 13 Steel Corplthule
41963 MN 102 Sale 101
10212 162 10024 104
of 10-60-yr 5111reg
41903 MN --------10184 May'23 __-- 100 10412
Utah Light & Traction 58.....1944 A 0 8138 8332 8112
8812 10 8112 9124
Utah Power & Lt let 50
8814 8914 8814
1944 F A
16 8618 92
8914
Utica Elec L & Pow 1st s f 59_1950 3 .1 954 --- - 9518 June'23 .... 95
9514
Utica Gas & Elea ref Se
9134 8958
1957 J s 89
8958
3 89
9214
Victor Fuel Co let s 1 be
70
1953 .1 J 65
56 Nov'22 ---- -- - - __ _ _
Va-Caro Chem let 15-yr 58_1923 J D 100 Bale 100
100
13 9934 10014
98
7s
79 Sale 79
1947 J D
84 70
82
12-year 13 f 744s
87
1937 J J 6434 Sale 64
79 64
9412
without warrants attached__ J J 60 6378 60
4 60
60
9012
Vs Iron Coal & Coke let g 56_1949 he 6 92
9512 9238
951J
1 92
9238
Va Ity Pow bet & ref 5s
1934 J 1 81
85 84
1 84
84
87
Yertientee Sugar 7e
Sale
9612
1942 J 1:1 8612
9712 21 96
99
Warner Sugar 76
1941 J D 102 Sale 10178
10212 23 10175 106
Wash Wat Power s f be
1939 .1 J 99 100
psik May'23 ---- 9818 9918
Westehes Ltg g Ea strop(' gtd_1950 J D 96
97
95 June'23 _.-- 94
9714
West Penn Power Ser A 5s
1946 M 23 88 Sale 88
92
18 88
95
lst 40-year 65 Series C__.1958 J 13 101 10214 10178
5 100 10212
10178
let series D 7s
c1946 F A 10312 Sale 10312
21 10218 10712
105
5.5 1
88
884 48 88
8834
Western Union coil tr cur ba__1938 J J
9712 Sale 9712
9912
2 96
9712
Fund & real estate g 43-0_1950 MN
9012 91
9211
9012
9114 10 89
15-year 644ii e
1936 F A 10958 Sale 10918
46 106 1 11711
110
Westinghouse E & M 78
1931 M N 10714 Sale 10714
10734 61 10512 10811
Wickwire Soon Steel let 7e 1938 J J 92
9372
9312 93
9 9235 98
Wilson & Co let 25-yr.
8 16e..1941 A 0 9634 Sale 9612
9712 57 96 102
10-year cony s f Os
1928 J D 87 Sale 8658
32 8658 98
88
Temporary 744s
99
1931 F A
9312 Sale 93
88 03 105
WInobester Arnie 7340
1941 A 0 105 Sale 103
10514 37 10012 106
• No price Friday; latest bid and asked. a Due Jan d Due Apr. c Due Mar. e Due
May. g Due June. 31 Due July. k Due Aug. 0 Due Oct. p Due Dec. a Option sale,
2869
Quotations for Sundry Securities
All bond prices .re "and Interest" except where marked "1
Standard 011 Stocks Pat
Ask, RR. Equipments-Per Cl. Basis.
Anglo-American Oil now, £1 •I5
1514 Atian Coast Line 6e
5.65 5.35
Atlantic Refining new A00 111 11412
Equipment 834s
5.50 5.20
Preferred
100 115 117 Baltimore & Ohio 621
5.85 5.40
Borne Scrymser Co
100 122 127
Equip 43-4,.5 58
5.60 5.30
Buckeye Pipe Line Co
50 '8312 8412 Buff Roch & Pitts equip Bs
5.50 5.20
Chesebrough Mfg new_ _100 232 236 Canadian Pacific 4 411 & 60_ 5.50 5.20
Preferred new
100 110 114 Central RR of N J 60
5.55 5.30
Continental 011 new _ _ _ _ 24 *33
39 Chesapeake & Ohlo 68
5.80 5.40
Crescent Pipe Line Co_ 50 •16
18
Equipment 640
5.50 5.25
Cumberland Pipe Line_ _100 100 102
Equipment bs
5.55 5.25
Eureka Pipe Line Co__ _100 100 102 Chicago Burl & Quincy 60_
5.55 5.30
Galena Signal 011 coin_..100 61
62 Chicago & Eastern 111 634,
.. 6.10 5.50
Preferred old
100 112 114 Chicago & NW 43.10
5.45 5.20
Preferred new
100 104 106
Equipment 8s
5.65 5.35
Illinois Pipe Line
Equipment 614s
5.50 5.25
100 159 161
Indiana Pipe Line Co.._ 50 •97
99 Chic R I & Pat 4%e & bs
5.60 5.35
International Petrol (no par) *1634 17
Equipment 6s
5.85 5.40
National Transit Co_ _12.50 •2412 2434 Colorado & Southern Co.
5.85 5.40
New York Transit Co_ 100 110 114 Delaware & Hudson 18
5.65 5.30
Northern Pipe Line CO..100 96
98 Erie 41.5s & 58
6.20 5.65
Ohio Oil new
Equipment 60
6.25 5.60
25 *60 62
Penn Men Fuel Co
16
Great Northern es
25 *15
5.65 5,35
Prairie 011 & Gas new. 1(10 197 200 Hocking Valley Be
5.80 5.50
Prairie Pipe Line new
100 104 10412 Illinois Central 4340 A 5e__. 5.50 .5.15
Solar Refining
5.65 5.35
Equipment 6,2
100 172 177
Southern Pipe Line Co..100 95
97
5.45 5.25
Equipment 7e A 6140
South Penn 011
100 138 142 Kanawha & Michigan Is.,. 5.87 5.45
Southwest Pa Pipe Lines.100 79
81
5.60 5.25
Equipment 43411
Standard 011 (California) 25 •507 5118 Louisville & Nashville Os
5M5 5.35
Standard 011 (Indiana)
5.50 5.25
25 *5732 5778
Equipment 61511
Standard 011 (Kan) new 25 *41
42 Michigan Central 53, 64_
5.50 5.25
Standard 011 (Kentucky) 25 *88
90 Minis St P dcSSM 454e & 541 5.75 5.40
Standard Oil(Nebraska) 100 210 220
5.80 5.40
Equipment 61411 & 78
Standard 011 of New Jet_ 25 *3414 35 Missouri Kansas & Texas Se 5.75 5.30
Preferred
5.80 5.40
100 11514 11614 Missouri Pacific 8.& (1)48
Standard Oil of New Y'k. 25 *387 39
5.75 5.30
Mobile & 0111.o 448.50
Standard 011
.100 283 288 New York Central 4 As,
_ 5.50 5.25
Preferred
5.70 5.40
100 117 118
Equipment ee
Swan & Finch
5.55 5.30
29
Equipment 7s
100 25
Union Tank Car Co....100 89
9312 Norfolk & Western 4340.... 5.35 5.00
5,45 5.2.5
Preferred
100 108 109 Northern Pacific 78
Vacuum Oil new
5.50 5.25
4814 Pacific Fruit Exprees 70_
25 •48
Washington 011
5.65 5.20
27 Pennsylvania RR ed 55
10 *24
Other 011 Stocks
5.50 5.30
P1110 & Lake Erie 6340
*31
Atlantic Lobos 011 (no par)
5.80 5.40
4
Equipment 68
Preferred
5.35 5.00
18 Reading Co 4340
60 •13
Gulf Oil (new)
63 St Louts & San Francisco U. 6.85 5.45
25 *52
Humble 011 & Ref new _ 25 .293 30 Seaboard Air Line 434s A bs. 6.25 5.75
Imperial Oil
•1001
101
25
Southern Pacific Co Cie._ 5.40 5.10
Magnolia Petroleum_ _100 130 135
5.50 5.20
Equipment 70
Merritt Oil Corporation_ 10
5.65 5.25
Southern
Ry 4340 & be
Mexican Eagle 011
5.85 5.50
6
5 •5
Equipment Co
Nat. Fvel Gas
78
82 Toledo & Ohio Central 68 . 5.85 5.45
Salt Creek Producers___.40 •1638 1658 Union Pacific 70
5.45 5.20
Public Utilities
Amer Gas & Elec new...(t) *333 3434
Tobacco Stocks
Preferred
42
52
50 *41
American Cigar cornmon.100 78
13th 68 2014
MAN 931 9412
Preferred
16C 8412 8812
Amer Light & Trac,com _100 116 119
Amer Machine & Fdry 100 140
2
Preferred
*221 2312
92 British-Amer Tobac ord.
100 89
Amer Power & Lt, com_100 159 162
Brit-Amer Tobac, bearer El *2212 2312
Preferred
59
100 x80 82 [feline(Geo W)Co,new. 26 *55
Deb Os 2016
112 114
MAS 92 93
Preferred
II
Amex Public Util, com_100 33
38 Imperial Tob of G B & Dere •1512 1614
43
6% preferred
47 Int. Cig. Machinery
60
100
100 55
Blackstone VaIG&E.com 50 *70
72 Johnson Tin Foil & Met.100 80
90
Carolina Pow & Lt,com_100 65
69 MacAndrews & Forbee 1
127 132
Cities Service Co, corn 100 134 136
Preferred
100 97 100
Preferred
33
31
100 651 6512 Monad Co
Cities Service BankereShares *131 1334 Porto Rican-Amer Tob 109 77
82
100
Colorado Power, corn...100 191 21
•75
Scrip
Preferred
94
100 90
Universal Leaf'rob com_100 2104 107
Com'sv'th Pow,Ry & Lt _100 30
97
32
Preferred
100 x94
Com'w'th Pow.Corp.pre1100 66
69
Young (.1 23) Co
100 105 110
Consumers Power peel. 100 85
87
Preferred_
100 102
Elec blond & Share, pref _100 97
98
Federal Light & Trac
*58
61
Rubber Stocks (Clad and Pr WA)
Preferred
70 Firestone Tire d6Rub.com.1) *70
100 67
Lehigh Pow See_..(no par) *201 2112
9812
100 97
6% preferred
Mississippi RI,Pow,com100 231 2414
91
100 90
7% preferred
Preferred
165
83 Gen'
100 81
. Tire & Rub,com _50
First Mtge 58, 1951_ ASA 911 9214
100
190
Preferred
f g deb 7s 1935___M&N 100 102 Goodyear Tire& R,com.100 1158 1288
4812
Nat Pow & L, com.(no par) .521 5314
100
Preferred
Preferred
91
84 Goody'r TAR of Can. pf..100
(no par) *282
Inc 7s 1072
212 3
J&J 8612 88 Mason Tire & Rub cern- (t)
Northern Ohio Elee (no par) *10
23
13
100 20
Preferred
75
Preferred
31
100 70
100 28
Miller Rubber
North States Pow, com_100 93
10112
95
100
Preferred
12
Preferred
95 Mohawk Rubber
100
100 93
Nor Texas Elec Co,com.100 70
60
73
Preferred
634
Preferred
75 SelberlIng Tire & Rub --(It)
100 72
65
Pacific Gas & El, lot prof 100 8812 8912
100
Preferred
Power Secur, com__(no par) *4
10 Swinehart Tire &R.com _100 15
Second pref
23
Preferred
(no par) *20
100 40
Coll trust 68 1949 _J&D 77
Sugar Stocks
83
17
Incomes June 164,4__F&A /59
50 *15
64 Caracas Sugar
Puget SOUIld Pow & Lt_ _100 50
89
53 Cent Aguirre Sugar corn_ 20 236
6% preferred
110
108
80
100
83
Fajardo
Sugar
100
7% preferred
65
100 auxi 103 Federal Sugar Ref. ccm_100 60
Gen M 73.4s 1041___M&N 10414 10514
Preferred
100 90 105
Republic Ry & Light
18
190 14
16
Godchaux Sus, Inc_(no par) •16
92
Preferred
Preferred
100 88
100 4214 44
South Calif Edison,com_100 10212 10312 Great Western Sue new.. 25 •70
75
Preferred
33
100 114 117 Holly Still Corp,com.(nopar) *30
Standard Gas & El (Del) 50 *2713 2812
84
Preferred
100 80
Preferred
50 .4712 49 JUlle09 Central Sugar- _.100 110 125
Tennessee Elec Pow (no par) *14
96
15 National Sugar Refilling.100 93
2d preferred
100 102
49 New NIquer0 Sugar
(no par) *45
United Lt &. Rye, com._100 135 150 BantaCecillaSugCorP.PL100
12
8
let preferred (6%) ___100 80 84 Savannah Bug,com_(no par) *G0
64
Western Power Corp,_,.100 2814 30
86
Preferred
100 83
Preferred
96
81 Sugar Estates Oriente prat 91
100 78
60
West India Sug Ein,com_100 40
Short Term Securities-4'e Cent
45
Preferred
100 40
Am Cot 011 60 1924__M&52 91
93 Industrial&Miscellaneous
Amer Tel& Tel681924_F&A 10012 10058 American Hardware_ _160 54
57
A nacon da Cop Min6s'29 J&J 10118 10112 Amer Ty pefounders,com.100 75
78
78 1929 Series B
„ma 103 10312
Preferred
101) 99 101
Anglo-Amer 01171.48'25 A6/0 102 10212 Atlas Powder
100 160 16912
Beth St 7% July 15'23J&315 100 10014 Bliss(NW)Co,new_(no
23
par) .21
Canadian Par Os 1924 M&S2 9978 10018
Preferred
5() .58
Federal Sag Ref 68'94 _NI&N 10118 101% Borden Company,com 100
118 120
Hocking Valley 6s 1924 Af&S 10014 1001,
Preferred
100 103
93
Interboro R T 85 1922_58&S
Celluloid Company
100 90
K C Term Ry 6523 blerN15
10014
Preferred
100 108 111
141
61.0 July 1931
139
j&,4 10314 10334 Childs Co,common
100
Lehigh Pow Sec Os '27_F&A 9224 9332
100 106 109
Preferred
Sloss Shelf S & 16,'29 _ F&A 9512 9612 Flercules Powder
100 103 108
U 23 Rubber 7348 1930_F&A 10614 10714
100 10312 105
Preferred
Joint Stk Land Bk Bonds
100 7814 90
International Salt
Chic Jt Stk Land Ilk 5s_1951 10112 10214 InternatIonal Sliver, pf._100 105 110
81
Ss 1952 opt 1932
10112 10212 Lehigh Valley Coal Sales. 50 *79
51413 1951 opt 1931
100 160 170
104 10512 Phelps Dodge Corp
135
44 1959 opt 1932
125
100 101
Royal Raking Pow,com_100
4125 1952 opt 1932
100 98 100
Preferred
981. 9912
434s 1963 opt 1933
10014 10114 SInger Manufacturing__ _100 112 115
•Per share. t No par value. b Basis. ri Purchaser also pays accrued dividend. e New stock. !Flat price. k Last sale. n Nominal. 2 Ex-div. y Exrighte. 1E8 stock di,. u Ex cash and stock dividends. e Canadian quotation.
so
106
10014
BOSTON STOCK EXCHANGE-Stock Recordsee=7...
2870
HIGH AND LOW SALE PRICE-PER SHARE, NOT PER CENT.
Friday,
Tuesday, Wednesday, Thursday,
Monday,
Saturday,
June 22.
June 19. I June 20. I June 21.
June 18.
June 16.
42147 150
8012
80
*99
9934
123 123
s_ _ 101
i5
1512
20
22
34
20
23
34
34
_ 4212
*
0.14-5 149
31
30
•_ ___ 69
59
0
41
0
3912 3912
31
*30
17
17
72
72
Sales
for
the
Week.
STOCKS
BOSTON STOCK
EXCHANGE
Range since Jan. 1 1923.
Lowest
Highest
Rallroada
&bards
100 143 Apr 3 151 JuneI4
41 Boston & Albany
147 148
148 148
az_ _ 150 1 149 149
Jan 5
100 7718 June 1 84
Elevated
BOston
7912
377
78
4
783
7712
7554 8019 z7712 79
100 03 June22 100 Mar 8
prof
Do
51
93
9512 9512 93
_
9834 9912 029312
Jan 2 125 June12
100 118
let pref
Do
85
.2120
0
__
___
2120
'
3
1
____ 123
100 994 Mar22 108 Mar 5
Do 2d prof
211
9912 9912' 100 16014 10012 10012 10014 101
100 15 May19 2012 Mar 2
243 Heston & Maine
16
18
16
16
1512 1534 1012 1512 *1912
100 20 May21 27 Feb13
pre
____
Do
30
____
25
*1912 25
*194 25
22 June16 3212 Mar 1
100
pref
1st
A
Series
Do
--------115
23
2212 2212 23
24
22
Do Series B let prof.. _100 32 June19 48 Fob 8
____
15
____
34
____
3312
3312
34
32
34 May24 42 Mar22
100
pref
let
C
Series
LM
34
34 0_ __ _ 34 *_
•
Do Series D 1st pref___100 4112 June12 59 Feb 7
4212*____ 4212 •___- 4212
*
100 145 June12 16012 Jan25
Providence
&
Boston
20
-145
145
145
*145 150 ,x145
209 East Mass Street By Co_100 18 Feb15 35 Mar22
2912 2912 2912 30
2912 3012 2912 2912 *2145Jan16
100 67 Feb24 72
Do let Prof
3
9 •____ 68____ ___
69
69
100 53 Feb24 85 Mar19
Do pre! B..
56
60
56
59
____ 59 •__
48
Mar22
Feb13
3412
100
adjustment
Do
10
4-0
40
38
38
0_ ___ 41 °.......41
250 East Mass St Ity (tr etfs)_100 344 Feb15 45 Mar21
3912
38
38
3712 .38
37
*40
Jan 2
May5 43
100 30
86 Maine Central
____ ____
31
31
31
31
31
*30
100 16 June21! 2212 Jan301
184 --------267 NY N H & Hartford
1614 1638 1634 1634 16
6912 June13 84 Feb 31
Harnpshire_100
New
Northern
____
------- ---_ ---_ ---- ---Jan 3
Norwich & Worcester pref_100 SO June12 100
100 71 May21 81 Feb14
24 Old Colony
74
73 *.x73
73
73
73
100 25 May14 3818 Feb20
pref
Rutland
100
3014
3014
Janll
83 May29 98
--------------------------------------Vermont & Massachusetts_100
Miscellaneous
312 Jan 9
114 May 4
25
Amer Pneumatic Service
____ ____
Jan10
50 1512 June 4 20
Do pref
_
_
____
4 Mar14
June21
1253
11934
100
Teleg
&
Telephone
Amer
2,692
4
12032 1-211
5
Jan
112
5
June
80
No par
81 Amoskeag Mfg
8012 8112
Jan 5
No par 79 May 7 88
Do pref
55
80
80
Mar14
184
1
Mar
15
10
Inc__
Construe
Art Metal
No par 124 May16 2018 Feb14
Atlas Tack Corp
Jan22, 10812 Feb24
5 Boston Cone Gas Co, pref_100 105
____ ___Jan25
Jan181 .30
Boston Men Pet TrIleNo par .10
Jan131 27 Mar19
10 20
2114 2,345 Connor (John T)
21
2
Jan
4
'May101
34
10
Land
Boston
---- ----50 East
74 Jan25l 1418 Mar 5
5
200 Eastern Manufacturing
2 I
Mar22
12712
Jan101
814
25
Inc
Lines
818
Eastern
1,828
9414 97
Jan 3
May2: 172
100 182
450 Edison Electric Ilium
165 165
412 June12 1072 Jan 2
No par
115 Elder Corporation
412 458
5
Feb
912
2
June20
15
Elea_100
ouston
5 Galveston-H
____ ____
Na par 104 Jan 23 1558 Mar 3
Gardner Motor
;5 10 *9 10 *5 10
*5 10
Feb10
1512 Junc12 24
25
345 Greenfield Tap & Die
18
1812 1714 17
1714 1714
17
17
18
18
Jan 8 8312 Mar13
No par 54
5418 --------991 Hood Rubber
54
55
z55
55
55
*55
56
Jan 2 44 Mar19
Internal Cement Corp _No par 35
_
____
____
35
*34
36
*z35
35
*234
*238
37
13 Junc19 22 Feb19
50
Mills
Cotton
Internal
5
____
____
15
013
*13
13
13
013
15
100 50 May31 794 Jaw°
Do pref
504 -5.018 *5012 ------------20
.50
50
59
050
3 Mar20
112 June 5
International Products_No par
2112 21. *112 212 0112 212
•112 212
8 Mar15
412 June20
_100
pref
Do
412 412 *334 414 --------100
*334 7
Apr 8
*334 7
8
June22
5
10
Libby__
181 Libby, McNeill &
512
5
512 578
512 534 *512 534
558 558
Aor26
9 June21 11
25
320 Loew's Theatres
9
9
9
9
912 10
10
10
934 934
7812
Jan 2
May22
874
100
Cos
Gas
Massachusetts
444
8414 85
84
84
85
8412 8412
85
8412 85
Jan25
100 66 June20 73
Do pref
124
67
86
66
66
68
86
68
68
68
067
Jan 6
147 June19 179
-100
Linotype
Mergenthaler
146
154 154
154 154
154 154
147 150
150 150
4 Feb19
712 June19 14,
475 Mexican Investment Inc_ 10
8
8
712 8
8
8
*812 912
712 812
100 2212 May23 2814 Jan31
River Power
2314 2314 2314 2314 2314 2314 --------168 Mississippi
.2314 2334
Feb14
84
JanI8
80
100
pref
stamped
Do
101
_ _ __ __ __ _
81 0:81
Bunker
81
81
82
0:81
834 Feb13
358 June14
10
807 National Leather
334 3-34
4
-4*378 4
378 -378
334
Apr16
Feb 3 .97
.25
Corp
Oil
England
New
___
____
11111
0.30 .75 3..30 .75 0.30 .75 ____
•.30 .75
Jan 3
--------210 New England Telephone_ _100 1131 1 June21 122
115 115
11312 11412 11312 11412 11314 114
1 17 June20 2112 Apr26
Ine
Circuit
Orpheum
1,280
1
.
1812
17
Day17
•18
17
17
*1712 18
Jan 2
190
June22
4
893
365 Pacific Mills
9014 8934 9012
9014 9014
90
00
91
904 *90
10 1512 Jan 4 18 Mar14
5 Reece Button Hole
16 Exchange *x16
16
1812 *216
1612 •21512 16314 Mar15,
Janll
2
10
Mach
Folding
Reece
--------20
*.5212 278
1
*x24 278 *2212 278
214
22
2 Feb20
5 .75 June14
Simms Magneto
Closed
114
•.75
114 0.75
114 0.75
.*75
1,4
100 9914 June21 1094 Jan 8
100 100341 9912 10012 9914 100
100 10014 1,168 Swift & co
101 10114
Mar 9
50
25 44 June22
187 Torrington
44
47
4712 4612 47
x4632 464 44
48
48
74 Jan19 11 Mar 7
5
*8
Union Twist Drill
9
9 •____
9*____
9
*8
Mar 8
4
553
June15
23312
25
3412 354 354 -3-5-12 11,884 United Shoo Mach Corp
35
34
35
34
Q3354 35
25 2458 June14 2814 Jaul 1
Do pref
455
2558 26
2534 26
26
*2558 26
26
02558 26
2484 May22 30
Jan 2
5
Fields_
Oil
Consol
2734 2838 2712 2814 2634 2712 2714 2734 4.565 Ventura
2812 2878
Inc.Newsh.Nopar 1534 June21 e2218 Mar19
1612 1712 z1614 17
4,046 Waldorf Sys
1534 16
1534 18
1714 1714
13 Mar17
Feb19
5
comNopar
clB
Watch
Waltham
812
9
9
812 912
912
9
9
754
914
0
100 1512 Mar 6 2912 Mar19
Preferred trust ctts
6
20
20
*20
*20
22
22
*20
23
5 174 Feb17
125 Walworth Manufacturing- 20 1114 Jan
1412 1412 1412 1514 *1412 1514 -1412 -1-,f1-2
1478 1478
50 254 Jan31 3412 Mar14
Bros
973 Warren
3114 3014 3138 30
31
30
3012 230
3112 3112
JanI7 394 Mar14
50 33
prof
lot
Do
30
8
347
8
347
8
347
8
347
*33
35
35
*34
60 3134 June19 42 Mar15
Do 2d prof
195
3612 35
3434 3434 36
36
36- -3-839
037
812 Junc13 1212 Feb21
5
Wickwire Spencer Steel
812
812 *8
812 *8
*8
812
*8
Mining
---- __
1 Feb28
Feb113
.25
25
ConsolidatedAdventure
0.40 .60 0.40 .60 0.40 .60 0.40 .60
•.40 .60
Jan27 87 Mar 1
25 56
830 Ahmeek
6012 62
6212 6012 6112
85
60
*64
6534 6612
May 3 .50 Mar 2
.25
25
Mining
Algomah
0.10
0.10
.25
.25 0.10 .25
0.15 .25
•.10 .25
25 19 Feb 5 34 Mar 1
35 Minus
__ _ 22
19
21
19
21
020
24
_
•__ _ _ 211,
414 Mar 5
1 June20
23
1
138 1,555 Arcadian Consolidated
3 15X•
1,8
1.4
114
118
14
*112 134
6
732 Jan 6 1412 Mar 2
Commercial
3
Arizona
3
9 4 9 4 *10
978 10
1014 1,175
978 1034
1034 1034
1612
Feb 19
10
May22
19
Bingham MinuJ
*15
*1614 17
17
018
17
*1614 17
•1612 17
Jan 9 420 Mar 1
25 235
375 379
--------157 Calumet & Hada
375 375
371 375
380 385
1
518 June12
93s Feb 13
558 534
552 5581
558 578 1,020 Carson Hill Gold
614
512 6
6
25
7
Jan18 15 Mar 1
30 Centennial
'.9
10
10
*9
*9
10
9
9
10
*9
25 3114 June21 4634 Mar 1
Co
Range
Copper
4.
1,075
323
3114
3112
32
4
323
32
4
313
3212
*3234 33
252 J•n 5
10
5 Feb23
318 338
234 3 I
234 3
252 278 2,000 Davis-Daly CopperMining_ 10
338
*3
534 June21
1112 Mar 1
614 6,2,
812 1,720 East Butte Copper
61
534 6
612 612
7
7
258 Mar 6
May22
.3()
25
Franklin
245
14
sa114
*114
14
132
*0114
112
.45
•a138 158
25
4 Mar 5
178 Junel2
I Hancock Consolidated__
24 *154 2
2,2 *2
*2
•134 214
212
*2
1 2434 Mar28 3358 June 7
Co
Coal
Hardy
895
30
3014
*30
30
30
31
30
30
3114 3112
114 Feb20
25 .35 June22
600 Helvetia
.40 .40 0.25 .40
*AO .50
.35 .35
•.40 .50
1 10112 Jan 4 11512 Apr 7
10812 110 210434 105
1,163 Island Creek Coal
10834 110
10814 110
110 111
10013 Mar28
934
1
Feb15
prof
Do
*97
38
97
97
98
97
*29512 9712
97
*96
98
25 19 Junel I 3314 Mar 3
21
19
563 Isle Royale Conner
20
1912 20
22
22
22
22
22
358 Jan 2
212 May16
5
I Kerr Lake
*1212 234 *212 3
*1238 234 *2212 3
*x238 234
214 Mar 5
1 May31
Copper
25
Keweenaw
14 *I
165
1,8 •1
112
1
112
*14
15
112
•I
514 Mar 1
24 May31
225, Lake Copper Co
2,4 214 *2
2,4
*214 212
214 214
*214 212
34 Mar 1
118 Jan29
25
Copper
Salle
La
I
2
2
*14
*112
*112
2
2
*112
*112 2
258 Mar27
138 June15
5
112 112 0118 112 0114
400 Mason Valley Mine
112
*114 2
8
132 1,
414 Mar 3
25
112 Feb 1
134
134
112 112 *112 134
65 Mass Consolidated
*14 2
*112 2
7 Feb10
May15
24
25
_
_
Colony_
Old
Mayflower3
34
234 312
358 358 1,580
372 378
334 4
4 Mar17
Apr2I
14
1
25
158 14 °112 2
310 Michigan
*112 2
0158 2
*158 2
25 47,
4 June21 71 Mar 2
Mohawk
473
49
4
264
48
48
48
50
50
4912
*5014 51
Mar 2
244
I
Jan
8
185
6
Copper
Cornelia
598: New
1712 1712 1712 1712 1634 1712 1714 1734
*1734 1814
5 .05 Mar23 .05 Mar23
I New Idria Quicksilver
---- ---- ---- ---- ---- ------- ---Apr27
100 35 Apr18 40
New River Company
*3812 40
----- *3812 40
03812 40
03812 3912
100 77 Mar 5 84 Marl!)
Do pref
85
-81 *x79
*70
85
85 *379
0279
85
Ix79
614 Feb20
54 Jan 4
6
200 NIDIssing Mines
512 54 *512 534
558 5%
*512 6
554 534
414 June14 1284 Mar 1
15
44 5
514 4,247 North Butte
5
412 434
5
5
514 514
258 Mar 5
25 .00 May31
43 Ojibway Mining
0.90
114 0.90
1
.90
114
0.90
114
0.90 112
25 184 Jan 5 324 Mar 1
CO
Dominion
Old
21
555
21
22
*21
2112
2112
22
22
22
22
Mar 1
June21
46
29
25
29
30
33
154 Osceola
31
30
30
3112 32
33
*32
4 Mar 5
_1
234 June 2
34 314 *3
338
318 312
3146 3Jf6790i'ark (:Iry Min & Smelting_
338
*314
Co no par 1234 May22 164 Mar23
Pocahontas
Creek
Pd
850
13
13
1312
1314
4
1312
1312
133
4
133
*1312 14
25 28 June21 50 Mar 2
28
29
30
29
30
310 Quincy
30
2934 50
3012 3012
37
36
36
35
36
36
232 St Mary's Mineral Land_ 25 35 June21 534 Mar 1
38
37
40
*38
10 40
14 Mar 5
Jan 9
Shannot
*.60
10
.70 0.60 .70
0.60 .75 0.60 .75
.70 .70
25 .10 June 4 .75
Feb20
*0.10 _ _ *.20
South Lake
*0.10 .40'0-----30
15
0(1.10 .40
Mar 3
314
'
8
13
Jan20
*158 2
Superior
60
2
8
*15
2
*112
158 -2
158 Pa
10
14
Feb23
Copper_
June20
4
33
Boston
14
1,8
114 *1
114
114
14 14
441 121117erlor &
158 158
5 .50 May15
112 Feb15
.50 .60
.85 .70
.50 .51 2.715 Trinity Copper Corp
.65 .70
.70 .75
.15
5
Feb16
.85
Copper
Junell)
.15
.15
Touiumne
.15
.15
.20
.15
.20 .20 8,700
0.20 .22
6
234 Jan 9
Aar 13
6
352 355
334 334
312 334 1.330 Utah-Apex Mining
334 378
1i2 jan19
1
334 378
3 Mar 5
158
152
865 Utah Consolidated
2
158 14
2
112 134
*152 2
1
.62
Feb27
8
15
June13
Tunnel
.75 .75
.75 .76
.76 .76 2,000 Utah Metal &
0.75 .85
•.75 .81
25
1 Jurre15
24 Feb28
1
..75
1
•.75
0.75
1
1
Victoria
9.75
1
*.75
_ 25 .65
114 Mar 5
Jan22
.75 .75 0.75
.75 .75
655 Winona
.80 .80
1
1
°.75
13 Mar 1
7 Ju01s21
5
1811 Wolvhrinh
7
7
74
7
. 74 712
719 71
4
•71.
*158 178
021412 16
124 12438
*8012--*76 -80
016
17
•14
16
10812 10612
0.08 .14
*2234 2314
314 314
*812 912
•-___ 103
165 16514
*412 512
*-- _ 17
178 *158 178 014
*158
18 0214
16 0214
0214
12312 12414 2120 12112 11934
81
82
82
83
83
*78
80
*78
80
078
*16
17
*18
17
*16
*13
14
*13
14
*13
____ ____ ____ ____ ____
0.08 .14 *.08 .14 °.08
21
2034
2112 21
221
313 *314
*314 312 *314
8
812
812
912
*84
95
93
92
99
93
164
165 185
4 165
164,
412
*412 512 *412 5,2
15 *__ _
15
*_ _ 15
178
16
12012
81
80
17
14
____
.14
2114
312
8
96
165
412
15
ran 11/7./II.
'taupe for Previous
Year 1922.
Lowest
Higitsal
13014 Jan
734 Feb
9414 Mar
116 June
10112 Nov
Jan
14
Jan
20
Jan
22
Jan
38
30
Jan
40 Jan
Jan
125
18 July
86
Aug
51 July
28 July
29 July
2712 Jan
1214 Jan
69
Jan
Jan
58
Jan
57
15
Jan
78
Jan
152 May
891s Sept
105 Sept
128 Sept
109 Sept
3112 May
37 Apr
444 Apr
82 May
54 May
7711 May
183 July
2658 July
77 July
60 Nov
47 Aug
47 Aug
Oct
55
3478 May
98 July
10334 Dec
98'o May
5278 June
100 Aug
212 Dec
13 Feb
11458 Jan
104
Jan
80 Nov
14 Nov
13
Jan
10434 Aug
.10 Sept
4 Jan
15,
Jan
3
7 Dec
3812 Jan
158 Mar
3 Mar
28 Dec
9 Nov
414 Jan
2014 Aug
12814 Aug
121 Dec
91 Aug
2012 May
22 May
107 Dec
.50 May
307a Dee
8 Apr
1414 Feb
8912 Oat
185 Sept
13 May
39 Aug
164 Apr
17 Dee
43 Mar
Jan
26
20 Nov
60 Aug
14 Dee
512 Dec
158 Apr
8 July
63 Jan
Jan
82
Jan
130
11 Deo
13 Jan
7212 Jan
634 Dec
22 Dec
Jan
.
109
Jan
13
01434 Ott
1212 Apr
158 Dee
.so Nos
0214 Jan
s39 July
8 Mar
87 Jan
Jan
25
2178 Jan
81314 Jan
24 Nov
11 Nov
74 Feb
1712 Jan
3012 Jan
Feb
31
A Nov
2714 Feb
6132 Dec
3838 May
32 Jan
85 Dec
612 Mar
Apr
17
1112 June
Jan
13
9012 Nov
Oct
74
181 00
2738 Juno
31 Aug
8511 Oot
1158 Jan
5 Jon
125 Sept
Oct
28
192 Dec
18 July
Mar
718 Apr
11011 Sept
814 June
1414 Feb
45 Mar
274 July
334 June
01912 Dec
14114 Apr
49 Apr
Oat
13
3644 Sept
3814 Oct
4414 July
21 May
Apr
1
.50 Jan
5(1 Nov 86 May
.50 Apr
.03 Sept
19 Dee 8312 Jan
452 May
2 Mar
104 Juno
0 Nov
13 Jan 184 Sept
248 Nov 301 Aug
578 Nov
1654 Mar
134 Feb
8 Nov
3618 Dee 464 May
914 Jan
218 Nov
1214 Jan
712 Nov
378 Apr
Apr
1
34 Mar
112 Aug
-_- -__ -- - -.50 Dee 42 -Apr
814 Jan 11658 June
88 Feb 974 Nov
18 Nov 2654 May
3 Feb
472 Apr
312 Apr
Feb
1
514 Ma)
214 Feb
214 Apr
1 Nov
214 May
14 Jan
454 Apr
14 Dee
812 Apr
215 Dec
7 Apr
.75 July
52 Nov 88 June
154 Dee 204 June
218 Mar
.05 Dec
Jan 40 Feb
87
Oct
Jan 85
73
7 Jan
6 July
815 Oat 15 May
44 Apr
114 Dec
16 Nov 27
Jan
3818 Aug
28 Nov
334 Nov
218 June
-10 Nov -50 Mal
37 Nov 4812 Mal
14 May
.25 Mar
114 May
.25 Dee
44 July
14 Dec
214 Oal
.90 Mar
318 Apr
1116 Dee
.92 May
.40 Nov
4. Mar
11,6 Oct
312 June
Feb
1
24 Apr
.80 Dec
212 Jan
.75 Nov
234 Apr
.25 Jan
18 MaY
714 Nov
livi lea I. a AS10•12M0 It paid.
day. s Es-rights. h Ex-divide and rights. I 11x-dIvIleacl. q Ex sl,
of $10
• Bid and asked prices; no sales on this
In new shares, of which two new shares of no par value were given In exchange for one share of old stock
e Beginning with Thursday. May 24, trading has been
with previous quotations, we have divided all these previous quotations by two.
comparisons
possible
make
to
par value. In order
JUNE 23 1923.]
THE ('FFRONTCLE
2871
Outside Stock Exchanges
Stocks (Concluded)-
90
90
95
95
97%
42% 4351
114 114
3951 3934
23
23
35
3451 35
254 2534 25%
.23
.23 .23
I
.97 1%
24 3
110 1104
110
70
70
25
25
25%
26
26
2651
1124 114
113
104 104
115% 117
8351 8451
50
50
93
93
8334 85
169% 1694
1751 174
1551 1551
88
88
90
90
51
61
86
864
260 250
115% 116
1251 12%
60
60
38
3751 38%
Low.
52 82
Jan
95 944 May
59 40
Jan
25 11251 June
43 39% June
100 17% Jan
324 Jan
25% June
1,100
.20June
1,060
.97June
50
24 Jan
93 10851 Jan
20 48
Jan
185 25
Jan
183 26
Mar
413 108
Apr
51 10351 May
93 1154 Feb
171 8251 May
16 25
Jan
20 80
Jar,
119 83% June
206 1634 June
20 1751 June
10 1554 June
100 8351 May
Feb
20 85
175 Si
June
170 83
Jan
21 233
Jan
May
5 111
50 10 May
Jan
35 54
186 354 Jan
High,
90
Apr
98
Feb
45% Mar
127
Mar
425( Mar
25
Feb
35
Mar
26% Jan
.59 Jan
251 Mar
44 Feb
11051 Mar
70 May
25% Apr
2751 Jan
118
Mar
108
Mar
120
Jan
98
Jan
60
Apr
100
Mar
14451 Apr
335
Apr
30
Jan
17
Jan
95
Jan
90 June
.574 Jan
90
Jan
251
Apr
121
Apr
19% Mar
7351 Mar
39 June
8951
80
5754
80
2254
97
8831
62
92
.
I
894
80
6751
79
2251
97
8651
62
92
....4'4Van'Z'at'*raXX .D.ntVaX0.t..it..It',0=1.4.-t.-.).44.
,,t".&"4...4434V•7'X....e.`gtftia.
6"C'XWa'
an'4
4.4àXC̀.O.M
49..Z.Lit
IX '
giggRag!Igi41gg§gaggggggnAggg4grggg44r94gg4g4
V.VggggCaalgiV444ggg4gg4g4§444g.g4117:44W4174gggg
Alabama Co. 1st prat 1001
Amer Wholesale. PrefArundel Sand & Gravel_-1001
100
Allan Coast L(Conn)_ 1001
Salt Electric, prof
60
Baltimore Tube
led
nencach (1), common-- •
Preferred
25
Celestine 011
1
Cent Teresa Sugar, com_10
Preferred
10
Chet;& Po Tel of Balt--100
Commercial Credit
25
Preferred
25
Preferred B
25
Consol Gas. EL & Pow.100
7% preferred
100
8% preferred
ioo'
Consolidation Coal_ _ - _100
Eastern Rolling Mill
•
8% preferred
100
Fidelity & Deposit
50
Fidelity Trust
100
Finance dr Guar, prof_ _25,
Finance Service Class A_10
Holm 011 prof trust ctis_100
Hurst (John E), 1st p1.100
Manufacturers Finance_ 25
Maryland Casualty C0 25
Mercantile Trust Co---60
Mer & Min Tramp Co-100
Mt V-Wood Mills v t r 100
Preferred v t r
100
New Amster'm Can Co.100
Range since Jan. 1.
97
Feb
74
Jan
100
Feb
96
Jan
10
Jan
8751 Mar
3931 Mar
164 May
25 May
651 Jan
324 Mar
11
Mar
44 Feb
90
Mar
154 Feb
10
Mar
834 Mar
13434 June
90 June
334 Mar
305 June
131
Jan
Feb
70
12
Jan
Feb
115
6431 Jan
624 Jan
7451 Jan
42 May
121
Jan
304 May
3434 Apr
106
Jan
284 Apr
264 Apr
354 Apr
0451 Feb
11051 June
434 Apr
Jan
66
64 Feb
294 Mar
3234 Apr
Jan
6051 Mar
8634 Mar
32
Apr
Jan
95
84 Apr
44 Jan
1014 Mar
39
Apr
26
Apr
53
Feb
8634 Jan
104
Jan
251 Feb
123
Apr
84 Feb
38
Jan
3651 Mar
10351 Apr
1034 Apr
99
Apr
236
Jan
100
Jan
20 May
3234 Mar
5151 Apr
12451 Apr
1094 Jan
2134 Jan
52 June
674 Jan
134 Feb
164 May
94
Apr
9931 Mar
24 May
1854 Apr
984 May
31
Apr
36
Mar
58% Jan
112 June
2551 Feb
I 10454 Apr
1051 Mar
3551 Mar
Apr
114
296
Apr
9834 Apr
`4449.4c.,,fZ
1VattgE
Stocks-
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Pad Prite, Low. High. Shares.
High.
"W.
o.
.
ta
..
..o
.
,loo. 0.0Otata0. 0-4-4 Oo.0-ao..m.00o.. .
omw.wo
V mommowitom
00M0.. Oommta..mow.wo.mo mom m.
w ..woo -ammo
m
mommoommo
omom om.mowoom-t-a.mO.toomoom m.motamomo
o.00mowommoomowoo..ao.moWM m.moomo.at
am.moo
M
XX
XXXX
XX XXX=
XXX
XXX
X
XX
XXX
AAA AA
A A
MX
X X XX A
g
Baltimore Stock Exchange.-Record of transactions at
Baltimore Stock Exchange Jule 16 to Ju le 22, both inclusive, compiled from official lists:
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Mar
Feb
Apr
Jan
Jan
Jan
Jan
Jan
Feb
June
Ranee since Jan. 1.
cmattotavo-aw
o.mmovvmo
MX
=
MR
. .o
Apo
Jar
Juno
Jar
Jar
Jar
Pet
Jar
Jar
Ma
Juni
Jar
Ma
Jar
Fe)
Jar
Jai
Jai
..
Jar, 9534
$3,000 85
8,000 9631 June 99
2,000 95 June 95
4,000 76 June 824
Mar 7134
18,200 61
Apr 80
5,000 70
41,300 194 June 31
Feb 94
1,000 91
2,000 7731 June 80
2,000 9934 Mar 9951
1,000 87 June 87
1,000 65 June 73
2000,
90 May 934
Apr103
90,000 96
Apr 103
18,000 99
24.500 10251 May 10651
1.000 9935 May 10055
Jan 68
5,000 57
a isv,1 RR
Jan 9ii&S"
.
8634 9051
9631 9651
96
05
7751 774
64
664
72
724
1951 22
92
92
7734 7711
9934 9034
87
87
664 664
9151 9154
974 10031
1014 10151
104 10431
10051 10051
5734 574
93
WI
8454 86
60
60
son 89
71
8254
8
8
824 8254
3151 3451
144 154
22
22
5
5
254 29
94 951
I
1
85
87
34
34
54 551
3
4
125 13451
89
90
151 154
305 305
1274 I2834
r4
64
931
8
1094 110
544 65
24
264
484 68
38
39
11054 11034
25
26
2834 3034
102% 10331
11351 2234
15
154
28
3051
8234 8434
110 11054
35
3534
6551 66
44 44
1831 204
194 2151
75
76
36
36
854 86
8
851
90
90
551 6
4
4
98;4 09
32
35
1734 21
45
46
8154 82
96
97
31
34
115 115
351 4
1351 1351
19
19%
100 10054
9951 100%
93
93
220 220
9751 9841
1431 15141
27
284
474 484
7851 8854
9955 10134
18
184
4334 48
5351 57
651 7
138 145
8134 8331
93
91
4 2
1531 1534
974 9734
2351 26
23%
23
4454 4651
10951 112
204 22
9951 100
4
5
2251
15
105 107
26451 274
904 9451
co.e0 w Ww. ...owl*Www whim wl. .4 410
8Vg=8tS8,13%8V8t
tng888858=48Vg88gSgVg8MV48VagtnggO8S8==8
51
Amer Pub Serv pref _ _ _ _ 100 86
American Shipbuilding_100
Amour& Co(Del) pf_ _100 86%
Armour & Co prof
100 75
Armour Leather
15
Preferred
100
Bassich-Alemite Corp_ ._ _. 3451
Bridgeport Mach corn_ _ _ _• 1451
Beaver Board certificates_
Booth Fisheries. new
•
Borg & Beck
• 274
Bunte Bros
10
Case (J I)
•
Central Pub Serv prof_ _100
Chic C & C Ry pt sh coin.*
Preferred
•
551
Chicago Elev Ry prof..100
Chic alotor Coach Corp_ _5 13451
Preferred
90
Chic Rys part ctt series 2_ _ -----Chicago Title & Trust_ _100
Commonwealth Edlson_100 127%
Consumers Co pref_ ._ 100
Continental Motors_ __ _10
834
Crane Co pref
1094
Cudahy Packing com..100
Daniel Boone Wool Mills 25 26
Deere .3( Co pref
100 68
Derby Off& Ref pref"A" •
Diamond Match
loo
Eaton Axle & Spring Co_ _• 25
Eddy Paper Corp (The)_ _• 3054
Falr Corp (The) Pref._ -100 10351
Gill Mfg Co
• 20
Godchaux Sugar min.__ _• 15
Gossard(H NV) pret _ _ _100 2831
Great Lakes D & D__ _ _100 8251
Hart Scher & alarx com 100 11054
Hayes Wheel Co
•
Hib Spoil Bartlett & Co.25
Holland-Amer Sugar_ _ _10
Hupp Motor
10 194
Hydrox Corp pref
100 21
Illinois Brick
100 75
Inland Steel
25
Illinois North UM pref _100 86
International
_ _ _25
84
Kuph'r & Co(B)
Inc p1.100
LampLibby McNeill & Libby_10
54
Lindsay Light
10
Lyon & Healy.Inc pref__ _ ..__..
McCord Rad Mfg Co_
i 34
MeQuay-Norria Mfg w -I_ _• 1851
Middle West UM com_ _100 4551
Preferred
100
Prior lien preferred
Mitchell Motor Co
•
Nat Carbon pref (uew)-100
National Leather
10
4
Phillipsborn's Inc corn _5 1354
Pick (Albert) & Co
10 1951
Pub Serv of Nor 111, corn. • 100
Common
nio
Preferred
100
Quaker Oats Co
100
Preferred
100
Reo Motor
10 14%
Standard Gas & Elec_50 274
Preferred
50 4751
Stew Warn Speed. com_100 84
Swift & Co
lop 100
Swift International
35 18
Thompson (Sit), corn_ _25 44
Union Carbide & Carbon 10 5634
United Iron Works v t 0-50
United Lt& Rya,cotn--100 144
let preferred
100 8134
Participating pref_.1O0 91
Rights
United Paper Bd, com-100
LT S Stores Corp, pref
Wanner Mall Cast Mfg_ •
Vesta Battery Corp, com_•
Wahl Co
•
Ward, Mont,& Co,pref100
When issued
20 2131
Class "A"
*
Western Knitting Mil*
431
Wolff Mfg Corp
• 1754
Wrigley, Jr, common _25
10551
Yellow Cab Mfg, CI"B"10 265
Yellow Taxi Co
944
BondsArmour & Co of Del-.
20-year gold 551s. 1943
Chicago City Ry 5s...1927
Cble City & Con Rys 56'27
Chicago R5•13 53
1927
Chicago Rys ad1 Inc 451927
Commonw Edison 55 1943
Cudahy Pack 1st M g 55'46
Met W Side El let 45_1938
South Side Elev 4345_1924 92
• No par value.
.
17.11.Www c0.4 1440
51
Stocks-
Sales
Friday
Last Week's Range for
Sale.
of Prices.
Week.
Par, Price. Low. High. Shares-
Mw.oN88o8g=tVgn
31
192 274 Jan 32 May
32
224 2.320 15
21
Feb 30
Apr
70
70
237 63
Feb 78
Apr
79
56 78
80
Feb 8351 May
190 190
6 163
Jan 198' May
2()
2331 31,237 20 June 25 May
5 40
Jan 45
4131 414
Jan
199 223
2,215 143
Feb 240 May
44
44
5 44
Mar 49
Jan
66
59
490 54
Jan 664 Mar
5851 59
110 50
Feb 59 June
264 27
100 2651 June 5334 Mar
6051 5454 1,060 424 Feb 594 Mar
49
4951
450 424 Jan 50
Apr
751 751
25
7
Feb
8% Feb
2751 274
5 2831 Jan 3431 Mar
5
6
4,200
5 June 1031 Feb
69
704
672 68 May 75
Jan
6031 C04
10 6031 May 71
Feb
3851 3851
70 35
Jan 40
Feb
58
58
5 5431 Apr 58
Jan
78
78
5 78 June 814 Jan
66
83
70 82
Jan 9331 Apr
43
4451 4,474 43 June 473-4 Jan
4231 4531
237 41
Jan 4931 Mai
4151 42
199 414 May 4531 Feb
2831 2831 4,179 2731 Ma), 334 Jar
274 2831 2,548 274 June 284 Jun(
30
3031
733 294 May 3351 Jar
47
47
Mar 504 Jar
10 46
3031 334 7,360 30
Jan 3351 Jun(
60
62
Jar
367 59% June 67
34
34
10 3351 June 364 Jar
72
75%
310 72 June 80
Fe(
151 Jar
2,825
4 June
17-16131
231 Jar
14 June
700
35
38
615 35 June 404 Jar
195 195
10 194 June 200
Jar
484 50
2.101 4751 May 66
Apo
5551 5551
118 x5451 May 564 Pet
8
8
Pet
9
Jan
8
100
35
35
Jan 43
Mal
65 33
70
70
13 6534 May 8634 Mai
High.
May 77
Jan
June 1084 Mar
Jan
2
Jan
May 20Si Jan
Jan 164
Jan
June 15
Feb
June 314 Feb
Chicago Stock Exchange.-Record of transactions at
Chicago Stock Exchange June 16 to June 22, both inclusive,
compiled from official sales lists:
. m
vomom..o
51
High.
m
_1
Low.
low.ww.foloW
Alliance Insurance
10 32
American Elec Pow Co-50 224
Preferred
100 70
American Gas of NJ.
._100
American Stores
•
New stock
• 21
Cambria Iron
50
Congoleum Co, Inc
• 205
Consol Traction of N J-100
Electric Storage I3atterY--•
Elm & W'msport, pref- _50
General Asphalt
100
General Refractories
• 5034
Insurance Co of N A-_10 494
Keystone Telephone----50
Preferred
50
Lake Superior Corp_ _ _100
531
Lehigh Navigation
50 49
Lehigh Valley
50
Leh Val Transit, pref _ _ _50
Penn Cent Light & Power.*
North Pennsylvania- -- -50
Pennsylvania Salt Alf& _ 50 83
Pennsylvania RR
50
Philadelphia Co(Pitts).-50
Preferred (cure 6%)- -50
Phila Electric of Pa
25 2831
Receipts full paid... _ 25 281;
Preferred
25 3031
Phila Insulated Wire
•
Phlia Rapid Transit--50 33
Philadelphia'rraction_ _ _50 62
Mile 6.1 Western, pref._ _60
Reading Company
so
Tono-Belmont Devel_.
.
Tonopah Mining
1
Union Traction
50 38
United Cos of N J
100
United Gas lmprov't.--50 4931
Preferred
so
Warwick Iron 6: Steel__ _10
West Jersey & Sea Shore_50 35
Westmoreland Coal
50
BondsAmer Gas & Elec 5s_ _ _2007 8534
Bell Telep 1st 5s
1948 9631
Bethlehem Steel 5s. _1936
Cons Trac of N J 1st 581932
Elec & Peep tr cffs 48_1945 65
Keystone Tel 1st 55._ _1935
Lake Superior Corp 581924
Leh C & N eons 4545_ _1954
General collect' 4s_ _ _2003 7754
Lehigh Val cons 445_ _1923
Midvale Steel & Ord 651936
Poop Pass tr ctfs 4s_ _1943
Piths Co eons& stpd 551951
Phila. Electric let 55_ _ _1996 9731
5515
1947
13s
1941 104
Spanish-Amer Iron 68_1927
United Rys gold tr ctf 46'49
United Rye Invest 55_1926
* No par value.
Range since Jan. 1.
.
m !-.
Stocks-
Friday
Sales
Last Week's Range for
Sale.
Week.
of Prices.
Par. Price. Low. High. Shares.
m. wo
Philadelphia Stock Exchange.-Record of transactions
at Philadelphia Stock Exchange June 16 to June 22, both
inclusive, compiled from official sales lists:
Low.
994 99% $2,000 994 May 101
874 8751 1,000 86 May 88
98% 98% 4,000 97 May 100
11,000 100% Apr 103%
1024 103
Jan 108;4
1,000 106
107 107
86% 8651 4,000 8531 May 90
97% 97% 2.000 97% June 99Si
9351 934 1.000 9251 May 9651
984 9851 1,000 984 Mar 99S4
9954 99% 1,000 9951 June 100
59,000 714 May 7431
72% 73
5251 4,000 52 May 55
52
7554 4,800 73% May 77S4
75
9651 9754 8,000 9651 May 98
100% 10151 7,000 99% May 10251
4.000 73 June 7751
73
73
Mar 9951
1.000 99
99
99
g124,1.51t_b.g.'1
High.
Mar
May 62
Mar
May 95
Mar
Mar 95
June 77% Jan
Jan 984 Mar
Jan 1024 Jan
Jan
Apr 92
Jan
Apr 95
Mar 994 Jan
Mar
June 119
Jan
Apr 98
Mar
May 115
Feb
Mar 98
§§§nign
Low.
AUG &W SS L 5s1950 484 48
49 $23,000 48
Chic Junc & US It 55_1940 91
91
91
16)00 8851
Current River 55
1927 95
95
95
1,000 95
E Mass St RR Ser B 551948
704 714 4,100 704
Series S-C 6s_ __ _1925-29
98
98
1,000 98
Hood Rubber 78
1936
101% 101% 4,000 10031
Maas Gas 445
1931
90
91% 3,000 89
Miss River Power 55_ _1957
91
92
8,100 89
New England Tel .5s_ _1957 97% 974 974 27,000 964
Punta Alegre Sugar 76_1937
109 109
5.000 109
Swift 6( Co 58
1944 9351 93% 94% 17,000 91
Warren Bros 7515_ _1937 106
1044 1074 20,000 104
Western Tel 58
1932
95
95
2,000 94
—
Range since Jan. 1.
—
Bonds-
Range since Jan. 1.
30 74
105 103
131
148
380 17%
56 147
931
500
87 26%
75
75
103 103%
14 14
1751 1751
164 15531
931 10
264 274
—
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Price. Low. High. Amount
Northern Central
50
Penn Water & Power _100
Pittsburgh Oil, pref
10
United Ry & Electric_._50 174
U S Fidelity & Guar_ _ _ _50 155
Wash Bait & Annap.._ _50
Preferred
50
BondsConsolidated Gas 55..1939 995i
General 445
1954
Cons G,E L & P E 545'52
Series A 65
1949 103
Series C 75
1931 107
Consol Coal ref 5s_ ._1950
Elkhorn Coal Corp 65_1925
Maryl'd Otte Ry 1st 551931
Potomac Valley lat 58_1941
Public Scow Bldg 5s_ _ _1940 9954
United Rys & Elec 45_1949 724
Income 45
1949 52
Funding 55 •
1936
65
1927
65
1949
Wash 13alt dr Annap 581941
Wilm & Weldon 55_ _ _ _1996
•No par value.
o
ompotamta.o
Boston Bond Record.-Transactions in bonds at Boston
Stock Exchange June 16 to June 22, both inclusive:
Friday
Sales
Last Week's Range for
of Prices.
Sale.
Week.
Price. Low. High. Shares.
1120
96
Feb
8331 1Mar
6551 War
8255 LMar
264 Feb
10534,May
87 k May
66
Feb
93
Apr
Pittsburgh Stock Exchange.-Record of transactions at
Pittsburgh Stock Exchange June 16 to June 22, both inclusive, compiled from official sales lists: •
Stocks-
Sales
Friday
Last Week's Range for
Week.
Sale.
of Prices.
Par. Price. Low. fligh. Shares.
Range since Jan. 1.
Low.
6%
340
6% 7
Am Vitrified Prod, com_25
445 79
80% 84
Am Wind Glass Mach_ _100 80
75
90
94%
90
100
Preferred
5%
5% 6% 6,855
6%,
Arkansas Nat Gas, corn.10
30 159
162 162
Commercial Trust Co_ 100
65 325
330 330
Fidelity Title & Trust__100
10 101
101
101
Harb-Walk Refrac, pf_100
125
3%
4
4
Indep Brewing, corn. _50
225
6
8% 8%
50
Preferred
155
105%
109
107
107%
Steel,
pref.
Jones-Laughlin
1,035 23
25
23
25
Lone Star Gas
712 51
54%
Mfrs Light & fleat.5__100 53% 53
6%
535
6% 6%
Nat Fireproofing, corn_ _50
135 15
16
15
50 15
Preferred
252
12
14
13%
1
Ob10 Fuel Oil
1,402 31%
32%
25 32% 32
Ohio Fuel Supply
425 18%
20
19
Oklahoma Natural Gas 25 19%
I%
2%
50
2%
Pittsburgh Brew, com 50
20
5%
5% 5%
50
Preferred
24,000
10c
15e
lie
Cop_
_1
Shasta
PitMb & Mt
420
7
8
7
8
Pittsburgh Oil & Gas__ _100
56 165
168 168
Pittsburgh Plate Glass..10
31
195
30
195
Real Estate Trust Co_ _100
3,465
8% 9
8%
9
Salt Creek Consol OIL.._1
228 73
75
74
Stand San Mfg, corn. _ _100 75
50
9%
9% 10
•
Tidal Osage Oil
1,270 2334
Union Natural Gas__100 25% 25% 26%
710 24%
28% 29
US Glass
100
82% 83%
503 82%
West'house Air Brake___50 83
54%
56%
439
54
com_50
Mfg,
W'house El &
32 77
82
82
West Penn Rys, pref_ _ _100
I
High.
June
Feb
Junel
June
Mayl
Apr.
June l
Jan!
Jan l
Mar
May
May
June
June
May
Apr
Mar
May
May
June
June
Jan
Feb
June!
Marl
June,
Feb:
Marl
June
Mayl
Apr
834
95
107%
10
162
330
115
4
9%
109%
27
60
8%
18%
18%
36%
27
2%
8
28c
10%
205
195
17%
85%
13%
27%
29%
120
69%
86
Apr
Mar
Mar
Jan
June
June
Jan
Jan
Jan
Mar
Feb
Feb
Feb
Feb
Feb
Mar
Jan
Jan
Mar
Jan
Feb
Jan
June
Apr
Apr
Feb
Mar
June
Feb
Mar
May
• No par value.
New York Curb Market.-Official transactions in the
New York Curb Market from June 16 to.June 22, inclusive:
Friday
Sales
Last Week's Range for
Week.
of Prices.
Sale.
Par. Price. Law. High. Shares.
Week ending June 21.
Stocks-
Indus. at Miscellaneous.
3%
Acme coal mining new 10
10
Acme Packing
*
Allied Packers, new
Amalgam Leather, corn •
100
Preferred
Amer Cotton Fabric, p1100 101
L.
34%
w
new,
corn.
AM G&E,
i•
Preferred
American Hawaiian SS 10
Amer Lt & Tree. com_ _100 115%
American Storm( new '
Am Writ Paper, com_100
Archer-Daniels Mid Co __•
Armour dr Co of Del. pf.100 86%
•
Atlantic Fruit Co
Borden Co,common___100 117
Bridgeport Machine Co..• 14%
Brit-Amer Toh ord bear_ £1
1534
British Int Corp. class A.
10
9%
Brooklyn City RR
•
1%
Buddy-Buds,Inc
Car Lighting dr Power__ _25
Celluloid Co, common_106
Centml Aguirre Sugar_ __20 86
Central Teresa Sug. corn 10
Centrifugal Cast Iron Pipe* 13%
Checker Cala Mfg, Class A* 43
4%
Chic Nipple Mfg Class A.1.0
10
3%
Class B
1%
Chicago Steel WheeLeom_5
10
4%
Preferred
Cities Service, com____100 135%
100 65
Preferred
10
Preferred B
Cities Serv, bankers' sh_.• 1334
95
Scrip
.5 28%
Cleve Automobile, corn.
160
Preferred
Colombian Emerald Synd_
Colorado Power, corn...100
Columbia Motors Co_ _ _10
Congoleum Co. com___100
5
434
Cox'* Cash Stores
• 36%
Cuba Company
Curtis Aeropl & M,corn •
Certificates of deposit7%
115(5
Preferred
Certificates of deposit_
Davies(Wm A) Co,Ine__*
734
Dubiller Conderiaer & Rad•
Du Pont Motors, Inc_
•
• 48
Durant Motors, Inc
Durant Motors of Ind_ _ _10 11%
Eaton Axle & Spring co..• 25
Dec Bond 6( Share, p1_100
Equitable Tr Co of NY_100 191
5
431
Federal Tel & Tel
Firestone T & R, pref_ 100
Foundation Co, pref
• 92%
Hillette Safety Razor_
•
• 66
3Ien Alden Coal
3oodYear Tire & R.com100 12
Crifflth (DW), Inc, cl A_*
Hanna (NI A) Co. pref _100
•
Eleyden Chemical
134
Hudson Cos pref
100
EIudson & Man RR,com 100
9
Preferred
100 44
• 21
EIydrox Corn coin
Industrial Fibre Corp.....*
fntereontInentai Robb 1(10
4%
Lehigh Valley Coal Sales 50
[Abby, McNeil & Libby_10
Old stock
1,upton (FM) Pub, cl A.•
ofcCrory Stores Corp,new*
*fiercer Motors
•
vIesabi Iron Co
• 13%
vildvale Co
dunsingwear. Inc
10
Leather
4ational
iat Supp Co(of Delicom 50
gewFictionPubCormcom5
iew Mex & Ariz Land___1
i Y Tel 634% pref___ 100 108%
O'er Amer Pulp & Paper. •
'atterson Bros Tob, Cl A_• 10
'cocks Truck & Motor-SO 35
'rime Radio Corporation.' 51e
394
Indio Corp of Amer,corn •
5
334
Pmfarrnd
[Vox. 116.
T-FTF CHRONICLE
2872
3% 3%
Sc
5e
1% 1%
16
16%
56
5634
101 101
34
36
41% 42
14% 15
115% 115%
2034 23%
1% 2
33
30
86% 89%
1% 1%
116% 117
14% 15%
22% 22%
15
15%
9
9%
1 1(8 1%
14 1%
86% 86%
86
86
88c
1%
13% 14%
34
51
4
4%
2% 3%
1%
134
334 4%
130 14634
65
66%
6
6
13% 1534
95 102
2634 29
95
95
3c
3c
17
19%
2
2
207 223
334 4%
36
36%
7% 7%
7% 7%
35
35
33% 33%
26% 26%
734 8%
234
434
48%
43
9% 1134
24% 26
97
97%
191 193
4% 5
88% 8834
91% 9234
270 275
63% 68%
11% 13%
3% 3%
93% 94
134 2%
13
13
8% 9%
44
4434
20
2134
5
5
4% 434
77
77
534 5%
1
1
16
16
42
43
65c 65e
7)4 7%
1134 14%
38
38%
4
4
54% 57
334 3%
3%
33.4
108 110
500 50c
19 10
35
30
500 51c
334 3%
3% 3%
400
300
100
600
209
100
400
400
300
10
1,500
300
600
2.620
2,700
135
1,700
800
400
500
6.300
100
20
10
1,500
2,300
3,500
4,400
2,300
600
16,200
2,475
2,200
100
3,600
52,025
1,900
60
1,000
30
600
30
3.900
600
100
400
100
25
100
2.700
600
3,600
6,900
1,900
40
20
9,700
20
40
160
2,700
6 300
100
200
1.700
200
1,900
200
1,300
100
1,800
75
300
200
200
200
100
1,000
2.600
200
300
1,200
500
1,000
175
100
550
600
4,200
19,200
10.000
Range since Jan. 1.
Low.
3% May
Sc June
1% June
1434 Mar
48% Jan
99% Mar
32% Feb
May
41
14
June
Apr
111
20% June
1% June
30
June
.86% June
134 June
110
Mar
14
May
1934 Jan
14% Apr
7% Jan
111. June
75c Mar
81
May
86
June
1% May
10
Jan
34
June
2% Jan
2% May
1% May
334 June
130
June
65
June
6
June
13% June
95
June
26% June
79% Apr
3c May
17 June
2 June
114
Jan
3% Feb
36 June
5
Jan
7% June
21
Jan
33% June
26% June
4% Jan
2% June
37% May
9% June
24
May
97
June
182 May
3% Apr
85% June
91% Apr
259
Jan
56
Jan
9% Mar
3% Jan
92% May
134 Jan
13
May
8% June
43
Jan
20
Jan
5
Apr
434 Jan
77 June
534 June
1
Feb
13
Jan
40% May
60c May
7 June
11% June
38
June
4 June
50% May
'3,,
-,o June
2% Mar
108 June
50c June
10 June
30
June
50c June
3% June
21318 Jan
High.
6
35e
3
19%
65
102
46%
46%
2534
140
25
3%
40%
99%
2%
122
16%
2334
May
Jan
Apr
Apr
Apr
Mar
Mar
Feb
Mar
Feb
May
Apr
May
Feb
Feb
Jan
May
June
17% Feb
10% Mar
1% Feb
2 June
100
Feb
99% Apr
234 Mar
15
Feb
66% Feb
5% June
3% Apr
3% Feb
93.4 Feb
Feb
195
Mar
70
634 Mar
19% Feb
June
102
34% Apr
95
June
Jan
45e
25% Mar
3% Feb
232
June
8
Mar
38% June
8% Mar
7% June
37
Mar
35
May
35% Jan
13% Apr
7% Apr
Jan
84
254 Jan
30% May
Mar
99
195
June
7
Jan
Apr
96
05
Apr
292
Apr
75% Apr
16% May
6% May
Jan
102
2% Feb
17% Feb
12% Feb
Jan
48
25
M r
10% Jan
6% Jan
90
Jan
8% Apr
13-4 May
22
Jan
43
June
4
Jan
1234 Jan
21% Apr
42% May
834 Feb
70% Mar
1634 Jan
4% Apr
112 Jan
13.1 Apr
1534 Apr
80
Jan
1
Jan
4% Mar
31ho Apr
Friday
Sales
Last IVeek's Range for
Sale.
of Prices
TVeck
Stocks (Concluded) Par. Price. Low. High. Shares.
15
10
Reo Motor Car
1
1
Repetti, Inc
5
48%
Rosenb'm Gr Corp, pf_ _50
60
Savannah Sugar, corn_ _100
19
•
Shelton Looms, coin
20c
Southern Coal & Iron_ ___5 20e
2%
Standard Motor Constr.10
Stutz Motor Car
• 14% 14
101
100
Swift & Co
17%
Swift International
15
14%
Tenn Elec Power, corn_ •
Timken-Detroit Axle_ _ _10
9
3%
Tob Prod Exports Corp...
50
Todd Shipyards Corp... • 51
Underwood Typewr, w 1 25 42% 41%
5%
United Profit Strang, new.1
5%
534
Un Retail Stores Candy...*
5%
•
5
Founders' shares
33%
United Shoe Mach,com 25
20
U S Distrib Corp, corn..50
1%
US Light & Heat, corn..10
2)4
10
2%
Preferred
50e
US Metal Cap & Seal_ _10 50c
12%
Universal Pipe & Rad w I.•
57%
100
Preferred
25%
Wanner Malleable Cast_ •
*
16
Waring Hat Mfg
154
Wayne Coal
5
3%
3%
Western Feed Mfrs. Tile__
40
White Rock Mineral Spgs
5
WIllys Corp, lot pref__100
5
1st pre( cents of deposit
130
Yellow Taxi Corp, N Y___• 130
Rights.
Niagara Falls Power
Former Standard 011
Subsidiaries
Anglo-American 011_ __ £1
50
Buckeye Pipe Line
100
Continental 011
25
Crescent Pipe Line
Cumberland Pipe Line_100
100
Eureka Pipe Line
Galena Signal Oil. com_100
100
Illinois Pipe Line
50
Indiana Pipe Line
National Transit____12.50
100
New York Transit
Northern Pipe Lint_ _100
25
Ohio Oil
25
Penn-Met Fuel
100
Prairie Oil & Gas
100
Prairie Pipe Line
100
Solar Refining
100
South Penn Oil
I00
Southern Plpip Line_
S W Pa Pipe Lines_ _ _ _100
Standard 011 (Indiana)..2.5
Standard 011 (Kansas)-25
25
Standard Oil (KY)
Standard 011 (Neb)_ __ _100
Standard 011 of N Y___25
Standard 011(Ohio)corn 100
100
Swan & Finch
25
Vacuum Oil
10
011
Washington
25e
Range since Jan. 1.
Low.
15% 2,100 13%
1
1
700
49
300 48%
25 60
60
19%
700 19
17,000 20e
26c
2%
234
500
15% 1,300 14
103
60 101
900 17%
18%
14%
300 14%
9%
9
600
4% 1,300
3%
52
800 49%
42%
800 41%
6
1,200
4%
5
53.4 4.600
5
100
3%
35% 1,000 n33%
20
100 20
113(/ 5,300
1
2%
1,900 90e
85e
200 50c
13% 2,700 12%
59
600 57%
26%
200 25%
17
300 16
1% 4,300
ig
4
6,100
3%
44
500 37
300
5
6
300
5
135%
1,400 100
25c
147
/i
1,000
14% 159-4 3,200
240
83
8434
137
' 36% 3734
715
1534 17
100 100
30
45
100 108
62
725
6134 59
158
158 160
140
93
95% 98
155
2434 24% 24%
300
110 119
70
97
97%
110
61
59
63
3,000
15
16
200
200
182 200
590
104
103 105
761
174 180
175
Sc
140
103 142
95
96
141
79
79
79
Si.
57% 118,301
57% 54
1,40(
4134 4034 4134
89
87
90
3,60(
220 220
It
38% 36% 39
16,50(
280 280
I(
26
29
lot
48
45
4834 21,001
25
25
4(.
Other Oil Stocks
Sc 5%c
1
Allied Oil
6
5% 64
Ark Natural Gas, com_10
3%
com__•
334
Oil,
Lobos
Atlantic
10% 10% 103.4
Barrington 011 Co class A
10e
130
15o
Big Indian Oil & Gas
85e
1
Boston-Wyoming 01I____ I 850
25 3234 32% 32%
British-Amer Oil
731
734
Petroleum
Cardinal
4% 5
4%
Carib Syndicate
4
5
334 4%
Creole Syndicate
15
Corp,com•
1334
Derby OH& Ref
• 35% 3334 39%
Preferred
60
6c
3c
_1
Co.
Petroleum
Engineers
15
14
Equity Petrol corp. prof.- ______
5 63c
56c 65c
Federal Oil
3134 33
General Petrol Corp com25
*
334 434
Gilliland Oil, corn
850
80c
90e
10
011
Glenrock
13i
1.1.4
Granada 011 Corp, Cl A_10,
50% 5254
25 52
Gulf Oil Corp of Pa
1
1
Harris Consol Petrol Corp_
1
8c
7c
80
Hudson Oil
29% 3034
Humble 011 dr Refining__25 30
35 30
27
30
Humphreys 011
Imperial Oil (Can) coup_25 10034 9634 103
17%
International Petroleum_ _• 1634 16
1
1
1118
Interstate Royalties Corp_ 1
16e
13c
Devel_
_1
20c
Ranger
Keystone
2
•
2
Kirby Petroleum
lc
1.0
Lance Creek Royalties... _1
700 93c
Livingston Petroleum_ ___ •
63c 63c
5
Lowry Oil Corn
1 65c
600 070
Lyons Petroleum
12534 134
Magnolia Petroleum-100 134
Maracaibo 011 Explor_ __ _• 2234. 2134 23%
85c 85e
•
Margay Oil Corp
234
234 3%
1
Marland Oil
2% 2%
5
Marian(' Refining
534
5
534
Mexican Eagle 011
51c 700
Mexican Panueo Oil...10
80e 98e
10 980
Mexico 011 corp
70 15c
1 120
Midwest Texas 011
1%
134
1
Mountain & Gulf 011
Mountain Produeers___ _10 1434 1374 14%
1034
934 10%
Mutual 011 vot trust Ws.
434 44
New Bradford 011w 1_ .5
30
24
30
New England Fuel 011____
10
25 10
5
New York 011
15c
14c
11%
Noble(Chas F) Oil & Gas.1
10 75c
750 80c
Omar OH& Gas
2
•
2%
Corporation
2
Peer 011
10 12
1134 1234
Pennok 011
Phillips Petrol new w I _• 29% 28% 30
434c
4%c 41%0
Red Bank 011
3%
3
33.4
Royal can oil Syndicate •
4
Corp..•
4
Petrol
4
Ryan Cons
9
8% 9
Salt Creek Consol 011_10
1434 17
Salt Creek Producers_ _ _10 16%
5%
5
5%
Santa Fe Oil& Refining...5
274
5
2% 3
Sapulpa Refining
5
Gas
234
Oil
&
2%
2%
Seaboard
30
2e
3c
South Petrol & Refining_ _1
10 15% 1234 17%
Southern States 011
5
500 60c
Tex-Ken Oil Corp
•
Tidal Osage 011
834 9
1 600
600 800
Turman 011
Ventura Cons 011 Flelds._5
2734 273.4
18c
180 180
Western States Oil& Gas__
5
634
Wilcox 011 ..lt Gas
63.4
634
•
23c 23e
Woodburn Oil
1
70
80
"Y" Oil& Gas
250 June
14%
80
36%
15%
185
95
57%
158
93
24%
104
97
58%
15
180
103
174
130
95
66%
64
10%
(80
186
35%
274
21
13%
23
High.
Feb 20%
2
May
May 54%
June 60
June 27%
50.2
Mel
3%
May
June 24%
June 109
21
June
19
June
June 13%
0%
Jun(
60
Mat
June 4434
Jar
7
Jai
8
9
Jan
Ma` 56
hum
30%
Jar
2%
Jr.'
334
1%
Feb
June 20%
June 72
June 3134
22%
Jun(
2)4
June
Jun(
6%
Jun. 44
Juno
11%
Jun(
10%
Fe! 152%
June
Ma
Jun.
June
Jar
Ja.
.1s
Jun(
Jun.
Jum
Jun.
June
Jun
Jun.
Jun
June
Jun(
Ma
Jun(
Jo.
Jun(
Jun(
Jo
Jar
Jar
Jr.
Jar
Jr.
Mat
May
Jan
Mar
June
Mar
May
Jan
Jan
Feb
Feb
Mar
Apr
Mar
May
June
Apr
Mar
Mar
Mar
Jan
June
Apr
Feb
Apr
Apr
Apr
Apr
Jan
MS7
June
Jan
Jan
Apr
62c
June
19)4
94
50
26%
168
117
79%
171
103
29
138
110
8534
25
224
333
212%
195
116
88%
69%
57
133
285
49%
317
39
55%
28
May
Jan
Feb
Feb
Jan
Apr
Mar
Feb
Mar
Feb
Apr
Feb
Feb
Feb
Apr
Jan
Feb
Feb
Feb
Mar
Mar
Feb
Jan
Feb
Jan
Apr
Feb
Mar
Jan
17c
Feb
1,10(
Sc
Jar
10
Mar
3,50(
5% Jun(
7% Jan
IC).
214 Ma.
11% May
3,90(
10% Jun.
30e Mar
7,70(
10c Jun.
1% Feb
3,30(
Me Jun(
Mar
37
10C 32% Jum
8% Mar
10{,
5% Jun(
7% Mar
4,70C
434 Jun.
7% Apr
12.40(
2% la
IA% Apr
701
13% June
49% Mar
1,00!
33% June
25c
Jan
18,001
3c Jut),
500
14 Jun.
15% May
4,800 56c Juno
1
Jan
38% Apr
400 3134 Jun(
3.100
3
Jar
7% May
8,400 800 Juro
2i, Jan
Feb
200
3
1% June
9,800 51% Ma. 68% Mar
100 750 Apr
211(1 Apr
Jan
18c
30,000
70 May
2 310 29% Jun(
41% Mar
800 27 June 39% May
Feb
3.500 96% .1. ne 123
21.400 15
Ma) 24% Feb
1% June
3.400 95o May
Jan
44,000 120 June 400
Jan
4
600
1% Apr
Feb
4c
2,000
le May
2)4 Mar
900 750
Jan
1% Feb
100 620 Mar
1% Jan
2,700 60c June
Jan
480 125% June 168
15,700
9% Jan 253'4 May
1% Jan
300 75c May
4% June
6.500
1% Jan
Apr
6
100
2% June
100
5% June 10% Feb
Mar
900 50e June $3
2111, Mar
9,800 740 J
Jan
20,000
50
Jan 300
100
1% Jan 1% Mar
7.200 13%
ne 20% Feb
72,300
9% June 15% Mat
2.300
5% May
4% June
400 24
Mar
June 52
3,100
5
June 21% Feb
31,000 14e June 30o
Jan
5,500
Pio Mar
70c June
Mar
3,500
2
June 13
6,600
94 Jan 14% Apr
4,300 28% June 41% Apr
200
c June 200 Mar
7,200
7% Mar
3 June
600
Apr
6)1 Mar
4
Feb
1,800
8% June 14
9,000 17% Jane 2534 Feb
7,200
6% Mar
4% May
434 Mar
2,700
2% Jan
Apr
4
9.900
2% Jan
Jan
15,000
be Slay 13e
14,000 12% June 2644 Mar
Apr
400 55e June 75c
300
8% June 13% Feb
1% Apr
7,800 60c June
Jan
25 25% Apr 30
Feb
2,000 18c June 30c
1(% May
1034 Jan
20,500
1,000 230 June 400 May
8.000
70 June 200 Mar
JUNE 23 1923.]
4c
20
lle
--ai;-
Bonds
Allied Pack 8s, Ser B_ _1939
Aluminum Mfrs 78._ _1925
7s
1933
Amer Cotton 01165_ _1924
Amer G & E deb 68_2014
Amer Lt & Trac 65.._.1925
Without warrants
Amer Rolling M11165_1938
Amer Sumatra Tob 713_1938
Amer Tel & Tel(ls.....1924
Anaconda Cop Min 75_1929
6% notes Series A..1929
Anglo-Amer Oil 74s_ _1925
Armour & Co of Del 545'43
Assoc Hardware 648_1933
Atl Gulf & W 1 SS L 55.1959
Beaver Board 88
1933
Beaver Products 748_1942
Belgo-Canadian Pap 651943
Beth Steel equip 78..1935
75
1923
Canadian Nat Rys 75_1935
55
1925
Canadian Pacific Os_..1024
Central Steel 8s
1941
Charcoal Iron of Am 881931
Chic RI & Pac RR 5555'26
Cities Service 75, Ser 1)'66
75, Series C
1966
8s, Series E
1966
Colum Graphophone 8s '25
Certifs of deposit
Cons0,E L & P Bait65'49
1931
75
1952
540
120
lc
3
148
63c
5%
600
310
155
40
800
20
Sc
13c
Sc
440
250
155
78c
520
14
190
155
90c
220
335
430
93c
155
3% 455 4,500
400 43c
2,000
92c 950 12.700
lc
lc
24,000
'13.5
155 2,400
674 66
67
83.000
1034 103% 16.000
106
106 1064 6,000
9255 91
93
36,000
934 9334 944 24,000
10455 10435
2,000
100% 100%
7,000
99
98% 99% 21,000
954 9735 10,000
1004 10055 100% 28,200
102% 102% 102% 13,000
10155 10155 10155 48,000
10255 10255 1024 36,000
87% 86
8955 206,000
96
96
98 234,000
49
48
494 19,000
79
784 80% 24,000
99
994 11,000
96% 964 80,000
103
102% 103
26,000
10055 100% 2,000
10755 10755 107% 11,000
99
9935
9955 17,000
994 99% 10,000
10755 107 108
35,000
924 924 93% 9,000
984 98
98% 42,000
89
89
9055 18,000
90
90
92
16.000
10455 10455 2.000
66
June
1024 Apr
105
May
85
Feb
9315 June
1044 June
100
May
9855 May
9534 Jan
1004 Mar
10234 May
101
Apr
102
Mar
86
June
96
June
47 June
6535 Feb
97
May
9655 June
10255 Jan
100 June
10655 May
98% Mar
9994 June
Feb
106
9254 June
June
98
89
June
90
May
Mar
104
8434 Jan
104
Jan
107
Mar
9651 Jan
984 Mar
110
Jan
10134 Feb
10055 Jan
10034 May
10134 Jan
10455 Jan
1034 Feb
18355 Jan
9034 Jan
9834 June
62
Mar
8255 June
103
Apr
9655 June
104
Feb
1054 Jan
11055 Jan
99% Feb
10135 Jan
1084 Apr
97
Mar
983.4 June
9355 Mar
964 Apr
10555 May
12
1754 2,000 12
Jun
35
10235 10355 39,000 1004 Apr 10355 Jan
Feb
107 107
5.000 105
Apr 10855 Jan
99
99
5,000 97
Apr 100
Jan
nI
00
W...
CO
.
.W. NW
NW.W.
b',..obbbbbbbbbbbbbbbbbbbbbbbb
bObbb
55o858bobb8o608.0805
5a580
0000
08
00008588
000 0 0000 000 0
00000
High.
106
Feb
107
Jan
91
Feb
1034 Feb
101% Jan
104
Jan
974 Apr
10134 Apr
99
June
100% June
1004 Feb
100
Feb
999-5 Feb
9835 Feb
9955 Apr
10555 Mar
105
Jan
93
Apr
107
Jan
9755 Jan
102
Jan
10035 June
Dm% Jan
10255 Jan
104
May
914 Jan
10255 Feb
249 S.2 May
106% Jan
102
Jan
8955 Mai
92
Jar
9035 Jan
1054 Jar
1024 Jar
0
Low.
(16
June
105
Jan
85
Jan
9835 Mar
994 Jun
100% Jum
95
Fet
1004 May
96% Jun(
99
Jun,
98% Apr
9635 May
96
May
9431 Mar
0534 June
103
Jun(
100
June
9754 Apr
10355 May
9354 May
10055 Ja,
9534 Jan
Ja,
103
99
June
10154 Mar
86
Mar
95
Jan
105
Mad
98
AM
99 June
8254 Apr
844 Apr
86
Ain
1024 Mar
9835 Apr
99 100
102 102%
974 974
1004 1004
104 104
96
97
10455 105%
8955 9054
105 10655
1024 103
10455 1054
105 10555
1054 10554
10534 1054
10555 1074
107 10755
102 102
97% 97%
9055 924
10254 10351
9955 9954
8955 9594
106 107
10554 10654
10354 10355
99 June 10334 Feb
1014 May 10451 Jar
974 Apr 984 may
10055 June 10154 Jar
10334 May 1054 Apr
96
Feb 9855 Fet
104
Mar 10534 May
87
Mar 9794 Jan
10455 Apr 10755 Jar
102
June 10655 Fet
103
APr 10551 J82
Apr 10755 Jar
103
10454 Apr 10755 Ma
Apr 1104 Jar
104
10155 Feb1094 Jai
106% Mar 110
Fel
1014 Feb 103
Ma
97
Mar 9855 Jar
89% May 94
Fel
10255 Mar 104
1Ylal
9955 June 104134 Ap
894 June 10635 Ma.
1044 Apr 107
Jai
105% June 10751 Jai
I 1024 Jan 10335 Ma
0
150
90c
124
66e
34
300
96
9735
1055,5 10555
8654 8655
9954 1014
9934 9955
100% 101%
9655 9655
101% 10155
9654 98
100% 10054
1004 10055
9855 9831
974 97%
9734 98
954 9655
103 103
100 10055
9755 97 34
104 104%
94/75 9555
1014 101%
1004 100%
10355 103%
99
9955
1034 10355
88
889-4
9934 9935
215 231
98 100
99
99%
8255 8335
87% 884
89
89
10355 104
101 102
0
620
400
lc
20
3c
Consol Textile 88
1941 96
Cuban Telephone 7481941
Cudahy Packing 5s_ 1946
Deere & Co 7555
1931 1004
Detroit City Gas 68_ _ _1947 9955
Detroit Edison 6s_ _ _ _1932
Dunlop T& Rof Am 78_1942 964
Federal Sugar 6s
1924 1014
(is
1933 97
Fisher Body Corp 6s..1924 1004
6s
1925
Os
1926
Os
1927 9735
On
1028 977-4
Gal!'(Robert) Co 75_ _1937
Galena-Signal Oil 7s__ 1930 103
General Asphalt 85 ..1930
General Petroleum 68_1928 9755
Grand Trunk Ry 645_1936
Gulf 01101 Pa 5s
1937
Hoed Rubber 7% notes _'36 10155
Interb R T 8s J P M rects__ ___ _
Kennecott Copper 75_1930
Libby McNeill& Libby 713'31
99
Liggett-Winchester 75 1942
Loutsv Gas & Elec 58._1952
Manitoba Power 7s_ _ _1941 9955
Maracaibo 011 Exp 7s_ 1925
Morris & Co 734s
1930 9855
National Leather 8s_ _1925 994
New Orl Pub Serv 5s_ _1952 834
Ohio Power 88
1952 8831
Penna P & L 5s B_ _1952
Phila Electric 135
1941 10355
5558
1947
Phillips Petrol 734s...1931
Without warrants
99
Public Serv Corp 7s_ _1941 102%
Pub Serv Elec Pow 65_1948 9754
Sears, Roebuck & Co 78'23 10035
Shawsheen Mills 7s_ _ _1931 104
Sloss-Sheffield S&I 65_1929
Solvay & Cie 8s
1927 10494
South Calif Edison 55_1944 8954
Stand 01101 NY 645.1933 10555
7% serial gold deb..1925 102%
7% serial gold deb._1926
7% serial gold deb_ _1927 10534
7% serial gold deb_.1928
7% serial gold deb_ 1929 10534
7% sedal gold deb_ _1330 10555
7% serial gold deb_ _1931
Sun Co 75
1931
i 65
1929
Swift & Co 515_ _Oct 15 1932 Pb
Tidal Osage Oil 75 .1931
Union 011Co of Callf6811'25
United ((ii Freda, Bs_ _1931 914
United Rys of Hay 7345'36 107
Vacuum Oil 78
193R 10655
Valvoline Cal 6s
1937 1034
000
10e
21c
320
15c
155 May
255 Mar
23,5 Jan
635 Mar
454, June
655 May
Feb 850 Feb
100
20 Mar
6c
Jan
8c
API' 17e June
90 Feb 23c May
90c Mar 53
Apr
10e May 220 Feb
155 Inc
235 Jan
Sc June 38c
Jan
150 Mar
30e May
234 May
455 Mar
455 Jan
5% June
62c Apr
1% Mar
le June 15c
Jan
2
3% Apr
Apr
234 Jan
44 Mar
4c June 13c
Jan
155 Apr
24 Jan
lc
Apr
Jan
40
10c Mar 370
Jan
260 June 800 Mar
I7c
Apr 740
Jan
300 Feb 50e Mar
70 Apr 240
Jan
40
Jan 340
Jan
290
Jan 76e Feb
350
Jan 57c Mar
10
Jan
Jan
60
2c June 110 Feb
30
Jan 130
Jan
20 June 10e Mar
755 June
955 Apr
15c
Feb 66c Feb
75e June
1151, Feb
114 May 14
Feb
58e Feb 74e Mar
2% Jan
4% Mar
160 June 48e Mar
25c June 38e
Jan
950 Apr
34 Feb
20 Mar
Sc
Jan
lc May
70 Apr
23c
Apr 400 Feb
20 June 100
Jan
20 June
7c
Jan
60
Jan 15e
Jan
14 June
255 Mar
16c May 250 Mar
20 June
4c
Feb
Jan 93e
10c
Apr
2c June
60
Jan
Ilc June 32c
Jan
lc
Jan
2c
Jan
1655 Jan 2455 Mar
255 Jan
455 Mar
148
June 18034 Mar
54 June
655 Feb
30e
Jan 75e June
54 Jan
655 Mar
3c
Jan 10c May
455 June 10% Feb
Jan
370
lilt Mar
310 June 3Ic June
25,5 June
334 Apr
Feb
1
235 Mar
lc May
8e Mar
260 June 680
Apr
20 May
80 Feb
150 May
29c
Feb
800 May
14 May
42e May
1
June
lc
AP
Sc
Jan
50c Mar
1% Apr
40 May 250
Apr
10c May 400 Feb
30 June
90
Jan
28c may 50c Feb
Fe
21c
50c
Apr
400 Jun
1
Apr
2% May
435 Jan
40 Ma
25c June
18c Jun
28c Feb
30 Jun
80
Jan
Jan
lc
60 May
Jan
810
155 May
730 June
lid Jan
48c June 89c Mar
155 June
4
Mar
Pit Jan
255 Jan
20 June
6c
Apr
80e May
135 Jan
8c June 670 Feb
1
June
2itt Feb
600 Mar 90c June
2654 Jan 38% Apr
750 Feb
155 Apr
Apr 230
130
Jan
334 Jan
54 Mar
40c June 77c May
90e May
154 Jan
lc May
60
Jan
75c
Jan
21is Apr
Range since Jan. 1.
00
235
Sc
Bonds (Concluded)
cm
2%
555
67c
2c
High.
WOO
NO
NO...
oANW
NOOONW.10..0O.COMW
IOW .
O.
N.
N.0
O.
134
134
60
15.4
2
200
4
455
600
4% 54
600
400 420
9.000
40
5c 116,000
160 17c 14,000
160 190
5,000
1
155 5,300
12c 120
1,000
155 1% 3,900
5c
70 55,000
22c 220
1,000
255 3
3,500
5
5
3,500
65c 67c
9,600
lc
2c
3.000
354 3516 12,800
255
254
900
40
5c
4,000
155
3.000
134
2c
2c
1,000
10c
10c
14,000
26c 260
1.000
190 22c 47,000
32c 39c
3.000
100 15c 335.000
70 14c
10.000
50c 64c 179,900
390 400
8 000
lc
lc
1.000
20
3c 43,000
3c
2.000
30
30
30
6,000
755 8
1,100
150 160
6,000
75e 950
2.200
12
1234 1.600
60e 66c
700
3
355
1,600
200 31c 51,800
250 270
7,000
24 255
600
2c
4c
8.000
2c
30
6.000
330 330
2.000
30
40
9.000
20
4c
6,000
11c
130
5,000
134
155
400
16c
16c
1,000
20
2c
2,000
600 680
6,500
20
2c
1.000
11c
130 39.000
lc
lc
3,000
17% 18
500
2% 3
1,200
148 15255
110
534 555
400
59e 720
9.900
555 555 1,200
8c
100 10,000
455 455
200
550 63c
18.000
310 310
1,000
255 255 2,500
14 155 17,900
30
40 14.00
260 26c
1,00
30
40
5,00
10c
130
2,00
1
1% 5,00
80e 800
1,30
10
2c
6.00
850 900
4.00
Sc
6c
4,000
120
14c 21,000
4c
6c 20,000
380 48c 30,000
280 280
2,000
950 950
5.100
3
335
1.000
190 250 118,000
200 200
1,000
30
30
2,000
Sc
Sc
1,000
lift 17,
7,700
780 79c
500
51c 540 10.000
1% 11i,s 6.500
14 135
650
20
20
1.000
800 80c
400
80 21c 17,000
155
155 8,500
880 900
1,400
32
35
900
760
1
700
Low.
- - - - U§
"
- - bo8§85oso
- 8§8§
pso
MUU
o
4
455
400
4c
16c
Range since Jan. 1.
Foreign Government
and Municipalities
.
Argentine Nation 75_1923 10035 1004
100%
Mexico 45
1945 3955 384 39%
65 10-year Series A
5935 5755 5955
Netherlands (Kluird)65E1'72 10055 10035 100%
Peru (Republic) 85_ _ _1932
984 9834
Russian Govt 655s_ _ _1919
12
1234
Certificates
10
10
1134
Russian Govt 555s _ _1921
10
10
Ctoltstroplanfl finvt & It•
1090
10012
00
111014
fflffan
Alaska Brit Col Metals...1
Alvarado Min & Mill__ _20
Amal Lead, Zinc & Sm Cor
Arizona Globe Copper_ _ _1
Belcher Extension
10c
Black Hawk Con Minos_ _1
Boston & Montana Dev_ _5
Butte & West Min Co_ _ _ _1
Calumet&Jerome Copper..1
Caned° Copper
Candelaria Silver
1
Comstock Tunnel
-Centel Copper Mines _
Continental Mines. Ltd._ _
Cortez Silver
1
Crackerjack Mining
Cresson Con Gold M & M.1
Davis-Daly Mining
10
Divide Extension
1
Dolores Esperanza
1
Emma silver
Eureka Croesus
1
First National Copper_ _5
Fortuna Cons Mining
Golden State Mining
Goldfield Deep Mines Co Sc
Goldfield Development _
Goldfield Florence
1
Goldfield Jackpot
1
'Goldfield Ore Mining
Cold Zone Divide
Hard Shell Mining
1
HarmiII Divide
10e
Heela Divide
25e
Henrietta Silver
Hilltop-Nevada Mining._.
Hollinger Con Gold Mines 5
Homestake Ext Min Co_ _1
Howe Sound Co
1
Independence Lead Mln_ _1
Iron Blossom Cons Min..]
Jerome Verde Develotet 1
Kewanee
Knox Divide
100
La Rose Mines
5
Lone Star Consolidated_ _1
MacNamara Mining
1
Marsh Mining
Mason Valley Mines
5
McKinley-Darr-Sav Min_l
Mizpah Ext of Tonopah__ _
Mohican Copper
1
Nabob Consol
National Tin Corp
50c
Nevada Silver Horn
New Cornelia
New Dominion Copper_ _ .41
New Jersey Zinc
100
N Y& Hondur Ron Min_10
N Y Porcupine Mining---Nipissing Mines
5
Nixon Nevada Mining Co_
North Butte
Ohio Copper
1
Portland Gold Mining_ _
Premier Gold
Ray Hercules. Inc
5
Red Hills Florence
Red Warrior
Rex Consolidated Mining.1
Richmond Cop M & Day_
St Croix Mines Corp
Salida Mines
Sandstorm Kendall
Silver King Consol
Silver King Divide ReorgSilver Mines of America...
Silver Pick Consol
Silver Queen Mining Corp_
Simon Silver 1.ead
1
Snow Storm Sliver Lead..
South Amer Gold & Plat_l
Spearhead
...
Standard-Silver Lead _
Stewart Mining
1
Sutherland Divide
Tack-Hughes
1
Tonopah Belmont Dev__ _1
Tonopah Divide
1
Tonopah Extension
1
T000pah Minlrig
1
Tonopah North Star
Trinity
Tuolumne Copper
United Eastern Mining...1
United Imperial Mines__ _1
United Verde Extension_50
United Zinc Smelt
US Cont Mines
Unity Gold Mines
Verde Mining & Milling_ _
West End Consolidated_ _5
West End Extension Mm..
Yukon Go:d Co
2873
Friday
Last Week's Range Sales
Sale.
of Prices.
for
Price. LOW. High. Week.
4..N COON
DO.NO..WOW
Mining Stocks
THE CHRONICLE
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Par Price. Low. High. Shares.
I 100
3634
5,555
9755
97
9%
9
) 954
1
00
Jan 10054 Ja,
Jan 4454 Ma
Mar 6335 Ma7
Mar 102
Jun
Feb 100% AP
Jan
1635 Fe
Jan 1655 Fe
Jan
16
Fe
JIIIIP 104
la
* No par value. k Correction. m Dollars
Stock Exchange this week, where additional per 1,000 Ore flat. I Listed on the
stock. u Ex 66 2-3% stock dividend. r Ex transactions will be found. o New
100% Mock dividend. t Ex 200%
stock dividend. w When issued. z Ex dividend.
y Ex rights. SEX stock dividend. n Ex-stock dividend of 40%.
Quotations for U. S. Trees Ctfs. of Indebtedness,
&c.
ml.
Rate.
Maturity.
June 15
Sept. 15
Mar. 15
Mar. 15
June 15
Dec. 15
Sept. 15
I924___
1924___
1925._
1926._
I923___
1925_
1923-__
54%
555%
455%
44%
34%
447
355%
Bid.
Asked.
10155
1014
10055
10055
ggisi,
994
991.1.
10154
101%
10055
10055
100
999'
991ifs
Maturity.
Sept. 15
June 15
Dec. 15
Dec. 15
Sept. 15
Mar. 15
Mar. 15
1926...
1925___
1927._
1923._
1923-__
1924___
1927...
int.
Rate.
Bid.
454% 98%
454% 991irs
455% 9955
4%
99.514
447
0 100
435% 100
44% 10055
Asked.
9955
100
9955
100
1004
10055
10055
New York City Banks and Trust Companies.
Ail'TWA
lianks-A1.1. MO
&merles •_ _ _ _ 236
&mar Exch._ 292
clattery Park_ 190
Bowery*
444
BroadwayCen 115
Bronx Soros_ 175
Bronx Nat.__ 160
Bryant Park* 160
Butch & Drov 130
Cent Mercan_ 195
Chase
342
Chat & Phen_ 252
Chelsea Etch* 70
Chemical._-. 535
Coal & Iron__ 214
Colonlal •____ 375
Columbia__ 240
Commerce ___ 289
Com'nwealth• 225
Continental__ 135
Corn Etch_ 425
CosmoP'tan •.. 105
Mast River.-z204
Fifth Avenue•1150
Fifth
240
First
1190
Garfield
' 280
wieb..ham
186
Greenwich'. 290
Hanover
675
'Banks marked
w
rights.
Aak
242
297
198
Lie
__.
-- 170
138
205
346
256
80
540
_ __
250
291
245
I
60110711
80111,11
per tears.
1154
tisk
Merriman_ _ _ _ 335
Imp & 'Fred _ 780
Manhattan* 147
Mach & Met_ 391)
Mutual*
320
Nat American 135
National City z345
New Nettie_ 130
Pacific •
300
417
Port Morris_ 150
Public
Seaboard ____ 2
39
65
0
Seventh Ave_ 88
Standard •_ 170
State•
330
Tradesmen's• 200
23d Ward*
270
United States* 160
8
25
00
0
WY0a8hrk;nilleEl•ti.:-.
350
__
150
400
___
145
348
140
__
425
160
298
-S);
185
340
.._
170
l rust L..• I
New York
American_ ___
Bank of N. Y.
& Trust C
Bankers 'Frusti
Central UnlonI
CommerciaL_I
Empire
I
Equitable Tr.
Farm L & Tr.I
Fidelity Inter
Big
Ask
-__
462
352
470
112
310
199
522
195
250
Guaranty Tr. 260
Hudson
205
Irving Bank
ColumblaTr1 220
L
maet
wrT
0p
it0&Tr
10an:
2 19
95
0
N
NIo
uyh
tua
e8Trutler
(ift):
W
:
est
3
13
20
8
470
356
476
130
320
192
529
205
260
263
224
200
300
130
4
-3
-2
:---344
115
Title Gu &
364 370
__
US Mtg &
310 315
1250Brookly1i
248 Coney Island* 155 165 UnitedStates 1200 1220
Westehes
.
Tr.
180
1210 First
320 355
arookayn
270 Mechanics'•_ 133
Brooklyn Tr_ 470
191 Montauk 0.- 170
___ Kings County 800
___ Nassau
225 240 Manufacturer 265
-__ People's
160
395 415
People's
tk (.) are State banks. I New stook. z Ex-dividend. --ii Ex.
New York City Realty and Surety Companies.
Alliance R'Ity
Amer Surety.
Bond & MO,
City Investing
t...feerad
Bid
ss
95
270
65
92
AU prices dollars partner..
Ask
Ask Realty A8ts00
105 Lawyers Mtgel 156
(Brooklyn).
161
96 Mtge Bond__ 110 115 U Caauttity_,
277 Nat Surety__ 159 162 U S Tide Guae
Westchester
68 N Y Title &
98
Title *
Martaaae__ 187 191
Bid
163
140
128
Ask
170
200
220
134
2874
alimestuunt and gailraad
RAILROAD GROSS EARNINGS
The following table shows the gross earnings of various STEAM roads from which regular weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from Jan. 1 to and including the latest week or month. The returns of electric railways
are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS.
Week or
Month.
1Jan. 1 to Latest Date.
Current 'Previous I Current
Year. ' Year. I Year.
Latest Gross Earnings.
ROADS.
Precious
Year.
$
$
Akron Canton & Y. April
223.762 171,6391 833,749
673,140
Alabama & Vicksb_ April
281.034 270.011, 1,121,722 1,001,815
Amer Railway Exp.. April
12635584 12827074 25,331,764 25,663,463
Ann Arbor
2d wk June 105,211
99,817 2,183,424 2,169,205
Gulf Colo & S Fe_ April
1,720,821 1,617,406 7,232,730 6.448,483
GulfColo & S Fe_ March
1,817,505 1.717,985 5,511,909 4,831.077
Panhandle S Fe April
649,258 608.198 2,442,702 2,296,346
Atlanta Birm & AU_ April
382.132 313.436 1.581,520 1,199.788
Atlanta & West Pt_ April
253.166 212.743
969,478
733,790
Atlantic City
278.523 321.693 1.070,417 1,043.779
April
Atlantic Coast Line_ April
7.250.514 6.736,137 30,011,673 25.138.509
Baltimore & Ohio April
21675358 16318711 69,845.803 52.067,416
B & 0 Ch Term April
337.310 237,771 1,215,267
916,557
Bangor & Aroostook April
756,326 815.526 2.411,660 3,104.714
11,981
Bellefonte Central April
7,096
48,193
28.952
Belt Ry of Chicago_ April
598.856 420,022 2,396,605 1.906.249
Bessemer & L Erie April
1,285,885 775,649 4,619.604 2,689.140
Bingham & Garfield April
12.121
39,848
143.130
42,784
Boston & Maine__ April
7.600,997 6,222,497 27,300,482-24.833.466
Bklyn E D Term...._ April
155,344 128,353
590.676
540,025
Buff Roch & Pittsb_ 2d wk June 425.256 242,743' 9,440,894 5,841.489
Buffalo & Susq
April
189.521
64,6251 974280
603,027
Canadian Nat Rys_ 26 wk June 4.789,103 4,141.613 102953560 89.043,722
Canadian Pacific_ _ _ 2d wk June 3.187,000 3.034,000 70,200,000 66,986,000
Caro Clinch & Ohio_ April
861,128 630,901 3,043,563 2.492,249
2,200,894 1.758,493 8,997,061 6,895.052
Central of Georgia April
4,874.037 3,416,761 18,351,916 16,327,402
Central RR of N J April
603.549 607,506 2,223,456 2,529,553
Cent New England_ April
April
852,354 554,668 2,776,539 2,181,261
Central Vermont
352,392 308,072 1,379.770 1,147,213
Charleston & W Car April
8,243.341 6.942,944 30,685,219 27,645.427
Chesapeake & Ohio_ April
2.675,303 1,937,363 10,881.008 9.689,807
--14397445 11435326 57.521,303 49.149.572
Chic Irt:rl& Quincy- April
Chicago & East Ill... April
2,371.367 1.607,955 9,789,594 8.044,187
Chicago Great West April
2,162,969 1,933,154 8,367,4111 7,306,285
Chic Ind & Louisv_ _ April
1,552,587 1.298,105 5,956,496 5,046,340
Chic Milw & St Paul April
14112364 0753572 55,720,572 45.393,430
Chic & North West_ April
12621717 10666009 50,054474 42,236,374
Chic Peoria & St L.. April
107,887 153,324
477,5931 765,737
623.060
Chic River la Ind_ _ _ April
2,502.558
Chic RI & Pac_ -- April
10191 045 8,778,927 39.240,700 35,686.968
Chic R I & Gulf.... April
403.722 405.216 1,669,545 1,777,199
Chic St P M & Om_ April
2,342.943 2.084,029 9,282,2651 8,382,637
Cinc Ind & Western April
361,506 285,542 1,574,2161 1,310,348
Colo & Southern_ __ April
985.954 964.124 4,008,129 3.920.957
Ft W& Den City_ April
708.870 694,341 2,793,512 2,822.705
Trin & Brazos Val April
106.579 192.440
526.2751 1,275,512
Wichita Valley...... April
4,114
93,891
410,920; 393.349
Delaware & Hudson April
,050,695 2.747,239 14,091,001114,085.480
Del Lack & Western Ap.211
.922,323 5.514,320 27,360,754 24.865.396
Deny & Rio Grande April
,469,571 2,280,326 9.927,572 9,294.618
Denver & Salt Lake April
.
,
Detroit & Mackinac April
154,728 136,797
475.050
563,811
Detroit Tol & Iront April
862,589 861,016 3,239,550 2.683.788
Det & Tol Shore L__ April
390,578 229,401 1,432.905 1,240,467
Dul & Iron Range__ April
497,267
186,007 179,850
772.007
Dul Mlssabe & Nor_ April
263,181 187,350
565,160
732,418
Dul Sou Shore & Atl 2d wk June 115,847 106,350 2,449,593 1,703,925
Duluth Winn & Pac April
626.398
211,399 144,069
938.791
East St Louis Conn.. April
658.149
190,018 131.701
809,777
Elgin Joliet & East. April
2,523,090 1.645,364 9,285,099 6.849.789
Erie Railroad
April
9.804,417 6,597.059 39,830,170 30,487,515
Chicago & Erie April
1,234,075 937.188 4,390.905 3.614,451
NJ&NYRE..... April
478.891
128,286 124,488
505,876
EvansInd & Terre April
411.373
118,420
72,835
554,197
Florida East Coast.. April
1,623,079 1,543.838 6,858,575 5,945,996
Fonda Johns & Glov May
582,628
125,690 107,699
665,789
Ft Smith & Western April
460,484
134,517 116,004
535,502
Galveston Wharf_ _ April
497,050
109,571 125,222
453.951
Georgia Railroad...... April
522,356 432,108 1,967,379 1,529.037
Georgia & Florida 211 wk June
5741819
30,784
769,597
25,270
Grand Trunk Syst.._ 3d wk Mar 2,222.8661.930.118 23,244.920 20.861,357
Atl & St Lawrence An
318,268 142.729 1,287,895 1.046.645
810.473
ChDetCanGTJct April
312,300 194,403 1,088,047
Det G H & Mllw_ April
588,873 388,470 2.032,272 1,449.393
Grand Trk West_ April
1,879.933 1,066.765 6.306,947 4,373,282
Great North System 2d wk June 2,389,171 2,114,027 46,838,568 37,605,433
Green Bay & West.. April
451,097
417,151
99.785
103,163
Gulf Mobile & Nor_ April
486,941 410,491 1,873.424 1.427.792
Gulf & Shp) Island_ April
910,817
268.536 236,137 1.033,183
Hocking
1.394,690 926,221 5,084,112 4,152,793
April
Ill Cent (Total fis-ti April
16214697 11869381 64.236.29051,216.600
Il inois CentralCo
l April
14628471 10343282 57.540,725 45,335,678
Yazoo & Miss Val April
1.586,226 1.526.099 6,696,5135 5,880,802
Internet Ry of Me.._ April
296,012 276,820 1,258,866 1.143,442
Internet & Grt Nor.. April
1.091.904 1,229.382 4,533,911 4.364,934
Kan City Met & Or April
438.568
143,8011 107,329
494.863
K C Met &0of Tex April
482.984
127,4901 117,285
499,802
Kansas City South_ April
1,567,467 1.392,758 6,471,161 5,703,233
Texark & Ft Sm_ _ April
627,002
212,2911 148.861
846,376
Total system_ .._. April
1,779.758 1.541.618 7,318,537 6,330.235
Kan Okla & Gulf
867,768
219,665 220,383
April
956,337
Lake Sup & Ishpem_ April
11.471
9,514
5.082
39,458
Lake Term By
89,355
362,059
97.597
April
345,199
Lehigh & Hod River April
236,4391 182,471
884,158
906,382
Lehigh & New Eng_ April
533.092. 248.820 1,849.527 1,462.794
Lehigh Valley
6,518,075 4,432,038 22,545,620 21.705,386
April
Los Ang & Salt Lake April
1,933.842 1,508,055 7,147,466 5.922.361
Louisiana & Arkan_ April
337.568 296,716 1,350,473 1.036,047
Louisiana Ry & Nay April
339,6961 246,345 1,325,154 1,054,250
La Ry & Nay of Tex April
71,
71.390
Louisville & Nashv April
11311 252 9,929.354 43.734,279 38,241,741
Louisv Rend & St L April
283,679 252,967 1.117,627
917.613
Maine Central
1.986,982 1.634,499 6,729,823 6.562,254
April
Midland
368,6901 382.576
163.275
134,188
April
41neral Range
6,832
7,573
111,548
2d wk June
220,833
Minneap & St Louis 2d wk June 317.202 341.099 7.497,793 6,899.620
Week or
Month.
Current
Year.
!Jan. 1 to Latest Dale.
Previous I Current
Year.
Year.
Previous
Year.
S
I
Minn StP&8SM Co April
2,151,782 1,805.193 8,651,927 6.521,877
Minn StP&SSMSys April
4.009,156 3,193.367 15,216,788 11,520,311
April
Central
Wisconsin
1,855.375 1,388,175 6,564,863 4,998,434
Mississippi CentraL'April
130,497 116,9041 599.790
480.342
52,576
aMo Kan & Texas....1April
52,576
tMo-Kansas-Texas..lApril
2,737.297 2.585,614 11.225.465 9.671.368
Mo K & T Ry of Tex April
1.446,134 1,607,472 6,303,392 6.454,120
Total System_ _IApril
4,183.431 4,193,086 17.528,856 16.125.488
127.755
Mo & North Arkan_IApril
478,651
Missouri Pacific___ April
9.198,235 7.684,956 34.805,107 31.247,132
Mobile & Ohio
2d wk June 360.736 359,634 9,492,502 7.747,117
114,315
Colum & Greenv_ April
25,608, 490,608
462,641
228.428 147,308' 854.551
Monongahela Conn.. April
498,019
April
215,158
Montour
15,6521 658.790
305,980
2,221.725 1.822,466 8,155,113 6,510.733
Nashv Chatt & St L April •
6,703
Nevada-Cal-Oregon 2d wk June
7,6251 115,992
101,394
71,003
32,975' 254.145
Nevada Northern April
92,396
191.383 167,0171 693,529
Newburgh & Sou Sh April
611,969
242.711 215.6071 1.164,073 1,053,495
New Orl Great Nor_ May
April
269.415 205,180 1.079,901
N 0 Tex & Mex
889,780
184,384 165,758
Beaum S L & W... April
751,923
701.976
April
435.144 454.427 1,689,014 1.879,626
36698993 26287230 13'7347222 107110800
New York Central.... April
974,369 717,494 3,873,356 3,006,394
Ind Harbor Belt_ April
8,400.024 6,100,326 31,590.552 23,473,567
Michigan Central April
8,002,914 6,223.126 31.768,780 26,113,505
Cleve 00& St L_ April
480,371 262.305 1,816.401 1.181.116
Cincinnati North_ April
3,779.891 1,866.351 14,400,587 7.833.762
Pitts & Lake Erie
3,911.810 3,006.337 14.617,945 12,007,261
N Y Chic .Sz St Louis April
N Y Connecting__ April
341.079 206.595 1.056.178
980,019
NYNH& Hartf__ April
11518313 9,670,060 41,996,992 37.174.506
1.060,066 868.916 4,001,539 3,815.583
N Y Ontario & West April
402,773 264,560 1,672,333 1.349.195
N Y Susq &West.... April
801.281 793.917 3,095,677 2,727,288
Norfolk Southern._ April
7,844,989 7,692,924 29.112,264 27,544.115
Norfolk & Western_ April
8,039,342 6,787.062 30.663.857 26,242,587
Northern Pacific__ April
554.501 600,854 2,200,484 2.145.732
Northwestern Pac__ April
64833984 52162280 241076727 208495314
Penns RR System__ April
60819 156 48363466 228276895 195169464
Pennsylv RR & Co- April
109.926 115.596
380,246
Balt Ches & Atl— April
374,349
April
2,559.338 2,343.400 9.453.817 8,380.774
Long Island
87,547
80,782
273,707
Mary Del & Ye_ April
280.429
496.537 130,488 1.737,162 1,511.891
Monongahela.._ _ _ April
135.050 111.452
606,358
Tol Peoria & West April
522,640
1,047.869 1,051,873 3,881,377 3,555.660
W Jersey & Seash April
64270834 59241 863 176242743 156333034
Total system........ March
145,890 139,488
598,060
Peoria & Pekin Un. April
630.590
4,020,477 3.018,325 14,368,513 11.502.681
Pere Marquette.-- April
65.764
April
98,782
336.306
Perictomen
362.105
April
9,523,838 5,756,860 36,300,365 27,251.610
Phila & Reading
37,559
91.188
522,258
Plash & Shawmut April
415,811
62,990
116,505
546.494
Pitts Shaw & North April
378,852
327.872 175,934 1,157,493
Pittsb & West Va April
961.725
April
235,323 109,774 1.086,959
Port Reading
822,983
April
5,574.904 .995,646 22,017.434 19.785,574
Pullman Co
88,111
107,265
462.453
Quincy Orn & KG.... April
336.073
April
996,200
1,236,969
4,232,292 3,436,497
Rich Fred & Potom_
April
582,461 477,340 2.159,783 1.810.186
Rutland
St Louis-San Fran._ 2d wk June ,625,520 ,845,356 39.521,198 36,708.118
105,097
96,677
420.688
394,372
Ft W & Rio Grand April
122,649 124,775
478.557
St L-S F of Texas.. April
507.150
2,366,399 ,891,001 9.824,735 7.721,365
St Louis Southwest_ April
579,638 517,130 2.481,513 2,224.310
St L SW of Texas April
Total system_ _ _ 20 wk June 487,488 464,925 12,729,787 10.625.053
67,454
45,222
290.529
St Louis Transfer April
245,299
381,879 435.121 1,554,192 1,606,347
San Ant & Aran Pass April
80.511 127,008
324,820
San Ant Uvalde dr 0 April
342,607
Seaboard Air Line.... 1st wkJune 1,189,000 1,053,000 24,077,000 19.880,000
April
21880033 19691271 85,251,378 76,106,205
Southern Pacific
15432525 13819472 59,052.143 51,525,231
Southern Pacific Co. April
289,908 268,001 1,209,507
Arizona Eastern_ April
884,891
1,820.298 1.717,457 7,251,736 6.857.934
Gay Harris & S A April
1,019,757 969.845 4.295.919 4,690.239
Hous & Tex Cent_ April
Hous E & W Tex.. April
223,812
940,677
888,288
391,494 345.977 1.557,236 1.471,928
Louisiana Western April
Morg La & Texas April
683.131 637.785 3,011,168 2.586,798
April
Orl_
719,350 711,844 2.871.719 2,992.547
Texas & New
Southern By System 2d wk June .818.218 3,530,503 89,666,272 73.909,235
12558776 10491100 48,914,459 39,766,977
Southern By Co April
April
914,890 808.026 3.568,141 2,946.965
Ala Great South..
2,024,163 1,452.946 7,727,473 5,520,374
Cm N 0 & Tex P.. April
417.451 409,096 1,708,590 1.559,641
Georgia Sou & Fla April
New Orl & Nor E_ April
598.525 513.372 2.351,257 2.023.927
North'n Alabama. April
142,156 103,646
377.737
545,614
92,847
Spokane Internet 1_ April
87.106
360,205
410,506
Spok Portl & Seattle April
648.283 534,315 2.469,122 2,136,311
224,927 206,246
Staten Island R T..- April
734.284
742.407
276,151 185,944 1,015.727
Tennessee Central April
740,764
Term RR Assn ofStL April
429,493 358,447 1,628,272 1.519,247
April
408,398 236,587 1,721,712 1,221.642
St L Mer Bdge TTexas & Pacific_ _ _ 2d wk June 127,9731 602.078 13,648,802 13,012,656
1,066,504, 773,967 4,359,236 3,080,599
Toledo St L & West_ April
139,360 128,680
Ulster & Delaware April
428,762
473.312
8,678,960 7,093,412 33,241,758 29,014,848
Union Pacific Co.. 1April
56508811 13142 246 60,790.042 53,992,442
Total system- ... -1April
2.897,755 2.597.758 11.646,782 10.897.312
Oregon Short Line April
2,140,330 1.943.021 8.754,036 8.157.921
Ore-Wash RR &N April
271,284 250,619 1,063.328 1.000,995
St Jos & Or Isld 1 April
969.4121 843.022 3,584,296 2,863.477
Union RR (Penn).._ April.
April
90,322
481,038
98,344
488.696
Utah
369,008 324,830 1,416,693 1,205,419
\ricks Shreve & Pac_ April
1.911.1431,532,750 7,118,487 6,422,237
Virginian Railroad- April
5.521,278 4,370,042 20,504.288 18,368,201
Wabash Railroad April
Western Maryland.. 2d wk June 481.340 293.885 10,593,3471 7,560,237
033.863 846,818 3,501,405 3,159,489
Western Pacific..--..April
254,651' 213.790
977.786
757.885
Western Ry of Ala... April
1.469,385 949.266 4.928.004' 4.285,485
Wheel dr Lake Erie_ April
AGGREGATE OF GROSS EARNINGS—Weekly and Monthly.
Weekly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
Monthly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
%
Curr.Yr. Prev.Yr.
fuilleage.
$
y
•
$
$
3
1
-$
235.082 234.556 412,736.397 462.696.986 —19.960,589 4.31
18.152.238 15,489.168 +2,663070 17.19 J
A
let week Apr (16 roads)_
235,294 235.090472.242,561 504,154,075 —31,911,054 6.35
2d week Apr (16 roads)____ 20,002.867 16,279.045 +3723'822 22.87 August
3d week Apr (16 roads)___ 18.538,264 14,746,074 +3,792,19025.72 September ..235.280 235.205 498,702.275 496.978,503 +1.723.772 0.33
4th week Apr 15 roads)._ 20.371,901 16.434.746 +3,937.155 23.96 October— —233,872 232,882 545,759,208' . .
—13.074.292 2.45
17,634.648 15,408,167
2,226,481114.45 November —235.748 235,679 523.748.483 466.130,328 —57,618,155 12.33
let week May 16 roads)
December_ ..-235.290 236,121 512.433.733 434.698,143 —87,735,590 20.00
2nd week May 16 roads)...... 18,506,156 15.790.656 +2,725.500.
3d week May (16 roads).— - 19,002,326 16.118.003+2,884,323117.90 January _....235.678 235,827 500,816.521 395.000,157 —70,803,472 21.00
26,363,118 23,207.333 +3,155,785 13.60 February _ —235.399 235,528 444,801.872 400.146.341 —44,745,531 11.18
4th week May (16 roads)_
235,424 235,470 533,553.b99473.747,009 —59.806.190 12.63
1st week June (17 roads)- - 19.827,932 18.058,748 +1,769,1841 9.79 March
234.970 235.839 521.387,412 415.808,970 +10578442 2530
2d week June (16 roads)_ _ 18.675.125 17,215.757 +1.459,3681 8.48 April
•Grand Raplds & Indiana and Pitta. Gin Chic & St. Louie Included in Pennsylvania RR z Lake Erie & Western included in New York Central.
to Includes Grand Trunk System. t Includes Wichita Falls & Northwestern.
a This road is now operated separate from and independent of Missouri-Kansas-Texas Lines and is in the hands of a receiver.
%
2875
THE CHRONICLE
JUNE 23 1923.]
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the second
week of June. The table covers 16 roads and shows 8.48%
increase over the.same week last year.
Gross
Earnings.
Net after
Taxes.
839.487 *216.301
May '23
'22
*966.458
4,020,965
'23
31
May
ending
5 mos
'22
197,893
620,397
New England Co May '23
157.880
432,796
'22
Power System
Increase. Decrease.
1922.
1923.
Second Week of June.
12 mos ending May 31 '23 6,632,552 2,155,971
'22 5,536,779 1,407,970
$
$
$
$
Philadelphia Rapid May '23 4,039,012 *1.125,621
5,394
99,817
105,211
Ann Arbor
'22 3,810,297 *1,111,636
Transit Co
242,743 182,513
425,256
Buffalo Rochester & Pittsburgh_
5 mos ending May 31 '23 18,740,030 *5,299,275
Canadian National Railways__ 4.789,103 4,141.613 647,490
'22 17.593.049 *5,195,343
3,187,000 3,034,000 153.000
Canadian Pacific Ry
34,536
76,884
9,497
May '23
106,350
Phila & Western
115,847
Duluth South Shore & Atlantic36,061
74,108
5,514
'22
25,270
By Co
30,784
Georgia & Florida Ry
146,459
346.727
5 mos ending May 31 '23
2,389,171 2,114,027 275.144
Great Northern Rys
136,807
322,918
741
'22
6,832
7,573
Mineral Range
23,897 Texas Elec By
74,462
341,099
317,202
Minneapolis & St. Louis RR....
212,795
May '23
1,102
68,330
359.634
Co
360,736
RR.
•
Mobile & Ohio
213,524
'22
922
7,625
6,703
Nevada-California-Oregon
2,736,675 1.078,145
'23
ending
mos
31
12
May
219,836
St. Louis-San Francisco Ry---- 1,625,520 1,845,356
'22 2.759,508 1,079.485
22,563
464,925
St. Louis Southwestern Ry____ • 487,488
850,199 *306,795
Virginia By & Pow May '23
3,818,218 3,530.503 287,715
Southern Railway System
768,417 *278.371
Co
'22
74,105
602,078
527,973
Texas & Pacific Ry.Co
*1,699,453
4,330,102
ending
May
'23
mos
31
5
293,885 187,455
481,340
Western Maryland
'22 3.595.996 *1,201.947
1,774,041
9,021,169
Union
Western
'23
Apr
318,760
1,778,128
17,215,757
18,675,125
Total (16 roads)
Telegraph Co
'22 8,091,170 1,590,166
1.459.368
Netinerease(R.4107.1
4 mos ending Apr 30 '23 36,318,142 7,684,614
'22 31,789,301 6,022.236
*2,312
20,139
'23
In the following table we also complete our summary for York Utilities Co May'22
*3.600
17,336
*17,383
103,082
5 mos ending May 31 '23
the first week of June:
*26,330
92,556
'22
Increase. Decrease.
1922.
1923.
First Week of June.
* After allowing for other income.-Deficit
$
$
S
Previously reported (14 roads).- 18.077,053 16,620,465 1,456,588
2,178
91,398
93,576
Ann Arbor
1.189,000 1,053,000 136,000
•
Seaooard Air Line
293.885 174,418
468,303
Western Maryland
19,827,932 18,058,748 1.769.184
Total (17 roads)
1,769,184
Netincrease(9.79%)
Fixed
Charges.
Balance,
Surplus.
61.453
154,848
307,624
658.834
86,439
81,508
990.024
886,494
830,995
817,533
4,163,830
4,094,897
15.665
15,146
76.842
75,693
36.927
37.588
453,561
469,335
222,556
216,746
1.112.588
1.090.806
357.684
418.613
1,811.272
1,552,156
4,143
4,043
20,537
20.025
111.454
76.372
1,165,947
521,476
294,626
294.103
1,135,445
1,100,446
18,871
20,915
69,617
61,114
37,535
30,742
624,584
610.150
84.239
61.625
586.865
111,141
1,416.357
1.171.553
5,873,342
4,470.080
-1.831
-443
-3.154
6,305
Market St Ry Co
$
FINANCIAL REPORTS
Financial Reports.-An index to annual reports of steam
railroads, street railway and miscellaneous companies which
have been published during the preceding month will be given
Net Earnings Monthly to Latest Dates.-The table
on the last Saturday of each month. This index will not
following shows the gross and net earnings with charges and include reports in the issue of the "Chronicle" in which it is
surplus of STEAM railroad and industrial companies published. The latest index will be found in the issue of
May 25. The next will appear in that of June 29.
reported this week:
-Grossfrom Railway- -Net from Railway- -Net after Taxes
New York Central Railroad Co.
1922.
1923.
1922.
1922.
1923.
1923.
$
for Fiscal Year ended Dec. 31 1922.)
(Report
Fonda Johnstown & Gloversville37,973
The report is cited at considerable length, together with
38,858
43,748
107,699
45,698
125,690
Mar
216,471 the corporate income account, statement, balance sheet,
228,282
665,789
245,346
582,628
267,482
From Jan 1
Louisiana Ry & Nay Co of Texas&c., under "Reports and Documents" on a subsequent
-9,020
-5,020
71,390
April
-9,020
page. Pres. Alfred H. Smith further says:
71,390
-5,020
From Jan 1
Missouri Kansas & Texas Ry52.576
April
52,576
From Jan 1
NorthernOrleans-Great
New
215.607
242,711
May
From Jan 1 1,164,073 1,053,495
Revenues, Tonnage & Passengers.-Total operating revenues were $316.
620.098. an increase of $24,489,103.
Freight revenue was 3197,980,518. an increase of 318,809,686, notwithstanding the adverse conditions affecting tonnage and the rate reduction
69,432 of July 1. Total revenue tonnage increased 11,602.048 tons. There
59,419
84,478
75.557
183,419 was a decrease of 3.325,620 tons of anthracite coal, caused by the coal
307,812
391,004
258,735
strike, but, notwithstanding the suspension of bituminous coal traffic
from certain mines during this strike, there was an increase in bituminous
- Deficit.
coal of 864.497 tons.
The revenue from passengers was $79,837,138, a decrease of $594,988.
Electric Railway and Other Public Utility Net There
were 9.649 more interline and 146,791 more commutation passengers
of
than in 1921, but there was a decrease of 930.255 in local passengers.
returns
carried
the
gives
table
Earnings.-The following
The amount of passenger traffic was somewhat affected by the coal and
ELECTRIC railway and other public utility gross and net shopmen's strikes. Motor-bus competition was largely responsible for
the falling off in the number of local passengers carried.
earnings with charges and surplus reported this week:
Express revenue was $10,613,630, an increase of 34,302,494. The
- express revenues of the company are based on a proportion of the net
-Gross Earnings--Net Earnings
Current
Previous
Income of the American Railway Express Co. Of the increase over 1921,
Previous
Current
Year.
Year.
Year.
Year.
adjustment of over-accruals of certain reserves by the express company
Companies.
accounts for 31,000,000 and operating economies instituted by it for
257.800 the greater part of the remainder.
232,897
Boston Elevated Fly_ _May 3,003,799 2,883,701
Rents of buildings and other property amounted to 31,752,478 an
958.004
1,024,528
5 mos ending May 31_ --14,688,410 13,904,404
of 31.272,894. This increase is almost entirely due to large austDuquesne Light Co_ _ _ May 1,529.714 1.287,237 x535,127 x507,701 Increase
which were made in this account in 1921 relating to prior periods.
ments
5 mos ending May 31-- 8,265.487 6,889,098 x3,304,985 x2,999,282
Miscellaneous revenue. $1,456,848, increased 3453,747. The heavier
Pub Serv Corp of N J _ _ _May 6,937,071 6,276,165 z823,907 z271,916 volume of traffic handled over the ore and coal docks at Ashtabula Harbor
12 mos ending May 31_ _ _ _81,485,854 76,067,875 z6,171.644 z4,499,314 accounts for a large part of this increase.
42.307
33.715
Operating Expenses.-The operating expenses by groups for 1922, as
65,503
77,218
Sou Can Pow & Subs_ _ _May
349.056
318,488 compared with those for 1921 (the latter having been adjusted for the
564,276
8 mos ending May 31-- 624,685
of this comparison for the reasons set forth in the report for that
purposes
404,413
323,026
684.430
Utah Securities Corp---May 781,279
12 mos ending May 31-- 9,381.968 8.449,002 4,796.067 4.110,819 year) were as follows:
Increase.
Amount.
$34,876,366 dec$745,340
Maintenance of way and structures
x Net after takes. z After fixed charges have been deducted.
82,992,958 18,537.087
Maintenance of equipment
Fixed
3,636,191
Gross
131.686
Net after
Balance,
Traffic
Charges.
116.938,168 4.376.629
Earnings.
Surplus.
Tares.
Transportation __
3.610.929 dec.283,495
$
-rations
Miscellaneous ope
8,382,256 dec.443,670
94,619
538,208
112,234 General
206.853
Adirondack Power. May '23
36,397
256,218
87,139
'22
416,545
64.655 Transportation for invesimeni=b-r
151,794
& Light Corp
1,076,866
745,892
'23
31
6,411,357
ending-May
1.822.758
12 mos
$250,400,470 $21,829,115
Total operating expenses
988,463
'22 5,103,344 1,393,402
404,939
The decrease in charges for maintenance of way and structures was
85,844
41.623
275,613 *127.467
Appalachian Power May '23
78.666
'22
241,152 *127,683
49,017 In part due to reduced expenditures resulting from the lower cost of track
Co
in 1922. There were increases in other items, important ones
material
984,597
3,146,263
480.612
'23
31
May
ending
*1,465,209
12 mos
963,768
312,713 being crossings and signs, $148.398: station and office buildingS. $3372.499:
'22 2.090.002 *1,276,481
and
shops
engine houses, 3332.767, and telegraph and telephone lines,
634,159
907,151
May '23• 1,589,994 1.541,310
Cities Service
591,366
812,844 $96,834. Those increases were mainly due to a greater amount of repair
'22 1,435.323 1,404,210
Company
renewal
and
work.
7,520,159
16,158,219
8,145,188
May
ending
'23
31
15.665,347
12 mos
The increase of $18,537.087 for maintenance of equipment is due to
'22 12.926.120 12,474,532 7,035,945 5.438.587
extraordinary freight car repairs by which bad order cars were reduced
489,426
480,471
Columbia Gas & • May '23 1,596,042 *969,897
50% during the year; to extensive work on passenger equip416,346 approximately
468.909
'22 1,359,671 *885,255
Electric Co
ment. necessitated by reason of repairs having been deferred in previous
5 mos ending May 31 '23 9.525.389 *5,961,334 2,410,997 3,550,337 years for various causes: to increased locomotive repairs due to work
'22 8,186.029 *5.019,372 2,345,238 2,674,134 deferred in 1921 on account of depression, when shops were closed for a
355,340
357,404 protracted period: and to in
712.744
costs incident to the shopmen's strike.
Detroit Edison Co May '23 2,510.677
319.396
163,192
'22 1,992.204
482,588
Larger expenditure for printing freight and passenger tariffs is the
1.774,382
13.601,913
2,458.819
4,233,201
'23
traffic expenses. The increase in
31
principal
May
ending
in
12 mos
reason for the increase
'22 10,888,705 3,220,949 1,645.864 1,575,085 transportation expenses is in the main, the result of the larger volume
costs contributed in some degree.
traffic
of
fuel
118,729
37.654
higher
handled,
895,120
156,383
'23
although
Eastern Massachu- May
124.032
102.389 There is one noteworthy item of decrease in this group-33,102,871 in
908,238
'22
226,421
setts Street Ry
591,962
415,102 loss and damage to freight, a reduction of 40%. The decrease in charges
5 mos ending May 31 '23 4,670.373 1.007,064
426,734 for miscellaneous operations is due largely to a change in methods of
654.800
'22 4,385.380 1.081,534
49.651
36,095 accounting in connection with stockyards. Reduction in wages of clerical
164,404
85,746
Georgia Lt. Power Apr '23
50,292
10.372 forces accounts almost entirely for the decrease in general expenses.
138.109
60,664
'22
& Rys & Subs
Miscellaneous Operations.-The increases in revenues and expenses for
593,017
204,082
797,099
12 mos ending Apr 30 '23 1,767,083
operations
.679 this group are mainly due to the inclusion therein in 1922 of the
42
582.058
'22 1,662.520
624,737
of
stockyards at East Buffalo. In 1921 these operations were included
120,966 In the
340,785
983.989
May '23
461,751
Hudson &
other
accounts.
84.042
340,915
928,071
'22
424.957
Manhattan
Non-Operating Income.-The decrease of $1,437,778 in miscellaneous
509,902
5 mos ending May 31:23 4.786,819 2,208.524 1.698,622
income is largely the result of adjustments which were made in the
377.996 rent
22 4,618,889 2.080,539 1,702,543
accounts in 1921 corresponding to those in the accounts "rents of buildings
64,963
32.939
'23
Apr
Co
185,166
other
Power
*97,902
and
Idaho
property.'
57,315
28,842
'22
166,177
The increase of $1,488,114 in "separately operated properties-profit"
*86,157
695.223
697.788 is accounted for almost entirely by a profit from operation of the Boston
12 mos ending Apr 30 '23 2.504,736 *1,393,011
676,400
733,199 & Albany RR. of $1.477,800.
'22 2,323,166 *1,409,599
Dividend income increased $3.993,545. This increase is due in large
88,119
240,375
694,665
328.494
Kansas City Pow May '23
109,385
151,456 part to the company's increased holdings of stock of the Cleveland Cincinnati
572,206
'22
260,841
& Lt Co
Chicago
ct St. Louis Ry. and to increased dividend paid by the Michigan
2,846,744
1.107,383
8,506,344
'23
3.954,127
31
May
ending
mos
12
'22 7,119.768 3,434.480 1,230,400 2,204,080 Central RR.
18,898
18,898
13,459
13.459
2876
TicrE CHRONICLE
•
[VOL. 116.
The decrease in income from unfunded securities and accounts. $1,100,INCOME ACCOUNT FOR CALENDAR YEARS.
872, is the result of the discontinuance of accrual of interest
on deferred
payments of compensation due from the U. S. Railroad Administration.
CorporateFederal
Deductions from Gross Income.-There was an increase of $2,290,115
1922.
1921.
1919.
1920.
in "separately operated properties-loss". This account for 1922 includes
Revenues$
$
$
$
a loss of $3,586.808 from the operation of the Ohio Central Lines. The Freight
197.980,518 179,170,832 209,792,208 173,926,743
1921 account included a loss from operation of the Boston cve. Albany
Passenger
79,837,138 80,932,126 84.601,640 75,652,261
RR. Mail
of $1,351.943.
7.167,5706,508,491„
„
Express
Interest on funded debt increased $1,256,704, funded debt
10,613,630 6,311,136 11,697,570 11,311,965
having Milk. switching, &c
Increased $23,363.318 during the year.
11,690.207 10.290,221
9,336,309
7,391.069
The decrease of $6.133,639 in interest on unfunded debt is attributable Dining cars, storage_ __ _ 9,331,036 9,918,189 11,748,267 11.313,488
to the reduction in the amount .of loans and bills
and to discontinuance ofaccrual of interest on amounts due the U.payable
Total
oper.
revenues_316,620,098 292,130,995 338,624,456 283,659,330
Net Corporate Income.-After the payments of S. RR. Administration.
Operating Expensesaggregating
5%, amounting to $12,876,985, and appropriating dividends
34,876,366 28,818,741 47,865,567 34,591,703
for sinking fund pur- Maint. of way & struc
poses $114.330. there remained a surplus of $7,643,871, which
Maint.
of
equipment_ _ _ 82,992,958 64,455.871 93,287.339 62,196,767
was carried Traffic expenses
to the credit of profit and loss.
3,636,191
3.504.504
3.464,273
2,510,703
Reductions in Freight Rates.-Under decision of the I.-S. C.
Transportation exp
116,938.168 112,561,539 159.203.006 114,767,234
Commission, Miscell.
dated May 16 1922, a 10% reduction in freight rates
operations
3,610.929 3,894,424 4,806.627
4,092,171
became
effective
on July 1 1922. It is estimated that the effect of this order,
expenses
General
8,345,858
8,533,310
8,926,428
7,516,781
on the basis
of the freight traffic handled in the last half of 1922, was to reduce
revenue
by approximately $5,500,000. This reduction was not
Total oper.expenses_ _250.400,470 221,768.390
225,675,359,
wage reductions ordered by the U. S. RR. Labor Board. fully offset by Net operating revenues- 66,219.628 70.362.605 317,553,242
21,071,414 57,983,971
Taxes.-Taxes nave been steadily increasi ng,amounting in
(79.09)
(75.91)
(93.78)
(79.56)
1922to approxi- Per cent of exp. to revs-mately $17.361,000, as compared with $8,324,000
109%. Taxes per mile of road operated were in 1915, an increase of
Note.
income,
other
-For
deductions from income, dividend payments,
approximately
$3,305
in
1922. as compared with $1,609 in 1915, an increase of more
balance sheet items, &c., see "Reports and Documents" on a subsequent
than 100%•
Account with Railroad Administration.-The company's
account with the page.-Ed. GENERAL BALANCE
Railroad Administration for the period of Federal control
SHEET DECEMBER 31.
is
still
undergoing check by the representatives of the Director-General.
1922.
1921.
It is hoped
1922.
1921.
that this matter will be disposed of in 1923.
AssetsClaim Against the United States upon the Guaranty.-The
company's Road & equipl_791,(142,809 780,242,643 Capital stock___267,981,915 249,597.355
claim against the United States, based upon its
Impt.
on
leased
Equip. oblig'ns_ 57,696,287 57,213,969
guaranty for the period
March-August 1920 has been submitted and should reach
railway prop_103,925,276 102,808,626 Mtge. bonds_ __599,151,000 526,094.000
Wages.-In the annual report for 1921 (V. 114. p. settlement in 1923. Dep. on lieu of
Coll, trust bonds
2369) attention was
25,000.000.
called to negotiations with employees looking to further
mtg. property
117,721
196,503 Debentures- - -105,500,000 105,500,000
reductions in pay
and to further changes in working conditions.
Mise.phys.prop_
Notes
609.000 25,785,000.
and the matters in dispute were referred to theThese negotiations failed Inv.In Mill. cos.: 13,469,662 13,051,220 L'ns
bills pay_ 12,513,000 33,013,000
Railroad Labor Board.
Decisions of the Board were made, effective in most
Stocks
149.252.910 133.789.280 Traffic,dm., bals 4,494,875 3,228,616
cases on July 1 1922,
reducing the rates of pay of several classes of employees.
Bonds
9,744,238 9,703,383 Awls & wages- 28.939,504 22,596,939
It is estimated
that the effect of these decisions would have been to
Notes
41,233,495 49,531,028 Misc. accounts_ 8,723,078 8,025.238
wages payable by the company in 1922 by approximatelyreduce the total
Advances _
18,436.654 13.911,260 Interest matured 2,687,595 2,670.589
$3.500,000, but
the shop strike (see below) prevented the realization
of any of the benefits Other investm'ts 73,925,942 47,797,886 Div. payable.. _ 3,349,711 3,119,911
which would otherwise have resulted from the Board's
Cash
15,367.193 15,661,047 Div. and funded
findings.
Coal Strike.-After failure of negotiations between coal
198,948
debt matured_ 3,628,995
operators and Special deposits_ 6,925.714 1,055.601
the United Mine Workers of America, a general strike
United Mine Loans & bills ree 1,253,281 13.303,954 Int. & rents accr 9,271,967 9,234,552
Workers took place on April 1 1922. The result was of
Traffic, &c., bals
715,708 1,235,859 Other curr. nab_ 8,721,335 10,243,080.
a
suspension
of
work in the entire anthracite coal field and in all the
126,851
126.851
unionized bituminous Misc. accounts_ 25,174,090 23,655.189 (a) For sec. acqcoal mines. In the latter part of August. the operators
and United Mine Bal. from agents 7,930,920 5,060,282 (b) For equipl_ 14,715,323 14,715,323
Workers in joint conference agreed to resume operation of
the bituminous Materials, &c 34.172,934 38,252,258 U. S. Gov't_ _ _ _108,601,697 102,568,919'
mines upon the basis of the wages that had been effective prior
to April 1 Int. & dive. rec_ 7,729,865 4,582,668 Other def'd !lab- 2,971,006
539.685
with the result that by Sept. 1 practically all the
Other current asTax liability
7,566,520 7,472,682
active again. Shortly afterwards the anthracite bituminous mines were
sets
1,463,502 1,259,276 Ins., &e., res've3
71.3,847
operators and United
887,161
Mine Workers reached an agreement.
Insurance and
Operating res've 7.333,928 5,446,940
Strike of Shop Craft Employees.-This
other funds_ 2,135,928 1,870,110 Accrued deprec_ 68,326,610 61,161,075
in common with other
railroad companies in the United States,company,
was affected by the strike of the U.S. Govt
90,690,658 90,015,558 0th. unadl. ered 9,817.343 4,466,880.
shop craft employees which became effective on July
Misc,fund res've
932,239
1 and continued Other deferred
983,500
until a settlement was reached on Sept. 19.
221,058
assets
323,144 Add'ns to prop.
Hudson River Connecting ER.-Sulastantial progress is
Unadrd debits_ 40,205,098 31,676,624
thr.
Inc.
&
250,458
our.
165,454
by
made
being
the Hudson River Connecting RR. Corp. upon the construction
Profit and loss_ _100,285,964 99,149,307
of its
bridge across the Hudson River to connect the West Shore
RR. at Feura
Bush with this company's road just north of Stuyvesant,
Total
1436134,635 1378983,399
Total
1435134,635 1378983,399
with
a
branch
to connect with the Boston & Albany RR. This
project also includes a -V. 116, p. 2767, 1649, 1412.
largo classification yard at Feura Bush. It is
expected
bridge
that
the
connection will be completed within the next two years.
Boston & Albany Railroad.
To the end of
1922, $3,375,000 had been advanced by this company for the
work.
Acquisition of Capital Stock of the Michigan Central
(Report
for the Year ended Dec. 31 1922.)
company
RR.
-The
acquired during the year 6,182 shares of capital
The report of the New York Central RR. (see above)
Central RR. at a cost of $350 per share, making itsstock of the Michigan
holdings
stock
of
that
on Dec. 31 1922 174.375 shares of a par value of
$17.437,500, or 93.06% shows the-following results:
of the total outstanding.
The operaitng revenues for 1922, compared with 1921, increased $1.Acquisition of the Capital Stock of the Chicago River
& Indiana RR. and 853,330, or 6%.
Lease to it of the Chicago Junction Ry.-With the approval
of the L-S. C.
Freight revenue increased $1,379,916, or 8.4%. Revenue freight inCommission, this company acquired, on May 19 1922, at a cost
of $750,000, creased 664,557 tons. The average number of tons of revenue freight per
the entire capital stock (5,000 shares) of the Chicago River
& Indiana RR. train mile in 1922 was 353.08, as against 357.71 in 1921, a decrease of 1.3%.
(V. 114, p. 2241), and by lease effective the
same day, that company Total average train load. including company freight, amounted to 373.61 1114
became the lessee of the Chicago Junction Ry. for
term of 99 years with 1922, as against 381.28 in 1921, a decrease of 7.67 tons, or 2.1%.
the option of renewal in perpetuity, at a rental of a
$1,500,000 for the first
Passenger revenue decreased $186,656, or 1.7%; revenue passengers
year and $2,000,000 per annum thereafter, the lessee
to pay the taxes carried increased 9,321. or 0.06%.
upon the property (V. 114, p. 2360). This company Joined
in the lease
Rail operating expenses (exclusive of equipment retirements and deprefor the purpose of guaranteeing performance by
the lessee of its covenants ciation) decreased $1,175,087, equal to 4.5%. Operating expenses,
intherein made.
Acquisition of Stock and Guaranty of Bonds of the Cleveland Union Ter- cluding equipment retirements and depreciation, decreased $1,153,088, or
minals Co.-The company purchased during the year 68 shares of the 4.4%. Expenses for maintenance of way increased $86,225; maintenance
capital stock of the Cleveland Union Terminals Co. (par $100). The of equipment expenses decreased $489,024, and transportation expenses
decreased $750,317.
remainder of the stock of the terminals company is held,
19 shares by the
One of the new class H-10a freight locomotives of an order of eight was
Cleveland Cincinnati Chicago & St. Louis Ry., 4 shares by
the
York received and five light freight engines, type G-30, were demolished.
Chicago & St. Louis RR. and 9 shares by directors of the New
Cleveland
Union Terminals Co% each of the railroad companies having an
INCOME ACCOUNT FOR CALENDAR YEARS.
upon three of such airectors' shares. The proprietor companiesoption
nave
-Corporate- Combined.
Federal.
entered into an agreement with the Cleveland Union Terminals
Co. to
1922.
1921.
1920.
1919.
join in a joint and several guaranty of its 1st Mtge. bonds,
principal
and
operated
394
Miles
394
394
394
interest, of which not exceeding $60,000,000 are issuable. The first
$17,877,383 $16,497,466 $18,252,919 $14,958,083
Freight revenue
series of such bonds, Series "A," consisting of $12,000000 50
-Year 53•5% Passenger revenue
10,719,050 10,905,705 11,572.178 9,686,755
bonds, were issued, guaranteed and sold to the public during
1922
(V.
3.945.472
Mail, express, Sic
3,285,902
3,228,653
4.512,613
114, p. 2716.)
Capital Stock.-The outstanding capital stock was increased
the
Operating revenues_...$32.541.904 $30,688,573 $34,337,210 $27,373,491
year by $18,384,560. which was exchanged for Preferred andduring
Common
3,989,435
4,973,860
3,516,850
stock of the Cleveland Cincinnati Chicago & St. Louis Ry. Co. (see above). Maint. of way & struct- 4,070,660
4,967.304
4,865,212
5,456,328
5,744,468
The capital stock in the hands of the public on Dec. 31 1922 amounted to Maintenance of equip
Traffic
334.583
330,846
266,185
325,931
$267.981.915.
Transportation
14,667,715 15,418,033 20,067.370 13,981,780
Stockholders.-The total number of stockholders at Dec. 31 1922 was Miscall.,
general, &c_.. 1.334,960
1.338,669
4,446,580
1,521,451
34,319. as compared with 34.328 on Dec. 31 1921, and 25.042
on Dec.
31 1915.
Operating expenses-- _125,375,223 $213.528.311 $32,633,081 $24,076,809'
Pensions.-In the operation of the pension department, 425 employees Net
47,166,681 $4,160,262 $1,704,129 $3,296,882
revenue
were retired and placed upon the pension rolls. Of these retirements,
245
were authorized because of the attainment of 70 years of age,
180
x Deducted from net revenue are railway tax accruals and uncoil, rev.
because of permanent physical disability. 222 pensioners diedand
during
amounting to $1,595,061; equipment and joint facility rents amounting to
1922. At the close of the year. 2.117 retired employees
carried $1,132,030; net railway oper.Income of$4.489,589. which with other income
upon the pension rolls. The total amount paid in pensionswere
during the of $189,723 makes the gross income $4,679,312. Deductions from gross
Year was $804,444. The pension system has been extended
to apply to income are: $3.192.534 for rental of leased lines; interest on funded debt,
the employees of the Ohio Central Lines.
&C., $8,969: leaving a net deficit of $1,477.80'9 for the year 1922.-V.
Investments Aggregating $103.925.276 on Improvements on Leased or Controlled 116, p. 409.
Railway Property.
Grand Central Terminal__ _ _845,695,433 New Jersey Junction rtR____
Denver & Rio Grande Western RR.
457,429
N.Y.& Harlem RR
25,818,601 Kanawha & Michigan Ry__303,055 (Financial Statement in Connection
West Shore RR
with Reorganization Plan.)
19,525,417 St. Lawrence & Adirond. Ry_
270,646
Boston & Albany RR
3,191,762 Improvements to piers on
following,
appended
The
to
reorganization plan, (see
the
Beech Creek RR
2,957,108
leased property
233,462
Beech Creek Exten. RE1,567,823 Gary & Western Ry
216,657 below) shows briefly the past record of the road's earnings
Hudson River bridges at
Troy dt Greenbush RR
201,789 and the capitalization and the fixed charges of the new
28 820
567 Other properties
1:2
451:
805.706 company upon completion of the
L.Alban
E. Alliance & Wheel. y1
RR_
plan:
Investments of $13.469.662 in Miscellaneous Physical Property.
INCOME 1909 TO 1922 INCLUSIVE, APPLICABLE TO INTEREST ON
Apartment house, 33 E. 48th
Merchants Loft Bldg., N. Y. 1,033,743
FUNDED DEBT.
St., New York
8362,500 Post Office and Office Bldg.,
HQ the following balances, (in order to make the figures comparable
Adams Express Bldg., N. Y_
280,333
New York
2,685,993
from
operations
with
arising
those
under existing conditions) dividendsAmerican Express Bldg., N.Y 1,201.864 West Side Impt.. New York_
Stockyards,E.Buffalo, N.Y. 1,860.199 McCormick Dock & Ware- 1,421,840 except dividends on the Rio Grand Junction Ry. stock-interest on
interest
on
securities,
bank
and
balances
have been excluded, taxes have
Bldg.,
N. Y- 2,800.000
Hotel BlItmore
house Property, Chicago
1,047,667 been deducted and rent paid for equipment
since acquired has not been
Hotel Commodore Bldg.,
Other properties
708,235 deducted.1
267.297
New York
Years end. June 30Income.
Years end. Dec. 31Income.
OPERATING STATISTICS FOR CALENDAR YEARS.
1909
1916
$9,262,538
1922.
1921.
1920.
1910
6,626,930 1917
1919.
7,028,298
5,710
Miles operated
5.704
5.684
5,675 1911
6.340,527 1918x
6,226,565
53,414.495 54,188.310 60,682.651 63,444,637 1912
Passengers carried
5,213.180 1919x
5,683,479
Pass. carried 1 mile_ _ _ _2572565.397 2608080,101 3099163,303 2954170,092 1913
6,370,762 1920x
7,081,952
Rev, per pass. per mile_ 3.013 cts. 3.084 cts. 2.734 eta.
. 2.561 cts. 1914
6,046,2191921
3,340,482
Pass.rev. per train mile_
$3.37
$3.25 1915
6,369,084 1922
5,313,747
Tons carried (revenue) 86,0713
2 74.475,185 110.753,433 96,048,798 1916
,2
.3
53
8,818,575
Rev,tons carr. 1 mile_ _1764898129114831625456225679285592018670942
Rev, per ton per mile_ _ _ 1.122 as. 1.208 cts. 0.930 cts. 0.862 eta.
rx Figures for 1918-1919 and two months of 1920 are consolidated corFght. rev, per train mile$8.78
. $8.32
$7.59 porate and Federal operations. Include Government earnings net; do not
Operating rev, per mile_
$51,213
09
0
$2
,44
$55
159,573
$49,980 include payments in excess thereof under Government control or guaranty
JUNE 23 1923.1
THE CHRONICLE
2877
Finance.-During the year, an issue of $11,000,000 Canadian Northern
By. Co. 5% 3-Year notes, guaranteed by the Dominion Government, was
disposed of at 99.03%. The proceeds, together with accrued int. and
New York exchange amounting to $10,953,291, were used to retire
maturing obligations, as follows: 85,651,000 Canadian Northern By.
6% 24-year Collateral Trust notes which matured on Feb. 1 1922: $4,601.789 to purchase sterling exchange to retire $5,109,027, Canadian Northern
By.5% Dominion Guaranteed Series "C"notes, which matured in London
on April 5 1922. The balance of $700,501 was applied in reduction of the
loan made by the Dominion Government under authority of War Measures
Act and 0. C., dated July 5 1918. The saving in exchange covering the
retiring of the securities in London amounted to $507.237.
On •Tune 1 1922 $1,250,000 Canadian Northern By.5 % 3-Year Secured
notes, maturing at Toronto on that date, were retired from an advance from
the Dominion Government, provided for in the appropriations.
86,000,000 Canadian Northern By.51% 3-Year notes were paid off on
Dec. 1 1922 from an advance made by the Dominion Government.
On Dec. 1 1922 $7.099.493 Canadian Northern By. 5% Land Mtge.
debentures, held by the public, were called for redemption in London,
Eng. It was thought advisable to redeem these securities on that date
rather than wait until the date of maturity, namely. June 1 1923, in view
of the rising sterling exchange rates. This step has been justified, as the
exchange rate on Dec. 1 was $4 52, whereas to-day (March 9 1923) the rate
Is $4 79 The
e funds necessary to retire these securities were advanced by
theDominion Government.
Wages.-During 1922 wage adjustments were effected with various
groups of employees which brought the general level slightly down. There
were no strikes among the railway employees in Canada.
Lands.-Land sales for the years ending Dec.31 1920, 1921 and 1922 were
as shown in the following table. This table also shows the sales which had
previously been entered into and which were, by mutual arrangement,
$5,117,622 cancelled during corresponding periods.
$115,419,650 Total fixed charges
Average.
YearAnnual sinking fund installment upon Gen. Mtge.
Y
Actual Sales.
$20.70
$1,738,801
$298,077 1920
(payable from earnings; cumulative)
84,002.172 acres
18.85
321,042
986.736 1921
$16,445,000 Preferred stock, dividends 6% cumulative
17,031.15 acres
16.67
150,531
1922
9,025.53 acres
81,284,813 YearAverage.
Charges contingent upon earnings
Cancellations.
$13.22
8412,457
1920
31,188.76 acres
Without par value 1921
300,000 Shares Common stock
16.07
273,720
17,032.08 acres
14.02
1,599,278
114,056.663 acres
•D.& E.G.RR. 1st Cons. Mtge.4s. 1936,$34.125,009;D. & E.G. RR. 1922
As at Dec. 31 1922 there remained unsold 825.008 acres, the increase
1st Cons. Mtge. 434s, 1936, $6,382,000; D. & R. G. RR. Impt. Mtge. 5s, being caused by
the cancellations previously referred to.
1928. $8.335,000: R. G. W. Ry. 1st Trust Mtge. 4s, 1939, $15,190,000:
R. G. W. By., 1st Cons. Mtge. 4s, 1949, $15,080,000: R. G. J. By. 1st
The
report
of the Grand Trunk Ry. of Canada was given
Mtge. 5s, 1939, $2,000,000.
Northern
The foregoing statement of the capitalization of the new company in V. 116, p. 1644. The figures for the Canadian
assumes that all of the Refunding & Adjustment bonds will be exchanged Ry. system were given in V. 116, p. 2762.
as contemplated by the plan. It also assumes that $4,500,000 of EquipITN=A
ment Trust certificates issued during the present receivership will remain STATEMENT SHOWING OPERATING REVENUE PAIDoutstanding after completion of the reorganization and be assumed by the
& AVERAGE NO. OF EMPLOYEES (CANADIAN NAT. RYS.).
new company. Upon the principal of these certificates payments must be
(±)or
made at the rate of $300,000 per annum, extending over 15 years. The
1921.
Dec.(-)•
Gross Earnings1922.
statement also assumes that the $5,000,000 of receiver's certificates which Canadian
-$8,409,440
$69,088,474
Northern
By
$60,679,033
have been authorized and sold will be redeemed by use of a portion of Canadian Government By
-335,369
40,939,945 41,275,314
the new cash to be supplied.-V. 116. P. 2766, 1760
Grand Trunk Pacific
18.516,977 16,638,677 +1,878,299
Note.-From Jan. 26 1918 to Aug. 1 1921 the old Denver Co. was in
receivership: from Aug. 1 1921 to Aug. 1 1922 the accounts are those of
the present company and from Aug. 1 1922 to Dec. 31 1922 the accounts
are those of the receiver of the system.
Utah Fuel Co. Dividends.-Dividends declared and paid by Utah Fuel
Co. from 1913 to 1921 have amounted, as shown by the reports of the
company's officers, to an aggregate of $6,028,814, an average of approximately $670,000 per year. Owing to litigation, these dividends were paid
irregularly. No dividends have been declared since 1921, although net
earnings of approximately $879,000 (before deduction of Federal income
tax) were reported for 1922. It is believed that the average earnings of
the company would have Justified dividends somewhat in excess of those
which have been paid, but as the books of the company are in process of
adjustment, in consequence of a recent audit, it is impossible at present
to make a satisfactory statement thereof.
The foregoing figures make no allowance for such increased earnings as
may result from additional equipment (costing approximately $6.100,000)
and other property to be acquired by means of new money. It is estimated that about $3,300,000 of the proceeds of the $5,000,000 of receiver's
certificates (which are to be redeemed out of new moneys provided pursuant to the plan) will be available to be invested in the immediate future
in road and structures. The new company will have the support of the
earnings of the Utah Fuel Co. and, as estimated, about $3,500,000 of
free cash (exclusive of the $3,300,000 above mentioned) for current use.
CAPITALIZATION AND FIXED CHARGES OF NEW COMPANY
UPON COMPLETION OF PLAN (AS OF FEB. 1 1924)•
Outstanding.
Fixed Charge.
$3,379,740
*$81,112,000 Underlying bonds
1,490,383
29,807,650 Gen. Mtge. Sinking Fund bonds
247,500
4,500.000 Equipment Trust certificates
Canadian National Railways.
(Annual Report-Year ended Dec. 31 1922.)
Chairman H. W. Thornton, Montreal April 1923, wrote
in substance:
$120.135.956$127,002,466 -$6,866,509
$36,209,864 $42,233,504 -$6,023.640
23,715,240 28,842,633 -5,127,392
13,044,274 11,498.120 +1,546,153
The results of operation are those of what may be termed the fourth year
System
872,969,378 $82,574,258 -$9,604,879
of the Canadian National Rallways-that collective title having been
Ratio of Labor to Gross Earningsauthorized for use in Dec. 1918.
-1.46
Canadian Northern By
61.13
59.67
Digest of Operations.-Operations for the year show an improvement of Canadian Government By
-11.96
69.88
57.92
36,484,018, the operating deficit being reduced by that amount as com- Grand Trunk Pacific
+1.34
69.10
70.44
pared with 1921-and being an improvement of over $27,000,000 compared System
-4.28
65.02
60.74
with 1920.
Comparison of Payroll (Incl. Betterments)The improvement in the net situation (or reduction of deficit) referred Canadian National Rys
$82,390.245 $88,948,031 -$6,557,785
to, as compared with 1921, was achieved in the face of a reduction in
Average Number of Employeesgross revenue brought about by reduced passenger and freight rates and Can. Northern & Gr.Trunk Pac. Rys
-1,592
37,888
39,480
also in the face of a greater tonnage movement, which, while requiring a Canadian Government By
-325
20,510
20,835
considerably greaser operating performance produced no increase in gross Canadian National Rys
-1,917
58,398
60.315
returns.
INCOME ACCOUNT FOR YEARS ENDED DEC. 31 (CAN. NAT.RYS.).
Earnings & Expenses Calendar Years.
.
1920.
Gross EarningsGross Earnings1922.
1920.
1921.
1922
1921
Canadian Northern By
$60,679,033 $69,088.474 $66.695,399 Freight
$90,092,296 $93.995,808 $90,951,116
Canadian Government Rya
40,939,946 41,275,315 44.803,046 Passenger
18,726,207 21,200,197 23,583,572
Grand Trunk Pacific By
1,740,506 1,414.009
18,516,978 16,638.678 14,408,550 Sleeping car
1,566,299
1,089.089
2,093.919 2.028.132
Total
$120,1357)57$127,002,467$125,906,994 Mail
Express
3,433,612 3,664.424 3,415.193
Operating Expenses5,188,773
Miscellaneous
4,373,400
4,223,623
Canadian Northern Ry
$63,625,763 $75,564.385 $82,953,979
Canadian Government Rys
43.436,868* 46,990.048 55,445,651
Total
$120,135,956$127,002,467$125,641,752
Grand Trunk Pacific By
22,809,844 20,668,369 24.543,064
Operating ExpensesTotal
$129,87275$f4322,893$162,942,693 Maintenance of way & structure_ _$31 276,388 $33,932,729 $42,907,218
Operating DeficitMaintenance of equipment,30;460.920 31,686.532 34,834,703
Canadian Northern By
$2,946,730 $6,475.911 $16,258,580 Traffic
2,882,449 2.557,950 2.456,715
Canadian Government Rys
2,496,722 5,714.733 10,642.605 Transportation-rail
60,470.754 71,770.226 76,695,606
Grand Trunk Pacific By
350,136
4,292,866 4.029.692 10.134,514 Transportation-water
120,971
122,341
Total
1.856,999 2,063,097 2,564,663
$9,736,318 $16,220,336 $37,035,699 Miscellaneous
3,378,794
In considering comparative statistical data for the last three years it General
3,662,345 3,078,841
703,043
1,987.543
should be remembered that as regards traffic conditions on Canadian Transportation for investment-Cr
859,922
railways as a whole 1920 was an exceptionally good year and 1921 an
_8_12$99,17326,,273128S$14136:222220:380336S$316644842:797202
Total
exceptionally bad one. The improvement over 1921 which 1922 shows
should therefore not be regarded as an advance, but merely as indicating Operating deficit (Can. Nat. Rys.)
Tax Accrualsthat recovery is under way. Failure of 1922 traffic figures to equal those
$1,d77,433 $1,191,891 $1,185,652
of 1920 is not of itself significant on account of the extraordinary conditions Canadian Northern By. System
61
35,744
Canadian Government Rys
23,427
of 1920 which made that an exceptional year.
45,409
Grand
Trunk
Pacific
By
357.395
247,903
Earnings.-Gross earnings for 1922 decreased by $6,866,509. Freight,
passenger and express earnings were all less than in 1921.
Canadian National Rys
$1.348,763 $1,585,029 81,231,122
As the loss in revenue due to the Crows Nest Pass Agreement rates is
Total Operating Deficitestimated to be $6,500,000, that reduction stands out as the most im14,024,163 $7,667,802 $17.444.232
portant railway event of the year. Notwithstanding the reduction referred Canadian Northern Ry. system
2,520,149 5,750,476 10.449,937
to. freight revenue increased its percentage to total revenue providing Canadian Government Rys
Grand Trunk Pacific By
4,540,770 4,387,086 10,179,923
76% in 1922 as against 74% in 1921.
The decrease in passenger traffic is discouraging, particularly as the
Canadian National Rys
$11.085,081 $17,805,365 $38,074,092
quality of the service given has improved and because the rate for passenger
Non Operating Incometravel in Canada is relatively low, being generally slightly below the prevailCanadian
Northern
By. System
$3,700,934 $3,119,350 $1,845,995
ing rates in United States. A good year was expected, but the traffic did
1,737.979
679.577
1,074,549
not materialize. Passenger revenue declined 11 1-3% and passenger Canadian Government Rys
1,837,442
Grand Trunk Pacific By
863.186
792,156
travel measured by "passenger miles" declined 3.55%.
Operating Expenses & Performance.-The results for the year show that
Canadian National Rys
$5,567,639 $4,662,113 $5,421,415
working expenditures were well controlled, as there were reductions in
Deductions from Gross Incomeexpenses in the maintenance and transportation accounts. The condition
$125,637
$1,275,798 $1,011,242
of the physical properties was improved during the year, and yet main- Canadian Northern By. System
1,255,901
720,096
1,465,058
tenance of way expenses were reduced by $2.656,341 and maintenance of Canadian Government Rys
801,668
812,405
1,603,746 •
equipment expenses by $1,225,613. As already pointed out, more business Grand Trunk Pacific By
was moved and yet $11,299,472 less, in addition to the maintenance saving,
Canadian National Rys
84.344.602 $3,068,811 81,658,138
was spent to move it.
Total Deficit Before Fixed ChargesThere were small reductions in pay for certain classes of employees, and
$1,599.026 $5,559,694 $15,723,875
reduced cost of material had its effect in bringing about this result, but in Canadian Northern By. System
9,432,055
2,910,658 6,326,800
the main the advance may be credited to greater efficiency of operation. Canadian Government Rys
The average freight train load of the system increased by 65.68 tons or Grand Trunk Pacific By
5.352,360 4,325,568 9,154,886
by 13.61%, whereas on a mile of road basis the increase in density of freight
Canadian National R ys
traffic was only 9.43%. This average increase in train load was accom$9,862,045 816,212,063 $34,310,816
Fixed Chargesplished by obtaining in every month a substantial increase over the corresponding month in the previous year. 22.4 tons being the lowest recorded, Canadian Northern By. System:
Interest due public
and the highest increase in any one month was over 100 tons. Other
$16,915,174 817,595,708 $13,993.695
Interest due Government
measures of increased efficiency may be mentioned, such as more miles
15.796,372 13,224,208 10,326,261
obtained per car per day and a small increase in load per car mile. The
$32,711,546 $30,819,916 $24.319,956
cost of yard operation was also considerably reduced, measured on the Grand Trunk Pacific By.:
basis of the number of cars handled.
Interest due public
82,341,267 $3,977,447 $4,270,244
Mileage -The operated mileage as at Dec. 31 1922 was made up as
1.539.224
Interest due Government
1535.474
2,200,132
follows:
80.352
Interest due receiver's certificates_ 1,907,247
1:702,887
2,256.468
Interest due Grand Trunk Ry
Miles.
2,742,192
2.081,060
Canadian Northern Ry.system
• 9.753
$8.874,288
$9,958,000
$8,529,706
Canadian Government Rys
4,649
Grand Trunk Pacific By
$41,241,252 $40,777,916 $33,194,244
2,698 Canadian National Rys
Total DeficitTotal railway-steam operated
$34,310,573 $36,379.610 $40,043,831
17,098 Canadian Northern By. System
Electric lines of Canadian Northern By. system
2.910,658 6,326.800 9,778,070
126 Canadian Government Rys
Grand Trunk Pacific By
13,882,066 14,283.568 18,029.174
Total mileage operated
17,224
Canadian National Rys
$-5-1,103,297 $56,989,979 $67.851.075
System
Operating LaborCanadian Northern Ry
Canadian Government Ry
Grand Trunk Pacific
THE CHRONICLE
[VOL. 116.
INCOME STATEMENT YEARS ENDED DEC. 31 (GRAND TRUNK note U. S. Govt. of 3161.000. leaving the unmatured funded debt outstandPACIFIC RY.).
ing on Dec. 31 1922 $10,291,100.
1921.
1922.
Abandonment of Line.-The application of the company for authority to
Railway operating revenue
$18.516,978 $16,638,678 aba,,don the line between Larabee's Point, Vt., and Fort Ticonderoga,
Railway operating expenses
22,809,844 20,668,370 N. Y., is still pmuling before the I.-S. C. Commission.
TRAFFIC STATISTICS FOR CALENDAR YEARS.
Net deficit from operation
$4,292,866 $4,029,692
Railway tax accruals
1922.
247,903
357,395
. x1920.
1921.
1919.
Tons rev, freight carried 1,828.219 1.939,658 2,585,735 2.319,934
Total operating deficit
$4.540,770 $4.387,086 Tons rev. fr't carr. 1 m-201,641,162 187.766,704 264,148.202 216,622,169
Non-operating income
792,156
863,186 Tons rev, freight carried
1 mile per mile of road
488,223
452,230
636,333
521,843
Gross loss
$3.748,614 $3,523.901 Total freight revenue_ _ _ 53.167,577 $3,232,699 53.308.490 $2,610,670
Deductions from gross income
1,603,746
801,668 Average amount received
Fixed charges
for each ton of freight_
$1.73
$1.67
8,529,706 9,957,999
$1.28
$1.13
Avge.rev, per ton per m. 1.571 cis. 1.722 cts. 1.253 cts. 1.205 cts.
Deficit carried to profit and loss
1,458,525
1,405,420
$13,882,066 $14,283,568 Rev, passengers carried_ 1,138,487 1,239,624
Delayed income debits & credits-debit balance
$704,806 $1,424.380 Rev. pass. carried I mile 43,572,947 44,157.318 50.476,486 47,824,133
Previous deficit brought forward
66,096,606 50,388.650 Rev,passengers carried 1
Miscellaneous credits
106,375
mile per mile of road_ _
105,501
121,598
115,208
Cr4,046,669
Total passenger revenue $1,477,880 $1,554,941 $1,642,466 51.395,875
Deficit Dec. 31
$76,636,810 $66,096,606 Average amount received
51.254
from each passenger..
81.298
81.126
50.993
CONSOLIDATED BALANCE SHEET AT DEC. 31 (GRAND TRUNK Av.
3.52 cts.
3.39 cts.
3.25 cts.
rev, per pass. perm_
PACIFIC R Y.)
_PP lib
x Jan.-Feb.. Federal control. March-Aug., "guaranty period." Sept.[Incorporating accounts of Grand Trunk Pacific Branch Lines Co.; Dec.,
corporate.
Grand Trunk Pacific Saskatchewan Ry.: Grand Trunk Pacific Devel. Co.:
-Corporate- Combined.
Federal.
Grand Trunk Pacific Term. Co. and Grand Trunk Pacific Telegraph Co.]
1921.
1922.
x1920.
1919.
1922.
1921.
$3,167,577 $3,232,699 $3,308,490 $2,610,670
1922.
1921.
Freight revenue
Assets-$
1,477,880
1,554.941
Passenger revenue
1.642,466
1,395,875
Inv. in road &
Capital stock
957,349
24.905,400 24,905,400 Mall. express, &c
1,098.059
986,189
744,435
equipment__ _x258,281,586 256385,107 Long term funded
66,567
59,642
42,475
Incidental & it. facility..
87.554
Terminal & other
properties
debt
152,540,854 157699,715
Receiver's certifs_44,070,196 34,400.305
383,300 Dom. of Canada._55,595,640 62.809,237
Cash
801,772 Grand Trunk Ry_59.753,240 36,872,142
Bal. due from acts.
Aud. vouchers &
and conductors_
145,482
0th. float'g Bab_ 2,402,471 1,848,655
47,320
Misc. accts. roc_ _ _ 2,946,135 2,991,704 Int. oblig. matured
Mail & supplies
891,497
(since paid) _711,416
703.621
Deferred charges
477.220 Int. on fund, debt
1,552,359
past due & am- 2,693,949 9,352,402
Profit & loss acct_ _76.636.810 66,096,606
Unadj. cred. (net)
35,639
Insurance reserve_
26,928
11,236
Tot.(each side)_343,044,011 328172.688 Taxes accrued.._ _ 342,712
237,957
Other Investments
658,401
383,300
1,826,684
Total ry. oper. rev_ _ _
Operating ExpensesMaint. of way & struc
Maint. of equipment...
Traffic expenses
Transportation expenses
Miscellaneous operations
General expenses
Transp. for Invest.-Cr_
$5,803,158 $5,811.556 55,979.621 34,838,534
31.088,292 $1,279,452 $1.137,912
988,502 1,615,224
1.116.251
104,153
77,823
100,336
2,610,526 2,639,342 3,113.299
21,621
23,627
19,487
187,972
170.636
160.799
17
870
$807,493
1.179.444
75,949
2,263,692
12,105
136.546
24
Total ry. oper. exp. . $5,094,821 $5,203,707 $6.155,842 34,475,206
3607.848 def$176.221
$363,328
Net ry. oper. revenue... 8708,337
x Investment in road and equipment (including cost of guarantee of
x Jan -Feb.. Federal control. March-Aug., "guaranty period." Sept.bonds), steamships, docks, wharves, hotels, &c.
Dec.,corporate operation.
INCOME STATEMENT YEARS ENDED DEC. 31 (CANADIAN
CORPORATE INCOME ACCOUNT, CALENDAR YEARS.
GOVERNMENT RYS.).
1921.
1920.
1922.
3450,910 a$899.977
5530.433
1922.
1921.
Net railway operating income
Railway operating revenues
135,217
74.130
83,855
540.939.946 341.275.315 Total other income
expenses
operating
Railway
43.436,668 46.990,045
$586,128
3983,832
$604,563
income
Gross
Net deficit on operations
52,496,722 $5,714,733
DeductionsRailway tax accruals
519.000
319.000
$19,000
$23,427
$35,744
Rent for leased roads
Uncollectible railway revenues
460
368
389
Miscellaneous rents
6,317
b
28,000
accrued
taxes
War
Total operating deficit
62
$2,526,466 $5,750.477 Miscellaneous tax accruals
Non-operating income
447,326
443,506
450.573
1.074,549
457,959 Interest on funded debt
109,987
348
92,294
Interest on unfunded debt
Gross loss
1,672
1,533
1,545
31,451,917 $5.292.518 Amortization of disc. on funded debt_
Deductions from gross income
14
46
85
1,458.741
1,034.283 Maint. of investment organization...
5,978
general expenses
Corporate
Deficit carried to profit and loss
Cr.12,885
Cr.5,612
3,557
52.910,657 $6.326,800 Miscellaneous income charges
BALANCE SHEET DEC. 31 (CANADIAN GOVERNMENT RYS.)
8572.801
3451,526
3601,421
Total deducts. from gross income
1922.
1921.
1922.
1921.
$153,036
$13,326
8382.411
Net corporate income
AssetsLtablIttles$
Inv. In road and
Dom. of Canadaa Includes,compensation accrued under contract with Director-General
equipment _ _414,786,302 372400,674
Adv. for road Sc
Jan. and Feb., guaranty under Transportation Act of '1920 March to
Misc. phi's. prop-97,798
equipment_ _413,688,187 309408,223 August and net railway operating income (corporate) Sept. to Dec.
Victory bonds, par
Other advances.28,374.385 26,703,299
b War taxes for 1921 included in railway tax accruals.
value 329,900-21,812
Bal. of pur. price of
GENERAL BALANCE SHEET DEC. 31.
Cash_
3,272,363 6,739,474
branch lines acq. 132,829
120.000
Traffic. &c., accts.
11,156,215
rec.-net
Net bal. rec. from
513,660
agts. & cond
Mat'l & supplies- 6,752,841
105,495
Int. & rents rec
Misc. accts. roc_
10,60 I
Working fund ads'
375,845
Other def. assets
Bal. due on def.
acct. (Dora. of
Canada)
Unadjusted debits 304,918
P.& L. bal., def--12.022,470
Rec.-Gen., Prey.
id. as per contra 503,106
Aud. accounts and
wages payable_ 3,169,623
Misc. accts. Day__ 1.827,825(15.853,635
571,659 Unmat.rents seer_
79,390
9,280,228 Operating reserves 1,248,064 1,288,753
0th. unadl. credits 900,022
15,890,349 Empl. pros', fund,
as per contra
503,106
610.547
1,359,416
875,308
6,326,800
610.547 Tot.(each side) _449,923,429 414,054,457
-V.116 p. 2515, 1531.
Rutland Railroad.
(56th Annual Report-Year Ended Dec. 31 1922.)
President Alfred H. Smith says in brief:
Results.-Total operating revenues for 1922 were $5.803,158, a decrease
of $8.398. Freight revenue was $3.167.577. a decrease of $65,122. Passenger revenue was $1,477,880. a decrease of $77.061.
pp- Total operating expenses were 55.094,820, a decrease of 5108.886.
Charges to railway tax accruals during the year were $62,775, a decrease
of $36,053, as compared with 1921, due largely to over-accruals in that year.
The net corporate income for the year carried to the
loss was $153,036, an increase of $139.710 over 1921. credit of profit and
General Comments.-Disturbed conditions at home and abroad made 1922
a difficult one for the carriers. In the early part of the year there had commenced a general revival of business in the industrial field which in some
Instances continued throughout the year, but the coal strike and later the
shopmen's strike caused a set-back in many industries.
Under a decision of the I.-S. C. Commission, dated May 16
a 10%
reduction in freight rates became effective on July 1, reducing1922,
the freight
revenue of the company in 1922 by approximately $170,000. This
reduction
was offset in part by,the increased divisions allowed New England
lines
under the Commission s order, effective April 1, and wage reductions made
by the U. S. RR. Labor Board, effective July 1.
Account with Railroad Administration.-Settlement with the RR. Administration of matters arising out of Federal control has been effected since
the close of the year by the payment to the company of $350,000. All
charges against the company are provided for in
this settlement, including
the Sum of $843,460 expended by the Administration
for additions and
betterments.
Claim Against the United States upon the
-The company's claim
against the United States, based upon itsGuaranty.
guaranty for the period MarchAugust 1920, has been presented and should reach settlement
in 1923.
Wages.-In the report for 1921 (V. 114. p. 301) attention was
called to
the negotiations which were pending with employees looking to
reductions in pay and further changes in working rules. It was further
impossible
to reach any settlements with representatives of the employees and in acprovisions
of Mae Transportation Act, 1920, the matters
cordance with the
In dispute were referred to the Railroad Labor Board. Decisions of the
Board were handed down, effective in most cases on July 1 1922, the general
result of wh ch would have been a reduction in 1922 in the total waegs
paid by the company of approximately $90,000 had not the shop strike
prevented a full realization of the benefits which would otherwise have
followed.
Strike.-This company in common with the other railroad companies
in the United States was affected by the strike of the shop craft employees
which became effective July 1.
Funded Debt.-The unmatured funded debt outstanding on Dec. 31 1921
was $10,424,800. It was decreased during the year (1) by payments on
the company's liability for principal installments under equipment trust
agreements amounting to $72,700, and (2) by payment of 15-year promissor
1921.
1922.
1921.
1922.
Liabilities$
$
$
$
Amensstock...
23,869,600
Common
188,900
23,996,284
188.900
equip_
Inv.in I'd .3:
Preferred stock_ _ _ 8,955,400 8.955,400
Impr. on leased
5,621 Equip. obligations 575,100
647,800
13,896
ry. property_,_ _
5,900
5.900 Mortgage bonds__ 9,716,000 9,716,000
Misc. phi's, prop._
Miszell. obits
61,000
Inv. In sail. cos.
548,951 Loans & bills pay_ 375,000
548,951
375.000
Stocks
100,000 Traffic & car-ser100,000
Bonds
384,000
402.000
vice balances_._
136,742
143,551
Notes
23,050 Audited accts. and
38,750
Advances •
13,350
200
wages payable._
351,911
324,679
Other investments
728,705 Misc. accts. pay._
863,025
16,862
0,675
Cash
31,846 Int. mat'd unpaid. 201,795
32,534
202,998
Special deposits_ _ _
Dl's. mat'd unp'd
5,815
5,815
Traffic & car-ser123,133 xFunded debt ma96,387
vice balances...
23,739
16,550
tured, unpaid._
5,300
5,300
Airts.& cond., bal.
657,127 Unmat. int. accr'd
16,197
16,690
Miscellaneous.... 660,477
691.639 Unmat.rents accr_
3,917
5,916
Mat'l & supplies._ 588,122
13,327
13,559 0th.current liab._
7,399
0,047
Int. & dive. rec_ _ _
168
166 U.S. Govt.
Rents receivable._
2.902
2.902
837,283
Add•ns & bett'ts 843,460
Working fund adv.
9,625
9,625
Liabilities Dec.
lunar.& 0th.funds
311017, paid. 1,010,122 1,009,661
U.S. Govt.618,123
648,123
Mat'l & suppl.,
Cash
680,550
79,506
82,024
Feb. 29 1920_ 680,509
Agts.& con. bal.
213,924
900.255
Corp. transac'ns 214,086
Mat'l & supplies 900,716
289,735
379,180
Other items_ ... _ 274,210
Assets Dec.31'17 379,180
13,819
153,838 Other def. liab. ___
11,477
Equipm't retired 151,272
157,598
124,246
Tax liability
Federal accrued
217,814
9,889
247,814 operating reserves
24,970
depree., bal._
217,692
217,651 Accr.depr.(equiP.) 1,341,735 1,243.198
Other items._ _ _
7,887
9.128 0th. unadj. credits
76,320 '311.136
Disc't on fund. di_
729,000 Approp. surplus._ 2,038,968 2,038,968
U.S. Govt. guar.. 519,981
77,829
69.958 Profit & loss, bal._ 3,373,785 3,218,118
0th. unadj. debits
30,571,078 30,687,887
30,571.078 30,687,887
Total
Total
x Does not include $700 1st Mtge. bonds, due 1902. which were paid
and are now held in the company's treasury.
Note.-Securities issued or assumed, unplcdged, 5631,400.-V. 116.
p. 2768, 2389.
Florida East Coast Railway Co. (Flagler System).
(Annual Report-Fiscal Year ended Dec. 311922.)
President W. H. Beardsley May 15 wrote in substance:
Resouuc-Gross revenue for the year was practically unchanged, showing
only 1% decrease, which was snore than offset by very material and gratifying reductions in operating expenses. The heavy maintenance-of-way charges
made in 1921 brought our roadway and track up to a point where the expenses in 1922 was normal and comparable with 1920, resulting in a reduction of some 27% over 1921.
The shop crafts strike, which occurred July 1 1922, resulted in increasing
slightly what our maintenance of equipment expense would ordinarily have
been. It is gratifying to note, in spite of this, we were able to keep this expense normal. There was no interruption to our operations on account of this
labor trouble.
The large reduction in transportation expense is due to advantageous fuel
contracts and to economies effected in train, station and yard service.
After making the usual deductions from income for hire of equipment, rentals, etc., there remained available for interest on the funded debt $2,567,205,
winch was applied as follows: (a) 1st Mtge. 41
bonds, $340,000; Car
Trust Ctfs. Series "A," $833 34 ; Car Trust Ctfs., Series "B," $34,500, leaving a balance carried to Profit and Loss for the year of $1,991,871.
,4%
Road and Eguipment.-Investments in road increased during the year
$707,210; investment in equipment increased during the year $577,006 ; total, 11,284,277.
JUNE 231923.]'
T H Pt CHRONICLE
2879
Interest, Reserves, &c.-Interest on bonds decreased from 8419.259 to
Eguipment.-Purchase authorized during 1922 of the following equipment:
7 Pacific type locomotives, 3 switching locomotives, 10 baggage cars, 1 steel 8340,393. Reserved for income taxes, $298.385; in 1921, $303,249. Rediner, 41 steel tank cars, at a total cost of $600,000. The locomotives, bag- xerved for depreciation and depletion, 82,861,825; in 1921, $2.720.882.
The balance carried to profit and loss, after deducting all charges and
gage cars, and 11 of the tank cars came to hand and were put into service in
Dec. 1922. The balance of the tank cars and the steel diner came to hand reserve funds, is $4,190,567; in 1921, 88.157.952.
Additions to Property.-During the year acquired 14,275 acres of prosand were put into service early in 1923.
pective and p oven oil lands in fee and by lease, as follows: (a) California:
GENERAL STATISTICS.
San Joaquin Valley fields, 1,254 acres; Southern California fields, 856 acres;
Ventura, 4,184 acres. (b) Texas: One-half interest in approximately
1922.
1919.
1921.
1920.
Average miles operated_
764
764
764 1,581 acres. (c) Wyoming. 1.280 acres. (d) Alaska, 5,120 acres.
764
There were acquired during the year 745 acres at Avoh and Watson
_ _ 1,878,372
Tons freight carried_ .
1,850,283
2,052,244
1,633,025
Tons carried one mile_ _ _422,728,890 420,862,937 591,272,509 508,661.593 (near Los Angeles),for the extension of the refinery and tank farm purposes.
Aver,rev. per ton perm. 1.892 cts.
1.324 cts.
1.176 cts. 81,017,632 was expended during the year for oil lands and leases.
1.860 cts.
Passengers carried
1,371,608
1,256.373
Drilling and Other Field Development.-For this work, $2,376,218 was
851,996
1,075,222
Pa.sa. carried one mile__ A00.366,132 104,191,894 126,964.030 109,422,815 expended, of which drilling expense, $984,473, was charged to operations,
Av.rev. per pass. per m_ 3.758 cts.
2.739 cts. and 81.391,745 to investments. Owing to the large increased production
3.167 cts.
3.849 cts.
in Southern California, the drilling program was greatly curtailed in the
INCOME ACCOUNT FOR CALENDAR YEARS.
San Joaquin Valley fields during the year. 17 wells were completed in
Corporate- Combined.
Federal.
various fields, as follows: Kern. 6; Midway, 8; Coalinga, 1; Ventura. 1;
1922.
1919.
1921.
1920.
Huntington Beach, 1. On Dec. 31 1922 there were 7 uncompleted wells
Freight
$7.998,757 $7,828,835 $7,825.592 $5,986,109 drilling, as follows: Midway, 1; Coalinga, 1; Ventura, 3; Wyoming, 1, and
Passenger
3,771.812 4,010,329 4,021,376
2,997,315 Alaska, 1.
Mail, express, &c
1,140.489
1,137,798
1,075,133 11,215,321
Refineries, Distributing Stations.-The amount expended for additional
Incidentals, &c
516,567
664,812 1 638,901
units for the manufacture of gasoline, lubricating oils and other products
and for distributing plants, service stations and equipment was $3,549,170.
Total oper.revenues_ _$13,427,625 813,579,109 813.701,190 810,121,222
There were installed during the year 36 service stations and distributing
Expensesplantain the following States: California,28; Oregon,3;and Washington. 5.
Transportation
84.200,801 $5,112,881 85,467,248 $4,310,713 There are now 122 service stations and 51 distributing plants in operation.
Maintenance of way,Sze. 2,163,518 3,002,692
1.690,238 Distributing plants have been opened at Seattle. Wash., and Burbank,
2,151,915
Maintenance ofequip__ _ 2,468,414
1.844,201 Calif., to handle our increasing business in the Puget Sound and Los An2,518,669
2,499,195
Traffic, &c
468,870 geles districts. 24 trucks and 32 automobiles were added to our automotive
599,092
584,395
631.009
equipment and there are now in service 407 trucks and 266 automobiles.
Total oper. expenses
$9,431,825 $11,218,635 810,749,368 88,314,027
Pipe Lines and Storage.-8105,072 was expended during 1922 for addiNet earnings
83,995,800 $2,360,474 $2.951,822 $1.807,195 tional pipe line facilities. There are now nearing completion 87 miles of
Taxes
8394.008 pipe line and storage facilities on a very considerable scale to care for the
8805,448
8597,896
$769,374
Uncollectible revenue__ _
2,674 large controlled production in Southern California. The lines connecting
6,085
Cr.348
23,690
Huntington Beach, Santa Fe Springs and Long Beach fields with the new
Ry. oper. income_
$3,220,341 $1,555,374 $2,330,235 $1,410,513 Watson tank farm will have a capacity of 100,000 barrels a day; those from
Hire of freight cars
$63,777 Watson tank farm to Los Angeles Harbor, a capacity of 70.000 barrels
Rents, &c
$26,930
$26,265
$24,467
$10,979 daily. A pipe line connecting our properties in Ventura County with
Inc. from lease of road_
394.782
2,477.751 Ventura is in course of construction. Due to the large amount of oil being
Inc.from funded secs__ _
4,250
22.137
4,250
7,413 stored, we have increased or
increasing our storage facilities by 7,077.000
Inc.from unfund. secs
41,115
81,190
44,581 barrels, represented by 93 are
57,051
steel tanks, total capacity 6.327.000 barrels,
24,695
Miscellaneous
313,198
681.280 Dr.63,586 and a concrete reservoir of 750,000 barrels capacity.
Marine Department.-$756,416 was expended for the acquisition of new
Non-oper. income.._ _ _
$96,991
8442,789 $1,161,822 82,540,919 vessels and other marine
equipment. The following vessels have been
Gross income
$3,317,333 81.998,163 $3.492,057 83,951,432 added to the fleet: S. S. Paul
Shoup, gross tonnage 6.817, capacity 75,000
Deductbarrels; S. S. Kewanee, gross tonnage 3,550. capacity 32,000 barrels.
Hire offrt. cars(deb. bal.) 454.254
391,126
428,859
The company now owns 8 tankers with a combined capacity ef 366.900
Joint facility rents
50,871
47,648
54,297 barrels and including 2 chartered vessels, a total capacity of 500.000 barrels.
51,849
Int. on funded debt_ _ -575,333
600,833
583,833
592,333
Crude Oil Production.-Gross crude oil production during the year was
Int. on Gen. Mtge. bds_
1.250.000 6.696.266 barrels, an increase
of 718.506 barrels as compared with previous
Rents, &c
42,884
7.577 year. The combined gross production
51,563
47,814
et the Associated Oil Co. and afMiscellaneous charges
202.118
157,088
22,872 filiated companies was 11.676.019 barrels,
160,205
an increase of 2,976.115 barrels,
or
34%
over
1921.
Crude
oil
stocks
on
Dec. 31 1922 were 4.727,876 barTotal deductions
81,325,461 $1.231,459 81.281,062 $1,935,581 rels; in 1921, 1.256.415 barrels, an
increase of 3,471.461 barrels.
Net income
81,991,872
8766,707 $2,210,995 $2,015,851
A well was brought in during the year on our State ConsDlidated lease in
Ventura County with an initial daily production of 2,300 barrels. This
GENERAL BALANCB SHEET DEC. 31.
well proves up a large part of our hold'ngs in this district, which total 11.000
1922.
1921.
1921.
1922.
acres.
Assets3
$
LtabgUiesThe usual comparative income account was published in V. 116. p. 1897.
lard. & equip57,272,102 55,987,825 Common stock_ ..12,500,000 12,500,000
Pep.In lieu of prop
7,245
12,720 Equip. obligations 500,000
650,000
CONSOLIDATED BALANCE SHEET DEC.31.
Miscel. phys. prop 177,224
166,047 1st Mtge. bonds_ _12,000,000 12.000.000
(Associated Oil Co. it Proprietary Cos.)
Impts. on leased
Gen. Mtge. bonds_25,000,000 25,000,000
1922.
1921.
1921.
1922.
railway property
2,916
Loans & bills pay_ 3,245,000 3.325,000
Assets6
g
LtabtlulesInv. in affil. cos.:
Traffic & car serv.
Stocks
39,755,724 39,755.756
157,599
157,599
31,274 Real estate, &c_ _x33,232,584 31,574,538 Capital stock
balances payable
32,112
Improvements_ _ _x41,982,841 38,649,371 First Mtge. bonds- 5,997,000 8,310.000
Notes
189,473 Audited accts. &
x9,760,858 9,410,480 Loans & bills pay_ 4,105,000
Advances
299,442
299,293
wages payable_ _ 1,191,107 2,547.076 Securities
Other investments 659,247
659,247 Int. mat'd unpaid_
7,425 Due fr. attn. cosx4,455,686 4,605,816 Accounts payable_ 2,068,102 3,284,450
5,850
924,760 Wages pay., &c__ 4,121,860 1,338,538
Cash
1,229,240
11,494
16,924 Sinking funds... x924,773
952,684 Miscell. accts. pay
Due affiliated cos_ 3,236,000 1,793,750
Cash with Bankers
Unmat'd int. seer_ 502,613
340,386 Res, for depr_xdeb14,702,238
Res, for depl_xdeb9,876,723
Ater. int., div.,&c. 743,977
793,482
Trust Co
5,850
7.425 U. S. Govt. def.
62,147 Deferred liabilities 626.110
99,801
Loans & bills rec'le 1,831,268 1,547,651
5,489,024 5,459,488 Liberty bds., &c__
liabilities,
Cash
1,157,491
952,876
2,694,292
Unadj.
credits....
1,034,936
Traffic & car serv.
5,385
0th. def. liabilities
198
balances recelvle 167,090
404,973 Accr. deprec. on eq 1.747,312 1.550,457 Loans & acc'ts rec. 3,613,713 3,282,095 Deprec. reserve.. _ See "x" 21.997,851
20,622,055 20.065.298
2,863,278 2,838,985 Surplus
Agts. & conductors
95,872
540,015
84,031 Inventories
114,429 Tax liability
Mime& accts. rec. 1,975,816 2,261,579 0th. unadj. credits 220,743
472,926 Mdse. on hand__ 7,329.995 5,059,155
Int., diva., &c_ _
3,464
7,155
Mat'l & supplies 1,875,057 2.217,358 Add'ns to prop.
299,954
Int.& d1vs. reeelv_
125,031 Deferred assets... 418,371
536
536
thro. Inc. & sur_ 145,778
Working fund adv
8.311,796 6,330,955 Unadj. debits_ _ 1,146,671 2,445,886
5,078
4,978 Profit and loss_
U. S. Govt. def.
82,310,765 100133,21S.
Total
82,310,765 100133,218
Total
assets
4,345,241 4,345,730
Road prop. retired
x Investments account, which included items "Real estate, &c.," "Im& not replace& _
39,805
39,805
provements," "Securities," "Due from affil. cos." and "Sinking funds"
Other def. assets
5,828
19,538
(shown above), and which totals $90.356.743, is before deducting reserve
Unadjusted debits. 1,290,591 1,067,367
for depreciation of $14,702,238. and reserve for depletion of $9,876,723.!.V. 116, p. 2392, 2640.
Total
71,443,042 70,456,358
71,443,042 70.456,358
Total
Note.-Of the above, for the year 1921, are included under investments
Consumers Power Company.
(road, $1,677,100; equipment, $34,381) and under current assets (miscell.
(Report for the Year ended Dec. 31 1922.)
accounts rec., 81,386,124) amounts which in the report to the stockholders
for 1921 were shown as deferred assets, designated respectively, "additions
President B. C. Cobb, Jackson, Mich., May 25, reports
& betterments, road suspense,' "add'ns & betterments, eqtlin•-susPense."
and "U. S. Govt. compensation receivable for Use of road.' The change in substance:
is made herein to reflect a proper comparison with corresponding amounts
Service Rendercd.-Business conditions in Michigan during 1922 were
as reported to the I.-S. C. Commission for 1922.-V. 116. p. 2766, 295.
much more favorable than in the previous year and accordingly brought about
greatly increased service demands upon the company. Electric sales, in kiloAssociated Oil Co. and Proprietary and Affiliated Cos. watt hours, increased 31,741,061, or 17.57%, over 1921, and gas sales, in
cubic feet, increased 191,795,000, or 7.23%. The demand for service con(Annual Report, Year ended Dec. 31 1922.)
tinued to grow as the year progressed, and in the month of Dec. the increase
The report of the Pacific Oil Co., which controls the As- in electric sales over Dec. 1921 amounted to 8,842,052 kilowatt hours, or
35.31%, and the increase in gas sales amounted to 28,251,400 cubic feet, or
sociated Oil Co., was given in V. 1161 p. 2633.
14.45%.
President Paul Shoup, San Francisco, April 3, wrote in
During the year company gained 18.703 electric customers and 3,585 gas
customers, including 3,139 electric and 999 gas customers acquired through
substance:
Report.--Combined report of Associated Oil Co. and its proprietary com- purchase of the Thornapple Gas & Electric Co.
panies, viz., Associated Oil Co. of Nevada, Associated Oil Co.of Wyoming,
Comparative Figures Showing Service Rendered by Electric and Gas
.Associated Water Co. Bakersfidd Iron Works and Casmalla Syndicate.
Departments.
Results.-Compared with 1921, business earnings decreased from 812,- Calendar
Elec. Sales No. of Eke. Gas Sales in No. of Gas
351.946 to 88.314,605. The total business earnings of Associated tOil Co.
YearsKW. Hours. Custonters. 1.000 Cu.Ft. Customershas
88,018
2.022,081
314,582.424
52.142
Tor
=eetvArtig
13==einiVg: 1918
103.055
2,186,794
357.723,608
56,335
Associated
Co.for 1921 included the unusual item of $2,695n,42 which 1919
118,920
2.495,354
372,182.892
59,895
was a capital dividend of the Associated Pipe Line Co. Deducting this 1920
130.421
2289.078
1921
294,408,610
60.291
item, a comparison would be for the year 1921, $9.656,516, as against 1922
149,124
2.480.873
346,149.671
63,876
88,314,604 during 1922.
Additions and Improvements.-During 1922 company expended $3,784,445
Oil Prices, &c.-The earnings of the company were adversely affected by
successive declines in prices of oil, the base price in the field falling during for extensions, additions and improvements to its property in order to prothe year for oil of less than 18 deg, gravity from $1 10 to 60c. per barrel. vide facilities for new customers and to further improve the service. 'The
There were corresponding decreases in the selling price of fuel oil and in greater part of this expenditure was for account of the Electric Department
some instances the declines were materially greater than in the field market and included the construction of an enlarged water-power plant at Rogers
prices. In these circumstances the earnings of Associated Oil Co.from pro- Dam on the Muskegon River, replacing the plant which was destroyed by fire
duced oil and from fuel oil sold were materially less than during the pre- in Dec. 1921; the replacing of 2 water wheel units at Croton Dam on the
ceding year. The production of the Associated 011 CO. has been almost Muskegon River with units of a more modern type' the construction of new
altogether in the San Joaquin Valley, with a limited productioh in the Coast high tension transmission lines and increasing the capacity of other transmisdistrict, and a conservative course with respect to development in these
lines; the enlargement of various sub-stations by installation of addisections was necessary in view of the very large flush production in South- sion
tional equipment; the installation of customers' meters; and the extension,
ern California which hasfor the time being greatly depressed market prices. of distribution pole and wire lines. Work
was also resumed on the waterOperations in Southern California have been through subsidiaries of the
on the AuSable River at Alcorn. This new development
Associated Oil Co., but the magnitude of development in that region has power development
completed
and
will
be
placed
in
operation late in 1923, and will have an inmade it necessary, because of the limited capital of these companies, for
the Associated Oil Co.to take hold in that section, which it has done through stalled generating capacity of approximately 10,600 hp.
Acquisitions.
-In
Oct.
company
purchased the Thornapple Gas & Electric
the construction of pipe lines, necessary storage tanks, a marine shipping
plant at San Pedro, and ()tinr required facilities. The Associated 011 Co. Co., serving electricity and gas to the City of Hastings and electricity to the
villages
of
Vermontville,
acquired
additional
holdings
in
Nashville, Woodland, Lake Odessa, Middleville and
has also
Ventura County, in the aggregate
of 11.000 acres, and where the initial wells have demonstrated a very val- Caledonia. Negotiations also were consummated late in the year for the purchase of the property of the Central Michigan Light & Power Co., servinguable property.
Refined oil sales show an increase in volume of 22% over the preceding electricity to the cities of Alma, lit. Pleasant and vicinity. The plants operyear indicating the continued high standing of our products with the ated by these companies are more or less isolated, but through acquirement
public. Reasonable profit was earned.
by company will become a part of its State-wide system and will shortly be
Taxes -Taxes other than income were 8579.582, as compared with tied in with its super-power service, work already being under way on a new
8701,853 for 1921, a decrease of 8122,270, which is due to the repeal of the high-tension transmission line extending from company's Battle Creek steam
tax on transportation of oil through pipe lines Jan. 1 1922.
station to Hastings, a distance of 29 mile..
erard
itIggranhiwiT211!`
2880
THE CHRONICLE
1923 Extension Program.-During the year plans were completed for
carrying on in 1923 an extensive construction program in order that company's facilities might keep pace with the rapid growth and industrial development of the territory served. The more important projects are the construction of a 53,000 hp. steam electric generating station near Zilwaukee,
on the Saginaw River; the purchase of the Newaygo Portland Cement Co.
dam on the Muskegon river, which will add 2,100 hp. to company's generating capacity; preliminary work necessary,for the construction of an 18,000
hp, water-power plant at County Line on the Manistee River; the erection of
a large coke-oven gas plant at Zilwaukee to supply additional service to
Saginaw, Bay City and vicinity; the construction of a new high-tension substation in Flint, and the enlargement of the Wealthy St. sub-station in Grand
Rapids, together with installation of necessary equipment for both plants;
the erection of additional pole and wire lines and the laying of new gas
mains.
Financial.-In Oct. company sold $14,000,000 1st Lien & Unifying Mtge.
5% Gold Bonds, Series 0, due Nov. 1 1952. Company also sold $2,243,600
preferred stock on the customer ownership plan. 79 Preferred Stock was
sold until Oct. 1 1922. About the middle of the year it became apparent that
preferred stock bearing less than 7% dividends could be sold. The stockholders on Sent. 21 increased the authorized preferred stock by $10,000,000.
and an additional class of preferred stock known as 6.6% preferred stock
was created, having voting rights only on amendments to or changes in the
company's charter or certificate of organization affecting said stock. Subsequent to this meeting and upon application to the company, the Michigan
P. U. Commission authorized the issue and sale of $2,500,000 of preferred
stock issuable as 6%, 6.6% or 7%, and preferred stock bearing dividends at
the rate of 6.6% has been sold since Oct. 1 1922. Company thus has outstanding preferred stock bearing three rates of dividends, namely 6%, 6.6%
and 7%, all of which rank equally as to assets and dividends over the common stock, dividends being paid quarterly on the 6% nd 7% preferred stocks
and monthly on the 6.6% preferred stock.
The proceeds of the sales of securities were used to retire by redemption
all of the funded debt bearing 7% int., consisting of $5,045.000 of Gen. &
Ref. Mtge., Series A 7s, due Jan. 1 1930, $4,000,000 Gen. & Ref. Mtge.,. Series B 7s, due July 1 1935 and $2,500,000 7% Debenture Bonds, due serially
Feb. 1 1923 to 1927, incl.; to acquire the Thornapple Gas St Electric Co.;
to pay for construction work completed during 1922; and in part to provide
'funds for the construction of a large steam electric generating station on the
Saginaw River near Zilwaukee. Through these transactions interest charges
were materially reduced and the financial condition of company strengthened
and its entire funded indebtedness in the hands of the public now bears interest at 5% per annum.
Customer Stockholders.-In Sept. 1920 company organized a department
for the purpose of interesting customers in its preferred stock issued to finance
a substantial portion of necessary additions and improvements to its property/.
This plan has met with great success, over 10,000 customers having invested
in excess of $5,000,000. All of the preferred stack mentioned has been sold
by employees, a large percentage of whom are also stockholders.
Outlook.-At this time the general business outlook for 1923 is very encouraging, especially in Michigan, where industrial activities continue to progress at a rapid rate. Corresponding demands for service are being made upon
the company, and in order to meet these demands promptly, thus facilitating
municipal and industrial development in the territory served, the management
has planned to expend approximately $10,000,000 for additional generating
and other facilities, reference to which has previously been made.
r The
income account for the year 1922 (compared with
1919, 1920 and 1921) was published in V. 116, p. 2770.
BALANCE SHEET DECEMBER 31.
1922.
1921.
1921.
1922.
Assets$
Prop., plant & 00_70,872,476 66,855,556 1% cum. pref. stk_12,739,000 12,886,100
Inv. in & adv. to
3.6% cum,pf. stk_ 527,100
&c. cos_ _ _ 1,709,421
603,53f 7% cum. pref. stk_ 3,654,100 1,937,600
Spec. dep. & funds 1,179,957
142,211 Common stock__ _16,175,900 14,425,900
Bond disc. & exp.
Mich. Lt. Co. 6%
in proc. of amort 4,353,278 2,454,731
preferred stock_
30.100
Cash
472,173 1.038,874 Funded debt
41,428,500 39,496 000
Working funds__ _ 160,386
155,120 AcCts. payable
532,646
312 615
69,168
Market'le sec., &c.
127,523 Taxes pay.(Jan.). 613,613
502 949
Accts.& notes rec.. 1,579,205 1,449,593 Customers' depos's 409,738
362 995
Due on subscrip.to
Line, &e., ext. dep 168,061
175 706
295,609
299,034 Accrued interest__ 252,957
Pref. stock
167.878
Mat'is & supplies_ 1,014,041 1,217,357 Accrued taxes__ _ _ x357,170
114.780
166,198
Deferred charges
168,964 Miscellaneous _
8,212
Deprec. reserve_ _ _ 3,297,222 2,522,591
Other. oper. res_ _ _ 694,493
366,885
Surplus
1,021,363 1,191,696
81,871,862 74,503,006
Total
Total
81,871,862 74,502,006
x Federal income taxes subject to review by Treasury Department.
2770
-V. 116, p. 1416.
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 weeks'
"Chronicle" either under "Editorial Comment" or "Current
Events and Discussions."
U. S. RR. Labor Board Publicly Rebukes Pennsylvania RR. on Shop Representative Vote.-Reprimand, the only penalty Board can impose, charges
that the company practised "unfair, unjust and Inconsistent" methods by
Its refusal to count votes cast for shoperafts union candidates as employees'
representatives and by its refusal to hold another election free from such
discrimination between the union and the company's association members.
"Times" June 18, P. 1.
Equipment Co. to Join with Railroads in Fighting Further Legislation
Detrimental to Roads.-Letter signed by President Hoffstot of Pressed
Steel Car Co. calls for assistance of stockholders to attempt defeat of so
called "radical" bloc in Congress next year. "Times" June 22, p. 24.
Alaska Government Road Completed.-Last mile of track laid completing
Toad between Seward and Fairbanks, 470 miles. Required 9 years, 3
months and 5 days. Department of Interior regards it a "remarkable
achievement, considering the character of the country and the intervention
of the world war.' "Sun-Globe" June 19, p. 29.
Additional Wage Increases.-Boston dr Albany grants increase of 1 to 3
cents per hour to clerks, freight handlers, &c., effective July 1 and affecting
about 2,200. "Boston News Bureau" June 22, p. 4.
Louisville & Nashville raises wages ofshopmen 2 cents per hour, effective
July 1. "Wall St. Journal" June 20. p. 3.
Freight Car Repair.-Freight cars in need of repair on June 1 totaled
211,766. or 9.4%, of the cars on line, according to reports filed by the
carriers with the Car Service Division of the American Railway Association.
This was an increase of 1,523 over the total on May 15. Of the total number
155,564, or 6.9%, were in need of heavy renair, an increase of 303 cars over
the number in need ofsuch repair on May 15. Freight cars in need of light
repair totaled 56,202, or 2%%,of the cars online, an increase of 1,220 cars
during the semi-monthly period.
Movement of Freight Cars.-Freight car performance statistics just compiled for April by the Bureau of Railway Economics show that the average
daily movement per freight car during that month was the greatest for
any month since the fall of 1920 when freight traffic was especially heavy.
The daily average for the month was 28 m. which also was higher than
the average for any April since tabulations of these statistics began in 1917.
The average for April was an increase of 1 on. over that for March. It
also was an increase of 6 7-10 on. over the average for April last year and
74-10 on. over the average for the same month in 1921.
Every increase of 1 in. In the average movement of a freight car is equiva
lent to the addition of 100,000 freight cars to the country's transportation
facilities without any increase to capital expenditures so that the increase
for Aoril over March this year is equivalent to the addition of 100,000 cars.
•
[VoL. 116.
In computing this average movement per day account is taken of all
freight cars including those loaded, those in the process of being loaded.
and also those on side tracks, either awaiting repair or for which no load is
Immediately available.
Under the program unanimously adopted by the carrier at a meeting in
New York in April the daily average movement per car is to be increased to
30 for the entire country.
Compilations made by, the Bureau of Railway Economics show that the
average load per car in April was 27.6 tons. This was three-tenths of a
ton less than the average for March, but was an increase of 3 1-5 tons
over the average for April last year. Except for April. 1918, when the
average was 29.8 tons and April, 1920. when it was 28.6 tons, the average
for April this year, was the heaviest for any April since tabulations of these
records began in 1917.
The program adopted by the railroads also calls for the loading of all
freight cars to maximum capacity In an effort to bring the average loadings
to 30 tons per car far the entire country.
New Equipment.-A total of 9,876 new freight cars were placed in service
from May 15 to June 1, according to reports just filed by the carriers with
the Car Service Division of the American Railways Association.
This brought the total number of new freight cars installed in service
from January 1 1923 to June 1 to 65,660 cars. Of the total number of new
cars placed in service during the firstfive months this year, box cars numbered 27,862; refrigerator cars, 7,468; coal cars, 26,806 and stock cars, 1,696
The railroads on June 1 had on order 107,079 new freight cars, deliveries
of which are being made daily.
A total of 161 new locomotives were also placed in service from May 15
to June 1, which brought the total number of new locomotives installed
from Jan. 1 1923 to June 1 to 1,697.
The railroads also had on June 1, 2,041 new locomotives on order.
Car Surplus and Sho+tage.-Despite the fact that loading of revenue
freight is now the heaviest for this season of the year in history, and for tne
second time this year has gone over the million mark, ear shortage has
disappeared, while at the same time there has been a steady increase in the
number of surplus freight cars in good repair and immediately available for
service.
On June 7 surplus freight cars totaled 41,106, an increase since May 31
of 8,663, while the reported shortage in freight cars was only 12,978, a
decrease within the same period of 3,299.
Surplus box cars in good repair totaled 20,311, an increase within a week
of 4,641, while surplus coal cars numbered 3,528, a decrease, however, of
425 within the same period.
Surplus refrigerator cars totaled 10,671,an increase of 4,460 since May 31.
A decrease within the same period of 80 in the number of surplus stock cars
was reported, bringing the total for that class of equipment to 5,463.
Of the total shortage reported, 1,761 were in boxcars, a decrease within
a week of 1,213, while the reported shortage in coal cars was 8,926, or a
decrease within the same length of time of 2,466.
Car Loadings.-For the second time this year loadings of revenue freight
exceeded the million mark. This occurred during the week ended June 9,
for which the total was 1,013,249 cars. The first time the million mark
was exceeded was during the week of May 26, when tne total was 1,014,029
cars.
Freight car loadings are the heaviest in tne history of the railroads for
this season of the year. and for the week of June 9 were only % of 1%
under the record week in history, which was the week ended Oct. 14 1920
when the total was 1,018,539 cars.
The total for the week of June 9 exceeded the corresponding week last
year by 177,041, and the corresponding week in 1921 by 225,966 cars.
They also exceeded by 81,208 cars the preceding week this year. Freight
loadings were curtailed by the observance of Memorial Day.
From Jan. 1 to June 1, inclusive, 20,981,062 cars have been loaded with
revenue freight, compared with 17,442,444 during the corresponding period
of last year, and 16,359,067 during the corresponding period in 1921.
Principal changes compared with week ended Juno 2 were: Merchandise
and miscellaneous freight, which includes manufactured products, 588,711
cars, increase 51,073; coal, 190,149 cars, increase 18.901; grain and grain
products 34,390 cars, increase 3.050; livestock, 32,723 cars, increase 3,324;
forest products,36,380 cars, increase 2,743; ore,76,092 cars,increase 2,702;
coke, 14,804 cars, increase 415.
Matters Covered in "Chronicle" June 16.-(a) Railroad gross and net
earnings for the month of April, p. 2699-2702. (b) Course of electric railWay earnings in 1922, p. 2702-2707. (c) All records in car loadings still
being broken. p. 2709. (d) Personnel of American Railway Associationsregional advisory boards, p. 2732. (e) Maintenance of way men get increase on three more railroads, p. 2733. (f) U. S. Railroad Labor Board
recognizes union's right to represent Pennsylvania employees, p. 2733.
(g) Wages increased by Long Island RR., p. 2733. (h)Increases in wages
on Pennsylvania RR. total more than $8,500,000 annually-Other wage
increases, p. 2733. (i) Shopmen begin arguments before U. S. Railroad
Labor Board on application for wage increases. p. 2734.
Alabama Tennessee & Northern RR. Corp.-Proposal
to Reduce Interest Rate on $2,116,000 General Lien Bondsfrom
6% to 2%, Commencing Jan. 11924.-
The holders of the General Lien bonds recently received a communication
asking them to consent to the reduction rate on their bonds from 6% to
2% annually. The "Chronicle" is informed that the bonds are coming in
very promptly and bondholders generally seem to be approving the plan.
Quite a substantial majority of the bonds have alreadydeposlted or promised.
President John T. Cochrane in his letter says in substance:
The directors deem it necessary to communicate with the holders of the
Gen. Mtge. 30-year 6% gold bonds with respect to the affairs of the company and particularly with relation to its obligation to pay interest on the
bonds at the rate of 6% per annum from Jan. 11924.
In accordance with reorganization plan of 1918 (V. 106, p. 2558), the
following securities were issued:
$950,000
Prior Lien (First Mortgage) 6% Gold Bonds
General Lien (Second Mtge.) 6% Gold Bonds (income basis up
2,116,000
to Dec. 311923)
1,700,000
Preferred stock
2,500,000
Common stock (under voting trust)
In addition the payment offollowing obligations were assumed:
Notes of reorganization committee to Metropolitan Trust Co., .
New York,for $101,196, which notes have since been paid by
aid of a 5-year loan from U.S. Government,due Feb.3 1926,for $90,000
Vouchers and all current obligations of the receivers, which have
since been paid.
Balance due on car trust of $70,000 which has now been paid in
full, but it was found necessary on account of shortage of
equipment to create a new car trust for tho purchase of 2 additional freight locomotives and 300 standard freight cars, which
was done through a 6% loan from the U. S. Government, due
399,000
in semi-annual installments for 15 years, of
Of the Prior Lien Bonds, $294,000 are held as collateral by the U. S.
Government, and of the Gen. Mtge. Bonds,$112.570 are in the treasury.
The physical property has been improved since the receivership by
ballasting some parts of it and relaying of 26 miles of the track with heavier
steel, all of which was necessary to the handling of the heavier equipment
and tonnage required of the railroad.
However, even with these improvements, which have made operations
more economical, a close study of the earnings and expenses of the railroad
for the past four years has convinced the directors that it is not possible for
the property. as now constituted and having only local traffic originating
or terminating on the present line, without the benefit of any through
traffic as other railroad enjoy, to annually pay the interest on any of its
securities in addition to its Prior Lien Bonds, Government loan and car
trust obligations.
The corporation does not at present receive nor can it expect any through
traffic because its only connections at present, the Southern Ry. and
Mobile & Ohio RR., both reach Mobile with their own rails, and therefore
will not join in through rates.
On the adoption of the reorganization plan in 1918 the bondholders were
advised by the reorganization committee that it was the opinion of experts
wno had gone over the properties that an extension of the line of railroad
northerly to a point of connection with the St. Louis & San Francisco RR.
would greatly add to the earning capacity of the property and place it in an
independent position, and under the Prior Lien Mortgage bonds were set
aside for future issuance to enable the company to make such extension
when practicable. The subsequent experience and investigations of the
directors have confirmed the judgment that it is only by such an extension
to a point of connection with the Frisco !Ines that the business of the company can be placed sipon a stable and permanent basis and an earning
power developed for the General Mortgage Bonds.
JUNE 23 1923.]
THE CHRONICLE
The distance from Reform, the northern terminus of the present line,
through Fayette. Ala. to a connection with the St. Louis-San Francisco
Allen, Ala., is 52 miles, and investigations indicate
By. at or near Glenn'
that such line can be built at an extremely reasonable cost, owing to the
fact that for a large part of the distance it would run along the valley of the
Sipsey River, an unnavigable stream.
Investigation of the prospective traffic has convinced the operating
officers and the directors that for the first 25 miles of the proposed extension
at least, the local territory is about the same in population and productiveness as the better part of the present line, and that the balance of the additional mileage is through a more densely populated territory, reaching
Fayette, which is a larger town than any on the present line. Therefore.
as a local proposition the new line would promise as much if not more traffic
per mile than that realized from the present line.
Without the proposed extension, and relying only upon the present mileage and facilities of the company the directors cannot look forward confidently to the future with respect to keeping the property in good operating
condition, meeting the interest on its Prior Lien Bonds, Government loan
and car trust obligations, and liquidating in due course such Government
loan and car trust obligations, and in addition being called upon to pay the
interest on the General Mortgage Bonds. To run into such a situation
without taking the necessary steps to provide for the extension of the line
to such connection with the Frisco and without arranging for some change
with respect to the obligation of the company to pay interest on its General
Mortgage Bonds from Jan. 11924,would seem to invite disaster.
The directors have therefore come to the conclusion that the situation
imperatively requires a reduction in the interest for a period of years on the •
General Mortgage Bonds,and that such extension of the line of railroad to a
connection with the Frisco be undertaken as soon as same can be practically
accomplished.
The corporation therefore now proposes to the holders of the General
Mortgage Bonds that they reduce the interest on the bonds for the ten years
commencing Jan. 1 1924 from 6% per annum to the fixed rate of 2% per
annum,plus such further amount,up to an additional 4% per annum,as the
directors may determine to pay as interest on such General Mortgage Bonds
out of the net income.
The earnings of the corporation for the four years ending Dec. 31 1922,
after payment of interest on the Prior Lien Bonds,car trust and other fixed
obligations averaged $28,846 per annum. This average is arrived at after
charges to deprciation and reserves of the character referred to in the
general mortgage, and in accordance with the rules of the I.-S. C. Commission. With the margin of discretion permissible as to such charges and
with certain economies,the directors with their knowledge of the company's
affairs and earning power are convinced that the company will be able
regularly to meet the proposed fixed interest charge of 2% per annum and
are hopeful that if the company is able to build the proposed extension it will
result in enabling the company to pay from time to time more than the
minimum rate of 2% per annum on the General Mortgage Bonds during the
10-year period.
The holders of the General Mortgage Bonds have held their securities for
some time without interest return. The present plan assures a return on
the revised basis. . The company has determined to make a payment at
the rate of $20 for each $1,000 bond to all holders of General Mortgage
Bonds who shall become parties to the agreement and deposit their bonds
with the Irving Bank-Columbia Trust Co., New York. Prompt action on
the part of the bondholders is earnestly requested.-V. 113, p. 2612.
Arkansas City-Winfield Northern Ry.-Rehabilitation.
This company, successor
to the Southwestern Interurban Ry, will be
rehabilitated. The line consists of 15 relies of interurban and 5 miles of
city lines in Winfield and Arkansas City, Kan. George Theis, Jr.. is President.-V. 115, p. 307.
2881
Capitalization Outstanding With Public, upon Completion ofPresent Financing
1st & Ref. Mtge. Gold bonds,6%,series of 1953 (this issue)---32.500.000
1st Mtge.5% Gold bonds, due Aug. 1 1938
x3.480,500
Preferred stock, 7% cumulative
2,583,400
Common stock
4,787,500
x Authorized, $5,000,000, of which $3,480,500 outstanding with public.
$297,000 retired through sinking fund, and $811,500 pledged under new
mortgage (or used to satisfy sinking fund requirements of the 5% mortgage).
No additional bonds can be issued unless pledged under the new mortgage
or used to satisfy. sinking fund requirements.
Supervision.-Under supervision of Electric Bond & Share Co.-V. 116,
P. 415.
Chesapeake & Ohio Ry.-Assumption of Elkhorn Piney
Coal Mining Co. Equipment Trusts.The I.-S. C. Commission on June 18 authorized the company to assume
obligation and liability in respect of $371,000 Elkhorn Piney Coal Mining
Co. car trust certificates, Series A. pursuant to an agreement dated Mar. 10
1922, in connection with the procurement of certain equipment.-V. 116,
P. 2515. 2388.
Chicago & Eastern Illinois Ry.-Bonds-Comptroller.-
The I.-S. C. Commission has issued a supplement order modifying its
order dated Dec. 22 1922, so that the date be extended to and including
Dec. 31 1923, during which time company may sell $989,000 Prior-Lien
Mtge.5)4% bonds, Series B,at such price or prices as will net the company
not less than 95% and int.
F.R.Austin, Sec.& Aud., with headquarters at Chicago, has been elected
Comptroller.-V. 116, p. 2630. 2636.
Chicago North Shore & Milwaukee RR.-Plan.-
Announcement is made by George M. Reynolds, Samuel Insull and
R. Floyd Clinch, trustees under the participation trust agreement creating
the participation shares, that reorganization of the financial structure is
being effected by the trustees in accord with the resolution adopted Feb. 27
last (V. 116, p. 615). The stock books of the trustees in the hands of
Central Trust Co. of Illinois, Chicago, and of the Toronto General Trusts
Corp., Toronto. will be closed for transfer at the close of business on June 20,
and will not be reopened thereafter.
Distribution of securities, in accord with the plan to the BarticipatIon
shareholders will be made by the trustees to the participation shareholders
of record at the date of the closing of the books.-V.116, p. 1410.
Chicago & North Western Ry.-Equip. Trusts Sold.Kuhn Loeb & Co. and National City Co. have sold at 98.46
and int. to yield an average of 53% $9,930,
"
5% Equip'
Trust Certificates, maturing in equal annual
installments
from June 1 1924 to June 1 1938, both inclusive. For
description see advertising pages above and V. 116, p. 2766.
Chicago Peoria & St. Louis RR.-Sale Ordered.The sale of the road has been ordered by Judge E. S. Smith in the Sangamon
Circuit Court to satisfy prior lien bondholders. The decree of
the Court orders that the road shall be offered for sale both in its entirety
and in parcels. The sale probably will take place some time after Sept.2.V. 116, p. 1274.
MO
Cleveland Union Terminals Co.-Bonds Authorized.-
The I.-S. C. Commission on June 13 (1) authorired the company to issue
not exceeding $15,000,000 5% first mtge.
fund gold bonds, Series B;
said bonds to be sold at not less than 90sinking
int; (2) authorized the New
York Central RR., the Cleve. Cinc. Chic.and
& St. Louis By. and the N. Y.
Chicago & St. Louis RR., to assume joint and several obligation and liability, as guarantors, in respect of the bonds.
The report of the Commission says in part:
on June 15 authorized the company to assume
By our order entered on Dec. 6 1921, we authorized the control of the
obligation and liability in respect of$2,115,0006% Equip.Trust certificates
terminals company through purchase of its capital
stock by the proprietary
to be issued by First National Bank, Boston, under an agreement to be companies, and the
construction and operation of a terminal station and
dated June 1 1923, and sold at not less than 97.1%, in connection with the line of railroad
constituting the approaches thereto, in Cleveland.
procurement of the following equipment: 10 Santa Fe type locomotives.
By our order entered on June 9 1922, we authorized the terminals com10 Pacific type locomotives, 200 35-ton steel-underframe refrigerator cars, pany to
$10,000 common capital stock (par $100), to be sold at not
300 55-ton steel-underframe flat cars, and 100 50-ton steel-underframe less thanissue
par for cash, and the proceeds
for capital purposes. The
Hart convertible ballast cars, costing a total of $2,860,000
whole amount of this stock was sold on used
July 17 1922. The order also
The company represents that the trust certificates will be tendered for authorized the terminals
sale to several bankers in Boston, who have expressed a desire to bid therefor to guarantee, jointly andcompany to issue and the proprietary companies
severally. $12,000,000 s%% first mtge. shaking
and that they will be sold on the beat terms and at such a price that the fund gold bonds,
A,to be sold at not less than 9234 and interest, and
annual cost to the company will not exceed 63. %. On that basis the selling the proceeds to beSeries
used
for
capital
The sale of the whole issue of
price will be approximately 97.1.-V. 116, p. 2635, 2515.
bonds.was made at 953i to J. P.purposes.
Morgan & Co. through the proprietary
From this transaction the terminals company realized $11.Broadway & Seventh Ave. RR.-Modification of Pro- companies.
490,000.
tective Agreement.In order to continue the acquisition of lands and construction work, and
The protective committee for the let Consolidated Mtge.5s has notified the provide for other capital expenditures, the
directors have authorized an
holders of certificates of deposit for these bonds of the modification of issue of not exceeding $15,000,000 Series 13 5% bonds, to be dated April 1
Article 14 of the protective agreement dated June 23 1921. A copy of 1923, to mature April 1 1973. Authority is now sought to sell these bonds
the amendment has been filed with Metropolitan Trust Co.. 120 Broadway, at the best price obtainable, but at not less than 90 and interest, the prodepositary (see also New York Rys. in V. 116, p. 2389).-V. 113. p. 2310.
ceeds to be used for the purposes enumerated. Negotiations for the sale
of the bonds are now in progress but have not been completed. Soo V. 116,
Brooklyn-Manhattan Transit Corporation.-Receiver p. 2255.
Atlantic Coast Line RR.-Joint Lease with Louisville &
Nashville of Carolina Clinchfield & Ohio.See Carolina Clinchfield & Ohio RR. below.-V. 116, p. 2249, 2254.
Boston & Maine RR.-Equip. Trust Certifs. Authorized.The I.-S. C. Commission
of B. R. T. Discharged-New Officers and Directors,
See Brooklyn Rapid Transit Co. in V. 116, p. 2765.-V. 116
'
, p. 2387.
Carolina Clinchfield & Ohio RR.-Lease of Road.-
The stockholders have authorized the lease of the road (subject to the
gerf:v
ou
aliso
rfil
.
ohe&I.
the
Coast Line RR. and
years.
In general, the broad terms of the lease provide for a rental equal
to
interest on all its obligations and dividends on the Common stock as follows:
The rental is to begin Jan. 1 1925. and for 3 years thereafter the rental
will be $750,000, or 3% on the $25,000,000 Common stock.
Beginning Jan. 1 1928 and for 10 years thereafter $1,000,000 a year, or
4% on the stock.
Beginning Jan. 1 1938 and thereafter $1,250,000 a year, or 5% on the
stock.
MI these rentals will be paid quarterly, the first installment coming duo
April 1 1925.-V. 116. p. 2631. 2255,
itsalE:vesitoorn)9r9
Carolina Power & Light Co.-Bonds Offered.-Bonbright
& Co. and W. C. Langley & Co. are offering at 97% and int.,
to yield over 6.15%,$2,500,000 1st & Ref. Mtge. Gold bonds,
6% Series of 1953 (see advertising pages).
Dated June 11923. Due June 1 1953. Int. payable J. & D.at the
or agency of company in N. Y. City. Red. at any time, all or part,office
on at
least 30 days' notice at 105 up to and incl. June 1 1930. and at 1% less for
each five-year period thereafter, plus int. in each case. Denom. $1,000
and $500, r* $1,000 and $5.000 and authorized multiples thereof. Company
will agree to pay interest without deduction for any Federal income tax
not in excess of 2%, and to refund the Penn. 4-mills tax. Irving
BankColumbia Trust Co., New York, trustee.
Data From Letter of Vice-President Wm. Darbee.
Company.-Operates the entire electric power and light, street
and gas service in Raleigh, the gas service in Durham, the electricrailway
power
and light service in Goldsboro, Henderson, Oxford, Sanford, Dunn
Jonesboro, and supplies electric power to sixteen other communitiesand
in
North Carolina. Also owns the entire Common stock (except directors'
shares) of the Asheville Power & Light Co.and the Yadldn River Power Co.
Purpose.-Proceeds will be used to pay in part for the acquisition of a
new power station, which will have an initial installation of 15.000 k. w.,
and for other corporate purposes.
Security -Secured by a first mortgage on the new power station, substations and high-tension transmission lines now being built, and all other
property of the Carolina Power Co. Bonds will also be secured by a direct
mortgage on the entire physical property of the Carolina Power & Light
CO., subject only to $3.480,500 5% outstanding bonds.
Earnings, 12 Months Ended April 30.1923.
1922.
Gross income
$2.369,014
Operating expenses,including maintenance & taxes_ 1,520,622 $1,950,703
1.295,981
Net income
$848,392
$654.722
Annual interest charges on all bonds outstanding with public, and including this issue, $324,025.
Community Traction Co.-Valuation.-
The State Tax Commission has raised the valuation of the properties of the
company to $7,252.940, or $2,261,340 more than.last year. This is an
increase of45.8% in one year and brings the total up to 94.25% of the valuation as fixed under the franchise ordinance. ("Electric Ry. Joarnal.").V. 116. p. 2515.
Concord Maynard & Hudson Street Ry.-Sale.dmwi
arleh
l be soldpublicavt.1i6, pau9c3t3ion
June 29. Operations were sus-
pen
Tdhed
e In
Connecticut Company.-Wage Increase.-
The company has granted an increase of 5 cents an hour to its motormen
and conductors. The referendum held July 14 resulted in a four to one vote
by the men that they accept an increase of 5 cents an hour instead of permitting the question of wages to go to a board of arbitration. Tao offer of
4 cents an hour increase, amde by tile company previously, had been
refused in an earlier referendum.-V.116. P• 1531.
Delaware Lackawanna & Western RR.-Coupons.On and after July 2 1923, coupon payments will be made at the office of
the above company, 90 West St., N. Y. City, on bonds of the Bangor &
Portland By. Co. Mortgage and the New York & New Jersey Ferry Co
Mortgage. The transfer books for registered interest will close on June 26
1923, and open July 2 1923.-V. 116 p. 1892, 1888.
Denver & Rio Grande Western RR. System.-Reorganization Plan.-Kuhn, Loeb & Co. and the Equitable
Trust Co., New York, as reorganization managers, have
announced a reorganization plan which has been approved
and adopted by the bondholders' committees,of which John
Henry Hammond, James H. Perkins and Richard Sutro
are chairmen. The plan has also been approved by the
directors of the Western Pacific RR. Corporation (which
holds all the stock) and the Missouri Pacific RR. The plan
also provides for the creation of equal beneficial interests in
the new company for the Western Pacific and the Missouri
Pacific (compare also original proposed reorganization plan
d
y
p. 515r
Hamm
subsequently abandoned, in
V. 114,
519).
The committees approving the
are as follows:
(a) The committee representing plan
holders of First & Ref. Mtge. 5% Gold
Bonds of Denver & Rio Grande RR. and of
certificates of deposit for such
d
bo
en
po
dsi
s oafgrweh
eilch
uenJtoda
hnteH
aer
ury
m192e2n:d is Chairman, consistuted under a
11
3 n
(b) The committee representing holders of First & Ref. Mtge. 5% Golp
Bonds and 7% Cumulative Adjustment Mtge. Gold Bonds of Denver &
2882
THE CHRONICLE
Rio Grande RR. and of certificates of deposit for such bonds, of which
James H. Perkins is chairman, constituted under a deposit agreement
dated as of Jan. 31 1922;
(c) The committees representing holders of First & Ref. Mtge. 5%
Gold Bonds and 7% Cumul. Adjust. Mtge. Gold Bonds of Denver St'Itio
Grande RR.and of certificates of deposit and deposit receipts representing
such bonds, of which Richard Sutro is Chairman, constituted under deposit
agreements dated, respectively, as of Oct. 5 1922 and Jan. 24 1922.
Holders of certificates of deposit or deposit receipts issued under any of
the deposit agreements, who shall not exercise any right of withdrawal,
will, when the plan and agreement shall become binding and conclusive on
holders of certificates of deposit and deposit receipts issued under such
deposit agreements, respectively, become parties to the plan without the
issue of new certificates or receipts or any stamping of such certificates or
receipts. Holders of such certificates or receipts may,however,at any time
present their certificates of deposit or deposit receipts to the depositary or
one of the sub-depositaries under the deposit agreement under which certificates or receipts were issued to be stamped as assenting to the plan.
Holders of First & Ref. Mtge. 5s of Denver & Rio Grande RR. not heretofore deposited under any of the deposit agreements may become parties
to the plan.by depositing their bonds and coupons on or before .Aug. 1
1923, at their election, either—
(a) Under the deposit agreement dated July 31 1922, constituting the
committee of which John Henry Hammond is Chairman, with any of the
following: Bankers Trust Co.. New York City, depositary; First Trust &
Savings Bank, Chicago; Provident Trust Co., Philadelphia; Mercantile
Trust Co., St. Louis; International Trust Co., Denver; Pierson & Co.,•
Amsterdam, Holland, sub-depositaries.
(b) Under the deposit agreement dated as of Jan. 31 1922, constituting
the committee of which James H. Perkins is Chairman, with any of the
following: Farmers' Loan & Trust Co., New York, depositary; Merchants
Loan & Trust Co., Chicago; National Bank of Commerce, St. Louis; Bankers Trust Co., Denver; National Copper Bank, Salt Lake City; Hope & Co.,
Amsterdam, ifolland; Farmers' Loan & Trust Co., Ltd., London, Eng.,
sub-depositaries.
(c) Under the deposit agreement dated as of Oct. 5 1922, constituting the
committee of which Richard Sutro is Chairman, with either of the following:
American Exchange National Bank. New York, depositary; Rotterdamsche
Bankvereeniging, Rotterdam, Holland, sub-depositary.
Holders_of 7% Cumulative Adjustment Mortgage Gold Bonds of Denver
Se Rio Gralade RR. not heretofore deposited under any of the deposit agreements, may become parties to the plan by depositing their bonds and
coupons on or before Aug. 1 1923, at their election, either:
(a) Under the deposit agreement dated as of Jan. 31 1920, constituting
. the committee of which James H. Perkins is Chairman, with any of the
depositaries named under (b) above.
(b) Under the deposit agreement dated Jan. 24 1922, constituting the
committee of which Richard Sutro is Chairman, with either of those named
In (c) above.
Holders of certificates of deposit issued under the deposit agreement
dated Aug. 2 1915 (under which the New York Trust Co. is depositary).
under the deposit agreement dated May 28 1917 (under which Bankers
Trust Co. is depositary) or under the deposit agreement dated June 1 1917
(under which New York Trust Co. is depositary), all of which agreements
have expired, or have been terminated, must,in order to be entitled to the
benefits of the plan, obtain in exchange for their certificates of deposit,
certificates of deposit subject to the plan. Arrangements for such exchange
may be made through any of the depositaries or sub-depositaries above
named.
All bonds must bear all unpaid appurtenant coupons maturing on and
after Oct. 1 1921. except that Refunding bonds may be deposited without
the coupon of Feb. 11922. if such coupon has been sold.
Deposits of bonds must be made on or before Aug. 1 1923, after which
date no deposits will be received except upon such terms and conditions as
the reorganization managers may determine.
Digest of Reorganization Plan Dated June 15 1923.
Results Which the Reorganization Is Intended to Accomplish.
(1) The early termination of the receivership.
(2) Provision of 510,000,000 in cash, for which no securities other than
Common stock are to be issued, to be used to make payments contemplated
by the plan and for the purposes of the reorganization, including the
redemption of the $5.000,000 receiver's certificates which have been authorized and sold to the Missouri Pacific and the Western Pacific.
(3) Conversion of $31,114,000 Refunding bonds and $10,000,000 of
Adjustment bonds, together with unpaid interest thereon, partly into Gen.
Mtge. 5% Bonds bearing interest from Feb. 1 1924 and maturing in 1955.
and partly into 6% Cumul. Pref. stock.
(4) Provision for financing future improvements, extensions, and oth r
capital requirements and for refunding existing underlying bonds by the
creation of a new issue of Ref. & Impt. Bonds, superior in lien to the Gen.
Mtge. Bonds above mentioned. No Ref. & Impt. Bonds will be presently
issued under the plan.
(5) Transfer to the new company and the inclusion in the new mortgages of
the right, title and interest of the present company (Denver & Rio Grande
Western RR.) in and to lands, engines, equipment, materials and supplies
and securities, and the settlement as between all interests joining in the plan
of existing controversies with respect thereto.
(6) Vesting in trustees, subject to the existing pledge thereof to secure
the First Cense]. Mtge. 4% 50-Year Gold Bonds of Rio Grande Western
By. of the entire capital stock of the Utah Fuel Co., subject to a charge
for the security of the Ref. & Impt. Bonds and the Gen. Mtge. Bonds and
of any bonds or obligations issued to pay or refund the Ref. & Impt. bonds
or the Gen. Mtge. Bonds, or any of them,in the order of their priority; the
dividends on the stock of the Utah Fuel Co.. so long as any of the Ref. &
Impt. Bonds or the Gen. Mtge. Bonds, or any bonds or obligations issued
to pay or refund the Ref. & Impt. Bonds or the Gen. Mtge. Bonds, or any
of there, shall remain outstanding, to be paid to the new company, except
that whenever the new company shall have paid all accrued dividends, and
provided for current dividends, upon its pref. stock, such Utah Fuel dividends are to be paid to the Missouri Pacific and the Western Pacific which
are to be equal owners of the equity in said stock, as well as the equal beneficial owners of the Common stock of the new company.
(7) The creation, under a voting trust, of equal beneficial interests in
the new company's Common stock, to be vested in the Misseuri Pacific and
the Western Pacific.
Bonds Which May Be Deposited under the Plan.
(a) $31,114,000 Denver & Rio Grande RR. First & Ref. Mtge. 5%
Gold Bonds, with coupons maturing Feb. 1 1922 and all subsequent coupons
attached (see above).
(5) $10,000,000 Denver & Rio Grande RR. 7% Cumulative Adjustment
Mtge. Gold Bonds with coupons maturing Oct. 1 1921 and all subsequent
coupons attached.
Preliminary Statement.
The railroad properties of the old Denver & Rio Grande RR. and various
treasury securities were sold on Nov.00 1920. All of the railroad properties
and, with minor exceptions (consisting principally of securities and stock of
Rio Grande Southern RR. which were transferred to the Western Pacific),
all of the railroad securities of the old Denver company remaining in its
ownership at the time of sale, were sold to and have been transferred to
the present company, the Denver & Rio Grande Western RR. These
properties were acquired subject to the liens which existed at the date of sale.
0
-n July 7 1922 a bill to foreclose the Adjustment Mortgage was filed in
the U. S. District Court in Colorado, and on July 21 1922 a bill to foreclose
the Refunding Mortgage was filed. The causes were subsequently consolidated.
On July 21 1922 a receiver was appointed. At the same time there were
transferred to the receiver cash and cash items and certain properties concerning a large part of which disputes existed as to whether or not they were
subject to the lien of the Refunding Mortgage or the Adjustment Mortgage.
Provisions were made for an accounting between the receiver and the present
company concerning all such property, and it was provided in and by the
order appointing the receiver that the accounts of the receiver and of the
present company should be settled and audited as of Aug. 1 1922, unless
the parties otherwise requested. Thereafter the principal of the debt
evidenced by the Refunding Bonds was declared due by the trustee of the
Refunding Mortgage. The Adjustment Mortgage and the Refunding
Mortgage are now in process of foreclosure.
On Dec. 2 1922 the U. S. District Court authorized the issuance of certain
Equipment Trust Certificates and certain Receiver's Certificates, and on
March 13 1923 amended the order of Dec. 2 1922. Such order as made
and amended provides for the issuance of $4,500,000 5e6% Equipment
Trust Certificates, guaranteed by the receiver (see offering in V. 116, p.
1176), and of 55,000,000 Receiver's Certificates. The Equipment Trust
Certificates have been issued, and the Receiver's Certificates h eve bean
[VOL. 116.
sold to the Missouri Pacific and the Western Pacific. The Receiver's
Certificates will be taken up out of moneys supplied pursuant to the plan.
The Denver & Rio Grande Western RR. System has received no income
from the Utah Fuel Co. since Dec. 31 1918. For the yrears 1921 and 1922
the system failed to earn full interest upon its funded debt, and in 1921 the
system failed by a substantial sum to earn the amount required for the
payment of interest accruing on underlying bonds not now in default. The
elapsed portion of the year 1923 has resulted in a similar deficit. These
deficits in earnings are believed to have been due to extraordinary circumstances of a temporary character. In each year from 1909 to 1920, inclusive, the earnings of the system exceeded the interest on its funded debt.
Securities to Be Authorized by the New Company and Proposed Disposition
Thereof. •
(1) Refunding and Improvement Bonds.—To be secured by a mortgage
which will be a lien (subject only to existing liens of Underlying bonds and
to liens subject to which after-acquired properties may be acquired) on all of
the railroad properties and equipment of the new company, including its
interest in terminal properties, and such securities and (or) after-acquired
property as the reorganization managers shall determine. Bonds may be
.sued in separate series, maturing on the same or different dates and bearing
the same or different rates of interest and other provisions determined by
the directors at the time of issuance. Bonds shall be issued only for betterments.Improvements and extensions and for new properties and equipment,
or to refund underlying bonds, as the directors may from time to time
determine. A sinking fund to be approved by the reorganization managers
is to be provided for any bonds issued in respect of equipment.
The mortgage securing the Ref. & Impt. Bonds shall authorize the issue
thereunder by the new company of such principal amount of bonds, at any
one time outstanding, not exceeding $150,000,000, as determined by the
directors. Of the bonds so authorized there shall be reserved to refund
underlying bonds a principal ambunt equal to 105% of the principal amount
of underlying bonds (now 581,112,000) from time to time outstanding.
(2) General Mortgage Bonds.—Limited to the total authorized amount of
not exceeding $30,000,000, maturing Aug. 1 1955 (I. e., the date of maturity
of the present Refunding Bonds) and bearing 5% interest, payable semiannually from Feb. 1 1924. Bonds will be secured by a mortgage subject
and subordinate to the Ref. & Impt. Mtge. and co-extensive therewith as
to property and rights covered.
The General Mortgage will contain further provisions to the effect that
(a) General Mortgage Bonds shall be redeemable, all or part, at any time at
105 and int.; (b) new company shall pay, on or before May 1 1925, and on
or before May 1 in each year thereafter, so long as any of the Gen. Mtge.
Bonds shall be outstanding, an amount equal to 1% of the maximum
amount of Gen. Mtge. Bonds at any one time issued and outstanding, such
payments to be required to be made only out of net income for the last
preceding calendar year (but to be cumulative) as a sinking fund, to be
applied to the purchase at not exceeding redemption price, of Gen. Mtge.
Bonds, all bonds purchased or called for the sinldng fund to be kept alive
and the interest paid thereon from time to time to be added to the sinking
fund and applied in the same manner.
Appropriate provision will be made in the Ref. & Impt. Mtge. and in the
Gen. Mtge. whereby, pursuant to the agreement to be made between the
new company, the Western Pacific, the Missouri Pacific and the trustees
respecting the stock of the Utah Fuel Co., the trustee of each of the mortgages, in the event of foreclosure, shall have the power to require the sale
of such stock and the application of the proceeds of such sale in the same
manner as if such stock had been pledged under the Ref. & Impt. Mtge.
and subject thereto under the Gen. Mtge.; all subject, however, to the
existing charge upon said stock in favor of Rio Grande Western By. First
Consol. Mtge. 4% 50-Year Gold Bonds.
The Gen. Mtge. Bonds will be applicable in the first instance as follows:
In exchange for Refunding Bonds and coupons
$22,557,650
In exchange for Adjustment Bonds and coupons
7.250,000
Total
229,807,650
(3) Preferred Stock.—Authorized, $17,000,000 (par $100). Entitled to
receive cumulative dividends at rate of 6% per annum, payable quarterly.
Dividends on the Prof. Stock shall accrue front Feb. 1 1924. Redeemable,
all or part, upon 30 days' notice, at 105 and dividends.
A Preferred stockholders' committee, consisting of three members (one
to be selected by each of the different committees above), shall be created.
The members so designated shall hold office for five years. The Preferred
stockholders' committee, at any time when as many as four quarterly dividends upon the Preferred Stock (whether or not consecutive) shall have
accrued and be unpaid, may. and at the request in writing of the holders
of record of at least 10% of the then outstanding Preferred Stock shall.
appoint an accountant familiar with railroad affairs, a banker, and a man
of experience in practical railroad work, who shall be given full access to
the books and accounts of the new company and of its subsidiaries, and also
to the books and accounts of the Utah Fuel Co. Such appointees when so
required by the Preferred Stockholders' Committee, shall report their
opinions and conclusions concerning the propriety of declaring dividends
upon the Preferred Stock and the proper availability of moneys therefor
and their opinions and conclusions as to the carrying out of the policies
prescribed for the new company.
The Preferred Stock is to be applicable in the first instance as follows:
To be issued in exchange for Refunding Bonds
$12,445,600
To be issued in exchange for Adjustment Bonds
4,000.000
$16,445,600
Total
Common Stock.—An issue of Common stock shall be created which shall
possess full voting rights and shall consist of 300,000 shares, or such other
number as the reorganization managers shall determine. The shares may
have such par value or be without par value as the reorganization managers
shall determine. All of the Common Stock in the first instance shall be
Issued to or vested in the Western Pacific but the beneficial interest therein,
upon the consummation of the plan, shall be vested equally in the Western
Pacific and the Missouri Pacific.
Treatment of Refunding and Adjustment Bonds.
(a) Refunding bondholders who shall have become bound by the plan
will be entitled to receive: For each 31,000 of bonds with coupon of Feb. 1
and all subsequent coupons, $725 of Gen. Mtge. Bonds, bearing interest
from Feb. 1 1924 at the rate of 5% per annum, and $400 6% Cumulative
Preferred Stock. Holders of Refunding Bonds who have heretofore sold the
Feb. 11922 coupon appurtenant thereto, may at their election deposit such
bonds without the Feb. 1 1922 coupon attached. Such depositors and
holders of certificates of deposit representing Refunding Bonds, the Feb. 1
1922 coupons appurtenant to which have heretofore been sold, shall receive
for each $1,000 of Refunding Bonds bearing the coupon of Aug. 1 1922 and
all subsequent coupons attached $700 of Gen. Mtge. Bonds bearing interest
from Feb. 1 1024 at the rate of 5% per annum and $400 6% Cumulative
Preferred Stock. Holders of such Feb. 1 1922 coupons appurtenant to
Refunding Bonds as have been heretofore sold may deposit the same and
shall receive in respect thereof $25 of Gen. Mtge. Bonds bearing interest
from Feb. 1 1924 at the rate of 5% per annum.
(h) Adjustment bondholders who shall have become bound by the plan
will be entitled to receive: For each $1,000 of Adjustment Bonds with the
coupons of Oct. 1 1921 and all subsequent coupons, $725 of Gen. Mtge.
Bonds, bearing interest from Feb. 1 1924 at the rate of 5% per annum,and
$400 of 6% Cumulative Preferred Stock.
No bonds or stock shall be issued in respect of $7,005,000 of Refunding
Bonds held by New York Trust Co., as trustee of the Adjustment Mortgage, or in respect of $1.112,000 of Refunding Bonds held in the treasury
of the present company,or in respect of $2,830,000 of Refunding Bonds held
in the sinking fund under the Refunding Mortgage, but such bonds shall be
canceled.
Provision for Transfer of Mortgaged Property, Other Assets and Cash to New Co.
Upon transfer to the new company of the properties to be sold under foreclosure of the Refunding and AdJustment Mortgages,and upon receipt from
the Missouri Pacific of the purchase price of the stock of the new company
to be acquired by it as provided, the Western Pacific will:
(a) Pay to the new company $10,000,000 in cash.
(b) Transfer or cause to be transferred to the new company all its right,
title and interest and all the right, title and interest of the present company
In and to:
(I) The lines of railroad and other property subject to the Refunding
Mortgage or the Adjustment Mortgage (except such items of property as the
reorganization managers may determine to be of no value or not advantageous for the new company to acquire, or of which other disposition is
specifically made by the plan).
(2) The following shares of stock: 1,000 shares capital stock of Salt Lake
Union Depot & RR. Co.; 50 shares capital stock of Denver Union Terminal
BY.; 811-5 shares capital stock of Pueblo Union Depot & RR.; 1,500 shares
JUNE
23 1923.]
THE CHRONICLE
capital stock of Rio Grande & Southwestern RR.; 2,500 shares capital stock
of Utah Central RR.; 10 shares capital stock of Grand Valley Irrigation CO.:
10 shares capital stock of Animas Consolidated Ditch Co.; 2 shares capital
stock of Salina Creek Irrigation, Inc.; 1 share capital stock of Fountain Green
Irrigation Co.; 80 shares capital stock of Riverside Canal Co.; 7 shares
capital stock of Rio Grande Junction Ry.; 1 share capital stock of Cimarron
& Unconmaghre Valley Canal & Reservoir Co.
(3) The following bonds:$650,000 First Mtge.4% 20-Year Gold Bonds
of Utah Central RR., matured Jan. 1 1917 (entire issue); $1.443.000 First
Consol. Mtge. 4% Bonds of Denver & Rio Grande RR.; $1,395,000 First
Consol. Mtge.4% 50-Year Gold Bonds of Rio Grande Western Ry.;$10,000
First Trust Mtge. 4% 50-Year Gold Bonds of Rio Grande Western By.
These bonds being the bonds sold as part of the property of the old Denver
company pursuant to the decree of sale made Sept. 25 1920.
(4) All equipment, cars and engines owned; all materials, supplies, &C.,
and the right, title and interest of the present company in and to certain
lands.
(5) The right to receive tbe unpaid balance due from Rio Grande Southern
RR.to the Western Pacific,evidenced by peomissory notes. unpaid coupons
and book accounts.
(c) Account to the new company or to the reorganization managersfor any
amounts which hereafter may be realized by it, as the owner of an equitable
interest, amounting to approximately 95%,in the unsatisfied portion of the
Judgment in favor of Equitable Trust Co. of New York, as trustee, against
the old Denver company (amounting, with interest, as of May 15 1923, to
approximately $33.000,000), not, however, including moneys, amounting
to less than $50000, now in the hands of A. R. Baldwin as receiver of the
old Denver company nor any moneys now in the hands of Equitable Trust
Co.
(d) Account to the new company or to the reorganization managers for
whatever it may receive as the proceeds of: $1,777.000 First Mtge. 5%
Gold Bonds of Rlo Grande Southern RR. now in default, and 35,797%
shares of the capital stock of Rio Grande Southern RR. Co.
Other properties to be acquired include 19,583 shares of the capital stock
of Rio Grande Junction By. pledged under the Adjustment Mortgage and
the Refunding Mortgage and 7 shares in the treasury of the present company.' The balance of the stock of such company which was outstanding
in the hands of the public, has been acquired by the Western Pacific, with
a view to consolidating the Rio Grande Junction Ry. into the Denver
System.
The reorganization managers, if permitted by law, shall make provision
for the new company's acquisition of all the stock of Rio Grande Junction
By. and for the consolidation of that company with the new company.
The price to be paid to the Western Pacific for the stock owned by it shall
be the actual purchase price paid by that company for the stock with interest
at the rate of6% per annum,less dividends received thereon. The amount
required for that purpose, as of May 15 1923, is approximately $120,000.
Provision Rendering Available to New Company Future Earnings and Proceeds
of Stock of Utah Fuel Co.
The transfer of the properties having been effected, and upon payment
by the Missouri Pacific of the purchase price of one-half of the Common
Stock of the new company, the interest of the Western Pacific, and any
interest which may be acquired by the new company, in the stock of the
Utah Fuel Co.,subject to the existing pledge thereof under the First Consol.
Mtge. of {tie Grande Western Ry., in accordance with the agreement
pledging the stock thereunder, and with any rights of redemption which
appertain thereto, shall be transferred to a trustee or trustees to be agreed
upon by the Missouri Pacific and the Western Pacific with the reorganization managers, under an agreement which shall contain appropriate provisions to the effect thet(1) The ultimate beneficial interest in such stock shall be vested one-half
In the Missouri Pacific and one-half in the Western Pacific.
(2) The trustees ofsuch stock shall either themselves execute and deliver,
or request Guaranty Trust Co.. New York, as trustee under the First
Consol.
to execute and deliver, dividend orders in favor of the new
companyMtge.'
so that, so long as any of the Gen. Mtge. Bonds to be issued by
the now company, or any of the Ref. & Impt. Bonds, or any bonds or obligations issued to pay or refund the Gen. Mtge. Bonds or the Ref. & Impt.
Bonds, or any of them, are outstanding, dividends declared on such stock
shall be paid as the same are received to the new company; provided, however, that if at any time the earnings of the new company, together with
the dividends paid upon the stock of the Utah Fuel Co. shall have been
sufficient, during the preceding 12 months, to pay the dividends for said
period accruing upon the Preferred stock of the new company and all
arrears of dividends upon its Preferred stock shall have been paid and
money provided and appropriated for the payment of the dividends payable
thereon during the next succeeidng period of 12 months, then, so long as
the earnings of the new company and dividends upon the stock of the Utah
Fuel Co. shall be more than sufficient to pay the dividends accruing upon
the Preferred stock of the new company and no arrears of dividends thereon
shall exist, and so long as moneys shall be available and shall have been
appropriated by the new company for the payment of the dividend upon the
Preferred stock of the new company for a succeeding period of at least 12
months, and such dividends shall have been declared, the dividends on the
Utah Fuel stock, so far as the same shall not be required to provide for the
payment of dividends upon the Preferred stock of the new company as
aforesaid, shall be directed to be and shall be paid to the Western Pacific
and the Missouri Pacific, or their assigns, according to their respective
interests therein.
(3) Surplus earnings and profits shall not be unreasonably accumulated
In the treasury of the Utah Fuel Co.
(4) The by-laws of the Utah Fuel Co. shall be amended to provide that
the members of the Preferred stockholders' committee shall be entitled to
receive copies of the minutes of the board and that one member of the
Preferred stockholders' committee, designated by the committee, shall be
privileged to attend all meetings of the board, but without the right to vote
thereat.
(5) The trustees shall at any time sell the entire interest in said stock,
subject only to the charge thereon of the First Consol. Mtge. of Rio Grande
Western Ry., at such price, or exchange the entire interest in said stock.
subject only as aforesaid, for other property on such terms as may be
authorized by the directors of the Missouri Pacific and the Western Pacific,
and approved by the holders of a majority of the Preferred Stock at the
time
outstanding; the cash proceeds of any such sale, in the event that any Ref.
&
Impt. Mtge. Bonds or any Gen. Mtge. Bonds, or any bonds or obligations
Issued to pay or refund the Ref. & Impt. Bonds or the Gen. Mtge. Bonds.
or any of them, shall then be outstanding, shall be paid to the new company
to be expended by it for any purpose for which the Ref. & Impt. Bonds
might be issued, and any property received in exchange for such stock
either be transferred to the new company or retained by the trustees.shall
Pending the execution of the plan, there shall be no change in the present
ownership of the stock or control of the Utah Fuel Co.,and the carnings.now
In its treasury and other earnings accruing pending the carrying out of the
plan,shall be accumulated in the treasury or invested in capital expenditures
on the property of that company or the acquisition of new properties by it.
Prior to the transfer of the stock of the Utah Fuel Co.ividends from
earnings or surplus, or both, to the amount of $2,000,0i)0, may be declared
and paid to the Western Pacific as sole stockholder. ff for any reason dividends to the extent of $2,000,000 shall not have been paid to the Western
Pacific at the date of such transfer, the difference between the amount
actually paid and the $2,000,000 shall be made good to the Western Pacific
by the new company, which shall pay such difference upon the making of
the aforesaid transfer to the trustees.
Sale of One-Half Interest to Missouri Pacific and Creation of Voting Trust.
Immediately upon the transfer to the new company of the properties
under foreclosure, instruments of conveyance shall be executed by sold
the
Western Pacific and the present company vesting in the new company the
properties to be transferred to such company and simultaneously with such
transfer and with the execution of the agreement relating to the stock of the
Utah Fuel Co., the Western Pacific will transfer to the Missouri Pacific,
and the Missouri Pacific will purchase from the Western Pacific, one-half
of
the Common stock of the new company for the sum of $9,000,000
All stock of the now company, immediately upon its issue and the purchase of a one-half interest therein by the Missouri Pacific, shall be placed
in a voting trust, to continue for the longest period for which a voting trust
may be legally made, consisting of three trustees one appointed
the
Missouri Pacific, one appointed by the Western Pacific and the third by
person
to be agreed upon by both.
The board a directors of the new company shall consist of nine members,
four to be nominated by the Western Pacific, four to be nominated by the
Missouri Pacific the remaining director to be nominated by the Missouri
Pacific and the 'Western Pacific jointly.
Settlement of Accounts Between Receiver, Present Company and New Company.
If the plan be consummated, there shall be paid to the present company in
full settlement of all accounts between that company and the receiver the
2883
sum of $740.827, together with 6-15 of any amount paid by Utah Copper
Co. in cancellation or settlement of a certain agreement between the old
company and Utah Copper Co., dated Jan. 5 1912.
The new company shall assume all obligations, liabilities and bills payable
of the present company incurred prior to receivership.
A statement of earnings and the capitalization and charges of the new
company are given under "Financial Reports" above.-V. 116. p. 2766.
El Paso & Southwestern Co.-Annual Report.Due to a typographical error the report appearing under El Paso & Soutnern Co. in V. 116. pi. 2632, should appear under the title El Paso & Southwestern Co.-V.116, p. 2632, 2516.
Fort Dodge Des Moines & Southern RR.-Bonds
Offered.-Bodell & Co. and P. W. Chapman & Co. are
offering at 993 and int., to yield over 7%,$500,000 10-Year
Debenture Gold Bonds, Series "A", 7%.
Dated June 1 1923, due June 1 1933. Int. payable J. & D. at New
York Trust Co., New York, trustee. Denom. $1,000 and $500 c*. Callable on any int, date upon 30 days' notice at 105 and int. Company
covenants to pay the normal Federal income tax up to 2% and will refund
Penn. and Conn. State tax of 4 mills.
Sinking Fund.-A sinking fund will be provided for Series "A" by the
terms of which said bonds must be called by lot at 105 and int. This
should retire the entire Series "A"issue by maturity at a premium of 5%.
Data from Letter of Pres. C. H. Crooks, Boone, Iowa, June 5.
Company.-Owns and operates electrically 149.81 miles of standard
constructed main line railroad extending from Des Moines to Boone, Ames,
Rockwell City, Fort Dodge, Webster City and Lehigh, Is. The road is
strategically situated for the handling of through freight and passenger
traffic and connects with all of the 8 important trunk lines crossing the
State of Iowa. Freight is handled in accordance with the best steam
railroad practice and in trains of up to 50 cars. Company operates in
accordance with the steam railroad laws of Iowa and owns in fee over
99% of its right-of-way extending from Des Moines to the business centres
of all cities and towns served.
The rolling stock owned is as 'follows: 2,355 freight cars. 11 electric
locomotives, 11 miscellaneous cars and 32 passenger cars. The electric
locomotives are of all-steel construction, weighing from 42 to 62 tons
each. The latter are equipped with 900 h.p. motors and are among the
best of that type so far built.
Company owns the electric lighting properties in 6 cities and towns
operating under favorable franchisee, running to 1934-1939. It wholesales
electricity to municipalities and companies serving 36 cities and towns.
including Fort Dodge. Commercial power for factories, coal mines and
rural farm lines is supplied to the extent of about 14,000 h.p. Company's
power plant islocated at Fraser within five miles ofcoal fields and is equipped
with 2 steam turbines of a total capacity of 16.000 h.p. A new turbine of
12,500 h.p. has been ordered and should be in operation early in 1924.
This plant is one of the largest in the State and is,modern and efficient in
every respect. The overhead transmission and distribution systems consist
of over 1,000 relies of copper wire. The net of the electric department for
1922 amounted to $185,423.
Value of Physical Property.-The depreciated value of the physical
property, not including anything for franchises, good-will or other intangible items, is in excess of $9,000.000. This is based on actual cost of
the property. the greater part of which was acquired prior to 1916, when
costs were much less than during the subsequent period.
Capitalization & Funded Debt Outstanding May 31 1923 (Including This Issue)
1st Mtge. 5% bonds
$5,600,0001 Pref. stock, 7% Cumul--$1,363.100
10-year Debs.(this issue)_. 500,000ICommon stock
2,634,000
Earnings for Calendar Year 1922.
Gross revenue, including rent of equipment
$2,206,327
Operating expenses, maintenance and taxes
1,591,703
Net income (excluding depreciation)
Annual interest on 1st Mtge. 5s. $280,000: 10-year 6% note to $614,624
U. S. Govt. (due 1931), $12.000: 10-year debs. (this issue),
$35,000
327,000
Balance
Purpose.-Proceeds will be used in part for the installation of$287.624
the new
12.500 h.p. turbine and the greater part of the balance for the 1923
capital
requirements.
Condensed Balance Sheet March 31 1923.
AssetsLiabilitiesPhysical property
$10,405,008 Capital stock
$3,997,100
Invest, in affiliated cos
253.662 1st Mtge. 5% bonds_ _ _ - 5,600,000
Other investments
1,400 Note payable, 6%, 1931_
x200,000
Cash
164,898 Pref. div. scrip, 1926_ _
23,854
Special deposits (cash)-224,628 Accts. & notes payable.. _
231,586
Notes & accts. receivable
130,653 Accrued int.(not due)94,207
Materials, supplies, &c
179,784 Accrued taxes (not due)40,870
Prepaid items
3,086 Deferred items
143,167
Discount (in process of
15,874
Unadjusted credits
amortization)
131,509 Operating reserves
10,568
Unadjusted debits (due
Res.for injuries & damag's
77,128
from U.S. guaranty)- _
389,656 Depreciation reserves__ _
809.020
640.905
Profit and loss
Total (each side)
$11,884,284
x Borrowed from revolving frund of U. S. Government and secured by
$400,000 1st Mtge. 5% bonds, which are in addition to the $5,600,000
shown above.-V. 116, p. 1893, 822.
Fort Wayne Union Railway.-Stock.-
The I.-S. C. Commission June 9, authorized the company to issue 800
shares of capital stock par $100,said stock to be sold at par and the proceeds
used in commencing construction of company's line of road. Company
Is controlled jointly by the New York Chicago & St. Louis RR., the New
York Central RR., the Pennsylvania RR. and the Wabash Railway, each
of which has subscribed to $20,000 of its capital stock at par.
Georgia 8t Florida Ry.-Receiver's Report to Bondholders.
The committee for the First Mtge. Bonds (Franklin Q. Brown. Chairman), has submitted to the bondholders a statement received under date
of May 25 from John Skelton Williams, receiver, concerning the operations
of the road since he took charge in July 1921, and its general condition and
prospects at the present time. The committee says in part:
The outlook for the road in July 1921 was exceedingly discouraging and
the suspension of operations and the scrapping of the road had been seriously
considered.
The records had shown that for the 16 months following the termination
of Federal control. or, say, from March 1 1920 to July 1 1921, the road
had not only failed to pay its operating expenses, but pad shown an actual
deficit before taxes, car hire and receiver's interest, amounting to $644,123.
This was the worst showing which the road had ever made for
corresponding 16 months' period since its completion 12 years ago. Itany
is gratifying to be able to advise that for the past 16 months ending April 30
1923 the
receiver reports that the road has earned a surplus of $375,793 over
and
above operating expenses, but not including taxes, car hire, &c., which,
as
the records tell us,is the best showing and the largest net operating
revenue
ever made for any 16 months' period in the road's history.
This is an improvement in operating results for the past 16 months as
compared with the 16 months from the end of Government
control, Mar. 1
1920 to July 1 1921, of $1,019,916.
Operating Results of Property for Calendar Year 1920 and 12 Mos. ending
,April 30 1923.
Cal. Year 12 Mos.end
Increase or
Decrease.
1920.
Apr.30'23.
Gross operating revenue
$11,517
Dec.
$1,517,156
$1,528,673
Oper. exp.(not incl, taxes. car hire,
&c.)2,283,778 1,182,698 Dec. 1,101,040
Ratio oper, exp. to oper. revenue-77.89'
149.5%
Net revenue or deficit
def755,106 5ur334,458 Inc. $1,089,564
For only two months of the calendar year 1920 was the road operating
under Federal control, having been returned to its owners on March 1 1920.
From the foregoing statement it will be noted that although gross earnings
for the 12 months ending April 30 1923 were actually $11.517 less than for
the calendar year 1920 the management has succeeded In effecting a reduction in operating expenses as compared with 1920 of $1,101,040, and the
S
2884
THE CHRONICLE
ratio of operatin expenses to operating revenue was reduced from
149.5%
In 1920 to 77.8,o for the past 12 months.
The net deficit of 3755.106 which was shown in the calendar year
has been completely overcome and the road shows for the 12 months 1920
ending
April 30 1923 net operating revenue, before deducting
car mileage,
&c., of $334,458. This is an actual improvement in thetaxes,
past
12
months
as
compared with the calendar year 1920 of 31,089.564.
These results have been realized notwithstanding the business
depression
which existed last summer and autumn, and the 10% reduction
in freight
rates which was put into effect in July 1922.
This improvement, the receiver points out, has been accomplishe
d without permitting the road's physical condition to deteriorate.
On the contraryits condition has steadily improved. On
point General Manager
Purvis in his report of May 22 1923, which thethis
receiver has submitted to
this committee. says: "As a whole the physical condition
of the property
from a standpoint of both maintenance of way and
maintenance of equipment is considerably better than it was a year ago, and
if we can keep up
our present schedule of repairs and renewals, should
be in a highly satisfactory condition at the end of this year.
It is believed that the work of reducing grades and eliminating
excessive
curvature on the road from Augusta to a point
about 30 miles south, which
has been in progress for the past 18 months, and
which is expected to be
completed about July 1, will not only reduce materially
ing but will lead to a considerable increase in the valuethe cost of operatof its traffic and
in its gross and net income.
The General Manager estimates in his report quoted
by the receiver
that with the present outlook gross operating
for the current
calendar year slould approximate 31,735,000. revenue
See V. 115, p. 2378; V.
116, p. 2516.
Grand Trunk Pacific Ry.-Annual Report.-
See Canadian National Railways under "Financial
Reports" above.
-V. 116
:p. 2255.
Indiana Harbor Belt RR.-Equip. Trusts
Authorized.The I.-S. C. Commission on June 13 authorized
issuance of $900,000
5% Equipment Trust certificates to be dated Junethe
1
1923.
at not less than 95 to J. P. Morgan & Co. in connection and to be sold,
with the procurement of 20 additional Mikado locomotives at
361.650 each, aggregating
31.233,000.-V. 116. p. 2255.
Interborough Consolidated Corp.-Sale.Pursuant to an order of the U. S.
District Court
the Southern District
of New York, entered June 14, James It. Sheffieldfor
as trustee, will, through
Charles Shongood, auctioneer, offer for sale, at public
at the Exchange Salesroom, 14-16 Vesey St., New auction on June 27,
York, the following
ProPertY:
(1) $6000 Bleecker St. & Fulton Ferry RR.4% 1st Mtge.
(extended 4%)
bonds,due Jan. 1 1950. (2) $1,000 Broadway
Surface RR. 5% 1st
Mtge. bonds, due July 1 1924. (3) 532 shares
St. & Grand St. Ferry
RR. (4) $100.000 Jerome Park Ry. 6'% 1st 42d
furniture appraised in 1919 for the receiver at Mtge. bonds. (5) Office
$1,164. (6) 5,028 shares
Central Crosstown RR. (7) 1,570 shares 2d Ave.
RR.
(8) The following notes of Metropolitan Securities
Co. to Interborough
Metropolitan Co.: (a) Note dated May 23
1907, for $15,000,000 with
interest at 6%. bearing endorsment of payment
(b) Note dated Jan. 2 1908 for $241,400 with thereon of $4,337,487;
interest at 6%, bearing
endorsement of payments thereon of
1908 for $113,641 with interest at 6%. $179,532; (c) note dated July 17
(9) The following notes of Third Ave. RR. (old
company): (a) Note
dated April 30 1907 for 35,155.935 with interest
at 5% per annum;(b) note
dated June 28 1907 for $211,734 with interest
at
5%,
on which $100,000
was advanced.
(1) (a) $1,878,000 28th & 29th Sits.
RR.5% 1st Mtge. Gold
bonds, due Oct. 1 1996; (b) note datedCrosstown
April 30 1907 of 28th & 29th Sts.
Crosstown RR. for $500.879 with interest
from July 1 1907 at 5%•
(11) Note dated April 30 1907 of Second
Ave. RR. for 3286.466 with
interest from July 1 1907 at 5%.
(12) Four Metropolitan St. Ry. Co. 3-Year
Collateral 5% Improvement
notes, each dated May 23 1907 for
$1,000,000. payable July 1 1910 with
interest from July 1 1907 at 5%.
Sale will be for cash, and will be
subject to the approval of the U. S
District Court.-V. 116, p. 2129.
[voL. 116.
The company represents that no contract or other arrangement has
been made for the sale of the notes, but they are to be
sold at par.-V.116.
p. 2637.
Louisville & Nashville RR.-Joint Lease with Atlantic
Coast Line of Carolina Clinchfield ct Ohio-Outlook, &c.
The stockholders have authorized the lease (subject
approval of
the I.-S. C. Commission) of the Carolina Clinchfieldto&the
Ohio RR. for
999 years Jointly with the Atlantic Coast Line RE.-see Carolina
Clinchfield
& Ohio RR. above.
President W. L. Mapother following the meeting of
directors June 21 said:
The business outlook of the country depends upon
treatment of the
railroads. The railroads are the largest purchasers the
of the country and
spend the largest sums. For instance, in our program
we
to spend
$85,000,000. and $45,000,000 of this will be consumed in plan
the handling
of coal.
We will add 11,000 new cars this year to our equipment. May net
operating income will be somewhat less than April and June, of course,
will show a seasonal decline. In May last year we were extremely fortunate
for the entire country was clamoring for our coal.
In connection with our lease of Carolina CUnchfield &
Jointly with
Atlantic Coast Line the primary points of the lease have Ohio worked
out.
There is no interest to pay until Jan. 1 1925. Then abeen
dividend
of 3%
will be paid for three years and 4% for 10 years and 5%
remainder of
lease. Now that matter has been approved by all the for
interests it now
remains to place application before the I.-S. C. Commission,
hope to have ready for filing within a week.-V. 116, p. 2767. which we
Mexican Railway.-Stock Redemption.-
The company announces that on July 1 1923, 10% of the original amount
of the registered stock, Issue "A"(or one-eighth of the amount outstanding)
will be redeemed.-V. 116, p. 77.
Missouri Pacific RR.-To Acquire Half-Interest in Denver & Rio Grande under Reorganization.See Denver & Rio Grande Western RR. above.-V. 116. p.2256, 2129.
New York Central Lines.-Equip. Trust of 1923 Auth.
The I.-S. C. Commission on June 13 authorized the Issuance of
340,000 5% Equip. Trust Certificates, dated June 11923. and to be$17,sold
at not less than 95To in connection with the procurement of certain equipment which will be distributed among the following roads according to their
needs: New York Central RR. Michigan Central RR. and the Cleveland
Cincinnati Chicago & St. Louis By.
The report of the Commission says: Representation is made that negotiations have been had with J.P. Morgan & Co.for the sale of the proposed
certificates and that, unless the market situation substantially changes,
it is expected to sell them to that firm at such
as will net the applicants
not less than 95% of par. On that basis theprice
annual cost
will be approximately 5.83%.-V. 116, p. 2767, 2637. to the applicants
New York Central RR.-Stock Application.-
The company has applied to the 1.-S. C.Commission for authority issue
$100,000,000 capital stock. According to the application the stockto
will be
exchanged from time to time for the 20-Year 6% Convertible
Debenture bonds of 1950. of which $100,000,000 are outstanding in Gold
hands
of
the
the public. The $100,000,000 stock is part of a block that was authorized
by the stockholders in 1915 when the issuance of the 6% convertibles was
also approved. The New York P.S. Commission likewise gave its approval
but in the meantime the I.-S. C. Commission has
the company
that its approval must be obtained before the stocknotified
can be issued in exchange for the convertible bonds. Accordingly, the proposed
3100.000.000
does not represent any addition to the authorized share capital
of the New
York Central as it has stood since 1915.-V. 116, p. 2767, 1649,
1412.
New York New Haven & Hartford RR.-Bonds---Suit.
The I.-S. C. Commission on June 11 authorized the company to issue
33.600,000 1st & Ref. Mtge. bonds, Series E;said bonds to
exchanged for
a like amount of New England Navigation Co. debentures.be
On Feb. 15 1893, the New Haven leased from the Old Colony RR all of
of the latter's railroad property, &c., including the entire capital stock
Interborough Rapid Transit Co.-Executiv Committee. of
the Old Colony Steamboat Co. for 99 years beginning Mar. 11893. By
e
Samuel W. Reyburn, President
the Associated Dry Goods Corp.. an agreement dated Nov. 13 1905. between the New Haven, the Old Colony
N. Y., has been elected a member of
and the New England Navigation Co., all of whose capital stock is owned
of
the
executive
committee.
-V.
116.
p.2766.
by the New Haven, the entire capital stock of the Steamboat Co. was sold
and transferred to the Navigation Co. The Old Colony accepted in payInternational-Great Northern RR.-Bonds Ready.
- ment therefor $33,600,000 6% debentures of the Navigation
J. & W. Seligman & Co. and Speyer &
Co., due
Co., reorganization managers. 1955. and agreed to accept in renewal of the debentures at their maturity,
announce that the 1st Mtge. 6% -bonds and
Adjustment Mtge. 6% gold similar debentures for the then unexpired term of the lease of the Old Colony
bonds in definitive form are ready for
delivery at the office of the Equita- to the New Haven. The agreement also provided that during the period
ble Trust Co. In exchange for outstanding
interim receipts.-V. 116. P• of the lease, the debentures should be a part of the leased property and the
2766, 2388.
interest thereon paid to the New Haven.
By agreements dated Dec. 14 and Dec. 29 1905, respectively, the SteamJamaica Public Service Co., Ltd.-Bonds Offered.- boat
Company conveyed to the Navigation Company all its assets and propAemilius Jarvis & Co., Toronto and New York, are offering erty and thereafter, under date
of Oct. 30 1906, the Steamboat Company
was dissolved by decree of the Mass. Supreme Court.
at 100 and in $11000,000 1st Mtge. Sinking Fund 6
By agreement date Nov. 30 1917. the Navigation Company conveyed
bonds, Series "A."
all its assets to the New Haven in consideration of the assumption by the.
Dated July 1 1923. Due July 1 1943.
Int. payable J. & J. at Royal New Haven of all indebtedness, obligations and liabilities of the NaviBank in Montreal and Toronto,
or in London,Eng., and Kingston, Jamaica, gation Company except capital stock and certain demand notes. Anomg
at $4 86 to the El sterling. Denom. $500 and $1,000 0'. Sinking fund such obligations of the Navigation Company were the above debentures.
of 1%%, cumulative,
June 1 1926. Red. as a whole or in It Is the intention of the New Haven to dissolve the Navigation Company.
part for sinking fund oncommencing
int, date on 30 days' notice at 105 on or after but such dissolution can only take place after these debentures have been
July 1 1928; at 104 afterany
July
11933;
103 after July 1 1938; at 102 after retired and canceled. The Old Colony is unwilling to surrender the debenJuly 11940; at 101 after July 1 1941:at
at par after July 1 1942. Montreal tures unless it receives in substitution therefor a like amount of the New
Trust Co., trustee.
Haven's 1st & Ref. Mtge. bonds. The New
therefore, proposes
Company.-Operates under satisfactory franchises and without compe- to issue in exchange for the debentures of the Haven,
Navigation Company, $3.tition. the street railway, electric light and power systems
.600.000
1st & Ref. Mtge. bonds. Series E, with the understanding that the
City of
Kingston and surrounding territory. Population, 120,000. in theacquired
bonds shall be held in the treasury of the New Haven as lessees of the Old
Has
the tramways system, constituting the property
formerly owned by the Colony, on the same terms as the debentures are now held. These bonds
West India Electric Co., Ltd., and the power and
light system formerly will be dated Nov. 13 1922, will bear int. at the rate of 4% per annum,
owned by the Jamaica Light & Power Co. Ltd.,
payable semi-annually, and will mature Nov. 13 1955.
capital stock of the Jamaica Hydro-Electric Co., together with the entire
E. D. Codman, who states he owns 769 shares of Boston & Maine stock,
Ltd., which owns lands
and water rights on the White River where
has filed a petition in the Massachusetts Supreme Court asking
approximate
6,000
ly
h.
p.
the
can be developed.
New Haven be permanently enjoined from voting the stock ofthat
Boston
Security.-Secured by a first mortgage on all the properties formerly Railroad Holding Co. so as to effect any control over
or influence on the
owned by the West India Electric Co., and by a mortgage,
only to stock of the Boston & Maine owned by the Holding company.
$200,000 1st (closed) Mtge. 5%0 bonds outstanding on allsubject
The petition says the dissolution of trusteesnip creates a situation where
the properties
formerly owned by the Jamaica Light & Power Co., and
by
a
pledge
of the the New Haven, owning practically all the Holding company stock, can
entire capital stock of the Jamaica Hydro-Electric Co.
exercise unlimited control of 28% of the stock of the Boston & Maine •
Earnings.-After all expenses, including maintenance allowance, net owned by the Holding company. It is alleged this
would enable the New
earnings from operation available for bond interest
depreciation have Haven to exercise control over tne corporate affairs of the Boston & Maine
averaged in the past 10 years $143,644 per annum,and
and for the roast four in violation of the Massachusetts laws.
Years $168,215, against interest requirements of 375.000
An order directing the New Haven to transfer all stock of Boston Railroad
including this issue, or over twice interest requirements. on all bonds, Holding Co.owned by it to a board
of not less tnan three trustees appointed
For 1922 these
earnings were as follows: Gross, $541,032; operating
expenses, including by the Court for nolding and administering the stock with due regard formaintenance, $359,601; net, $181,431, or over 2.40 times
interests of the New Haven, but in obedience to all laws of the Commoninterest.
bond
Purpose.-Part of the proceeds of the present financing will
be utilized wealth,is asked. The Court hasissued an order of notice returnable June 25.
In providing increased power
tramway facilities urgently needed, which
In accordance with the decision of the United States Court for the
should add materially to theand
company's earnings.
Southern District of New York modifying the New Haven dissolution
Managemen1.-Company will be under the management of Stone & Web- decree (V. 116, p. 2637), the trusteeship of New
Haven's Boston & Maine
ster, Inc.
stock has been dissolved and Boston Railroad Holding Co. stock
was
Kansas Okla.& Gulf Ry.-Equipment Trust Order Vacated. returned to the New Haven June 14.-V. 116, p. 2837.
In the matter of the application of the company for authority
Norfolk 8z Portsmouth Belt Line RR.-RR. Note.to assume
obligation and liability in respect of certain Equipt.-Tru
The I.-S. C. Commission on June 13 authorized the company to issue
the I.-S. C.Commission upon further consideration of thest Certif., Series A,
and things under date of July 16 1923 a one-year 6% promissory note for $75,000.
involved in this proceedings, and for good cause shown,matters
vacated its order payable to the order of the Norfolk (Va.) National Bank in renewal of
of May 28. See. V. 116, p. 2637.
a
promissory note for $100,000 reduce4 by $25,000, maturing July 16 1923.
115, p. 437, 309.
Los Angeles Railway.-Tenders.
The Pacific-Southwest Trust & Savings Bank, Los Angeles, Calif.,
Old Colony RR.-Refunding of Bonds Authorized.will
until June 27 receive bids for the sale to It of 1st & Ref. Mtge. 5%
The stockholders on June 22 authorized the directors to arrange for thebonds,
due Dec. 1 1940 to an amount sufficient to exhaust 351,251.-V
refunding
.
116,
p.
of $3,000,000 4% debenture mtge. bonds, maturing Feb. 1 1924.
2388.
-v.116. p. 2767.
Louisiana & Arkansas Ry.-Equipment Notes.-
The I.-S. C. Commission on June 13 authorized the company to issue
$120,000 Equipment notes, Series J, to be sold at not less
int., and the proceeds to be used in the procurement of the than par and
following equipment: One Mikado-type superheater locomotive with booster,
one Mikadotype superheater locomotive and 20 50-ton steel frame and
underframe Hart
convertible coal and ballast cars.
Pacific Electric Ry.-Subway Franchise Approved.-
The voters of Los Angels, Calif., on June 5 voted approval of the subway
terminal franchise proposed by the company. See V. 116, p. 2380.
Philadelphia Rapid Transit Co.-Valuation Proceedings.
The Pennsylvania P.S. Commission has issued a report on the companY's
•
valuation proceedings sustaining the present rate of fare.
7c. cash. 01
JUNE
23 1923.]
THE CHRONICLE
2885
Among the more important communities served are Baraboo, Portage.
Beaver Dam, Waupun, Columbus, Ripon and Berlin. Electrical energy,
purchased at favorable rates from water power companies, is distributed
over 285 miles of high-tension transmission lines owned by company.
Population directly served, 64.000.
Portsmouth Dover & York St. Ry.-Sale.Judge Clarence Hale in the U. S. District Court ordered that all the tan- Capitalization Outstanding in Hands of Public After This Financing.
gible assets, charters leases and rights of the company, which recently 7% Preferred stock
$998,700 Divisional underlying bds_ $328,800
ceased operation, be sold at Alfred, N. H., on June 30. Philip G. Clifford Common stock
400,000 3-Year 61i% notes
350,000
has.been appointed special master. Recent efforts to reorganize and reha- 1st & Ref. 5s, 1946
x1,314,600 10-Yr. 7% Coll. notes,'31 300,000
bilitate the road failed. See also V. 116, P. 1276.
Gen. Mtge. 5s. 1946
(y)
x Exclusive of $642,900 par value pledged to secure Collateral notes.
Reading Transit & Light Co.-Reduces Fares.Collateral
under
pledged
collateral
issued,
the
$196,000
as
but
part
effective
The company has announced a reduction of one cent in fares,
Gold notes due Feb. 1 1931.
July 1.-V. 116, p. 823.
Purpose.-Proceeds will be used to refund maturing obligations and for
other
corporate purposes.
Interurban
Ry.-Double
Tracking.
Rockford (Ill.) &
Earnings Statement 12 Months EndedApril 30'23. Dec. 31 '22.
The Common Council of Beloit, Wis., has confirmed an agreement with
Gross
earnings
$847,182
(including other income)
$801,830
joint
users
Beloit
Co.
and
Traction
Ry.,
the
Interurban
Rockford &
the
594,734
565,365
of the track, calling for the construction of a double track on South State St.. Operating expenses, maintenance and taxes
Beloit, Wis. The city will not require either of the companies to pay any
Net earnings
$236,464
$252,447
part of the repaving of the street, which is to be done simultaneously with
Annual interest charges on the First & Refunding 5% Gold bonds, Colthe laying of the new tracks. ("Electric Railway Jouranl.")-V. 116.
lateral Gold notes and Divisional Underlying bonds to be outstanding in
p. 2516.
the hands of the public upon completion of this financing. $125.920.
St. Joseph (Mo.) Ry., Lt., Heat & Power Co.Management.-All of the outstanding Common stock is owned by North
S. B. IreIan, Vice-Pres. & Gen. Mgr. of the Montgomery (Ala.) Light & West Utilities Co., a subsidiary of the Middle West Utilities Co.-V. 116,
Water Power Co., has been elected Vice-Pres. & Gen. Mgr., sueeeeding P. 2517. .
B. C. Adams.-V. 116, P. 516. 78.
4 tickets for 25c. The Commission's report shows the company's valuation at an amount substantially in excess of $200.000.000. against $311,000.000, as contended by the company.-V. 116, p. 2767.
San Francisco-Oakland Terminal Rys.-Oakland Rys.
Noteholders' Committee Approves Reorganization Plan.The Oakland Railways noteholders' (New York) committee, composed
of L. V. Bright, Chairman, A. G. Hoyt, H. L. Stuart, J. P. Ronaghan,
G. K. Weeks and E. St. Clair Thompson, Secretary, announces that it has
approved the general reorganization committee's plan for the reorganization
of the Oakland Railways, and that, as none of the depositors under the deposit have withdrawn, the general reorganization plan has been declared
effective and in force. (See plan in V. 116, p. 544.)
The committee announces that notice will be given when the new securities can be delivered by the depositary, Lawyers Title & Trust Co., and
the assessment paid.-V. 116, 13• 2768, 2257.
San Joaquin Light & Power Corp.-Bonds Sold.Cyrus Peirce & Co., Blyth, Witter & Co., and Blanks,Huntley & Co. have sold, at 99 and interest, $2,500,000 Unifying
& Refunding Mtge. 6% Gold Bonds, Series "B," non-callable. Dated March 1 1922. Due March 1 1952 (see description in V. 114,p. 1652 and advertising pages above.)
Data from Letter of President Wm. G. Kerchhoff, June 1.
Company.-Does a general lighting and power business throughout the
territory in which it operates; distributes gas in Bakersfield, Kern, Merced
and Selma; operates the street railway system in Bakersfield and Kern;
and furnishes domestic water in Selma and Madera. The district served is
approximately 200 miles in length by 80 miles in breadth.
Corporation owns and operates 11 hydro-electric plants, 5 of which are
located on the north fork of the San Joaquin River and have a combined
capacity of 30,000 h. p. Water to operate these plants is impounded in
the Crane Valley reservoir, which has a storage capacity of 50,000 acre feet.
The new Kerckhoff plant of 56,800 h. p. capacity located on the main
San Joaquin River. receives full benefit of the water stored in the Crane
Valley reservoir,the fullflow of the main San Joaquin River and all storage
thereon. The 5 other plants are located: one on the Tule River, of 8,000
h. p.; one on the Kern River, of 14,200 h. p.: and three on the Merced River
with a combined capacity of 1,500 h. p. Total hydro capacity, 110,500 h.p.
It has also in operation a modern steam plant at Bakersfield of 35.000 h.p.
capacity, and a new steam plant at Button Willow completed June 10 1921.
of 34,000 h. p. capacity, and a steam reserve plant in lEtetteravia of 3,000
h. p. combined capacity. Total steam capacity,72,000 h. p. Total generating capacity, 182.500.
There are 902 miles of high tension transmission lines; 3,428 miles of
secondary linos, and 38 substations. Natural gas, purchased at a low
price, is used in generating power at the Bakersfield and Button Willow
steam plants. The gas used is at an equivalent of 70 cents per barrel of
oil, whereas the price of oil at the present time is 90 cents.
Outstanding Capitalization at Conclusion of This Financing.
Divisional closed mortgage bonds
$2,357,000
First and Refunding Mortgage Bonds, outstanding
14,388,000
Unifying & Refunding Mtge. Bonds-Series "A" 7% Bonds 8,200,000
do Series"B" 6V Bonds (this issu
Prior Preferred 7% Cumulative Stock
7,094,000
Preferred 6% Cumulative Stock
6,500,000
Common Stock
11,000,000
Earns.
Gross
Maint •
Avail. for Total Int.
Net Oper.
Other
Cal.Yr. Revenue.
Oper.dtc. Revenue. Income. Int.&Depr. Chgs.(Net)
1912 -31,363,643 $537,700 $825,943 $16,268 $842,211 $373.651
1914 -- 1,821,070
713,737 1,107,333
474,462
15.674 1,123,007
1916 -- 1,806,772
734,385 1,072,387
474,995
14,386 1,086,773
1918 -- 2,614,740 1,492,434 1,122,305
655,295
24,734 1,147,039
1920 -- 4,340,905 2,100,983 2,239.922 131,893 2,371,815
920,812
1921 -- 5,595,112 2,507,575 3,087,536 155,334 3,242,870 1,612,175
1922 -- 6,405,116 2,791,900 3,613.216 156,010 3,769,226 1,723,596
1923x_ 6,761,001 2,876,003 3,884,998 191,619 4,076.617 1,710,640
x 12 months ending April 30 1923.
Purpose.-To construct now and enlarge existing substations, to double
the capacity of San Joaquin No.3 plant, and to construct transmission and
distribution lines to serve prospective business; and for other corporate
purposes.-V. 116, p. 2768. 1893.
Southwestern Interurban Ry.-Sale.-
See Arkansas City-Winfield Northern By. above.-V. 107,
p. 2478.
Texas & Pacific Ry.-To Reorganize.Plans to reorganize the company, without calling for an assessment, will
go forward as soon as an adjustment of accounts can be made with the
Government, it was said June 20 at the office of Kuhn, Loeb & Co., who
will nave charge of the reorganization. Until the settlement is made, it
was said, there can ho no indication of the financial standing of the road.
Except for this item, the road is said to be in shape for the reorganization,
which will bring it out of the receivership into which it was placed in Oct.
1916. Since then it has been operated by J. L. Lancaster and Pearl White
of New Orleans as receivers. (N. Y. "Times" June 21.)-V. 116, P.
2003, 1533.
United Electric Rys., Providence R. I.-Div. Decreased.
The directors have reduced the quarterly dividend from 1 3 % to 1%,
payable July 2 to holders of record June 20. This action was taken in
recognition of unusually heavy operating expenses in the first quarter of
tho current year and inability of the company to inaugurate as soon as was
expected many increases in operating efficiency that had been planned when
fares were reduced to five cents.-V. 116. P. 1894.
Western Pacific RR. Corp.-To Hold One-Half Interest
in Denver & Rio Grande Western Under Reorganization.See Denver & Rio Grande Western RR.above.-V.116, p. 2384, 2258.
Wisconsin Power, Light & Heat Co.-Notes Offered.Halsey, Stuart & Co., Inc. are offering at 99% and int.
mt., to
yield about 6%%, $350,060 3-Year OM Collateral
notes Series A. A circular shows:
Dated June 1 1923. Due June 1 1926. Int. payable J. & D.in Chicago
at office of Halsey, Stuart & Co. Inc., without deduction for normal
Federal income tax not in excess of 2%. Denom.$1,000,$500 and $100
Red. at any time. all or part, upon 0 days' notice at the following prices
c*.
and interest: At 102 to Juno 11924;on and from June 1 1924 to June 1 1925.
at 101. and on and after June 1 1925 at par.
Issuance.-Subject to authorization by the Wisconsin RR. Commission.
Company.-Organized in Wisconsin in 1916. Furnishes electric light and
power to 27 communities; 4 with gas, 2 with heat and one with water.
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" either under "Editorial
Comment" or "Current Events and Discussions."
Steel and Iron Production, Prices, &c.
The "Iron Age" June 21 said:
"A number of steel companies have taken orders in June at a greater rate
than in May, buying for third quarter being on a scale pointing to wellsustained operations for many weeks. Consumption and prices show but
fractional c.hange.
"With little holding up of deliveries and notably few cancellations, summer weather is the only present limitation on
mill output. But it is likely
that a further reduction will come early in
July. The heavy driving of
the past six months will require more than ordinary
repairs at a number
of plants and workers will welcome a holiday. In anticipations
of these
shutdowns shipments are being accelerated in some cases and railroads
have been giving extraordinary dispatch.
"In thettsburgh and Valley districts five or six blast furnaces are likely
to be put out in the near future for relining after
long and hard campaigns.
"An indication of the continued large scale of
consumption
the recent
purchase of semi-finished steel by the Steel Corporation. is
From
pendent makers of sheet bars, it Is understood that 20,000 to 30,000indetons
of sheet bars were bought.
"A significant price reduction is that in sheet bars. Three Central Western mills have named $42 50 as their price for
the third quarter, as against
$45 for the second quarter.
"In finished steel, while an occasional instance
of a concession on one of
the major products-plates, shapes
and bars-is reported, the contract
basis of 2.50c, for the first two and of 2.40c.
for
bars is unchanged. On
these prices the Pennsylvania RR. closed for
upward of 10,000 tons in the
past week. A New York Central inquiry is for
the
repair of 2,000 cars.
"Automobile output will not
greatly curtailed in July, but some makers have reduced specifications inbe
order to carry a smaller stock offrames and
other parts.
"Several Detroit makers have bought large lots of
body sheets for third
mcarter in the past week, including upward
of 20,000 tons for the Ford
Motor Co.
"Smaller demand for oil-country pipe is expected in view of
the latest
reduction in crude oil, and the call for storage tanks,
while larger, is not
sufficiently compensating.
"Concessions on sheet mill prices continue. At Cleveland, weakness has
developed in warehouse sheets. One jobber has reduced galvanized
sheets
$2 and black sheets $3 a ton, but as low as 5.40c.
on galvanized sheets is
reported.
"Structural steel awards during the
tons, and pending inquiries, totalingweek were somewhat more than 16.000
11,000 tons, include a 5,000ton building for japan. In May the nearly
of fabricators were 131,000
tons, or 58% of capacity, against an bookings
average of 190,000 tons in the first
four months of the Year.
"Rail steel reinforcing bars are lower in Ohio, due in part to the activity
of a mill that recently resumed operations.
"Prices of foundry pig iron have declined from $1 to $2 a ton from recent
nominal quotations in the Pittsburgh district,
at Chicago prices have
been reduced $1 without developing business. and
Sales of several thousand
tons of Alabama iron on a basis of $25, Birmingham,
established the
price at that figure, although important furnaces are have
still holding at $27.
In the East the market has been extremely quiet. the
only noteworthy
transaction being the purchase of 15,000 to 20,000 tons, about half domestic and half foreign irons, by a cast-iron pipe company.
"May showed a record consumption of Lake Superior iron ore at
tons, as against 5,587,300 tons in April, which was also a record.6318,540
"The deal for the importation of 50,000 tons of Indian manganese ore
by the Steel Corporation was helped by the fact that the corporation's
own
vessels will have return cargoes from the Orient.
"Recent imports of foundry iron from India amount to 5,000 ,tons, of
which 4,000 tons came to the Pacific Coast and 1,000 tons to Philadelphia.
The price in India. plus $5 50 freight, would be not far from $23 c.i.f.
Further negotiations for Indian iron are reported. Iterdphospharous
Luxemburg iron has been offered at $24 50. Atlantic sea
"The British steel industry is showing more gain from the Ruhr situation.
Its exports were 424.500 tons in May, which shows that the 1913 rate at
last has been recovered. May steel output at 821,000 tons was the greatest for the year and last month's pig Iron output at 714.000 tons was the
a rgest since 1913."
Coal Production, Prices, &c.
The United States Geological Survey June 16 1923 estimated production
as follows:
"Preliminary estimates of soft coal produced in the week ended June 9
indicate a total, including coal coked.lignite and mine fuel, of 10.708.000
net tons, an increase of 617.000 tons over the revised estimate for the week
preceding.
"Early returns on car loadings during the present week (June 11-16)
Indicate a slight increase in the rate of production and a probable total
output for the week of 10,800,000 tons.
"Estimates based on railroad shipments place the total output of soft
May,
coal in
including lignite and coal coked at the mines, at 46,076,000 net
tons, an increase of 8.27i, over the April production and a decrease
of 1.6%
as compared with the March production. May production and
cumulative
production to May 31 during the last 10 years have been as follows:
Production in Net Tons of Bituminous Coal in May and Cumulative
Production
in First Five Months of the Last Ten Years.
Year to
Year to
May.
Year.
May 31. Year.
May.
May 31.
28,551,000 173.278.000 1919
1914
38,186,000 179,487,000
30,938,000 159,222,000 1920
1915
39,841,000 217.258,000
38,804.000 208,041,000 1921
1916
34,057,000 165,937,000
47,086.000 226,161.000 1922 a
1917
20,601,000 164,922,000
50,443,000 230,601,000 1923 a
1918
46,076,000 227.780,000
a Subject to revision.
"During the week ended June 9 the rate or production of anthracite
recovered from the holiday slump. The tots loutput is estimated at
2.046,000 net tons, including mine fuel, local sales, and product of washeries
and dredges.
"The revised estimate of anthracite production in May, based on final
data on shipments, places the total at 8,573,000 net tons, including mine
fuel, local sales, and the product of washerias and dredges. Output
during May has only twice, in 1917 and in 1918. exceeded this figure,
which is 6% above the average for the eight years 1914 to 1921.
THE CHRONICLE
2886
"The total production of anthracite in the first five months of the present
calendar year was 42,504,000 net tons, which is the maximum production
recorded for a like period, and is 15% more than the average for eight
years preceding 1922.
Production in Net Tons of Anthracite in May, and Cumulative Production
in First Five Months of the Last Ten Years.
Year to
Year to
May 31.
May.
May 31.
YearMay.
Year8,348,000 35,635.000 1919
7,525.000 32,520,000
1914
7,807,000 35,226,000 1920
8,037,000 36,131,000
1915
7,212,000 36,116,000 1921
7,752,000 39.078,000
1916
8,933,000 39,541,000 19226
35,000 21,888.000
1917a
8,573,000 42,504,000
8.880,000 41,237,000 19236
19184
Wears of large washezy production. b Subject to revision.
Estimated United States Production in Net Tons,
1923-Cal.Year
Cal. Year
Week.
to Date.
Week.
Bituminous-to Date.
221,051,000
11.049,000
4,889,000
162,496,000
May 26
231,142,000
10.091.000
4,616,000
167,112,000
June 2
241.850,000
10,708,000
5.136,000
172,248,000
June 9
Anthracite41,519.000
1,956,000
10,000
21,834,000
May 26
42,125,000
1,606.000
8,000
21.842,000
June 2
45.192,000
2,046,000
13,000
June 9
21,855,000
Beehive Coke-8,051,000
415,000
97,000
2,689,000
May 26
8.446,000
395.000
97,000
2,786,000
June 2
8,862,000
99,000
416,000
2,887,000
June 9
The "Coal Trade Journal" June 20 reviewed market conditions as follows:
"After several weeks of marking time, bituminous production shows a
slight advance. General reports that buying is slow. In some districts
the depression is strong and prices are receding.
"In spite of the fact that production did not fall off, nevertheless the
marketing conditions were intensified by embargoes on lake shipments.
This forced quantities of bituminous to seek shelter in other directions.
The diversion of this fuel into indifferent markets is responsible for weakening prices and allows the prospective purchaser to practically name his
own price. Tidewater prices on West Virginia pool 1 tumbled another 25c.
ie. "Lake shipments for the week ended Juno 10, exceeded those of the
previous week and reached the aggregate of 1,140,561 tons. For the
season to that date cargo durnpings had totaled 6.542,475 net tons as
compared with 2.565,176 a year ago and 6.697.926 tons in 1921 and 2,284,033
tons in 1920.
"Price changes last week indicated a falling off. Compared with the
preceding week changes were shown in 51.5% of the bituminous quotations.
Of these changes 77% represented reductions ranging from 10 to 50 cents
per ton and averaging 23.6 cents. The advances ranged from 5 to 35
cents and averaged 16 cents per ton, equaling last week's drop. The
straight average minimum for the week, $2 11, was 7 cents less than
that for the week ended June 9, while the maximum declined 3 cents
to 2 57. A year ago, with a general strike on, the averages were $3 46
and $3 87 respectively.
"During the week ended June 9, anthracite production reached a total
of 2,046,000, bringing the total for the year up to 45,192,000. Market
conditions in anthracite remained practically_ unchanged during the past
week. Steam sizes were weak, especially No. 1 buckwheat, except in
those cases where producers required their customers to take the junior
sizes along with the domestic sizes. Of those sizes, barlek proved to be
the strongest. No. I was 25 cents to $1 below company circular; No. 2.
25 to 75 cents, and No. 3, 25 cents less than circular prices. Independent
producers were able to get $3 to $4 above company prices for domestic
sizes.'
Coal Operators Protest Against Car Pooling Plan.-Object on the ground
that it would tend to hamper rather tnan help the transportation situation
as far as the bituminous operators are concerned; that it would greatly
increase the operators' overhead charges, and that it was another step in
Government hindrance in business. "Times" June 20. p. 10.
Oil Production, Prices, &c.
The American Petroleum Institute estimates the daily average gross
the United States for the week ended June 16 as
in
production
crude oil
follows:
June 16 '23. June 9 '23. June 2 '23. June 17'22.
(In Barrels)511,000
Oklahoma
500,050
494,550
383,600
83,450
83,400
83,050
84,200
Kansas
74,900
72.550
50.450
73,050
North Texas
135,450
134,700
137.750
139.600
Central Texas
66,800
66.550
95,100
67,650
North LouLsiana
139,350
151,700
36,100
Arkansas
116,100
98,100
113,100
95.800
96,350
Gulf Coast
110,000
112,500
109,500
109,000
Eastern
127,800
122,000
82,900
Wyoming and Montana_
130.600
785,000
740,000
350,000
725,000
California*
Total
2,131.850
2,076.250
2,034,950
1.445,700
*California production was 785,000 barrels, as compared with 740.000
barrels the previous week, an increase of 45,000 barrels. Santa Fe Springs
is reported at 275,000, against 241,000 barrels; Long Beach 192.000,
against 189,000 barrels, and Huntington Beach 111,000. against 105,000
barrels.
Crude Oil Price Cut.-Pennsylvania (Bradford district) crude cut 25c.
to $3 25 and in districts outside of Bradford. cut 25c. to $3 a barrel Other
reductions were: Corning, 15 c. to $1 70: Cabell, 20c. to $1 71; Somerset.
20c. to $1 55; Somerset Light, 25c. to $1 75; Ragland, 10c. to 90c. "Times'
June 19, p. 30.
Onio og Co. reduced Wooster crude 15c. to $1 90 per barrel. "Evening
Post" June 19. p. 12.
Prices, Wages & Other Trade Matters.
Lead Price Reduced.-American Smelting & Refining Co. reduced price
from 7.25 to 7c. "Financial America" June 23.
Sugar Prices.-Revere Sugar Refinery reduces price 65 points to 9.25c.
per pound. "Wall St. Journal" June 19. p. 11.
Federal Sugar Refining Co. advanced price to 9.50c., but continues
to consider business at 9.25c. "Evening Post" June 21, p. 12.
Automobile Price Increased.-Cole Motor Car Co. issues new price
schedule showing increases ranging from $165 to $390. "Boston Financial
News" June 21.p. 6.
Automobile, Prices Reduced Haynes Automobile Co. brings out new
model, "60,' at $1,295 for touring and $2,295 for sedan and reduces price
of old "77" model from $200 to $600 per car. "Fin. Am." Juno 18, p. 1.
Hudson Motor Car Co. reduced prices on 4 and 7 passenger cars $50
and on coach $75. "Evening Post" June 21, p. 9.
Tire Price Reductions.-Pennsylvania Rubber Co. announced reduction
of 5 to 15% in price of tires and tubes effective June 15. "Philadelphia
News Bureau" June 20. p. 2.
Lee Rubber & Tire Corp reduced prices ranging from 7% to 10% in
prices of tires and tubes. "Financial America" June 18, p. 1.
Miller Rubber Co. reduces prices from 7% to 10%. "Boston Financial
News" .rune 14. p. 3.
General Tire & Rubber Co. notifies dealers to revert to Jan. 20 price
list, thus annulling increase of 10% made in March. "Wall St. Journal"
June 21,p. 9.
Goodyear Tire & Rubber Co. notifies dealers new price lists will become effective as of June 11 with standard rebates. "Fin. Am." July 23.
Strikes Concluded.-Bricklayers sign up with 12 school-building contractors for two years at $12 per day, continuous employment assured.
"Times" June 19, p.21.
National Brotherhood of Operative Potters called off strike of 1,500
in Trenton which began eight months ago. They will accept wages now
being paid to unskilled men who filled tneir places. "Post" June 20. 13• 5.
Sayre & Fisher Co., brick manufacturers, Sayreville, N. J., will reopen
plant with labor from other States. Employees struck for 207 wage
increase six weeks ago. Company offered 15% increase but refused to
recognize union, so men would not accept offer. "Financial America"
June 19..
New England Mills Close Because of Heat.-Pacifie Mills at Lawrence,
Mass., close because of the heat. "Phila. News 21, p. 3.
Annual Shut-Downs in New England.-Arlington Mills will suspend from
Aug.24 to Sept. 4 and Pacific Mills will curtail operations June 22 and
suspend for one week beginning July 2. About 10.000 operatives will be
idle during these periods. "Boston Financial News June 14, p. 6.
t'/ 0T4, X16.
Electrical Development for United States.-Experts at National Electric
Light Association Convention discuss in detail a plan for electrification of
U. S. as a whole under one immense system, including power for all railroads, street railways, factories, farms and homes. "Times" June 17,
Section 8, p. 1.
Matters Covered in "Chronicle" June 16.-(a) The U. S. Supreme Court on
the Kansas "Industrial Relations" plan, p. 2695. (b) A Plumb plan for
anthracite coal. p. 2696. (c) Increases in retail food prices in month to
May 15, p. 2708.
(d) Mason Builders' Association accepts public group's proposal for compromise of wage dispute but bricklayers reject it, 13. 2899 (e) Wage increase of El a day granted to 38 out of 44 crafts in buildinitrades, p. 2709.
(f) Roofers receive wage increase of $1 a day, p. 2709. (g) Clothing manufacturers of Buffalo receive offers of assistance from other cities in fight for
open shop, p. 2709.
al) Eugene Meyer Jr. of War Finance Corp. found no demand for commercial credits during recent European trip, p. 2714.
(i) Members of N. Y. Stock Exchange who refuse to testify in legal proceedings are subject to suspension or expulsion, p. 2716.
(j) Consolidated Stock Exchange may lose New York Stock Exchange
ticker service, p. 2716.
(k) Failure of M. S. Wolfe & Co., N. Y. Curb brokers. 41 Broad St.,
N. Y. City. (I) W. S. Silkworth continues as President of New York
Consolidated Exchange.
(m) U. S. Supreme Court holds Kansas Industrial Court cannot fix or
regulate wages in industry. p. 2726. (n) New York pressmen denied
strike sanction in event of failure of arbitration. p. 2730.
(o) United Mine Workers' plans for nationalizing anthracite coal industry
would retire all stock with 6% bonds to be taken up within 50 years, p.273
Adirondack Power & Light Corp.-Bonds Offered.Harris, Forbes & Co., Coffin & Burr., Inc., and E. H. Rollins
& Sons are offering at 99% and int., to yield over 6%,
$1,250,000 1st & Ref. M.tge. Gold bonds, Series of 6s,
dated March 1 1920; due March 1 1950.
Interest payable M. & S. at New York Trust Co. without deduction for
any normal Federal income tax not exceeding 2%. Callable all or part
on any int. date on or before March 1 1925 at 107 and int., thereafter,
to and incl. March I 1930. at 10514 and int., and so on, reducing 1%
every five years, to and incl. March 1 1949; thereafter at 101 ji and int.
Denom. c* $1,000 and $500 and r* $1,000. Guaranty Trust Co., Now
York, trustee.
Issuance.-Subject to authorization by New York P. S. Commission.
Data from Letter of Pres. J. Ledlie Hoes,Schenectady, N.Y.,June 15.
Company.-Does entire electric light and power business in Schenectady,
Oneida, Glens Falls, Saratoga Springs, Amsterdam, Watervliet and many
other communities in the Mohawk and Upper Hudson River valleys of
New York State. Does the gas business in the first four of the communities
and furnishes, under long time contracts, all of the electricity used by the
distributing companies in Troy and Mechanieville and by practically
all of the electric railroads in the territory. Serves directly and indirectly
a population of about 700.000.
-electric generating
Company owns over 50,000 k. w. of installed hydro
capacities on the Hudson and Hoosic rivers and East Canada Creek,
and is in a peculiarly favorable position to take advantage of the large
undeveloped water powers in this territory. A recently installed 15,000
k. w. unit in the new Amsterdam steam power plant has increased the
total rated capacity of that plant to 30,0001 k. w. In addition, company
has recently contracted to purchase the entire 30,000 k. w. output of the
-electric plant located at Sherman
International Papet Co.'s now hydro
Island, which it is expected will be placed in operation in August next.
Earnings (12 Months ended May 311923).
$6,411,357
Gross earnings
4,359,486
Operating expenses, maintenance, taxes and rentals
1,020,260
Annual interest on $18,071,000 Mtge. bonds
$1,031,611
Balance for other interest, depreciation, dividends, &c
Authorized. Outstanding.
Capitalization after this Financing$9,240,400
$12.000,000
stock
Common
x4,491,000
Preferred stock paying 7% cumul. dividends_ _ _ _ 10.000,000
2,554,700
Preferred stock paying 8% cumul. dividends_ _ _ _ 3,000.000
Closed
399,100
Debenture bonds,5%,due 1930
1st & Ref. Mtge. bondsissue)
this
incl.
10.421,000
1950
r
Series of 6s
5 „
Series of 534s 195
Closed
5,000,000
Adir. Elec. Pr. Corp. 1st Mtge. 5s. 1962
Closed
Cons,
1929..
5s,
150,000
M.
Co.
Fuel
&
United G., El. Lt.
$9,700
and
stock
Common
$98,200
outstanding
is
there
addition
In
x
Preferred stock of Adirondack Electric Power Corp. for the retirement
of which a like amount of the Common and 7% Preferred stock respectively
of Adirondack Power & Light Corp. is reserved. y Unlimited except for
the conservative restrictions of the indenture.-V. 116. p. 1895, 442.
Allied Chemical & Dye Corporation.-Loses Suit.-
See Steel & Tube Co. of America below.-V. 116, p. 1527, 1414.
American Chain Co., Inc.-Initial Dividend.-
The directors have declared an initial quarterly dividend of 50 cents on
the 8% Cum,Partic. Class"A"stock, payable June 30 to holders of record
June 20.(See offering in V. 116, p. 1180.)-V. 116, p. 2259.
American Cotton Oil Co.-To Close Mills.-
The company has decided to close its crushing mills in the Southern
States temporarily pending the time when conditions in the cottonseed
crushing industry have so far improved as to justify the company in
operating. For similar reasons the company is also arranging to close
its oil and fertilizer plants at Gretna, La.-V. 116, p. 2769.
American Cyanamid Co.-Initial Common Dividend.-
of 1% on the Common
The directors have declared an initial dividend
,6% on the Preferred stock,
stock and the regular quarterly dividend of 1;
both payable July 2 to holders of record June 25.-V. 116, p. 2518, 2010.
American Fuel Oil & Transportation Co., Inc.Stockholders' Protective Committee.The following_ protective committee has been formed to protect the
Interest of the Preferred and Common stockholders: E. D. 1Thittlesey,
Chairman; Charles T. Whinery, John H. Miller, Miles S. Gregory, Nils
0. Lindstrom, Oliver C. Bryant and C. A. Landgren, with Charles 8.
Aronstam, counsel. 120 Broadway, and Henry F. Whitney, Sec., 120
Broadway, New York.
Empire Trust Co., 120 Broadway, N. Y. City, is depositary.-V. 116.
p.2391.
American Multigraph Co.-No Par Value Shares Created
-Rights to Subscribe to 50,000 Shares.The stockholders on Juno 16 authorized the reorganization of the company into a corporation the Common stock of which is without nominal or
par value. The new capital stock will be 5,000 shares of Pref. par $100
[reduced from $10.000,000] of the same terms, provisions and par value
as the previously authorized Prof. stock and 250,000 shares of Common
stock of no par value, to be exchanged for the old Common stock, share
for share.
The directors have authorized an additional issue of 50.000 shares of
Common stock to be sold at $21 per share, the same to be first offered
to the stockholders. The directors have decided to extend the
time for subscription to those shares by the Common stockholders from
June 10 to June 30. The first 30,000 of the 50,000 shares have been underwritten at $21 per share. As a part of such Underwriting agreement the
underwriters have been given an option until Jan. 1 1924 to purchase at
$21 per share all or any part of the remaining 20,000 shares which the Common stockholders do not take at this offering.
Subscriptions accompanied by payment in full of the amount subscribed
must reach the company on or before June 30 1923.
[The holders of the Common stock are requested to send immediately
to the Union Trust Co., Cleveland, transfer agent and registrar of the Company, their present certificates for the Common stock duly endorsed in
blank, for exchange for certificates for the new no par Common stock,
share for sharej-V. 116, p. 2518.
JUNE 23 1923.]
THE CHRONICLE
American Public Utilities Co.-Seeks to Restrain Dividend Payments.-
2887
It is also pointed out that in the 76 places in the United States at which
public stock yards, under the jurisdiction and control of the Secretary of
Agriculture, are maintained, more than 1,200 recognized and well-known
packing firms actively compete in the purchase of all classes of live stock.
Only six of these places have packing plants formerly operated independently
by Armour & Co. and Morris & Co.-V. 116, p. 2640. 2259.
Robert Penington, an attorney, has filed application before Chancellor
Wolcott, at Wilmington, Del., for a restraining order against the company
to prevent payment of dividends on the new Preferred stock before payment
of24% accumulated dividends on old Preferred stock. Application to show
Atlantic Refining Co.-Notes Sold.cause why a restraining order should not be issued is returnable on June 27.
McAllister & Huttlinger, Philadelphia, have placed privately at prices
President Joseph H. Brewer states that the injunction suit will not interranging
from 514% to 5.60%, according to maturity, $540,000 Marine
fere with the payment of dividends now declared.
The directors had declared initial quarterly dividends of 1%% on the Equipment 5% notes of two series of $270,000 each. These notes were
Prior Pref. stock, 1% on the Partic. pref. and 1 % on the 6% Pref. stocks, purchased from the U. S. Shipping Board.
The first series of $270,000 notes are dated March 28 1923. and are due
all payable July 1 to holders of record June 20. See V. 116, p. 518, 825,
$90,000 annually, 1924-1926. Fidelity Trust Co., Philadelphia, trustee.
1054.
Secured by first preferred mortgage on steel oil tanker SS. Tustem. Cost.
American Rolling Mill Co.-Annual Report.$540,000. Cash equity, 50%.
The second series of 8270,000 notes are dated April 6 1923 and are due
Calendar Years1921.
1922.
Net sales
$20,294,205 $11,740,728 $90,000 annually, 1924-1926. Fidelity Trust Co. trustee. Secured by
'
Club. Cost.
7,849.052 first preferred mortgage on steel oil tanker SS. Bohemian
Cost of sales
13,823,555
1,685,721
1,464,490 $540.000. Cash equity, 50%.-V. 116, p. 2640, 2518.
Maintenance and repairs to plant
459,787
Depreciation reserve
901,329
Auto Knitter Hosiery Co.-Quarterly Earnings.836,793
Idle time expenses
120,764
Net earnings after reserves and depreciation,but before taxes, for the
Gross profit from operations
$3,762,836 $1,130,607 quarter ended March 31 1923,amounted to $108,614.-V.116, p.'2770, 1897.
46,622
Other operating income
Total income
Advertising and selling expenses
Administration and general expenses
$3,809,458 $1,130.607
606,918
603,602
791,036
788.298
Net profit
Other income
$2,417,557 def$567,347
186,137
304,148
Gross income (all sources)
Interest paid
Provision for inventory adjustments
Cash dividends-On 6% Preferred stock
On 7% Debenture Preferred stock
On Common stock
$2,721,705 def$381,210
240,340
73,918
2,253,844
175,000
3,501
481,800
1,428.204
Balance,surplus
$ 392.861df$2,408.973
The surplus account Dec. 31 1922 shows: Balance Dec. 31 1921, $10,330,834; deduct: deficits of Interterminal Transit Co. and Lygart Limestone
Co. at Dec. 31 1921, $7,328; balance, $10,323,507: add: appreciation of
leaseholds. $1,249,415; adjustment of appraisals at June 30 1919, $86,570;
adjustment in value of net assets acquired from Ashland Iron & Milling
Co., $104,292; net income for year ended Dec. 31 1922, $2,306,365: less
$1,913,505 for dividends; balance, surplus, $392,881: profit and loss surplus
Dec. 31 1922, $12,156,644.-V. 116, p. 2770. 413.
American Stores Co.-Dividend of 25 Cer ts.The company has declared a quarterly dividend of 25 cents per share
on the Common stock, no par value, payable July 2 to holders of record
June 21. This dividend is equivalent to $8_p. a. on the old stock, outstanding before payment on June 15 of the 700% stock dividend, and compares
with the former dividend rate of $7 per ann.-V. 116, p. 1764, 1896.
American Surety Co.-Extra Dividend.An extra dividend of 1,‘j of 17
0 has been declared in addition to the regular
quarterly dividend of 2%%, both payable June 30 to holders of record
June 23. In March last an extra dividend of 1% was paid.-V.116, p.2259.
American Water Works & Electric Co.-Div. No. 2.-
The directors have declared a dividend of 1% on the 6% Participating
Preferred stock and the regular quarterly dividend of 13
‘
, % on the 7%
Cumul. 1st Preferred stock, both payable Aug. 15 to holders of record
Aug. 1. An initial dividend of 1% was paid on the 6% Participating
Preferred stock on May 15 last.-V. 116, P. 2127, 2010.
Arcadia Mills Spartanburg, S. C.-Preferred Stock
Offered.-A. M. Law & Co., Spartanburg, S. C., are offering
at 100 and div., $600,000 7% Cumul. Preferred (a. & d.)
Stock, Series B. The bankers state:
Dividends payable J. & J. Redeemable after 5 years. all or part, upon
six months' notice, at $100 and dividends. Stockholders may request that
all or any portion of their holdings be retired on or after July 1 1933 by giving
the corporation one year's written notice.
Authorized. OutsCd'g.
Capitalization After This Financing-7% Cumul. Pref. Stock (including this issue)
$800,000 $800.000
Common Stock
200,000 200,000
Surplus
833.720
The corporation has no funded indebtedness and none can be created as
long as any of this issue of Preferred Stock is outstanding. $600,000
Series B Preferred Stock is entitled to preferences equal to $200,000 Series A
Preferred, and differs only in date of issue.
Company.-Established in 1903 to manufacture cotton print cloths.
Plant located near Spartanburg, S. C.,is equipped with 33,952 ring spindles,
860 looms and complete complementary machinery.
Purpose.-Proceeds from this issue will be used to construct a new mill
near the present one. This plant will be completed by Jan. 1924,and will
have an ultimate capacity of 20,000 spihdles and 600 looms, of which 10.000 to 12,000 spindles and 300 looms are to be installed at once.
Earnings.-In 55' years, ending Feb. 28 1923. net earnings available for
dividends on the Pref.stock,after depreciation and Federal and State income
taxes, averaged $159,388 per annum. For the six months ending Feb. 28
1923, dividend requirements were earned over 33 times.
Dividends.-Corporation has paid dividends on its Common stock continuously since 1906, the present rate being 107,,. Common stock has a
ready market of $325 per share. Preferred stock dividends have always
been paid promptly.-V. 116, p. 2518.
Arcadian Consolidated Mining Co.-Assessment Levied.
An assessment of 50 cents a share has been called by the company.
payable July 16 by holders of record July 14. Capital outstanding (at last
accounts), $5,150,375, par $25, of which $14 per share paid in.-V. 113.
p. 1363.
Associated
Year 1922.-
Simmons Hardware
Cos.-Report-Cal.
Gross profit, $6,302,306: operating profit
Total income
Less interest and discount
$141,437
582,028
691.644
Deficit for year
-V. 116. p. 2640, 2518.
$109,616
Armour & Co., Chicago.-Answers Federal Trade Commission in Morris & Co. Deal-Denies Monopoly Will Result
From Purchase.In a formal answer filed with the Secretary of Agriculture, the company
presents a detailed report of competitive conditions in the purchase and
sale of meat products prior to and subsequent to the acquisition of Morris
& Co. It is declared that the Morris purchase is really in the interest of
producers and consumers of meat products and that no monopoly or control
or undue influence over the prices for either livestock or meat products will
result from the purchase.
On the contrary, it is alleged in the Armour answer that in the six cities
ID which both Armour and Morris formerly operated separate slaughtering
and packing plants prior to the purchase, the number of competingpackers
in those cities ranges from four at St. Joseph, Mo., to 43 at Chicago, Ill.
In the sale of treat products,it is pointed out that in the 96 cities in which
Armour and Morris operated separate branch houses or sub-branch houses
prior to the purchase, the number of other competing packers and selling
concerns ranges from nine at Austin, Texas,to 177 at Chicago. Ill., and that
in no one of the cities are there less than nine active competitors with Armour
& Co. for the business.
The Secretary in his complaint called attention to the situation at National
Stock Yards, Illinois. In answer to this, Armour & Co. alleges that the
totztl combined purchases by Armour and Morris in the period referred to
by toe Secretary amounted to only 26.14% of the total number of cattle
(instead of 69.09% alleged by the Secretary), and only 19.92% of the total
number of hogs (Instead of 54.04% alleged by the Secretary.)
Beattie Sugar Co., Cuba.-Bonds Offered.-Peabody,
Houghteling & Co. and Marshall Field, Glore Ward &
Co. are offering at par and int. $3,000,000 20-Year 1st
Mtge. 73% Gold bonds (see advertising pages).
Dated June 1 1923. Due June 1 1943. Denom. $1,000, $500 and
$100c5. Interest payable J. & D. without deduction for the normal
Federal income tax not to exceed 2%. Pennsylvania 4-mills tax and
Massachusetts State income tax of 6% refunded. Interest payable free
of present or future Cuban taxes. Red. all or part at 105 and interest
on any interest date on 60 days' notice. Prin. and int. payable in United
States of America gold coin at the office of Chase National Bank, New
York, trustee. Interest also payable at First Trust & Savings Bank
of Chicago.
Data from Letter of Pres. Richard H. Beattie, Media Luna, May 30.
Company.-Company, owning Central Isabel, is a self-contained low
cost raw sugar producer, located on the southeast coast of the island of
Cuba. Company has produced sugar since 1886, and continuously since
1899. Central Isabel comprises a mill having an annual productive
capacity of 300,000 bags and over 27,000 acres of cane lands owned, over
1.500 acres of leased land, and over 15,000 acres otherwise controlled.
Total vailable cane zone.is over 60,000 acres.
In addition, company owns what is known as the Relic property, a
tract of over 40,000 acres of virgin land, which, because of its proven
quality, has come to be regarded by many authorities as comprising the
finest tract of undeveloped cane land in Cuba. All of the company's
lands have long been noted for their fertility, and their yields in tonnage
and richness of sugar in the cane have substantially exceeded the average
for all other Cuban estates as reported by the Government statistics.
The properties of Central Isabel are served by the company's own
railroad, over 46 miles in extent and adequately equipped. Company
does not pay a dollar of revenue to any public carrier for this transportation.
and as a result its annual saving in operating costs over mills less favorably
situated amounts to over $150.000.
Sinking Fund.-Mortgage provides annual sinking fund commencing
in 1925, of 50 cents per bag of sugar sold, payable to the trustee within
30 day.after shipment, plus 10% of the net income available for dividends.
Company covenants that the minimum amount of bonds retired through
the operation of the sinking fund, purchasing bonds in the open market
or calling bonds by lot, will be $50,000 in 1925 and $100,000 each year
thereafter.
Earnings.-Earnings from Central Isabel on its operations have been
profitable always, with the exception of one or two years during. which
there was an abnormal depression in the raw sugar industry throtighout
the world. Even during the crop year of 1921-22, when the average price
of the Cuban crop was the lowest for ten years and below the cost of production of most Cuban mills, profit on operations was in excess of $194,000•
While present fiscal year does not end until June 30 and results in the
meantime must be partially estimated, the preliminary figures indicate a
crop profit in excess of $1,200,000.
Earnings from Operations, Available for Interest. Depreciation trt Income
Taxes-Years ended June 30.
Output
Output
xEarnings.
Bags.
Bags.
zEarnings.
1915
154587701
151,522
1
$714,299 1919
1916
21163
,988
6,3
67
58
5
139,390
577.859 1920
918
7
19
166,984 loss 1,428,417
153,061
658,628 1921
194.422
246.428
150,966
465.589 1922
x 'I hese earnings were realized from an annual
8
e production of
only 163,000 bags against present capacity of 300,000
Purpose.-Proceeds will be used to reimburse the treasury for expenditures
already made, for additions to the physical properties, for cane planting
and for the reduction of current liabilities and for additional working
capital.
Binghamton Light, Heat & Power Co.-Bonds Offered.
-Halsey, Stuart & Co., Inc., are offering at 88 and int.
$500,000 1st Ref. Mtge.
Gold bonds of 1916, due Feb. 1
1946. Of the foregoing amount $358,000 represents new
financing by the company, the additional amount being offered on the banker's behalf.
Data From Letter of Pres. W. S. Barstow, New York, June 14.
Company.-Incorp. in 1902 in New York as successor to the Binghamton
General Electric Co. Business has been successfully operated for a period
of about 33 years. Company furnishes electric light and power to the cities
and towns of Bingnamton, Johnson City, Port Dickinson, Kirkwood,Conklin. Fenton, Chenango, Maine, Union and Vestal, serving an estimated total
population of 135,000. In addition, power is delivered at wholesale to
local companies and municipalities by which it is distributed in Whitney
Point, Lisle and several other towns and villages.
The generating plant, located on the Susquehanna River. has a present
Installed generating capacity of 13,250 k. W. and the installation of an
s
additioorna
alpp
lr
00
under way. The distribution system con,0
xi
0m
0akte
. .3is
60nIzes
sists
approximately
Capitalization After This Financing-Authorized. Ouistand'g•
(Closed) a$123,000
age 5s. 1942
First Refunding 5s, due 1946
Five-Year 7% Secured notes, due 1925
227,500
$500.000
7% Cumulative Participating Preferred stock
930,000
931,600
6% Cumulative Preferred stock
68,400
68,400
Common stock
500,000
1,000,000
a Not including $253,000 pledged as additional security for the 1st Ref.
Mtge. bonds and $124,000 held alive in sinking fund. b The issuance of
additional 1st Ref. Mtge. bonds is limited by the provisions of the mtge.
c Notincluding $325,000 pledged as security for the 5-Yr.7% Secured notes.
Earnings for 12 Months Ended April 30.
1921.
1922.
1923.
Gross earnings (including other income)
81,100,975 $960,490 $844,775
Oper. exp., maint. & taxes (excl. of deprec.)_
703,078 590,588 588,519
Net earnings
$397,897 $369,902 $256.256
Annual interest on total funded debt outstanding with public, including
this issue, requires $114.225.-V. 111. P. 1281.
Bond Clothing
leveland,0.-Leases Property.-
The company has leased
Co.,irom Harry C. Moir, President of the Morrison
Hotel Co., the second floor in the Hartford Bldg., southwest corner of Madison and Dearborn Sts., Chicago, and two stores at 55 and 57 West Madison
St., in the same building, for a rental said to be around $650,000 for the
term, and will occupy it with their business.-V. 115. p. 1536.
Brompton Pulp & Paper Co., Ltd.-Back Dividends.-
The directors have declared a dividend of 4% on the Preferred stock on
account of accumulated dividends. This payment, it is understood. will
reduce arrears to 4%-V. 116. p. 2640.
2888
THE CHRONICLE
(Edward G.) Budd Mfg. Co., Phila.-Sub. Co. Stock.-
The stockholders of the Budd Wheel Co., a subsidiary, have increased
the authorized Common stock, no par value, from 50.000 shares to 100.000
shares. No offering of new stock will be made at present.-V.116, p. 1765.
California-Oregon Power Co.-Acquisitions.-
The company has made application to the California RR. Commission
for permission to acquire and thereafter operate the Douglas County Light
& Water Co. properties located at and around Roseburg, Oregon. The
electric system ofT the Douglas Company will be connected at Dixonville
(6 miles east of Roseburg) with the high voltage transmission line constructed last year from Prospect to Eugene. It is expected that the transfer of the property will take place about July 1 next. The purchase price
of the Douglas Company properties, which include valuable undeveloped
water rights and holdings on the Umpqua River, is 8600,000. The acquisition of these properties, it is stated, will result in a substantial addition
to both the gross and net earnings of the California Oregon Power Co.
The Secretary of the Interior has authorized the sale to the California
Oregon Power Co. of the Keno and Ankeny canals in the Klamath irrigation project, Oregon. These canals were originally acquired by the United
States in connection with the project and are no longer needed in its operation. The company plans to spend 8750,000 in developing power for local
use, there being a large demandi for power in lumber mills and other industrial enterprises in the vicinity of Riamath Falls. The arrangement also
contemplates the sale of power at a very low figure to water users upon the
project. The consumation of the sale was urged by the Klamath County
Chamber of Commerce and citizens of the town of Klamath Falls. The
amount to be paid to the Government for the property is 8120,000.-V.
116, p. 2260.
Calumet & Hecla Mining Co.-Listed.-The Boston Stock Exchange has stricken from the list 100,000 shares of
stock, par 825, of which 812 was paid in and admitted to the dealings temporary certificate for 800.000 shares of $25 par value, fully paid.-V. 116,
p. 2641.
Chicago Trust Building.-Bonds Offered.-The Chicago
Trust Co. is offering at 100 and int. $1,600,000 1st Mtge.
6% Serial Gold bonds, secured by closed first mortgage on
the Chicago Trust Building, fee and leasehold.
Dated July 1 1923: due annually July 1 1924 to 1944. Int. payable
J. & J. at Chicago Trust Co., Chicago, trustee, or Bankers Trust Co.,
New York. without deduction for Federal normal income tax up to 2%.
Red. at 103 on any int, date on 30 days' notice. Denom. $1,000, $500
and $100 c*.
Security.-Secured by a closed first mortgage on the 14-story office building, fee and leaseholds at the southeast corner of Clark and Monroe Sts.,
Chicago. The entire property, valued at over 83.000,000 by independent
appraisal, will be the new home of the Chicago Trust Co.
Bquity.-These bonds are followed by $600,000 7% Prof. stock and $600,000 Common stock of the C. T. C. Safe Deposit Co. The Chicago Trust
Co. owns and will hold for investment the entire Common stock, which
represents a cash investment of $600,000. The paid-in cash equity behind
this issue of $1,600,000 1st Mtge. bonds is therefore $1,200,000. The margin of security for the bondholders will be steadily increased through the
annual serial maturities.
Earnings.-The gross annual rental and expenses have been estimated
by a competent appraiser to be as follows: Gross annual rental, $575.997;
operating expenses, taxes, maintenance, &c., $237,315: annual ground rent
(average).$63,745: leasehold sinking fund requirements,$4,281: net income
from operation, $270,658; annual interest on $1,600,000 1st 6s, $96,000
balance, 8174,658.
Cities Service Co.-Dividends.-
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 1 % in stock scrip on the Common stock, all payable Aug. 1 to holders
of record July 15. Like amounts are also payable July 1.-v. 116, p. 2261.
Columbia Gas & Electric Co.-Dividend of 65 CentsCourt Decisions.
A quarterly dividend of 65 cents per share has been declared on the
capital stock of no par value, payable Aug. 15 to holders of record July 31.
Stockholders of record on that date who have not at that time exchanged
their holdings of the old stock of 8100 par value for new shares of no par
value will receive the equivalent dividenii, namely, 81 95 per share of 8100
par value. This Is at the same rate as paid May 15 last.
President P. G. Gossler in a letter to stockholders under date of June 21,
refers to two decisions of the U. S. Supreme Court. namely, (1) the case
of the Southwestern Bell Telephone Co.(V. 116. P. 2398), and (2) declaring
unconstitutional the Act of the Legislature of West Virginia, known as the
"Steptoe Act," which undertook to establish a preferential service to
consumers in West Virginia, through prohibiting the transportation of
natural gas out of that State until all demands for natural gas service in
West Virginia, whether for domestic consumption or for industrial use, had
been satisfied.
President Gossler says: "This latter decision should result in your companies being able to obtain more adequate rates for their natural gas sold
In West Virginia which will be more commensurate with the value of the
service and with prevailing prices for natural gas in other States."-V.116,
p• 2641.
The company owns and operates four brick manufacturing plants in the
Canton (0.) district, owns and operates a large builders' supply business
and a large sand and gravel plant at Columbus, 0., and a large sand
and
gravel plant at Zanesville, 0.
Capitalization.-Authorized Prof. stock outstanding,82,000,000; bonded
indebtedness, 820,500.-V. 111, p. 1855.
Converse Rubber Shoe Co., Malden, Mass.-Annual
Report (Incl. Subsidiaries)
Years endedSales
Net profits
-V. 115,p. 2384.
Mar 31 '23. Dec. 31 '21.
55.746,876 53,317,488
498,677
427.679
Corn Products Refining Co.-Extra Dividend.-
The directors have declared an extra dividend of 134% on the Commit
stock, par 8100, in addition to the regular quarterly
dividend of 1 %•
both payable July 20 to holders of record July 3. An extra dividend
of
3% was paid on the Common stock on Jan. 20 last. Compare V.
116, P•
1280, 1899.
Crowell & Thurlow Steamship Co.-Hint at Liquidation.
The directors have advised the stockholders that the
to the call
for extra financing has been inadequate to continue theresponse
company and that
unless a better response is had the company will have to liquidate.
The
circular reads as follows:
"The response to the letter asking subscriptions to the proposed issue of
2nd mortgage notes has up to date been inadequate. It is now necessary
for the company to know definitely and at once just what the stockholders
will do with reference to subscribing to these notes.
"It has been brought to the attention of the directors that many stockholders who intend to subscribe at the rate of82 for each share of
stock
not yet done so for the reason that they wished to know whether the have
proposed plan can be consummated and a sufficient amount of the notes subscribed to finance the company. You will see that this position is bound to
defeat the plan, as before it can be ascertained whether plan is to succeed
each stockholder must express his intention as to subscribing to those notes.
"Unless a sufficient amount of the notes are subscribed to adequately
finance the company, no subscriptions will be used and all money will be
returned. The time within which these subscriptions must be received has
been extended to June 16, and the time for payment extended to July 2 1923.
"If this plan does not receive full support of the stockholders there seems
to be no alternative except a forced liquidation, which will in all probability
eliminate any equity of the present stockholders."-V.116, p. 2771, 2519.
Crucible Steel Co. of America.-Resumes Dividends.The directors on June 18 declared a dividend of 1% on the
outstanding $55,000,000 Common stock, par $100, payable
July 31 to holders of record July 16. In connection with
this action, Chairman H. S. Wilkinson says in substance:
The unfilled tonnage on the books is now at the "peak" since the beginning of the depression about two years ago. Our greatest difficulty
now is to manufacture and deliver to our customers their requirements
promptly. We are increasing our production from month to month.
The month of May was our largest in production as well as in shipments.
We are of the opinion that it will not be long before we will have a condition of normal production and distribution. We are paying the highest
wages in our line of industry and are selling our product at prices as low
as are consistent with the rates of wages paid, the prices of raw materials,
and other costs of manufacture.
At the beginning of our fiscal year, Sept. 11922, we turned the balance
sheet from loss to profit and have been gradually and consistently
increasing our profit with the volume of business. The net profit for the
last three months was $1,877,390. after deducting depreciation at the
rate of 51,200,000 per annum and all taxes and interest: the net profit
for the month of May being $605,120. We are now earning a sum which
seems to make It consistent and right for the Common stockholders to
participate in the earnings and that a conservative dividend should be
paid at this time, to be increased from time to time as the future earnings
of the company may warrant. We earned and set aside our Preferred
dividend for the year before taking any action in respect to the Common
dividend. The dividend on the Preferred stock has been paid during
the entire period of depression without detriment to the company.
The wisdom of our action in disposing of $5,000,000 of Common stock
to the stockholders at par (see V. 115. p. 1104, 2384) is now apparent.
The resumption of the Common stock dividend is in accordance with
the assurance given at the time that the additional capital provided by
the issue and sale of this stock would permit the resumption of dividends
as soon as current earnings would warrant. The last quarter's net earnings
after providing for the Preferred dividend, are at the rate of over 9%
per annum on the Common stock.
Taking into consideration the amount of money that has been invested
In finishing our new equipment and balancing and adjusting same
and
our cash position, we feel warranted in starting this conservative dividend
upon the Common stock. The stockholders may be assured that their
interests are being conserved and that no action will be taken that is not
consistent with the current business of the company and condition of the
country generally.
[The company, from July 31 1921 to Jan. 31 1922 incl. paid quarterly
dividends of 1% each on the Common stock.-Ed.J-V. 116, p. 725.
Derby Oil & Refining Corp.-Initial Dividends.-
Columbia Motors Co.-May Purchase Plant.-
See Liberty Motor Car Co. below.-V. 114, p. 2722.
(John T.) Connor Co.-Annual Report.Years ending March 31Sales for year
Operating profit
Inventory adjustments, &c
Taxes and other charges
Dividends
[VOL. 116.
1923.
1922
$12,167,482 $10.461.147
5563.272
3531.843
367,350
60,227
27,788
x230,994
105,286
Balance to surplus
Previous surplus
8240.632
660,126
$ 62.848
597.278
Total surplus
Stock dividend on Common stock
Reduction of goodwill
$900,749
8420,000
250.633
8660,126
Initial quarterly dividends of 51 per share on the Pref. stock, no par
value, and of 50 cents per share on the Common stock, no par value, have
been declared, both payable July 1 to holders of record Juno 30. For offering of 50,000 shares of Prof. stock, see V. 116, p. 1417, 1280.
Dodge (Pulley) Mfg. Co.-Preferred Dividends:-
The company has declared a dividend of 2% on the Pref. stock Issued
prior to Juno 6 1923 and of 2-3 of 1% on the Pref. stock issued on June 6
1923, both payable July 2 to holders of record June 20.-V. 115, p. 313. 1946.
Dome Mines Ltd.-Change in Stock.-
The stockholders
have authorized the splitting of the capital stock of the
'
company into smaller units. See V. 116. p. 2642. 2771.
Elder Manufacturing Co.-Annual Report.-
years end. Apr. 30 1923.
1922. .
1922.
1923.
33,456,214 $3,210,208 Total income
Net sales
$173,387 $109,368
Surplus at March 31 1923
2.809,658 2,671,230 Deprec.,int., &c
$230,116
$660,126 Cost of sales
75,420
120,790
Shrinkage In mdse.
x Including employees extra compensation dividends.
$643,558 $538,978
Gross profit_
Inventory
70,077
32,337
General exp., dre.- 47,3,457
142,233 l'rov. for bad debts
20,360
Balance Sheet March 31.
76,867
Losses on contr. &c
3.111
20,749
Assess1,23.1922.
• Liabilities1923.
1922.
Net profit
$170,004,
$96,742
Equipment
8364,349 1288372 Preferred stock.- $250,000 $250,000 Miscell.
Income- Cr.3,288 Cr.12,626
Surplus
$42,158 df$178,117
Cash
191,573
90,497 Common stock-.._ 1,500,000
900,000 -V. 116, p. 2771, 81.
Accounts recely'le.
47,597 Notes payable_ _ _ - 200,000
40,694
300,000
U.S.etre. of indeb.
Accounts
payable..
207,943
214,442
212,286
Elgin National Watch Co.-Earnings.Merchandise
1,390,714
900,573 Fed'I tax reserve__
60,000
29,000 Years ended April 30.
1022-23.
1921-22.
Investments
1920-21.
51,368
44,086 Empl. Invest. Ws_
76.510
65,330 Earn. from °pent after deducting dereceivable
Notes
124,098
111,806 Empl. extra comp.
ducting deprec. charges
82,587.500 81,504,921 81,797,754
COm, stock held
reserve
22,507
2,658 Earnings from investments
184,539
210,260
185,448
27,804
23,123 Emol, benefit res.
Ior employees
333
549
17,683
19,894 Reserve for divs
Prepaid expenses._
4,375
4,375
Total earnings
$2,772,128
81,715,181
81,983.203
350,000
690,633 Surplus
Goodwid
230,116
660,127 Reserve for Federal & other taxes_ _ _ _
595,000
440,000
690,000
Dividends
769.518
515,833
429.269
82,558,283 12.424,325
Total
Total
82.558,283 12,424,325
2261.
p.
116,
-V.
Balance for reserve & surplus
31,407,611
5759,348
8863,964
Consolidated Gas Co. of N. Y.-Rate Case Deferred.- -V. 115, p. 1947.
Bondy,
and
sitting in Federal Court June 18,
Judges Rogers, Hough
Eastern Steamship Lines, Inc.-Offer to Old Dominion
adjourned argument until June 29 in the injunction suits brought by the
Bronx Gas & Electric Co., the Consolidated Gas Co. and subsidiaries, SS. Co. Minority Stockholders.
challenging the constitutionality of the $1 gas rate law. The adjournment
Calvin Austin. Boston, June 12, in a letter to the stockholders
was obtained by Deputy States Attorney-General John J. Dwyer, who said ofPresident
Steamship
Dominion
the
Old
Co.,
says:
had
Sherman
not
had proper time to prepare
State Attorney-General Carl
"The company has Rurchased from the majority holders 9,952 shares
the answering affidavit.-V. 116. p. 2770. 2641.
of the stock of the Old Dominion Steamship Co., out of the total of 15 000
shares Waled and outstanding, paying for each share so purchased 200
Continental Clay Co.-Stock Offered.In cash and 2 shares (par $100) of the 7% Cumul. 151 Prof. stock o the
The company recently offered for sale all of its unsold portion of its Eastern Steamship Lines, Inc. In connection
with the purchase it was
authorized Class "A" Common stock at 8100 per share. Applications with stipulated that the Eastern Steamship Lines, Inc.,
should offer to purchase
remittances of 20% were received up to June 20.
at the same price in cash and stock per share, all or so much of the balance
JUNI31 231923.]
THE CHRONICLE
2889
of said Old Dominion Steamship Co. stock as should be tendered to it
Hudson Motor Car Co.-Earnings.within a period to be fixed by the offer.
6 Months Ended May 31"The Eastern Steamship Lines, Inc., accordingly hereby offers to
1923.
1922.
Gross
profits
purchase from the minority holders of the Old Dominion Steamship Co..
$7,882,394 $4,820.789
their shares at any time beginning July 2 and terminating Aug. 1 1923, Other income
148,469
329,030
and to pay for each share delivered $200 in cash and 2 shares of the 7%
Totalincome
Cumul. 1st Pref. stock of the Eastern Steamship Lines. Inc. Shares of
$8,030,863 $5.149,819
Expenses, &c
Old Dominion Steamship Co. stock must be delivered to Hayden,
2,379.684
1,443,244
Depreciation
& Co., 25 Broad St., N. Y. City, or 87 Milk St., Boston."-SeeStone
569,960
also Interest
533,092
V. 116, p. 2262.
148,860
Taxes reserve
635,200
Falcon Steel Co. Niles, 0.-Extra Dividend.Dividends
1,800,750
560,994
An extra dividend of
of 1% has been declared on the Common stock,
Surplus
ill addition to the regular quarterly dividends of 1% on the Common stock
$2,645,289 x$2,463,629
and of 151 %, on the Preferred stock, all payable July 2 to holders of record
x Before taxes, which approximate $288,000.-V. 116. p. 2771, 2395.
June 20.-V. 116, p. 1281.
Imperial Tobacco Co. of Canada, Ltd.-Interim Div.-
Ford Motor Co., Detroit.-Sales.---
The company has declared an interim dividend of 1;
,6% on
Ordinary
stock, payable June 30. A distribution of a like amount was the
made on this
issue on March 29 last.-V. 116, p. 184.
Sale of Ford cars and trucks in the United States for May totaled 171.306,
:in increase of 5,500 over those of April last, and
a gain of 44,243 cars
over May, 1922.
Total sales in the United States for the five months ended May 311923.
were 732,850 cars and trucks, an increase of 322,005 over the same period
in 1922.-V. 116, p. 2771.
Imperial Tobacco Co. of Great Britain RE
Capital Increased-Stock Dividend.-
Fort Worth Power & Light Co.-Capital Increased.-
The company has filed a certificate increasing its
capital stock
from $5.190,600 to $6,024,500, par 3100.-V. 108,authorized
p. 882.
General Electric Co.-To Enlarge Plant.-
The company in an official announcement states that
order "to care
for further increased demand for wire and cable products,in
particularly high
voltage paper insulated lead covered cable, it has let contracts
for additional
floor space at its Schenectady works, which will double the floor
area of the
present plant and give it the largest plant in the world devoted
to the
manufacture of high tension paner insulated cable.
"These changes will make available a total of 170,000
ft. officer space
devoted to modern manufacturing methods with newsq.
and especially designed machinery with a capacity for handling 2,000.000
lbs. of lead per
month. It is hoped that this addition will be in service
and partially
equipped by Jan. 1 1924. In Oct. 1921 the company announced
an increase in cable manufacturing facilities totaling 85,000 sq. ft., which
will
now be further increased. The large amount of business which
all manufacturers of electrical apparatus have on their books at the present
time
indicates that these additional facilities will be needed."
S. S. Terry of the National Lamp Works of Cleveland, Ohio,
has been
elected a Vice-President. B. G. Tremaine, also of the National
Lamp
Works, has been elected a director.-V. 116. p. 1767.
Genesee Light & Power Co., Batavia, N. Y.-Merger
.-The stockholders of this company, the Western New York
Public Utilities Co. and the Le Roy (N. Y.) Hydraulic Gas & Electric
Co.
have
voted
to merge, the combined company to be known as
Public Utilities Co., Inc., Batavia, N. Y.-V. 116,the Western New York
p. 1538.
General Petroleum Corp.-Funded Debt
Ireland.-
The shareholders on June 19: (a) Increased the capital to L50.000,00
0
by the creation of 5,000,000 new Ordinary shares of
El each, and (b) to
capitalize the sum of E7,490,886, viz.: E6,404,554 of the general
account and E1,086,332 of the share premium account, such sumreserve
to be
applied in making payment in full
par of 7,490,886 Ordinary shares of El
each, to be distributed among theat
holders of Ordinary shares registered on
June 19 1923, at the rate of one such Ordinary share of
El for every three
Ordinary shares of El each held. See also V. 116, p. 2648.
Independent Pneumatic Tool Co.-Stock Dividend.-
A 100% stock dividend has been declared
the outstanding 90,000
shares of capital stock, no par value, payable on
July 2 to holders of record
June 23.-\. 116. p. 2772, 1184.
Independent Sugar Co., Marine City, Mich.-Sale.The sale of the properties has been set for June 26 at the company's
office at Marine City, Mich.-V. 116, p.
1058. 417.
International Cement Corp.-New Director.-
Baxter B. McClain has been elected a director, succeeding Frederick
Fletcher.-V. 116, p. 2250. 2263.
International Harvester Co.-New Plant in New Orleans.
The company has leased from the Board of Commissioners of the Port
of New Orleans, La.. 336,000 sq. ft.
floor space in the U. S. Army
Supply Basest that point for 3672.000. of
the intention of the Harvester
Co. to establish a new twin manufactur It isplant
employing, at the start,
approximately 800 people, and also to ing
use
portion of the space leased
a
for the storage of agricultural implements for export.
-V.116,9. 1768,1045.
International Lamp Corp.-Dividend Deferred.-
Increased.The stockholders on June 20 increased the bonded debt
from the authorized amount of $15000,000 to an authorized
amount
by the creation of a new issue of 310.000.000, to be evidencedof $25,000,000
by 5-Year 6%
Gold notes. (See offering in V. 116, p. 1900.)-V.
116, P. 2642.
The directors have deferred dividend action until their next meeting,
owing to expenses incurred in buying new
moving to new
quarters and the consolidation of their plant. machinery,
1 last the company
paid a monthly dividend of 25 cents per share onOn June
the outstanding $2,000,000
Capital stock, par $25.-V. 116. p. 522.
The following summary of production of the companyduring the first
five months of 1923, compared with the
ing period of 1922,
shows an increase in the volume of businesscorrespond
in all important departments.
Figures for the mechanical goods department are not
yet available, but it
is understood that those, too, have shown improvement.
Five Months ending May 311923
1922
Auto cases
2,930,987
2,297,640
Auto tubes
3,356,636
2,339,418
Pneumatic truck cases
33,009
20,040
Solids and cushions
Heels (pairs)
33.006,014 18.843,497
-V.116, p. 2136, 1901, 1654, 1418, 1057.942,828,82
0,727, 716, 417, 302;
V. 115, p. 2386, 1736.
4.A dividend of 25 cents per share (in U. S. currency) hasnd
been declared
payable June 30 to holders of record June
Like amounts were paid in
Jan. 1921, Jan. 1922 and Nov. 1922.-V.23.
115. P. 2053.
Goodyear Tire & Rubber Co.-Production.
(L. F.) Grammes & Sons, Inc.-Initial Dividends.The directors have
declared initial dividends at the rate of 8% per
annum on the 8% Cumul. Partic. Preferred
Class "A," at the
rate of 6% on the Preferred stock, Class "B,"stock.
and a dividend of 81 50
per share on the Class "A" Common stock, all payable
July 1 to holders
of record June 20.
Gross sales for the three months
May 31 were 8297.915' merchandising profit, $151,115: general ended
expenses, $55,794; leaving $95,320
for fixed charges. Federal taxes, &c.-See
also V. 116. Ei• 1901.
Great Falls Mfg. Co., Boston.-Bal. Sheet April 30.Assets-
1923.
1922.
1923.
1922.
Real est. & mach_ _84,890,317 54,875,154 Capital stock
Inventories
1,742,535 1,578,708 Note°, accts., drc.,52,500,000 $2,500,000
Cash
655,870
402,434
payable
3,922.449 3,150,000
Notes & accts. roe_ 977,758
640,011 Res. tor depreen
275,861
275,861
Deferred charges
84,583
00,798 Reserve for taxes_
9,700
Other reserves
104,378
100,518
Capital surplus
J 1,548,375
500,000
Total (each sido)18,351.063 87.587,105
1,050,988
-V. 114. p. 2476.
Gulf Oil Corporation.-Oil Deal
Closed.
See Maracaibo Oil Exploration Co. below.-V. 116, p. 1046.
Hendee Mfg. Co., Springfield, Mass.
-Earnings, &c.A published statement, revised in some particulars, is
understood by the
"Chronicle" to be correct:
Based on present bookings and results for the first
nine months of its
fiscal period, the company is expected to show net
depreciation of approximately $250,000 in the yearoperating profits after
Aug. 31 next.
This will compare with a deficit of 31.273.238 in the ended
preceding fiscal year
and a deficit of $912,000 in the 12 month.s ended Aug.
311921. The figures
for each of the two latter fiscal years are after considering
ventory values, obsolescence and other losses. After tho shrinkage of in7% dividend on
the $1,000.000 Preferred stock, expected profits for the
will be equivalent to approximately $2 per share on thecurrent fiscal year
100,000 shares of
Common stock.
Profits are at present running at the rate of $45,000 a month
after depreciation. The company will produce in the year
to end next Aug. 31, about
15,000 machines.
On April 30 1923 bills payable amounted to 3125,000;
at present they
stand at $50,000. Total current liabilities on April
30 last were 3720.000
and they are now down to $400,000. Net current assets
500,000, against $2,296,000 on April 30 1923, and of this amount to $2,cash amounts to
about 5500.000.-V. 116. p. 2643. 2015.
Hodgman Rubber Co., Tuckahoe, N.
The company through an exchange of Common Y.-Acquisition.
stock, has acquired
50% of the Common stock of the Paramount Rubber
Consolidated, Inc.
The Paramount company owns a number of patents covering
the manufacture of hollow rubber goods, including that under
which
tennis
balls are made. The manufacture of articles formerly Spalding
carried on by
Paramount will be continued at the Tuckahoe, N.Y.,
plant
of
Hodgman
the
company.-V.110, p. 81.
Howe Sound Co.-Annual Report.-
Calendar Years1922.
1921.
1920.
Total income
33.278.450 $2,752,443 $7,024.330 571,07
919,081
Oper. expenses. &c
1.132.954
1,575.832 4,847.372 5.021,527
Taxes.&c
136,394
69.671
329,795
223,483
Depreciation & depletion
609,922
639,334
1.532,292
1,583.115
Interest
160,575
179.560
205.117
231.103
Dividends
396,830
396.830
Surplus
$226,063
$288,044 def$287,076 def$377.467
The company last week resumed dividends on the
stock, by the declaration of a dividend of 5 cents per share, payable July 16 to holders of
record
July 2.-V. 116. p. 2771.
International Petroleum Co. Ltd.-Divide
No.
Jamaica Hydro-Electric Co., Ltd.
-Sale.See Jamaica Public Service Co., Ltd., under "Railroads
" above,
Jamaica Light & Power Co., Ltd.-Sale.-
See Jamaica Public Service Co. under "Railroads"
above.
Jersey Central Power & Light Corp.-Initial Preferred Dividend-New Directors.-
The directors have declared a quarterly dividend
of 151% on the Pref.
stock. payable July 2 to holders of record June
15. (For offering of$1.250.000 7% Cum. Panic. Pref. stock see last week's
"Chronicle." page 2772.)
C. B. Campbell of A. B. Leach & Co., Inc. and
R. E. Burger of Henry
L. Doherty & Co.. both of N. Y. City, have
' been elected directors.
V. 116, p. 2772.
Kirby Lumber Có.-Stockholders Asked to Authorize 6%
Bonds to be Exchanged for Preferred Plus Accumulated Divs.-
Toe stockholder will vote July 5 on
g the issuance of $11,
550.000 15-Year 6% Mtge. bonds to be authorizin
used to retire Preferred stock at
8105 share plus the accumulated dividends
amounting
to $126 a share,
or altogether $231 a share.
John H. Kirby, Chairman, in a circular to stockholders,
says in part:
On July 15 1923 accumulated dividends upon tne Preferred stock
will
amount to 8126 per snare. Under
provisions of the charter all or any of
tge Preferred stock may be redeemed
time, upon payment of its
at
any
par value and 5% premium thereon, oge her with all dividends then
accrued and unpaid on tne stock
redeemed. The par value of toe
Preferred stock, plus 5% premium so
thereon, together with all dividends
accumulated and unpaidup to July 15
1923, will amount to $231 a share,
a total for the 50,000 saares of Preferred
stock of $11.550,000.
Tne accumulated dividends upon the Preferred
not bear interest,
stock
but these accumutated dividends must be paid beforedo
any dividends can
be paid upon tne Common stock.
The plan proposes toe declaration of a dividend in favor of the Preferred
stockholders in the amount of the accumulate
d dividends, to be paid in
said bonds at par, and redemption of the Preferred
stock at $105, a share
by exchange therefor of said hoods at par.
On March 31 1913 the company had quite a large surplus. represente
d
by the increase in value of its properties accrued prior to that date.
Since
tnat date, earnings and profits nave been accumulate
d,
the
exact
amount
of which will not be determinable until the March 1 1913 value
of the
company's properties has been established
for depletion purposes. The
last-mentioned matter is now
under consideration by the Internal Revenue
Department at Washington, and
that
decision
it
hoped
a
is
thereon will
be reached in the near future.
The bonds declared out by way of dividend to Preferred
stockholders
would be chargeable against earnings
and profits accumulated since Feb.
28 1913, and in part against surplus in
the form of increase in value of
the company's properties accrued prior to
March 1 1913. I am advised
that to the extent that such dividend
of earnings and profits accumuout
is
lated since Feb. 28 1913 it will be subject
to Federal income tax, but
that in so far as it is out of surplus represente
d by the Increase in
of the company's properties
prior to March 1 1913 it will bevalue
accrued
free
from Federal income tax,
If the plan contemplated is carried out substantial
ly along the lines
suggested, it will be of advantage to the Preferred
distribution of the bonds to the Preferred stockholde stockholder in that the
r, will, as!am advised,
be free of Federal income tax,
in so far as it is out of earnings and
profits accumulated since Feb.except
28 1913, and in that the Preferred stockholder will receive for his
accumulated dividends an interest-bearing
security, whereas the accumulat
ed dividends do not presently bear interest.
-V. 116, p. 82.
Landers, Frary & Clark Co.-To
Increase Stock, &c.
The stockholders will vote July 11 on increasing
the authorized Capital
stock from 17,000.000 (all
outstandin
g)
310,500,00
to
0, par $25. If the
Increase Is authorized, it is proposed
to declare a 50% stock dividend. It is
also proposed to put the new stock to
be outstanding, on an 8% per annum
basis. The regular quarterly
of 3% has been declared on the
present issued stock.-V. 112,dividend
p. 1150.
Liberty Motor Car Co.-Sale Postponed.-
The sale, adjourned to June 14, has been again adjourned to
July 17.
According to reports, a merger
the properties of the Columbia Motors
Co. and the Liberty is proposed. ofIt
is considered possible that the Colum
bia Co. will bid for the property of the
Liberty at receiver's sale, July 17.
-V. 116, p. 2263. 1903,
•
2890
THE CHRONICLE
Liggett's International, Ltd., Inc.-Stock Offered.-
The National Provincial & Union Bank of England. Ltd., London, are
authorized, on behalf of Liggett's International, Ltd. (Inc.). of New York,
to receive applications for the purchase of 250,000 fully-paid Ordinary
per share on application and
shares.of £1 each at /4 per share, payable
a per share within 21 days after acceptance. Of the 250,000 shares now
offered for sale, 60,000 are being reserved for employees, and'are being offered at £3 10s. per share in consideration of which they will contract
not to dispose of them for two years from the date of sale. The Ordinary
shares now offered for sale will rank for dividend as from Mar. 31 1923.
("London Stock Exchange Weekly Official Intelligence.")-V.116, p. 2773.
Long Island Lighting Co.-Definitive Bonds.The American Exchange National Bank is now exchanging for interim
receipts the definitive 1st Ref. Mtge. 6% Gold bonds, Series "A." dated
Jan. 1 1923. (See offering in V. 116, p. 83).-V. 116, p. 1903.
Lord & Taylor New York.-Dividend Arrearages.President Samuel V.Reyburn, June 20, writes:
At the regular monthly meeting of the board or directors, held on June 18
1923, the board felt that the financial condition of the company justified
the payment of a dividend of 18% on the 2d Pref. stock, payable on Aug. 1
to holders of record July 14. Dividends on this stock have been in arrears
since May 1 1914. On Aug. 1 1923 dividends amounting to 74%. or 9X
years. will have accrued.
Unless something unforeseen happens, the board feels that we will be in
a position to continue the regular quarterly dividends of2%.-V • 116,13•944•
Louisville Gas & Electric Co.-New Vice-President.-
T. B. Wilson has been elected a Vice-President. In addition to being
Vice-President of the company he is Secretary-Treasurer and Assistant
General Manager.-V. 116, p. 2264.
Lynn Gas & Electric Co.-Contract.-
The Eastern Mass. St. Ry. has closed a contract with the company by
which the latter will supply electricity to run the railway company's cars in
Lynn, Saugus and Swampscott, Mass for a period of years. This, it is
stated, will mean the abolishment of the present plant of the railway company and the substitution of a sub-station which will be built at the cost of
$125.000. The electric light company will supply the power to the substation from which it will be fed out to the trolley lines.-17. 115, p. 2589.
McCrory Stores Corporation.-To Offer Stock-Agent.
Merrill, Lynch & Co. will offer shortly at par the unsubscribed portion
of the $3,000,000 7% Cumulative Pref. stock, offered to stockholders as
of June 9.
The stock is callable, all or part, at 110 and dividends on 30 days' notice.
Dividends are cumulative from may 1 1923. Beginning May 1 1926, a
yearly" cumulative sinking fund becomes operative for the redemption of at
least Ji% of preferred outstanding.
The Guaranty Trust Co. of N. Y., has been appointed tr'ansfer agent
for the new issues of stock, consisting of 30,000 shares of Preferred stock.
par $100; 150,000 shares of Class "B" non-voting Common stock, and
500.000 shares of Common stock, both no par value. See also V. 116. p.
2264, 2396, 2773.
MacAndrews & Forbes Co., Phila.-Extra Dividend.-
The directors have declared an extra dividend of 1% on the Common
stock in addition to the regular quarterly dividend of 2 %, both payable
July 14 to holders of record June 30. On Jan. 15 last the company paid an
extra dividend of 2% on the Common stock.-V. 116. p. 2137.
Magnolia Petroleum Co.-Oil Shipments.-
Shipments during April totaled 551,373 bbis., a decrease of 211,450 bbls.
as compared with shipments in March. Runs in April totaled 833.191 bbis..
a gain of 141,160 bbis. over the preceding month.-V.116, p. 1656.
Maracaibo Oil Exploration Corp.-Oil Deal.The Gulf Oil Corporation has exercised its option to take over and
operate about 100,000 acres of leases in Maracaibo Basin of Venezuela held
by the Maracaibo company.
It is reported that the deal was completed through the payment by the
Gulf Corporation of $725.000 to the Maracaibo Corporation, The Gulf
Corporation had previously paid $75,000 on account.
Under terms of the contract, the Gulf Corporation is said to have paid a
cash bonus of $8 per acre for the land to be exploited and will defray the
cost of the work, the Maracaibo Company receiving a royalty of one-third
on oil produced.-V. 116, p. 1539.
Marland Oil Co.-Stockholders' Riglits,
Stockholders of record June 20 are given the right to subscribe to additional shares of Common stock, no par value, equal to 25% of their holdings.
at $40 per share. The right to subscribe will expire on July 20 and payment must be made at Guaranty Trust Co., 140 Broadway, New York, in
New York funds, either in installments or in full, as follows: (a) $15 per
share on or before July 20 and $25 per share on or before Sept. 1923: (h)
$40 per share on or before July 20.
Application will be made to list the new stock upon the N. Y. Stock Exchange. Stock transfer books of the co. will not be closed for this offering.
President E. W. Marland in a letter to stockholders,
June 14, says in substance:
[VOL. 116.
Memphis Power & Light Co.-Bonds Offered.-Guaranty
Co. of N. Y. and Harris, Forbes & Co. are offering at 993
and Mt., to yield over 6%,$2,000,000 1st & Ref. Mtge. Gold
bonds, Series B,6%.
Dated Jan. 1 1923, due Jan. 1 1948. Int. payable J. & J. in N. Y.
Red. all or part on 4 week's notice at any time on or before Jan. 1 1928 at
106 and int.; thereafter at 105 and int.less Rj* of 1% for each year or fraction
thereof elapsed subsequent to Jan. 1 1929. Denom. c* $500 and $1,000
c*&r* $1,000 and $5,000. Central Union Trust Co., N. Y., trustee.
The company agrees to pay int. without deduction for any normal Federal
income tax not exceeding 2%. Penn. 4 mill tax refundable.
Issuance.-Subject to authorization by the Tennessee RR.& P.U.Comm.
Data from Letter of President T. H. Tutwiler, Memphis, June 16.
Company.-Incorp. Dec. 16 1922 and took over the property formerly
owned and operated by the Memphis Gas & Electric Co. (see V. 116, P.
418). Does entire central station power and light and the entire gas business in Memphis and certain suburbs. Total population, estimated,
200,000. Electric power and light service is supplied to over 28,800 customers and gas service to over 23,000 customers. During the 12 months
ended April 30 1923, company sold 53,916,943 kwia. of electricity and
912,401.203 Cu. ft. of gas from its plants.
Company owns two electric generating stations having a combined installed generating capacity of 30,850 k.w. and an extensive distributing
system comprising over 300 miles of overhead lines and over 60 miles of
underFound cable. The gas utility property consists of a water gas mannfacturmg plant having a daily capacity of 8,590,000 cu, ft., a holder and
booster plant,five gas holders with an aggregate capacity ofabout 2,000,000
Cu. ft. and over 200 miles of gas mains.
Company recently acquired substantially all the capital stock of the company [Memphis St. Ry.I doing the street railway business in the City of
Memphis and surrounding territory. Company also recently acquired the
8,350 k.w. electric generating station formerly owned by the street railway
company and now supplies at wholesale all the current required for street
railway purposes.
Valuation.-The RR. & P. U. Commission of Tennessee has found a
valuation as of July 1 1920 which, plus net capital expenditures since that
date, through April 30 1923, amounts to over $12,900,000.
Earnings, ctc., for Calendar Years.
Meters in Service
Sales
Gas, •
Dec. 31.
Electricity,
xEarnings
K.W.H. M.Cu.Ft.Electric. Gas.
Gross.
yNet.
$1.720,024 $450,924 30,219,602 656,293 21,823 18,550
1918
2,064,507
393,842 37,267,915 714.797 23,132 19,241
1919
2,759,222
1920
313,782 43,556,563 843,874 24,508 19,745
3.215,911 1,084,884 43,663,096 796,756 26,049 20,864
1921
3,362,159 1,202,075 50,476,702 870,524 28,189 22,466
1922
z1923
3,461.124 1,170,312 53916,943 912,401 z28,822 z23,025
x Revised to conform to the accounting methods now used by the company. y Before provision for renewals and replacements. z 12 months
ended April 30.
Purpose.-Proceeds will be used to reimburse the company in part for the
cost of the above mentioned generating plant and for expenditures already
made in connection with the construction of the new unit and for other
corporate purposes.
Capitalization After This FinancingAuthorized. Issued.
Common stock (no par)
400,000shs. 400,000shs.
Pref.stock (no par), dirs.cum.,$7 per sh. per ann_ 75,000 shs. 10.000shs.
1
$5,500,000
x
First & Refunding Mortgage Series A 5s
Series B 6s (this issue)
2,000,000
do
1
1.831,000
Underlying bonds
(Closed)
x Limited by the conservative restrictions of the mortgage.
Earnings 12 Months ended April 301922.
1923.
Gross earnings
$3.461,124 $3,236,770
Operating expenses and taxes, incl. maintenance- - 2,290,812
2,048,543
Net earnings
$1,170,312 $1,188,227
Annual int. requirements on total funded debt,
including this issue
486,550
Balance for renewals and replacements, &c
$583,762
Supervision.-Electric Bond & Share Co.-V. 116. p. 418.
S
Mennen Co., Newark, N. J.-Feder
@FedFRASER